Skovdal, Morten; Robertson, Laura; Mushati, Phyllis; Dumba, Lovemore; Sherr, Lorraine; Nyamukapa, Constance; Gregson, Simon
Evidence suggests that a regular and reliable transfer of cash to households with orphaned and vulnerable children has a strong and positive effect on child outcomes. However, conditional cash transfers are considered by some as particularly intrusive and the question on whether or not to apply conditions to cash transfers is an issue of controversy. Contributing to policy debates on the appropriateness of conditions, this article sets out to investigate the overall buy-in of conditions by different stakeholders and to identify pathways that contribute to an acceptability of conditions. The article draws on data from a cluster-randomized trial of a community-led cash transfer programme in Manicaland, eastern Zimbabwe. An endpoint survey distributed to 5167 households assessed community members' acceptance of conditions and 35 in-depth interviews and 3 focus groups with a total of 58 adults and 4 youth examined local perceptions of conditions. The study found a significant and widespread acceptance of conditions primarily because they were seen as fair and a proxy for good parenting or guardianship. In a socio-economic context where child grants are not considered a citizen entitlement, community members and cash transfer recipients valued the conditions associated with these grants. The community members interpreted the fulfilment of the conditions as a proxy for achievement and merit, enabling them to participate rather than sit back as passive recipients of aid. Although conditions have a paternalistic undertone and engender the sceptics' view of conditions being pernicious and even abominable, it is important to recognize that community members, when given the opportunity to participate in programme design and implementation, can take advantage of conditions and appropriate them in a way that helps them manage change and overcome the social divisiveness or conflict that otherwise may arise when some people are identified to benefit and others not. PMID:24019380
Evidence indicates that a much-feted conditional cash transfer programme designed to widen access to basic education in Bangladesh has failed in its aims. The programme is analysed here as an instance of the effort to govern chronic poverty. For the state, education fits within a national project of poverty reduction and creating governable citizens. For the poor, education signals social inclusion and access to the state. Yet class and social distinctions through which state actors 'see' poor children result in beneficiary selection practices that routinely exclude the poorest from school, with longer-term adverse effects for their social inclusion and citizenship. PMID:20737739
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
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...
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...
Full Text Available BACKGROUND: India launched JSY cash transfer programme to increase access to emergency obstetric and neonatal care (EmONC by incentivising in-facility births. This increased in-facility births from 30%in 2005 to 73% in 2012 however, decline in maternal mortality follows a secular trend. Dysfunctional referral services can contribute to poor programme impact on outcomes. We hence describe inter- facility referrals and study quality of referral services in JSY. METHODS AND RESULTS: Women accessing intra natal care (n = 1182 at facilities (reporting >10 deliveries/month, n = 96 were interviewed in a 5 day cross sectional survey in 3 districts of Madhya Pradesh province. A nested matched case control study (n = 68 pairs was performed to study association between maternal referral and adverse birth outcomes. There were 111 (9.4% in referrals and 69 (5.8% out referrals. Secondary level facilities sent most referrals and 40% were for conditions expected to be treated at this level. There were 36 adverse birth outcomes (intra partum and in-facility deaths. After matching for type of complication and place of delivery, conditional logistic regression model showed maternal referral at term delivery was associated with higher odds of adverse birth outcomes (OR- 2.6, 95% CI: 1.0-6.6 p = 0.04. Maternal death record review (April 10-March 12 was conducted at the CEmOC facility in one district. Spatial analysis of transfer time from sending to the receiving CEmOC facility among in-facility maternal deaths was conducted in ArcGIS10 applying two hours (equated to 100 Km as desired transfer time. There were 124 maternal deaths, 55 of which were among mothers referred in. Buffer analysis revealed 98% mothers were referred from <2 hours. Median time between arrival and death was 6.75 hours. CONCLUSIONS: High odds of adverse birth outcomes associated with maternal referral and high maternal deaths despite spatial access to referral care indicate poor
Powell-Jackson, Timothy; Pereira, Shreya K; Dutt, Varun; Tougher, Sarah; Haldar, Kaveri; Kumar, Paresh
Maternal depression is an important public health concern. We investigated whether a national-scale initiative that provides cash transfers to women giving birth in government health facilities, the Janani Suraksha Yojana (JSY), reduced maternal depression in India's largest state, Uttar Pradesh. Using primary data on 1695 women collected in early 2015, our quasi-experimental design exploited the fact that some women did not receive the JSY cash due to administrative problems in its disbursement - reasons that are unlikely to be correlated with determinants of maternal depression. We found that receipt of the cash was associated with an 8.5% reduction in the continuous measure of maternal depression and a 36% reduction in moderate depression. There was no evidence of an association with measures of emotional well-being, namely happiness and worry. The results suggest that the JSY had a clinically meaningful effect in reducing the burden of maternal depression, possibly by lessening the financial strain of delivery care. They contribute to the evidence that financial incentive schemes may have public health benefits beyond improving uptake of targeted health services. PMID:27387651
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 ...
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.
Full Text Available India accounts for 19% of global maternal deaths, three-quarters of which come from nine states. In 2005, India launched a conditional cash transfer (CCT programme, Janani Suraksha Yojana (JSY, to reduce maternal mortality ratio (MMR through promotion of institutional births. JSY is the largest CCT in the world. In the nine states with relatively lower socioeconomic levels, JSY provides a cash incentive to all women on birthing in health institution. The cash incentive is intended to reduce financial barriers to accessing institutional care for delivery. Increased institutional births are expected to reduce MMR. Thus, JSY is expected to (a increase institutional births and (b reduce MMR in states with high proportions of institutional births. We examine the association between (a service uptake, i.e., institutional birth proportions and (b health outcome, i.e., MMR.Data from Sample Registration Survey of India were analysed to describe trends in proportion of institutional births before (2005 and during (2006-2010 the implementation of the JSY. Data from Annual Health Survey (2010-2011 for all 284 districts in above- mentioned nine states were analysed to assess relationship between MMR and institutional births.Proportion of institutional births increased from a pre-programme average of 20% to 49% in 5 years (p<0.05. In bivariate analysis, proportion of institutional births had a small negative correlation with district MMR (r = -0.11.The multivariate regression model did not establish significant association between institutional birth proportions and MMR [CI: -0.10, 0.68].Our analysis confirmed that JSY succeeded in raising institutional births significantly. However, we were unable to detect a significant association between institutional birth proportion and MMR. This indicates that high institutional birth proportions that JSY has achieved are of themselves inadequate to reduce MMR. Other factors including improved quality of care at
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.
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.
Taaffe, Jessica; Cheikh, Nejma; Wilson, David
Poverty and social inequality are significant drivers of the HIV epidemic and are risk factors for acquiring HIV. As such, many individuals worldwide are at risk for new HIV infection, especially young women in East and Southern Africa. By addressing these drivers, social protection programmes may mitigate the impact of poverty and social inequality on HIV risk. There is reason to believe that social protection can be used successfully for HIV prevention; social protection programmes, including cash transfers, have led to positive health outcomes and behaviour in other contexts, and they have been used successfully to promote education and increased income and employment opportunities. Furthermore, cash transfers have influenced sexual behaviour of young women and girls, thereby decreasing sexual risk factors for HIV infection. When HIV outcomes have been measured, several randomised controlled trials have shown that indirectly, cash transfers have led to reduced HIV prevalence and incidence. In these studies, school attendance and safer sexual health were directly incentivised through the cash transfer, yet there was a positive effect on HIV outcomes. In this review, we discuss the growth of social protection programmes, their benefits and impact on health, education and economic potential, and how these outcomes may affect HIV risk. We also review the studies that have shown that cash transfers can lead to reduced HIV infection, including study limitations and what questions still remain with regard to using cash transfers for HIV prevention. PMID:27002355
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...
The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)
A plethora of studies from sub-Saharan Africa indicate that orphaned and vulnerable children are exposed to adverse health, education and other social outcomes. Across diverse settings, conditional cash transfer (CCT) programmes have been successful in improving health outcomes amongst vulnerable children. This study explored the pathways of CCTs' impact on the health of orphans and vulnerable children in rural Ghana. Due to the multi-dimensional nature of CCTs, the programme impact theory was used to conceptualize CCTs' pathways of impact on child health. A qualitative descriptive exploratory approach was used for this study. This study drew on the perspectives of 18 caregivers, 4 community leaders and 3 programme implementers from two rural districts in Ghana. Semi-structured individual interviews were conducted with the participants. Thematic content analysis was conducted on the interview transcripts to pull together core themes running through the entire data set. Five organizing themes emerged from the interview transcripts: improved child nutrition, health service utilization, poverty reduction and social transformation, improved education and improved emotional health and well-being demonstrating the pathways through which CCTs work to improve child health. The results indicated that CCTs offer a valuable social protection instrument for improving the health of orphans and vulnerable children by addressing the social determinants of child health such as nutrition, access to health care, child poverty and education. PMID:25073762
Fiszbein, Ariel; Ringold, Dena; Srinivasan, Santhosh
In a mix of responses to the food, fuel, and financial crises of 2008-9, some developing countries have introduced new safety-net programmes, while others have modified and/or expanded existing ones. Many have introduced conditional cash transfers (CCTs) in recent years, and these have been used as an important starting point for a response. This article aims to describe these various experiences with CCTs, to distil lessons about their effectiveness as crisis-response programmes for househol...
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...
Adato, M.; Bassett, L.
Investing in social protection in sub-Saharan Africa has taken on a new urgency as HIVand AIDS interact with other drivers of poverty to simultaneously destabilise livelihoods systems and family and community safety nets. Cash transfer programmes already reach millions of people in South Africa, and in other countries in southern and East Africa plans are underway to reach tens and eventually hundreds of thousands more. Cash transfers worldwide have demonstrated large impacts on the education...
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...
Skovdal, Morten; Mwasiaji, W.; Morrison, J.;
Various types of 'cash transfer' are currently receiving much attention as a way of helping orphans and vulnerable children in Africa. Drawing on a qualitative study conducted in Western Kenya, this paper points to the strategy of community-based capital cash transfers (CCCT) as a particularly...... promising method of supporting orphans and carers. Qualitative data were obtained from 15 orphans and 26 caregivers in Bondo District, Kenya, beneficiaries of a CCCT programme run by a partnership between the community, the government social services department and a foreign donor. Our findings suggest that...... the programme not only increased food availability, but also enhanced social capital. Further research is needed to explore the potential of CCCT in supporting orphans and vulnerable children in countries with high orphanhood rates....
Sudhanshu Handa; Amber Peterman; Richard de Groot; Luigi Peter Ragno; Tia Palermo; UNICEF Innocenti Research Centre
This paper aims to provide a comprehensive overview of the impacts of cash transfer programmes on the immediate and underlying determinants of child nutrition, including the most recent evidence from impact evaluations across sub-Saharan Africa. It adopts the UNICEF extended model of care conceptual framework of child nutrition and highlights evidence on the main elements of the framework – food security, care and health care. It finds that several key gaps should be addressed in future inclu...
