WorldWideScience

Sample records for agreement investment scale

  1. 10 CFR 603.1340 - Technology investment agreement.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Technology investment agreement. 603.1340 Section 603.1340 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in this Part § 603.1340 Technology investment agreement. A TIA is a special type of...

  2. Are stricter investment rules contagious? Host country competition for foreign direct investment through international agreements

    OpenAIRE

    Neumayer, Eric; Nunnenkamp, Peter; Roy, Martin

    2014-01-01

    We argue that the trend toward international investment agreements (IIAs) with stricter investment rules is driven by competitive diffusion, namely defensive moves of developing countries concerned about foreign direct investment (FDI) diversion in favor of competing host countries. Accounting for spatial dependence in the formation of bilateral investment treaties (BITs) and preferential trade agreements (PTAs) that contain investment provisions, we find that the increase in agreements with ...

  3. The multilateral Agreement on Investment: Implications and Policy Recommendations

    Directory of Open Access Journals (Sweden)

    Kwanho Kim

    1997-12-01

    Full Text Available Consultations that were kept under the discussions in the Organization for Economic Cooperation and Development (OECD are Multilateral Agreements on Investment (MAI and their aim was to be signed before April 1998. The significance of the agreement was to establish a transparent and predictable institutional environment for international investment. The agreement is about the nations participating to have the obligation to make sure that foreign investment and investors will to appreciate the national treatment (treated on the same basics with its citizens, and legally binding in the MAI system, the governmental protection for domestic enterprises will become difficult, and domestic enterprise which does not have international competitiveness will face the pressure of structural adjustment. But Korea should positively approach participation into MAI from the point of promoting the internationalization of Korean economies. Although the participation into MAI would also create new challenges of the Korean economy, but it also becomes an opportunity to promote the Korean economy for transferring to a more competitive economic structure.

  4. 32 CFR 37.110 - What type of instruments are technology investment agreements (TIAs)?

    Science.gov (United States)

    2010-07-01

    ... investment agreements (TIAs)? 37.110 Section 37.110 National Defense Department of Defense OFFICE OF THE... What type of instruments are technology investment agreements (TIAs)? TIAs are assistance instruments used to stimulate or support research. As discussed in appendix B to this part, a TIA may be either a...

  5. 25 CFR 1000.398 - May a Tribe/Consortium invest funds received under a self-governance agreement?

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 2 2010-04-01 2010-04-01 false May a Tribe/Consortium invest funds received under a self-governance agreement? 1000.398 Section 1000.398 Indians OFFICE OF THE ASSISTANT SECRETARY, INDIAN AFFAIRS... invest funds received under a self-governance agreement? Yes, self-governance funds may be invested if...

  6. 78 FR 23954 - U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice on the Probable Economic...

    Science.gov (United States)

    2013-04-23

    ... INTERNATIONAL TRADE COMMISSION [Investigation Nos. TA-131-037 and TA-2104-029] U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice on the Probable Economic Effect of Providing.... TA-131-037 and TA-2104-029, U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice...

  7. Protecting the autonomy of states to enact tobacco control measures under trade and investment agreements.

    Science.gov (United States)

    Mitchell, Andrew; Sheargold, Elizabeth

    2015-06-01

    Since the adoption of the WHO's WHO Framework Convention on Tobacco Control, governments have been pursuing progressively stronger and more wide-reaching tobacco control measures. In response, tobacco companies are frequently using international trade and investment agreements as tools to challenge domestic tobacco control measures. Several significant new trade and investment agreements that some fear may provide new legal avenues to the tobacco industry to challenge health measures are currently under negotiation, including the Trans-Pacific Partnership (a 12 party agreement of Asia-Pacific regional countries) and the Transatlantic Trade and Investment Partnership (an agreement between the USA and the European Union). This commentary examines different options for treaty provisions that the parties could employ in these agreements to minimise legal risks relating to tobacco control measures. It recommends that parties take a comprehensive approach, combining provisions that minimise the potential costs of litigation with provisions that increase the likelihood of a state successfully defending tobacco control measures in such litigation. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

  8. The health impact of trade and investment agreements: a quantitative systematic review and network co-citation analysis.

    Science.gov (United States)

    Barlow, Pepita; McKee, Martin; Basu, Sanjay; Stuckler, David

    2017-03-08

    Regional trade agreements are major international policy instruments that shape macro-economic and political systems. There is widespread debate as to whether and how these agreements pose risks to public health. Here we perform a comprehensive systematic review of quantitative studies of the health impact of trade and investment agreements. We identified studies from searches in PubMed, Web of Science, EMBASE, and Global Health Online. Research articles were eligible for inclusion if they were quantitative studies of the health impacts of trade and investment agreements or policy. We systematically reviewed study findings, evaluated quality using the Quality Assessment Tool from the Effective Public Health Practice Project, and performed network citation analysis to study disciplinary siloes. Seventeen quantitative studies met our inclusion criteria. There was consistent evidence that implementing trade agreements was associated with increased consumption of processed foods and sugar-sweetened beverages. Granting import licenses for patented drugs was associated with increased access to pharmaceuticals. Implementing trade agreements and associated policies was also correlated with higher cardiovascular disease incidence and higher Body Mass Index (BMI), whilst correlations with tobacco consumption, under-five mortality, maternal mortality, and life expectancy were inconclusive. Overall, the quality of studies is weak or moderately weak, and co-citation analysis revealed a relative isolation of public health from economics. We identified limitations in existing studies which preclude definitive conclusions of the health impacts of regional trade and investment agreements. Few address unobserved confounding, and many possible consequences and mechanisms linking trade and investment agreements to health remain poorly understood. Results from our co-citation analysis suggest scope for greater interdisciplinary collaboration. Notwithstanding these limitations, our

  9. Protecting policy space for public health nutrition in an era of international investment agreements.

    Science.gov (United States)

    Thow, Anne Marie; McGrady, Benn

    2014-02-01

    Philip Morris has recently brought claims against Australia (2011) and Uruguay (2010) under international investment agreements (IIAs). The claims allege that Philip Morris is entitled to compensation following the introduction of innovative tobacco packaging regulations to reduce smoking and prevent noncommunicable diseases (NCDs). Since tobacco control measures are often viewed as a model for public health nutrition measures, the claims raise the question of how investment law governs the latter. This paper begins to answer this question and to explain how governments can proactively protect policy space for public health nutrition in an era of expanding IIAs. The authors first consider the main interventions proposed to reduce diet-related NCDs and their intersection with investment in the food supply chain. They then review the nature of investment regimes and relevant case law and examine ways to maximize policy space for public health nutrition intervention within this legal context. As foreign investment increases across the food-chain and more global recommendations discouraging the consumption of unhealthful products are issued, investment law will increase in importance as part of the legal architecture governing the food supply. The implications of investment law for public health nutrition measures depend on various factors: the measures themselves, the terms of the applicable agreements, the conditions surrounding the foreign investment and the policies governing agricultural support. This analysis suggests that governments should adopt proactive measures--e.g. the clarification of terms and reliance on exceptions--to manage investment and protect their regulatory autonomy with respect to public health nutrition.

  10. Sharing R&D investments in international environmental agreements with asymmetric countries

    Science.gov (United States)

    Biancardi, Marta; Villani, Giovanni

    2018-05-01

    This paper studies the coalition formation and the stability of the International Environmental Agreements (IEAs) in a pollution abatement dynamic model. We point out two meaningful aspects of this topic. Firstly, we consider asymmetry among countries, dividing them into two types: developed countries with a considerable environmental awareness and developing ones that pay less attention to environmental preservation. In addition, the former have a high-technology industry that allows for a unit abatement cost lower than the latter, and that are characterized by a labour-intensive industrial structure. Secondly, we introduce a positive externality in the cooperation by considering the R&D investment as two costs, namely the research investment and the developing cost. We assume that countries can coordinate their R&D activities by sharing their fixed research investments in order to avoid duplication of green activities. Moreover, by collaborating developing efforts, cooperators benefit from a reduction of a unit abatement cost higher than defectors. On the other hand, although non-cooperators completely support R&D investments for clean technologies, they realize lower abatements and benefits of a spillover effect due to development investments realized by cooperators. These two aspects could encourage the formation of stable coalitions.

  11. Policy space for health and trade and investment agreements.

    Science.gov (United States)

    Koivusalo, Meri

    2014-06-01

    New trade agreements affect how governments can regulate for health both within health systems and in addressing health protection, promotion and social determinants of health in other policies. It is essential that those responsible for health understand the impacts of these trade negotiations and agreements on policy space for health at a national and local level. While we know more about implications from negotiations concerning intellectual property rights and trade in goods, this paper provides a screening checklist for less-discussed areas of domestic regulation, services, investment and government procurement. As implications are likely to differ on the basis of the organization and structures of national health systems and policy priorities, the emphasis is on finding out key provisions as well as on how exemptions and exclusions can be used to ensure policy space for health. © The Author 2014. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

  12. Services and investment in the EU-South Korea free-trade area: implications of a new approach for GATS V agreements and for bilateral investment treaties

    NARCIS (Netherlands)

    Mathis, J.; Laurenza, E.

    2012-01-01

    This paper focuses on the services and investment features of the recently concluded free trade agreement between the European Union and its Member States, of the one part, and the Republic of Korea, of the other part. This agreement is an early example of a new scheduling approach adopted by the

  13. Large Scale Investments in Infrastructure : Competing Policy regimes to Control Connections

    NARCIS (Netherlands)

    Otsuki, K.; Read, M.L.; Zoomers, E.B.

    2016-01-01

    This paper proposes to analyse implications of large-scale investments in physical infrastructure for social and environmental justice. While case studies on the global land rush and climate change have advanced our understanding of how large-scale investments in land, forests and water affect

  14. Multilateral negotiations in foreign investment

    Directory of Open Access Journals (Sweden)

    David Orlando Ruiz Castro

    2016-04-01

    Full Text Available Direct foreign investment is one of the most important economic variables in the world. Aspects related to international investment agreements are reaching an outstanding place in economic international diplomacy. Nowadays, in the multilateral level there is not an agreement regarding investment and therefore this study is focused on this particular type of agreement. In order to reach this objective this study shows, first of all, how different attempts have been developed to get a multicultural a agreement regarding investment, and to refuse the general opinion that says that exponential growth of foreign investment flows in recent years has given impulse to launch a multilateral investment agreement. Secondly, this study discusses about regulations related to foreign investment under current WTO regulations, such as investment, measure agreements, and service agreement. Then, it analyzes what has happened inside the WTO from the creation of the investment team at the Singapore Conference to the failed Conference in Cancun. Finally, it analyzes the main arguments against the multilateral agreement and the effects of future possible multilateral negotiations in investment and it ends with some recommendations and conclusions.

  15. Scale determinants of fiscal investment in geological exploration: evidence from China.

    Science.gov (United States)

    Lu, Linna; Lei, Yalin

    2013-01-01

    With the continued growth in demand for mineral resources and China's efforts in increasing investment in geological prospecting, fiscal investment in geological exploration becomes a research hotspot. This paper examines the yearly relationship among fiscal investment in geological exploration of the current term, that of the last term and prices of mining rights over the period 1999-2009. Hines and Catephores' investment acceleration model is applied to describe the scale determinants of fiscal investment in geological exploration which are value-added of mining rights, value of mining rights and fiscal investment in the last term. The results indicate that when value-added of mining rights, value of mining rights or fiscal investment in the last term moves at 1 unit, fiscal investment in the current term will move 0.381, 1.094 or 0.907 units respectively. In order to determine the scale of fiscal investment in geological exploration for the current year, the Chinese government should take fiscal investment in geological exploration for the last year and the capital stock of the previous investments into account. In practice, combination of government fiscal investment in geological exploration with its performance evaluation can create a virtuous circle of capital management mechanism.

  16. Prospects for investment in large-scale, grid-connected solar power in Africa

    DEFF Research Database (Denmark)

    Hansen, Ulrich Elmer; Nygaard, Ivan; Pedersen, Mathilde Brix

    since the 1990s have changed the competiveness of solar PV in all markets, ranging from individual households via institutions to mini-grids and grid-connected installations. In volume and investment, the market for large-scale grid-connected solar power plants is by far the most important......-scale investments in grid-connected solar power plants and local assembly facilities for PV panels, have exceeded even optimistic scenarios. Finally, therefore, there seem to be bright prospects for investment in large-scale grid-connected solar power in Africa....

  17. Implications of the Transatlantic Trade and Investment Partnership (TTIP for Investment Flows Between the European Union and the USA

    Directory of Open Access Journals (Sweden)

    Witkowska Janina

    2017-09-01

    Full Text Available The Transatlantic Trade and Investment Partnership (TTIP is a controversial subject, but at the same time it is perceived to be the most comprehensive international agreement on free trade and investment protection. Among the topics that evoke criticism on the part of different social groups is the investor‑state dispute‑settlement (ISDS, as well as its legal consequences for the EU Member states. A less discussed issue is the potential implications of the agreement on the state of economic co‑operation between the European Union and the USA in the field of investment flows, with special reference to foreign direct investment (FDI. The aim of this paper is to present the discussion related to the ISDS and examine some of the economic, political and legal implications of TTIP provisions for FDI flows between the EU and the USA. The proposals of the European Commission to change the investment protection system might be treated as an attempt to make the system of arbitrage more transparent and convincing to societies, and safer for states. The effects of the TTIP agreement for FDI between both partners might be dependent on the scale of trade creation and diversion effects, and the mirror effects of investment creation and diversion under a free trade area.

  18. International Standards: Past Free Trade Agreements and the Prospects in the Transatlantic Trade and Investment Partnership

    Directory of Open Access Journals (Sweden)

    Eliasson Leif Johan

    2015-02-01

    Full Text Available The Transatlantic Trade and Investment Partnership represents a strategic vision of transatlantic relations, including job creation, global leadership, and establishing high international standards. This paper discusses how three recent bi-lateral and regional agreements, along with positions adopted in transatlantic negotiations, convey respective side's acceptable parameters, and how international standards are emerging from and disseminated through agreements involving the European Union and the United States

  19. The effects of R&D investments in international environmental agreements with asymmetric countries

    International Nuclear Information System (INIS)

    Biancardi, Marta; Villani, Giovanni

    2015-01-01

    The paper examines the stability of international environmental agreements (IEAs) in a dynamic context where abatement levels are associated with the stock pollutant evolution. We underline two meaningful aspects of this matter. Firstly, we consider asymmetry among countries, dividing them in two types: developed countries that have a considerable environmental awareness and developing ones that pay a less attention to environmental preservation. Secondly, we introduce a positive externality in the cooperation where countries coordinate their R&D activities sharing the investments in order to avoid duplication of green activities. Otherwise, the non-cooperators support completely their R&D investments for clean technologies. These two aspects encourage the formation of stable coalitions till to determine conditions for which also the grand coalition is stable.

  20. "Trade creep" and implications of the Transatlantic Trade and Investment Partnership Agreement for the United Kingdom National Health Service.

    Science.gov (United States)

    Koivusalo, Meri; Tritter, Jonathan

    2014-01-01

    The ambitious and comprehensive Transatlantic Trade and Investment Partnership Agreement (TTIP/TAFTA) agreement between the European Union and United States is now being negotiated and may have far-reaching consequences for health services. The agreement extends to government procurement, investment, and further regulatory cooperation. In this article, we focus on the United Kingdom National Health Service and how these negotiations can limit policy space to change policies and to regulate in relation to health services, pharmaceuticals, medical devices, and health industries. The negotiation of TTIP/TAFTA has the potential to "harmonize" more corporate-friendly regulation, resulting in higher costs and loss of policy space, an example of "trade creep" that potentially compromises health equity, public health, and safety concerns across the Atlantic.

  1. Will the next generation of preferential trade and investment agreements undermine prevention of noncommunicable diseases? A prospective policy analysis of the Trans Pacific Partnership Agreement.

    Science.gov (United States)

    Thow, Anne Marie; Snowdon, Wendy; Labonté, Ronald; Gleeson, Deborah; Stuckler, David; Hattersley, Libby; Schram, Ashley; Kay, Adrian; Friel, Sharon

    2015-01-01

    The Trans Pacific Partnership Agreement (TPPA) is one of a new generation of 'deep' preferential trade and investment agreements that will extend many of the provisions seen in previous agreements. This paper presents a prospective policy analysis of the likely text of the TPPA, with reference to nutrition policy space. Specifically, we analyse how the TPPA may constrain governments' policy space to implement the 'policy options for promoting a healthy diet' in the World Health Organization's Global Action Plan for Prevention and Control of Noncommunicable Diseases (NCDs) 2013-2020. This policy analysis suggests that if certain binding commitments are made under the TPPA, they could constrain the ability of governments to protect nutrition policy from the influence of vested interests, reduce the range of interventions available to actively discourage consumption of less healthy food (and to promote healthy food) and limit governments' capacity to implement these interventions, and reduce resources available for nutrition education initiatives. There is scope to protect policy space by including specific exclusions and/or exceptions during negotiation of trade and investment agreements like the TPPA, and by strengthening global health frameworks for nutrition to enable them to be used as reference during disputes in trade fora. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  2. Legitimacy in global governance of sovereign default: the role of international investment agreements

    OpenAIRE

    Brahms, Lisa

    2013-01-01

    This paper analyzes the legitimacy of investor-state arbitration under international investment agreements in sovereign debt restructuring. The paper presents mechanisms governing sovereign default generally, namely collective action clauses and informal negotiation in the London and Paris clubs and then discusses how sovereign debt restructuring is governed by IIAs, looking at how the clauses affect restructuring. Taking the conception of legitimacy in global governance by Buchanan and Keoha...

  3. Fostering sustainable small-scale investments: lessons from experience and ideas for intervention and innovation

    International Nuclear Information System (INIS)

    Lucia, R.J. de

    2000-01-01

    This article presents lessons from experience pertinent to implementing small-scale natural resource and related investment projects in developing countries. It outlines ideas for intervention and innovation to foster such investments. Particular emphasis is placed on private-sector participation in these investments. Following a brief presentation of the economic development and other arguments that support intervention and innovation in support of such small-scale natural resource investments, the article discusses many of the lessons learned from experience. These lessons reinforce those touched upon in the investment-specific discussions in the previous articles. The experience and associated lessons that are examined include experiences in both developing and developed countries and encompass nor just lessons from natural resource investments, but also small-scale investments in other sectors. Financing and other innovations which facilitate meeting the challenges are drawn from relevant experience where barriers to investment have been surmounted. Options for programme and project interventions to increase market penetration of small-scale investments and achieve the associated development linkages and synergies are suggested. These suggestions are aimed especially at governments and bilateral and multilateral development finance and development assistance entities. It is those players who might support such interventions in collaboration with local financial institutions and other market players. (author)

  4. Scaling up Evidence-Based Practices: Strategies from Investing in Innovation (i3)

    Science.gov (United States)

    DeWire, Tom; McKithen, Clarissa; Carey, Rebecca

    2017-01-01

    What can the Investing in Innovation (i3) grantees tell us about scaling innovative educational practices? The newly released white paper "Scaling Up Evidence-Based Practices: Strategies from Investing in Innovation (i3)" captures the experiences of nine grantees whose projects collectively have reached over 1.2 million students across…

  5. 77 FR 25469 - Applications for New Awards; Investing in Innovation Fund, Scale-Up Grants

    Science.gov (United States)

    2012-04-30

    ... DEPARTMENT OF EDUCATION Applications for New Awards; Investing in Innovation Fund, Scale- Up Grants Catalog of Federal Domestic Assistance (CFDA) Number: 84.411A (Scale-up grants). AGENCY: Office of... fiscal year 2012 for the Investing in Innovation (i3) Scale-up grant competition (March 27 i3 Scale-up...

  6. LARGE-SCALE COMMERCIAL INVESTMENTS IN LAND: SEEKING ...

    African Journals Online (AJOL)

    extent of large-scale investment in land or to assess its impact on the people in recipient countries. .... favorable lease terms, apparently based on a belief that this is necessary to .... Harm to the rights of local occupiers of land can result from a dearth. 24. ..... applies to a self-identified group based on the group's traditions.

  7. Review of social issues for large-scale land investment in Zambia

    OpenAIRE

    Henley, Giles

    2017-01-01

    Given unsuccessful experiences to date in establishing large-scale investments for biofuels in Zambia, this paper explores the social constraints that may hinder future efforts to use the same models. The author reviews the legal framework that has guided the establishment of most agricultural investments to date (including investment in biofuels), and analyses some of the issues and social repercussions associated with them, through a review of existing case studies. He also explores through...

  8. International investment agreements and public health: neutralizing a threat through treaty drafting.

    Science.gov (United States)

    Mercurio, Bryan

    2014-07-01

    The high profile investment claims filed by Philip Morris challenging Uruguayan and Australian measures that restrict advertising and logos on tobacco packaging awakened the public health community to the existence and potential detrimental impact of international investment agreements (IIAs). More recently, Eli Lilly challenged Canada's invalidation of a pharmaceutical patent under an IIA. All of the cases claim that the intellectual property rights of the investor were infringed. As a result of these cases, many commentators and activists view IIAs as a threat to public health and have lobbied against their inclusion in ongoing trade negotiations. This article does not argue against IIAs. Instead, it seeks to demonstrate how more sophisticated treaty drafting can neutralize the threat to public health. In this regard, the article seeks to engage members of the public health community as campaigners not against IIAs but as advocates of better treaty drafting to ensure that IIAs do not infringe upon the right of a nation to take non-discriminatory measures for the promotion and protection of the health of their populations.

  9. A conceptual framework for investigating the impacts of international trade and investment agreements on noncommunicable disease risk factors.

    Science.gov (United States)

    Schram, Ashley; Ruckert, Arne; VanDuzer, J Anthony; Friel, Sharon; Gleeson, Deborah; Thow, Anne-Marie; Stuckler, David; Labonte, Ronald

    2018-01-01

    We developed a conceptual framework exploring pathways between trade and investment and noncommunicable disease (NCD) outcomes. Despite increased knowledge of the relevance of social and structural determinants of health, the discourse on NCD prevention has been dominated by individualizing paradigms targeted at lifestyle interventions. We situate individual risk factors, alongside key social determinants of health, as being conditioned and constrained by trade and investment policy, with the aim of creating a more comprehensive approach to investigations of the health impacts of trade and investment agreements, and to encourage upstream approaches to combating rising rates of NCDs. To develop the framework we employed causal chain analysis, a technique which sequences the immediate causes, underlying causes, and root causes of an outcome; and realist review, a type of literature review focussed on explaining the underlying mechanisms connecting two events. The results explore how facilitating trade in goods can increase flows of affordable unhealthy imports; while potentially altering revenues for public service provision and reshaping domestic economies and labour markets-both of which distribute and redistribute resources for healthy lifestyles. The facilitation of cross-border trade in services and investment can drive foreign investment in unhealthy commodities, which in turn, influences consumption of these products; while altering accessibility to pharmaceuticals that may mediate NCDs outcomes that result from increased consumption. Furthermore, trade and investment provisions that influence the policy-making process, set international standards, and restrict policy-space, may alter a state's propensity for regulating unhealthy commodities and the efficacy of those regulations. It is the hope that the development of this conceptual framework will encourage capacity and inclination among a greater number of researchers to investigate a more comprehensive

  10. Including investment risk in large-scale power market models

    DEFF Research Database (Denmark)

    Lemming, Jørgen Kjærgaard; Meibom, P.

    2003-01-01

    Long-term energy market models can be used to examine investments in production technologies, however, with market liberalisation it is crucial that such models include investment risks and investor behaviour. This paper analyses how the effect of investment risk on production technology selection...... can be included in large-scale partial equilibrium models of the power market. The analyses are divided into a part about risk measures appropriate for power market investors and a more technical part about the combination of a risk-adjustment model and a partial-equilibrium model. To illustrate...... the analyses quantitatively, a framework based on an iterative interaction between the equilibrium model and a separate risk-adjustment module was constructed. To illustrate the features of the proposed modelling approach we examined how uncertainty in demand and variable costs affects the optimal choice...

  11. How to deal with negative power price spikes?-Flexible voluntary curtailment agreements for large-scale integration of wind

    International Nuclear Information System (INIS)

    Brandstaett, Christine; Brunekreeft, Gert; Jahnke, Katy

    2011-01-01

    For the large-scale integration of electricity from renewable energy sources (RES-E), the German system seems to reach its limits. In 2009, the electricity wholesale market experienced serious negative prices at times of high wind and low demand. The feed-in system in Germany consists of a fixed feed-in price, a take-off obligation and a RES priority rule, and in practice only very restrictive use of RES-E curtailment. Exactly the latter is the problem. We argue that the overall performance of the system would improve seriously by lifting the restrictions on the use of voluntary curtailment agreements, while retaining the priority rule as such. Since generators of RES-E can only improve under this system reform, investment conditions improve, leading to higher installed RES-E capacity. This in turn implies that reduced wind output due to curtailment can actually be offset by higher wind output in all periods in which there is no problem. - Highlights: → We examine the large-scale integration of electricity from renewable sources (RES-E) into the German energy market. → Seriously negative prices at the wholesale market suggest that market design could be improved. → We argue that allowing flexible use of voluntary curtailment agreements (VCA), while keeping the priority feed-in rule, would increase the total system's efficiency. → Improved investment conditions due to flexible use of VCAs leading to higher installed RES-E capacity could offset the reduced wind output and would not impede climate policy goals.

  12. Inter-rater agreement on PIVC-associated phlebitis signs, symptoms and scales.

    Science.gov (United States)

    Marsh, Nicole; Mihala, Gabor; Ray-Barruel, Gillian; Webster, Joan; Wallis, Marianne C; Rickard, Claire M

    2015-10-01

    Many peripheral intravenous catheter (PIVC) infusion phlebitis scales and definitions are used internationally, although no existing scale has demonstrated comprehensive reliability and validity. We examined inter-rater agreement between registered nurses on signs, symptoms and scales commonly used in phlebitis assessment. Seven PIVC-associated phlebitis signs/symptoms (pain, tenderness, swelling, erythema, palpable venous cord, purulent discharge and warmth) were observed daily by two raters (a research nurse and registered nurse). These data were modelled into phlebitis scores using 10 different tools. Proportions of agreement (e.g. positive, negative), observed and expected agreements, Cohen's kappa, the maximum achievable kappa, prevalence- and bias-adjusted kappa were calculated. Two hundred ten patients were recruited across three hospitals, with 247 sets of paired observations undertaken. The second rater was blinded to the first's findings. The Catney and Rittenberg scales were the most sensitive (phlebitis in >20% of observations), whereas the Curran, Lanbeck and Rickard scales were the most restrictive (≤2% phlebitis). Only tenderness and the Catney (one of pain, tenderness, erythema or palpable cord) and Rittenberg scales (one of erythema, swelling, tenderness or pain) had acceptable (more than two-thirds, 66.7%) levels of inter-rater agreement. Inter-rater agreement for phlebitis assessment signs/symptoms and scales is low. This likely contributes to the high degree of variability in phlebitis rates in literature. We recommend further research into assessment of infrequent signs/symptoms and the Catney or Rittenberg scales. New approaches to evaluating vein irritation that are valid, reliable and based on their ability to predict complications need exploration. © 2015 John Wiley & Sons, Ltd.

