Sample records for cash rents

  1. Impact of Crop Insurance Indemnity Payments on Cash Rents and Land Values

    Langemeier, Michael R.


    This paper examined the impact of a yield protection crop insurance product on cash rents and land values for a representative Indiana farm. The net return to land and management for scenarios that included and excluded crop insurance were very similar. Predicted cash rents and land values were not impacted by crop insurance indemnity payments.

  2. Corporate rent-seeking and the managerial soft-budget constraint: An incremental cash flow approach to some corporate governance issues

    Apreda, Rodolfo


    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  3. Enduring Rents

    Toke S. Aidt; Hillman, A


    Rent seeking is often studied with reference to a contemporaneous rent evaluated at a point in time. We study the social cost of rent seeking when rents endure over time, but may have to be re-contested because of imperfect rent protection, or may disappear because of deregulation. The present value of a contested rent measures the social cost of rent seeking, irrespective of imperfect rent protection and the prospect of deregulation. Rent seeking is discouraged by the inability of government...

  4. Rent Seeking

    Shankha Chakraborty; Era Dabla-Norris


    This paper examines the relationship between rent seeking and economic performance when governments cannot enforce property rights. With imperfect credit markets and a fixed cost to rent seeking, only wealthy agents choose to engage in it, as it allows them to protect their wealth from expropriation. Hence, the level of rent seeking and economic performance are determined by the initial distribution of income and wealth. When individuals also differ in their productivity, not all wealthy agen...

  5. The Farm Level Economic Impacts of Increased Cash Lease Rates

    Raulston, J. Marc; Knapek, George M.; Richardson, James W.; Outlaw, Joe L.; Anderson, David P.


    Higher commodity price expectations have led to increases in cash lease rates nationwide. This study evaluates the farm level impacts of higher cash lease rates. Current levels of cash rents along with land tenure arrangements of specific farms are instrumental in determining the impacts of increases in lease rates.

  6. HOME Rent Limits

    Department of Housing and Urban Development — In accordance with 24 CFR Part 92.252, HUD provides maximum HOME rent limits. The maximum HOME rents are the lesser of: The fair market rent for existing housing...

  7. 24 CFR 982.507 - Rent to owner: Reasonable rent.


    ... whether the rent to owner is a reasonable rent in comparison to rent for other comparable unassisted units... rent to owner is not more than rent charged by the owner for comparable unassisted units in...

  8. Evolutionary Rent-Seeking

    Hehenkamp, Burkhard; Leininger, Wolfgang; Possajennikov, Alex


    Tullock’s analysis of rent-seeking is reconsidered from an evolutionary point of view. We show that evolutionarily stable behavior in a rent-seeking contest differs from efficient rent-seeking behavior in a Nash equilibrium. We explore that implications of evolutionary stability for rent-seeking behavior and relate them to the well examined Nash equilibrium behavior. A most interesting result is an overdissipation law, which holds in evolutionary equilibrium.

  9. Housing 'Generation Rent'

    McKee, Kim; Hoolachan, Jennifer Elizabeth


    'Generation Rent' denotes young people under 35 who are spending longer periods of their life in the private rented sector (PRS) because of challenges accessing both home ownership and social rented housing1. The 2007 global financial crisis resulted in stricter mortgage lending criteria and larger deposit requirements, which are out of reach for many young people who are navigating difficult labour markets, and have been hit hard by welfare reform agendas2. Furthermore, the shrinkage of the ...

  10. 50th Percentile Rent Estimates

    Department of Housing and Urban Development — Rent estimates at the 50th percentile (or median) are calculated for all Fair Market Rent areas. Fair Market Rents (FMRs) are primarily used to determine payment...

  11. Rent-focused behavior and rent-seeking in the context of rent relations theory development

    Latkov, Andrey


    The perspective directions of rent-seeking phenomenon research are allocated in the article. The algorithm of rent-seeking system research is offered. rent-focused behavior and rent-seeking strategies are differenced in the text. The special attention is paid to definition of medium-term and long-term rent-seeking effects directed to assignment of natural-resources rent on example of national economic systems of the UAE and Nauru.

  12. Rent Seeking and Innovation

    Michele Boldrin(UniBO); Levine, David K.


    Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator remains a monopolist. For this reason, rent-seeking, both public and private, plays an important role in determining the social usefulness of innovations. This paper examines the political economy of intellectual property, analyzing the trade-off between private and public rent-seeking. While it is tr...

  13. Cash Reconciliation Tool

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create...

  14. Cash Use in Australia

    Eden Hatzvi; Jessica Meredith; Rose Kenney


    This article uses results from the 2013 Survey of Consumers’ Use of Payment Methods and regression analysis to examine trends in cash use in Australia. The results show that cash remained the most common form of payment, though its use relative to other payment methods has declined over recent years. Older participants were more likely to use cash than younger participants and all participants were more likely to use cash for low-value transactions relative to other payment methods. In additi...

  15. Improve your CASH flow

    Brown, Christopher; Loidl, Hans-Wolfgang; Berthold, Jost;


    symbolic computation. In this paper we describe a new component of SymGrid-Par known as CASH: the C omputer Algebra SH ell. CASH is a system that allows direct access to SymGrid-Par via GHCi. CASH thus allows Haskell programmers to exploit high-performance parallel computations using a system designated...

  16. Rent seeking and organizational structure

    Wärneryd, Karl


    The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political economy, although it can also take place in personal relations and within firms and bureaucracies. Rent seeking, which involves the unproductive use of resources, is however primarily associated with policies that create rents as well as rent extract...

  17. Asymmetries in Rent-Seeking

    Giuseppe Dari-Mattiacci; Eric Langlais; Bruno Lovat; Francesco Parisi


    The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political economy, although it can also take place in personal relations and within firms and bureaucracies. Rent seeking, which involves the unproductive use of resources, is however primarily associated with policies that create rents as well as rent extract...

  18. A Rent Extraction View of Employee Discounts and Benefits

    Anthony Marino; Jan Zabojnik


    We offer a novel view of employee discounts and in kind compensation. In our theory, bundling perks and cash compensation allows a firm to extract information rents from employees who have private information about their preferences for the perk and about their outside opportunities. We show that in maximizing profit with heterogeneous workers, the firm creates different bundles of the perk and salary in response to different employee characteristics and marginal costs of the perk. Our key re...

  19. Corporate Rent-Seeking and the managerial soft-budget constraint

    Rodolfo Apreda


    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  20. Is electronic cash possible?

    Schmidt, Max; Schunter, Matthias; Weber, Arnd


    Cash-like payments in electronic commerce and at the traditional point of sale are expected to be beneficial, e.g., because of privacy protection, low transaction costs, and irrevocability. Therefore, we discuss how to design electronic cash in a way that it both mirrors the most important characteristics of raditional cash, but also fulfils the expectations which arise towards electronic means of payment. We analyse the problems and trade-offs between the different characteristics to be impl...

  1. Rent Intensity and Economic Mediocrity

    Fabella, Raul V.


    Using the share society as a metaphor for the economic system, we construct a microfoundation for the stylized observations about rent-seeking and economic performance. We introduce the concept of rent intensity and show that at symmetric Cournot-Nash equilibrium it falls as value-adding productivity rises, rises with rent-seeking reward and with number of participants. Finally, average output falls with population growth where rent-seeking overwhelms increasing return to scale.

  2. Rent Control and Unemployment Duration

    Munch, Jacob R.; Rosholm, Michael; Svarer, Michael


    In this paper we analyse how rent control affects the duration of individual unemployment. In atheoretical search model we distinguish between two effects of rent control. On one hand, rentcontrol reduces housing mobility and hence mobility in the labour market. On the other hand, tomaintain rent...

  3. Det rent menneskelige

    Togeby, Ole


    Omtale af Michael Tomasellos teorier om at sproget som det rent menneskelige er baseret på en empati og tillid, som kommer til udtryk i at selv små børn forstår når en anden peger, hvad aber ikke gør. Udgivelsesdato: 12.april 2006......Omtale af Michael Tomasellos teorier om at sproget som det rent menneskelige er baseret på en empati og tillid, som kommer til udtryk i at selv små børn forstår når en anden peger, hvad aber ikke gør. Udgivelsesdato: 12.april 2006...

  4. Are consumers cashing out?

    Paul W. Bauer; Daniel A. Littman


    The information age has led to many new forms of payment, including credit cards, debit cards, and online banking. In many ways, these new mechanisms seem preferable to cash. While the disappearance of cash is a very long way off, it seems people are starting to use it less.

  5. Improve your CASH flow

    Brown, Chris; Loidl, Hans-Wolfgang; Berthold, Jost;


    This paper describes CASH (the Computer Algebra SHell), a new interface that allows Haskell programmers to access the complete functionality of a number of computer algebra systems directly and interactively. Using CASH, Haskell programmers can access previously-unavailable mathematical software....

  6. Auctions with rent seeking

    Haan, Marco; Schoonbeek, Lambert


    We present a model which combines elements of an auction and a rent-seeking contest. Players compete for a prize. Apart from exerting lobbying efforts, they also have to submit a bid which is payable only if they win the prize. First, we ana-lyze the model if the returns-to-scale parameters of both bids and efforts are unity. We present a necessary and sufficient condition for the existence of a unique Nash equilibrium. In the equilibrium each player submits the same bid, while the sum of all...

  7. Rent seeking e questione meridionale

    Pugno Maurizio


    A model of allocation of heterogeneous individual ability between rent seeking and productive activity is proposed in order to explain the slow economic growth and high apparent unemployment of Italian Mezzogiorno. Two versions of the model are designed to capture legal rent seeking in the public sector (redundant public employees), and, respectively, illegal rent seeking in the organised criminal activity. In the first version of the model the individuals can choose to become either workers ...

  8. Rents in a welfare state

    Paldam, Martin

    This chapter describes rents in Denmark, a developed welfare state in which the private sector is sharply delimitated and kept efficient by secure property rights and markets including free trade. In the public sector, rents in the form of excess costs that provide benefits are difficult to measure......, but in a number of cases as described in this chapter, the rents are revealed. The implicit welfare coalition, defined as voters receiving their income from the public budget, is the majority, placing the median voter within the welfare coalition. Rents are created and protected by the welfare...

  9. 75 FR 7621 - Rent Schedule-Low Rent Housing


    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Rent Schedule--Low Rent Housing AGENCY: Office of the Chief Information Officer, HUD... McKinney Jr., Reports Management Officer, QDAM, Department of Housing and Urban Development,...

  10. Rent Seeking: A Textbook Example

    Pecorino, Paul


    The author argues that the college textbook market provides a clear example of monopoly seeking as described by Tullock (1967, 1980). This behavior is also known as rent seeking. Because this market is important to students, this example of rent seeking will be of particular interest to them. (Contains 24 notes.)

  11. Scarcity rents and airport charges

    G. Burghouwt; W. de Wit


    This report addresses the responses related to scarcity rents and airport charges. The Commission has asked ITF/SEO to provide evidence on scarcity rents in the London airport system. Different reports submitted in response to the Commission’s consultation make different assumptions on the way airli

  12. Trends of Rent-seeking Theory

    Latkov, Andrey


    The article discusses the origin and development of the rent-seeking theory. The interim results of the rent-seeking theory are summarized. The main trends in the rent-seeking theory development are presented in modern conditions.

  13. Operating Cash Surplus Determinations

    Teodor HADA


    Full Text Available The paper defines the concept of operating surplus. Then, it is compared to thegross operating surplus and the differences are identified. The two calculationmethods are presented next: (1 operating revenue less operating charges and(2 the gross operating surplus less ΔWCN (Working capital needs lessimmobilised production less stored production less other operating revenues.Then, a three year study is presented (2005-2007 and the results areinterpreted. Then, there is a correlation between the operating cash flow surplusand the operating cash flows.

  14. Taxable Cash Dividends

    Bechmann, Ken L.; Raaballe, Johannes

    financed by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm's high quality. The implications of the models are consistent with several important empirical facts about dividends......Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...

  15. Small Area Fair Market Rent

    Department of Housing and Urban Development — Due to the increasing demand for more localized rents for a variety of purposes, HUD is making Small Area FMRs for all metropolitan areas available. Small Area FMRs...

  16. Capital Taxation and Rent Seeking

    Arefiev, Nikolay; Baron, Tatyana


    We find the optimal capital income tax rate in an imperfectly competitive economy, where some part of recourses is devoted to rent-seeking activity. Optimal tax offsets the difference between marginal social and marginal private return to capital, which is a result of rent seeking, and the difference between the before tax interest rate and the marginal productivity of capital, which arises from imperfect competition. Optimal capital income tax rate depends neither on other tax rates nor on o...

  17. Wages, Rent, Unemployment and Amenities



    The intent of this applied research project is to build on the Roback-Blanchflower-Oswald model linking rent, wages and unemployment to amenities. Using non-metropolitan county level US data and detailed measures of natural and built amenities I estimate a struc-tural model testing for trade-offs between rent, wages, unemployment and amenities. Results do not strictly confirm the Roback-Blanchflower-Oswald (RBO) model but there is sufficient evidence to suggest that amenities plays an importa...

  18. 24 CFR 886.110 - Contract rents.