Zembe-Mkabile, Wanga; Ramokolo, Vundli; Sanders, David; Jackson, Debra; Doherty, Tanya
Objective Cash transfer programmes targeting children are considered an effective strategy for addressing child poverty and for improving child health outcomes in developing countries. In South Africa, the Child Support Grant (CSG) is the largest cash transfer programme targeting children from poor households. The present paper investigates the association of the duration of CSG receipt with child growth at 2 years in three diverse areas of South Africa. Design The study analysed data on CSG ...
Adato, M; Bassett, L
Investing in social protection in sub-Saharan Africa has taken on a new urgency as HIV and AIDS interact with other drivers of poverty to simultaneously destabilise livelihoods systems and family and community safety nets. Cash transfer programmes already reach millions of people in South Africa, and in other countries in southern and East Africa plans are underway to reach tens and eventually hundreds of thousands more. Cash transfers worldwide have demonstrated large impacts on the education, health and nutrition of children. While the strongest evidence is from conditional cash transfer evaluations in Latin America and Asia, important results are emerging in the newer African programmes. Cash transfers can be implemented in conjunction with other services involving education, health, nutrition, social welfare and others, including those related to HIV and AIDS. HIV/AIDS-affected families are diverse with respect to household structure, ability to work and access to assets, arguing for a mix of approaches, including food assistance and income-generation programmes. However, cash transfers appear to offer the best strategy for scaling up to a national system of social protection, by reaching families who are the most capacity constrained, in large numbers, relatively quickly. These are important considerations for communities hard-hit by HIV and AIDS, given the extent and nature of deprivation, the long-term risk to human capital and the current political willingness to act. PMID:22380980
Anna Aizer; Shari Eli; Joseph P. Ferrie; Adriana Lleras-Muney
We estimate the long-run impact of cash transfers to poor families on children's longevity, educational attainment, nutritional status, and income in adulthood. To do so, we collected individual-level administrative records of applicants to the Mothers' Pension program--the first government-sponsored welfare program in the US (1911-1935) --and matched them to census, WWII and death records. Male children of accepted applicants lived one year longer than those of rejected mothers. Male childre...
Arun Ranga Swamy
Full Text Available Since poverty is often believed to be a root cause of clientelism, government policies to reduce poverty should also help to reduce clientelism. However, scholars studying clientelism are more likely to view social policy as a potential resource for clientelist politicians. This article examines this paradox in the Philippine context by offering a general framework to identify when social welfare policies are likely to reduce clientelism, and by applying this framework to the Philippines, focusing on the Pantawid Pamilyang Pilipino conditional cash transfer programme, or Pantawid. I argue that the policies that are most likely to undercut clientelism are universal social protection policies that provide poor families with security, although these are the least acceptable to middle-class taxpayers. This is exemplified by the Philippines, which has tended to introduce social policies that increase the scope for clientelism by making discretionary allocation more likely, rather than policies that offer income security to the poor. The Pantawid programme attempts to overcome these problems by introducing a centralised targeting mechanism to identify beneficiaries and by guaranteeing the benefit to all eligible families, but like all conditional cash transfer programs falls short of guaranteed and universal social protection.
Higgins, Stephen T
This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT. PMID:19670269
Sebastian Levine; Servaas van der Berg; Derek Yu
This paper reviews the system for social cash transfers in Namibia, a middle-income country with a long experience in making available a universal and non-contributory old age pension, child grants using means-testing and quasi-conditionalities and other cash transfers. The paper traces the origins of the cash transfers back to the country’s past annexation into apartheid South Africa and shows how Namibia’s system is now faced with a set of distinct challenges that are particularly pertinent...
Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.
Elena Del Rey; Fernanda Estevan
We investigate the relative merits of unconditional cash transfers (UCT), conditional cash transfers (CCT), and improvements in education quality on efficiency and welfare. In our setting some parents under-invest in their children's education because capital market imperfections prevent them from borrowing. When credit constrained households can be perfectly targeted by the government, we show that CCT are more effective than UCT in enhancing efficiency and equivalent in terms of welfare. Wh...
Land reforms provide large transfers of assets that enable households to increase investments in agriculture, but they can also lead to increases in human capital. Similarly, conditional cash transfers incentivize human capital investments, but they can also increase productive investments in agriculture. Thus, both programs have direct and indirect effects and may even complement each other, as land reforms provide productive assets that increase the returns to investments while cash transfe...
Cash transfers (benefits and tax credits) are crucial to the way that inequalities develop over time. This paper looks at how Labour's aims, policies and achievements on poverty and inequality related to its reforms of and spending on cash transfers. - Labour's aims for poverty and inequality were selective. 'Equality of opportunity' was the stated aim, rather than equality of outcome - with a focus on lifting the lowest incomes, not reducing the highest ones. - Labour gave priority to reduci...
Zembe-Mkabile, Wanga; Surender, Rebecca; Surrender, Rebecca; Sanders, David; Jackson, Debra; Doherty, Tanya
Cash transfer (CT) programmes are increasingly being used as policy instruments to address child poverty and child health outcomes in developing countries. As the largest cash-transfer programme in Africa, the South African Child Support Grant (CSG) provides an important opportunity to further understand how a CT of its kind works in a developing country context. We explored the experiences and views of CSG recipients and non-recipients from four diverse settings in South Africa. Four major themes emerged from the data: barriers to accessing the CSG; how the CSG is utilised and the ways in which it makes a difference; the mechanisms for supplementing the CSG; and the impact of not receiving the grant. Findings show that administrative factors continue to be the greatest barrier to CSG receipt, pointing to the need for further improvements in managing queues, waiting times and coordination between departments for applicants trying to submit their applications. Many recipients, especially those where the grant was the only source of income, acknowledged the importance of the CSG, while also emphasising its inadequacy. To maximise their impact, CT programmes such as the CSG need to be fully funded and form part of a broader basket of poverty alleviation strategies. PMID:25685927
Amarante, Veronica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea
There is limited empirical evidence on whether unrestricted cash social assistance to poor pregnant women improves children's birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15% reduction in the incidence of low birthweight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother's smok...
Boccia, D.; D. Pedrazzoli; Wingfield, T; Jaramillo, E; Lönnroth, K.; Lewis, J.; Hargreaves, J; Evans, CA
Background Cash transfer interventions are forms of social protection based on the provision of cash to vulnerable households with the aim of reduce risk, vulnerability, chronic poverty and improve human capital. Such interventions are already an integral part of the response to HIV/AIDS in some settings and have recently been identified as a core element of World Health Organization’s End TB Strategy. However, limited impact evaluations and operational evidence are currently available to inf...
Cash transfers (benefits and tax credits) are crucial to the way that inequalities develop over time. This paper looks at how Labour’s aims, policies and achievements on poverty and inequality related to its reforms of and spending on cash transfers. - Labour’s aims for poverty and inequality were selective. ‘Equality of opportunity’ was the stated aim, rather than equality of outcome – with a focus on lifting the lowest incomes, not reducing the highest ones. - Labour gave priority to reduci...
Cluver, L.; Boyes, M.; Orkin, M.; Pantelic, M; Molwena, T; Sherr, L.
BACKGROUND: Effective and scalable HIV prevention for adolescents in sub-Saharan Africa is needed. Cash transfers can reduce HIV incidence through reducing risk behaviours. However, questions remain about their effectiveness within national poverty-alleviation programmes, and their effects on different behaviours in boys and girls. METHODS: In this case-control study, we interviewed South African adolescents (aged 10-18 years) between 2009 and 2012. We randomly selected census areas in two ur...
Lucie Cluver, PhD; Mark Boyes, PhD; Mark Orkin, PhD; Marija Pantelic, MSc; Thembela Molwena; Lorraine Sherr, PhD
Background: Effective and scalable HIV prevention for adolescents in sub-Saharan Africa is needed. Cash transfers can reduce HIV incidence through reducing risk behaviours. However, questions remain about their effectiveness within national poverty-alleviation programmes, and their effects on different behaviours in boys and girls. Methods: In this case-control study, we interviewed South African adolescents (aged 10–18 years) between 2009 and 2012. We randomly selected census areas in two...
Ferre, Celine; Sharif, Iffath
There is an increasing recognition that investment in human development at an earlier age can have a significant impact on the lifetime earnings capacity of an individual. This notion is the basis for the popularity of conditional cash transfer programs to help boost child health and education outcomes. The evidence on the impact of conditional cash transfers on health and education outcomes, ...
Seidenfeld, David; Prencipe, Leah; Handa, Sudhanshu; Hawkinson, Laura
Little research has been conducted on unconditional cash transfers (UCTs) despite their growing prevalence in Africa, including South Africa, Zambia, Zimbabwe, Kenya, Malawi, Lesotho, and Uganda. In this study, researchers implemented a randomized control trial with over 2,500 households to investigate the impact of Africa's child grant program on…
Riccio, James; Miller, Cynthia
This report summarizes the findings of a long-term evaluation of Opportunity NYC--Family Rewards, an experimental, privately funded, conditional cash transfer (CCT) program to help families break the cycle of poverty. Family Rewards was the first comprehensive CCT program in a developed country. Launched in 2007 by New York City's Center for…
Bryant, John H
In Kenya, as in other countries of sub-Saharan Africa heavily burdened by HIV/ AIDS, orphans and vulnerable children (OV/C) face poverty and despair. There is an urgent need to provide a comprehensive response that supports families and communities in their efforts to care for children and safeguard their rights. The government of Kenya has established a cash transfer program that delivers financial and social support directly to the poorest households containing OV/C, with special concern for those children with or affected by HIV/AIDS. The Kenyan effort builds on lessons drawn from research and program development on cash transfers in Latin America, Asia, and Africa, and the Kenyan program offers an opportunity to examine the challenges faced by Kenya, and its responses in the context of international experiences. This paper-based on observation of and interviews with key actors involved in the origins, development, evaluation, and continued strengthening of Kenyas cash transfer program and on the analysis of technical program documents obtained from those key actors--describes the Kenyan cash transfer program in light of human rights issues as they relate to childrens health. It offers one example of how caring for society's most vulnerable members is a collective responsibility to be shared by a country's government, local citizens, and the international community. PMID:20845842
Amarante, Verónica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea
There is limited empirical evidence on whether cash social assistance to poor pregnant women improves children’s birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15 to 17% reduction in the incidence of low birth weight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother’s smoking al...
Unlike private enterprises in developed markets, political influence is profound upon Chinese state-dominated firms. Under this consideration, this paper demonstrates how political impact interferes in Chinese managers' decisions. State-assigned managers were found to deliberately transfer cash raised via rights issues from the public shareholders to the state by cash dividends in order to please Chinese politicians. Especially, to meet the regulatory requirement of rights issues, managers from firms which distributed more cash dividends in the same year of rights issues were more likely to inflate earnings before rights issues. The earnings inflation which managers use to boost firm's incomes is defined as "earnings management." Furthermore, the empirical results also exhibit that firm's close relationship with the state enables managers to obtain approvals of rights issues easily, which reduces the firm's earnings management tendency. The manager's incentives of earnings management is closely attributed to the political intervention.
Wolf, Sharon; Aber, J. Lawrence; Morris, Pamela A.