  13. Does Investment Treaty Affect the Improvement on FDI?

    OpenAIRE

    Eunsook Seo

    2008-01-01

    The paper analyzes how investment treaty affects investment creation. Analysis results show that investment treaty could not directly affect the increase in investment with the form of investment agreement contradicting and the opening of investment treaty countries have increased a great deal of investment. Contracting the investment agreement means to ultimately improve the investment environment such as policy transparency, simplification of administration, and the simplification or the cl...

  14. Scaling-up treatment of depression and anxiety: a global return on investment analysis.

    Science.gov (United States)

    Chisholm, Dan; Sweeny, Kim; Sheehan, Peter; Rasmussen, Bruce; Smit, Filip; Cuijpers, Pim; Saxena, Shekhar

    2016-05-01

    Depression and anxiety disorders are highly prevalent and disabling disorders, which result not only in an enormous amount of human misery and lost health, but also lost economic output. Here we propose a global investment case for a scaled-up response to the public health and economic burden of depression and anxiety disorders. In this global return on investment analysis, we used the mental health module of the OneHealth tool to calculate treatment costs and health outcomes in 36 countries between 2016 and 2030. We assumed a linear increase in treatment coverage. We factored in a modest improvement of 5% in both the ability to work and productivity at work as a result of treatment, subsequently mapped to the prevailing rates of labour participation and gross domestic product (GDP) per worker in each country. The net present value of investment needed over the period 2016-30 to substantially scale up effective treatment coverage for depression and anxiety disorders is estimated to be US$147 billion. The expected returns to this investment are also substantial. In terms of health impact, scaled-up treatment leads to 43 million extra years of healthy life over the scale-up period. Placing an economic value on these healthy life-years produces a net present value of $310 billion. As well as these intrinsic benefits associated with improved health, scaled-up treatment of common mental disorders also leads to large economic productivity gains (a net present value of $230 billion for scaled-up depression treatment and $169 billion for anxiety disorders). Across country income groups, resulting benefit to cost ratios amount to 2·3-3·0 to 1 when economic benefits only are considered, and 3·3-5·7 to 1 when the value of health returns is also included. Return on investment analysis of the kind reported here can contribute strongly to a balanced investment case for enhanced action to address the large and growing burden of common mental disorders worldwide. Grand

  15. Evaluation on Optimal Scale of Rural Fixed-asset Investment-Based on Microcosmic Perspective of Farmers’ Income Increase

    Institute of Scientific and Technical Information of China (English)

    Jinqian; DENG; Kangkang; SHAN; Yan; ZHANG

    2014-01-01

    The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers’ operational,wages and property income,but it also has an optimal scale range for farmers’ income increase. From the perspective of farmers’ income increase,this article evaluates the optimal scale of rural fixed-asset investment by setting up model with statistic data,and the results show that the optimal scale of per capita rural fixed-asset investment is 76. 35% of per capita net income of rural residents,which has been reached in China in 2009. Therefore,compared with the adding of rural fixed-asset investment,a better income increase effect can be achieved through the adjustment of rural fixed-asset investment structure.

  16. Investing without credible inter-period regulations. A bargaining approach with application to investments in natural resources

    International Nuclear Information System (INIS)

    Nordal, Kjell Bjoern

    2002-01-01

    A government's lack of credibility when promising future taxation and regulation of foreign direct investment is often regarded as an obstacle to foreign investment. As shown in this paper, the total lack of inter-period credibility may not necessarily prevent investments from taking place. Both the government and the investor can benefit from negotiating a series of short-lived agreements in which the investor obtains a share of the revenue generated from previous investments against the undertaking of making new investments. This assumes that intra-period agreements are respected by the parties

  17. Fractal Markets Hypothesis and the Global Financial Crisis: Scaling, Investment Horizons and Liquidity

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav

    2012-01-01

    Roč. 15, č. 6 (2012), 1250065-1-1250065-13 ISSN 0219-5259 R&D Projects: GA ČR GA402/09/0965 Grant - others:GA UK(CZ) 118310; SVV(CZ) 265 504 Institutional support: RVO:67985556 Keywords : fractal markets hypothesis * scaling * fractality * investment horizons * efficient markets hypothesis Subject RIV: AH - Economics Impact factor: 0.647, year: 2012 http://library.utia.cas.cz/separaty/2012/E/kristoufek-fractal markets hypothesis and the global financial crisis scaling investment horizons and liquidity.pdf

  18. 24 CFR 954.500 - Repayment of investment.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Repayment of investment. 954.500... DEVELOPMENT INDIAN HOME PROGRAM Program Administration § 954.500 Repayment of investment. (a) HOME funds will be made available pursuant to a HOME Investment Partnership Agreement. The agreement ensures that...

  19. Relationship Power, Sociodemographics, and Their Relative Influence on Sexual Agreements Among Gay Male Couples.

    Science.gov (United States)

    Perry, Nicholas S; Huebner, David M; Baucom, Brian R; Hoff, Colleen C

    2016-06-01

    Men who have sex with men (MSM) in primary relationships engage in condomless sex both within and outside their relationships and a majority of HIV transmission risk may actually occur within primary relationships. Sexual agreements regarding non-monogamy are a critical component to understanding HIV prevention in male couples. Relationship factors have been associated with how sexual agreements function and power is one dyadic construct likely to affect couple's maintenance of non-monogamy agreements. Multilevel modeling was used in a cross-sectional study of gay male couples (N = 566 couples) to examine associations between partners' demographic characteristics traditionally used to define relationship power, a scale of decision-making power, and outcomes related to sexual agreements, including investment, agreement breaks, and break disclosure. Results indicated that decision-making power relative to one's partner was not associated with any agreement outcome, contrary to hypotheses. However, controlling for decision-making power, demographic bases of power were variably associated with sexual agreements' functioning. Younger partners were less invested in and more frequently broke their agreements. Lower-earning partners broke their agreements more frequently, but also disclosed breaks more often. White men in white-minority relationships broke their agreement more often than their partners. Concordant HIV-positive couples were less invested in their agreements and HIV-positive men disclosed breaks more frequently. HIV prevention efforts for same-sex couples must attend to the social, developmental, and cultural influences that affect their agreements around non-monogamy.

  20. Scaling up Corporate Social Investments in Education: Five Strategies That Work. Global Views. Policy Paper 2012-01

    Science.gov (United States)

    van Fleet, Justin W.

    2012-01-01

    Scaling up good corporate social investment practices in developing countries is crucial to realizing the "Education for All" and "Millennium Development Goals". Yet very few corporate social investments have the right mix of vision, financing, cross-sector engagement and leadership to come to scale. Globally, 67 million…

  1. 12 CFR 615.5208 - Allotment of allocated investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Allotment of allocated investments. 615.5208... allocated investments. (a) The following conditions apply to agreements that a Farm Credit Bank or... investments held by those associations with which there is no agreement (nonagreeing associations), and does...

  2. Human Rights Promotion through Transnational Investment Regimes: An International Political Economy Approach

    Directory of Open Access Journals (Sweden)

    Claire Cutler

    2013-05-01

    Full Text Available International investment agreements are foundational instruments in a transnational investment regime that governs how states regulate the foreign-owned assets and the foreign investment activities of private actors. Over 3,000 investment agreements between states govern key governmental powers and form the basis for an emerging transnational investment regime. This transnational regime significantly decentralizes, denationalizes, and privatizes decision-making and policy choices over foreign investment. Investment agreements set limits to state action in a number of areas of vital public concern, including the protection of human and labour rights, the environment, and sustainable development. They determine the distribution of power between foreign investors and host states and their societies. However, the societies in which they operate seldom have any input into the terms or operation of these agreements, raising crucial questions of their democratic legitimacy as mechanisms of governance. This paper draws on political science and law to explore the political economy of international investment agreements and asks whether these agreements are potential vehicles for promoting international human rights. The analysis provides an historical account of the investment regime, while a review of the political economy of international investment agreements identifies what appears to be a paradox at the core of their operation. It then examines contract theory for insight into this apparent paradox and considers whether investment agreements are suitable mechanisms for advancing international human rights.

  3. Barriers to investment in emerging power markets

    Energy Technology Data Exchange (ETDEWEB)

    Beardsworth, Jr, J J [Hunton and Williams, Richmond, VA (United States)

    1994-12-31

    Investing in private power projects in developing countries is a very different issue from investment in the US or the UK. There are many investment barriers not present in developed nations. Firstly investment barriers need to be identified. Trouble may be encountered with legal authorization; the regulatory framework; government guarantees; fuel supply security; lender protection; labour laws and local commercial restrictions such as profits repatriation, currency convertibility, and taxes. Political barriers may also be encountered in the form of: government commitments and support; funding sources; political unrest; religion; and relationships with other countries. Investment barriers may be minimised by persuading the government to remove any legal barriers; the contract has then to be agreed. Factors in a successful contract include: power purchase agreements; fuel agreements; and implementation agreements. It is vital to have a source of information on local rules and customs, by working with local companies and employing local attorneys.

  4. For the acknowledgement of a social value of carbon in the Climate agreement

    International Nuclear Information System (INIS)

    Finon, Dominique

    2015-01-01

    After having outlined that it might be difficult to define a unique price for carbon emissions, the author states that acknowledging a reference price in the Climate agreement would help to guide investment decisions and new financing modes. He proposes that the agreement could include the following article: 'The social and economic value of mitigation actions and their co-benefits to adaptation, health and sustainable development should be recognized and formalized as such. It will help to orient the investment of firms towards low carbon options, to mobilize public funding and to develop financial vehicles to allow scaling up of private investments to support development of low carbon projects and countries' transitions to low-carbon economies. This reference of carbon value will be established by consensus between parties: it should be referred to abatement action costs to reach a global emissions cap as well as the co-benefits of the actions. It will be regularly revised.' The author then discusses how to fill the gap between private and social value of low carbon investments, and how to determine this reference value. He outlines the benefit of a reference value of carbon with respect to a constraining price to reach a credible agreement

  5. Combining agreement and frequency rating scales to optimize psychometrics in measuring behavioral health functioning.

    Science.gov (United States)

    Marfeo, Elizabeth E; Ni, Pengsheng; Chan, Leighton; Rasch, Elizabeth K; Jette, Alan M

    2014-07-01

    The goal of this article was to investigate optimal functioning of using frequency vs. agreement rating scales in two subdomains of the newly developed Work Disability Functional Assessment Battery: the Mood & Emotions and Behavioral Control scales. A psychometric study comparing rating scale performance embedded in a cross-sectional survey used for developing a new instrument to measure behavioral health functioning among adults applying for disability benefits in the United States was performed. Within the sample of 1,017 respondents, the range of response category endorsement was similar for both frequency and agreement item types for both scales. There were fewer missing values in the frequency items than the agreement items. Both frequency and agreement items showed acceptable reliability. The frequency items demonstrated optimal effectiveness around the mean ± 1-2 standard deviation score range; the agreement items performed better at the extreme score ranges. Findings suggest an optimal response format requires a mix of both agreement-based and frequency-based items. Frequency items perform better in the normal range of responses, capturing specific behaviors, reactions, or situations that may elicit a specific response. Agreement items do better for those whose scores are more extreme and capture subjective content related to general attitudes, behaviors, or feelings of work-related behavioral health functioning. Copyright © 2014 Elsevier Inc. All rights reserved.

  6. FACTORS INFLUENCING DECISIONS FOR USING OUTSIDE FUNDS FOR FARM INVESTMENTS AND PROPRIETOR WITHDRAWALS BY SMALL-SCALE FARMERS IN ABIA STATE, NIGERIA

    Directory of Open Access Journals (Sweden)

    Chriso O. EMEROLE

    2013-08-01

    Full Text Available This study on factors influencing decisions for using outside funds for Farm investments and for proprietor withdrawals was carried out among rural small-scale farm households in Abia state, Nigeria. A cross-sectional survey of ninety (90 rural farm households of multi-type (varied enterprises was carried out using cluster random sampling technique in three communities, each chosen from one of the three agricultural zones of the state. Results indicated rural household level variables that positively influenced decisions to source farm investment fund to include level of education, gender, membership of cooperative society, interest charge, land acquisition method, and ease of getting loan. Other factors that negatively influenced decisions include farming as major occupation, household savings, household size, and distance of farmers’ home to source of credit. Proprietor withdrawal decisions were positively influenced by household level variables like taking farming as major occupation, payment of school fees for children of farmers, and amount of credit so far repaid by a farm household. Other factors namely household size, being member of cooperative society or savings group, interest charges on loan, off-farm income, and household savings had negative influences on proprietor withdrawal decisions. We recommended that small-scale farmers should not borrow their start-up capital from outside their households but as their farm businesses stabilize, they could decide to take loans from outside to cover their working capital and/or expand their farms and be prepared to repay such loans according to contractual agreements.

  7. 78 FR 32381 - Applications for New Awards, Investing in Innovation Fund, Scale-up and Validation Grants...

    Science.gov (United States)

    2013-05-30

    ... journals) or informal (e.g., newsletters) mechanisms, the results of any evaluations it conducts of its...., newsletters) mechanisms, the results of any evaluations it conducts of its funded activities. For Scale-up and... DEPARTMENT OF EDUCATION Applications for New Awards, Investing in Innovation Fund, Scale- up and...

  8. Evaluation on Optimal Scale of Rural Fixed-asset Investment – Based on Microcosmic Perspective of Farmers’ Income Increase

    OpenAIRE

    DENG, Jinqian; SHAN, Kangkang; ZHANG, Yan

    2014-01-01

    The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers’ operational, wages and property income, but it also has an optimal scale range for farmers’ income increase. From the perspective of farmers’ income increase, this article evaluates the optimal scale of rural fixed-asset investment by setting up model with statistic data, and the results show that the optimal scale of per capita rural fixed-asset investment is 76.35% of...

  9. The Role of International Investment Law in Renewable Energy Investment; focus on Build Operate and Transfer (BOT) Contracts

    OpenAIRE

    Adetiloye, Idowu Adejoke

    2014-01-01

    Renewable energy is one of the ways of reducing greenhouse gas emission. There is need for more investment in this sector. However, lack of stable regulatory framework and change in policy makes it unattractive to investors. International investment laws through its protections in investment agreement can help to mitigate risks considered by investors especially those with Build, Operate and Transfer (BOT) type of contracts.

  10. 77 FR 25152 - Applications for New Awards; Investing in Innovation Fund, Scale-Up Grants

    Science.gov (United States)

    2012-04-27

    ... DEPARTMENT OF EDUCATION Applications for New Awards; Investing in Innovation Fund, Scale- Up Grants Correction In notice document 2012-7362 appearing on pages 18216-18229 in the issue of Tuesday, March 27, 2012 make the following corrections: 1. On page 18225, in the second column, in the second...

  11. 5 CFR 1655.12 - Loan agreement.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Loan agreement. 1655.12 Section 1655.12 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD LOAN PROGRAM § 1655.12 Loan agreement. (a) Upon determining that a loan application meets the requirements of this part, the TSP record keeper...

  12. Efficient capacity investment and joint production agreements in an oligopolistic electricity market: The HidroAysen joint venture project

    International Nuclear Information System (INIS)

    Raineri, Ricardo; Contreras, Gonzalo

    2010-01-01

    We develop a model for a power market with the characteristics of the Chilean power supply industry, which is an integrated system with a system operator (SO) with a vast authority to define the dispatch of the system. We evaluate whether a large joint power generator project made up by the two largest power generators is an anti-competitive project. Considering four investment technologies for power generation, namely, hydro, coal, diesel, and an advantageous hydro technology which can only be built in a large scale (HidroAysen) for the joint venture case, we use an oligopolistic Cournot model and a Benevolent Social Planner, both calibrated to the Chilean power industry, in order to assess the efficiency of alternative investment strategies and conditions whether the HidroAysen joint venture project can be barred to be judged as anti-competitive. Results suggest that the joint venture is an efficient investment and there is a pro-competitive behaviour on the part of the two power generators, and that there are benefit to consumers, who should expect non-increasing energy prices as a result of the advantageous hydrotechnology.

  13. Capital investment requirements for greenhouse gas emissions mitigation in power generation on near term to century time scales and global to regional spatial scales

    International Nuclear Information System (INIS)

    Chaturvedi, Vaibhav; Clarke, Leon; Edmonds, James; Calvin, Katherine; Kyle, Page

    2014-01-01

    Our paper explores the implication of climate mitigation policy and electricity generation technology performance for capital investment demands by the electric power sector on near term to century time scales. We find that stabilizing GHG emissions will require additional investment in the electricity generation sector over and above investments that would be needed in the absence of climate policy, in the range of 15 to 29 trillion US$ (48–94%) depending on the stringency of climate policy during the period 2015 to 2095 under default technology assumptions. This increase reflects the higher capital intensity of power systems that control emissions as well as increased electrification of the global economy. Limits on the penetration of nuclear and carbon capture and storage technology could increase costs substantially. Energy efficiency improvements can reduce the investment requirement by 18 to 24 trillion US$ (compared to default technology climate policy assumptions), depending on climate policy scenario. We also highlight the implications of different technology evolution scenarios for different regions. Under default technology set, the heaviest investments across scenarios in power generation were observed in China, India, SE Asia and Africa regions with the latter three regions dominating in the second half of the 21st century. - Highlights: • We present electricity generation investment requirement under different scenarios. • A climate policy will lead to substantial increase in investment requirement. • Stringency of climate policy has significant implications for investments. • Technology evolution and performance alter investment requirements significantly. • China, India, Southeast Asia and Africa dominate as investment destinations

  14. Common–interest community agreements on private lands provide opportunity and scale for wildlife management

    Directory of Open Access Journals (Sweden)

    Powell, L. A.

    2012-01-01

    Full Text Available Private lands are critical to conservation planning for wildlife, worldwide. Agriculture subsidies, tax incentives, and conservation easements have been successfully used as tools to convert cropland to native vegetation. However, uncertain economies threaten the sustainability of these incentives. The wildlife management profession is in need of innovative models that support effective management of populations. I argue that biologists should consider the option of facilitating the development of private reserves to reduce the dependence of conservation on public investment. Private reserves can be enhanced by creating common–interest communities, which reduce the problem posed by limited size of individual properties. Cross–property agreements between landowners can provide economic incentives through forms of ecotourism, energy production, and/or enhanced agricultural production. I share two case studies that demonstrate how cross–property agreements may be beneficial to landowner’s finances and conservation of diverse wildlife communities, as well as providing an efficient structure for NGOs and management agencies to engage and support landowners.

  15. Analysis of international negotiations and trade agreements

    OpenAIRE

    Górriz Gonzalo, Verónica

    2014-01-01

    This study aims to analyze international trade agreements and negotiations. For that purpose, two agreements made by the United States are chosen to be analyzed. In the first place, the North America Free Trade Agreement (NAFTA) agreement, that was signed by the United States, Canada and Mexico in 1994 in order to create a free trade area. In addition, the Transatlantic Trade and Investment Partnership (TTIP) will be analyze, an agreement that is still being negotiated between the United Stat...

  16. International Investment Law and EU Law

    DEFF Research Database (Denmark)

    regional economic integration agreements, International Competition Law, International Investment Regulation, International Monetary Law, International Intellectual Property Protection and International Tax Law. In addition to the regular annual volumes, EYIEL Special Issues routinely address specific...... current topics in International Economic Law. The entry into force of the Lisbon Treaty entails sweeping changes with respect to foreign investment regulation. Most prominently, the Treaty on the Functioning of the European Union (TFEU) now contains in its Article 207 an explicit competence...... for the regulation of foreign direct investment as part of the Common Commercial Policy (CCP) chapter. With this new competence, the EU will become an important actor in the field of international investment politics and law. The new empowerment in the field of international investment law prompts a multitude...

  17. Water limited agriculture in Africa: Climate change sensitivity of large scale land investments

    Science.gov (United States)

    Rulli, M. C.; D'Odorico, P.; Chiarelli, D. D.; Davis, K. F.

    2015-12-01

    The past few decades have seen unprecedented changes in the global agricultural system with a dramatic increase in the rates of food production fueled by an escalating demand for food calories, as a result of demographic growth, dietary changes, and - more recently - new bioenergy policies. Food prices have become consistently higher and increasingly volatile with dramatic spikes in 2007-08 and 2010-11. The confluence of these factors has heightened demand for land and brought a wave of land investment to the developing world: some of the more affluent countries are trying to secure land rights in areas suitable for agriculture. According to some estimates, to date, roughly 38 million hectares have been acquired worldwide by large scale investors, 16 million of which in Africa. More than 85% of large scale land acquisitions in Africa are by foreign investors. Many land deals are motivated not only by the need for fertile land but for the water resources required for crop production. Despite some recent assessments of the water appropriation associated with large scale land investments, their impact on the water resources of the target countries under present conditions and climate change scenarios remains poorly understood. Here we investigate irrigation water requirements by various crops planted in the acquired land as an indicator of the pressure likely placed by land investors on ("blue") water resources of target regions in Africa and evaluate the sensitivity to climate changes scenarios.

  18. Chinese energy investments in Europe: An analysis of policy drivers and approaches

    International Nuclear Information System (INIS)

    Liedtke, Stephan

    2017-01-01

    Enhancing the understanding of China-EU energy relations, the article examines Chinese energy investments in Europe from 2008 to 2015 and analyzes the energy interests and policy approaches underpinning them. Analysis of this data shows that within the EU, 30 Chinese investments largely focused on the oil and gas sector, especially through the acquisition of company shares. Chinese energy investments in Europe reflect a clear political and commercial strategy that addresses the PRC's need to balance supply chain security of fossil fuels, environmentally friendlier energy production and use as well as to enhance the market position and energy-industrial capabilities of Chinese state-owned or state-supervised energy companies. Based on a comprehensive set of domestic incentives for international investment the Chinese penetration of the European energy sector is embedded within two levels of political cooperation. The first level revolves around bilateral investment agreements between China and 27 EU member states. On the second level, China and the EU have established a variety of formats that guide their energy cooperation. The conclusion of the proposed bilateral investment agreement between the PRC and the EU would create a uniform investment environment across the continent and facilitate mutual economic benefits for both parties. - Highlights: • A timeline of Chinese energy investments in Europe, 2008–2015, is presented. • Two tables dividing Chinese investments by sector and company type are presented. • Most Chinese investments concentrate on shares of Europe's fossil fuel sector. • Chinese investments rest on bilateral agreements with EU members. • Chinese investments in EU serve ‘internationalization’ of Chinese companies.

  19. 78 FR 23318 - Trust for Professional Managers and Aurora Investment Management L.L.C.; Notice of Application

    Science.gov (United States)

    2013-04-18

    ... subadvisory agreements (``Subadvisory Agreements'') with Chicago Fundamental Investment Partners, LLC, First... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30460; 812-14113] Trust for Professional Managers and Aurora Investment Management L.L.C.; Notice of Application April 12, 2013. AGENCY...

  20. Client/consultant model services agreement

    CERN Document Server

    International Federation of Consulting Engineers

    2006-01-01

    The terms of the Client Consultant Model Services agreement (The White Book) have been prepared by the Fédération Internationale des Ingénieurs-Conseils (FIDIC) and are recommended for general use for the purposes of pre-investment and feasibility studies, designs and administration of construction and project management, where proposals for such services are invited on an international basis. They are equally adaptable for domestic agreements. - See more at: http://fidic.org/books/clientconsultant-model-services-agreement-4th-ed-2006-white-book#sthash.3Uxy5qT3.dpuf

  1. Option Strike Price and Managerial Investment Decisions

    Institute of Scientific and Technical Information of China (English)

    刘鸿雁; 张维

    2003-01-01

    The manager′s investment decisions is modeled when the manager is risk-averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement.

  2. Food security through large scale investments in agriculture

    Science.gov (United States)

    Rulli, M.; D'Odorico, P.

    2013-12-01

    Most of the human appropriation of freshwater resources is for food production. There is some concern that in the near future the finite freshwater resources available on Earth might not be sufficient to meet the increasing human demand for agricultural products. In the late 1700s Malthus argued that in the long run the humanity would not have enough resources to feed itself. Malthus' analysis, however, did not account for the emergence of technological innovations that could increase the rate of food production. The modern and contemporary history has seen at least three major technological advances that have increased humans' access to food, namely, the industrial revolution, the green revolution, and the intensification of global trade. Here we argue that a fourth revolution has just started to happen. It involves foreign direct investments in agriculture, which intensify the crop yields of potentially highly productive agricultural lands by introducing the use of more modern technologies. The increasing demand for agricultural products and the uncertainty of international food markets has recently drawn the attention of governments and agribusiness firms toward investments in productive agricultural land, mostly in the developing world. The targeted countries are typically located in regions that have remained only marginally utilized because of lack of modern technology. It is expected that in the long run large scale land acquisitions for commercial farming will bring the technology required to close the existing yield gaps. While the extent of the acquired land and the associated appropriation of freshwater resources have been investigated in detail, the amount of food this land can produce and the number of people it could feed still need to be quantified. Here we use a unique dataset of verified land deals to provide a global quantitative assessment of the rates of crop and food appropriation potentially associated with large scale land acquisitions. We

  3. Investment Activities within the Legal Framework of the World Trade Organization

    Directory of Open Access Journals (Sweden)

    Gulnara Ruchkina

    2015-01-01

    Full Text Available This article contains an analysis of legal regulation of investment activities within the framework of the WTO. It considers factors that promote the establishment of a favorable investment climate, including the availability of special legislation, an efficient law enforcement practice and, as noted by many experts, availability and clarity of the judicial mechanism for the protection of violated rights. Recent foreign experience is analyzed and some issues of investment dispute settlement are considered. The article also deals with issues concerning the formation of competitive relations that, in their turn, also constitute an important factor of a state’s investment appeal.Investment activities constitute a popular type of entrepreneurial activity. Every state, regardless of where it is located or its level of economic development, aims to increase its investment activities and raise foreign investment inflow. To do this they adopt national regulatory acts and sign bilateral agreements, multilateral agreements, and execute international legal acts in the area of investment activities. This results in the need for examination of legal regulation in this area. Russia joining the WTO has resulted in regular revisions of current legal regulation, in particular in the law on foreign investments.

  4. The quid-pro-quo of environmental agreements: Reflections on industrial energy efficiency agreements from five countries

    Energy Technology Data Exchange (ETDEWEB)

    Helby, Peter

    2001-10-01

    This workshop paper reflects on the exchange of values between the government side and the business side, which is a core logic of environmental agreements. The reflections refer to case studies of industrial energy efficiency agreements from Denmark, France, Germany, Netherlands and Sweden, originating from the VAIE project (Voluntary Agreements, Implementation and Efficiency). The government bargaining chips discussed are monetary rewards, help to gain competitive advantage, regulatory flexibility and political protection. The business side bargaining chips are emission limits, organisational change, investments, information, submission to control and political pain reduction. The discussion underlines the need for substantial commitments by the government side, as a precondition for achieving effective agreements.