    ... approved rent level established pursuant to 24 CFR 207.19(e)(2)(i). (c) In any case, HUD shall determine... the rents paid for comparable units in the private unassisted market, nor shall the Contract Rents exceed the rents charged by the Owner to unassisted Families for comparable units. HUD shall maintain...

  19. Cash-Flow Tax

    Parthasarathi Shome; Christian Schutte


    The cash-flow tax has been proposed as an alternative to corporate income tax on grounds of clarity and simplicity in defining the tax base in the face of widespread departures from the comprehensive income tax in actual practice. Variants of the tax, with their advantages and disadvantages, demonstrate that it would require careful design. Simplicity is not an obvious property because of expectable administration problems related to tax avoidance and evasion through transfer pricing; to infl...

  20. Rent Seeking and the Excess Burden of Taxation

    Kahana, Nava; Klunover, Doron


    The social costs of rent seeking are generally evaluated with respect to rent dissipation. A common assumption is complete rent dissipation so that the value of a contested rent is the value of social loss. When rent seekers earn taxable income, there is interdependence between the social cost of rent seeking through rent dissipation and the excess burden of taxation. Through the addition of substitution to rent seeking beyond leisure, rent seeking increases the excess burden of taxation unde...

  1. Cash or Condition? Evidence from a Cash Transfer Experiment

    Baird, Sarah; Mcintosh, Craig; Ozler, Berk


    Conditional Cash Transfer programs are "...the world's favorite new anti-poverty device," (The Economist, July 29 2010) yet little is known about the specific role of the conditions in driving their success. In this paper, we evaluate a unique cash transfer experiment targeted at adolescent girls in Malawi that featured both a conditional (CCT) and an unconditional (UCT) treatment arm. We ...

  2. Prices versus quantities with distributional rent seeking

    MacKenzie, Ian A.


    This article investigates prices versus quantities when regulation generates contestable rents. A two-stage process is outlined where, in stage one, a politician selects a policy level in the presence of uncertainty. In stage two, players invest in distributional rent seeking, i.e., rent-capturing activities to obtain the rents generated from regulation. A clear distinction is derived between prices, revenue-raising quantities as well as non-revenue-raising quantities. The politician’s payo...

  3. Cash transfers and child labor

    de Hoop, Jacobus; Rosati, Furio C.


    Cash transfer programs are widely used in settings where child labor is prevalent. Although many of these programs are explicitly implemented to improve children's welfare, in theory their impact on child labor is undetermined. This paper systematically reviews the empirical evidence on the impact of cash transfers, conditional and unconditional, on child labor. The authors find no evidenc...

  4. Cash Transfers and Child Labor

    de Hoop, Jacobus; Rosati, Furio C.


    Cash transfer programs are widely used in settings where child labor is prevalent. Although many of these programs are explicitly implemented to improve children's welfare, in theory their impact on child labor is undetermined. This paper systematically reviews the empirical evidence on the impact of cash transfers, conditional and unconditional, on child labor. The authors find no evidenc...

  5. Accounting for the Corporate Cash Increase

    Jake Zhao


    Why do U.S. firms hold much more cash now than they did 30 years ago? Prior empirical studies have discovered a statistically significant positive relationship between firm cash holdings and cash flow volatility. Such findings, however, are subject to endogeneity problems. In this paper, I construct a structural model of firm dynamics where cash provides a buffer against cash-flow shortfalls in the presence of costly external finance. My model finds that 63% of the increase in corporate cash ...

  6. 24 CFR 850.153 - Rent control.


    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Rent control. 850.153 Section 850... PROGRAM) HOUSING DEVELOPMENT GRANTS Project Management § 850.153 Rent control. A project constructed or substantially rehabilitated with a housing development grant is not subject to State or local rent...

  7. Rent Seeking and Corruption in Financial Markets

    Asim Ijaz Khwaja; Atif Mian


    We describe recent advances in the study of rent seeking and corruption in financial markets. We outline three areas of inquiry: (a) conceptualizing rent seeking, (b) identifying rent-provision channels and their general equilibrium impact, and (c) designing feasible remedial mechanisms. We provide suggestions for making further progress in these areas and review a variety of approaches taken in the recent literature.

  8. 24 CFR 886.112 - Rent adjustments.


    ... Adjustment Factor most recently published by HUD in the Federal Register in accordance with 24 CFR part 888... unassisted housing in the area to ensure that adjustments in the Contract Rents shall not result in material differences between the rents charged for assisted and comparable unassisted units. Contract Rents may...

  9. High rents are holding back the recovery

    Jefferys, Peter


    Peter Jefferys argues for building affordable social homes and reforming the private rented sector. He makes the case that lower rent is vital for economic recovery, stating, if average rents in England had risen at the rate of inflation since 2000, rather than well above, then renters would have an extra £8 billion per year of disposable income.

  10. E-Cash Payment Protocols

    Shweta Srivastava


    Full Text Available E-cash is a payment system designed and implemented for making purchases over open networks such as the Internet. Need of a payment system which enables the electronic transactions are growing at the same time that the use of Internet is growing in our daily life. Present days electronic payment systems have a major problem, they cannot handle the security and the users anonymity and at the same time these systems are secure on the cost of their users anonymity. This paper shows the payment protocols for digital cash and discusses how a digital cash system can be formed by presenting a few of the present days digital cash systems in details. We also provide a comparison and determine them together to see which one of them fulfils the properties for digital cash and the required security level.

  11. The carbon rent economics of climate policy

    By reducing the demand for fossil fuels, climate policy can reduce scarcity rents for fossil resource owners. As mitigation policies ultimately aim to limit emissions, a new scarcity for “space” in the atmosphere to deposit emissions is created. The associated scarcity rent, or climate rent (that is, for example, directly visible in permit prices under an emission trading scheme) can be higher or lower than the original fossil resource rent. In this paper, we analyze analytically and numerically the impact of mitigation targets, resource availability, backstop costs, discount rates and demand parameters on fossil resource rents and the climate rent. We assess whether and how owners of oil, gas and coal can be compensated by a carbon permit grandfathering rule. One important finding is that reducing (cumulative) fossil resource use could actually increase scarcity rents and benefit fossil resource owners under a permit grandfathering rule. For our standard parameter setting overall scarcity rents under climate policy increase slightly. While low discount rates of resource owners imply higher rent losses due to climate policies, new developments of reserves or energy efficiency improvements could more than double scarcity rents under climate policy. Another important implication is that agents receiving the climate rent (regulating institutions or owners of grandfathered permits) could influence the climate target such that rents are maximized, rather than to limit global warming to a socially desirable level. For our basic parameter setting, rents would be maximized at approximately 650 GtC emissions (50% of business-as-usual emissions) implying a virtual certainty of exceeding a 2 °C target and a likelihood of 4 °C warming. - Highlights: • Fossil resource rents form a substantial share of the global GDP. • Fossil resource owners can benefit from climate policy. • Climate targets might be influenced by rent-maximizing aspects

  12. Evaluation of economic rent of hydropower projects

    Existing studies have mostly estimated the ex post economic rent of hydropower for the hydroelectric system of a province or a country as a whole and have ignored the site- or project-specific variations in the economic rent of hydropower plants. Further, most of the existing studies have used simplified methods to calculate the rent ex post. This paper presents a rigorous methodology for estimation of site-specific (i.e., project specific) economic rent of hydropower ex ante. It applies the methodology in the case of a hydropower project and analyzes the sensitivity of the rent to variations in some key parameters.

  13. Rents, Selling Prices and Financing Premiums

    G. Stacy Sirmans; Sirmans, C. F.


    This paper examines the effects of below-market financing on rents and selling prices of residential income properties. A recursive model is used to estimate rent and price equations in order to determine the effect of favourable financing on each variable. The results indicate that below-market financing has a negative effect on rent and a positive effect on selling price. Average monthly rent per unit with below-market financing is about $43 less than the average rent with current-market fi...

  14. Cash efficiency for bank branches.

    Cabello, Julia García


    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50. PMID:24010026

  15. Cash efficiency for bank branches

    Cabello, Julia García


    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks’ branches is also a relevant issue as any significant improvement in cash management at the bank ...

  16. Community perspectives: Community check cashing

    Daniel Leibsohn


    In May of 2009, Community Development Finance (CDF) opened the first nonprofit, full-service check cashing store in the country in Fruitvale, California. The project is designed to provide low-income households with the financial services they need, without the asset-stripping characteristics common to the fringe banking industry. In addition to providing affordable check cashing services and a payday loan product, CDF also provides financial coaching and literacy training, small business ass...

  17. Understanding the Cash Flow-Fundamental Ratio

    Chyi-Lun Chiou


    This article investigates the use of cash flow-fundamental ratio in forecasting stock market return and examines implications behind this ratio. By presuming the dynamics of cash flow-fundamental ratio I identify the relationship between economic uncertainty and risk premium. The evidence shows that cash flow-fundamental ratio is procyclical and is a predictor of cash flow growth and excess returns. The cash flow-fundamental ratio is proved to be negatively associated with risk premium. I als...

  18. An Investigation into Cash Flow Forecasts Practices

    Kum, Chi Leng


    Cash flow forecasts are the most important step in the capital budgeting process in terms of planning effectively to finance for cash deficit and invest cash surplus for capital expenditure decisions. Despite its importance, little progress has been made in its estimation process, due to the difficulty of producing accurate cash flow numbers for the analysis of capital budgeting decisions. This management project details the investigation of the cash flow forecasts practices and highlights so...

  19. Do Democracies Breed Rent-Seeking Behavior?

    Calderón, César; Chong, Alberto


    Using objective institutional historical data we test the link between extent, duration, and transparency in democracies and rent-seeking behavior using time-series and panel data approaches. In this paper we focus on the case of Uruguay, an ethnically homogeneous country. We find three main results. First, democratic regimes are negatively linked with rent-seeking actions. Second, the longer the duration of democracy, the less rent-seeking in a society. Third, legislation enacted more transp...

  20. On The Allocative Effects of Rent Seeking

    Corchón, Luis C.


    We consider the effects of rent-seeking activities on resource allocation. Before rent-seeking activities take place, there are prior probabilities that an object will be given to one of several agents. The posterior probability depends on prior probabilities and the expenses incurred by all agents. In the case of two agents who equally value the object, prior and posterior probabilities coincide, and thus rent seeking has no effect on resource allocation. If there are two agents ...

  1. Entrepreneurship and Rent-Seeking Behavior

    Dejardin, Marcus


    In this chapter, we propose a primer of the treatment that has received in the economic literature the problematic of entrepreneurship and rent-seeking behavior. It comprises the introduction of employed concepts, the discussion of the allocation of entrepreneurs between different types of economic projects, namely between innovative entrepreneurship and rent-seeking, as well as the explicative factors of the allocation. Interactions between entrepreneurship, rent-seeking and growth are consi...

  2. 24 CFR 884.109 - Rent adjustments.


    ... assisted and comparable unassisted units, as determined by HUD: Provided, however, That this limitation shall not be construed to prohibit differences in rents between assisted and comparable unassisted...

  3. Power and rents - political influence on rent extraction: Quasi-experimental evidence for Bavaria

    Schötz, Lukas


    The pursuit of individual rents by political representatives is recognized as one of the major shortcomings of political systems. While both legal and illegal types of rents are distributed by political decisions, research has focused primarily on illegal rent-seeking by politicians. This article examines the extent to which elected Bavarian mayors are provided with legal political rents. As independently elected councils determine the remuneration of mayors in Bavarian municipalities, an exa...

  4. 41 CFR 102-85.120 - What is shell Rent?


    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false What is shell Rent? 102... GSA SPACE Rent Charges § 102-85.120 What is shell Rent? Shell Rent is that portion of GSA Rent charged for the building envelope and land. (See § 102-85.35 for the definition of building shell.)...


    Sue-Mari Maass


    Full Text Available Recent case law shows that vulnerable, previously disadvantaged private sector tenants are currently facing eviction orders – and consequential homelessness – on the basis that their leases have expired. In terms of the case law it is evident that once their leases have expired, these households do not have access to alternative accommodation. In terms of the Constitution, this group of marginalised tenants have a constitutional right of access to adequate housing and a right to occupy land with legally secure tenure. The purpose of this article is to critically analyse a number of legislative interventions, and specifically rent control, that were imposed in various jurisdictions in order to provide strengthened tenure protection for tenants. The rationale for this analysis is to determine whether the current South African landlord-tenant regime is able to provide adequate tenure protection for vulnerable tenants and therefore in the process of transforming in line with the Constitution. The legal construction of rent control was adopted in pre-1994 South Africa, England and New York City to provide substantive tenure protection for tenants during housing shortages. These statutory interventions in the different private rental markets were justified on the basis that there was a general need to protect tenants against exploitation by landlords. However, the justification for the persistent imposition of rent control in New York City is different since it protects a minority group of financially weak tenants against homelessness. The English landlord-tenant regime highlights the importance of a well-structured social sector that can provide secure, long-term housing options for low-income households who are struggling to access the private rental sector. Additionally, the English rental housing framework shows that if the social sector is functioning as a "safety net" for low-income households, the private sector would be able to uphold

  6. 78 FR 42524 - Leasing versus Renting


    ... GENERAL SERVICES ADMINISTRATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION Leasing versus Renting... assist in determining if there is a distinction between leasing and renting that is useful for the... address real property or its leasing. DATES: Interested parties should submit written comments to...