In 2007, the Center for Economic Opportunity (CEO) in the Mayor's Office of the City of New York mounted the first holistic Conditional Cash Transfer (CCT) initiative in an economically advanced, services rich jurisdiction. The initiative is known as Opportunity NYC-Family Rewards (henceforth "Family Rewards"). CCTs offer cash assistance…
Lopez-Arana, Sandra; Avendano, Mauricio; Forde, Ian; van Lenthe, Frank J; Burdorf, Alex
Conditional cash-transfer (CCT) programmes have been shown to improve the nutritional and health status of children from poor families. However, CCT programmes may have unintended and not fully known consequences by increasing the risk of overweight and obesity. We examined the impact of Familias en Acción (FA), a large CCT programme in Colombia, on the double burden of malnutrition among pre-school and school-aged children. Height and weight were measured before programme enrolment and during follow-ups in 1290 children from thirty-one treatment municipalities, being compared with 1584 children from sixty-two matched control municipalities. We used a difference-in-differences approach to evaluate the effect of FA on children's stunting, BMI z-scores, thinness, overweight and obesity, controlling for individual and municipality-level confounders. At baseline, the prevalences of stunting and overweight were 30·3 and 15·4 %, respectively, in treatment municipalities and 27·9 and 17·4 % in control municipalities. FA was associated with reduced odds of thinness (OR 0·26; 95 % CI 0·09, 0·75) and higher BMI-for-age z-scores (BMI z-scores) (β 0·14; 95 % CI 0·00, 0·27; P<0·05), although the latter was of small clinical significance. The prevalence of stunting, overweight and obesity decreased over time, but the effect of FA on these outcomes was not significant. The CCT programme in Colombia reduced the odds of thinness, but had no effect on stunting, a more prevalent outcome. The FA programme had no effect on overweight or obesity, although BMI z-scores were higher for children under treatment, raising the possibility of an increase of small clinical significance on BMI among pre-school and school-aged children. PMID:26988836
MacPhail, Catherine; Adato, Michelle; Kahn, Kathleen; Selin, Amanda; Twine, Rhian; Khoza, Samson; Rosenberg, Molly; Nguyen, Nadia; Becker, Elizabeth; Pettifor, Audrey
Women are at increased risk of HIV infection in much of sub-Saharan Africa. Longitudinal and cross-sectional studies have found an association between school attendance and reduced HIV risk. We report feasibility and acceptability results from a pilot of a cash transfer intervention conditional on school attendance paid to young women and their families in rural Mpumalanga, South Africa for the prevention of HIV infection. Twenty-nine young women were randomised to intervention or control and...
Targeted to the poorest households, Conditional Cash Transfers (CCTs) may constitute up to 30 percent of the households' monthly consumption. An unexpected increase in income of such magnitude is likely to affect behavior of the beneficiaries beyond the changes envisioned by the creators of the program and imposed by the conditions. My dissertation focuses on such unintended impacts of the CCT programs. I explore the impact of Juntos, a CCT program in Peru, on political participation and intr...
Tabuga, Aubrey D.; Reyes, Celia M.
The Philippine government shows its serious effort to combat poverty through the continuing expansion of the Pantawid Pamilyang Pilipino Program (4Ps), the Philippines' version of the conditional cash transfer (CCT) program modeled by Latin American countries. The 4Ps by far is the most comprehensive and also controversial poverty reduction program of the Philippine government because of the huge amount of money the government is spending for this. The expansion of the program since 2008 nece...
Schimit, P. H. T.; Monteiro, L. H. A.; Omar, N.
Assume that the households of a country are socially classified according to the monthly total income, and that they can be part of a lower, a middle or an upper class. By using multi-agent systems, here we model and simulate the economic evolution of households which earn a wage, pay taxes and invest in education. The return of the education investment is monthly added to the salary of the family, and it is function of the corresponding grand total put in education along the time. When a family is unemployed, we consider that it receives cash due to a social program made by the government. The time evolution of the percentages of households belonging to each class is investigated by varying the government investment in such a program of cash transfer and the proportion of employed households in the population. We show that the government should invest in the unemployed lower class if it intends a growth of the middle class. We also propose and analyze a mean-field approximation written in terms of ordinary differential equations. In addition, we verify that our model fits real data from Brazil, in the period between 2003 (when the cash transfer program Bolsa Família was launched) and 2011.
Humlum, Maria Knoth; Vejlin, Rune Majlund
We estimate the effect of cash transfers given to youth conditional on high school attendance on the labor supply decisions and academic performance of youth. We exploit differences in the size of the total transfer received based on timing of birth to identify the causal effects of interest......-income families. The results suggest that some youths are borrowing constrained. Since we find no evidence of corresponding effects on academic performance, alleviating the constraint appears only to affect consumption decisions and not human capital investment....
The paper describes the process of technology transfer under the Spanish nuclear programme and its three generations of nuclear power plants during the last 20 years, with special reference to the nine new plants equipped with Westinghouse pressurized water reactors and the rising level of national involvement in these stations. It deals with the development of Westinghouse Nuclear's organization in Spain, referring to its staff and to the manufacturers who supply equipment for the programme, going into particular detail where problems of quality assurance are concerned. In conclusion, it summarizes the present capacity of Spanish industry in various areas connected with the design, manufacture and construction of nuclear power plants. (author)
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...
Jones, Hayley Amanda
As one of the most recent trends in poverty reduction policy, conditional cash transfers (CCTs) provide cash to poor households upon fulfillment of certain conditions, often education or health-related. By increasing CCT beneficiaries’ level of human capital, CCTs aim to increase their skills and resources to lift them out of poverty. Yet, the success of translating increased human capital into long-term poverty reduction is contingent upon changing labour market trajectories. The purpose o...
Sridhara Murthi, K. R.; Shoba, T. S.
Indian space programme, whose objectives involve acceleration of economic and social development through applications of space technology, has been engaged in the development of state-of-the-art satellite systems, launch vehicles and equipment necessary for applications. Even during the early phase of evolution of this Programme, deliberate policies have been adopted by the national space agency, namely, Indian Space Research Organisation (ISRO), to promote spin-off benefit from the technologies developed for the use of space projects. Consistently adhering to this policy, ISRO has transferred over 280 technologies till date, spanning a wide spectrum of disciplines. This has resulted in a fruitful two-way cooperation between a number of SMEs and the ISRO. In order to make the technology transfer process effective, ISRO has adopted a variety of functional and organizational policies that included awareness building measures, licensee selection methods, innovative contract systems, diverse transfer processes, post licencing services and feedback mechanisms. Besides analyzing these policies and their evolution, the paper discusses various models adopted for technology transfer and their impact on assessment. It also touches upon relevant issues relating to creating interface between public funded R&D and the private commercial enterprises. It suggests few models in which international cooperation could be pursued in this field.
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....
Mideros, A.; O'Donoghue, C.
We examine the effect of unconditional cash transfers by a unitary discrete labour supply model. We argue that there is no negative income effect of social transfers in the case of poor adults because leisure could not be assumed to be a normal good under such conditions. Using data from the nationa
Ponce, Juan; Bedi, Arjun S.
Throughout Latin America, conditional cash transfer (CCT) programs play an important role in social policy. These programs aim to influence the accumulation of human capital, as well as reduce poverty. In terms of educational outcomes, a number of impact evaluation studies have shown that such programs have led to an increase in school enrollment,…
Kusuma, Dian; Cohen, Jessica; McConnell, Margaret; Berman, Peter
Despite global efforts in maternal health, 303,000 maternal deaths still occurred globally in 2015. One explanation is a considerable inequality in maternal mortality and the sources such as nutritional status and health utilization. One strategy to fight health inequality due to poverty is conditional cash transfer (CCT). Taking advantage of two large clustered-randomized trials in Indonesia from 2007 to 2009, this paper provides evidence on the effects of household cash transfers (PKH) and community cash transfers (Generasi) on determinants of maternal mortality. The sample sizes are 14,000 households for PKH and 12,000 households for Generasi. After two years of implementation, difference-in-differences (DID) analyses show that the two programs can improve determinants of maternal mortality with Generasi provides positive impact in some aspects of determinants, but PKH does not. Generasi improves maternal health knowledge, reduces financial barriers to accessing health services and improves utilization of health services, increases utilization among higher-risk women, improves posyandu equipment, and increases nutritional intake. As for PKH, evidence shows its strongest effects only on utilization of health services. Both programs, however, are unlikely to have a large effect on maternal mortality due to design and implementation issues that might significantly reduce program effectiveness. While the programs improved utilization, they did so at community-based facilities not equipped with emergency obstetric care. In the midst of popularity of household cash transfer, our results show that community cash transfer offers a viable policy alternative to improve the determinants of maternal mortality by allowing more flexibility in activities and at lower cost by monitoring at community level. PMID:27376594
Forde, I; Chandola, T.; Garcia, S.; Marmot, M.G.; Attanasio, O
INTRODUCTION:Prevalence of obesity is rising in Latin America and increasingly affecting socially disadvantaged groups, particularly women. Conditional cash transfers are recently established welfare interventions in the region. One, Familias en Accion, transfers ∼20% of average monthly income to women in Colombia's poorest families. Previous work has found that families buy more food as a result. We tested the hypothesis that participation in Familias would be associated with increasing body...
Asha K Pratinidhi
Full Text Available Background: Since 2007, Satara district is implementing a voluntary conditional cash transfer scheme named “Second Honeymoon Package” (SHP for postponement of first pregnancy. This study was undertaken to evaluate it's effectiveness in preventing pregnancies, utilizing the years for learning or betterment in jobs. Cost-effectiveness analysis was undertaken from government's viewpoint and that from beneficiary's viewpoint. Objectives: To perform the economic evaluation of second honeymoon package programme from the perspective of beneficiaries and that of Government of Maharashtra during the defined time horizon. To determine the targets to be achieved so as to make the programme cost- effective. Materials and Methods: This was an evaluation study of a community based interventional programme. This study employed quasi-experimental study design. Economic evaluation was conducted from the perspective of Government of Maharashtra and that of beneficiaries'. Costs and consequences SHP were evaluated in comparison with those of routine family welfare programme. Sensitivity analysis was done using Treeage Pro® version 2009 software. Results: Cost for participation in programme was Rs. 965888/268 person years of productivity. Cost of not participating in the Second honeymoon programme but availing routine family planning services was Rs. 298902/133 person years gained. Rankings analysis showed that no strategies were clearly dominated by any other. Extended dominance report indicates no strategies were eliminated by extended dominance. Incremental cost-effectiveness ratio was Rs.4920/person year of productivity. Conclusions: The SHP is cost effective at high success and productivity rates. The success rate of postponement of first pregnancy was 51.4%. Postponement of pregnancy by 2 years provides 45% chances of productive utilization of time.