  5. Monitoring the impacts of trade agreements on food environments.

    Science.gov (United States)

    Friel, S; Hattersley, L; Snowdon, W; Thow, A-M; Lobstein, T; Sanders, D; Barquera, S; Mohan, S; Hawkes, C; Kelly, B; Kumanyika, S; L'Abbe, M; Lee, A; Ma, J; Macmullan, J; Monteiro, C; Neal, B; Rayner, M; Sacks, G; Swinburn, B; Vandevijvere, S; Walker, C

    2013-10-01

    The liberalization of international trade and foreign direct investment through multilateral, regional and bilateral agreements has had profound implications for the structure and nature of food systems, and therefore, for the availability, nutritional quality, accessibility, price and promotion of foods in different locations. Public health attention has only relatively recently turned to the links between trade and investment agreements, diets and health, and there is currently no systematic monitoring of this area. This paper reviews the available evidence on the links between trade agreements, food environments and diets from an obesity and non-communicable disease (NCD) perspective. Based on the key issues identified through the review, the paper outlines an approach for monitoring the potential impact of trade agreements on food environments and obesity/NCD risks. The proposed monitoring approach encompasses a set of guiding principles, recommended procedures for data collection and analysis, and quantifiable 'minimal', 'expanded' and 'optimal' measurement indicators to be tailored to national priorities, capacity and resources. Formal risk assessment processes of existing and evolving trade and investment agreements, which focus on their impacts on food environments will help inform the development of healthy trade policy, strengthen domestic nutrition and health policy space and ultimately protect population nutrition. © 2013 The Authors. Obesity Reviews published by John Wiley & Sons Ltd on behalf of the International Association for the Study of Obesity.

  6. Postoperative Self-Report of Pain in Children: Interscale Agreement, Response to Analgesic, and Preference for a Faces Scale and a Visual Analogue Scale

    Directory of Open Access Journals (Sweden)

    Clément de Tovar

    2010-01-01

    Full Text Available OBJECTIVE: To augment available validation data for the Faces Pain Scale – Revised (FPS-R and to assess interscale agreement and preference in comparison with the Coloured Analogue Scale (CAS in pediatric acute pain.

  7. Carbon market. The future investment of sustainable development in developing countries: climate smart investment

    OpenAIRE

    Hesham Elsayed Eissa

    2017-01-01

    There is no doubt that the problem of climate change has become imperative for all parties oа the international community to join forces to resolve this crisis. With the signing of the Paris Agreement and following many deliberations and negotiations, this agreement is a new phase in dealing with the reduction of greenhouse gas emissions. With the participation of everyone, whether developed or developing countries, that opens the door to a new system of investment in the implementation of th...

  8. Disentangling regional trade agreements, trade flows and tobacco affordability in sub-Saharan Africa.

    Science.gov (United States)

    Appau, Adriana; Drope, Jeffrey; Labonté, Ronald; Stoklosa, Michal; Lencucha, Raphael

    2017-11-14

    In principle, trade and investment agreements are meant to boost economic growth. However, the removal of trade barriers and the provision of investment incentives to attract foreign direct investments may facilitate increased trade in and/or more efficient production of commodities considered harmful to health such as tobacco. We analyze existing evidence on trade and investment liberalization and its relationship to tobacco trade in Sub-Saharan African countries. We compare tobacco trading patterns to foreign direct investments made by tobacco companies. We estimate and compare changes in the Konjunkturforschungsstelle (KOF) Economic Globalization measure, relative price measure and cigarette prices. Preferential regional trade agreements appear to have encouraged the consolidation of cigarette production, which has shaped trading patterns of tobacco leaf. Since 2002, British American Tobacco has invested in tobacco manufacturing facilities in Nigeria, Kenya and South Africa strategically located to serve different regions in Africa. Following this, British America Tobacco closed factories in Ghana, Rwanda, Uganda, Mauritius and Angola. At the same time, Malawi and Tanzania exported a large percentage of tobacco leaf to European countries. After 2010, there was an increase in tobacco exports from Malawi and Zambia to China, which may be a result of preferential trade agreements the EU and China have with these countries. Economic liberalization has been accompanied by greater cigarette affordability for the countries included in our analysis. However, only excise taxes and income have an effect on cigarette prices within the region. These results suggest that the changing economic structures of international trade and investment are likely heightening the efficiency and effectiveness of the tobacco industry. As tobacco control advocates consider supply-side tobacco control interventions, they must consider carefully the effects of these economic agreements and

  9. The Impact of U.S. Free Trade Agreements on Calorie Availability and Obesity: A Natural Experiment in Canada.

    Science.gov (United States)

    Barlow, Pepita; McKee, Martin; Stuckler, David

    2018-05-01

    Globalization via free trade and investment agreements is often implicated in the obesity pandemic. Concerns center on how free trade and investment agreements increase population exposure to unhealthy, high-calorie diets, but existing studies preclude causal conclusions. Few studies of free trade and investment agreements and diets isolated their impact from confounding changes, and none examined any effect on caloric intake, despite its critical role in the etiology of obesity. This study addresses these limitations by analyzing a unique natural experiment arising from the exceptional circumstances surrounding the implementation of the 1989 Canada-U.S. Free Trade Agreement. Data from the UN (2017) were analyzed using fixed-effects regression models and the synthetic control method to estimate the impact of the Canada-U.S. Free Trade Agreement on calorie availability in Canada, 1978-2006, and coinciding increases in U.S. exports and investment in Canada's food and beverage sector. The impact of changes to calorie availability on body weights was then modeled. Calorie availability increased by ≅170 kilocalories per capita per day in Canada after the Canada-U.S. Free Trade Agreement. There was a coinciding rise in U.S. trade and investment in the Canadian food and beverage sector. This rise in calorie availability is estimated to account for an average weight gain of between 1.8 kg and 12.2 kg in the Canadian population, depending on sex and physical activity levels. The Canada-U.S. Free Trade Agreement was associated with a substantial rise in calorie availability in Canada. U.S. free trade and investment agreements can contribute to rising obesity and related diseases by pushing up caloric intake. Copyright © 2018 American Journal of Preventive Medicine. Published by Elsevier Inc. All rights reserved.

  10. Assessing the economic value of co-optimized grid-scale energy storage investments in supporting high renewable portfolio standards

    International Nuclear Information System (INIS)

    Go, Roderick S.; Munoz, Francisco D.; Watson, Jean-Paul

    2016-01-01

    Highlights: • We present a MILP to co-optimize generation, transmission, and storage investments. • We find significant value in co-optimized storage via investment deferrals. • Operational savings from bulk services are small relative to investment deferrals. • Co-optimized energy storage significantly reduces prices associated with RPS. - Abstract: Worldwide, environmental regulations such as Renewable Portfolio Standards (RPSs) are being broadly adopted to promote renewable energy investments. With corresponding increases in renewable energy deployments, there is growing interest in grid-scale energy storage systems (ESS) to provide the flexibility needed to efficiently deliver renewable power to consumers. Our contribution in this paper is to introduce a unified generation, transmission, and bulk ESS expansion planning model subject to an RPS constraint, formulated as a two-stage stochastic mixed-integer linear program (MILP) optimization model, which we then use to study the impact of co-optimization and evaluate the economic interaction between investments in these three asset classes in achieving high renewable penetrations. We present numerical case studies using the 24-bus IEEE RTS-96 test system considering wind and solar as available renewable energy resources, and demonstrate that up to $180 million/yr in total cost savings can result from the co-optimization of all three assets, relative to a situation in which no ESS investment options are available. Surprisingly, we find that co-optimized bulk ESS investments provide significant economic value through investment deferrals in transmission and generation capacity, but very little savings in operational cost. Finally, we observe that planning transmission and generation infrastructure first and later optimizing ESS investments—as is common in industry—captures at most 1.7% ($3 million/yr) of the savings that result from co-optimizing all assets simultaneously.

  11. Recent coal and uranium investment agreements in the Third World

    International Nuclear Information System (INIS)

    Zorn, S.A.

    1982-01-01

    The improvements made by developing countries in the 1970s in petroleum and mineral agreements with transnational corporations have been well documented, and substantial evidence exists to show that some real gains, in terms of host country control over operations, distribution of economic benefits, better employment and training requirements, etc., have in fact been made. In the case of the energy-related minerals, uranium and coal, however, relatively few contracts between Third World governments and transnational corporations have become public, and it is thus difficult to document whether the same gains made in the case of petroleum or non-fuel minerals have been achieved in relation to these energy resources. This article reviews a number of such recent coal and uranium agreements in developing countries. In overall terms, these agreements do not go as far in providing for the interests of host countries as do those negotiated for petroleum or hard minerals. The reasons for this apparent weakness in developing countries' bargaining power in the case of uranium and coal include the specific nature of the markets for these minerals, the structure of transnational corporations in the industry, and the very secrecy which has kept most of these contracts from public view. (Auth.)

  12. Participatory monitoring and evaluation to aid investment in natural resource manager capacity at a range of scales.

    Science.gov (United States)

    Brown, Peter R; Jacobs, Brent; Leith, Peat

    2012-12-01

    Natural resource (NR) outcomes at catchment scale rely heavily on the adoption of sustainable practices by private NR managers because they control the bulk of the NR assets. Public funds are invested in capacity building of private landholders to encourage adoption of more sustainable natural resource management (NRM) practices. However, prioritisation of NRM funding programmes has often been top-down with limited understanding of the multiple dimensions of landholder capacity leading to a failure to address the underlying capacity constraints of local communities. We argue that well-designed participatory monitoring and evaluation of landholder capacity can provide a mechanism to codify the tacit knowledge of landholders about the social-ecological systems in which they are embedded. This process enables tacit knowledge to be used by regional NRM bodies and government agencies to guide NRM investment in the Australian state of New South Wales. This paper details the collective actions to remove constraints to improved NRM that were identified by discrete groups of landholders through this process. The actions spanned geographical and temporal scales, and responsibility for them ranged across levels of governance.

  13. The political economy of services trade agreements

    OpenAIRE

    FIORINI, Matteo; LEBRAND, Mathilde

    2016-01-01

    Why do governments sign services trade agreements? This paper focuses on the role of international agreements in the context of trade in services when services are used as intermediate inputs in downstream industries. Compared to goods, services inputs are mostly non-tradable and complementary to other factors of production. We build a theoretical trade policy framework in which firms use foreign investment to contest foreign markets in services sectors and governments can restrict the entry ...

  14. Providing investment attractiveness of renewal and development of fixed assets in the energy sector

    Directory of Open Access Journals (Sweden)

    Evgeniy Anatolyevich Malyshev

    2013-09-01

    Full Text Available The purpose of research is a comparative analysis of economic mechanisms for the realization of investment projects for new construction and modernization power generation capacity in the energy sector and their effect on private investment. In this connection, planned and actual volumes of generating capacity, particular features of the industry, causing investment attractiveness are discussed. The necessity of using, and a comparison of primary economic mechanisms in order to guarantee the return of investments in the new construction and modernization of power generation capacity is shown. The method of calculating the tariff under the agreement of supply power capacity is analyzed. The study proved that the presence of an effective working mechanism of return on investment is a key element influencing the investment in new construction and modernization of power generation capacity. Also, it is shown that with the end of using agreement of supply power capacity, industry will face a significant reduction in investment. In this connection, it is recommended to speed up the formation of long-term capacity market, which involves the application of new investment incentives in the industry. The research results can be applied by investment banks, and other stakeholders as a methodological apparatus assessing investment and whether to participate in their financing.

  15. Corporate income taxation uncertainty and foreign direct investment

    OpenAIRE

    Zagler, Martin; Zanzottera, Cristiana

    2012-01-01

    This paper analyzes the effects of legal uncertainty around corporate income taxation on foreign direct investment (FDI). Legal uncertainty can take many forms: double tax agreements, different types of legal systems and corruption. We test the effect of legal uncertainty on foreign direct investment with an international panel. We find that an increase in the ratio of the statutory corporate income tax rate of the destination relative to the source country exhibits a negati...

  16. Prioritizing conservation investments for mammal species globally

    Science.gov (United States)

    Wilson, Kerrie A.; Evans, Megan C.; Di Marco, Moreno; Green, David C.; Boitani, Luigi; Possingham, Hugh P.; Chiozza, Federica; Rondinini, Carlo

    2011-01-01

    We need to set priorities for conservation because we cannot do everything, everywhere, at the same time. We determined priority areas for investment in threat abatement actions, in both a cost-effective and spatially and temporally explicit way, for the threatened mammals of the world. Our analysis presents the first fine-resolution prioritization analysis for mammals at a global scale that accounts for the risk of habitat loss, the actions required to abate this risk, the costs of these actions and the likelihood of investment success. We evaluated the likelihood of success of investments using information on the past frequency and duration of legislative effectiveness at a country scale. The establishment of new protected areas was the action receiving the greatest investment, while restoration was never chosen. The resolution of the analysis and the incorporation of likelihood of success made little difference to this result, but affected the spatial location of these investments. PMID:21844046

  17. US Investment Treaties and Labor Standards

    Directory of Open Access Journals (Sweden)

    Kwan-Ho Kim

    2006-06-01

    Full Text Available Korea and the United States declared the start of negotiations for the establishment of a free trade agreement. The FTA will include investment chapter. That means the Korea-US BIT (Bilateral Investment Treaty talk, which has been deadlocked since 1998, resumes as a part of FTA negotiations. The FTA investment chapter will be based on the US model BIT, which has been updated in 2004. The updated BIT version includes labor clause which provides that parties should not weaken labor standards in an effort to attract foreign investment. This clause is grounded on the criticism raised by labor groups which asserts that competition among countries to attract foreign investment leads to bidding wars in labor standards. No solid evidence is found in support of the hypothesis that foreign investors favor countries with lower labor standards. Nonetheless, some countries have offered special incentives to investors that limit labor rights in the belief that doing so would help attract foreign investment, especially in export processing or special economic zones. In this regard, the Korea's Act on free economic zones which provides exceptional labor standards to foreign invested enterprise in those zones may become an issue in reaching the FTA. This article contemplates the "not lowering labor standards" provision in the US BIT model and its implications on the FTA talks with the US.

  18. POLAND`S OUTWARD FOREIGN DIRECT INVESTMENT

    Directory of Open Access Journals (Sweden)

    Buczkowski Bogdan

    2013-07-01

    Full Text Available The paper contributes to the discussion of motives, determinants and effects of outward FDI of companies from emerging economies. We analyze the the scale, structure, geographical location and effects of Polish foreign direct investments as well as we prioritize their determinants. The interest of Polish companies in investing abroad has increased sharply over the last decade, due to the need to broaden the scale of business operations and geographical scope of their economic activities after the Poland`s accession to the European Union.

  19. Barriers to Investment in Utility-scale Variable Renewable Electricity (VRE) Projects

    NARCIS (Netherlands)

    Hu, J.; Harmsen, R.; Crijns-Graus, W.; Worrell, E.

    To effectively mitigate climate change, variable renewable electricity (VRE) is expected to substitute a great share of current fossil-fired electricity generation. However, VRE investments can be obstructed by many barriers, endangering the amount of investments needed in order to be consistent

  20. Developing country finance in a post-2020 global climate agreement

    Science.gov (United States)

    Hannam, Phillip M.; Liao, Zhenliang; Davis, Steven J.; Oppenheimer, Michael

    2015-11-01

    A central task for negotiators of the post-2020 global climate agreement is to construct a finance regime that supports low-carbon development in developing economies. As power sector investments between developing countries grow, the climate finance regime should incentivize the decarbonization of these major sources of finance by integrating them as a complement to the commitments of developed nations. The emergence of the Asian Infrastructure Investment Bank, South-South Cooperation Fund and other nascent institutions reveal the fissures that exist in rules and norms surrounding international finance in the power sector. Structuring the climate agreement in Paris to credit qualified finance from the developing world could have several advantages, including: (1) encouraging low-carbon cooperation between developing countries; (2) incentivizing emerging investors to prefer low-carbon investments; and (3) enabling more cost-effective attainment of national and global climate objectives. Failure to coordinate on standards now could hinder low-carbon development in the decades to come.

  1. Future Investment in Drinking Water and Wastewater Infrastructure

    National Research Council Canada - National Science Library

    Beider, Perry

    2002-01-01

    ... in maintaining and replacing their pipes, treatment plants, and other infrastructure. But there is neither consensus on the size and timing of future investment costs nor agreement on the impact of those costs on households and other water ratepayers...

  2. The returns and risks of investment portfolio in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2014-07-01

    The returns and risks of investment portfolio in a financial system was investigated by constructing a theoretical model based on the Heston model. After the theoretical model and analysis of portfolio were calculated and analyzed, we find the following: (i) The statistical properties (i.e., the probability distribution, the variance and loss rate of equity portfolio return) between simulation results of the theoretical model and the real financial data obtained from Dow Jones Industrial Average are in good agreement; (ii) The maximum dispersion of the investment portfolio is associated with the maximum stability of the equity portfolio return and minimal investment risks; (iii) An increase of the investment period and a worst investment period are associated with a decrease of stability of the equity portfolio return and a maximum investment risk, respectively.

  3. Tax effect of the concession agreement, production sharing agreement and service contract; Analise dos efeitos tributarios dos contratos de concessao, partilha de producao e servicos

    Energy Technology Data Exchange (ETDEWEB)

    Botelho, Rodrigo Jacobina [Escola de Magistratura do Tribunal de Justica do Estado do Rio de Janeiro (EMERJ), RJ (Brazil); Instituicao de Ensino Superior no Estado do Rio de Janeiro, RJ (Brazil); Escritorio Doria, Jacobina, Rosado e Gondinho Advogados Associados, Rio de Janeiro, RJ (Brazil). Area de Direito Tributario

    2008-07-01

    The different nature of the E and P agreements recommends an analysis of the tax incidence in order to avoid the increasing of costs due to an inaccurate taxation process. The revenue obtained from Services Agreements must be, under the Brazilian legal system, taxed as the revenues obtained from the Concession Agreements, since those revenues are related to the risks supported, the investments and financial exposure, among others elements and not related to a specific public service provided. (author)

  4. GASB Statement No. 3 Guides Deposits, Investments.

    Science.gov (United States)

    Barker, Linda A.

    1986-01-01

    Discusses an April 1986 Governmental Accounting Standards Board statement concerning disclosures of repurchase and reverse repurchase agreements. The statement tries to help financial statement users assess the risks a goverment entity takes when investing public funds. It is effective for financial statement periods ending after December 15,…

  5. HIV Treatment and Prevention: A Simple Model to Determine Optimal Investment.

    Science.gov (United States)

    Juusola, Jessie L; Brandeau, Margaret L

    2016-04-01

    To create a simple model to help public health decision makers determine how to best invest limited resources in HIV treatment scale-up and prevention. A linear model was developed for determining the optimal mix of investment in HIV treatment and prevention, given a fixed budget. The model incorporates estimates of secondary health benefits accruing from HIV treatment and prevention and allows for diseconomies of scale in program costs and subadditive benefits from concurrent program implementation. Data sources were published literature. The target population was individuals infected with HIV or at risk of acquiring it. Illustrative examples of interventions include preexposure prophylaxis (PrEP), community-based education (CBE), and antiretroviral therapy (ART) for men who have sex with men (MSM) in the US. Outcome measures were incremental cost, quality-adjusted life-years gained, and HIV infections averted. Base case analysis indicated that it is optimal to invest in ART before PrEP and to invest in CBE before scaling up ART. Diseconomies of scale reduced the optimal investment level. Subadditivity of benefits did not affect the optimal allocation for relatively low implementation levels. The sensitivity analysis indicated that investment in ART before PrEP was optimal in all scenarios tested. Investment in ART before CBE became optimal when CBE reduced risky behavior by 4% or less. Limitations of the study are that dynamic effects are approximated with a static model. Our model provides a simple yet accurate means of determining optimal investment in HIV prevention and treatment. For MSM in the US, HIV control funds should be prioritized on inexpensive, effective programs like CBE, then on ART scale-up, with only minimal investment in PrEP. © The Author(s) 2015.

  6. Investment terms and level of control of China’s Sovereign Wealth Fund in its portfolio firms

    NARCIS (Netherlands)

    Li, Jing

    2017-01-01

    Based on a hand-collected dataset consisting of 61 M&As, 8 JVs and 28 fund investments made by China Investment Corporation from 2007 to the end of 2015, this chapter empirically studies the contractual terms of these investment agreements. It is found that while CIC usually holds significant but

  7. A proposal to finance low carbon investment in Europe

    International Nuclear Information System (INIS)

    Aglietta, Michel; Espagne, Etienne; Perrissin Fabert, Baptiste

    2015-02-01

    This year, Europe is confronted with a critical double challenge: addressing the climate change issue and pulling itself out of a persistent low growth trap. Today these two challenges are addressed separately. On the one hand, climate negotiations must reach a historical agreement in the Paris conference in December 2015. On the other hand, the Juncker Plan of 315 billion euros of investment, and above all the ECB announcement of a massive purchase of assets for an amount of around 1100 billion euros, must help to avoid a deflationary spiral and stimulate a new flow of investments. Regarding climate policies, public regulators have essentially focused on a carbon price, which remains today at an insufficient level to trigger the financing needs of the low carbon transition. The potential of the banking and saving channels (targets of the asset purchase program of the ECB) to scale up climate finance is however neglected. This 'Note d'analyse' proposes to make private low-carbon assets eligible for the ECB asset purchase program. The carbon impact of these assets would benefit from a public guarantee that would value their carbon externality at a level sufficient to compensate the absence of an adequate carbon price. This mechanism would immediately impact the investment decisions of private actors with a positive effect on growth. It would also strongly incite governments to progressively implement carbon pricing tools to ensure that the public backing of the value of the carbon assets remains neutral with respect to public budgets. (authors)

  8. Critical issues in Investment, Production and Marketing of Moringa ...

    African Journals Online (AJOL)

    Critical issues in Investment, Production and Marketing of Moringa oleifera as an ... to enhance its large scale production, processing, marketing and investment as an industrial raw material in Nigeria. ... EMAIL FULL TEXT EMAIL FULL TEXT

  9. Self-Averaging Property of Minimal Investment Risk of Mean-Variance Model.

    Science.gov (United States)

    Shinzato, Takashi

    2015-01-01

    In portfolio optimization problems, the minimum expected investment risk is not always smaller than the expected minimal investment risk. That is, using a well-known approach from operations research, it is possible to derive a strategy that minimizes the expected investment risk, but this strategy does not always result in the best rate of return on assets. Prior to making investment decisions, it is important to an investor to know the potential minimal investment risk (or the expected minimal investment risk) and to determine the strategy that will maximize the return on assets. We use the self-averaging property to analyze the potential minimal investment risk and the concentrated investment level for the strategy that gives the best rate of return. We compare the results from our method with the results obtained by the operations research approach and with those obtained by a numerical simulation using the optimal portfolio. The results of our method and the numerical simulation are in agreement, but they differ from that of the operations research approach.

  10. Self-Averaging Property of Minimal Investment Risk of Mean-Variance Model.

    Directory of Open Access Journals (Sweden)

    Takashi Shinzato

    Full Text Available In portfolio optimization problems, the minimum expected investment risk is not always smaller than the expected minimal investment risk. That is, using a well-known approach from operations research, it is possible to derive a strategy that minimizes the expected investment risk, but this strategy does not always result in the best rate of return on assets. Prior to making investment decisions, it is important to an investor to know the potential minimal investment risk (or the expected minimal investment risk and to determine the strategy that will maximize the return on assets. We use the self-averaging property to analyze the potential minimal investment risk and the concentrated investment level for the strategy that gives the best rate of return. We compare the results from our method with the results obtained by the operations research approach and with those obtained by a numerical simulation using the optimal portfolio. The results of our method and the numerical simulation are in agreement, but they differ from that of the operations research approach.

  11. Knowledge Enclosures, Forced Specializations and Investment Crisis

    Directory of Open Access Journals (Sweden)

    Filippo Belloc

    2012-12-01

    Full Text Available Like land before the industrial revolution, in the present global economy much knowledge is being enclosed in private hands. In this paper we argue that these enclosures have become a major factor in specialization among firms and among countries: both are forced to specialize in the fields that are not restricted by the enclosures of the others. We use data on 26 OECD countries over the 1978-2006 period. We estimate the effect of patents endowments of countries on their investment specialization across sectors and show that knowledge enclosures involve self-reinforcing innovation patterns. Moreover, we perform a structural change analysis and find that the TRIPs agreement has significantly strengthened the relationship between countries' patents specialization and investment specialization. We conclude by suggesting that stronger international patent protection may restrict global investment opportunities, and this may be one of the factors contributing to the present crisis.

  12. Treaties to avoid international double income taxation and their relation with investments involving Brazil

    OpenAIRE

    Jônatas de Pessoa Alburquerque Martins; Jackeline Lucas Souza

    2014-01-01

    To fight against fiscal evasion and facilitate the investment flow, the countries close agreements to go against double income taxation. This study aims to investigate the impact of the treaties to avoid double income taxation on the direct foreign investment relations of Brazil. The analysis included 162 countries and jurisdictions with which investments transactions were closed that originated or were received in Brazil, between 2005 and 2011. The panel data analysis technique was applied t...

  13. International Competition for Foreign Multinational Investment,

    OpenAIRE

    Jan I. Haaland; Ian Wooton

    1998-01-01

    We examine the economic justification for providing investment subsidies to foreign-owned multinationals. These provide employment opportunities and generate demand for domestic intermediate inputs, produced by domestic workers with increasing returns to scale. Offering subsidies to multinationals may be in the national interest if the investment raises the net value of domestic production. When agglomerative forces are sufficiently strong, a subsidy that attracts the first foreign firm may i...

  14. Intellectual Capital: Perceptions of Productivity and Investment

    Directory of Open Access Journals (Sweden)

    Aristides Isidoro Ferreira

    2011-03-01

    Full Text Available This study focuses on the influence intellectual capital has on employees’ perceptions as related to both company investments and productivity levels. The data was obtained from 440 employees at 13 Portuguese companies. Both ANOVA and Regression Analysis were conducted in order to understand the impact three Intellectual Capital Scale components have on perceptions of investment and organizational productivity. Results show that companies with higher scores of Structural Capital have a lower perception of investment in human resources and research, as well as a higher perception of investment in marketing and sales. Moreover, employees of companies with higher Structural Capital scores also have higher perceptions of productivity. On the other hand, organizations with higher investment in Customer Capital tend to be associated with a lower perception of organizational productivity.

  15. Livelihood Implications and Perceptions of Large Scale Investment in Natural Resources for Conservation and Carbon Sequestration : Empirical Evidence from REDD+ in Vietnam

    NARCIS (Netherlands)

    Bayrak, Mucahid Mustafa; Marafa, Lawal Mohammed

    2017-01-01

    The complex relationship between local development and current large scale investments in natural resources in the Global South for the purpose of conservation and carbon sequestration is not fully understood yet. The Reducing Emissions from Deforestation and Forest Degradation programme (REDD+) is

  16. The Political Economy of Land and Natural Ressource Investments in Africa

    DEFF Research Database (Denmark)

    Buur, Lars; Nystrand, Malin; Pedersen, Rasmus Hundsbæk

    Large-scale investments in natural resources (extractives as well as agriculture) can help transform African economies by accelerating economic growth, creating jobs and strengthening the links between local economies and the global economy more broadly. However, they often end up violating rights......, which in turn may lead to social protests and political instability. This Working Paper develops an analytical framework for analysing the implementation of large-scale investments in natural resources. It focuses on the triangular relations between investors, local populations and ruling elites...... to understand why some investments are implemented more successfully than others, it is necessary to grasp the politics behind an investment. The paper also explores the conditions under which investments can be implemented without violating the rights of local populations. The paper is based on a review...