  7. Accounting management software intellectual rent companies

    T.S. Osadcha


    Full Text Available Економічні науки. – 2015. – № 4 (74. – P. 43–49: Table 4. – Refs.: 22. As a result of the study it has been established that intellectual rent as additional income arises resulting from the usage of intellectual property objects. At present the issue of the accounting reflection of transactions that form intellectual rent remains to be not thoroughly disclosed and requires more depth study for improving the performance of the innovative enterprises as well as for increasing the informativeness of the accounting system. In connection with the above defined organizational and methodical aspects of accounting operations with intellectual rent in assessing the rents of its type, the definition of accounts for the accounting reflection of the order determining the amount of intellectual rent on accounting data. Proposed document that would facilitate the work of accountants for the calculation of the amount of intellectual rent and provide information about the effectiveness of the company. Application of the proposed method of accounting reflect the formation and distribution of intellectual rent allows management personnel to provide the necessary innovative activity of the enterprise information management rent, since it is a type of income of the enterprise.

  8. 19 CFR 148.39 - Rented automobiles.


    ... 19 Customs Duties 2 2010-04-01 2010-04-01 false Rented automobiles. 148.39 Section 148.39 Customs... automobiles. (a) Importation for temporary period. An automobile rented by a resident of the United States... (HTSUS) (19 U.S.C. 1202), without payment of duty. The automobile shall be used for the transportation...

  9. Management of Agricultural Enterprise Cash Flows

    Tamara Kucherenko; Inna Tkachuk


    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  10. Converting accounts receivable into cash.

    Folk, M D; Roest, P R


    In recent years, increasing numbers of healthcare providers have converted their accounts receivable into cash through a process called securitization. This practice has gained popularity because it provides a means to raise capital necessary to healthcare organizations. Although securitization transactions can be complex, they may provide increased financial flexibility to providers as they prepare for continuing change in the healthcare industry. PMID:10145096

  11. Pawn Shop,Cash Cow


    An expat in Beijing once wrote these words on his blog,"If you are anxious to exchange your valuables for cash,or want to collect some treasures in Beijing,you may visit Bao Rui Tong Pawn Shop which features agreeable environment,reliable credit,guaranteed quality and profes- sional service."That releases the com-

  12. Rx for low cash yields.

    Tobe, Chris


    Certain strategies can offer not-for-profit hospitals potentially greater investment yields while maintaining stability and principal safety. Treasury inflation-indexed securities can offer good returns, low volatility, and inflation protection. "Enhanced cash" strategies offer liquidity and help to preserve capital. Stable value "wrappers" allow hospitals to pursue higher-yielding fixed-income securities without an increase in volatility. PMID:14560584

  13. Mine rent and the new economic system

    Cadan, K. (Federalni Ministerstvo Paliv a Energetiky, Prague (Czechoslovakia))


    Reviews historical concept of ground rents with reference to works of Adam Smith and David Ricardo and to 19th century capitalism and Marxism-Leninism. Asks whether mine rents can exist under a socialist system and examines theoretical basis for mine rents, which includes socio-economic aspects, geological conditions, proximity to markets and environmental considerations. Compares mine rents with agricultural land rents and analyzes value of end product (coal) and effect of pricing method on it. Explains pricing system in Czechoslovakia, which involves 3 groupings: coking coal, coke and energy coal (including briquets), the price of each of which is set according to average costs and geological conditions. Surplus revenue (or positive mine rent) only arises therefore at mines where the production costs are lower than fixed trade prices. Discusses in general terms application of new economic system (perestroika) to concept of mine rent and assessment of mine profitability and concludes that method of pricing solid fuels will play a decisive role. 4 refs.

  14. Oligopolization in collective rent-seeking

    Kaoru Ueda


    In this paper we discuss the issue of when oligopolization in collective rent-seeking occurs, that is, when some groups retire from rent-seeking. A complete characterization of the pure-strategy Nash equilibrium in a collective rent-seeking game among m (\\geq2) heterogeneous groups is derived. The conditions of oligopolization are derived by using this result and related to the works of Nitzan [9, 10] and Hillman and Riley [3]. Also, the subgame perfect equilibrium of a simple two-stage colle...

  15. Stochastic Control Model on Rent Seeking


    A continuous-time stochastic model is constructed to analyze how to control rent seeking behaviors. Using the stochastic optimization methods based on the modern risky theory, a unique positive solution to the dynamic model is derived. The effects of preference-related parameters on the optimal control level of rent seeking are discussed, and some policy measures are given. The results show that there exists a unique solution to the stochastic dynamic model under some macroeconomic assumptions, and that raising public expenditure may have reverse effects on rent seeking in an underdeveloped or developed economic environment.

  16. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    Tănase Alin-Eliodor; Calota Traian-Ovidiu


    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  17. Fair Electronic Cash Based on Double Signatures

    陈晓峰; 王常杰; 王育民


    In order to decrease crimes such as money laundering, blackmailing etc. inelectronic cash systems, fair electronic cash has been a major focus of academic research inelectronic commence. When a bank finds some dubious cash or owner, the trusted entity ortrustee can help him to revoke the anonymity of the cash. In the previous protocols, the trusteeknows all the information of the cash whether he is trusted or not, that is, he can trace the useror cash unconditionally. Furthermore, the dishonest trustee may deceive a user, which meansthat he may withdraw cash while tracing other users. Such cases are unfair to the honest users.A new fair electronic cash protocol based on untrustworthy trustees is proposed in thispaper. The key idea is that the coin structure should include the signatures of both the trusteeand the bank so that the trustee shares the information of the cash with the bank, while we donot use the secret sharing scheme. In contrast with the previous protocols, neither the trusteenor the bank can trace the money without the help of the other entity. In this way, the privacyof the user is protected furthest. Also, the trustee is off-line in the protocol, which meansthat he will not be involved in withdrawing the cash. Therefore, the protocol is efficient forimplementation.

  18. Equivalence of ten different discounted cash flow valuation methods

    Fernandez, Pablo


    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  19. A Theory of Rent Seeking with Informational Foundations

    Lagerlöf, Johan


    I develop a model of rent seeking with informational foundations and an arbitrary number of rent seekers, and I compare the results with Tullock's (1980) classic model where the influence activities are "black-boxed." Given the microfoundations, the welfare consequences of rent seeking can be studied. In particular, I show that competition among rent seekers can be socially beneficial, since the additional information that the decision maker gets access to makes the increase in rent-seeking e...

  20. Destructive competition : oil and rent seeking in Iran

    Bjorvatn, Kjetil; Selvik, Kjetil


    In countries with poorly developed institutions, rent seeking may impose serious costs for the economy. Our analysis demonstrates how rent seeking distorts the economy through two channels. First, there is the direct cost of the resources wasted in the rent seeking contest. Second, rent seeking distorts firms’ investment decisions, and leads to underinvestment. We conduct a case study of rent seeking in Iran in order to gain a better understanding of the phenomenon. Iran is ...

  1. Information feedback and contest structure in rent-seeking games

    Fallucchi, Francesco; Renner, Elke; Sefton, Martin


    We investigate the effects of information feedback in rent-seeking games with two different contest structures. In the deterministic contest a contestant receives a share of the rent equal to her share of rent-seeking expenditures, while in the stochastic contest a contestant wins the entire rent with probability equal to her share of rent-seeking expenditures. In deterministic contests average expenditures converge to equilibrium levels when subjects only get feedback about own earnings, and...

  2. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Somnath Das


    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  3. An Internet Based Anonymous Electronic Cash System

    Israt Jahan; Mohammad Zahidur Rahman; K M Akkas Ali; Israt Jerin


    There is an increase activity in research to improve the current electronic payment system which is parallel with the progress of internet. Electronic cash system is a cryptographic payment system which offers anonymity during withdrawal and purchase. Electronic cash displays serial numbers which can be recorded to allow further tracing. Contrary to their physical counterparts, e-cash have an inherent limitation; they are easy to copy and reuse (double-spending). An observer is a tamper-resis...

  4. Corporate Cash Holdings, National Culture, and Multinationality

    Andres Ramirez; Solomon Tadesse


    We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against undesired states of ...

  5. Analysis and Accounting of Total Cash Flow



    In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items). The management of total cash flows ensures the correlation of current liquidness flows as consequen...

  6. The Market for Electronic Cash Cards

    Shy, Oz; Tarkka , Juha


    We develop a theoretical framework aimed to model the pricing of electronic money (electronic cash cards) and the market domain in which it will be used. We first calculate the fee structures of electronic cash- and charge-card industries for the monopoly and competitive cases. We show that the different market structures do not affect the domain of electronic cash cards and the displacement of currency in daily transactions. We provide a welfare analysis to determine whether a market equilib...

  7. Date attachable offline electronic cash scheme.

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung


    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  8. Cash Transfers, Basic Income and Community Building

    Evelyn L. Forget


    Full Text Available The austerity movement in high-income countries of Europe and North America has renewed calls for a guaranteed Basic Income. At the same time, conditional and unconditional cash transfers accompanied by rigorous impact evaluations have been conducted in low- and middle-income countries with the explicit support of the World Bank. Both Basic Income and cash transfer programs are more confidently designed when based on empirical evidence and social theory that explain how and why cash transfers to citizens are effective ways of encouraging investment in human capital through health and education spending. Are conditional cash transfers more effective and/or more efficient than unconditional transfers? Are means-tested transfers effective? This essay draws explicit parallels between Basic Income and unconditional cash transfers, and demonstrates that cash transfers to citizens work in remarkably similar ways in low-, middle- and high-income countries. It addresses the theoretical foundation of cash transfers. Of the four theories discussed, three explicitly acknowledge the interdependence of society and are based, in increasingly complex ways, on ideas of social inclusion. Only if we have an understanding of how cash transfers affect decision-making can we address questions of how best to design cash transfer schemes.

  9. E-Cash Payment Protocols

    Shweta Srivastava; Vandana Saraswat


    E-cash is a payment system designed and implemented for making purchases over open networks such as the Internet. Need of a payment system which enables the electronic transactions are growing at the same time that the use of Internet is growing in our daily life. Present days electronic payment systems have a major problem, they cannot handle the security and the users anonymity and at the same time these systems are secure on the cost of their users anonymity. This paper shows the payment p...

  10. The Nominal Rigidity of Apartment Rents

    David Genesove


    This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among apartment rents in the U.S. between 1974-1981. 29 percent of units had no change in nominal rent from year to year. Nominal rigidity was much higher among units whose tenants continued from the previous year, than those in which the tenant turned over. This suggests that the previous year's nominal price was used as a focal point in bargaining. Most of the nominal rigidi...

  11. Accounting management software intellectual rent companies

    T.S. Osadcha


    Економічні науки. – 2015. – № 4 (74). – P. 43–49: Table 4. – Refs.: 22. As a result of the study it has been established that intellectual rent as additional income arises resulting from the usage of intellectual property objects. At present the issue of the accounting reflection of transactions that form intellectual rent remains to be not thoroughly disclosed and requires more depth study for improving the performance of the innovative enterprises as well as for increasing the informati...

  12. 23 CFR 140.612 - Cash management.


    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will...

  13. Lessons about Cash and Manager Priorities

    Mong, Donald


    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  14. Secure Electronic Cash Scheme with Anonymity Revocation

    Baoyuan Kang


    Full Text Available In a popular electronic cash scheme, there are three participants: the bank, the customer, and the merchant. First, a customer opens an account in a bank. Then, he withdraws an e-cash from his account and pays it to a merchant. After checking the electronic cash’s validity, the merchant accepts it and deposits it to the bank. There are a number of requirements for an electronic cash scheme, such as, anonymity, unforgeability, unreusability, divisibility, transferability, and portability. Anonymity property of electronic cash schemes can ensure the privacy of payers. However, this anonymity property is easily abused by criminals. In 2011, Chen et al. proposed a novel electronic cash system with trustee-based anonymity revocation from pairing. On demand, the trustee can disclose the identity for e-cash. But, in this paper we point out that Chen et al.’s scheme is subjected to some drawbacks. To contribute secure electronic cash schemes, we propose a new offline electronic cash scheme with anonymity revocation. We also provide the formally security proofs of the unlinkability and unforgeability. Furthermore, the proposed scheme ensures the property of avoiding merchant frauds.

  15. 12 CFR 220.8 - Cash account.


    ... Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CREDIT BY...; cancellation or liquidation—(1) Full cash payment. A creditor shall obtain full cash payment for customer... additional payment period. (4) Cancellation; liquidation; minimum amount. A creditor shall promptly cancel...

  16. Szacowanie podstawy opodatkowania w przypadku umowy cash poolingu

    Witczak, Radosław


    In the article the tax effects of cash pooling were presented. The scope and types of cash pooling contract were presented. The rules concerning the VAT and tax on civil law transactions and cash pooling were described. The tax effects of cash pooling caused by corporate income tax were discussed. The areas of tax risk concerning the use of cash pooling in respect of transfer pricing were given. The possibility of tax assessment in case of cash pooling was discussed.