Nursel Aydiner Avsar
Full Text Available This paper aims to evaluate the conditional cash transfer (CCT program in Turkey from a comparative gender perspective. The paper first presents a detailed review of the gender impact of CCT programs in developing countries to assess the success of these programs in fostering gender equality. The paper then evaluates the CCT program in Turkey in comparison to the cases of Brazil and Mexico, using the most up-to-date data on each program, along a number of dimensions including targeting method, benefit structure, conditions, and program administration. The main objective of the paper is to put the Turkish CCT program in a comparative perspective with the two well-known and successful CCT programs in the developing world in terms of program design and reach. This way, the paper aims to shed light to how successful the Turkish CCT program has been in implementing the so-called model CCT programs in these two countries. It is seen that the Turkish CCT program falls behind the programs in Brazil and Mexico in terms of coverage and amount of GDP allocated. The benefits show a more detailed structure than Brazil but are less developed and generous than the one in Mexico. Although the CCT program in Turkey had a positive impact on school enrollment, particularly for girls, and women's empowerment, it hasn't been influential in reducing poverty.
Nursel AYDINER AVŞAR
Full Text Available This paper aims to evaluate the conditional cash transfer (CCT program in Turkey from a comparative gender perspective. The paper first presents a detailed review of the gender impact of CCT programs in developing countries to assess the success of these programs in fostering gender equality. The paper then evaluates the CCT program in Turkey in comparison to the cases of Brazil and Mexico, using the most up-to-date data on each program, along a number of dimensions including targeting method, benefit structure, conditions, and program administration. The main objective of the paper is to put the Turkish CCT program in a comparative perspective with the two well-known and successful CCT programs in the developing world in terms of program design and reach. This way, the paper aims to shed light to how successful the Turkish CCT program has been in implementing the so-called model CCT programs in these two countries. It is seen that the Turkish CCT program falls behind the programs in Brazil and Mexico in terms of coverage and amount of GDP allocated. The benefits show a more detailed structure than Brazil but are less developed and generous than the one in Mexico. Although the CCT program in Turkey had a positive impact on school enrollment, particularly for girls, and women’s empowerment, it hasn’t been influential in reducing poverty.
Adato, Michelle; Roopnaraine, Terry; Becker, Elisabeth
Conditional cash transfer programs provide cash grants to poor households conditional on their participation in primary health care services. While significant impacts have been demonstrated quantitatively, little attention is paid to why CCTs have these observed impacts, and as importantly- why impacts are not greater than they are. This article draws on qualitative research from four countries over a ten year period (1999-2009) to provide insights into why expected health and nutrition impacts do and do not occur. In Nicaragua, El Salvador, and Turkey, ethnographic methods were used, involving between 87 and 120 households per country, and in Mexico, focus groups were conducted with 230 people. Key informant interviews were conducted with health care providers in all countries. While CCTs operate primarily on the assumption that a cash incentive will produce behaviour change, we found multiple sociocultural and structural influences on health care decisions that compete with cash. These include beliefs around traditional and modern biomedical practices, sociocultural norms, gender relations, and the quotidian experience of poverty in many dimensions. We conclude that impacts can be increased through a better understanding of multiple contextual influences on health care decisions, and greater attention to the health education components and complementary interventions. PMID:21122965
Dario Maldonado; Catalina Latorre; Darwin Cortés; Juan Miguel Gallego Acevedo; Moncia Ortegon
We investigate the effect of education Conditional Cash Transfer programs (CCTs) on teenage pregnancy. Our main concern is with how the size and sign of the e ect may depend on the design of the program. Using a simple model we show that an education CCT that conditions renewal on school performance reduces teenage pregnancy; the program can increase teenage pregnancy if it does not condition on school performance. Then, using an original data base, we estimate the causal impact on teenage pr...
Cortés, Darwin; Gallego, Juan; Maldonado, Darío
We investigate the effect of education Conditional Cash Transfer programs (CCTs) on teenage pregnancy. Our main concern is with how the size and sign of the effect may depend on the design of the program. Using a simple model we show that an education CCT that conditions renewal on school performance reduces teenage pregnancy; the program can increase teenage pregnancy if it does not condition on school performance. Then, using an original data base, we estimate the causal impact on teenage p...
The Programa Nacional de Becas Estudiantiles is a conditional cash transfer program designed to promote long-term human capital accumulation among Argentine youth and to reduce poverty. This study follows a 1999 cohort of students from 24 schools for five years. Propensity score matching methods are used with a comparison group of students who were excluded due to quotas to estimate the average and marginal impacts of the Becas program. Multilevel methods are also used to estimate the contrib...
Pettifor, Audrey; MacPhail, Catherine; Selin, Amanda; Gómez-Olivé, F Xavier; Rosenberg, Molly; Wagner, Ryan G; Mabuza, Wonderful; Hughes, James P; Suchindran, Chirayath; Piwowar-Manning, Estelle; Wang, Jing; Twine, Rhian; Daniel, Tamu; Andrew, Philip; Laeyendecker, Oliver; Agyei, Yaw; Tollman, Stephen; Kahn, Kathleen
Young women in South Africa are at high risk for HIV infection. Cash transfers offer promise to reduce HIV risk. We present the design and baseline results from HPTN 068, a phase III, individually randomized trial to assess the effect of a conditional cash transfer on HIV acquisition among South African young women. A total of 2533 young women were randomized to receive a monthly cash transfer conditional on school attendance or to a control group. A number of individual-, partner-, household- and school-level factors were associated with HIV and HSV-2 infection. After adjusting for age, all levels were associated with an increased odds of HIV infection with partner-level factors conveying the strongest association (aOR 3.05 95 % CI 1.84-5.06). Interventions like cash transfers that address structural factors such as schooling and poverty have the potential to reduce HIV risk in young women in South Africa. PMID:26891839
@@ The Government of Canada is providing assistance to China National Petroleum Corporation (CNPC) via the Canada/China Oil and Gas Technology Transfer Programme. Canada is represented by the Canadian International Development Agency (CIDA) in this Programme, while China's interests are administered by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).
Miller, Cynthia; Riccio, James
Aimed at low-income families in six of New York City's highest-poverty communities, Family Rewards ties cash rewards to a pre-specified set of activities and outcomes thought to be critical to families' short- and long-term success in the areas of children's education, family preventive health care, and parents' employment. The purpose of this…
Full Text Available The aim of this study is to assess whether the Government of Kenya's Cash Transfer for Orphans and Vulnerable Children (Kenya CT-OVC can reduce the risk of HIV among young people by postponing sexual debut. The program provides an unconditional transfer of US$20 per month directly to the main caregiver in the household. An evaluation of the program was implemented in 2007-2009 in seven districts. Fourteen Locations were randomly assigned to receive the program and fourteen were assigned to a control arm. A sample of households was enrolled in the evaluation in 2007. We revisited these households in 2011 and collected information on sexual activity among individuals between 15-25 years of age. We used logistic regression, adjusted for the respondent's age, sex and relationship to caregiver, the age, sex and schooling of the caregiver and whether or not the household lived in Nairobi at baseline, to compare rates of sexual debut among young people living in program households with those living in control households who had not yet entered the program. Our results, adjusted for these covariates, show that the program reduced the odds of sexual debut by 31 percent. There were no statistically significant effects on secondary outcomes of behavioral risk such as condom use, number of partners and transactional sex. Since the CT-OVC provides cash to the caregiver and not to the child, and there are no explicit conditions associated with receipt, these impacts are indirect, and may have been achieved by keeping young people in school. Our results suggest that large-scale national social cash transfer programs with poverty alleviation objectives may have potential positive spillover benefits in terms of reducing HIV risk among young people in Eastern and Southern Africa.
Full Text Available Income transfer programmes are common in various countries and play an important role in combating poverty. This article presents a review of the results of the Bolsa Família (Family Grant Programme, implemented in Brazil by the government of Lula da Silva in 2004. Over the last seven years many evaluations of the programme have been conducted, allowing an overview of its results and its strong and weak points to be mapped. Five central aspects relating to the programme are discussed in article five: (1 programme access, (2 hunger fighting results, (3 programme financial impacts, (4 conditioning factors of education and health, (5 supplementary programs and social mobility. The results of scientific research were presented for each of these aspects, and any of these believed to be convergent or divergent were discussed. As a general result it was concluded that the programme has generated significant results for the country, but there are still some issues that need to be reviewed, such as conditioning factors and the integrated management of the programme.
Leroy, Jef L; Gadsden, Paola; Rodríguez-Ramírez, Sonia; de Cossío, Teresa González
Conditional transfer programs are increasingly popular, but the impact on household nutrient consumption has not been studied. We evaluated the impact of the Programa de Apoyo Alimentario (PAL), a cash and in-kind transfer program, on the energy and nutrient consumption of poor rural households in Mexico. The program has been shown to reduce poverty. Beneficiary households received either a food basket (including micronutrient-fortified milk) or cash. A random sample of 206 rural communities in Southern Mexico was randomly assigned to 1 of 4 groups: a monthly food basket with or without health and nutrition education, a cash transfer with a cost to the government equivalent to the food basket (14 USD/mo) with education, or control. The impact after 14 mo of exposure was estimated in a panel of 5823 households using a double difference regression model with household fixed effects. PAL was associated with increases (P < 0.01) in the consumption of total energy (5-9%), energy from fruits and vegetables (24-28%), and energy from animal source foods (24-39%). It also affected iron, zinc, and vitamin A and C consumption (P < 0.05). The consumption of energy and all nutrients was greater in the food basket group (P < 0.05). Cash and in-kind transfers in populations that are not energy-deficient should be carefully redesigned to ensure that pulling poor families out of poverty leads to improved micronutrient intake but not to increased energy consumption. PMID:20089777
Stackhouse, Shannon Alexis
The importance of education for individual well-being, social cohesion and economic growth is widely accepted by researchers and policymakers alike. Yet there exist vast numbers of people around the world, largely poor, who continue to lag behind wealthier people, often within their own nations. Conditional cash transfer programs were created to…
Leroy, Jef L; Gadsden, Paola; González de Cossío, Teresa; Gertler, Paul
There is a growing concern that food or cash transfer programs may contribute to overweight and obesity in adults. We studied the impact of Mexico's Programa de Apoyo Alimentario (PAL), which provided very poor rural households with cash or in-kind transfers, on women's body weight. A random sample of 208 rural communities in southern Mexico was randomly assigned to 1 of 4 groups: food basket with or without health and nutrition education, cash with education, or control. The impact on women's weight was estimated in a cohort of 3010 women using a difference-in-difference model. We compared the impact between the food basket and cash groups and evaluated whether the impact was modified by women's BMI status at baseline. With respect to the control group, the program increased women's weight in the food basket (550 ± 210 g; P = 0.004) and the cash group (420 ± 230 g; P = 0.032); this was equivalent to 70 and 53% increases in weight gain, respectively, over that observed in the control group in a 23-mo time period. The greatest impact was found in already obese women: 980 ± 290 g in the food basket group (P = 0.001) and 670 ± 320 g in the cash group (P = 0.019). Impact was marginally significant in women with a preprogram BMI between 25 and 30 kg/m2: 490 ± 310 g (P = 0.055) and 540 ± 360 g (P = 0.067), respectively. No program impact was found in women with a BMI programs such as PAL and to help beneficiaries choose healthy diets that improve the nutritional status of all family members. PMID:23343672
Simone Cecchini; Claudia Robles; Luis Hernán Vargas
In the last decade Chile has attracted renewed interest for its innovative social protection policies and programmes, such as the Chile Solidario system to overcome extreme poverty (launched in 2002), the special plan for Universal Access with Explicit Guarantees (Plan de Acceso Universal con Garantías Explícitas, AUGE) to ensure access to healthcare (2004), the Basic Solidarity Pension (Pensión Básica Solidaria, PBS)?the cornerstone of the 2008 pension reform?and the system of Chile Grows Wi...