  17. Evaluating photographic scales of facial pores and diagnostic agreement of tests using latent class models.

    Science.gov (United States)

    Ning, Yao; Qing, Zeng; Qing, Wang; Li, Li

    2017-02-01

    Ordinal severity scales illustrated by photographs have been widely developed to help dermatologists in evaluating skin problems or improvements. Numerous scales have been published, and none of them were used for assessing facial pores. A five-point photographic scale of facial pores was formulated, and photographs of pores on nasal ala from 128 female volunteers were acquired. Five dermatologists with similar experiences rated the 128 photographs independently using the reference photographs. Latent Class Models (LCM) were used to analyze the data. Firstly, we hypothesized that the conditional probabilities of the five dermatologists were identical to build the first LCM and without the restriction to formulate the second LCM. Conditional probability and posterior probability were also calculated. The five-point scales were ambiguous as the raters actually had difficulties in distinguishing between some adjacent categories. Adjacent categories were pooled for reanalyzing, and the model fitted well. The newly developed photographic scale of Chinese facial pores should be redefined to improve their quality and reproducibility in future studies. Standardized scales for the measurement of aging and response to cosmetic therapy were essential for assessing diagnostic experiment. The LCM can effectively deal with diagnostic test of agreement and reproducibility.

  18. The returns and risks of investment portfolio in stock market crashes

    Science.gov (United States)

    Li, Jiang-Cheng; Long, Chao; Chen, Xiao-Dan

    2015-06-01

    The returns and risks of investment portfolio in stock market crashes are investigated by considering a theoretical model, based on a modified Heston model with a cubic nonlinearity, proposed by Spagnolo and Valenti. Through numerically simulating probability density function of returns and the mean escape time of the model, the results indicate that: (i) the maximum stability of returns is associated with the maximum dispersion of investment portfolio and an optimal stop-loss position; (ii) the maximum risks are related with a worst dispersion of investment portfolio and the risks of investment portfolio are enhanced by increasing stop-loss position. In addition, the good agreements between the theoretical result and real market data are found in the behaviors of the probability density function and the mean escape time.

  19. Body image and nonsuicidal self-injury: Validation of the Body Investment Scale in participants with eating disorders.

    Science.gov (United States)

    Marco, J H; Cañabate, M; García-Alandete, J; Llorca, G; Real-López, M; Beltrán, M; Pérez, S

    2018-01-01

    The Body Investment Scale (BIS) assesses body image feelings, body care, protection of the body, and comfort in touch, in order to identify and distinguish participants with self-harming and self-destructive tendencies. However, the psychometric properties of the BIS were not analysed in participants diagnosed with eating disorders. The main objective of the present study is to confirm the factor structure of the Spanish version of the BIS and analyse its psychometric properties in a sample composed of women diagnosed with eating disorders. Participants were 250 Spanish women between 12 and 60 years old (M = 26.05, SD = 11.97) diagnosed with eating disorders. A confirmatory factor analysis showed a poor fit of the original BIS. The final model showed an acceptable 4-factor structure (Body Feelings, α = .88; Body Touch, α = .82; Body Protection, α = .77; Body Care, α = .68), with a good fit to the data (SBχ 2 (246)  = 393.21, CFI = .906, IFI = .908, RMSEA = .049). The relationships between the BIS and both the Purpose-In-Life Test-10 Items and Beck Hopelessness Scale were analysed, as well as differences in the BIS score according to nonsuicidal self-injuries and suicidal ideation in the past year. The BIS is an appropriate instrument to assess the body investment dimension of body image in women with eating disorders. Copyright © 2017 John Wiley & Sons, Ltd.

  20. Investor perception towards small medium enterprises investment in Africa

    NARCIS (Netherlands)

    Aboah, J.; White, B.; Meuwissen, M.P.M.

    2015-01-01

    This study seeks to examine investor perceptions towards investing in SMEs in Africa. Data was collected via an online survey sent to investors on the Venture Capital for Africa (VC4Africa) platform. The Kendall’s coefficient of concordance was used to determine the degree of agreement among

  1. [Investing in health: the economic case. Report of the WISH Investing in Health Forum 2016].

    Science.gov (United States)

    Yamey, Gavin; Beyeler, Naomi; Wadge, Hester; Jamison, Dean

    2017-01-01

    Developing country governments and aid agencies face difficult decisions on how best to allocate their finite resources. Investments in many different sectors -including education, water and sanitation, transportation, and health- can all reap social and economic benefits. This report focuses specifically on the health sector. It presents compelling evidence of the value of scaling-up health investments. The economic case for increasing these investments in health has never been stronger. Having made progress in reducing maternal and child mortality, and deaths from infectious diseases, it is essential that policymakers do not become complacent. These gains will be quickly reversed without sustained health investments. Scaled-up investments will be needed to tackle the emerging non-communicable disease (NCD) burden and to achieve universal health coverage (UHC). The value of investment in health far beyond its performance is reflected in economic prosperity through gross domestic product (GDP). People put a high monetary value on the additional years of life that health investments can bring -an inherent value to being alive for longer, unrelated to productivity. Policymakers need to do more to ensure that spending on health reflects people's priorities. To make sure services are accessible to all, governments have a clear role to play in financing health. Without public financing, there will be some who cannot afford the care they need, and they will be forced to choose sickness -perhaps even death- and financial ruin; a devastating choice that already pushes 150 million people into poverty every year. In low-income countries (LICs) and middle-income countries (MICs), public financing should be used to achieve universal coverage with a package of highly cost-effective interventions ('best buys'). Governments failing to protect the health and wealth of their people in this way will be unable to reap the benefits of long-term economic prosperity and growth. Public

  2. Optimizing power system investments and resilience against attacks

    International Nuclear Information System (INIS)

    Fang, Yiping; Sansavini, Giovanni

    2017-01-01

    This paper studies the combination of capacity expansion and switch installation in electric systems that ensures optimum performance under nominal operations and attacks. The planner–attacker–defender model is adopted to develop decisions that minimize investment and operating costs, and functionality loss after attacks. The model bridges long-term system planning for transmission expansion and short-term switching operations in reaction to attacks. The mixed-integer optimization is solved by decomposition via two-layer cutting plane algorithm. Numerical results on an IEEE system shows that small investments in transmission line switching enhance resilience by responding to disruptions via system reconfiguration. Sensitivity analyses show that transmission planning under the assumption of small-scale attacks provides the most robust strategy, i.e. the minimum-regret planning, if many constraints and limited investment budget affect the planning. On the other hand, the assumption of large-scale attacks provides the most robust strategy if the planning process involves large flexibility and budget. - Highlights: • Investment optimization in power systems under attacks is presented. • Capacity expansion and switch installation for system reconfiguration are combined. • The problem is solved by decomposition via two-layer cutting plane algorithm. • Small investments in switch installation enhance resilience by response to attacks. • Sensitivity analyses identify robust planning against different attack scenarios.

  3. An Overview of Interrater Agreement on Likert Scales for Researchers and Practitioners

    Directory of Open Access Journals (Sweden)

    Thomas A. O'Neill

    2017-05-01

    Full Text Available Applications of interrater agreement (IRA statistics for Likert scales are plentiful in research and practice. IRA may be implicated in job analysis, performance appraisal, panel interviews, and any other approach to gathering systematic observations. Any rating system involving subject-matter experts can also benefit from IRA as a measure of consensus. Further, IRA is fundamental to aggregation in multilevel research, which is becoming increasingly common in order to address nesting. Although, several technical descriptions of a few specific IRA statistics exist, this paper aims to provide a tractable orientation to common IRA indices to support application. The introductory overview is written with the intent of facilitating contrasts among IRA statistics by critically reviewing equations, interpretations, strengths, and weaknesses. Statistics considered include rwg, rwg*, r′wg, rwg(p, average deviation (AD, awg, standard deviation (Swg, and the coefficient of variation (CVwg. Equations support quick calculation and contrasting of different agreement indices. The article also includes a “quick reference” table and three figures in order to help readers identify how IRA statistics differ and how interpretations of IRA will depend strongly on the statistic employed. A brief consideration of recommended practices involving statistical and practical cutoff standards is presented, and conclusions are offered in light of the current literature.

  4. International petroleum agreements : Republic of Cuba

    International Nuclear Information System (INIS)

    Skinner, M.A.

    2002-01-01

    Foreign investment in the oil and gas sector has had a profound impact on the development of crude oil production in Cuba. In 1982, in order to encourage economic development, the Cuban government adopted a form of Production Sharing Contract (PSC) for international petroleum agreements. In 1990, the first PSC was negotiated with a consortium of European companies. This was followed in 1992 through 1994 with companies from Canada, Europe and Latin America. Then in 1995, a more comprehensive foreign investment law was enacted to further encourage foreign investment in Cuba. Onshore and shallow water regions of Cuba were divided into 45 blocks, 19 of which were under licence in 2001. In addition, in 1999 the government of Cuba offered 53 blocks in the deep water zones of the Cuban sector of the Gulf of Mexico to foreign investment, of which 6 are already under licence. Most exploration for oil and gas since 1991 has been carried out by foreign companies. Crude oil production in 1991 totalled 11,000 bopd of heavy oil production from the north coast of Cuba. By 2001, domestic crude oil production increased to more than 50,000 bopd, mostly due to foreign investment in exploration and development. This paper described the model form for Cuban Production Sharing Contracts with reference to parties, rights granted, terms, relinquishments, minimum exploration commitments, discovery of hydrocarbons and recovery of petroleum operation expenses. The paper also discussed gross production, cost recovery for contractors, and sharing of profits with contractors and the state oil company, CubaPetroleo. 1 fig

  5. Malaysia Economic Monitor, June 2016 : Leveraging Trade Agreements

    OpenAIRE

    World Bank

    2016-01-01

    The MEM is the World Bank's biannual flagship publication on Malaysia. It provides analysis of recent economic developments and the near-term outlook for Malaysia. Each publication also focuses on a special topic related to Malaysia's transformation into a high-income economy. Malaysia is at the forefront of a "new generation" of trade agreements that will shape trade and investment over t...

  6. THE TPP AND TTIP TRADE AGREEMENTS: THE INTERNATIONAL NEGOTIATION PROCESS

    Directory of Open Access Journals (Sweden)

    Ioana GUTU

    2016-03-01

    Full Text Available Free trade is one of the ultimate purposes of the free trade agreements currently negotiated over the world. Two of these trials are represented by the Trans-Pacific Partnership (TPP and the Transatlantic Trade and Investment Partnership (TTIP. The common feature of these two trade deals is represented by the United States, a global actor that is making sure that it will be able to trade in best conditions on both of its geographical shores: on the Pacific and on The Atlantic. The negotiations are still ongoing, but results are expected on both sides. An important issue for the third parties, but not only, is represented by the secrecy of the negotiations undertaken and the lack of transparency shown by the negotiating Governments. If the agreements are concluded, a major global impact on trade and investments is expected, with significant positive implications for the TPP and TTIP negotiating states.

  7. The Transatlantic Trade and Investment Partnership - A View from America's Trenches

    Directory of Open Access Journals (Sweden)

    Bledowski Krzysztof

    2014-11-01

    Full Text Available Expectations run high about the cornucopia of riches which are supposed to fow from the Transatlantic Trade and Investment Partnership (TTIP. TTIP is a proposed free trade agreement between the United States and the European Union. It aims to build upon the already sweeping scope of the North American Free Trade Agreement concluded two decades earlier and the 2013 Comprehensive Economic and Trade Agreement (CETA, which removes 99 % of tariffs between the EU and Canada.1 Te TTIP negotiations were launched in July 2013 with an initial time frame of completion within two years.

  8. Changed circumstances and the renegotiation of foreign investment contracts

    Directory of Open Access Journals (Sweden)

    Dubajić Dušan

    2017-01-01

    Full Text Available Today's world is shaped by the processes of globalization and economic liberalization, which dominantly determine the social, economic, environmental and political conditions. As part of these processes, there is an increasing rhetoric about the activities of the state to build a legal system 'ideal for attracting' foreign investment, to establish state institutions in charge of 'attracting foreign investment', and to create a business environment conducive to 'attract' foreign investment. Faced with citizen requests and pressure to create conditions for employment, in initial negotiations with foreign investors state, authorities articulate their willingness to meet these requests. The affirmative stance of governments towards the investments of multinational companies easily can be changed. Once the investment begins, the pledges made by one contracting party to the other may prove to be unrealistic and economically unjustified. The tensions generated between the host state and foreign investors jeopardize the foreign investment contract concluded by the contracting parties. Further fulfillment of contractual obligations from foreign investment contracts will be possible if the contracting parties resolve the resulting conflict through mutual negotiations. Through negotiations, the contracting parties can depreciate the impact of the changed circumstances, including a range of economic, political, legislative and environmental conditions. Initiating negotiations at the right time and conducting them in good faith may lead to a solution. Even if an agreement is not reached, the renegotiation may contribute to a better understanding of contractual partners and redefining the positions of the contracting parties.

  9. Freshwater ecosystems could become the biggest losers of the Paris Agreement.

    Science.gov (United States)

    Hermoso, Virgilio

    2017-09-01

    Securing access to energy for a growing population under the international commitment of reduction of greenhouse emissions requires increasing the contribution of renewable sources to the global share. Hydropower energy, which accounts for >80% of green energy, is experiencing a boom fostered by international investment mainly in developing countries. This boom could be further accelerated by the recent climate agreement reached in Paris. Despite its flexibility, hydropower production entails social, economic and ecological risks that need to be carefully considered before investing in the development of potentially thousands of planned hydropower projects worldwide. This is especially relevant given the weak or nonexistent legislation that regulates hydropower project approval and construction in many countries. I highlight the need for adequate policy to provide the Paris Agreement with new financial and planning mechanisms to avoid further and irreversible damage to freshwater ecosystem services and biodiversity. © 2017 John Wiley & Sons Ltd.

  10. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  11. FACTORS DETERMINING THE INVESTMENT ATTRACTIVENESS OF THE REGION

    Directory of Open Access Journals (Sweden)

    O. I. Avtsinov

    2014-01-01

    Full Text Available Summary.In the article we can see relevance of the research aimed at creating a favorable investment climate in the country and its regions, as a necessary condition for solving the problems of modernization of industrial production, the introduction of scientific and technological progress in all spheres of public life, the implementation of large-scale social and productive programs. In the study we justify the theoretical principles and reveal the essence of the relationship concepts: investment climate, investment attractiveness and investment activity. It is proved that the investment attractiveness should be considered as a sign of factorial and important component of the investment climate in the region, and investment activity as a sign score. In the study we can see a wide range of factors shaping favorable conditions for investment activities. The author focuses on the importance of non-traditional factors shaping the investment attractiveness of such as reducing the time to connect to power grid, information communication, improvement of tax reporting procedures, clarity of customs work, the introduction of regulations for obtaining permits for construction of facilities and reducing the number of required documents. This article analyzes of the indices and the key factors of investment attractiveness of the Voronezh region, which attract investment, exceeding the national average. The main ones are the development of new industrial parks with good transport, engineering, business infrastructure. Investors in the region have favorable conditions to carry on business on the prepared sites with painted communications, junctions, allowing them to reduce production costs, while correspondingly increasing the investment attractiveness of the area. Success of the attracting investment in the Voronezh region is largely due to the introduction standard of the executive bodies of state power, including 15 documents designed to make the

  12. Money Matters: Mitigating risk to spark private investments in energy efficiency

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2010-07-01

    Scaling-up investment in energy efficiency is essential to achieving a sustainable energy future. Despite energy efficiency's recognised advantages as a bankable investment with immense climate change mitigation benefits, most of the energy efficiency potential remains untapped and the investment gap to achieve climate goals is tremendous. This report seeks to improve understanding as to why this is so, and what can be done about it.

  13. Investment innovation trends: Factor-based investing

    Directory of Open Access Journals (Sweden)

    Sanja Centineo

    2017-05-01

    Full Text Available This article shows that it can take a long period of time until research knowledge finds its application in practice and get disseminated as innovation trend. Factor-based investing is such an example. Having its developing roots in the nineties, it took more than two decades until this approach was detected by the by investment community. The goal of this article is to recall the definition of factor investing, present its historical evolvement and motivate its recent break-through and current trend among investment practitioners (known also under the notion smart beta. It aims at familiarizing with this investment approach from a practical perspective and highlighting its diversifying benefits in a portfolio context with the potential to outperform the market on risk-adjusted basis.

  14. Managing Uncertainty and Risk in Public-sector Investments

    Science.gov (United States)

    2007-04-30

    private sector, Capital Asset Pricing Models ( CAPM ) models provide valuation tools, of which the Black-Scholes equation is the most well known and...maximized mean of discounted cash flows on the assumption that the risk to underlying investment options can be replicated by assets in a financial... assumptions seldom apply for large-scale infra-modernization programs, in either the public or the private sector. In addition, NPV investment is

  15. Commercial mortgages: An underutilized channel for scaling energy efficiency investments?

    Energy Technology Data Exchange (ETDEWEB)

    Mathew, Paul; Wallace, Nancy; Alschuler, Elena; Kolstad, Leonard

    2016-02-01

    Commercial mortgages currently do not fully account for energy factors in underwriting and valuation, particularly as it relates to the impact of energy costs and volatility on an owner’s net operating income. As a consequence, energy efficiency is not properly valued and energy risks are not properly assessed and mitigated. Commercial mortgages are a large lever and could be a significant channel for scaling energy efficiency investments. A pilot analysis of loans with different mortgage contract structures and locations showed that when energy cost volatility was included in mortgage valuation, a 20% reduction in energy use resulted in a 1.3% average increase in mortgage value. This suggests that the explicit inclusion of energy use and volatility in mortgage valuation can send a strong price signal that financially rewards and values energy efficiency in commercial properties. This paper presents findings from a scoping study addressing energy factors in commercial mortgages. First, we present a review of current practices as it relates to incorporating energy factors into commercial mortgage underwriting and valuation. Next, we detail the impacts of energy factors on property values, net operating income and mortgage valuation. Building operational practices alone can result in energy use variations from -17% to 87%. Finally, we present a set of proposed interventions to properly address energy factors in commercial mortgages, based on extensive discussions with stakeholders including mortgage originators, underwriters, building owners and regulators.

  16. Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress

    Science.gov (United States)

    Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda

    2014-01-01

    Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725

  17. Assessing the Investment Climate for Climate Investments : A Comparative Framework for Clean Energy Investments in South Asia in a Global Context

    OpenAIRE

    Mani, Muthukumara S.

    2012-01-01

    One of the strong messages that came out of the recent United Nations Climate Change conference in Durban was that the private sector has to play an important role if we are to globally move toward a low carbon, climate resilient -- or "climate compatible" -- future. However, private investment will only flow at the scale and pace necessary if it is supported by clear, credible, and long-t...

  18. The risks and returns of stock investment in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2013-03-01

    The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

  19. Preliminary sale agreement of electric power: CELESC model

    International Nuclear Information System (INIS)

    Aurich, D.S.

    1990-01-01

    The paper presents the main ideas concerning a special agreement celebrated by CELESC - Centrais Eletricas de Santa Catarina S/A and MANVILLE - Produtos Florestais Ltda by MANVILLE purchases energy in advance from CELESC and the amounts of money received by CELESC are channeled to cover investments required for construction of two additional units in Pery small hydro power plant. The paper also presents the accorded rules to account the balance of energy before and after the refining of operation of the new units: the criteria to take in account inflation X energy tariffs along the agreement period and the conditions concerning the guaranty of supply of the energy purchased in advance. (author)

  20. Money Matters: Mitigating risk to spark private investments in energy efficiency

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2010-07-01

    Scaling-up investment in energy efficiency is essential to achieving a sustainable energy future. Despite energy efficiency's recognised advantages as a bankable investment with immense climate change mitigation benefits, most of the energy efficiency potential remains untapped and the investment gap to achieve climate goals is tremendous. This report seeks to improve understanding as to why this is so, and what can be done about it.

  1. High-tech industries' overseas investment performance evaluation - Application of data envelopment analysis

    Directory of Open Access Journals (Sweden)

    Ridong Hu

    2013-12-01

    Full Text Available With the rapid change of the social environment, Mainland China has become a new economic market due to the great domestic demand caused by its enormous population and the increasing economic growth rate. Taiwanese businesses have gradually turned to develop in China under the pressure of increasing domestic wages and land costs for expanding factories as well as the enhancement of environmental protection. Mainland China presents the advantages of ample land, low labor costs, monoethnicity, and easy language communication making it an attractive major investment location for Taiwanese high-tech industries. Data Envelopment Analysis (DEA is applied to measure overseas investment efficiency evaluation of Taiwanese high-tech businesses in China, where the Delphi Method is used for selecting the inputs of the number of employees, R&D expenses, and gross sales in total assets. Sensitivity Analysis is further utilized for acquiring the most efficient unit and individual units with operating efficiency. The research results show that 1.Three high-tech businesses that present constant returns to scale perform optimally with overseas investment efficiency 2.Two high-tech companies with decreasing returns to scale appear that they could improve the overseas investment efficiency by decreasing the scale to enhancing the marginal returns, and 3.Sixteen high-tech enterprises reveal increasing returns to scale, showing that they could expand the scale to enhance the marginal returns and further promote efficiency.

  2. Innovation investment area: Technology summary

    Energy Technology Data Exchange (ETDEWEB)

    1994-03-01

    The mission of Environmental Management`s (EM) Office of Technology Development (OTD) Innovation Investment Area is to identify and provide development support for two types of technologies that are developed to characterize, treat and dispose of DOE waste, and to remediate contaminated sites. They are: technologies that show promise to address specific EM needs, but require proof-of-principle experimentation; and (2) already proven technologies in other fields that require critical path experimentation to demonstrate feasibility for adaptation to specific EM needs. The underlying strategy is to ensure that private industry, other Federal Agencies, universities, and DOE National Laboratories are major participants in developing and deploying new and emerging technologies. To this end, about 125 different new and emerging technologies are being developed through Innovation Investment Area`s (IIA) two program elements: RDDT&E New Initiatives (RD01) and Interagency Agreements (RD02). Both of these activities are intended to foster research and development partnerships so as to introduce innovative technologies into other OTD program elements for expedited evaluation.

  3. Innovation investment area: Technology summary

    International Nuclear Information System (INIS)

    1994-03-01

    The mission of Environmental Management's (EM) Office of Technology Development (OTD) Innovation Investment Area is to identify and provide development support for two types of technologies that are developed to characterize, treat and dispose of DOE waste, and to remediate contaminated sites. They are: technologies that show promise to address specific EM needs, but require proof-of-principle experimentation; and (2) already proven technologies in other fields that require critical path experimentation to demonstrate feasibility for adaptation to specific EM needs. The underlying strategy is to ensure that private industry, other Federal Agencies, universities, and DOE National Laboratories are major participants in developing and deploying new and emerging technologies. To this end, about 125 different new and emerging technologies are being developed through Innovation Investment Area's (IIA) two program elements: RDDT ampersand E New Initiatives (RD01) and Interagency Agreements (RD02). Both of these activities are intended to foster research and development partnerships so as to introduce innovative technologies into other OTD program elements for expedited evaluation

  4. HOW DEPRESSION AND SOCIAL MEDIA PREFERENCES AFFECT FINANCIAL INVESTMENT&GAMBLING RISK TAKING BEHAVIOURS

    OpenAIRE

    YALVAC HAMURCU, H. Dilek; HAMURCU, Çağrı

    2017-01-01

    This study mainly examines the relationship between financial investment and gambling risk-taking tendencies and depression. In addition, how financial investment and gambling risk taking attitudes and depression level change with respect to age, gender and social media preferences are also analyzed in this study. DOSPERT Scale with subscales of financial investment and gambling and Beck Depression Inventory (BDI) are used for evaluating financial investment&gambling risk-taking tende...

  5. Negotiating a Plurilateral Agreement on Trade in Services

    Directory of Open Access Journals (Sweden)

    Agnes Ghibuțiu

    2014-01-01

    Full Text Available This paper analyses the ongoing plurilateral negotiations for a new Agreement on Trade in Services. Its aim is to answer to the following set of questions: (1 What are the motivations behind these negotiations as well as the objectives of the new plurilateral trade in services agreement? How will the architecture of the new agreement look like? (2 What are the interests involved in negotiating this new plurilateral agreement on trade in services? and (3 How will it fit into the multilateral trading system revolving around the WTO? According to the findings of the paper, the new deal that is promoted by 23 like-minded WTO Members, including the EU, is a policy response to disappointment over the protracted multilateral talks and the very impasse of the Doha Round. Yet, the stakes on negotiating an ambitious market opening for services are quite high, given the importance of services in international trade and particularly their crucial role in global production networks, that dominate nowadays global production, trade and investments.

  6. Technology Cooperation Agreement Pilot Project (TCAPP)

    Energy Technology Data Exchange (ETDEWEB)

    Keegan, P.; Benioff, R.

    1999-10-20

    The Technology Cooperation Agreement Pilot Project (TCAPP) is helping developing countries design and implement actions to attract investment in clean energy technologies that will meet their economic development goals, while mitigating greenhouse gas emissions. TCAPP was launched by three US government agencies -- the US Agency for International Development (USAID), the US Environmental Protection Agency (USEPA), and the US Department of Energy (USDOE) -- in August 1997 to establish a model for climate change technology cooperation with developing and transition countries. This report describes the TCAPP approach and the significant progress made by the participating countries.

  7. European methodology of analysis vertical restraints under rule of reason in context of cooperative relation specific investments

    Directory of Open Access Journals (Sweden)

    Agamirova Maria, Е.

    2015-06-01

    Full Text Available The problem of underinvestment in specific assets is a key issue in new institutional economics, especially in case of cooperative relation specific investments. It can be solved due to vertical restraints, as an alternative way of vertical integration to transfer control to partner, who makes relation specific investments. The type of relationspecific investments called «cooperative» investments (or cross investments was nearly absent in economic analysis up to the very end of the twentieth century despite of the fact that such investments are widespread. It led to the absence of analysis relation specific investments in official regulation documents. At the same time, different types of relation specific investments can be characterized by different degree of riskiness and need special regulations of vertical agreements. In the paper author makes an attempt to analyze the European methodology of assessment vertical restraints under rule of reason focusing on the type of relation specific investments. It makes possible to improve analysis of vertical restraint in Russian antitrust.

  8. Investment shocks and the relative price of investment

    OpenAIRE

    Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea

    2009-01-01

    We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects the production of installed capital from investment goods or, more broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U.S. business...

  9. The Chieftaincy Institution in Ghana: Causers and Arbitrators of Conflicts in Industrial Jatropha Investments

    Directory of Open Access Journals (Sweden)

    Benjamin Betey Campion

    2014-09-01

    Full Text Available Large-scale land acquisition in Africa has been the concern and the focus of growing global literature on land grabbing. The upswing in biofuel investments in Ghana led to large-scale land acquisitions by the private sector presided over by chiefs. This research investigates how chiefs, in playing their traditional roles in the acquisition of land and as arbitrators, were, in most instances, the cause and the solution to the ensuing conflicts in the various communities. Data was collected through interviews, use of questionnaires and focus group discussions. Some of the conflict issues include loss of farmlands or other communal lands, disagreements on the land acquisition processes, the quantum and mode of execution of compensation payments and the existence or contents of social responsibility agreements. Furthermore, the use of negotiation, mediation and courts by people in these communities relative to arbitration by chiefs is increasing. The Government of Ghana needs to strengthen the public sector land institutions and put in place stronger and binding mechanisms for resolving disputes arising from large-scale acquisitions of land to cushion the effect of the weakening confidence in the chieftaincy institution.