  17. 24 CFR 983.303 - Reasonable rent.


    ... other comparable unassisted units. (2) In determining the reasonable rent, the PHA must consider factors... units in the private unassisted market, which may include comparable unassisted units in the premises or... determined, including major differences between the contract units and comparable unassisted units. (3)...

  18. 24 CFR 886.312 - Rent adjustments.


    ... levels of such expenses in comparable assisted and unassisted housing in the area to ensure that... assisted and comparable unassisted units. Contract rents may be adjusted upward or downward as may be...) Comparability between assisted and unassisted units. Notwithstanding any other provisions of this...

  19. Assets Expropriation via Cash Dividends?Free Cash Flow or Tunneling

    Jeng-Ren Chiou; Yenn-Ru Chen; Ting-Chiao Huang


    This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms’ dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  20. An Internet Based Anonymous Electronic Cash System

    Israt Jahan


    Full Text Available There is an increase activity in research to improve the current electronic payment system which is parallel with the progress of internet. Electronic cash system is a cryptographic payment system which offers anonymity during withdrawal and purchase. Electronic cash displays serial numbers which can be recorded to allow further tracing. Contrary to their physical counterparts, e-cash have an inherent limitation; they are easy to copy and reuse (double-spending. An observer is a tamper-resistant device, issued by the Internet bank, which is incorporated with the Internet user’s computer that prevents double-spending physically, i.e., the user has no access to her e-cash and therefore he cannot copy them. In this paper, we shall present an anonymous electronic cash scheme on the internet which incorporates tamper-resistant device with user-module.

  1. Gas power production, surplus concepts and the transformation of hydro-electric rent into resource rent

    The paper considers the effects of introducing large scale gas power production capacity into an electricity sector based on hydropower. In this process the economic rent is transmitted from the hydro power sector to the resource rent in the gas power sector, but is along the way intermingled with ordinary producer surplus and quasi-rent stemming from increasing cost conditions in the production infrastructure and capacity constraints. The net effect on total rent generated depends on development in demand, demand elasticities, costs saved from delaying hydropower projects and the existence of producer surplus in gas power generation. The paper closes with a discussion of possible tax base changes following from the introduction of a thermal power system based on natural gas




    This paper analyzes a rent seeking competition where risk neutral agents have a different income. The individual income is private information but the income distribution is common information. Like the Hillman and Samet (1987) model the individual outlays in rent seeking is equal to the expected rent, but the winning probability for each agent is a function of its income. As a consequence, the social costs of the rent seeking depend on the income distribution and they can be lesser than the ...

  3. Crowding-out in productive and redistributive rent-seeking

    Dari-Mattiacci, G.; Langlais, E.; B. Lovat; Parisi, F.


    This paper presents a general rent-seeking model in which participants decide on entry before choosing their levels of efforts. The conventional wisdom in the rent-seeking literature suggests that the rent dissipation increases with the number of potential participants and with their productivity of effort. In this paper, we show that this result of the rent-seeking literature is far from general and applies only when participants are relatively weak and enter the game with ...

  4. <> effects of rent seeking over tradable pollution permits

    HANLEY, NICK; MacKenzie, Ian A.


    The establishment of a tradable permit market requires the regulator to select a level of aggregate emissions and then distribute the associated permits (rent) to specific groups. In most circumstances, these decisions are often politically contentious and frequently influenced by rent seeking behaviour. In this paper, we use a contest model to analyse the effects of rent seeking effort when permits are freely distributed (grandfathered). Rent seeking behaviour can influence both the share of...

  5. Solar energy, a cash machine

    A first article outlines that the solar energy sector attracts investors which are looking for secure returns. It is notably the case in the United States where companies are undergoing spectacular growth: solar installations are perceived as cash flow factories. A second article comments the consequences of this evolution of investments: the photovoltaic sector is now competitive and thus enters a new dimension with a mass development (indicators of installed power as it is in 2014 and will be 2019 are given for the main markets which are USA, Chile, Europe, South Africa, India, China, Japan and Australia). A third article comments this increase of investors who decide to invest in industries related to energy transition as they perceive these investments less risky on the long term, notably in relationship with climate. The success of crowd-funding practices is briefly evoked for projects related to sustainable development

  6. 18 CFR 367.1720 - Account 172, Rents receivable.


    ... receivable. (a) This account must include rents receivable or accrued on property rented or leased by the service company to others. (b) Rents receivable from associate companies must be included in account 146, Accounts receivable from associate companies (§ 367.1460)....

  7. 27 CFR 6.56 - Renting display space.


    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Renting display space. 6.56 Section 6.56 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU... Distribution Service § 6.56 Renting display space. A promotion whereby an industry member rents display...

  8. 27 CFR 6.35 - Renting display space.


    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Renting display space. 6.35 Section 6.35 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU... Renting display space. The renting of display space by an industry member at a retail...

  9. 24 CFR 582.305 - Housing quality standards; rent reasonableness.


    ... as not in excess of rents currently being charged by the same owner for comparable unassisted units. For SRO, rents are calculated in accordance with 24 CFR 882.805(g). ... reasonable in relation to rents being charged for comparable unassisted units, taking into account...

  10. Climate change, cash transfers and health.

    Pega, Frank; Shaw, Caroline; Rasanathan, Kumanan; Yablonski, Jennifer; Kawachi, Ichiro; Hales, Simon


    The forecast consequences of climate change on human health are profound, especially in low- and middle-income countries and among the most disadvantaged populations. Innovative policy tools are needed to address the adverse health effects of climate change. Cash transfers are established policy tools for protecting population health before, during and after climate-related disasters. For example, the Ethiopian Productive Safety Net Programme provides cash transfers to reduce food insecurity resulting from droughts. We propose extending cash transfer interventions to more proactive measures to improve health in the context of climate change. We identify promising cash transfer schemes that could be used to prevent the adverse health consequences of climatic hazards. Cash transfers for using emission-free, active modes of transport - e.g. cash for cycling to work - could prevent future adverse health consequences by contributing to climate change mitigation and, at the same time, improving current population health. Another example is cash transfers provided to communities that decide to move to areas in which their lives and health are not threatened by climatic disasters. More research on such interventions is needed to ensure that they are effective, ethical, equitable and cost-effective. PMID:26478613




    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  12. Anonymous Fingerprinting Based on Electronic Cash

    CHENXiaofeng; ZHANGFangguo; WANGJilin; WANGYumin


    A new anonymous fingerprinting protocol based on the principle of electronic cash is proposed in this paper.Redistributing a data item is equal to doublespending electronic cash.Contrasting with the previous coin-based anonymous fingerprinting protocol,we use the real electronic cash to trace traitors instead of the "coins" which serve only as a cryptographic primitive and have no monetary value,so it is easily understood and the bank does not need key-distribution and registration to prepare the "coina".

  13. The Ricardian rent theory two centuries after

    Christian Bidard


    We propose to re-read Ricardo's theory of rent and its modern versions. Ricardo's dynamic approach follows the transformations of a long-term equilibrium with demand. Sraffa adopted the same framework while substituting a value criterion for a physical criterion to determine the incoming marginal method, but he did not state the law of succession of methods explicitly. This prevented him to realize that his critique opens the door to all complications of capital the ory, with the consequence ...

  14. Optimal Taxation with Rent-Seeking

    Rothschild, Casey; Scheuer, Florian


    Recent policy proposals have suggested taxing top incomes at very high rates on the grounds that some or all of the highest wage earners are engaged in socially unproductive or counterproductive activities, such as externality imposing speculation in the financial sector. To address this, we provide a model in which agents can choose between working in a traditional sector, where private and social products coincide, and a crowdable rent-seeking sector, where some or all of earned income refl...

  15. Resources and Economic Dynamics, Technology and Rents

    Alberto Quadrio Curzio


    The essay investigates non producible (natural) resources and rent from three points of views: stylized facts, quantitative economics and economic theory. Taking the first point of view, the author discusses how economic growth can be represented in terms of never-ending tension between scarcity and technical progress. At least since the onset of modern economic growth, whenever scarcity produced a slowdown of growth, technical progress followed and scarcity was thereby removed. Scarcity, in ...

  16. 47 CFR 36.182 - Cash working capital.


    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES JURISDICTIONAL SEPARATIONS... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if...

  17. Does direct cash flow presentation help in predicting future operating cash flow?

    Simões, Flavio Manuel Vilas-Boas


    Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net inco...

  18. 25 CFR 141.19 - Check cashing.


    ... may give a fully negotiable check in addition to U.S. currency when cashing a draft, check or money... or any other obligation the customer owes to the business, but in no event may the owner or...

  19. Uue kunsti muuseumis laulab Johnny Cash


    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  20. Cash flow forecasting in startup companies

    Zhou, Yang


    This study examines cash flow forecasting practices in the context of the startup company phenomenon in Finland. The first objective of this study is to investigate that how cash flow forecasting has been practiced in startup companies. A startup company is a young innovative organization founded to seek a scalable and repeatable business model, in this sense growth has become the most important topic for startup companies. Therefore, secondary objective of this study is to investigate how a ...


    Nicoara Mihaela


    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  2. Forecasting Daily Demand in Cash Supply Chains

    Michael Wagner


    Problem statement: Previous studies focused on explaining the long run determinants of currency demand offering limited insight into the short-run determinants and co-variability of daily demand in cash supply chains. Approach: This study contrasted competing techniques of forecasting daily demand in cash supply chains in order to determine the overall performance and the potential of joint forecasting for integrated planning. A joint forecasting approach was compared with...

  3. Cash Holdings and Finance Constraints in Indian Manufacturing Firms

    Vikash Gautam; Ashish Singh; Sarthak Gaurav


    This paper attempts to explore the effect of finance constraints by examining the propensity of firms to save cash out of cash flows. Drawing on cash-cash flow sensitivity (CCFS), we overcome the errors in attributing information in cash flows to real and financial components. We employ endogenous regime switching model for our empirical exercise. This model allows for multiple sorting variables, does not require finance constraints to increase monotonically with the sorting variables and ena...

  4. Determination of Optimal Cash Position of Mutual Fund

    陈铭新; 张世英


    Cash position, held by mutual fund with purpose to satisfy investors′ redemption, will inevitably generate certain amount of cost. In this paper, the total cost caused by cash position is divided into opportunity cost and shortage cost, and a model is constructed to describe the relationship between total cost and cash position along with investors′ purchase and redemption, from which the formula of optimal cash position is deduced. Finally, the adjustment of optimal cash position in different market situations is discussed.

  5. Product market integration, rents and wage inequality

    Andersen, Torben M.; Sørensen, Allan

    Globalization in the form of product market integration affects labour markets and produces winners and losers. While there are aggregate gains, it is in general ambiguous how inequality is affected. We explore this issue in a Ricardian model and show that it depends on the balance between...... "protection" and "specialization" rents. In particular, wage inequality among similar workers (residual wage inequality) may be U-shaped, at first decreasing and then increasing in the process of product market integration. Consequently, there may be gains in both the efficiency and the equity dimension until...

  6. Rent seeking in sequential group contests

    Gürtler, Oliver


    In this paper, a group contest is analyzed, where the groups are allowed to determine their sharing rules either sequentially or simultaneously. It is found that in case the more numerous group determines its sharing rule prior to the smaller group, rent dissipation in the group contest is higher than in an individual contest. However, if the order of moves is endogenized, the smaller group will always act prior to the bigger group. Competition between the groups is in this way weakened and t...

  7. Loss Aversion and Rent-Seeking: An Experimental Study

    Kong, Xiaojing


    We report an experiment designed to evaluate the impact of loss aversion on rent-seeking contests. We find, as theoretically predicted, a negative relationship between rent-seeking expenditures and loss aversion. However, for any degree of loss aversion, levels of rent-seeking expenditure are higher than predicted. Moreover, we find that the effect of loss aversion becomes weaker with repetition of the contest.

  8. Internal Rent Seeking, Works Councils, and Optimal Establishment Size

    Beckmann, Michael; Kräkel, Matthias


    Using a microeconomic model and data from the Establishment Panel of the German Institute for Employment Research, we analyze the optimal establishment size against the background of rent-seeking workers and the influence of works councils. The theoretical part shows that establishment size has a discouragement effect on the level of individual rent seeking but also a quantity effect as the number of rent seekers increases. The interplay of both effects – together with technological considera...

  9. Rent-seeking and quota regulation of a renewable resource

    Bergland, Harald; Clark, Derek J.; Pedersen, Pål Andreas


    The paper deals with rent-seeking behaviour among agents competing for future shares of a common renewable natural resource. Rent-seeking might become profitable when the agents expect that the distribution of the natural resource in future periods will be dependent on the agents' extraction of the resource in the past, even though high exploitation might reduce the stock that future individual quotas will be based upon. Whether aggressive rent-seeking behaviour by one agent will encourage ot...

  10. Rent-Seeking or Wealth-Creating: What to Choose?


    This thesis presents a quite extensive literature review on literature concerning entrepreneurship, allocation of talent and rent-seeking. There is also a presentation of two models, one model concerning the allocation of talent and rent seeking. The second, demonstrates how rent-seeking affects investments in an economy. In the empirical part of the thesis there is a re-estimation of the results found in Murphy, Shleifer and Vishny, The Allocation of Talent: Implications for Growth (1991...