Chaudhury, Nazmul; Parajuli, Dilip
Instead of mean-tested conditional cash transfer (CCT) programs, some countries have implemented gender-targeted CCTs to explicitly address intra-household disparities in human capital investments. This study focuses on addressing the direct impact of a female school stipend program in Punjab, Pakistan: Did the intervention increase female enrollment in public schools? To address this question, the authors draw on data from the provincial school censuses of 2003 and 2005. They estimate the ne...
Owusu-Addo, Ebenezer; Andre M. N. Renzaho; Mahal, Ajay S.; Smith, Ben J
Background There is increasing pressure to address the social determinants of health (SDoH) and health inequities through the implementation of culturally acceptable interventions particularly in Sub-Saharan Africa (SSA) where health outcomes are generally poor. Available evaluation research on cash transfers (CTs) suggests that the programs may influence the wider determinants of health in SSA; yet, there has been no attempt to synthesize the evidence regarding their contribution to tackling...
Skovdal, Morten; Webale, A.; Mwasiaji, W.;
In this article we report on a community-based capital cash transfer initiative (CCCT) in Kenya that sought to mobilise and enable HIV-affected communities to respond to the needs of orphaned and vulnerable children. With bilateral funding, the Social Services Department in Kenya provided 80...... orphaned children, particularly amongst girls. We conclude that CCCT is a viable strategy for improving orphan schooling in sub-Saharan Africa. © 2013 Taylor & Francis....
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.
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
Witvorapong, Nopphol; Foshanji, Abo Ismael
While existing research suggests that health-related conditional cash transfer (CCT) programs have positive impacts on the utilization of CCT-targeted health services, little is known as to whether they also influence the utilization of non-targeted health services-defined as general health services for which program participants are not financially motivated. Based on a sample of 6649 households in a CCT program that took place in May 2009-June 2011 in Afghanistan, we evaluate the impact of the receipt of CCTs on the utilization of non-targeted health services both by women, who were direct beneficiaries of the program, and by members of their households. We estimate the outcomes of interest through four probit models, accounting for potential endogeneity of the CCT receipt and dealing with lack of credible exclusion restrictions in different ways. In comparison with the control group, the receipt of CCTs is found to be associated with an increase in the probability of utilizing non-targeted services among household members across regression models. The results are mixed, with regard to the utilization by women, suggesting that there exist non-economic barriers to health care, unique to women, that are not captured by the data. The results confirm the importance of accounting for direct as well as indirect effects in policy evaluation and suggest that future studies investigate more deeply the role of community health workers in removing non-economic barriers for Afghan women and the possibility of introducing an incentive structure to motivate them to contribute more actively to population health in Afghanistan. PMID:26851407
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...
Fernald, Lia C H; Hidrobo, Melissa
We examined the effects of Ecuador's Bono de Desarrollo Humano (BDH)--an unconditional cash transfer program that was rolled-out using a randomized design--on health and development outcomes in very young children. Communities that were randomly assigned to the treatment group began receiving the BDH in 2004 and those randomly assigned to the comparison group began receiving benefits two years later. Families enrolled in the BDH received a monthly cash stipend ($15USD) representing an approximate 6-10% increase in household income. Participants analyzed in this study are children aged 12-35 months from treatment (n = 797) and comparison (n = 399) communities in rural and urban Ecuador. Main outcomes measured were language skills (the Fundación MacArthur Inventorio del Desarollo de Habilidades Comunicativas-Breve), height-for-age z-score, and hemoglobin concentration. Results indicate that in rural areas, being randomized to receive the BDH in very early childhood led to significantly better performance on the number of words a child was saying, and on the probability that the child was combining two or more words. There were no significant effects on language development for children in urban areas and there were no effects on height-for-age z-score or hemoglobin concentration in rural or urban areas. A limited number of potential pathways with respect to cognitive/language stimulation, health behaviors, and parenting quality were also explored. Findings indicate that compared to children in comparison areas, rural children in treatment areas were more likely to have received vitamin A or iron supplementation and have been bought a toy in the past six months. This study provides evidence for significant benefits of an unconditional cash transfer program for language development in very young children in rural areas. PMID:21531060
Nistha Sinha; Joanne Yoong
Since the early 1990s, several states in India have introduced financial incentive programs to discourage son preference among parents and to encourage investments in daughters' education and health. This study evaluates one such program in the state of Haryana, Apni Beti Apna Dhan (Our Daughter, Our Wealth). Since 1994, eligible parents in Haryana are offered a financial incentive if they give birth to a daughter. The incentive consists of an immediate cash grant and a long-term savings bond...
Goodman, Michael L; Selwyn, Beatrice J; Morgan, Robert O; Lloyd, Linda E; Mwongera, Moses; Gitari, Stanley; Keiser, Philip H
This study examined associations between sexual initiation, unprotected sex, and having multiple sex partners in the past year with participation in a three-year empowerment program targeting orphan and vulnerable children (OVC). The Kenya-based program combines community-conditioned cash transfer, psychosocial empowerment, health education, and microenterprise development. Program participants (n = 1,060) were interviewed in a cross-sectional design. Analyses used gender-stratified hierarchical logit models to assess program participation and other potential predictors. Significant predictors of increased female sexual activity included less program exposure, higher age, younger age at most recent parental death, fewer years of schooling, higher food consumption, higher psychological resilience, and lower general self-efficacy. Significant predictors of increased male sexual activity included more program exposure, higher age, better food consumption, not having a living father, and literacy. Findings support a nuanced view of current cash transfer programs, where female sexual activity may be reduced through improved financial status but male sexual activity may increase. Targeting of OVC sexual risk behaviors would likely benefit from being tailored according to associations found in this study. Data suggest involving fathers in sexual education, targeting women who lost a parent at a younger age, and providing social support for female OVC may decrease risk of human immunodeficiency virus (HIV) transmission. PMID:26421980
Maclachlan, Ross; Ion, William; Kochanowska, Rowena;
The Global Innovation Management (GIM) MSc programme is a 2 year, 120 ECTS, joint degree programme delivered and awarded by the consortium of the University of Strathclyde (UofS) in Scotland, Aalborg University (AAU) in Denmark and Hamburg University of Technology (TUHH) in Germany. The education...... relevance to innovative product and service development curricula.......The Global Innovation Management (GIM) MSc programme is a 2 year, 120 ECTS, joint degree programme delivered and awarded by the consortium of the University of Strathclyde (UofS) in Scotland, Aalborg University (AAU) in Denmark and Hamburg University of Technology (TUHH) in Germany. The educational...... aim of the programme is to produce graduates with an expanded perspective of innovation management to meet the needs of global industry. In particular this is to be achieved through a curriculum that integrates design based modules with progressive innovation and technology management education. The...
Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...
Full Text Available Este artigo analisa as interações entre programas de transferência condicionada de renda (TCR e a segurança alimentar e nutricional (SAN, a partir de uma revisão da literatura. Considera que a TCR impacta os gastos com alimentação, especialmente quando há dinamismo de mercado e os investimentos com outros bens que afetam o bem- estar nutricional das famílias, incluindo a demanda por educação e cuidados com a saúde. No entanto, o impacto no estado nutricional, especialmente no crescimento infantil, não é inequívoco, pois depende de outras ações que afetam este processo, tais como a disponibilidade de serviços de saúde; educação; saneamento; os custos das famílias para acessá-los; o tempo de implementação dos programas; o valor transferido; o tamanho das famílias, além das regras intrafamiliares de alocação de recursos. De igual modo, cabe analisar o processo de implementação dos programas uma vez que podem afetar (positiva ou negativamente os valores, relações e práticas sociais que contribuem para a conformação da pobreza e da SAN. A integração da TCR com outros programas é essencial para garantir seu impacto na SAN e o atual Conselho Nacional de Segurança Alimentar e Nutricional constitui espaço estratégico para o planejamento integrado de políticas neste campo.This paper analyses the relationship between Conditional Cash Transfer (CCT programs and Food and Nutrition Security (FNS, based on a review of the literature. CCT programs spur outlays on food, particularly in dynamic markets, as well as investments in other goods affecting the nutritional wellbeing of families, including demands for healthcare and education. However, the impact on children's nutritional status and early childhood growth is not clear, as other factors also affect this process, such as: the availability of public services (healthcare; education; sanitation and the costs of accessing them; duration of the programs; transfer
Ma Cecilia Catubig
Full Text Available This paper evaluates current payment schemes employed by the Pantawid Pamilyang Pilipino Program (4Ps in the Philippines using six assessment criteria: transaction cost, security/risks, speed and timeliness, acceptability, resilience and flexibility. Employing data collected at the regional level, we establish four main findings: (1 all 4Ps payment conduits present trade-offs; (2 a payment approach that uses mainstream financial infrastructure is beneficial if cost, speed and simplicity of the payment system are critical; (3 competition for 4Ps contracts for Payment Service Providers (PSPs has improved the quality of payment services and minimized costs; and (4 the efficiency of the program is greatly influenced by the commitment of the PSP to deliver the cash benefits to the recipients in a timely manner rather than by maximizing conduit branches.
Juan Luis Sariego
Public policies aimed at Mexico?s indigenous population traditionally viewed the communities themselves as their primary beneficiaries. Breaking with this convention, the anti-poverty programme known as Oportunidades, with its specific focus on supporting not communities but in fact discrete family units experiencing acute poverty, disregarded the specificities of the indigenous population and treated indigenous people as any other impoverished segment of Mexican society. (?)
Ana Maria Segall-Corrêa
transferência de renda sobre a segurança alimentar, independentemente do efeito de outras condições explicativas.OBJECTIVE: The 2004 National Household Survey Data was analyzed to test the hypothesis that cash transference from government social programs is associated with household food security. METHODS: Secondary data were used from the National Household Sample Survey which interviewed residents of 112,716 households. The present analysis included permanent and temporary private households, where food security items were informed by a resident of the household, restricting the collection of data to households with per capita monthly income of up to 1 minimum wage, representing 51.2% of the sample. Three models for estimating the amount of cash transference were developed; model 3 was chosen because it was less likely to overestimate effects. To analyze how cash transference affected the prevalence of food security, only households that received cash transference were included in the analysis, representing 14.2% of the interviewed households. The association between food security and cash transference, controlled for other independent variables, was estimated using a logistic regression model with stepwise method for each of the three income strata. RESULTS: The mean per capita cash transference was of R$81.68 per family. Multiple logistic regression showed an increased chance of food security of 8% per each R$10.00 contributed by social programs. Rural residence, male head of household, and Caucasian head of household were factors that also presented a higher chance of food security. CONCLUSION: The hypothesis was confirmed, showing a positive association between cash transfer and household food security, regardless of the effects of other explanatory factors.
Lundberg, Olle; Yngwe, Monica Aberg; Stjärne, Maria Kölegård;
BACKGROUND: Many important social determinants of health are also the focus for social policies. Welfare states contribute to the resources available for their citizens through cash transfer programmes and subsidised services. Although all rich nations have welfare programmes, there are clear cro...