  10. Legal analysis of systemic investment protection regulation in the European Union’s financial sector

    Directory of Open Access Journals (Sweden)

    Bocs L.

    2018-01-01

    Full Text Available After the Treaty of Lisbon the European Union has an exclusive and uniform competence regarding investment agreements within its common commercial policy. Yet the political events in 2016 showed that there are still many regional differences politically and economically, especially after the so-called Brexit and negotiations with the United States of America in relation to transatlantic trade and investment. Therefore, the aim of the research is to determine the legal framework and related problems for unified investment protection within the European Union. Using descriptive, logical and deductive methodology the paper establishes a juristic base consensus for trade and investment policies, concludes that so far those policies have been systemically neglected due to regional differences in economic development and accordingly suggests to unify and protect the common investment policies by using already existing regional judicial mechanisms of member states within a unified code of conduct.

  11. Investment age and dynamic productivity growth in the Spanish food processing industry

    NARCIS (Netherlands)

    Kapelko, Magda; Oude Lansink, A.G.J.M.; Stefanou, S.E.

    2016-01-01

    This article analyzes the relation between investment age, measured as the number of years since investment spike, and dynamic productivity growth and its components, which include dynamic technical change, dynamic inefficiency change, and dynamic scale inefficiency change. The empirical application

  12. A postnational marketplace: negotiating the Transatlantic Trade and Investment Partnership (TTIP)

    NARCIS (Netherlands)

    Bartl, M.; Fahey, E.; Fahey, E.; Curtin, D.

    2014-01-01

    The Transatlantic Trade and Investment Partnership (TTIP), the new trade agreement between the EU and the US, has a great ambition: not only if measured by the size of the emergent market, but also the potential spill over of its regulatory standards to the global level. The cooperation between the

  13. Hydroelectric developments in Nunavik : update on impact benefit agreements

    Energy Technology Data Exchange (ETDEWEB)

    Aatami, P. [Makivik Corp., Makivik, NF (Canada)

    2004-07-01

    The Partnership Agreement on Economic and Community Development in Nunavik is intended to accelerate development of natural resources in Nunavik and promote autonomy of the Inuit regional organizations. This can be accomplished through hydroelectric projects, mining, sport hunting, outfitting and tourism. In recent years, activities in these domains have raised fundamental questions pertaining to the advantages and disadvantages of resource development. The role that the Impact Benefit Agreement has on business opportunities has been examined more closely. The results of the Impact Benefit Agreement and its implication for the Cree Nation and hydro development in untapped regions of northern Quebec were described along with the role of the parties in financing future projects. An overview of the costs, benefits and considerations for hydro opportunities in northern Quebec was presented with reference to the electricity grid and the incentives for large investment. 1 fig.

  14. Aspects of investment protection in the case of raw material projects; Aspekte des Investitionsschutzes bei Rohstoffprojekten

    Energy Technology Data Exchange (ETDEWEB)

    Wolkewitz, Mathias [Wintershall Holding GmbH, Kassel (Germany). Bereich Recht, Steuern und Versicherungen; TU Clausthal (Germany). Inst. fuer Energierecht

    2011-04-15

    Addressing the question of investment protection currently is of particular importance under the tree aspects: (a) Due to the financial crisis and economic crisis, foreign investment in the years 2008 and 2009 have been drastically reduced; (b) There is a growing critique at the system of international investment protection; (c) For the first time, the Articles 206 and 207 of the Treaty of Lisbon of the European Union show a competence for foreign direct investment. These three aspects seem partly contradictory, but have a considerable changing potential in the area of investment protection. The author of the contribution under consideration describes the tools of investment protection as those are used for raw material projects. Subsequently the author picks out investment protection agreements and deals with some aspects that are important for practical applications in business companies. Raw material projects are projects for the exploration and production of oil and gas in foreign states.

  15. Japanese investment in Peru: limits of developmental investment

    OpenAIRE

    Kamiya, Marco

    2004-01-01

    Japanese Investment in Latin America was considerable in the 1960s and 1970s, but the investment never took off in the developmental style as in East Asia. The author examines why Japanese Foreign Direct Investment in Peru did not follow the pattern of developmental investment, analyzing the elements involved regarding policies in Peru and particular circumstances in Japan in the 1990 decade.

  16. The Trans-Atlantic Trade and Investment Partnership – A Challenge for the European Union?

    Directory of Open Access Journals (Sweden)

    Oana–Antonia Colibășanu

    2015-06-01

    Full Text Available Since the early 2000s, the United States and European Union have discussed the development of bilateral and regional trade agreements. The TTIP – Trans-Atlantic Trade and Investment Partnership was announced in February 2013 and is currently under negotiation. The initiative aims at establishing a trade agreement between the two blocs, removing all trade barriers, including the non-tariff ones, in a wide range of economic sectors. The paper looks at several key elements that the bilateral negotiations are set to challenge from the European Union perspective. We focus on the main causes for resistance within the EU towards establishing the agreement, seeking to understand the future framework for international trade for the European states. While the EU continues integration to establish a functioning internal market, still continuing the process of diminishing and eliminating non-tariff barriers among the member states, we examine whether liberalisation of trade and investment between the US and the EU will benefit the EU as a whole, considering the current socio-economic trends at the Union’s level.

  17. High Agreement was Obtained Across Scores from Multiple Equated Scales for Social Anxiety Disorder using Item Response Theory.

    Science.gov (United States)

    Sunderland, Matthew; Batterham, Philip; Calear, Alison; Carragher, Natacha; Baillie, Andrew; Slade, Tim

    2018-04-10

    There is no standardized approach to the measurement of social anxiety. Researchers and clinicians are faced with numerous self-report scales with varying strengths, weaknesses, and psychometric properties. The lack of standardization makes it difficult to compare scores across populations that utilise different scales. Item response theory offers one solution to this problem via equating different scales using an anchor scale to set a standardized metric. This study is the first to equate several scales for social anxiety disorder. Data from two samples (n=3,175 and n=1,052), recruited from the Australian community using online advertisements, were utilised to equate a network of 11 self-report social anxiety scales via a fixed parameter item calibration method. Comparisons between actual and equated scores for most of the scales indicted a high level of agreement with mean differences <0.10 (equivalent to a mean difference of less than one point on the standardized metric). This study demonstrates that scores from multiple scales that measure social anxiety can be converted to a common scale. Re-scoring observed scores to a common scale provides opportunities to combine research from multiple studies and ultimately better assess social anxiety in treatment and research settings. Copyright © 2018. Published by Elsevier Inc.

  18. Study on Investor-State Dispute Settlement (‘ISDS’) and Alternatives of Dispute Resolution in International Investment Law

    DEFF Research Database (Denmark)

    Hindelang, Steffen

    aken the public concerns about current developments in the area of the European International Investment Policy, the European Parliament’s INTA Committee launched a study on Investor-State Dispute Settlement and Possible Alternatives of Dispute Resolution in International Investment Law....... In a nutshell, the study suggests that ISDS is a useful means of enforcing substantive investment protection standards contained in international investment agreements. The mechanism should therefore continue to form part of European international investment policy. However, the EU has to address four major...... challenges tied to this dispute settlement tool, i.e. (1) mitigating inconsistency, (2) securing the right balance between private and public interests, (3) establishing integrity of arbitral proceedings and (4) preventing misuse, allowing for error-correction and managing financial risk associated with ISDS...

  19. Investment Strategy and Efficiency of Investment Activity of European Insurers

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

    Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

  20. Major indicators of analysis of insurers’ investment activity

    Directory of Open Access Journals (Sweden)

    O.O. Poplavskyi

    2016-12-01

    Full Text Available The article is devoted to topical issues of economic nature, selection and use of economic indicators in analysis of insurers’ investment activity. The author determines the main criteria of permissible investment activity, such as different assets covering the insurance reserves and share of various types of investments in assets and capital on the base of the results of summarizing recent public requirements of key banks to insurance companies in Ukraine. The recommendations of the insurers’ analysis approved by the regulatory bodies in Ukraine (the State Commission for Regulation of Financial Services Markets, Belarus (the Ministry of Finance and Poland (the Financial Supervision Authority are not left without author’s attention. According to the results of comparing using of different indicators, like the return on equity and investment, their strength and weaknesses are identified and the improving the scales of their assessment are proposed. The article singles out the main indicators which can be adapted to national features+ and used for management decisions and regulation of investment activities of insurers.

  1. Endowments at Birth and Parents’ Investments in Children*

    Science.gov (United States)

    Adhvaryu, Achyuta; Nyshadham, Anant

    2014-01-01

    Do parents invest more in higher quality children, or do they compensate for lower quality by giving more to children with lower endowments? We answer this question in the context of a large-scale iodine supplementation programme in Tanzania. We find that children with higher programme exposure were more likely to receive necessary vaccines and were breastfed for longer. Siblings of treated children were also more likely to be immunised. Fertility behavior and investments at the time of birth were unaffected. PMID:27601732

  2. Multilateral and bilateral agreements

    International Nuclear Information System (INIS)

    Koponen, H.

    1993-01-01

    Finland has made both multilateral and bilateral agreements on the exchange of information related to radiation safety. The first arrangements for international agreements and exchange of information were made after the Chernobyl accident. In 1987, Finland joined the convention on early notification of a nuclear power accident coordinated by International Atomic Energy Agency. The convention is applied to accidents that cause of may cause emissions of radioactive substances that might affect the radiation safety of another country. Besides the convention on early notification, some other individual agreements have also been made. These include the International Nuclear Event Scale (INES) system and power companies own information exchange systems. Finland has conducted bilateral agreements with the Nordic countries and the Soviet Union on the notification of accidents and exchange of nuclear power plant information. Today, Russia answers for the Soviet Union's contractual obligations. (orig.)

  3. Cost-benefit assessment of energy efficiency investments: Accounting for future resources, savings and risks in the Australian residential sector

    International Nuclear Information System (INIS)

    Morrissey, J.; Meyrick, B.; Sivaraman, D.; Horne, R.E.; Berry, M.

    2013-01-01

    This article focuses on the impact of the discount rate on cost-benefit assessment of investment options for residential building efficiency. An integrated thermal modeling, life cycle costing approach is applied to an extensive sample of dominant house designs for Australian conditions. The relative significance of predicted thermal performance and the applied discount rate on the Present Value of energy savings from alternative investment scenarios is investigated. Costs and benefits are also evaluated at the economy-wide scale, including carbon pricing considerations, and for a test-case household faced with alternative investment options at the point of construction. The influence of the applied discount rate on produced cost-benefit calculations is investigated, as is the interaction between critical cost-benefit input parameters. Findings support that the discounting framework is the primary driver of difference in estimates about costs and benefits of higher standards of efficiency in the residential sector. Results demonstrate that agreement on a low discount rate based on sustainability principals would prioritise those projects with significant environmental benefits. - Highlights: ► High thermal efficiency is a key strategy to limit energy use in buildings. ► Integrated thermal modeling—life-cycle costing methods are applied to dominant house designs. ► The discounting framework is the primary driver of difference in observed costs. ► The selection of optimal performance investment options depends on the discount rate. ► Application of a discount rate of 3.5% or lower favours energy saving projects

  4. Effects of Deployment Investment on the Growth of the Biofuels Industry. 2016 Update

    Energy Technology Data Exchange (ETDEWEB)

    Vimmerstedt, Laura J. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Warner, Ethan S. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Stright, Dana [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-03-01

    This report updates the 2013 report of the same title. Some text originally published in that report is retained and indicated in gray. In support of the national goals for biofuel use in the United States, numerous technologies have been developed that convert biomass to biofuels. Some of these biomass to biofuel conversion technology pathways are operating at commercial scales, while others are in earlier stages of development. The advancement of a new pathway toward commercialization involves various types of progress, including yield improvements, process engineering, and financial performance. Actions of private investors and public programs can accelerate the demonstration and deployment of new conversion technology pathways. These investors (both private and public) will pursue a range of pilot, demonstration, and pioneer scale biorefinery investments; the most cost-effective set of investments for advancing the maturity of any given biomass to biofuel conversion technology pathway is unknown. In some cases, whether or not the pathway itself will ultimately be technically and financially successful is also unknown. This report presents results from the Biomass Scenario Model--a system dynamics model of the biomass to biofuels system--that estimate effects of investments in biorefineries at different maturity levels and operational scales. The report discusses challenges in estimating effects of such investments and explores the interaction between this deployment investment and a volumetric production incentive. Model results show that investments in demonstration and deployment have a substantial growth impact on the development of the biofuels industry. Results also show that other conditions, such as accompanying incentives, have major impacts on the effectiveness of such investments. Results from the 2013 report are compared to new results. This report does not advocate for or against investments, incentives, or policies, but analyzes simulations of

  5. Impact of speculator's expectations of returns and time scales of investment on crude oil price behaviors

    International Nuclear Information System (INIS)

    He, Ling-Yun; Fan, Ying; Wei, Yi-Ming

    2009-01-01

    Based on time series of crude oil prices (daily spot), this paper analyses price fluctuation with two significant parameters τ (speculators' time scales of investment) and ε (speculators' expectations of return) by using Zipf analysis technique, specifically, by mapping τ-returns of prices into 3-alphabeted sequences (absolute frequencies) and 2-alphabeted sequences (relative frequencies), containing the fundamental information of price fluctuations. This paper empirically explores parameters and identifies various types of speculators' cognition patterns of price behavior. In order to quantify the degree of distortion, a feasible reference is proposed: an ideal speculator. Finally, this paper discusses the similarities and differences between those cognition patterns of speculators' and those of an ideal speculator. The resultant analyses identify the possible distortion of price behaviors by their patterns. (author)

  6. Investing in non-communicable diseases: an estimation of the return on investment for prevention and treatment services.

    Science.gov (United States)

    Bertram, Melanie Y; Sweeny, Kim; Lauer, Jeremy A; Chisholm, Daniel; Sheehan, Peter; Rasmussen, Bruce; Upreti, Senendra Raj; Dixit, Lonim Prasai; George, Kenneth; Deane, Samuel

    2018-04-05

    The global burden of non-communicable diseases (NCDs) is growing, and there is an urgent need to estimate the costs and benefits of an investment strategy to prevent and control NCDs. Results from an investment-case analysis can provide important new evidence to inform decision making by governments and donors. We propose a methodology for calculating the economic benefits of investing in NCDs during the Sustainable Development Goals (SDGs) era, and we applied this methodology to cardiovascular disease prevention in 20 countries with the highest NCD burden. For a limited set of prevention interventions, we estimated that US$120 billion must be invested in these countries between 2015 and 2030. This investment represents an additional $1·50 per capita per year and would avert 15 million deaths, 8 million incidents of ischaemic heart disease, and 13 million incidents of stroke in the 20 countries. Benefit-cost ratios varied between interventions and country-income levels, with an average ratio of 5·6 for economic returns but a ratio of 10·9 if social returns are included. Investing in cardiovascular disease prevention is integral to achieving SDG target 3.4 (reducing premature mortality from NCDs by a third) and to progress towards SDG target 3.8 (the realisation of universal health coverage). Many countries have implemented cost-effective interventions at low levels, so the potential to achieve these targets and strengthen national income by scaling up these interventions is enormous. Copyright © 2018 World Health Organization. Published by Elsevier Ltd/Inc/BV. All rights reserved. Published by Elsevier Ltd.. All rights reserved.

  7. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  8. Strategy Diversity Stabilizes Mutualism through Investment Cycles, Phase Polymorphism, and Spatial Bubbles

    Science.gov (United States)

    Boza, Gergely; Kun, Ádám; Scheuring, István; Dieckmann, Ulf

    2012-01-01

    There is continuing interest in understanding factors that facilitate the evolution and stability of cooperation within and between species. Such interactions will often involve plasticity in investment behavior, in response to the interacting partner's investments. Our aim here is to investigate the evolution and stability of reciprocal investment behavior in interspecific interactions, a key phenomenon strongly supported by experimental observations. In particular, we present a comprehensive analysis of a continuous reciprocal investment game between mutualists, both in well-mixed and spatially structured populations, and we demonstrate a series of novel mechanisms for maintaining interspecific mutualism. We demonstrate that mutualistic partners invariably follow investment cycles, during which mutualism first increases, before both partners eventually reduce their investments to zero, so that these cycles always conclude with full defection. We show that the key mechanism for stabilizing mutualism is phase polymorphism along the investment cycle. Although mutualistic partners perpetually change their strategies, the community-level distribution of investment levels becomes stationary. In spatially structured populations, the maintenance of polymorphism is further facilitated by dynamic mosaic structures, in which mutualistic partners form expanding and collapsing spatial bubbles or clusters. Additionally, we reveal strategy-diversity thresholds, both for well-mixed and spatially structured mutualistic communities, and discuss factors for meeting these thresholds, and thus maintaining mutualism. Our results demonstrate that interspecific mutualism, when considered as plastic investment behavior, can be unstable, and, in agreement with empirical observations, may involve a polymorphism of investment levels, varying both in space and in time. Identifying the mechanisms maintaining such polymorphism, and hence mutualism in natural communities, provides a significant

  9. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  10. The Ways of Using Foreign Experience of Intermunicipal Investment Cooperation

    Directory of Open Access Journals (Sweden)

    Siryk Zenoviy O.

    2018-03-01

    Full Text Available The content and nature of intermunicipal investment cooperation (IMIC are disclosed in the article. The aim of the article is to study the foreign experience of intermunicipal investment cooperation with a view to further introduction of local self-government into domestic practice. By analyzing and summarizing the scientific works of many scientists, in which the general experience and mechanism of intermunicipal cooperation is considered, the main features of the reasons for the existence and promotion of intermunicipal investment cooperation are revealed. Some foreign practices of the existence of intermunicipal investment cooperation are analyzed. There made a critical analysis regarding the forms of implementation of such cooperation. Features of the mechanism of functioning of various models of such cooperation are revealed. It is substantiated that the intermunicipal investment IMIC is not a fairly common practice and direction of cooperation between territorial communities and their government bodies. The legislation of most of the analyzed countries does not establish clear rules that would administer or regulate IMIC to an extent required by the practice of territorial management and development of territories. It is determined that a large number of forms, models and methods of implementing IMIC, despite even a certain rarity of their application, attests to the most important characteristic feature of it. It is stated that the following forms of IMIC should be considered as the most effective with regard to domestic practice of organization of local self-government and financial flows: establishment of a separate intermunicipal institution (body authorized to manage or regulate the implementation of investment processes and administration of investment processes by concluding an administrative agreement.

  11. Are Foreign Investments Replacing Domestic Investments? - Evidence from Finnish Manufacturing

    OpenAIRE

    Oksanen, Olli-Pekka

    2006-01-01

    This study analyses the relationship between firms’ foreign and domestic investments using a panel dataset containing 218 Finnish manufacturing firms during the years 1998-2002. The study examines whether foreign investments increase or decrease domestic investments and whether the effect varies between investments directed to developed markets or emerging markets. Financial constraints’ effect on the relationship is also investigated. The empirical part estimates an empirical investment equa...

  12. Treaties to avoid international double income taxation and their relation with investments involving Brazil

    Directory of Open Access Journals (Sweden)

    Jônatas de Pessoa Alburquerque Martins

    2014-11-01

    Full Text Available To fight against fiscal evasion and facilitate the investment flow, the countries close agreements to go against double income taxation. This study aims to investigate the impact of the treaties to avoid double income taxation on the direct foreign investment relations of Brazil. The analysis included 162 countries and jurisdictions with which investments transactions were closed that originated or were received in Brazil, between 2005 and 2011. The panel data analysis technique was applied through the selection of six independent variables, in order to verify the behavior of the double taxation treaties in view of the investments. Through the estimated model, it was verified that these treaties had a positive and statistically significant impact – when compared to earlier studies – on the direct foreign investment volume. When dividing the sample between the investments received and made in Brazil, a greater increase was identified in the direct foreign investments received (130.1% than in the investments made (76.9%, although this was the variable with the second largest positive impact in the model. In conclusion, exclusively in the Brazilian context, the international double income taxation is a relevant factor in the investment decision, as the presence of treaties to guarantee the investors in the receipt of revenues without double taxation substantially increases the investment flow. This study differs from earlier research by the sample that only contains treaties in force in Brazil.

  13. Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

    OpenAIRE

    Yamin Ahmad; Pietro Cova; Rodrigo Harrison

    2004-01-01

    We present a model of investment under uncertainty about fundamentals, using a global games approach. Goldstein & Razin (2003) show that there is an information based trade-off between foreign direct investment (FDI) and portfolio investment (PI) which rationalizes some well known stylised facts in the literature - the relative volatility and reversibility of foreign direct investment versus portfolio investment. We extend their result and show that uncertainty about fundamentals does not imp...

  14. Investing for Sustainable Turnaround. Sustaining School Turnaround at Scale. Brief 2

    Science.gov (United States)

    Education Resource Strategies, 2012

    2012-01-01

    The Federal government has brought the issue of low-performing schools to the forefront of public conversation by committing $3.5 billion over three years to turn around these schools. As of March 2011, over 1200 schools across the country had been awarded School Improvement Grants (SIG). Given the magnitude of this short-term investment and the…

  15. Direct foreign investment in power sector in India: Enron - a case study

    International Nuclear Information System (INIS)

    Singhyadav, S.

    1996-01-01

    In order to develop its economy at a faster pace, India needs to make large investments in its infrastructure - electric power being one such sector - domestic as well as foreign companies - to invest in this area. In response, Enron Corporation of USA entered into an agreement with the Maharashtra State Electricity Board to establish a 2-phase power project for a capacity of 2015 MW (695 MW in Phase I and 1320 MW in Phase II). Soon after the contract, there was a change of government in the State, as a result of elections. The new government scrapped the project tariff, etc. Since India is an emerging destination for foreign investments, scrapping of the project may have an adverse repercussion on the inflow of foreign capital in future as also on the cost of this capital. However, a renegotiated settlement will go a long way to establish the credibility of Enron as a serious multinational giant and India as a sage destination for foreign investments. (author). 19 refs., 3 tabs

  16. The Economics of an Investment in Kaizen

    Science.gov (United States)

    Visuwan, Danupun

    2010-10-01

    Kaizen has been widely accepted as a continuous process improvement with the gradualist approach. This paper presents the research carried out to explore the pattern of an investment in Kaizen to enhance overall profit. System dynamics-based simulation has been employed with an optimization technique, a Steepest Ascent approach, to improve experimental variables e.g. the amount of spending on prevention and appraisal activities, the time and the amount to reduce the investment which results in maximum Net Present Value (NPV) of profit. The simulation model in this study is based on a Thai automobile manufacturer as a case study company. The result suggests that the investment in Kaizen should spend on activities to eliminate and detect all defects in the early phase and then reduce economically when the process is under controlled. It can be named as the `Hybrid quality improvement', which was proved in this study that it provides greater overall profit than the Stepwise Kaizen and the constant spending. This study also presents the behavior of quality costs and profit against time scale along the different patterns of the investment in Kaizen.

  17. Evaluation of investment processes in agriculture in Poland in 2000-2011

    Directory of Open Access Journals (Sweden)

    Aleksander Grzelak

    2013-06-01

    Full Text Available The main aim of the article is evaluation of investment processes in agriculture in Poland in 2000-2011. Tendencies in range of investment activity after 2000 should by favourably estimate. Essential improvement in this area has happened especially after integration with the EU, in relationship to possibilities of funding investments by union funds. Also the enlargement of integration investment activity in agriculture has been noticed on background of tendency in total economy. In spite an increasing tendency in case of ability to invest in agriculture, its level was insufficient to set – back decapitalization of fixed assets in the whole agriculture. The situation would be positive if the tendency of growth degree of consumption of assets was stopped. On the other hand, awareness is necessary of the considerable differentiation in relation to investment activity with regard to the scale of production. It can be supposed, that started investment processes will bring to a part of agricultural farms multiplied effects which will actively use the investment support under the CAP instruments and preferential credits. It will intensify the processes of polarization in agriculture.

  18. Reasons Why it is Beneficial to Invest in Republic of Kosovo

    Directory of Open Access Journals (Sweden)

    Nakije Kida

    2014-06-01

    Full Text Available The purpose of this paper is to examine the role of Foreign Direct Investment (FDI in economic development through the development of the country that has the potential sectors. The effect of technology in these sectors had risen sector and area that until then had remained neglected. The paper investigates the impact of foreign direct investment (FDI in economic growth using detailed sectoral FDI in Kosovo during the period 2000-2013. Sectors considered are: Agribusiness, Tourism, forestry, services, manufacturing, mining, energy, construction, wholesale and retail trade, hotels and restaurants, transport, telecommunications and other sectors. The negative effect of extractive industries in creating income and environmental pollution in Kosovo is not surprising. FDI in manufacturing industries by stimulating exports generate more income. FDI are likely to repatriate their profits but are likely to increase employment. To ensure legal protection for foreign investors, have signed an agreement with the Agency Multilateral Investment Guarantee (MIGA, the avoidance of double taxation, taxes are the lowest in Europe. Investment Promotion Agency of Kosovo (IPAK, the level of government makes the promotion of Kosovo. As a developing country taking the time information is more difficult but efforts in this direction are great.

  19. Mechanical Properties of Porous Titanium Structure Fabricated by Investment Casting with Pressurization/Depressurization System

    International Nuclear Information System (INIS)

    Kang, San; Lee, Ji-Woon; Hyun, Soong-Keun; Lee, Byong-Pil; Kim, Myoung-Gyun; Kim, Young-Jig

    2014-01-01

    A porous titanium structure was fabricated by investment casting with a pressurization/depressurization system, and its mechanical properties were studied. A Micro-Vickers hardness profile revealed that hardness gradually increased from the matrix to the metal/mold interface. A compression test was conducted on a single cell of the porous Ti structure. The theoretical and experimental values of yield strength were in good agreement. Such agreement suggested that the reaction layer did not affect the macro-mechanical properties of the porous Ti structure.

  20. Oil industry perspective on investment: in the CIS/Russia

    International Nuclear Information System (INIS)

    Boulos, A.J.

    1994-01-01

    Despite the existance of abundant petroleum reserves in the CIS, oil production is decreasing through lack of sophisticated equipment, advanced technology and capital to fully exploit existing and now depleting oil fields and to open up new ones. The oil industry is in need of restructuring and substantial investment if it is to meet increasing domestic demand. Positive moves are being made within the CIS to create an attractive investment climate and encourage the setting up of joint ventures with foreign companies. The types of joint venture agreements that could be used are examined and the challenges and opportunities provided by such ventures are discussed. Notwithstanding serious problems, particularly those relating to political stability and the creation of a suitable legal framework, it is concluded that significant and promising opportunities exist for joint ventures in the oil and gas sectors. (UK)

  1. THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

    Directory of Open Access Journals (Sweden)

    MOT Anca

    2014-06-01

    Full Text Available The Transatlantic Trade and Investment Partnership is a project of exceptional importance which opens a new stage in the globalization process. Given its historical significance, this construction causes numerous debates and controversies. This article attempts to draft a few reflections regarding the main elements, dimensions, orientations, the basis values, objectives and the relevant actors (economic, political, formal and informal of this greatest bilateral trade agreement. We will attempt a decrypting, on the basis of press articles, of political discourse, and of different analyses and comments, what are the social and economic effects, what are the consequences on democracy of this market project.