  11. Rent Seeking and Democracy in Latin America: What Drives What?

    Calderón, César; Chong, Alberto


    Drawing on previously unused objective institutional data, we provide evidence for the causal link between rent-seeking behavior and democracy in Uruguay, a country where both rent-seeking behavior and political shifts have varied widely in the last 80 years, but where ethnolinguistic heterogeneity and income inequality have remained historically low. The latter helps better identify some “pure” political interactions and how they are linked with rent-seeking outcomes. We find that the presen...

  12. A model of capital accumulation and rent-seeking


    A simple model incorporating rent-seeking into the standard neoclassical model of capital accumulation is presented. It embodies the idea that the performance of an economy depends on the efficiency of its institutions. It is shown that welfare is positively affected by the institutional efficiency, although output is not necessarily so. It is also shown that an economy with a monopolistic rent-seeker performs better than one with a competitive rent-seeking industry.

  13. Redistribution natural resource rents for welfare society: experience Alaska

    Sherstyukova, Karyna


    The aim of article is an investigation of mechanism and conditions of the efficiency of distribution and redistribution models of natural resources rents, as well as the World Experience of. Using of redistribution mechanism of rents for the public welfare.The study used general scientific and special methods, in particular: the dialectic, the theoretical generalization and comparison, analysis and synthesis - when determining the basic principles of the system and elements of rent redistribu...

  14. Risk-Aversion and Prudence in Rent-Seeking Games

    Treich, Nicolas


    This paper considers a common n-agent symmetric rent-seeking game. It derives conditions so that risk-aversion and risk always decrease rent-seeking efforts. These conditions hold for any regular contest success function when risk-averse rent-seekers are also prudent. Under n = 2, prudence is a necessary and sufficient condition for risk-aversion to decrease rent-seeking efforts compared to risk-neutrality. An intuition for this result is given based on a self-protection model.




    Full Text Available This paper analyzes a rent seeking competition where risk neutral agents have a different income. The individual income is private information but the income distribution is common information. Like the Hillman and Samet (1987 model the individual outlays in rent seeking is equal to the expected rent, but the winning probability for each agent is a function of its income. As a consequence, the social costs of the rent seeking depend on the income distribution and they can be lesser than the traditional measure pointed out by Hillman and Samet (1987.

  16. A Fair E-Cash Payment Scheme Based on Credit


    A new fair e-cash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by bank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dispute resolution when there is a dissension between user and merchant. It can avoid the problem of partition e-cash for changes, prevent from reusing e-cash and faking e-cash. It fits justice, anonymity, non-deny and impartiality.

  17. VAT Cash Accounting Scheme in Romania

    BUNEA-BONTAS Cristina Aurora


    Full Text Available VAT cash accounting enables the small enterprises to account for VAT on the basis of payments received and made, instead of on tax invoices issued and received. Accordingly, the VAT payable or repayable for each accounting period is the difference between the total amount of VAT included in payments received from the customers and the total amount of VAT included in payments made to the suppliers. The VAT cash accounting scheme, recently introduced for the Romanian companies by Government Ordinance no. 15/2012, entered into force on January 1st, 2013. This article reviews the basic principles of VAT cash accounting and highlights its benefits and disadvantages. It also discusses the impact and the challenges for the Romanian companies, due to the particularities of the system.

  18. An Efficient Fair Electronic Cash System

    Guo Tao(郭涛); Li Zhitang; Tan Yunmeng; Wu Shizhong


    In this paper, an efficient fair e-cash system is presented. Based on the improved Brands' e-cash scheme, it is expanded by adding two roles, government and judges. The user can keep unconditionally anonymous in normal transactions. Authorized by the judges, the government can remove the identity of an illegal user with the help of the bank. So such misuse as blackmailing or money laundering can be prevented. Therefore, this scheme is more efficient, more suitable for adopting pre-processing and post-processing and more practical. In the paper, the details of the scheme are described, its security is proved, and its efficiency is analyzed.

  19. Water rent: essence, sources of formation and accounting reflection

    T.S. Osadcha


    Full Text Available There is the urgent necessity of the transition to a higher level of economic relations in the system of environmental management in the present conditions of economy of the country. As a result, the issues like formation of information support for water rent management, determining the ways of its calculation, distribution as well as usage of water rents require urgent solutions. The study focuses on the essence of water rent and forming organizational and methodological provisions of its accounting reflection to ensure sustainable ecological and economic development of the enterprise. As a result of research the classification of water rent, that affects reflection of such rent in accounting has been formed. It is established that the amount of water rent for accounting reflection can be defined as the difference between actual and normal profit of enterprise-water users. A number of analytical accounts of first and second order as well as the typical correspondence of accounts for accounting reflection of water rent have been suggested. The information from the Report on the formation of water rent that contains data on the sources of payback of expenses incurred for the maintenance of water bodies and the impact of ecological condition of water body on the size of water rent has been suggested to be used in order to manage the size of water rent and expenses incurred to obtain it. Thus, determining the amount of water rent will allow management personnel to adjust the activity of the company in accordance with the strategic objectives of the company’s development regarding the profitability and compliance with the concept of sustainable development.

  20. A Rent-Seeking Experiment for the Classroom

    Strow, Brian Kent; Strow, Claudia Wood


    Recent research has demonstrated that active learning techniques improve student comprehension and retention of abstract economic ideas such as rent seeking. Instructors can reinforce the concept of rent seeking with a classroom game, particularly one involving real money. The authors improve upon a game first introduced by Goeree and Holt (1999)…

  1. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Odd A. Asbjørnsen


    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  2. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Odd A. Asbjørnsen


    The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  3. How Do Debit Cards Affect Cash Demand? Survey Data Evidence

    Helmut Stix


    This paper analyzes how EFT-POS payments and ATM withdrawals affect purse cash demand. In particular, survey data about Austrian individuals are employed to estimate a cash demand equation which takes account of sample selection effects. The results reveal that purse cash demand is significantly affected by debit card usage and that there are significant differences in cash demand for individuals with different debit card usage frequencies. For example, the point estimates imply that individu...

  4. How Do Firms Finance Large Cash Flow Requirements

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren


    How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their leverage back to pre-shock levels by retiring debt and issuing equity. Financing pat...

  5. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim


    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...


    Negrea Laura Georgeta; Matis Dumitru; Mustata V. Razvan


    The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, "Cash Flow is King", while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy...

  7. Easy come-easy go divisible cash

    Chan, A.; Tsiounis, Y. [Northeastern Univ., Boston, MA (United States). Coll. of Computer Science; Frankel, Y. [Sandia National Labs., Albuquerque, NM (United States)


    Recently, there has been an interest in making electronic cash protocols more practical for electronic commerce by developing e-cash which is divisible (e.g., a coin which can be spent incrementally but total purchases are limited to the monetary value of the coin). In Crypto`95, T. Okamoto presented the first practical divisible, untraceable, off-line e-cash scheme, which requires only O(log N) computations for each of the withdrawal, payment and deposit procedures, where N = (total coin value)/(smallest divisible unit). However, Okamoto`s set-up procedure is quite inefficient (on the order of 4,000 multi-exponentiations and depending on the size of the RSA modulus). The authors formalize the notion of range-bounded commitment, originally used in Okamoto`s account establishment protocol, and present a very efficient instantiation which allows one to construct the first truly efficient divisible e-cash system. The scheme only requires the equivalent of one (1) exponentiation for set-up, less than 2 exponentiations for withdrawal and around 20 for payment, while the size of the coin remains about 300 Bytes. Hence, the withdrawal protocol is 3 orders of magnitude faster than Okamoto`s, while the rest of the system remains equally efficient, allowing for implementation in smart-cards. Similar to Okamoto`s, the scheme is based on proofs whose cryptographic security assumptions are theoretically clarified.

  8. Cash Management Yields Many Maximum Returns.

    Traynham, William W., Jr


    Outlines the cash management program developed by the Orangeburg School District (SC) for the district's funds. They take bids from banks before deciding which bank to use for all their services, including an investment program. This new system has saved $30,000 in the first year. Sidebars tell how to shop for bank services and list technical…


    Cenar Iuliana


    An important component of public institutions’ accounting is represented by cashaccounting. At the same time, the normalization, harmonization and convergence of accounting arethe chronological stages generated by globalization. The paper approaches aspects regarding therole of the budget within public institutions’ accounting, the management of public financialresources, the cohabitation need between cash accounting and accrual accounting, the provisionsof international accounting referentia...

  10. Reserves and cash flows under stochastic retirement

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann


    guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  11. 34 CFR 668.166 - Excess cash.


    ... funds that an institution receives from the Secretary under the just-in-time payment method. (b) Excess...; and (2) Providing funds to the institution under the reimbursement payment method or cash monitoring payment method described in § 668.163(d) and (e), respectively. (Authority: 20 U.S.C. 1094)...

  12. Why Cash "Doesn't" Motivate...

    Freifeld, Lorri


    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  13. Developing a planning model to estimate future cash flows.

    Barenbaum, L; Monahan, T F


    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal. PMID:10302282

  14. 18 CFR 154.306 - Cash working capital.


    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or...

  15. 12 CFR 952.5 - Community Investment Cash Advance Programs.


    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Community Investment Cash Advance Programs. 952.5 Section 952.5 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS § 952.5 Community Investment Cash Advance Programs. (a) In general. (1) Each...

  16. Hydroelectric rent and precipitation variability: the case of Norway

    Norway is about to reorganize its electricity production sector from a predominantly administered one to one which is based on market prices and principles of efficiency. The objective of this paper is to model the energy sector and to measure the size of hydro rent before and after the reorganization. We construct a regionally diversified and integrated equilibrium model of production, transmission and distribution of hydroelectricity. Particular attention is paid to the role of precipitation variability for the size and regional variation of hydro rent. We consider alternative routes for assessing the size of hydro rent in a long-run perspective. (author)

  17. Rents have been rising, not falling, in the postwar period

    Bridget Cronin; Leonard I. Nakamura; Richard Voith


    Until the end of 1977, the U.S. consumer price index for rents tended to omit rent increases when units had a change of tenants or were vacant, biasing inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced this nonresponse bias, but substantial bias remained until 1985. The authors set up a model of nonresponse bias, parameterize it, and test it using a BLS microdata set for rents. From 1940 to 1985, t...

  18. Rents in property rights creation and implementation

    Žarković Jelena


    Full Text Available The institution of property rights is increasingly being recognized as an essential building block of an economically prosperous society. The question that remains unanswered however, is how do we develop effective property rights institutions? The literature dealing with the development of property rights tends to be, in general, overly optimistic since there is a tendency to view the design of property rights institutions as optimizing decisions to economize on transaction costs and to facilitate new economic activities. On the other hand, since property rights define the distribution of wealth and political power in a society changes in property rights structures are likely to be influenced by more than pure efficiency considerations. Therefore, in order to achieve a balanced analysis of the evolution of property rights institutions our article introduces the state in the whole process. Following the propositions of the interest group theory of government we show an important relationship between rent seeking and state involvement in property rights creation. The state with a coercive power to establish and enforce property rights can also use that power, through the process of economic regulation, to redistribute property rights to politically influential interest groups. Herein lies the state failure in property rights creation.

  19. Money matters: cash transfers for adaptation

    Wood, Rachel Godfrey


    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  20. Prudency reviews, cash management issues emerge


    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification.

  1. Cash flow management in construction firms

    Mutti, Cristine do Nascimento; Hughes, Will


    The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there ...

  2. Buybacks in Treasury cash and debt management

    Garbade, Kenneth D.; Rutherford, Matthew


    This paper examines the use of buybacks in Treasury cash and debt management. We review the mechanics and results of the buyback operations conducted in 2000-01, during a time of budget surpluses, and assess the prospective use of buybacks in the absence of a surplus. Possible future applications include (i) managing the liquidity of the new-issue markets when deficits are declining (by allowing Treasury officials to postpone a decision to discontinue a series without also being compelled to ...

  3. Immigration and welfare state cash benefits

    Pedersen, Peder J.


    policy programs and to extend the analysis to cover the period including the financial crisis years. Social implications – The paper has a potential to influence public attitudes in this area and to inform further public policy regarding benefit programs. Originality/value – The main new result is the...... finding, at a disaggregate level, of how changes in immigration policy and cyclical changes interact, influencing the assimilation into or out of dependence on cash benefit programs....

  4. Poker Cash Game: a Thermodynamic Description

    Javarone, Marco Alberto


    Poker is one of the most popular card games, whose rational investigation represents also one of the major challenges in several scientific areas, spanning from information theory and artificial intelligence to game theory and statistical physics. In principle, several variants of Poker can be identified, although all of them make use of money to make the challenge meaningful and, moreover, can be played in two different formats: tournament and cash game. An important issue when dealing with Poker is its classification, i.e., as a `skill game' or as gambling. Nowadays, its classification still represents an open question, having a long list of implications (e.g., legal and healthcare) that vary from country to country. In this study, we analyze Poker challenges, considering the cash game format, in terms of thermodynamics systems. Notably, we propose a framework to represent a cash game Poker challenge that, although based on a simplified scenario, allows both to obtain useful information for rounders (i.e., ...