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...
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...
Full Text Available Background: The Indian Janani Suraksha Yojana (JSY program is a demand-side program in which the state pays women a cash incentive to deliver in an institution, with the aim of reducing maternal mortality. The JSY has had 54 million beneficiaries since inception 7 years ago. Although a number of studies have demonstrated the effect of JSY on coverage, few have examined the direct impact of the program on maternal mortality. Objective: To study the impact of JSY on maternal mortality in Madhya Pradesh (MP, one of India's largest provinces. Design: By synthesizing data from various sources, district-level maternal mortality ratios (MMR from 2005 to 2010 were estimated using a Bayesian spatio-temporal model. Based on these, a mixed effects multilevel regression model was applied to assess the impact of JSY. Specifically, the association between JSY intensity, as reflected by 1 proportion of JSY-supported institutional deliveries, 2 total annual JSY expenditure, and 3 MMR, was examined. Results: The proportion of all institutional deliveries increased from 23.9% in 2005 to 55.9% in 2010 province-wide. The proportion of JSY-supported institutional deliveries rose from 14% (2005 to 80% (2010. MMR declines in the districts varied from 2 to 35% over this period. Despite the marked increase in JSY-supported delivery, our multilevel models did not detect a significant association between JSY-supported delivery proportions and changes in MMR in the districts. The results from the analysis examining the association between MMR and JSY expenditure are similar. Conclusions: Our analysis was unable to detect an association between maternal mortality reduction and the JSY in MP. The high proportion of institutional delivery under the program does not seem to have converted to lower mortality outcomes. The lack of significant impact could be related to supply-side constraints. Demand-side programs like JSY will have a limited effect if the supply side is unable
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.
Competence of birth attendants at providing emergency obstetric care under India’s JSY conditional cash transfer program for institutional delivery: an assessment using case vignettes in Madhya Pradesh province
Chaturvedi, Sarika; Upadhyay, Sourabh; De Costa, Ayesha
Background Access to emergency obstetric care by competent staff can reduce maternal mortality. India has launched the Janani Suraksha Yojana (JSY) conditional cash transfer program to promote institutional births. During implementation of the JSY, India witnessed a steep increase in the proportion of institutional deliveries-from 40% in 2004 to 73% in 2012. However, maternal mortality reduction follows a secular trend. Competent management of complications, when women deliver in facilities u...
Policy-Oriented Research Impact Assessment (PORIA) case study on the International Food Policy Research Institute (IFPRI) and the Mexican PROGRESA anti-poverty and human resource investment conditional cash transfer program:
Behrman, Jere R.
"The objective of this study is to attempt to characterize the influence and impact of IFPRI in relation to the Mexican PROGRESA/Oportunidades anti-poverty and human resource program with its conditional cash transfers (CCT)—conditional on specific investments in education, health, and nutrition. The paper first describes PROGRESA/Oportunidades and estimates of the impact and benefits-to-costs of this program; then discusses the challenges in assessing the influence and impact of IPRRI on and...
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.
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...
Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.
In a mechanical system engine that provide the location change and controlling the automatic data via the measurement tools would reduce the duration of labor force and the loss of degradation. In computers, transferring the large data rapidly via serial port is not fast as the USB 2.0 ports; therefore USB 2.0 port is recently frequently being using speeding up the data transfer process. To use USB port, the 18f series PIC programmable microchips are needed. For this serial microchip compatib...
The EU project CATT - Co-operation and technology transfer on long-term radioactive waste management for Member States with small nuclear programmes investigated the feasibility of countries with small nuclear programmes implementing long-term radioactive waste management solutions within their national borders, through collaboration on technology transfer with those countries with advanced disposal concepts. The main project objective was to analyse the existing capabilities of technology owning Member States and the corresponding requirements of potential technology acquiring Member States and, based on the findings, to develop a number of possible collaboration models and scenarios that could be used in a technology transfer scheme. The project CATT was performed as a specific support action under the EU sixth framework programme and it brought together waste management organisations from six EU Member States: UK, Bulgaria, Germany, Lithuania, Slovenia and Sweden. In addition, the EC Joint Research Centre from the Netherlands also participated as a full partner. The paper summarises the analyses performed and the results obtained within the project. (author)
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.
Phillips, Kathryn S.; Price, David W.
Comparative analysis of food demand expansion of a cash program, as compared to the food stamp program, is important for measuring trade-offs between goals of raising farm income and increasing food expenditures of the poor. A theoretical basis for assessing food demand impacts under each program is presented. Two effects are analyzed: 1) The effect on food demand of the individual household and 2) The effect of food demand at the aggregate level. Both indifference curve analysis and psycholo...
Von Hielmcrone, Nina
overview. In order to improve efficiency in administering cash benefits and reduce cost, the Danish government has relied on the transfer of support benefits to bulk administration with the aid of Information Technology (IT). While the use of IT has enabled complicated calculations, it has given rise to a...... for the accretion of new special rules. They merely have to be coded into the system. The government’s modernisation programme has been carried out at the expense of transparency and the legal rights of the citizens. This article deals with Danish legislation; the mechanisms in question are common not...
Chimusa, Emile R; Mbiyavanga, Mamana; Masilela, Velaphi; Kumuthini, Judit
A shortage of practical skills and relevant expertise is possibly the primary obstacle to social upliftment and sustainable development in Africa. The "omics" fields, especially genomics, are increasingly dependent on the effective interpretation of large and complex sets of data. Despite abundant natural resources and population sizes comparable with many first-world countries from which talent could be drawn, countries in Africa still lag far behind the rest of the world in terms of specialized skills development. Moreover, there are serious concerns about disparities between countries within the continent. The multidisciplinary nature of the bioinformatics field, coupled with rare and depleting expertise, is a critical problem for the advancement of bioinformatics in Africa. We propose a formalized matchmaking system, which is aimed at reversing this trend, by introducing the Knowledge Transfer Programme (KTP). Instead of individual researchers travelling to other labs to learn, researchers with desirable skills are invited to join African research groups for six weeks to six months. Visiting researchers or trainers will pass on their expertise to multiple people simultaneously in their local environments, thus increasing the efficiency of knowledge transference. In return, visiting researchers have the opportunity to develop professional contacts, gain industry work experience, work with novel datasets, and strengthen and support their ongoing research. The KTP develops a network with a centralized hub through which groups and individuals are put into contact with one another and exchanges are facilitated by connecting both parties with potential funding sources. This is part of the PLOS Computational Biology Education collection. PMID:26583922
Takahashi, Hikari; Maruyama, Michitaka; Amagai, Yasutaka; Yamamori, Hirotake; Kaneko, Nobu-hisa; Kiryu, Shogo
We are developing a 10 V programmable Josephson voltage standard (PJVS) system using a 10 K mechanical cooler that enables liquid-helium-free operation. In our previous experiments, we identified a problem that the optimum bias operating points may be affected by the heating effect of the chip depending on the output voltage. In this study, we have observed cross-sectional and in-plane structures of the PJVS chip module in order to determine the cause of the heating effect. We perform a heat transfer analysis using the finite element method with several models based on the observation results. We confirm a temperature increase of approximately 100 mK at the chip surface, due mainly to unintended voids in the InSn solder.
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.
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...
Emile R Chimusa
Full Text Available A shortage of practical skills and relevant expertise is possibly the primary obstacle to social upliftment and sustainable development in Africa. The "omics" fields, especially genomics, are increasingly dependent on the effective interpretation of large and complex sets of data. Despite abundant natural resources and population sizes comparable with many first-world countries from which talent could be drawn, countries in Africa still lag far behind the rest of the world in terms of specialized skills development. Moreover, there are serious concerns about disparities between countries within the continent. The multidisciplinary nature of the bioinformatics field, coupled with rare and depleting expertise, is a critical problem for the advancement of bioinformatics in Africa. We propose a formalized matchmaking system, which is aimed at reversing this trend, by introducing the Knowledge Transfer Programme (KTP. Instead of individual researchers travelling to other labs to learn, researchers with desirable skills are invited to join African research groups for six weeks to six months. Visiting researchers or trainers will pass on their expertise to multiple people simultaneously in their local environments, thus increasing the efficiency of knowledge transference. In return, visiting researchers have the opportunity to develop professional contacts, gain industry work experience, work with novel datasets, and strengthen and support their ongoing research. The KTP develops a network with a centralized hub through which groups and individuals are put into contact with one another and exchanges are facilitated by connecting both parties with potential funding sources. This is part of the PLOS Computational Biology Education collection.
Full Text Available After the second International Round Table on acetate microfilm, the British Library decided to top slice from its annual preservation budget, £200k every year for five years to address its cellulose acetate problem. We did this by instigating a programme of base transfer, transferring the frames from the old acetate masters onto new polyester stock. It proved to be quite a challenge and this paper reproduces largely the presentation given at CAMF, which was an overview of the background to the project and its progress. Twenty three million feet. Not a centipedes' picnic, but the amount of acetate microfilm the British Library has in its collections. A sobering statistic. But what does it really mean? Well, if we rolled it all out, it would be enough to stretch all the way from New York to Moscow. Or, for the more vertically minded, if we piled it all up, it would be taller than not just 1 Mount Everest, but 809. That represents a pretty huge problem whichever way you look at it and my first thought when it was handed to me was, 'where on earth do we start?'
Njoku, J. I. K.
Full Text Available The study was carried out in Imo State to examine the effectiveness of radio-agricultural farmer programme in technology transfer to rural farmers in Imo State, Nigeria. Multi-stage random sampling technique was used to select 120 respondents from the three agricultural zones of Imo State. Data were obtained using interview schedule and were analyzed using descriptive and inferential statistics. Result shows that majority of the respondents were males, married and educated with the mean age of 46 years. Result indicates that majority of the respondents indicate that radio-agricultural farmer programme was effective in technology transfer to rural farmers. Result further indicates that most (100% of the respondents confirmed that improved technologies transferred were relevant to their farm practices.
Eydal, Gudny; Rostgaard, Tine
The purpose of this chapter is to analyse and compare Nordic day-care policies, i.e. ECEC services as well as cash-for-care for children under school age. The chapter examines the legislative purpose behind the provision of the services and the cash benefits as well as the take-up rates. The review...... of day-care will also look at how the programmes are organised and funded, and at the quality indicators of the care provided. In this context, the Nordic countries will be compared with the EU average. The review of cash-for-care will assess the key elements of the programmes: the length of time...