  2. 75 FR 18407 - Investing in Innovation Fund

    Science.gov (United States)

    2010-04-12

    ... Innovation Fund Catalog of Federal Domestic Assistance (CFDA) Numbers: 84.396A (Scale-up grants), 84.396B (Validation grants), and 84.396C (Development grants). AGENCY: Office of Innovation and Improvement... Rule) for the Investing in Innovation Fund. This document makes a correction to the March 12 Final Rule...

  3. Sustainable Markets Investment Briefings: Foreign investment contracts

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the fourth of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 4 sets out some of the ways in which foreign investment contracts can impact on sustainable development.

  4. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...

  5. 78 FR 77377 - Small Business Investment Companies-Investments in Passive Businesses

    Science.gov (United States)

    2013-12-23

    ... SMALL BUSINESS ADMINISTRATION 13 CFR Part 107 RIN 3245-AG57 Small Business Investment Companies--Investments in Passive Businesses AGENCY: U.S. Small Business Administration. ACTION: Proposed rule. SUMMARY... Investment Company (SBIC) program concerning investments in passive businesses. SBICs are generally...

  6. The Intangible Assets of Korean Manufacturing Firms for Foreign Direct Investment

    Directory of Open Access Journals (Sweden)

    Sunghoon Hong

    2004-12-01

    Full Text Available This paper attempts to apply the intangible assets approach to the emerging multinational enterprises of Korea. More specifically, it tries to empirically analyze whether Korean firms investing in foreign markets possess more advanced intangible assets than those investing only in the domestic market, and whether Korean firms exploit different types of tangible assets in different host regions. The following conclusions have been drawn by analyzing the data on Korea manufacturing firms listed on the Stock Exchange. First, firms investing in foreign markets possess more advanced intangible assets than domestic market-oriented ones. More specifically, firms investing in the Western developed region are shown to be superior in the economies of scale, R&D, advertising intensity, capital intensity, and interfirm linkages, whereas those investing in the Asian developing region are superior only in the economies of scale and organizational skills. This implies that Korean firms operating in developed countries seem to exploit a wider range of intangible assets to address intense competition and sophisticated demand in the host markets. And, when firms investing in the developed and developing regions are compared directly, the former group are found to exploit technological capability and interfirm linkages more intensively. Second, availability of internal funds and human capital intensity do not show statistical significances, implying that these abilities are not different between firms investing in foreign markets and the domestic market. Third, Korean multinational enterprises are more similar to Japanese than Western ones in terms that they actively exploit organizational skills and interfirm network. Nonetheless, these conclusions have been derived by analyzing the data on parent firms, based on the assumption that Korean overseas subsidiaries commonly share the intangible assets of their parents. This weakness is mainly due to the limited

  7. Ranking independent timber investments by alternative investment criteria

    Science.gov (United States)

    Thomas J. Mills; Gary E. Dixon

    1982-01-01

    A sample of 231 independent timber investments were ranked by internal rate of return, present net worth per acre and the benefit cost ratio—the last two discounted by 3, 6.4. 7.5. and 10 percent—to determine if the different criteria had a practical influence on timber investment ranking. The samples in this study were drawn from a group of timber investments...

  8. The Russian opportunity and investments by international companies: the oil paradox

    International Nuclear Information System (INIS)

    Locatelli, C.

    2003-01-01

    The early days of 2003 saw Russia and its oil sector drawing the attention of international investors, as evidenced by the joint venture between BP and TNK, Exxon Mobil's plans regarding Yukos or Shell's. Some people saw in those agreements or plans the signs of a normalisation of the Russian economy, particularly in terms of property rights. The arresting of Mr Khodorkovsky, the chairman of Yukos put a sudden stop to such optimism and comes as a reminder of a few realities. Despite the progresses made, the economic and institutional environment of the country is still unstable, as shown by the questioning of the Production Sharing Agreement Act or the increasingly demanding access to oil resources. The BP TNK agreement is not a reproducible investment model. If there is some opening it will be on the terms set by the Russian government. (authors)

  9. Comments on "Investing in All the People".

    Science.gov (United States)

    Sabot, R H

    1992-01-01

    Professor Summer's article on government spending for education in Pakistan is agreed with. This commentary also suggested that the conference should have included the Ministry of Finance so that there could be multisector agreement that there must be reallocation of public expenditure from the military for future investment in power plants and primary and secondary education systems. The goal would be to eliminate the gender gap in education and to invest in girls' education. Professor Summers argued that inadequate demand needed to be increased with an increased supply of schools. Gender bias was also evident worldwide in missing girls and higher female mortality. Pakistan has the highest sex ratio, which may not reflect a changes in practices among younger mothers. It was argued by Professor Summers that breaking the vicious cycle of high fertility, little or no education, low productivity, and higher mortality among women can be accomplished virtuously by increasing girl's educational levels. The investment in girls will be reaped in the home, marketplace, and in child welfare through changes in household behavior. Educating girls was considered more cost effective than investing in family planning programs. Additional suggestions are provided that improvement in quality of schooling is also important in improving the education of mothers and children and is interactive with mother's education and years of schooling of children. It is likely that if mothers are educated investment returns are greater when quality if enhanced. It would also hold true that investments in health care or in family planning would reap greater returns if mothers are educated. The figures for return on investment are given as over 20% with a doubling of resources over 3.5 years. Returns would be lower if quality is low or jobs are of low quality or if the returns do not appear for another generation. If returns are too low, the question is how this will affect political will. This

  10. 76 FR 2029 - Small Business Investment Companies-Energy Saving Qualified Investments

    Science.gov (United States)

    2011-01-12

    ... 3245-AF86 Small Business Investment Companies--Energy Saving Qualified Investments AGENCY: U.S. Small... Administration (SBA) is setting forth the new defined terms, ``Energy Saving Qualified Investment'' and ``Energy Saving Activities'', for the Small Business Investment Company (SBIC) Program. The new definitions are...

  11. 32 CFR Appendix A to Part 37 - What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment...

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment Agreements? A Appendix A to Part 37 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS TECHNOLOGY...

  12. 12 CFR 703.5 - Discretionary control over investments and investment advisers.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Discretionary control over investments and investment advisers. 703.5 Section 703.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.5 Discretionary control over investments and...

  13. Bringing EU-Turkey trade and investment relations up to date?

    OpenAIRE

    Dawar, Kamala; Sübidey, Togan

    2016-01-01

    The case is made that the EU-Turkey CU of 1995 covering industrial goods should be modernised and modified to take into account the various and growing criticisms of the original CU. Furthermore, economic integration between the EU and Turkey should be strengthened by signing a complementary deep integration regional trade agreement (RTA) between the EU and Turkey, covering agriculture, SPS measures, services, government procurement, investment, and dispute settlement. For Turkey, the objecti...

  14. How Informative Are Self-Reported Adult Attention-Deficit/Hyperactivity Disorder Symptoms? An Examination of the Agreement Between the Adult Attention-Deficit/Hyperactivity Disorder Self-Report Scale V1.1 and Adult Attention-Deficit/Hyperactivity Disorder Investigator Symptom Rating Scale.

    Science.gov (United States)

    Silverstein, Michael J; Faraone, Stephen V; Alperin, Samuel; Biederman, Joseph; Spencer, Thomas J; Adler, Lenard A

    2017-11-27

    Assess agreement between self-ratings via the adult attention-deficit/hyperactivity disorder (ADHD) Self-Report Scale (ASRS)-v1.1 Symptom Checklist and clinician ratings via the adult ADHD Investigator Symptom Rating Scale (AISRS) expanded version using DSM-5 adult ADHD patients (referred sample) and ADHD controls (recruited from a primary care physician practice). The ASRS v1.1 Symptom Checklist was administered to measure self-reported ADHD symptoms and impairment, the Adult ADHD Clinical Diagnostic Scale v1.2 was used to establish an adult ADHD diagnosis and the childhood and adult/current sections of the scale were used to provide scores to measure symptoms of childhood ADHD and recent symptoms of adult ADHD, the AISRS to measure ADHD current symptom severity. Participants (n = 299; range 18-58), of which 171 were ADHD+ and 128 ADHD-. ASRS and AISRS total scores and individual subsections examining inattention, hyperactivity, emotional dysfunction (EF), and emotional dyscontrol (EC) were all significantly correlated (Spearman's ρ's = 0.78-0.89, ps < 0.01). Correlations remained significant when controlling for demographic factors and psychiatric conditions. The ASRS (self) and AISRS (clinician rated) scales have high agreement. This agreement extended not only the to the core 18 DSM symptoms, but also to the additional 13 symptoms that examine EC and EF.

  15. Trends in Business Investment

    OpenAIRE

    Lydon, Reamonn; Scally, John

    2014-01-01

    This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP. Changes in business investment broadly coincide with the overall business cycle, although swings in investment tend to be far greater, with extended periods of both over- and under-investment relative to GDP. The sharp fall in business investment si...

  16. Giga-Investments: Modelling the Valuation of Very Large Industrial Real Investments

    OpenAIRE

    Collan, Mikael

    2004-01-01

    In this doctoral dissertation characteristics of very large industrial real investments (VLIRI) are investigated and a special group of VLIRI is defined as giga-investments. The investment decision-making regarding to giga-investments is discussed from the points of view of discounted cash-flow based methods and real option valuation. Based on the bacground of establishing giga-investments, state-of-the-art in capital budgeting (including real options) and by applying fuzzy numbers a novel me...

  17. Multilateral development banks and socially responsible investments--the case of tobacco.

    Science.gov (United States)

    Lal, Pranay

    2012-12-01

    Globally, tobacco kills more people than HIV-related conditions or AIDS, tuberculosis and malaria combined. In 1991, The World Bank, the world's largest lender, pledged that it would no longer support tobacco-related projects. It was expected that other financial investors would follow, but most did not respond to this call. As a result, several financial institutions continue to invest in tobacco and fuel an epidemic to an unprecedented scale. Using tobacco as a case in point, this review highlights the continuing investments among financial institutions which do not conform to 'socially responsible investments' and calls for monitoring and reporting such unethical practices. The paper also underscores the need to harmonise the numerous criteria, principles and voluntary codes that govern socially responsible investing and ensure that financial institutions comply with them.

  18. Evaluation of parallel milliliter-scale stirred-tank bioreactors for the study of biphasic whole-cell biocatalysis with ionic liquids.

    Science.gov (United States)

    Dennewald, Danielle; Hortsch, Ralf; Weuster-Botz, Dirk

    2012-01-01

    As clear structure-activity relationships are still rare for ionic liquids, preliminary experiments are necessary for the process development of biphasic whole-cell processes involving these solvents. To reduce the time investment and the material costs, the process development of such biphasic reaction systems would profit from a small-scale high-throughput platform. Exemplarily, the reduction of 2-octanone to (R)-2-octanol by a recombinant Escherichia coli in a biphasic ionic liquid/water system was studied in a miniaturized stirred-tank bioreactor system allowing the parallel operation of up to 48 reactors at the mL-scale. The results were compared to those obtained in a 20-fold larger stirred-tank reactor. The maximum local energy dissipation was evaluated at the larger scale and compared to the data available for the small-scale reactors, to verify if similar mass transfer could be obtained at both scales. Thereafter, the reaction kinetics and final conversions reached in different reactions setups were analysed. The results were in good agreement between both scales for varying ionic liquids and for ionic liquid volume fractions up to 40%. The parallel bioreactor system can thus be used for the process development of the majority of biphasic reaction systems involving ionic liquids, reducing the time and resource investment during the process development of this type of applications. Copyright © 2011. Published by Elsevier B.V.

  19. Investments

    CERN Document Server

    Bodie, Zvi; Marcus, Alan J.

    2017-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

  20. An Exact Soultion for the Investment and Market Value of a Firm Facing Uncertainty, Adjustment Costs, and Irreversibility

    OpenAIRE

    Andrew B. Abel; Janice C. Eberly

    1993-01-01

    This paper derives closed-form solutions for the investment and market value, under uncertainty, of competitive firms with constant returns to scale production and convex costs of adjustment. Solutions are derived for the case of irreversible investment as well as for reversible investment. Optimal investment is a non-decreasing function of q, the shadow value of capital. The conditions of optimality imply that q cannot contain a bubble; thus, optimal investment depends only on fundamentals. ...

  1. The investment case for hepatitis B and C in South Africa: adaptation and innovation in policy analysis for disease program scale-up.

    Science.gov (United States)

    Hecht, Robert; Hiebert, Lindsey; Spearman, Wendy C; Sonderup, Mark W; Guthrie, Teresa; Hallett, Timothy B; Nayagam, Shevanthi; Razavi, Homie; Soe-Lin, Shan; Vilakazi-Nhlapo, Kgomotso; Pillay, Yogan; Resch, Stephen

    2018-05-01

    Even though WHO has approved global goals for hepatitis elimination, most countries have yet to establish programs for hepatitis B and C, which account for 320 million infections and over a million deaths annually. One reason for this slow response is the paucity of robust, compelling analyses showing that national HBV/HCV programs could have a significant impact on these epidemics and save lives in a cost-effective, affordable manner. In this context, our team used an investment case approach to develop a national hepatitis action plan for South Africa, grounded in a process of intensive engagement of local stakeholders. Costs were estimated for each activity using an ingredients-based, bottom-up costing tool designed by the authors. The health impact and cost-effectiveness of the Action Plan were assessed by simulating its four priority interventions (HBV birth dose vaccination, PMTCT, HBV treatment and HCV treatment) using previously developed models calibrated to South Africa's demographic and epidemic profile. The Action Plan is estimated to require ZAR3.8 billion (US$294 million) over 2017-2021, about 0.5% of projected government health spending. Treatment scale-up over the initial 5-year period would avert 13 000 HBV-related and 7000 HCV-related deaths. If scale up continues beyond 2021 in line with WHO goals, more than 670 000 new infections, 200 000 HBV-related deaths, and 30 000 HCV-related deaths could be averted. The incremental cost-effectiveness of the Action Plan is estimated at $3310 per DALY averted, less than the benchmark of half of per capita GDP. Our analysis suggests that the proposed scale-up can be accommodated within South Africa's fiscal space and represents good use of scarce resources. Discussions are ongoing in South Africa on the allocation of budget to hepatitis. Our work illustrates the value and feasibility of using an investment case approach to assess the costs and relative priority of scaling up HBV/HCV services.

  2. ESG Integration and the Investment Management Process : Fundamental Investing Reinvented

    NARCIS (Netherlands)

    van Duuren, Emiel; Plantinga, Auke; Scholtens, Bert

    2016-01-01

    We investigate how conventional asset managers account for environmental, social and governance factors (ESG) in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment

  3. GREEN INVESTMENT: A STRATEGY FOR SUSTAINABLE ECONOMIC GROWTH AND INVESTMENT

    Directory of Open Access Journals (Sweden)

    Jaya Shukla

    2014-01-01

    Full Text Available Sustainable economic development has become an important area of concern due to climatic change with its long term effects. Climatic change has posed several challenges for economic sustainability of economies. Now major development projects have to comply with international environmental norms. Failure to do so may result in the delay of a project, fines including penalties for environmental damage or charges for remedial action, that affect the viability of a project or the value of any security taken. This paper investigates with help of secondary date using descriptive statistical technique opportunities and challenges of green investment. Here it is developed into suitable model for developing economies for successfully adopting green investment without much cost to their economies. The paper concludes that green investment involving direct investment and portfolio investment in firms adopting and following environmental protection norms will lead to sustainable growth and investment for economy.

  4. Trade Agreements and Direct-to-Consumer Advertising of Pharmaceuticals

    Directory of Open Access Journals (Sweden)

    Deborah Gleeson

    2018-02-01

    Full Text Available There is growing international concern about the risks posed by direct-to-consumer advertising (DTCA of prescription pharmaceuticals, including via the internet. Recent trade agreements negotiated by the United States, however, incorporate provisions that may constrain national regulation of DTCA. Some provisions explicitly mention DTCA; others enable foreign investors to seek compensation if new regulations are seen to harm their investments. These provisions may thus prevent countries from restricting DTCA or put them at risk of expensive legal action from companies seeking damages due to restrictions on advertising. While the most recent example, the Trans-Pacific Partnership Agreement (TPP, collapsed following US withdrawal in January 2017, early indications of the Trump Administration’s trade policy agenda signal an even more aggressive approach on the part of the United States in negotiating advantages for American businesses. Furthermore, the eleven remaining TPP countries may decide to proceed with the agreement in the absence of the United States, with most of the original text (including the provisions relevant to DTCA intact.

  5. RISKS ASSOCIATED WITH INVESTMENTS IN STRUCTURED INVESTMENT PRODUCTS, SELECTION CRITERIA OF SIP`S

    Directory of Open Access Journals (Sweden)

    Ignatyuk Aleksandr Sergeevich

    2013-05-01

    Full Text Available Purpose To identify and classify the major risks affecting on the structured investment products, to submit proposals to limit their impact. Methodology The work is based on a studying of the practice of investments in structured investment products, detection and investigation of sources of market risk of structured investment products. Results Structured investment products, as any other investment product, has a significant set of risks that could affect to a large extent on its evaluation and determine the behavior of the investor. Financial engineers have the ability to control most of these risks, as well as to limit their impact. Thus, the structured investment product, unlike most classic investment instruments can provide investors with highly transparent mechanism to determining the ratio of investment risk and potential income. Practical implications The results can be used in a scientific investigation of the phenomenon of structured investment products, as well as practical work on the formation of the structured products by investment banks and brokerage firms.

  6. Environmental, Social and Governance (ESG and Investment Decision in Bangladesh

    Directory of Open Access Journals (Sweden)

    Sayema Sultana

    2018-06-01

    Full Text Available As a key facet of sustainable development, environmental, social and governance (ESG discretion on stock market investment decision is gaining prevalence following the global financial crisis. ESG considers the sustainable return, risk reduction, and accountability aspects of investments. This study is an exploration of the individual stock market investors’ preferences for ESG issues and the influence that purpose of investment has on investment decision-making, by testing the investment horizon as a moderator. The theoretical background was taken from the theory of planned behavior (TPB, goal setting theory (GST, and the behavioral asset pricing model (BAPM. The study uses the sequential mix method of research, starting with an interview followed by a survey, which was conducted among individual stock market investors in Bangladesh, using simple random sampling. Structural equation modeling (SEM analysis was carried out using Warp PLS version 6.0. The key findings of this study delineate the effect of ESG issues and the purpose of investment on investment decision-making. The contribution of the study signifies the moderating role of the investment horizon, which confirms the importance of the long-term horizon as a time and risk diversification factor. The sparse utilization of the United Nations Global Compact (UNGC (2004 and Thomson Reuters Corporate Responsibility Index (TRCRI (2013 as measurement scales in this study is mentioned. This study has made practical contributions for managers, investors, and regulators.

  7. European Energy Charter. ; Status of basic agreement negotiation. Oshu energy kensho; Kihon kyotei kosho no jokyo

    Energy Technology Data Exchange (ETDEWEB)

    Ijuin, T. (Agency of Natural Resources and Energy, Tokyo (Japan))

    1993-02-10

    From its title, the European Energy Charter has tended to lead to a misunderstanding that it is an European framework. However, a first expanded European Energy Charter meeting was held where the charter was established as an international framework. An article in the Charter calls for continuing a discussion on a basic agreement to be used as an international treaty and protocols by areas. The Charter text itself that has no legal binding power has been agreed by more than 40 charter participating nations based on the draft prepared by EC. However, no consensus has been reached on the negotiation for the basic agreement that has a legal binding power and the protocols in several important points. The basic agreement is a multi-national treaty specifying basic rules important in leading the former Soviet Union and East European nations to market economy and promoting energy development utilizing the investments from private sectors in the West. This paper describes the investment liberalization and investor protection, consistency with GATT, and its influence to the energy industries when Japan has joined the charter as a member nation.

  8. THE FREE TRADE AGREEMENT BETWEEN THE EAEU AND VIETNAM AS A FACTOR OF RUSSIAN-VIETNAMESE RELATIONS

    Directory of Open Access Journals (Sweden)

    N. V. Fedorov

    2018-01-01

    Full Text Available The article examines the infl uence of the free trade agreement between the Eurasian Economic Union and Vietnam on  Russian-Vietnamese relations. The author considers preconditions for expansion of the EAEU, main steps of negotiations, special features  of the agreement, and results, achieved by present time. The author  pays special attention to evolution of Russian-Vietnamese relations  and also to key factors of Vietnam’s foreign policy. Russian- Vietnamese relations have been developing on the base of the USSR- Vietnam partnership in the Cold War. They were marked by stability  and high level of political contacts, but at the same time scales of economic cooperation were relatively low. Established interaction  between two states was a foundation for the dialogue for the  involvement of Vietnam in Eurasian integration. Vietnam, in turn,  tried to conduct multilateral foreign policy (including the expansion of network of free trade agreements and so it had positive attitude  for cooperation with Russia in a sphere of Eurasian integration. For  Russia, the EAEU – Vietnam free trade agreement has both political  (expansion of Eurasian integration beyond the Post-Soviet space and rise of prestige of the EAEU and economic (impact on trade and investment cooperation with the SRV signifi cance. The agreement entered into force in October 2016 and under its realization some  results have already been made. At the same time the agreement is of compromise and “test” sort. So it’s rather able to make an  immediate breakthrough in Russian-Vietnamese trade and Russian  policy in the Asia-Pacifi c in whole. But this agreement can be an  additional factor for attraction to Vietnam in Russia and enlargement of cooperation with Vietnamese counterparts.

  9. Influencing Factors and Development Trend Analysis of China Electric Grid Investment Demand Based on a Panel Co-Integration Model

    Directory of Open Access Journals (Sweden)

    Jinchao Li

    2018-01-01

    Full Text Available Electric grid investment demand analysis is significant to reasonably arranging construction funds for the electric grid and reduce costs. This paper used the panel data of electric grid investment from 23 provinces of China between 2004 and 2016 as samples to analyze the influence between electric grid investment demand and GDP, population scale, social electricity consumption, installed electrical capacity, and peak load based on co-integration tests. We find that GDP and peak load have positive influences on electric grid investment demand, but the impact of population scale, social electricity consumption, and installed electrical capacity on electric grid investment is not remarkable. We divide different regions in China into the eastern region, central region, and western region to analyze influence factors of electric grid investment, finally obtaining key factors in the eastern, central, and western regions. In the end, according to the analysis of key factors, we make a prediction about China’s electric grid investment for 2020 in different scenarios. The results offer a certain understanding for the development trend of China’s electric grid investment and contribute to the future development of electric grid investment.

  10. Reform of irrigation management and investment policy in African development

    Directory of Open Access Journals (Sweden)

    KW Easter

    2004-11-01

    Full Text Available This paper examines the reform of water and irrigation management in Africa and compares it with similar reforms in Asia.  Several things are evident from the review.  First, Sub-Saharan Africa (SSA is at an earlier stage of irrigation development and reform than Asia.  Second, the articulated need for reform is much stronger in Asia than it is in SSA.  Third, the productivity of small-scale irrigated farms is significantly lower in SSA compared to Asia.  Thus any irrigation investment strategy in SSA should be different from Asia and focus on increasing small-farm productivity as well as small-scale irrigation projects.  Finally, all direct government irrigation investments should be done jointly with decisions regarding the type of project management.

  11. Implications of the Central America-Dominican Republic-Free Trade Agreement for the nutrition transition in Central America.

    Science.gov (United States)

    Hawkes, Corinna; Thow, Anne Marie

    2008-11-01

    To identify potential impacts of the Central America-Dominican Republic-Free Trade Agreement (CAFTA-DR) on food consumption patterns associated with the nutrition transition, obesity, and diet-related chronic diseases. Examination of CAFTA-DR agreement to identify measures that have the potential to affect food availability and retail prices. CAFTA-DR includes agreements on tariffs, tariff-rate quotas (TRQs), and sanitary and phytosanitary regulations with direct implications for the availability and prices of various foods. Agreements on investment, services, and intellectual property rights (IPR) are also relevant because they create a business climate more conducive to long-term investment by the transnational food industry. Trade liberalization under CAFTA-DR is likely to increase availability and lower relative prices of two food groups associated with the nutrition transition: meat and processed foods. These outcomes are expected to occur as the direct result of increased imports from the United States and increased production by U.S. companies based in Central America, and the indirect result of increased domestic meat production (due to increased availability of cheaper animal feed) and increased production of processed foods by domestic companies (due to a more competitive market environment). CAFTA-DR is likely to further the nutrition transition in Central America by increasing the consumption of meat; highly processed foods; and new, non-traditional foods. The public health community should be more aware of the implications of trade agreements for dietary health. Governments and related stakeholders should assess the coherence between changes fostered by specific trade agreements with national policies on diet and nutrition.

  12. Social Impact Investment: Increasing Private Sector Investment to ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    The social impact investment market is now global in scope and it is rapidly expanding in some ... of social impact investing to address environmental, social, and economic challenges. ... New project to improve water management in the Sahel.

  13. Industrial energy demand and the effect of taxes, agreements and subsidies

    International Nuclear Information System (INIS)

    Bue Bjoerner, T.; Holm Jensen, H.

    2000-10-01

    This report presents an econometric analysis of industrial companies demand for energy. The effect of energy taxes, energy agreements and subsidies to investments in energy efficiency, which have been applied as policy instruments in Denmark since 1993, is also quantified. The econometric analysis is based on an extensive database, which contains information on industrial companies consumption of energy and their value added in a number of years covering the period 1983 to 1997 (information from the years 1983, 1985, 1988, 1990, 1993, 1995, 1996 and 1997 is included). The database has been constructed by combining information from different registers in Statistics Denmark. The database contains information on the majority of all existing industrial companies with more than 20 employees (from 1995 to 1997 primary data on energy consumption were only collected for half the industrial companies with 20-50 employees). The database has a panel (longitudinal) nature, where each industrial company can be followed over time. This makes it possible to compare energy consumption in companies before and after they have been given a subsidy to invest in energy efficiency or entered an energy agreement with the Danish Energy Agency. The econometric analysis utilises the panel nature of the data by relying on so-called fixed effect estimators. (EHS)

  14. The Return of the Cultural Exception and its Impact on International Agreements

    Directory of Open Access Journals (Sweden)

    Marlen Bartsch

    2014-07-01

    Full Text Available This essay examines the influence of the French concept of the “cultural exception” on European media policy and international agreements. After briefly reviewing the historical background of the cultural exception in France, the essay describes how demands for the cultural exception and those for diversity affect inter-/transnational agreements within the European Union and around the world. Special focus is placed on the current secret EU/US Transatlantic Trade and Investment Partnership Agreement (TTIP negotiations that nearly failed because of France’s insistence that media and culture be exempted. The author argues that the concept of the “cultural exception” has been revived in recent years. However, due to the dual character of media (which is both a cultural and economic good, and the lack of a global media policy, the culture and trade debate will continue.

  15. Massive public investment needed to grow green economy.

    Science.gov (United States)

    2009-01-01

    The President of the Communications Workers of America, Larry Cohen, urges large-scale investments in research and technology in response to economic turmoil and climate change. He envisions one million made-in-America hybrid cars running on U.S. roadways by 2015 and use of alternative energy doubling within three years.