  5. HK Shop Rents to Soar as Tourism Booms


    The expansion of Abercrombie & Fitch Co and Gap Inc in Hong Kong may help push shop rents in the Central business district up almost 50 percent over the next three years, according to Jones Lang LaSalle Inc.

  6. Industrial Rents and Land Values in the Sydney Property Market

    Jinu Kim


    This study aims to analyze the performance of industrial rents and land values in the Sydney property market. In the Sydney industrial property market, no growth of the rents and marginal growth of the land values in real terms has been seen between 1976 to 1996. It means that the overall return from an investment in industrial property is achieved largely from initial yield and current rental incomes, rather than rental growth and capital appreciation. The trends of real growth of industrial...

  7. A Lintner Model of Payout and Managerial Rents

    Lambrecht, Bart M.; Myers, Stewart C.


    We develop a dynamic agency model in which payout, investment, and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout to smooth their flow of rents. Total payout (dividends plus net repurchases) follows Lintner’s (1956) target adjustment model. Payout smooths out transitory shocks to current income and adjusts gradually to changes in permanent income. Smoothing is accomplished by bo...

  8. House Prices, Rents, and Interest Rates under Collateral Constraints

    Arce, Oscar; López-Salido, J David


    We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases. Individual heterogeneity on this mismatch gives rise to three different types of households: renters, landlords (i.e. buy-to-let investors, who provide the stock of houses for rent) and homebuyers who ...

  9. Forms of governance and the size of rent-seeking

    Corchón, Luis C.


    In this paper we present a model of an organization where agents can choose between productive and rent-seeking activities. We consider two governance institutions, single ownership and corporate governance or parliament rule. Applications include models of internal organization of a firm, of a kingdom ruled either by an absolute monarch or by the parliament, and location where agents can locate either in the court and become rent-seekers, or in an industrial city and become entrepreneurs. Ou...

  10. Social norms on rent seeking and preferences for redistribution

    Sabatini, Fabio; Sarracino, Francesco; Yamamura, Eiji


    Empirical studies have shown that preferences for redistribution are sig- nificantly correlated with expectations of future mobility and the belief that society offers equal opportunities. We add to previous research by inves- tigating the role of individual and social norms on rent seeking. We find that the individual propensity for stigmatizing rent seeking significantly and positively affects preferences for redistribution. On the other hand, living in an area where most citizens do not st...

  11. Rent-Seeking and Trade Policy: An Industry Approach

    Robert E. Baldwin


    The model of rent-seeking presented in this paper is consistent with the observation that labor and management in an industry almost always adopt the same position concerning the desirability of import protection versus trade liberalization. The paper also discusses the size of the returns to rent-seeking relative to the costs of lobbying, factors influencing the type of government assistance sought by an industry, and ways in which the benefits and costs of protection can be made more widely...

  12. Reducing Rent Seeking by Providing Wide Public Service

    Glazer, Amihai; Proost, Stef


    A winning coalition which sets policy cannot always ensure that members of the coalition will be the ones getting benefits. Different jurisdictions (including members of the winning coalition) may then engage in costly rent seeking. Maximizing the welfare of the winning coalition may therefore require providing services to jurisdictions which are not members of the winning coalition, thereby reducing rent seeking by members of the winning coalition. The paper shows how this mechanism can gene...

  13. Transaction cost politics, institutions for commitment and rent seeking

    Murshed, S. Mansoob


    In developing countries, particularly in those countries that have experienced declining growth rates, institutional failure (bad policies) is closely related to development failure and growth collapses. This paper addresses the issues of commitment, compromise and rent seeking, all of which are relevant to institutional design and the formulation of optimal policies. The models in the paper are within the genre of endogenous policy formation, transaction cost politics, and models of rent see...

  14. Economic convergence and rent-seeking in Iran

    Dreger, Christian; Rahmani, Teymur; Eckey, Hans-Friedrich


    The neoclassical growth model predicts convergence of productivity or per capita output levels across regions. If participation in the labor force is constant, convergence of per capita income is implied. We investigate this hypothesis for the Iranian economy using data on demand deposits as a proxy for GDP. Furthermore, the analysis controls for the effects of rent seeking. Due to its impact on the allocation of resources, rent-seeking is likely an impediment to overall growth. The results s...

  15. Rent Seeking/Corruption And Growth: A Simple Model

    Angeletos, George-Marios; Kollintzas, Tryphon


    The goal of this paper is to propose a simple paradigm for understanding rent seeking and corruption in the growth context. We develop an endogenous growth model where entrepreneurs, as intermediate-good producers, may engage in rent-seeking activities. The latter are defined by the following properties: (i) their internal effect is positive; (ii) their external effect is negative; and (iii) they use real resources. Our formulation may be viewed as a parable for theft and fraud; organized cri...

  16. The Incidence of Overdissipation in Rent-Seeking Contests

    Baye, Michael; de Vries, Casper; Kovenock, Dan


    textabstractThis paper reconsiders Tullock's analysis of rent seeking and wasteful overdissipation. The purpose of this paper is to point out that even though his original analysis of overdissipation is technically flawed, the definition of overdissipation can be modified to explain instances in which rational rent-seekers spend more to win a prize than the prize is worth. We showed before that equilibrium mixed strategies in the Tullock game do not permit overdissipation in expectation: the ...

  17. Markets in political influence: rent-seeking, networks and groups

    Cameron K Murray


    Mainstream economic theories of rent-seeking and interest groups typically ignore the parallel, yet highly relevant, streams of research on social networks and groups. Incorporating these broader social and psychological theories into economic models of rent-seeking appear to be a promising avenue for developing an integrated theory of the market for political influence that predicts many of the observed stylised facts, and can better inform policy makers. Such a theory has the potential to p...

  18. Contesting Resources - Rent Seeking, Conflict and the Natural Resource Curse

    Bulte, Erwin; Wick, Katharina


    A growing empirical literature links natural resource abundance and "pointiness" to impeded economic growth and civil strife. We develop rent seeking and conflict models that capture the most salient features of contests for resource rents, and show how both resource abundance and geographical clustering can be associated with intense contests and sub-optimal economic performance. However, we also show that these relationships are not necessarily monotonous { pointiness can trigger more inten...

  19. En kop kaffe med biodiversitet og rent drikkevand, tak!

    Bosselmann, Aske Skovmand


    Salg af rent vand, CO2 -kreditter og beskyttelse af biodiversitet kan hjælpe naturen og give en ekstra indkomst til kaffefarmere, der dyrker kaffe i skyggen af træer.......Salg af rent vand, CO2 -kreditter og beskyttelse af biodiversitet kan hjælpe naturen og give en ekstra indkomst til kaffefarmere, der dyrker kaffe i skyggen af træer....

  20. Redistribution to Rent Seekers, Foreign Aid and Economic Growth

    Roland Hodler


    This paper analyzes the consequences of redistribution of public funds to rent seekers. Therefore, it introduces redistribution to rent seeking agents into Barro's (1990) endogenous growth model with a productive public sector. It shows that the growth rate decreases in the share of the public funds that is redistributed. The public sector's relative sizes that maximize growth and welfare become also smaller in presence of redistribution. Further, if foreign aid is added to the model, the rel...

  1. Future Rent-Seeking and Current Public Savings

    Ricardo J. Caballero; Pierre Yared


    The conventional wisdom is that politicians' rent-seeking motives increase public debt and deficits. This is because myopic politicians face political risk and prefer to extract political rents as early as possible. An implication of this argument is that governments will under-save during a boom, leaving the economy unprotected in the event of a downturn. This view motivates a number of fiscal rules which are aimed at cutting deficits and constraining borrowing so as to limit the size of thi...

  2. Fair Market Rents (Fair Market Rents For The Section 8 Housing Assistance Payments Program) - National Geospatial Data Asset (NGDA)

    Department of Housing and Urban Development — This dataset and map service provides information on Fair Market Rents (FMRs). FMRs are primarily used to determine payment standard amounts for the Housing Choice...

  3. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    Pitkänen, Annika


    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  4. A Divisible E-cash System Using Secret Sharing

    CHEN Kai; XIAO Guozhen


    Divisibility of an e-cash is an impor-tant requirement for a practical e-cash system but hasno practical solution up to now.In this paper,a divis-ible e-cash system for some special applications is pro-posed using the secret sharing scheme.A verifiable se-cret sharing scheme based on the intractable discretelogarithm problem is put forward as the building blockin constructing the e-cash system.The e-cash systemis smart-card oriented and the card is denoted as thehonest dealer to divide the coin in the payment proto-col.The security of the divisible e-cash system can bederived directly from the security of the well-knownSchnorr identification and signature schemes and thesecurity of intractable discrete logarithm problem.

  5. Determinants of technology usage in outsourced cash flow forecasting service

    Kangas, Antti-Jussi


    Cash flow forecasting is an emerging cash management function and business tool that hasn’t received much scientific attention outside the finance and accounting field. Recent technological development of business process automation and networked services has enabled accounting companies to better service their clientele, focusing more towards value-added services. The purpose of this study is to examine the cash flow forecasting services offered by the accounting companies in the SME sect...

  6. Corporate governance and cash policies of multinational corporations

    Beuselinck, C.; DELOOF, M; Vanstraelen, A.


    This study investigates cash policies of multinational corporations (MNCs) for a large sample of European MNCs and their subsidiaries in the period 1998-2004. The results are consistent with the hypothesis that cash holdings depend on a trade-off between the superior knowledge of the subsidiary over headquarters and the agency costs of discretionary behavior by the subsidiary’s management. We find that foreign subsidiaries hold more cash than domestic subsidiaries, although geographical dista...


    Tatiana Danescu; Luminita Rus


    Accounting, as a source of information, can recognize the economic transactionstaking into account the time of payment or receipt thereof, as soon as they occur. There are twobasic models of accounting: accrual basis and cash basis. In the cash accounting method thetransactions are recorded only when cash is received or paid, shall not make the difference betweenthe purchase of an asset and the payment of expenditure - both of which are considered"payments". Accrual accounting achieves this d...

  8. Aplikace Business Intelligence pro vyhodnocení cash flow organizace

    Ekart, Radim


    The thesis deals with the design and implementation of Business Intelligence solution for evaluation of cash flow in organization. In the theoretical part, author introduces the reader with theoretical knowledge of Business Intelligence, cash flow and analysis of enterprise information system Helios Green. In the practical part is description of the design and implementation of data warehouse and ana-lytic database. In the part of implementation is explained strategic planning of cash flow, e...


    Harold Fletcher; Thomas Ulrich


    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  10. From cash transfers to basic income: An unfolding Indian Agenda

    Standing, Guy


    This article provides a review of the arguments for and against cash transfers in India, taking care to distinguish between different types of cash transfer schemes, which include a universal unconditional basic income as well as conditional schemes. The article sets out some principles by which any social policy should be judged and goes on to discuss cash transfers alongside other instruments of social policy, namely the Public Distribution System (PDS) and the Mahatma Gandhi National Ru...

  11. Ranking of States and Commodities by Cash Receipts, 1991

    Strickland, Roger P., Jr.; Johnson, Cheryl; Williams, Robert P.


    This publication identifies the 25 leading agricultural commodities produced in each State and the United States, ranked by the value of cash receipts. The major producing States, ranked by cash receipts, for each of the 25 leading commodities in the United States and for several major commodity groups are also identified. The information is derived from U.S. Department of Agriculture's cash receipts statistics for the marketing of agricultural commodities within States. The ranking of commod...

  12. Less cash on the counter: Forecasting Finnish payment preferences

    Jyrkönen, Hanna


    Finnish payment methods have changed rapidly as payment cards have gained increasing popularity and have, to an extent, replaced cash. This article examines this phenomenon and the trends in cash and electronic payment methods in Finland. It starts with an introduction to the statistical data on different payment methods used at points of sale and their electronification, after which learning curve and dynamic regression models are employed to analyse changes in the share of cash payments. Fi...


    Marco Aurelio Pacheco; Mara Noronha; Marley Vellasco; Carlos Lopes


    This article describes an intelligent system for financial planning and cashflow optimization named ICF: Intelligent Cash Flow. ICF is a computational tool for decision support which provides short-term and long-term financial managing strategies, considering financial products of the market. The ICF system makes use of Genetic Algorithms to elaborate cash flow projections which improve the company's profit for a specific period. ICF helps to deal with the complex aspects of cash flow plannin...

  14. Cash Holdings, Corporate Governance Structure and Firm Valuation

    Kin-Wai Lee; Cheng-Few Lee


    Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cas...




    Considering the importance of cash waqf in developing waqf institutions and enhances the social economic of ummah. Yet, the literature that contributes to a social psychological understanding of the factors that underlie an individual's decision to donate to cash waqf has been extremely inadequate. This study therefore is aimed at examining the determinants of donor (waqif) intention to participate in giving cash waqf in the context of muslim in Malaysia particularly amongst young intellectua...