Agreements between the French Government and the developing countries entail a general commitment to transfer know-how. The need for nuclear safety training is often expressed. In addition, the expansion of the French nuclear programme has led to an increase in the staff of the national safety organizations. To meet these needs, the Nuclear Protection and Safety Institute (IPSN) has set up an original training programme which is open both to its own staff and to foreign participants. The programme is spread over a year and consists of an intensive study session of five weeks, a series of training programmes in the various departments of the Institute, and seminars at the end of the training period for all the trainees. At the end of the programme, each trainee presents to an examining panel the work he or she has performed in the last two or three training periods, which will normally relate to one specific area. The aims of the training programme are to give participants an overall view of safety problems with the accent on a particular type of nuclear facility, to enable participants to study in depth either the general practices or specific aspects of safety analysis, and particularly to become specialized in one aspect thereof, and to allow foreign participants access to the working methods used in France. The first training programme allowed us to examine how it operated. Lessons were drawn following an in-depth evaluation of the initial activities. A number of improvements were included in the second training programme. (author)
Modugu Hanimi Reddy; Kumar Manish; Kumar Ashok; Millett Christopher
Abstract Background High out-of-pocket-expenditure (OOPE) deters families from seeking skilled/institutional care. ‘Janani Suraksha Yojana (JSY), a conditional cash transfer programme launched in 2005 to mitigate OOPE and to promote institutional deliveries among the poor, is part of Government of India’s efforts to achieve Millennium Development Goals (MDGs) 4 and 5. The objective of this study is to estimate variations in OOPE for normal/caesarean-section deliveries, JSY-programme use and d...
Schütte, Kerstin; Köller, Olaf
Considerable research has focused on how best to satisfy modern societies' needs for skilled labour in the field of science. The present study evaluated an intervention programme designed to increase secondary school students' motivation to pursue a science career. Students from 3 schools of the highest educational track participated for up to 2 years in the intervention programme, which was implemented as an elective in the school curriculum. Our longitudinal study design for evaluating the effectiveness of the intervention programme included all students at the grade levels involved in the programme with students who did not participate serving as a control group. Mixed-model analyses of variance showed none of the intended effects of the intervention programme on science motivation; latent growth models corroborated these results. When the programme began, students who enrolled in the science elective (n = 92) were already substantially more motivated than their classmates (n = 228). Offering such an intervention programme as an elective did not further increase the participating students' science motivation. It seems worthwhile to carry out intervention programmes with talented students who show (comparatively) little interest in science at the outset rather than with highly motivated students who self-select into the programme.
Njoku, J. I. K.
The study was carried out in Imo State to examine the effectiveness of radio-agricultural farmer programme in technology transfer to rural farmers in Imo State, Nigeria. Multi-stage random sampling technique was used to select 120 respondents from the three agricultural zones of Imo State. Data were obtained using interview schedule and were analyzed using descriptive and inferential statistics. Result shows that majority of the respondents were males, married and educated with the mean age o...
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 ...
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.
Full Text Available The transition from a secondary to a university education environment is one rife with opportunity and novelty. It can be a difficult time for students as they begin to participate and take part in a new culture. Lessons learned from a specific programme for first-year students, the Emerging Leaders Development Programme (ELDP, provide an example of an initiative that not only assists with the transition, but also offers leadership development opportunities. Data collected from ELDP participants suggests that there are valuable, relatable, and transferable ideas that can inform the design and implementation of other transition programmes generally, and leadership development programmes specifically.
Schütte, Kerstin; Köller, Olaf
Considerable research has focused on how best to satisfy modern societies' needs for skilled labour in the field of science. The present study evaluated an intervention programme designed to increase secondary school students' motivation to pursue a science career. Students from 3 schools of the highest educational track participated for up to 2…
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 ...
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...
Three challenges are presented which address problems of transfer of training: running marathon, accreditation of study programmes, professional development in consultancies. It is discussed in-how-far and why different approaches to transfer of training stress commonalities or differences between these challenges. The results are used to analyse…
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...
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...
The Agricultural Development Programme (ADP) is an integrated agricultural project in Mbozi District covehng some 90 villages with the aim to increase food production of smallholder farmers in a sustainable way. After having gained enough experience, a proper ox-mechanization policy was worked out. At the end of 1991, the project started an experiment with a womengroup in a very isolated area engaged in maize grinding using an ox-driven maize-mill.
Olsen, Mia; Mogensen, Klaus Æ.
We have used money as a means of payment since the earliest civilisations, and even though the way we spend and transfer money has changed over time, the coin still remains almost unchanged. Now, the coin and its young er big brother the banknote are threatened by new digital forms of payment, and...
More evidence on the impact of India's conditional cash transfer program, Janani Suraksha Yojana: quasi-experimental evaluation of the effects on childhood immunization and other reproductive and child health outcomes.
Full Text Available BACKGROUND: In 2005, India established a conditional cash transfer program called Janani Suraksha Yojana (JSY, to increase institutional delivery and encourage the use of reproductive and child health-related services. OBJECTIVE: To assess the effect of maternal receipt of financial assistance from JSY on childhood immunizations, post-partum care, breastfeeding practices, and care-seeking behaviors. METHODS: We use data from the latest district-level household survey (2007-2008 to conduct a propensity score matching analysis with logistic regression. We conduct the analyses at the national level as well as separately across groups of states classified as high-focus and non-high-focus. We carry out several sensitivity analyses including a subgroup analysis stratified by possession of an immunization card. RESULTS: Receipt of financial assistance from JSY led to an increase in immunization rates ranging from 3.1 (95%CI 2.2-4.0 percentage points for one dose of polio vaccine to 9.1 (95%CI 7.5-10.7 percentage points in the proportion of fully vaccinated children. Our findings also indicate JSY led to increased post-partum check-up rates and healthy early breastfeeding practices around the time of childbirth. No effect of JSY was found on exclusive breastfeeding practices and care-seeking behaviors. Effect sizes were consistently larger in states identified as being a key focus for the program. In an analysis stratified by possession of an immunization card, there was little to no effect of JSY among those with vaccination cards, while the effect size was much larger than the base case results for those missing vaccination cards, across nearly all immunization outcomes. CONCLUSIONS: Early results suggest the JSY program led to a significant increase in childhood immunization rates and some healthy reproductive health behaviors, but the structuring of financial incentives to pregnant women and health workers warrants further review. Causal
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...
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
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-
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
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...
In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very diff...
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.
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...
Hidrobo, Melissa; Hoddinott, John F.; Peterman, Amber; Margolies, Amy; Moreira, Vanessa
The debate over whether to provide food assistance and the form that this assistance should take has a long history in economics. Despite the ongoing debate, little rigorous evidence exists that compares food assistance in the form of cash versus in-kind. This paper uses a randomized evaluation to assess the impacts and cost-effectiveness of cash, food vouchers, and food transfers. We find that all three modalities significantly improve the quantity and quality of food consumed. However, diff...
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.
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...
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 ...
MELANIA ELENA MICULEAC
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...
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...
Many of the European Union's (EU) 25 countries have considerable inventories of long-lived radioactive waste that will remain potentially hazardous for many thousands of years. Of these, several have advanced concepts and programmes for the treatment and disposal (and other long - term management options) for spent fuel and long-lived radioactive waste. Collectively, these Member States have spent the equivalent of many billions of euros in developing such concepts and some have further developed the concepts into proposed operational facilities. Member States with small nuclear programmes, face the expensive and daunting prospect o f developing their own concepts for dealing with their spent fuel and high level waste. One answer would be to seek solutions which could take advantage of the investment costs in the technology and underpinning science already incurred in the more established programmes. Thus technology transfer between Member States in areas of high level waste and spent fuel encapsulation, repository development etc. would allow the establishment of disposal facilities within any Member State for it to deal with its own wastes. The national waste management organisations of the UK (Mirex), Sweden (SKB), German y (DBE), Lithuania (RATA), Bulgaria (DPRAO) and Slovenia (ARAO), together with JRC of the Netherlands, are to undertake a project under the auspices of the EU's 6. R and D Framework Programme (FP6). The 18 month project will examine the technical, intellectual property, legal, financial and societal implications of the idea. It goes by the acronym 'CATT' - 'Cooperation and technology transfer on long term radioactive waste management for Member States with small nuclear programmes'. This paper describes the CATT project which will look at technology transfer methodologies by which Member States could co-operate. It covers the potential issues which may arise and ho w these may be addressed. (authors)
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
At September 2003, the International Atomic Energy Agency (IAEA) launched the programme on Environmental Modelling for RAdiation Safety (EMRAS) which was scheduled for four years period. The EMRAS is an extension of the VAlidation of Model Predictions (VAMP, 1988-1994), the BIOspheric MOdel Validation Study (BIOMOVS, I: 1986-1990, II: 1990-1996) and the BIOsphere Modelling and ASSessment (BIOMASS, 1996-2000), and most topics covered by this programme are concerned with intercomparisons and validities of the prediction model of radionuclide transfer in environments. The EMRAS has three themes and seven working groups. This review introduced activities of the Revision of IAEA Technical Report Series No. 364 'handbook of parameter values for the prediction of radionuclide transfer in temperature environments' working group. (J.P.N.)
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...
Programa Bolsa Família: uma análise do programa de transferência de renda brasileiro Bolsa Família (Family Grant Programme: an analysis of Brazilian income transfer programme Le programme Bolsa Família (Bourse familiale : analyse du programme brésilien de transfert conditionnel de revenus El programa Bolsa Família: un análisis del programa brasileño de transferencia de ingresos
Full Text Available Income transfer programmes are common in various countries and play an important role in combating poverty. This article presents a review of the results of the Bolsa Família (Family Grant Programme, implemented in Brazil by the government of Lula da Silva in 2004. Over the last seven years many evaluations of the programme have been conducted, allowing an overview of its results and its strong and weak points to be mapped. Five central aspects relating to the programme are discussed in article five: (1 programme access, (2 hunger fighting results, (3 programme financial impacts, (4 conditioning factors of education and health, (5 supplementary programs and social mobility. The results of scientific research were presented for each of these aspects, and any of these believed to be convergent or divergent were discussed. As a general result it was concluded that the programme has generated significant results for the country, but there are still some issues that need to be reviewed, such as conditioning factors and the integrated management of the programme.Les programmes de transfert de revenus sont courants dans plusieurs pays et jouent un rôle important dans la lutte contre la pauvreté. Cet article présente un examen des résultats du programme Bolsa Família (Bourse familiale entrepris au Brésil par le gouvernement de Lula da Silva en 2004. Au cours des sept dernières années, de nombreuses évaluations du programme ont été réalisées, ce qui permet d'avoir un aperçu de ses résultats et une vue d'ensemble de ses points forts et de ses points faibles. Cinq aspects clés de ce programme sont abordés dans cet article : (1 l'accès au programme, (2 les résultats en matière de lutte contre la faim, (3 les répercussions financières du programme, (4 les facteurs conditionnels de l'éducation et de la santé, (5 les programmes complémentaires et la mobilité sociale. Des résultats issus de la recherche scientifique ont été pr
... 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...
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…
... 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...
Bingley, Paul; Walker, Ian
incentive effects as they expand up the hours distribution; there are economies to multiple programme participation; and Family Credit and in-kind programme participation are non-separable from labour supply. Also there is quite strong evidence of a utility loss associated with programme participation per......There have been a number of changes to the nature of in-work transfers over the last 20 years. Further expansions have been proposed and in-work transfer schemes have recently been promoted as a device for encouraging labour force participation and reducing the severity of the disincentives...... associated with out-of-work income support schemes. In-kind transfers have also been promoted as a way of proving poverty relief without inducing servere adverse incentive effects. Here we estimate a discrete choice labour supply model which allows for endogenous participation in multiple cash and In...
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.
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.