  16. R and D investment strategy for climate change

    International Nuclear Information System (INIS)

    Blanford, Geoffrey J.

    2009-01-01

    The economic costs of stabilizing greenhouse gas concentrations over the coming century depend critically on the development of new technologies in the energy sector. Our research and development (R and D) investment strategy is the control variable for technology availability. This paper proposes an analytic framework for determining optimal R and D investment allocation and presents some numerical results to demonstrate the implementation of the methodology. The value of technological advance in three targeted areas-fossil-based generation, renewables, and carbon capture and storage-is represented by the increase in expected welfare in the presence of an emissions policy constraint of initially uncertain stringency. R and D expenditure increases the probability of advance. Optimal investment is determined by its relationship with success probability, which is assumed to exhibit decreasing returns to scale, relative to the value of success. While the numerical results are speculative, the paper offers insights into the nature of an optimal technology strategy for addressing climate change. (author)

  17. Investment in different sized SMRs: Economic evaluation of stochastic scenarios by INCAS code

    International Nuclear Information System (INIS)

    Barenghi, S.; Boarin, S.; Ricotti, M. E.

    2012-01-01

    Small Modular LWR concepts are being developed and proposed to investors worldwide. They capitalize on operating track record of GEN II LWR, while introducing innovative design enhancements allowed by smaller size and additional benefits from the higher degree of modularization and from deployment of multiple units on the same site. (i.e. 'Economy of Multiple' paradigm) Nevertheless Small Modular Reactors pay for a dis-economy of scale that represents a relevant penalty on a capital intensive investment. Investors in the nuclear power generation industry face a very high financial risk, due to high capital commitment and exceptionally long pay-back time. Investment risk arise from uncertainty that affects scenario conditions over such a long time horizon. Risk aversion is increased by current adverse conditions of financial markets and general economic downturn, as is the case nowadays. This work investigates both the investment profitability and risk of alternative investments in a single Large Reactor or in multiple SMR of different sizes drawing information from project's Internal Rate of Return stochastic distribution. multiple SMR deployment on a single site with total power installed, equivalent to a single LR. Uncertain scenario conditions and stochastic input assumptions are included in the analysis, representing investment uncertainty and risk. Results show that, despite the combination of much larger number of stochastic variables in SMR fleets, uncertainty of project profitability is not increased, as compared to LR: SMR have features able to smooth IRR variance and control investment risk. Despite dis-economy of scale, SMR represent a limited capital commitment and a scalable investment option that meet investors' interest, even in developed and mature markets, that are traditional marketplace for LR. (authors)

  18. CREATION OF OPTIMAL PERFORMANCE OF AN INVESTMENT PROJECT

    Directory of Open Access Journals (Sweden)

    Višnja Vojvodić Rosenzweig

    2010-12-01

    Full Text Available The selection of an investment project is formulated as a multi-criteria decision-making problem. This paper presents a case in which the decision-maker uses nine criteria or rather attributes (Net Present Value, Internal Rate of Return, Payback Period, Accounting Rate of Return, Cumulative Cash Flows, Return on Investment, Net Profit Margin, Interest Coverage Ratio and Current Ratio. Individual utility functions are constructed for each attribute separately, as well as a global utility function representing a weighted sum of individual utility functions. For every attribute a finite set of ordered pairs or utility points is determined, taking into account the decision-maker’s assessment. The given points are then approximated by the utility function. Finally, according to the decision-maker’s assessment the optimization problem is solved with the purpose of achieving an optimal performance for each project. By way of negotiation the performances on offer approach the optimal performance of the project with the purpose of realising an agreement between the decision-maker and the investor.

  19. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  20. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  1. Encouraging private sector investment in climatefriendly technologies in developing countries. An assessment of policy options for the Dutch government

    International Nuclear Information System (INIS)

    Van Rooijen, S.N.M.; Van Wees, M.T.

    2006-10-01

    This study aims to explore new or reformed policies to be adopted by the Dutch government to encourage private sector investments in climate-friendly technologies in developing countries. A literature review of barriers to climate-friendly investments and of directions for solutions has been complemented with a number of in-depth interviews with stakeholders representing the major actors involved in investment projects (project sponsors, financing institutions, institutional investors and government). The barrier analysis has resulted in the following list of key obstacles to climate-friendly investments: (1) Lack of a sound, transparent and stable enabling environment for investing in developing countries; (2) Shortage of experienced and creditworthy sponsors; (3) High specific project risks; (4) Overestimation investment risks related to (sustainable) investments in developing countries in general (risk perspective); (5) Additional costs of climate-friendly technologies; (6) Shortage of risk capital; (7) Insufficient guarantee mechanisms; (8) Lack of know-how on public-private partnership structures and on financial design; and (9) Lack of insight how corporate social responsibility can be operationalised. Four main gaps have been identified on the basis of an assessment of current Dutch policies and instruments: (1) Shortage of instruments to directly promote investments; (2) Underdeveloped guarantee instruments; (3) Too restrictive cap on project size in financial schemes; (4) Lack of support in operationalising the concept of corporate social responsibility. Four areas for new or intensified policies have been identified based on the barrier and gap analysis: (1) Direct promotion of (potentially large scale) investments, including: (a) Supporting (the establishment of) sponsor companies developing sustainable energy projects in developing countries; (b) Making risk capital available; (c) Creating investment credit facilities; (d) Making development capital in

  2. Guidelines for Reporting Reliability and Agreement Studies (GRRAS) were proposed

    DEFF Research Database (Denmark)

    Kottner, Jan; Audigé, Laurent; Brorson, Stig

    2011-01-01

    Results of reliability and agreement studies are intended to provide information about the amount of error inherent in any diagnosis, score, or measurement. The level of reliability and agreement among users of scales, instruments, or classifications is widely unknown. Therefore, there is a need ......, standards, or guidelines for reporting reliability and agreement in the health care and medical field are lacking. The objective was to develop guidelines for reporting reliability and agreement studies....

  3. Transatlantic Cooperation in Space: Eu-Canada Free Trade Agreement

    Directory of Open Access Journals (Sweden)

    Luise Weber-Steinhaus

    2014-12-01

    Full Text Available National governments are keenly aware of the need for investment in space. Canada, as a formal cooperating state in the European Space Agency (ESA, and Germany, as a leading member state of ESA, are interlinked in Europe’s space endeavours. Beyond ESA, Germany and Canada additionally have a strong history of bilateral cooperation on a range of space projects. This paper discusses the novel interdependencies between clear national and now supranational space policies, using the examples of the Canada-European Union (EU Comprehensive Economic and Trade Agreement (CETA. The agreement covers most aspects of the EU-Canada bilateral economic relationship and includes space. The paper focuses on international space policies, strategic bilateral co-operation, and technical accomplishments. It takes a closer look at German-Canadian collaboration in space programs and offers some reflection on the effect of both the EU and ESA’S transatlantic involvement in space.

  4. Investment and upgrade in distributed generation under uncertainty

    Energy Technology Data Exchange (ETDEWEB)

    Siddiqui, Afzal S. [Department of Statistical Science, University College London, London WC1E 6BT (United Kingdom); Maribu, Karl [Centre d' Economie Industrielle, Ecole Nationale Superieure des Mines de Paris, Paris 75272 (France)

    2009-01-15

    The ongoing deregulation of electricity industries worldwide is providing incentives for microgrids to use small-scale distributed generation (DG) and combined heat and power (CHP) applications via heat exchangers (HXs) to meet local energy loads. Although the electric-only efficiency of DG is lower than that of central-station production, relatively high tariff rates and the potential for CHP applications increase the attraction of on-site generation. Nevertheless, a microgrid contemplating the installation of gas-fired DG has to be aware of the uncertainty in the natural gas price. Treatment of uncertainty via real options increases the value of the investment opportunity, which then delays the adoption decision as the opportunity cost of exercising the investment option increases as well. In this paper, we take the perspective of a microgrid that can proceed in a sequential manner with DG capacity and HX investment in order to reduce its exposure to risk from natural gas price volatility. In particular, with the availability of the HX, the microgrid faces a tradeoff between reducing its exposure to the natural gas price and maximising its cost savings. By varying the volatility parameter, we find that the microgrid prefers a direct investment strategy for low levels of volatility and a sequential one for higher levels of volatility. (author)

  5. Investment and upgrade in distributed generation under uncertainty

    International Nuclear Information System (INIS)

    Siddiqui, Afzal S.; Maribu, Karl

    2009-01-01

    The ongoing deregulation of electricity industries worldwide is providing incentives for microgrids to use small-scale distributed generation (DG) and combined heat and power (CHP) applications via heat exchangers (HXs) to meet local energy loads. Although the electric-only efficiency of DG is lower than that of central-station production, relatively high tariff rates and the potential for CHP applications increase the attraction of on-site generation. Nevertheless, a microgrid contemplating the installation of gas-fired DG has to be aware of the uncertainty in the natural gas price. Treatment of uncertainty via real options increases the value of the investment opportunity, which then delays the adoption decision as the opportunity cost of exercising the investment option increases as well. In this paper, we take the perspective of a microgrid that can proceed in a sequential manner with DG capacity and HX investment in order to reduce its exposure to risk from natural gas price volatility. In particular, with the availability of the HX, the microgrid faces a tradeoff between reducing its exposure to the natural gas price and maximising its cost savings. By varying the volatility parameter, we find that the microgrid prefers a direct investment strategy for low levels of volatility and a sequential one for higher levels of volatility. (author)

  6. Investment and Upgrade in Distributed Generation under Uncertainty

    Energy Technology Data Exchange (ETDEWEB)

    Siddiqui, Afzal; Maribu, Karl

    2008-08-18

    The ongoing deregulation of electricity industries worldwide is providing incentives for microgrids to use small-scale distributed generation (DG) and combined heat and power (CHP) applications via heat exchangers (HXs) to meet local energy loads. Although the electric-only efficiency of DG is lower than that of central-station production, relatively high tariff rates and the potential for CHP applications increase the attraction of on-site generation. Nevertheless, a microgrid contemplatingthe installation of gas-fired DG has to be aware of the uncertainty in the natural gas price. Treatment of uncertainty via real options increases the value of the investment opportunity, which then delays the adoption decision as the opportunity cost of exercising the investment option increases as well. In this paper, we take the perspective of a microgrid that can proceed in a sequential manner with DG capacity and HX investment in order to reduce its exposure to risk from natural gas price volatility. In particular, with the availability of the HX, the microgrid faces a tradeoff between reducing its exposure to the natural gas price and maximising its cost savings. By varying the volatility parameter, we find that the microgrid prefers a direct investment strategy for low levels of volatility and a sequential one for higher levels of volatility.

  7. RUSSIAN INDUSTRY INVESTMENT SITUATION

    Directory of Open Access Journals (Sweden)

    O. V. Pochukaeva

    2011-01-01

    Full Text Available The actual deficiency of investment into Russian industry innovative development increases its technological drag from industries of countries with developed markets. Although the rate of investment into real sectors of Russian economics mid 2000 was higher compared to the previous period, annual investment amounts were much lower than in 1990. At present, highest investment amounts are directed to industry extractive branches and to the commerce. Amounts invested to various economy branches do not correspond to their contribution to the country’sGross Added Product; particularly underinvested are manufacturing industry branches. At present, foreign share in the country economy total investment makes 15–18%. Recently, most interesting for foreigners was investment to machine-building branches with overwhelming part (for example, 90% in 2007–2008 of foreign investment into the machine-building industry being directed to creation of new automobile plants. Today, first place in the list of foreign investors’ preferences in Russia is taken by the machine-tool construction sector.

  8. Investment and uncertainty

    DEFF Research Database (Denmark)

    Greasley, David; Madsen, Jakob B.

    2006-01-01

    A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890-2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty...... surrounding expected profits indicated by share price volatility, were the chief influences on investment levels, and that heightened share price volatility played the dominant role in the crucial investment collapse in 1930. Investment did not simply follow the downward course of income at the onset...

  9. Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2017-12-01

    Full Text Available Taking Chinese listed companies in 2008–2015 as the sample, in this paper we test in detail the impact of female directors on corporate environmental investments. Furthermore, we study the impact of female directors on environmental investment in enterprises with different types of ownership and industry attributes. Empirical studies show that when there are only 1 or 2 female directors on the board, no significant impact on the scale of corporate environmental investment can be seen. However, when the number reaches at least 3, female directors have a significantly positive impact on the scale of corporate environmental investment. This confirms critical-mass theory; meanwhile, we find that the empirical results do not indicate any significant correlation when the variable of female directors is measured by the proportion of female directors and the Blau index of gender balance. Further analysis suggests that in state-owned enterprises and enterprises from heavily-polluting industries, the above findings remain true, while in non-state-owned enterprises and enterprises from non-heavily-polluting industries, the above findings prove false, i.e., that the impact of female directors on corporate environmental investment is not significant. The conclusion demonstrates that the impact of female directors on environmental investment varies in enterprises with different types of ownership and industry attributes.

  10. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

    Full Text Available Theoretical and empirical studies have focused on discretionary investments such as research and development (R&D and advertisement as value-creating activities. This empirical research article examines the determinants of the discretionary investment policy of food sector firms in India. The study aims to analyze the impact of financial policies and firm characteristics on the discretionary investment strategy of the food industry firms. The article uses the partial least squares structural equation modeling (PLS-SEM to understand the drivers of discretionary investment policy of food sector firms. The study finds that investment policy of firms is a major determinant of profitability of food sector firms. Higher investments in capital expenditures and working capital result in higher profitability. Management efficiency significantly influences firm profitability. The results suggest that riskier firms in food sector might focus on R&D investments as a strategy to generate more cash flows. Size of firm is negatively related to R&D intensity. Smaller firms in food sector tend to invest more in R&D. The study does not provide evidence to suggest that profitable firms invest more in R&D activities.

  11. 17 CFR 270.17f-2 - Custody of investments by registered management investment company.

    Science.gov (United States)

    2010-04-01

    ... registered management investment company. 270.17f-2 Section 270.17f-2 Commodity and Securities Exchanges....17f-2 Custody of investments by registered management investment company. (a) The securities and similar investments of a registered management investment company may be maintained in the custody of such...

  12. Investment in different sized SMRs: Economic evaluation of stochastic scenarios by INCAS code

    Energy Technology Data Exchange (ETDEWEB)

    Barenghi, S.; Boarin, S.; Ricotti, M. E. [Politecnico di Milano, Dept. of Energy, CeSNEF-Nuclear Engineering Div., via La Masa 34, 20156 Milano (Italy)

    2012-07-01

    Small Modular LWR concepts are being developed and proposed to investors worldwide. They capitalize on operating track record of GEN II LWR, while introducing innovative design enhancements allowed by smaller size and additional benefits from the higher degree of modularization and from deployment of multiple units on the same site. (i.e. 'Economy of Multiple' paradigm) Nevertheless Small Modular Reactors pay for a dis-economy of scale that represents a relevant penalty on a capital intensive investment. Investors in the nuclear power generation industry face a very high financial risk, due to high capital commitment and exceptionally long pay-back time. Investment risk arise from uncertainty that affects scenario conditions over such a long time horizon. Risk aversion is increased by current adverse conditions of financial markets and general economic downturn, as is the case nowadays. This work investigates both the investment profitability and risk of alternative investments in a single Large Reactor or in multiple SMR of different sizes drawing information from project's Internal Rate of Return stochastic distribution. multiple SMR deployment on a single site with total power installed, equivalent to a single LR. Uncertain scenario conditions and stochastic input assumptions are included in the analysis, representing investment uncertainty and risk. Results show that, despite the combination of much larger number of stochastic variables in SMR fleets, uncertainty of project profitability is not increased, as compared to LR: SMR have features able to smooth IRR variance and control investment risk. Despite dis-economy of scale, SMR represent a limited capital commitment and a scalable investment option that meet investors' interest, even in developed and mature markets, that are traditional marketplace for LR. (authors)

  13. Port Investment Strategies under Uncertainty: The Case of a Southeast Asian Multipurpose Port1

    Directory of Open Access Journals (Sweden)

    Ioannis N. Lagoudis

    2014-12-01

    The methodology has been applied on the expansion evaluation of warehousing facilities in a multipurpose port. For the evaluation of the alternatives, the expected net present value (ENPV is based on earnings before interest, tax, depreciation and amortization (EBITDA. Results show that the investment strategy for a new 4-level warehouse with a flexible option was the optimal choice when compared with strategies of similar scale. However, depending on the emphasis placed on the various investment metrics the optimal investment strategy seems to be closer to a non-flexible 5-level warehouse.

  14. Ecological Transition and Green Investment

    International Nuclear Information System (INIS)

    Bureau, Dominique

    2016-01-01

    By introducing an exhaustible resource into an AK growth model, we can identify the determinants of the scale of green investment needs and its impact on capital accumulation dynamics. The role of green capital in the transition to a low-carbon economy depends, in particular, on the relative magnitudes of the elasticities of demand for polluting goods and of the substitutability between green capital and natural resources. The impact on the optimal savings rate also depends on the productivity of green capital and on the ability to adapt existing capital

  15. XSEDE Value Added, Cost Avoidance, and Return on Investment

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, Craig A [Indiana University; Roskies, Ralph [Pittsburgh Supercomputing Center; Knepper, Richard [Indiana University; Whitt, Justin L [ORNL; Moore, Richard L [San Diego Supercomputer Center; Cockerill, Timothy [Texas Advanced Computing Center

    2015-01-01

    It is difficult for large research facilities to quantify a return on the investments that fund their operations. This is because there can be a time lag of years or decades between an innovation or discovery and the realization of its value through practical application. This report presents a three-part methodology that attempts to assess the value of federal investment in XSEDE: 1) a qualitative examination of the areas where XSEDE adds value to the activities of the open research community, 2) a thought model examining the cost avoidance realized by the National Science Foundation (NSF) through the centralization and coordination XSEDE provides, and 3) an assessment of the value XSEDE provides to Service Providers in the XD ecosystem. XSEDE adds significantly to the US research community because it functions as a unified interface to the XD ecosystem and because of its scale. A partly quantitative, partly qualitative analysis suggests the Return on Investment of NSF spending on XSEDE is greater than 1.0. indicating that the aggregate value received by the nation from XSEDE is greater than the cost of direct federal investment in XSEDE.

  16. Green investment as a financing tool for solar energy systems

    International Nuclear Information System (INIS)

    Koot, E.J.

    1997-07-01

    Results of a workshop on the title subject (25 March 1997) are presented. The purpose of the workshop was to transfer knowledge and disseminate information about the fiscal options and regulations in the Netherlands to invest in environment-friendly projects (EIA, VAMIL, Regeling Groenprojecten). Next to presentations of representatives of a bank, involved in green funding projects, a public utility and a housing corporation, four cases were discussed in which green investment options for solar energy system projects have been evaluated: (1) large-scale solar boiler project (150 m 2 ) in a health care home (utility building); (2) large-scale photovoltaic (PV) project (1000 m 2 ) in the facade of a new office building; (3) application of solar water heaters in a housing project of 1000 private property houses; and (4) a cluster project of 100 private property houses with a 5 m 2 roof-integrated PV-system for each house

  17. Minimal investment risk of a portfolio optimization problem with budget and investment concentration constraints

    Science.gov (United States)

    Shinzato, Takashi

    2017-02-01

    In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint can be larger than that without the constraint (that is, with only the budget constraint). Moreover, a numerical experiment shows the effectiveness of our proposed analysis. In contrast, the standard operations research approach failed to identify accurately the minimal investment risk of the portfolio optimization problem.

  18. Advocating investments in information technology

    International Nuclear Information System (INIS)

    Nirenberg, L.M.

    1992-01-01

    Information and communication systems can improve the timeliness and quality of decisions. These benefits are strategically important to the utility industry in an era of increasing competition. Because these systems often do not reduce labor cost, however, they can be difficult to evaluate. This report presents a new process for reaching consensus of the value of capital investment in information and communication systems. The results of this project is A Strategic Advocacy Process (ASAP), a methodology that can be used to evaluate investments in information technology. ASAP uses belief graphs to produce a living business case showing facts, assumptions, goals, and metrics for measuring progress toward those goals; shows how to use option pricing theory to quantify the value of managerial flexibility; ASAP uses an organizational impact assessment tool to identify the potential impact of new information systems and how to realize the benefits of managerial flexibility. The ASAP methodology addresses the critical problem of correctly valuing information and communication systems. The methodology offers a way to account for the ''intangible'' value of these systems by recognizing the managerial flexibility these systems can provide in addressing risks and uncovering new business opportunities. Metrics for measuring progress toward new goals can be defined, and plans for achieving the goals can be made. As a result, agreement can be reached on the uses, value, and priority of projects based on a metric other than on labor replacement savings

  19. HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS.

    Science.gov (United States)

    Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette; Christensen, Janne Buck

    2015-01-01

    There is growing interest in implementing hospital-based health technology assessment (HB-HTA) as a tool to facilitate decision making based on a systematic and multidisciplinary assessment of evidence. However, the decision-making process, including the informational needs of hospital decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. A systematic review of empirical studies published in English or Danish from 2000 to 2012 was carried out. The literature was assessed by two reviewers working independently. The identified informational needs were assessed with regard to their agreement with the nine domains of EUnetHTA's Core Model. A total of 2,689 articles were identified and assessed. The review process resulted in 14 relevant studies containing 74 types of information that hospital decision makers found relevant. In addition to information covered by the Core Model, other types of information dealing with political and strategic aspects were identified. The most frequently mentioned types of information in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were not of equal importance to hospital decision makers, however, and full agreement between EUnetHTA's Core Model and the hospital decision-makers' informational needs was not observed. They also need information on political and strategic aspects not covered by the Core Model.

  20. [Are investment activity and backlog in investments risks for university medicine in Germany?].

    Science.gov (United States)

    Amann, I; Heyder, R; Strehl, R

    2009-08-01

    University medicine in Germany requires significantly higher funding and investment because its tasks not only include health care but also research and teaching. However, over recent decades less and less funding compared to the development of the turnover has been available. This trend is due to decreasing public funding. The diminishing funding has caused a major backlog of investment at German university hospitals. The first part of the article summarizes the investments policies at university hospitals and other hospitals. The second part describes the investment needs in university medicine and exposes risk factors for research, education and health care due to the process of investment planning and realization. Goal-oriented solutions are shown to facilitate investments. The third part discusses several risks caused by insufficient investments in university medicine. There are special risks for research, teaching, and the capacity for innovation in university medicine besides economical and medical risks. Some policies and financial strategies to overcome the backlog in investments are presented. After a summary, the article concludes with some practical examples of further measures to ensure sustainable funding.

  1. Foreign direct investment vs domestic investment across the European Union. Case study: Romania

    Directory of Open Access Journals (Sweden)

    Romeo Victor IONESCU

    2015-11-01

    Full Text Available The paper deals with the idea that investment process is important not only for the economic growth, but for the global integration. There is a powerful connection between FDI and domestic investments. As a result, the analysis is focused on FDI flows in EU28 and Euro area. The comparative analysis is followed by regression, in order to point out the disparities between Member States and their trend. The average value of inward and outward FDI flows is analysed using FDI intensity. A distinct part of the paper is focused on domestic investment process and analyses total investment, investment in construction and investment in equipment. The analysis is supported by the latest official statistical data, pertinent diagrams and tables. The main conclusion of the paper is that the economic crisis in Europe led to a decrease in FDI and domestic investment flows.

  2. Trade agreements with side-effects? : European Union and United States to negotiate Transatlantic Trade and Investment Partnership

    OpenAIRE

    Mildner, Stormy-Annika; Schmucker, Claudia

    2013-01-01

    "At the G8 summit in Northern Ireland on June 17, the European Union and the United States kicked off the negotiations for a comprehensive Transatlantic Trade and Investment Partnership (TTIP) to reduce tariffs and non-tariff trade barriers. While the expected economic benefits for both sides would be more than welcome in an era of gloomy growth forecasts, a TTIP is not entirely without risks for global trade and the multilateral trading system. The talks could tie up a considerable portion o...

  3. 76 FR 15057 - Notice of Proposed Exemption; BlackRock, Inc. and Its Investment Advisory, Investment Management...

    Science.gov (United States)

    2011-03-18

    ... Administration Notice of Proposed Exemption; BlackRock, Inc. and Its Investment Advisory, Investment Management...; BlackRock, Inc. and Its Investment Advisory, Investment Management and Broker-Dealer Affiliates and... its investment advisory, investment management and broker-dealer affiliates and their successors. The...

  4. Action Investment Energy Games

    DEFF Research Database (Denmark)

    Larsen, Kim Guldstrand; Laursen, Simon; Srba, Jiri

    2012-01-01

    We introduce the formalism of action investment energy games where we study the trade-off between investments limited by given budgets and resource constrained (energy) behavior of the underlying system. More specifically, we consider energy games extended with costs of enabling actions and fixed...... budgets for each player. We ask the question whether for any Player 2 investment there exists a Player 1 investment such that Player 1 wins the resulting energy game. We study the action investment energy game for energy intervals with both upper and lower bounds, and with a lower bound only, and give...

  5. Impact of public policy uncertainty on renewable energy investment: Wind power and the production tax credit

    International Nuclear Information System (INIS)

    Barradale, Merrill Jones

    2010-01-01

    It is generally understood that the pattern of repeated expiration and short-term renewal of the federal production tax credit (PTC) causes a boom-bust cycle in wind power plant investment in the US. This on-off pattern is detrimental to the wind industry, since ramp-up and ramp-down costs are high, and players are deterred from making long-term investments. It is often assumed that the severe downturn in investment during 'off' years implies that wind power is unviable without the PTC. This assumption turns out to be unsubstantiated: this paper demonstrates that it is not the absence of the PTC that causes the investment downturn during 'off' years, but rather the uncertainty over its return. Specifically, it is the dynamic of power purchase agreement (PPA) negotiations in the face of PTC renewal uncertainty that drives investment volatility. With contract negotiations prevalent in the renewable energy industry, this finding suggests that reducing uncertainty is a crucial component of effective renewable energy policy. The PTC as currently structured is not the only means, existing or potential, for encouraging wind power investment. Using data from a survey of energy professionals, various policy instruments are compared in terms of their perceived stability for supporting long-term investment. - Research highlights: →The case of wind energy investment in the face of PTC uncertainty provides an important study in how industry structure, and in particular the process of contract negotiations, can amplify the impact of public policy uncertainty on corporate investment. →The finding that contract negotiations in the face of uncertainty are sufficient in themselves to hinder investment implies that the assumption that investment downturns reflect unfavorable economics is unfounded. This assumption falsely discourages interest and investment in wind energy. →Policy stability should be added to the list of criteria explicitly considered in designing policy

  6. Financing energy efficiency investments. Third party financing: practical problems and possible solutions

    International Nuclear Information System (INIS)

    Warren, A.