  16. Do Consumers Pay More Using Debit Cards than Cash?

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the pr......We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

  17. Rents in the European power sector due to carbon trading

    The European Union Emissions Trading Scheme (EU ETS) has imposed a price on the allowances for CO2 emissions of electricity companies. Integrating this allowance price into the price of electricity earns a rent for companies who have received these allowances for free. During Phase I, 2005-2007, rents corresponding to the aggregate value of allocated allowances amounted to roughly Euro 13 billion per year. However, due to the specific price-setting mechanism in electricity markets true rents were considerably higher. This is due to the fact that companies also that have not received any allowances gain additional infra-marginal rents to the extent that their variable costs are below the new market price after inclusion of the allowance price. Producers with low carbon emissions and low marginal costs thus also benefit substantially from carbon pricing. This paper develops a methodology to determine the specific interaction of the imposition of such a CO2 constraint and the price-setting mechanism in the electricity sector under the assumption of marginal cost pricing in a liberalized European electricity market. The article thus provides an empirical estimate of the true total rents of power producers during Phase I of the EU-ETS (2005-2007). The EU ETS generated in Phase I additional rents in excess of Euro 19 billion per year for electricity producers. These transfers are distributed very unevenly between different electricity producers. In a second step, the paper assesses the impact of switching from free allocation to an auctioning of allowances in 2013. We show that such a switch to auctioning will continue to create additional infra-marginal rents for certain producers and will leave the electricity sector as a whole better off than before the introduction of the EU ETS.

  18. Energy rent and public policy: an analysis of the Canadian coal industry

    This paper analyses issues in resource rent through a case study of the Canadian coal industry. A model of the coal industry is constructed to estimate the magnitude of rent and distribution of coal rent between government and industry over the 30-year period from 1970 to 2000. Disaggregation of results by coal sector shows that rent varied widely, with one sector generating substantial rent and other sectors incurring large losses. The pattern of development of the coal sector followed what can be termed a 'rent dissipation cycle' in which the generation of rent in the profitable sector created excessively optimistic expectations that encouraged new entrants to dissipate rent by developing uneconomic capacity. The analysis also shows that the system used to collect rent was ineffective. The public owner collected only one-third of the rent on the profitable mines and collected royalty revenue from the unprofitable mines even though no rent was generated. The case study illustrates that improvements in private sector planning based on a better appreciation of resource market fundamentals, elimination of government subsidies that encourage uneconomic expansion and more effective rent collection are all needed to avoid rent dissipation and increase the benefits of energy development in producing jurisdictions. The study also illustrates that estimates of rent in the resource sector should disaggregate results by sector and make adjustments for market imperfections to accurately assess the magnitude of potential rent

  19. Predicting returns and rent growth in the housing market using the rent-to-price ratio: Evidence from the OECD countries

    Engsted, Tom; Pedersen, Thomas Quistgaard

    We investigate the predictive power of the rent-to-price ratio for future real estate returns and rent growth in 18 OECD countries over the period 1970 to 2011. First, we document that in most countries returns are signi…cantly predictable by the rent-price ratio. An increase (decrease) in the...

  20. Methods and Models for the Analysis of Cash Flows

    Constantin ANGHELACHE; Radu Titus MARINESCU; Alexandru MANOLE; Mitrut, Constantin


    This paper analyzes the cash flow, as integrated into the manufacturing process of an enterprise. Incomes and expenses are recorded based on the principles of engagement accounting, the actual cash flow in the company treasury is different from the result from the profit and loss account.

  1. 7 CFR 273.20 - SSI cash-out.


    ... 7 Agriculture 4 2010-01-01 2010-01-01 false SSI cash-out. 273.20 Section 273.20 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM CERTIFICATION OF ELIGIBLE HOUSEHOLDS § 273.20 SSI cash-out. (a) Ineligibility. No individual who receives supplemental security income (SSI) benefits and/or State...

  2. Why Cash Flow Is No Longer for Wimps

    Curry, John R.; Hutton, Lyn


    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  3. 48 CFR 232.072-3 - Cash flow forecasts.


    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232.072-3 Section 232.072-3 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM... liquidation of loans; and (8) Estimated amount and timing of cash receipt from other sources. (f)...


    A.A. Gde Putra Pemayun


    Full Text Available This present study was intended to analyze the Life Style of the Rented Land Owners at Ubud Subdistrict. The problems of the study are formulated as follows: (1 what is the characteristic of the rented land owners at Ubud Subdistrict like? (2 How has the process of life style of the rented land owners at Ubud Subdistrict  taken place? And (3 what is the implication of the life style of the rented land owners on their lives? Qualitative method was employed in the study. The data were processed using observation, interview and documentary techniques. The workability of the law regulating the demand for land at Ubud Subdistrict motivated the land owners to rent out their land to investors. Apart from that, the internal dimension, which is made up of the economical capital, was the most important element as it could activate small, medium and big enterprises. Another aspect was image which was reflected through perception, cognition, motivation, and attitude of individuals as consumers. As an illustration, they built luxurious houses and showed off luxurious cars to show the image that they were new wealthy people. On the other hand, there was external dimension, namely, the highly rapid development of tourism, which could positively and negatively contribute to the life style of the people living at Ubud Subdistrict. Such an implication could not be avoided. The other aspect was consumerism; the consumers were around the symbol and sign. Mass media were the miracles of the object liturgy; pleasure was defined as the realization of freedom, and the human body was the main object of consumers. The last aspect was the government’s policy which determined that Ubud Subdistrict was a tourist destination. As a result, the local people had the opportunity to rent out their land which was used to expand the industry of tourism and to activate the other economic enterprises.

  5. Discounted cash flow valuation methods: Examples of perpetuities, constant growth and general case

    Fernandez, Pablo


    This paper explores the discounted cash flow valuation methods. We start the paper with the simplest case: no-growth, perpetual-life companies. Then we will study the continuous growth case and, finally, the general case. The different concepts of cash flow used in company valuation are defined: equity cash flow (ECF), free cash flow (FCF), and capital cash flow (CCF). Then the appropriate discount rate is determined for each cash flow, depending on the valuation method used. Our starting poi...

  6. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    Olausson, Jonas; Löfgren, Christoffer


    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  7. Regulated Prices, Rent-Seeking, and Consumer Surplus

    Bulow, Jeremy; Klemperer, Paul


    Price controls lead to misallocation of goods and encourage rent-seeking. The misallocation effect alone ensures that a price control always reduces consumer surplus in an otherwise-competitive market with convex demand if supply is more elastic than demand; or with log-convex demand (e.g., constant-elasticity) even if supply is inelastic. The same results apply whether rationed goods are allocated by costless lottery, or whether costly rent-seeking and/or partial decontrol mitigates the inef...

  8. Contractual Incentive Provision and Commitment in Rent-Seeking Contests

    Gürtler, Oliver


    In this paper, we consider a symmetric rent-seeking contest, where employees lobby for a governmental contract on behalf of firms. The only verifiable information is which firm is assigned the contract. We derive the optimal wage contracts of the employees and analyze, whether commitment by determining the wage contract prior to the competitor is profitable. This is indeed the case, i.e. firms prefer to move first in the wage-setting subgame. This complements previous work on rent-seeking con...

  9. Economic Analysis on Rent of Equipment Lease of Coal Enterprise

    童磊; 王立杰


    Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of t he market. The problem in rent calculating of the three kind s of lease that equipment lease company of coal mining often involved was an alyzed. Hope to b e helpful to the decision-making of the equipment lease company of coal mining.

  10. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Newton Arata


    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.


    Negrea Laura Georgeta


    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  12. Piping cash out of provincial pockets

    The Vancouver Island Gas Pipeline Project (VIGAS) received funding in 1988, but the project ran into political delays, environmental impact studies and design changes. By the time it was finished in 1991 VIGAS was $110 million over its capital budget of $250 million. Furthermore, it was facing losses of as much as $449 million, a risk that the Province was unwilling to take on. Under a new agreement with Westcoast Energy Inc., the province will pay $120 million cash to Pacific Coast Energy Co., and cede future gas royalties to Centra Gas Inc. It will also defer repayment of $75 million in interest-free loans. The province will then phase out its subsidy for VIGAS customers over the next six years, at which point the pipeline will become an entirely commercial venture with prices based on the market rate

  13. The Incidence of Overdissipation in Rent-Seeking Contests

    M.R. Baye (Michael); C.G. de Vries (Casper); D. Kovenock (Dan)


    textabstractThis paper reconsiders Tullock's analysis of rent seeking and wasteful overdissipation. The purpose of this paper is to point out that even though his original analysis of overdissipation is technically flawed, the definition of overdissipation can be modified to explain instances in whi

  14. Balti kalleim lao- ning tootmispindade rent on Riias / Kristo Kiviorg

    Kiviorg, Kristo


    Ilmunud ka: Delovõje Vedomosti 21. sept. lk. 12. Tootmis- ja laopindade rent Baltimaades ja Soomes. Vt. samas: Tallinnas lao- ning tootmispinnad poolaastaga kallinenud kuni 37%; Helsingis on kõige rohkem tõusnud C-kvaliteediklassi pinnad; Tartu piirkonnas enamik saadaolevaid pindu keskmises või halvas seisukorras

  15. Posterior Capsular Rent: Risk Factors, Diagnosis and Management

    Nimmi Rani; Prashant Gupta


    In spite of a steady improvement in the safety of cataract surgery since the inception of phacoemulsification, diagnosing and managing posterior capsular rent still remains a challenge. Identification of the pre-existing risk factors is of utmost importance so that precautionary modifications are done in the surgery to prevent this complication. Once it happens, timely realization and appropriate management can have excellent outcomes.

  16. Resource rent taxes and sustainable development: A Mongolian case study

    Economies rich in mineral resources, need to evaluate the merits of investing rents earned from resource extraction in other income generating activities to sustain the flow of income. It is hence important to estimate and assess the potential uses of the resource rent tax (RRT). This paper illustrates how the reinvestment of the RRT and other government revenue from mining can reduce the depreciation of the mine. This illustration is made with reference to a coal deposit in the Tavan-Tolgoi region of Mongolia. The paper also illustrates impact of mining on the macroeconomic performance of Mongolia. Standard macroeconomic frameworks that ignore the depreciation of mineral assets overstate economic performance. The paper also reviews the political issues and constraints that surround the implementation of the RRT. One option canvassed here is the granting of qualified custodial rights of the RRT to the mining firm. Such qualified rights are pertinent given that the RRT is legally the income owed to the State and investments in ventures such as human capital development can yield returns as high as 10% per annum. This study illustrates that even an investment option yielding an annual 3% return can make a significant difference. - Highlights: • We estimate resource rents owed to the state from energy resource extraction. • We show that mining revenues are over-stated when the depreciation of mineral assets are ignored. • We show that the investment of resource rents offers avenues for sustaining the flow of income. • We argue that the state can grant custody of the rents to mining firms for the management of investments

  17. Fair Market Rents For The Section 8 Housing Assistance Payments Program

    Department of Housing and Urban Development — Fair Market Rents (FMRs) are primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for...

  18. Cash flow forecasting model for nuclear power projects

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  19. Money and Crime in a Cash-In- Advance Model

    Hyung Sun Choi


    A cash-in-advance model, in which holding money is risky, is constructed to study the coexistence of multiple means of payment and monetary policy implications. In steady-state equilibrium, the marginal rate of substitution of cash goods for credit goods depends on the crime rate as well as the nominal interest rate. Credit may be in use, although the return on money is not positive. With theft, a money injection reduces the crime rate and makes cash more preferable for a greater variety of g...

  20. Analysis of non-cash Transactions in the Czech Republic

    Boučková, Petra


    The thesis is focused on non-cash payments. It is divided into theoretical and practical part. The theoretical part describes the historical development of payment cards and forms that are accessible to the citizens. There are described current news and trends in non-cash payments. The practical part is focused on the development of non-cash transaction in the Czech Republic and comparison of the Member States of the European Union with Czech Republic. Attention is also given access to banks ...

  1. Atomic and efficient e-cash transaction protocol

    王茜; 杨德礼


    Atomicity is necessary for reliable and secure electronic commerce transaction and to guarantee the participants'interests. An atomic and efficient e-cash (electronic cash) transaction protocol based on the classical e-cash scheme is presented. The delivery of digital goods is incorporated into the process of payment in the protocol. Apart from ensuring all three levels of atomicity, the novel protocol features high efficiency and practicability with unfavorable strong assumption removed. Furthermore, the proposed protocol provides non-repudiation proofs for any future disputes. At last, analysis of the atomicity and efficiency is illustrated.

  2. Revenue Management approach to car rental business : Revenue Management guide for Helkama Rent Ltd

    Rantanen, Aimo


    The purpose of this product-oriented thesis is to study revenue management as a business practise and and create a Revenue Management guide for the assigning company Helkama Rent Ltd car rental. The guide is supposed to give ideas and a structure for Revenue Management in Helkama Rent Ltd. Helkama Rent Ltd has been struggling with the profitability issues recently. Revenue Management guide will help Helkama Rent to obtain Revenue Management philosophy, and give ideas and tools for more effici...