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
MELANIA ELENA MICULEAC
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.
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".
... 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...
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...
In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very different points of view: Is money hard and cold, or rather liquid and "jingling" ("moneta sonante")? As usual, we shall investigate this topic starting from some comics about the duck family.
... 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...
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
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 ...
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...
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...
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.
This paper analyses programmes of cash allowances for children and compares their effectiveness in combating child poverty in Russia and four EU countries â€“ Sweden, Germany, Belgium and the United Kingdom. These countries are selected as representatives of alternative family policy models. Using microsimulation models (RUSMOD and EUROMOD), this paper estimates the potential gains if the Russian system were re-designed along the policy parameters of these countries and vice versa. Such an ex...
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.
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.
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.
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.
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.
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...
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...
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...
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.
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…
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...
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...
... 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)...
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.
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
... 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...
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.
... 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...
The PUSPATI TRIGA MARK II research reactor in Malaysia was commissioned in 1982. After 31 years of operation, Nuclear Malaysia is taking an approach for a better research and development in nuclear radiations as well as the technical services that provided. Reactor TRIGA PUSPATI (RTP) is currently upgrading its control console from analogue to digital system. The Reactor Digital Instrumentation and Control System (ReDICS) project is done on cooperation with Korea Atomic Energy Research Institute (KAERI), Korea including the technical part from the design stage until commissioning as well as the Technology Transfer Program (TTP). TTP in this ReDICS project is a part of Human Resource and System Development Program. It was carried out from the design stage until the commissioning of the system. It covers all subjects related to the design on the digital system and the requirements for the operation of RTP. The objective of this paper is to share the knowledge and experiences gained through this ReDICS project. This paper will also discuss the future expectations from this ReDICS project for Nuclear Malaysia and its personnel, as well as to the country. (author)
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.
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 ...
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 ...
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....
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., ...
"Look before you leap"; "a stitch in time saves nine"; "more haste, less speed". Many proverbs declare the wisdom of planning before doing. We suggest how to apply this to Excel, by explaining and specifying spreadsheets before coding them, so there will always be documentation for auditors and maintenance programmers. The specification method uses "pseudo-code": code that, for precision and conciseness, resembles a programming language, but is not executable. It is, however, based on the notation used by our Excelsior spreadsheet generator, which is executable. This paper is structured as a tutorial, in which we develop a simple cash-flow and loans spreadsheet.
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...
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.
Manfred O.E. Hennies
Full Text Available Since state institutions began using account screening, in the bank sector, not only in cases of suspicion, but as a standard procedure for monitoring account and invest-ment data, much of the illegal transfer of funds has shifted towards cash payments. In order to hinder, or even do away with such illegal monetary transactions, the EU is considering two possible courses of action; one moderate and one more radical. The moderate solution would see the introduction of legislation restricting the amount of cash used in payments. Several countries already have such legislation. It is possible that this limit could be adjusted by governments ad hoc, and could even be set at zero. This would be the radical course of action; doing away completely with cash payments. The consequence would be that the transfer of money would only be possible by bank transfer from account to account. Representatives of the banking sector are in favour of the campaign to eliminate the use of cash transactions, as this would lead to advantages within the banking indus-try. However, there would be many disadvantages for the general public. In the world of commerce, contractual liberty is a fundamental principle. All contracting parties have the right, within the law, to negotiate the terms of a contract to be signed, laying down goods or payment (cash included to be made, as a part of the contract. Thus, legislation restricting the use of cash would be a breach of the free-dom of rights as laid down in the constitution of any EU country. The question as to whether or not to do away with the use of 500, - Euro bank notes is of little interest to legal and private monetary transactions, as these are seldom used in such cases. Since these notes are a simple way of transporting large sums of money unnoticed, their use is mainly limited to the world of illegal transactions where large sums of money need to be moved, as in the case of money laundering
Paul Bingley; Ian Walker
We estimate a model of labor supply and participation in multiple programs for UK lone mothers which exploits a reform of in-work transfers. Cash entitlements increased but eligibility to in-kind child nutrition programs was lost. We find that in-work cash and inwork in-kind transfers both have large positive labor supply effects. There is, however, a utility loss from program participation which is estimated to be larger for cash than for child nutrition. This implies that the partial cash o...
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...
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...
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...
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...
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...
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...
AMIRUL FAIZ OSMAN
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...
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...
In this paper I develop a positive theory of intergenerational transfers. I argue that transfers are a means to induce retirement. that is, to buy the elderly out of the labor force. The reason why societies choose to do such a thing is that aggregate output is higher if the elderly do not work. I model this idea through positive externalities in the average stock of human capital: because skills depreciate with age. one implication of these externalities is that the elderly have a negative e...
Wigelsworth, M.; Lendrum, A.; Oldfield, J.; Scott, A.; ten Bokkel, I.; Tate, K.; Emery, C.
This study expands upon the extant prior meta-analytic literature by exploring previously theorised reasons for the failure of school-based, universal social and emotional learning (SEL) programmes to produce expected results. Eighty-nine studies reporting the effects of school-based, universal SEL programmes were examined for differential effects…
White, Justin S; Basu, Sanjay
A critique of cash assistance programs is that beneficiaries may spend the money on "temptation goods" such as alcohol and tobacco. We exploit a change in the payment schedule of Peru's conditional cash transfer program to identify the impact of benefit receipt frequency on the purchase of temptation goods. We use annual household data among cross-sectional and panel samples to analyze the effect of the policy change on the share of the household budget devoted to four categories of temptation goods. Using a difference-in-differences estimation approach, we find that larger, less frequent payments increased the expenditure share of alcohol by 55-80% and sweets by 10-40%, although the absolute magnitudes of these effects are small. Our study suggests that less frequent benefits scheduling may lead cash recipients to make certain types of temptation purchases. PMID:26874596
When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age. As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...
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.
... 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...
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'…
... 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)...
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...
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...
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.
Hesham Elnagar; Lane Graves Perry; Billy O'Steen
The transition from a secondary to a university education environment is one rife with opportunity and novelty. It can be a difficult time for students as they begin to participate and take part in a new culture. Lessons learned from a specific programme for first-year students, the Emerging Leaders Development Programme (ELDP), provide an example of an initiative that not only assists with the transition, but also offers leadership development opportunities. Data collected from ELDP parti...
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
Testing of environmental transfer models using data from the atmospheric release of Iodine-131 from the Hanford site, USA, in 1963. Report of the Dose Reconstruction Working Group of the Biosphere Modelling and Assessment (BIOMASS) Programme, Theme 2
The IAEA Programme on BIOsphere Modelling and ASSessment (BIOMASS) was launched in Vienna in October 1996. The programme was concerned with developing and improving capabilities to predict the transfer of radionuclides in the environment. The programme had three themes: Theme 1: Radioactive Waste Disposal. The objective was to develop the concept of a standard or reference biosphere for application to the assessment of the long term safety of repositories for radioactive waste. Theme 2: Environmental Releases. BIOMASS provided an international forum for activities aimed at increasing the confidence in methods and models for the assessment of radiation exposure related to environmental releases. Two Working Groups addressed issues concerned with the reconstruction of radiation doses received by people from past releases of radionuclides to the environment and the evaluation of the efficacy of remedial measures. Theme 3: Biosphere Processes. The aim of this Theme was to improve capabilities for modelling the transfer of radionuclides in particular parts of the biosphere identified as being of potential radiological significance and where there were gaps in modelling approaches. This topic was explored using a range of methods including reviews of the literature, model inter-comparison exercises and, where possible, model testing against independent sources of data. Three Working Groups were established to examine the modelling of: (1) long term tritium dispersion in the environment; (2) radionuclide uptake by fruits; and (3) radionuclide migration and accumulation in forest ecosystems. This report describes results of the studies undertaken by the Dose Reconstruction Working Group under Theme 2
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
Transfer of Tritium in the Environment after Accidental Releases from Nuclear Facilities. Report of Working Group 7 Tritium Accidents of EMRAS II Topical Heading Approaches for Assessing Emergency Situations. Environmental Modelling for Radiation Safety (Emras II) Programme
Environmental assessment models are used for evaluating the radiological impact of actual and potential releases of radionuclides to the environment. They are essential tools for use in the regulatory control of routine discharges to the environment and also in planning measures to be taken in the event of accidental releases. They are also used for predicting the impact of releases which may occur far into the future, for example, from underground radioactive waste repositories. It is important to verify, to the extent possible, the reliability of the predictions of such models by a comparison with measured values in the environment or with predictions of other models. The IAEA has been organizing programmes of international model testing since the 1980s. These programmes have contributed to a general improvement in models, in the transfer of data and in the capabilities of modellers in Member States. IAEA publications on this subject over the past three decades demonstrate the comprehensive nature of the programmes and record the associated advances which have been made. From 2009 to 2011, the IAEA organized a programme entitled Environmental Modelling for RAdiation Safety (EMRAS II), which concentrated on the improvement of environmental transfer models and the development of reference approaches to estimate the radiological impacts on humans, as well as on flora and fauna, arising from radionuclides in the environment. Different aspects were addressed by nine working groups covering three themes: reference approaches for human dose assessment, reference approaches for biota dose assessment and approaches for assessing emergency situations. This publication describes the work of the Tritium Accidents Working Group
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
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...
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 ...
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.
Del Boca, Daniela; Flinn, Christopher; Wiswall, Matthew
In this paper we utilize a model of household investments in the cognitive development of children to explore the impact of various transfer policies on the distribution of child cognitive outcomes in target populations. We develop a cost criterion that can be used to compare the cost effectiveness of unrestricted, restricted, and conditional cash transfer systems, and ï¬nd that conditional cash transfers are the most cost efficient way to attain any given gain in average child quality in a t...
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…
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.
... 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,...
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.
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 ...
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 ...
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 ...
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...
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...
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
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 ...
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...
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...
Full Text Available Recently, heat and mass transfer simulation is more and more important in various engineering fields. In order to analyze how heat and mass transfer in a thermal environment, heat and mass transfer simulation is needed. However, it is too much time-consuming to obtain numerical solutions to heat and mass transfer equations. Therefore, in this paper, one of acceleration techniques developed in the graphics community that exploits a graphics processing unit (GPU is applied to the numerical solutions of heat and mass transfer equations. The nVidia Compute Unified Device Architecture (CUDA programming model provides a straightforward means of describing inherently parallel computations. This paper improves the performance of solving heat and mass transfer equations over capillary porous cylinder with the first boundary and initial conditions numerically running on GPU. Heat and mass transfer simulation using the novel CUDA platform on nVidia Quadro FX 4800 is implemented. Our experimental results clearly show that GPU can accurately perform heat and mass transfer simulation. GPU can significantly accelerate the performance with the maximum observed speedups 10 times. Therefore, the GPU is a good approach to accelerate the heat and mass transfer simulation.
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.
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.
This paper provides results of an empirical study, adressing both the question of the efficiency of the DAX-fFuture market concerning its risk transfer function and the question of price leadership. For determining the pricing relationship between the futures and the cash market, co-integration analysis and nonlinear least squares estimation methods are applied. Results indicate that the pricing relationship is closely related to the cost-of-carry model and co-integrated. It will be shown tha...