  3. The new articulation of wages, rent and profit in cognitive capitalism

    Carlo Vercellone


    The current transformation of capitalism is characterised by a full-fledged comeback and proliferation of forms of rent parallel to a complete change in the relationship between wages, rent and profit. To demonstrate our hypothesis, this article is divided in two sections: in the first section we are going to examine the definitions of the categories of wages, rent and profit , and claim that the lines separating rent from profit are flexible and mobile both theoretically and historically. To...

  4. 36 CFR 18.5 - May property be leased without receiving fair market value rent?


    ... without receiving fair market value rent? 18.5 Section 18.5 Parks, Forests, and Public Property NATIONAL... leased without receiving fair market value rent? Property may be leased under this part only if the lease requires payment of rent to the government equal to or higher than the property's fair market value...

  5. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Tuner, James A.


    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  6. Why Chinese Consumers Prefer Housing Ownership to Renting Before Marriage: An investigation of Chinese young consumers' rent-versus-buy housing decisions

    Du, Mingjie


    This paper aims to investigate the influential factors of Chinese young consumers’ rent-versus-buy housing decisions before marriage, and thus to explain why most Chinese consumers prefer housing ownership to renting or even regard an own-occupied housing as a prerequisite of marriage. The research was based on rich literatures concerning rent-versus-buy housing decisions and consumer decision making theory. A qualitative approach was adopted to conduct the research to gain in-depth insight o...

  7. Cryptanalysis of One Fair E-cash System

    LIU Li-hua; SHEN Hao


    The security of Canard-Traore fair e-cash system scheme was believed to depend on the strong-RSA as sumption and the Decision Diffie-Hellman assumption in groups of unknown order. But it is not the case. The ryptanalysis on Canard-Traore fair e-cash system was presented. An algorithm was designed to show that Canard Traore fair e-cash system is insecure: It is forgeability. Further, two drawbacks on Canard-Traore fair e-cash system scheme were pointed out. One is that those integer intervals for si(i= 1,…, 9) are unappropriate. The other is that the datum s3 in signature data is redundant. Moreover, a minute description of the technique to shun the challenge in the scheme was presented. The technique is helpful for designing new group signature schemes in the future.

  8. 42 CFR 436.110 - Individuals receiving cash assistance.


    ... Medicaid agency must provide Medicaid to individuals receiving cash assistance under OAA, AFDC, AB, APTD... the home is considered essential to the well-being of a recipient under the State's plan for OAA,...

  9. A study on management of corporate cash in consumer durable sector

    Somnath Das


    Full Text Available Cash plays essential role in modern business and economy and it is the life blood of all businesses. Therefore, cash management is the art of managing a company’s short-term resources for its ongoing activities, mobilizing funds and optimizing liquidity. Inefficient cash management may lead the company to bankruptcy. In this paper, we highlight different perspectives in which we can control the corporate cash including Cash Conversion Cycle, Cash Holding and Creditworthiness. The term Cash Conversion Cycle can be considered as a length of time between purchase of raw-materials and collection of cash from debtors. Cash holding is one of the most important financial decisions that the manager of the concerned organization has to make for the organizations. In this paper, we try to interlink among different items to control cash so that bankruptcy could be prevented and profitability would be improved by investigating on five companies from Consumer Durable sector.

  10. Cash Flow Prediction Using a Grey-Box Model

    Pang, Yang; Opong, Kwaku; Moutinho, Luia; Li, Yun


    This paper tackles the problem of financial forecasting by extending methods developed in automation, engineering and computing science. Current methods existing in the literature for firm-level cash flows are first analysed. Then a grey-box modelling method is developed to elevate the performance of cash-flow prediction. Linear panel data modelling is used as a benchmark model. Experiments with out-of-sample tests are used to validate the grey-box approach. Encouragingly, nonlinear grey-box ...

  11. Debit card and cash usage: a cross-country analysis

    Eugene Amromin; Sujit Chakravorti


    During the last decade, debit card transactions grew rapidly in most advanced countries. While check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast. We use panel estimation techniques to analyze the change in transactional demand for cash resulting from greater usage of debit cards in 13 countries from 1988 to 2003. We are able to disentangle cash’s store of value function from its payment function by separating cash ...

  12. The Validity of Company Valuation Using Discounted Cash Flow Methods

    Florian Steiger


    This paper closely examines theoretical and practical aspects of the widely used discounted cash flows (DCF) valuation method. It assesses its potentials as well as several weaknesses. A special emphasize is being put on the valuation of companies using the DCF method. The paper finds that the discounted cash flow method is a powerful tool to analyze even complex situations. However, the DCF method is subject to massive assumption bias and even slight changes in the underlying assumptions of ...

  13. Anticipated Monetary Policy in a Cash-in-Advance Economy.

    Benoit Carmichael


    This paper analyzes the effects of perfectly foreseen monetary policy within the framework of a standard cash-in-advance economy. Anticipated monetary policy is shown to have real effects by influencing inflationary expectations. In a cash-in-advance economy, an increase in the anticipated rate of inflation reduces the return to labor supply and induces a substitution away from time spent in the labor market. The paper analyzes the implication of this substitution for the time paths of output...

  14. Human Capital Investment, Cash Flow Risk and Capital Structure Dynamics

    Zhang, Xiaolan


    My dissertation explores the financial effects of firms' growing reliance on intangible capital in their production technology. I examine the fundamental link between the cash flow risk, financial decision-making and the accumulation of firm-level intangible capital both in theory and in empirics. In Chapter one, I document that public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in i...

  15. How cash transfers promote the case for basic income

    Standing, Guy


    There has long been a minority view that providing people with cash is an effective way of combating poverty and economic insecurity while promoting livelihoods and work. The mainstream view has nevertheless been that giving people money, without conditions or obligations, promotes idleness and dependency, while being unnecessarily costly. This paper reviews recent evidence on various types of schemes implemented in developing countries, including several pilot cash transfer schemes, assessin...

  16. Conditional cash transfers, adult work incentives, and poverty

    Skoufias, Emmanuel; Di Maro,Vincenzo


    Conditional cash transfer (CCT) programs aim to alleviate poverty through monetary and in-kind benefits, as well as reduce future levels of poverty by encouraging investments in education, health, and nutrition. The success of CCT programs at reducing poverty depends on whether, and the extent to which, cash transfers affect adult work incentives. The authors examine whether the PROGRESA program of Mexico affects adult participation in the labor market and overall adult leisure time, and they...

  17. Changing from subsistence to cash cropping. Sakaramma's story.

    Rajamma, G


    In India, conversion of land to cash-crop rather than subsistence production has effected the standard of living of rural women. Food security, which used to be attained by supplementing home-grown produce with income from agricultural labor, is now achieved with funds raised by selling cash crops. The quality of food purchased is often inferior to that formerly raised on homesteads. Greater quantities of a wider variety of food were consumed under the old system, and the quality of the food was assured. Cash is now a daily necessity, yet the supply of cash depends upon fluctuating markets beyond local control. Cash income can increase without any increase in real income, and purchases of necessary fertilizers are financed by loans with high rates of interest. Women have no control over how the increased income from cash is spent, and it is often dedicated to debt clearance, alcohol, and household items rather than food. In the past, women agricultural workers were paid in kind and received the same compensation that men received. When payments were converted to cash, women received less. Women's work has increased because they must gather fuel and fodder for the cattle after working in their own and others' fields. Formerly these raw materials were readily available from the residue of traditional crops. It is clear that traditional farming is more advantageous for small farmers than cash-cropping, but more and more small farmers are yielding to government propaganda and adopting the new system. Women are never consulted about such a switch, yet they suffer most from the loss of the flow of their nonmonetary resources into their households. PMID:12320725

  18. Looking forward : the role for government in regulating electronic cash

    Stacey L. Schreft


    With the year 2000 rapidly approaching, stored-value cards are already popular in some countries and are being introduced into the United States by private companies. Stored-value cards are one form of electronic cash—electronic substitutes for paper currency. Digital cash (also known as cybercash or ecash) is the other form of electronic cash coming into use today. It consists of bits and bytes in cyberspace and substitutes for paper currency in transactions made over the Internet.> Someday ...


    Cristiano Machado Costa; Lourenço Senne Paz


    One of the most studied topics in the corporate finance literature is the effect of financial constraints on firms' investments decisions. Trying to explain this issue, Almeida, Campello andWeisbach (2003) modeled the relationship between the financial constraints faced by firms and their demand for liquidity. They show that if one firm is financial constrained we must expect positive cash _ow sensitivity from cash windfalls, while for unconstrained firms this relation does not hold. The aim ...

  20. De determinanten van cash holdings bij Belgische KMO's

    Vanbaelen, Niels


    Deze eindverhandeling handelt over de determinanten die een invloed kunnen hebben op het niveau van cash holdings van Belgische KMO's. Dit werkstuk beslaat zeven hoofdstukken. Eerst en vooral wordt de probleemstelling uitgewerkt in hoofdstuk één gevolgd door een definiëring van het begrip KMO in hoofdstuk twee. Vervolgens komt in hoofdstuk drie een uitgebreide literatuurstudie aan bod. In hoofdstuk vier worden de determinanten van de cash holdings besproken, welke uit de literatuurstudie voor...

  1. Managerial discretion and optimal financing policies with cash flow uncertainty

    Alessandro Fiaschi


    Building on the work of Stulz (1990), this paper analyzes the impact of managerial discretion on optimal leverage within an agency cost model of corporate financing. Under the assumption that stockholders do not know with certainty the mean of the cash flow distribution, we argue that leverage fails to control for the amount of cash the manager can misappropriate in personal projects. We develop a model of a firm’s value maximization problem that predicts that as expected earnings uncertainty...

  2. Cash transfers for HIV prevention: considering their potential

    Lori Heise


    Full Text Available Introduction: Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. Discussion: This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1 understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2 addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3 evaluating and enhancing the wider impacts of cash transfers on health and development. Conclusions: Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  3. A tax proposal for a cash flow corporate tax

    Lourdes Jerez Barroso


    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.


    Maria Belen Lozano


    Full Text Available Given the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.

  5. Short-term or long-term contracts? - A rent-seeking perspective

    Gürtler, Oliver


    In this paper, firms engage in rent seeking in order to be assigned a governmental contract. We analyze how a change in the contract length affects the firms' rent-seeking behavior. A longer contract leads to more rent seeking at a contract assignment stage, as the firms value the contract higher. On the other hand, the contract has to be assigned less often, which of course leads to less rent seeking. Finally, a longer contract makes a possible cooperation between the firms solving the rent-...

  6. A Fundamental Contradiction in Standard Rent Theory: A Case Study on Varian's "Intermediate Microeconomics"

    Ormazabal Sánchez, Kepa Mirena


    In this paper, I examine Varian’s treatment of rent in his textbook on Microeconomics. I argue that he holds contradictory conceptions: sometimes rent is defined as surplus over cost whereas sometimes it is defined as cost, as the opportunity cost of fixed factors. I start by arguing that the distinction between fixed and variable factors is not the key for the definition of rent; ultimately, it is monopoly. Varian’s conception of rent is, essentially, Ricardo’s: rent is extraordinary profit ...

  7. Fair Wages and the Co-Employment of Hired and Rented Hands : An Experimental Study

    Alewell, Dorothea; Friedrich, Colette; Güth, Werner; Kuklys, Wiebke


    A firm with stochastic demand can rely on hired hands when demand is low and rent additional labour when demand is higher. For high demand this implies the co-employment of hired hands, paid directly by the firm, and of rented hands who are paid by a rental agency. This may cause severe problems if wages differ systematically between hired and rented hands. Will rented hands accept lower wages than hired hands? Or will rented hands demand higher wages as a compensation for flexibility? Fairne...

  8. Cash Flow Analysis Using Methods of Measuring Financial Flows by Type of Activity

    Spineanu-Georgescu Luciana


    Analysis of financial balance through cash flows used to estimate future cash needs based on past situation, their knowledge would be useful to both shareholders interested in the existence of sufficient cash to pay dividends and creditors who are interested in recovering loans. Equally, knowledge of future cash flows of interest to potential investors updated cash flow method is a method of evaluation of the company.


    Maja Fredotović


    Full Text Available Tourism is extremely interacted with the environment. Taking into account that tourism uses the space and related resources, it seems right to pay for the damages caused to the environment. This is the basis of the tourist spatial eco rent. The paper evaluates the space and resources used by tourism as the basis for the introduction of the tourism eco-rent in the area of Makarska Riviera, a traditional tourism destination. It is divided into three main spatial units: urban areas, bathing zone (beaches, Biokovo Park of Nature. According to natural and geographical reasoning, a number of zones with different spatial values within each spatial unit has been identified. Each unit, i.e. zone was evaluated according to various criteria relevant to the evaluation of space for tourism and tourism development purposes. Having ranked zones within each unit, using the multiriteria ranking method PROMETHEE II, comparative analysis of the obtained results was carried out as well.

  10. Are Profits Shared Across Borders? Evidence on International Rent Sharing

    Budd, John W.; Matthew J. Slaughter


    In the literature on rent sharing in the labor market, many studies have documented a robustly positive correlation between wages for various micro-units firms, individuals, union-firm bargaining units with profits per worker at the level of that micro-unit's industry, where industry profits are interpreted as prosperity in the product market enjoyed by firms and available for sharing with workers. But these industry studies delineate product markets by the same country as that of the micro-u...