    1992-01-01

    Third Party Financing means the packaging together of both technical aid and the necessary funding for energy cost saving investments by an outside company (outside to the energy user that is), using the energy cost savings themselves to pay for that investment. There are two key factors which differentiate Third Party Financing and conventional approaches to the implementation of energy conservation projects, the first of which is the provision of all the necessary technical services - both initial and detailed energy audits, engineering design and implementation - from one source. The second difference involves viewing the energy cost savings as a ''stream oincome'' which will repay the cost of the investment. This approach has a number of attractions to energy users: the outside company brings both its technical expertise and the necessary up-front capital to fund the energy saving investment. In addition, because the payments to the outside company are contingent, either wholly or in part, upon the level and timing of the energy cost savings the technical and financial risk for the investment is transferred from the energy user to the outside company. However, although simple in concept, third party financing is complex in practice. How does an energy user judge one third party financing proposal against another? If an agreement is made, how are energy savings measured or what happens if there is a dispute between the two parties? These are examples of the practical questions addressed in this paper which must be resolved if third party financing is to be used to assist energy saving. (Author)

  7. Federal Investment

    Science.gov (United States)

    Campbell, Sheila; Tawil, Natalie

    2013-01-01

    The federal government pays for a wide range of goods and services that are expected to be useful some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R&D), and education and training. There are several economic rationales for federal investment. It can provide…

  8. U.S.-UK Relations And Transatlantic Trade And Investment Partnership Negotiations (2013-2016

    Directory of Open Access Journals (Sweden)

    A. O. Mamedova

    2017-01-01

    Full Text Available The article compares U.S. and UK approaches to concluding the Transatlantic Trade and Investment Partnership, given the special relationship between Washington and London. The article is based on official statements and reports as well as the debate in the media. Concluding TTIP was a priority for both U.S. President B. Obama and British Prime Minister D. Cameron. The trade agreement is both economic and political in nature. Geopolitically, the agreement may strengthen the role of the West in setting standards in global trade. U.S. and UK approaches were close when it came to the elimination of tariffs and further liberalization of non-tariff barriers. The U.S. was interested in accessing the EU procurement market; nevertheless, the British were more cautious in estimating the possibility of gaining access to U.S. procurement. Initially, the countries diverged on financial services regulation, with the U.S. being against its inclusion in TTIP. Officially, both countries supported including the ISDS mechanism in TTIP. The Brexit victory in the UK and Donald Trump’s election in the U.S. have made the prospects of TTIP even more uncertain. Thus, it is necessary to continue exploring the U.S.-UK approaches to a Transatlantic FTA. If concluded, a future bilateral agreement between the UK and the U.S. might inherit some features of TTIP regarding trade liberalization, eliminating non-tariff barriers and the investment protection mechanism, as the interests of the U.S. and the UK elites converge on many of these issues.

  9. How do large-scale agricultural investments affect land use and the environment on the western slopes of Mount Kenya? Empirical evidence based on small-scale farmers' perceptions and remote sensing.

    Science.gov (United States)

    Zaehringer, Julie G; Wambugu, Grace; Kiteme, Boniface; Eckert, Sandra

    2018-05-01

    Africa has been heavily targeted by large-scale agricultural investments (LAIs) throughout the last decade, with scarcely known impacts on local social-ecological systems. In Kenya, a large number of LAIs were made in the region northwest of Mount Kenya. These large-scale farms produce vegetables and flowers mainly for European markets. However, land use in the region remains dominated by small-scale crop and livestock farms with less than 1 ha of land each, who produce both for their own subsistence and for the local markets. We interviewed 100 small-scale farmers living near five different LAIs to elicit their perceptions of the impacts that these LAIs have on their land use and the overall environment. Furthermore, we analyzed remotely sensed land cover and land use data to assess land use change in the vicinity of the five LAIs. While land use change did not follow a clear trend, a number of small-scale farmers did adapt their crop management to environmental changes such as a reduced river water flows and increased pests, which they attributed to the presence of LAIs. Despite the high number of open conflicts between small-scale land users and LAIs around the issue of river water abstraction, the main environmental impact, felt by almost half of the interviewed land users, was air pollution with agrochemicals sprayed on the LAIs' land. Even though only a low percentage of local land users and their household members were directly involved with LAIs, a large majority of respondents favored the presence of LAIs nearby, as they are believed to contribute to the region's overall economic development. Copyright © 2018 Elsevier Ltd. All rights reserved.

  10. The Influence of Community Management Agreements on Household Economic Strategies : Cattle Grazing and Fishing Agreements on the Lower Amazon Floodplain

    Directory of Open Access Journals (Sweden)

    David G. McGrath

    2007-10-01

    Full Text Available While the organizational dynamics of collective management systems have received much attention, relatively little work has focused on how households adapt their economic strategies in response to collective management regulations that impose constraints on the range of options available to households. In this paper we investigate the evolving interaction between household management strategies and collective management regulations for one or both of two ecologically interdependent floodplain resources, lake fisheries and seasonally inundated grasslands. Smallholder management strategies involve varying combinations of three main activities each associated with one of three main floodplain habitats: annual cropping on river levees, cattle ranching on natural grasslands and fishing in lakes. These three activities play complementary roles in the household economy. Annual cropping is both subsistence and market oriented, with cash from crop sales often invested in purchase of cattle. Fishing, in addition to providing animal protein, generates income for household purchases while crops are growing. Cattle ranching is the main savings strategy for smalholders, providing funds for family emergencies and capital investments. Despite the fertility of soils and the higher productivity per hectare of fishing, cattle ranching has expanded steadily on the floodplain at the expense of farming and fishing. Over the last two decades, communities throughout the Amazon floodplain have developed and implemented collective agreements to regulate access to and use of local lake fisheries. Depending on the measures included, the impact of these agreements on household management strategies can range from negligible to highly significant, requiring major adjustments to compensate for reduced fishing income. Expansion of smallholder cattle ranching has taken advantage of unregulated access to community grasslands. Unregulated access to community grasslands has been a

  11. Investment in flood protection measures under climate change uncertainty. An investment decision

    Energy Technology Data Exchange (ETDEWEB)

    Bruin, Karianne de

    2012-11-01

    Recent river flooding in Europe has triggered debates among scientists and policymakers on future projections of flood frequency and the need for adaptive investments, such as flood protection measures. Because there exists uncertainty about the impact of climate change of flood risk, such investments require a careful analysis of expected benefits and costs. The objective of this paper is to show how climate change uncertainty affects the decision to invest in flood protection measures. We develop a model that simulates optimal decision making in flood protection, it incorporates flexible timing of investment decisions and scientific uncertainty on the extent of climate change impacts. This model allows decision-makers to cope with the uncertain impacts of climate change on the frequency and damage of river flood events and minimises the risk of under- or over-investment. One of the innovative elements is that we explicitly distinguish between structural and non-structural flood protection measures. Our results show that the optimal investment decision today depends strongly on the cost structure of the adaptation measures and the discount rate, especially the ratio of fixed and weighted annual costs of the measures. A higher level of annual flood damage and later resolution of uncertainty in time increases the optimal investment. Furthermore, the optimal investment decision today is influenced by the possibility of the decision-maker to adjust his decision at a future moment in time.(auth)

  12. 77 FR 35082 - Arrow Investment Advisers, LLC and Arrow Investments Trust; Notice of Application

    Science.gov (United States)

    2012-06-12

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30100; 812-13937] Arrow Investment Advisers, LLC and Arrow Investments Trust; Notice of Application June 6, 2012. AGENCY: Securities... 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 5(a)(1...

  13. International trade and investment law: a new framework for public health and the common good.

    Science.gov (United States)

    Delany, Louise; Signal, Louise; Thomson, George

    2018-05-08

    International trade and investment agreements can have positive outcomes, but also have negative consequences that affect global health and influence fundamental health determinants: poverty, inequality and the environment. This article proposes principles and strategies for designing future international law to attain health and common good objectives. Basic principles are needed for international trade and investment agreements that are consistent with the common good, public health, and human rights. These principles should reflect the importance of reducing inequalities, along with social and environmental sustainability. Economic growth should be recognised as a means to common good objectives, rather than an end in itself. Our favoured approach is both radical and comprehensive: we describe what this approach would include and outline the strategies for its implementation, the processes and capacity building necessary for its achievement, and related governance and corporate issues. The comprehensive approach includes significant changes to current models for trade and investment agreements, in particular (i) health, social and environmental objectives would be recognised as legitimate in their own right and implemented accordingly; (ii) changes to dispute-resolution processes, both state-to-state and investor-state; (iii) greater deference to international legal frameworks for health, environmental protection, and human rights; (iv) greater coherence across the international law framework; (v) limitations on investor privileges, and (vi) enforceable corporate responsibilities for contributing to health, environmental, human rights and other common good objectives. We also identify some limited changes that could be considered as an alternative to the proposed comprehensive approach. Future research is needed to develop a range of model treaties, and on the means by which such treaties and reforms might be achieved. Such research would focus also on

  14. Agreements

    International Nuclear Information System (INIS)

    2001-01-01

    These columns summarize the different bilateral and multilateral agreements concluded recently between the different OECD countries and concerning the nuclear energy domain: Argentina - Australia: Agreement concerning Co-operation in the Peaceful Uses of Nuclear Energy (2001). Argentina - Brazil: Joint Declaration regarding the Creation of the Argentinean-Brazilian Agency for Nuclear Energy Applications (2001). Australia - Czech Republic / Australia - Hungary: Agreements on Co-operation in Peaceful Uses of Nuclear Energy and the Transfer of Nuclear Material (2001). Australia - Indonesia: Arrangement Concerning Co-operation on Nuclear Safeguards and Related Matters (2001). Austria - Switzerland: Agreement on the Early Exchange of Information in the Field of Nuclear Safety and Radiation. Brazil - United States: Extension of the Agreement concerning Research and Development in Nuclear Material Control, Accountancy, Verification, Physical Protection, and Advanced Containment and Surveillance Technologies for International Safeguards Applications (2001). Czech Republic - Republic of Korea: Agreement for Co-operation in the Peaceful Uses of Nuclear Energy (2001). European Union- Russian Federation: Agreements on Nuclear Safety and Controlled Nuclear Fusion (2001). France - United States: Agreement for Co-operation in Advanced Nuclear Reactor Science and Technology (2001). Japan - United Kingdom: Co-operation Agreement on Advanced Nuclear Fuel Cycle, Fast Breeder Reactor and Other Related Technologies (2001). Republic OF Korea - United States: Annex IV Joint Project on Cintichem Technology (2000). Morocco - United States: Protocol amending the Co-operation Agreement on the Peaceful Uses of Nuclear Energy (2001). Multilateral Agreements: Agreement for Information Exchange on Radiological Surveillance in Northern Europe (2001). Status of Conventions in the Field of Nuclear Energy. (author)

  15. Yunnan Smelting Group Examines an Aluminum Project for Possible Investment

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    <正>Tian Yong,General Manager of Yunnan Smelt- ing Group,has gone to Zha gai NuoEr in Heilongjiang Province with a study group to conduct a full careful examination on the feasi- bility of the investment in the aluminum pro- ject.Yunnan Smelting Group is a large-scale

  16. Emissions trading and investment decisions in the power sector-a case study in Finland

    International Nuclear Information System (INIS)

    Laurikka, Harri; Koljonen, Tiina

    2006-01-01

    Organizations, which consider investment in or divestment of power production licences/capacity within the European Community, are exposed to the impacts of the European Union Emission allowance Trading Scheme (EU ETS). In this paper, the consequences of the EU ETS on investment decisions are explored in a country-specific setting in Finland. First, we review the general mechanisms through which the EU ETS influences size, timing and cashflows of an investment. Next, we discuss the projected changes in Finnish power producers' investment environment and examine the financial impacts due to the EU ETS on a case investment decision, a hypothetical condensing power plant (250 MW e ). The standard discounted cash flow (DCF) analysis is extended to take into account the value of two real options: the option to wait and the option to alter operating scale. In a quantitative investment appraisal, the impact of emissions trading not only depends on the expected level of allowance prices, but also on their volatility and correlation with electricity and fuel prices. The case study shows that the uncertainty regarding the allocation of emission allowances is critical in a quantitative investment appraisal of fossil fuel-fired power plants

  17. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

    Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...

  18. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

  19. Optimal Regulation of Lumpy Investments

    NARCIS (Netherlands)

    Zwart, G.; Broer, D.P.

    2012-01-01

    When a monopolist has discretion over the timing of infrastructure investments, regulation of post-investment prices interferes with incentivizing socially optimal investment timing. In a model of regulated lumpy investment under uncertainty, we study regulation when the regulator can condition

  20. An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

    OpenAIRE

    Itay Goldstein; Assaf Razin

    2005-01-01

    The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI).The model describes an information-based trade off between direct investments and portfolio investments. Direct investors are more informed about the fundamentals of their projects. This information enables them to manage their projects more efficiently. However, it also creates an asymmetric-information problem in case they need to sell their projects prematurely, and reduces the price they...

  1. Guidelines for integrating socially responsible investment in the investment process

    NARCIS (Netherlands)

    de Graaf, F.J.; Slager, A.

    2009-01-01

    Socially Responsible Investment (SRI) is of growing importance for institutional investors. Our analysis shows that SRI strategies can be grouped in ethically-based, investment-driven and value-ensuring objectives. We demonstrate that this categorization strengthens decisionmaking in SRI. Based on

  2. Prioritizing land and sea conservation investments to protect coral reefs.

    Science.gov (United States)

    Klein, Carissa J; Ban, Natalie C; Halpern, Benjamin S; Beger, Maria; Game, Edward T; Grantham, Hedley S; Green, Alison; Klein, Travis J; Kininmonth, Stuart; Treml, Eric; Wilson, Kerrie; Possingham, Hugh P

    2010-08-30

    Coral reefs have exceptional biodiversity, support the livelihoods of millions of people, and are threatened by multiple human activities on land (e.g. farming) and in the sea (e.g. overfishing). Most conservation efforts occur at local scales and, when effective, can increase the resilience of coral reefs to global threats such as climate change (e.g. warming water and ocean acidification). Limited resources for conservation require that we efficiently prioritize where and how to best sustain coral reef ecosystems. Here we develop the first prioritization approach that can guide regional-scale conservation investments in land- and sea-based conservation actions that cost-effectively mitigate threats to coral reefs, and apply it to the Coral Triangle, an area of significant global attention and funding. Using information on threats to marine ecosystems, effectiveness of management actions at abating threats, and the management and opportunity costs of actions, we calculate the rate of return on investment in two conservation actions in sixteen ecoregions. We discover that marine conservation almost always trumps terrestrial conservation within any ecoregion, but terrestrial conservation in one ecoregion can be a better investment than marine conservation in another. We show how these results could be used to allocate a limited budget for conservation and compare them to priorities based on individual criteria. Previous prioritization approaches do not consider both land and sea-based threats or the socioeconomic costs of conserving coral reefs. A simple and transparent approach like ours is essential to support effective coral reef conservation decisions in a large and diverse region like the Coral Triangle, but can be applied at any scale and to other marine ecosystems.

  3. Exa mining The Measurement Methods of Investment Properties of Real Estate Investment Trusts According to Turkish Accounting Standard 40: Investment Properties Standard

    Directory of Open Access Journals (Sweden)

    Emine Çına Bal

    2015-03-01

    Full Text Available Recently, the real estate industry has developed rapidly in Turkey. As an investment tool,investment in real estate became essential. Within the framework of the Capital Markets Law, organized by the Capital Markets Board of Turkey real estate investment trusts, real estate, real estate-based projects, and real estate capital market instruments by investing in a portfolio management company operating in the specific type. In this study, measurement methods of investment properties after recogn 31 real estate investment trust companies that traded in Borsa Istanbul is analyzed in order to examine the effect of policy selection on return on equity, return on asset and market to book value ratio of the companies’ financial statements and disclosures by using the nonparametric test of Mann-Whitney U Test. Non-consolidated financial statements and disclosures for 2013 of 21 real estate investment trust companies is included to the examination. Results of the test that is individually applied for each ratio show that the effect of policy selection on the ratios is statistically insignificant.

  4. Energy and the NAFTA [North American Free Trade Agreement

    International Nuclear Information System (INIS)

    Plourde, A.

    1993-01-01

    A review is presented of the implications of the North American Free Trade Agreement (NAFTA) for the energy industry. This agreement expands the coverage accorded to energy in the Canada-US Free Trade Agreement (FTA), and is of limited significance with respect to Canada-US relations, but is quite important to these two countries' energy trade with Mexico. With respect to Canada-US trade, the most important departure from the FTA is that NAFTA tends to ensure a greater degree of respect for the terms of negotiated contracts, in particular by requiring the parties to make efforts to secure compliance with the national treatment provisions of the NAFTA by subfederal regulatory entities. Mexico's constitution severely restricts foreign participation in the activities of its energy industries, including basic petrochemicals. While NAFTA accomodates these restrictions, Canadian and US companies will have opportunities to bid on contracts for goods and services and construction in the Mexican energy sector on an equal footing with their Mexican counterparts. NAFTA also provides expanded opportunities for foreign investment and control in electricity generation for own-use, cogeneration and public service purposes. The parties are explicitly allowed to extend activity incentives to their respective oil and gas industries. 9 refs

  5. EXTENSIVE ROLE OF FOREIGN DIRECT INVESTMENT IN DEVELOPMENT OF INDIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Amit Saini

    2016-12-01

    Full Text Available Since 2001, the extensive growth in domestic economy were potentially associated with the scale of foreign direct inflows that were largely interconnected with industrial growth, re-shuffling investment policies, and availability of large market size in India. However, the government remained much restrictive earlier in these issues to protect the domestic entrepreneurs along with to promote the self-efficacy among individuals. Within this framework, this paper is being prepared to observe the degree of effect of foreign direct investment inflow over successive economic parameters such as gross domestic product and Export. Moreover, to define such interconnection, the generalized linear model econometric model has been developed to analyze the overall effect and uni-variate effect over three categorical factors i.e. country, year and foreign direct investment itself. Finally, the results shown, the consistent foreign direct investment inflows is the result of successive years that led to increase the prestige of gross domestic products and Export in many folds during a period from 2000 to 2012.

  6. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

    Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

  7. INVESTMENT ATTRACTIVENESS OF ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Nadiia Davydenko

    2017-03-01

    Full Text Available In the article the approaches to defining the essence of the concept of “investment attractiveness of enterprises” were analyzed. On the example of "Agrofirm Brusilov" depth analysis of the agricultural enterprises to evaluate of profitability, liquidity, solvency, financial stability, the timing of the return of invested funds and minimizing investment risks was conducted. To study methods of rating and system analysis were used. To justify the conditions of  increasing investment attractiveness farms method of scoring was used. It was established as a result of the use of integrated evaluation of the financial position one can see problem aspects of financial position of the company and develop measures to enhance liquidity, solvency, identify potential for raising the efficiency of company and prevention of financial crisis. The analysis of financial position showed that the management of the enterprise doesn’t  think  about  financial stability and solvency, does not understand the benefit of borrowed capital. Using research results in practice of agricultural enterprises allows us to give a real evaluation of investment attractiveness and justify ways to improve it. Key words: investments, investment attractiveness, potential business, financial position.

  8. 13 CFR 301.4 - Investment rates.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Investment rates. 301.4 Section... ELIGIBILITY, INVESTMENT RATE AND PROPOSAL AND APPLICATION REQUIREMENTS Investment Rates and Matching Share Requirements § 301.4 Investment rates. (a) Minimum Investment Rate. There is no minimum Investment Rate for a...

  9. Environmental investment funds. Investing into the future. Umweltfonds. Investieren in die Zukunft

    Energy Technology Data Exchange (ETDEWEB)

    Homolka, W [Bayerische Hypotheken- und Wechsel-Bank AG, Muenchen (Germany)

    1990-01-01

    The book wants to show that ecologically oriented and socially responsible investment has so far been underrated as a criterion of choice for finance decisions. Environmental investment funds offer the chance to make important investments into the future and the development of new technologies and methods of production, provided the openness of their claim is appreciated which is to go for anything that will improve our environment. Such confidence in the positive forces of the market is adequately rewarded, as international examples show. Environmental investment funds are a form of finance management for far-sighted investors and who are committed to the environment. The author presents the bases of ethic-ecologically oriented fund investment, reports experience abroad, and gives a current overview of the situation, nationally and internationally, in this sector of the finance market. (orig./HSCH).

  10. Finans/Invest

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2014-01-01

    Som det vil være velkendt for de fleste læsere, så er der skiftedag på Finans/Invest. Således var Finans/Invest 8/13 det sidste nummer med Anders Grosen som redaktør, og nærværende nummer er det første med professor Ken L. Bechmann som redaktør. I denne første leder beskriver den nye redaktør lidt...... om hans syn på Finans/Invest og tidsskriftets store betydning for formidling af faglig viden inden for finansiering. Yderligere beskrives nogle af de mindre redaktionelle ændringer, som den nye redaktør har planlagt. Endelig indeholder lederen traditionen tro redaktørens refleksioner over og...

  11. Analysis of investment potential for enterprises of economic agrarian sector

    Directory of Open Access Journals (Sweden)

    A.E. Dankevych

    2017-12-01

    Full Text Available The article deals with and determines the peculiarities of the investment potential of lands of Ukrainian economic agrarian sector. The author studies the main positives contributing the development of investment for enterprises of agricultural purpose. The reasons that restrain the investment in agriculture are determined. It is emphasized that when using land resources, one should take into account the current specificity of environment in the economic agrarian sector. The article singles out the factors, which form the specificity of development of lease land relations. It is stressed that the important characteristic of lease land relations is their social and economic direction. It is proved that the obligatory condition of a lease agreement has to become the characteristic of a quality state for a land plot. More than a third part of all national income of the country was formed in economic agrarian sector. In particular, 70 % of total amount of retail goods turnover, a third part of main production facilities, a fourth part of population, employed in the Ukrainian economy, was busy working. According to the data of UNO, the potential of Ukrainian lands allows to provide about 100 mln. individuals with foods. To reach this and to renew the present level under current economic conditions one can due to the implementation of essentially new approaches to the organization of agricultural production.

  12. Firm Decisions: Determinants of Investments

    OpenAIRE

    Ionescu Alexandra

    2011-01-01

    The investment decision is part of a companies’ investment strategy. Defined as a logical set of technical and economic information, the investment strategy determines the main objectives of the firm regarding its investments, based on studies, analysis and simulations. It also establishes the actions to be undertaken in order to achieve the objectives, methods of achieving them, sources of funding and resource allocation methods. Still, all these are influenced by several factors. The invest...

  13. Outward Foreign Direct Investment from Emerging Economies and National Development Strategies

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Kokko, Ari

    2013-01-01

    Foreign direct investment (FDI) is an integral part of national development strategy throughout the developing world. However, while traditionally strategies have focused on the role of inward flows only, today, outward FDI is used on a larger scale and more deliberately to access markets...

  14. IS CAPITAL LAUNDERING POSSIBLE THROUGH FRAUDULENT USE OF FIDUCIARY AGREEMENT BY TRUST/FIDUCIARY COMPANIES?

    Directory of Open Access Journals (Sweden)

    Andreea Corina Târșia

    2015-11-01

    Full Text Available Romanian jurists described the fiduciary agreement either by rendering texts of the Civil Code, or by taking over all or part of the definitions, opinions, interpretations and even some examples given by various authors, jurists, economists and financial experts in the bank field. However, after three years from its adoption, there is uncertai nty about the legal regime applicable to the fiduciary agreement, created by the ambiguity and contradictions of the texts of the Civil Code. So, as a first step, the Civil Code defines fiduciary agreement as a transfer of/and over certain rights composing the fiduciary assets (art. 773 and over these rights the trustee undertakes the exercise of the full, holder specific powers (art. 784 para. 1, but subsequently it states that the fiduciary assets consists of goods (art. 786. Secondly, the Civil Code suggests that the fiduciary agreement is a contract establishing first degree movable securities (art. 781 or a contract of mandate (art. 783 and, regarding the trustee’s remuneration, a contract of managing another person’s properties (art. 784 par. 2, being uncertain whether the administration is simple (art. 795 - art. 799 or full (art. 800 to art. 801. Also, although the Civil Code limits the fiduciary capacity exclusively to lawyers, public notaries and credit institutions, investment companies and investment management firms, financial investment services companies, legally established insurance and reinsurance companies (art. 776 par. 2 and para. 3, it does not describe the rationality of this option. These reasons make necessary the analysis of the legal status and professional duties of the fiduciary trustees, to understand the relevance of their specialized activity, in order to answer the question whether together with the specific risks of the transactions imposed by the fiduciary contract th ere is also a possible the risk of capital laundering. The answer to this question requires a

  15. Foreign direct investment and technology spillovers in Mexico: 20 years of NAFTA

    OpenAIRE

    Armas, Enrique; Rodríguez, José Carlos

    2017-01-01

    This article analyses the development of technology capabilities in the manufacturing sector of Mexico during the last two decades. It has been argued that the inclusion of Mexico in the North America Free Trade Agreement (NAFTA) in 1994 would be enough to catch up with Canada and the United States. In this regard, trade liberalisation and foreign direct investment (FDI) would have been two strategic tools to close the technology gap between Mexico and its commercial partners in North America...

  16. GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-08-01

    Full Text Available An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, hedge funds, venture capital,and others. At the moment it was created a global industry opportunities for making investments in nontraditional form. The aim of this paper consists in demonstrating the possibilities of these investments. For this have been studied related main international markets, a fter then deducted world dominant trends. This article is concerned to present some details of alternative investments global market.

  17. 12 CFR 704.5 - Investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investments. 704.5 Section 704.5 Banks and... § 704.5 Investments. (a) Policies. A corporate credit union must operate according to an investment... must address, at a minimum: (1) Appropriate tests and criteria for evaluating investments and...

  18. 77 FR 18277 - Domini Social Investment Trust and Domini Social Investments LLC; Notice of Application

    Science.gov (United States)

    2012-03-27

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29984; 812-13971] Domini Social Investment Trust and Domini Social Investments LLC; Notice of Application March 21, 2012. AGENCY... the Investment Company Act of 1940 (``Act'') for an exemption from section 15(a) of the Act and rule...

  19. Quantitative investment analysis

    CERN Document Server

    DeFusco, Richard

    2007-01-01

    In the "Second Edition" of "Quantitative Investment Analysis," financial experts Richard DeFusco, Dennis McLeavey, Jerald Pinto, and David Runkle outline the tools and techniques needed to understand and apply quantitative methods to today's investment process.

  20. Power plants investment decision-making in consideration of investment risk

    International Nuclear Information System (INIS)

    Oda, Junichiro; Matsuhashi, Ryuji; Yoshida, Yoshikuni; Takashima, Ryuta

    2005-01-01

    In this paper, we consider the investment risk of nuclear power plants using the real options approach. It is essential that the Japanese society evaluate the investment risk, because nuclear power plants are facing definite uncertainty and Japanese governments intend to promote and assist nuclear power plants through subsidies and policy actions. We assumed that the wholesale market prices of electricity constitute the definite uncertainty and that the wholesale market prices follow the geometric Brownian motion with drift. Using the Bellman equation and a lattice framework, we evaluated the value of investment opportunity, the value of equipment, and the critical prices that are optimal prices to invest in a nuclear power plant in the finite time horizon. This analysis shows that higher volatility of the wholesale market prices would give power companies lower incentive to construct electric power plants, particularly capital-intensive power plants. In order to deliberate and hold the Japanese governments accountable for the economics of nuclear power plants, multifaceted evaluation is needed. (author)

  1. [Research on investing methods and mold cooling methods of the self-made investment for pure titanium castings].

    Science.gov (United States)

    Zhao, Juan; Huang, Xu; Zhao, Yun-Feng; Xiao, Mao-Chun; Li, Yong

    2006-10-01

    To observe the influence of different investing methods and mold cooling methods on pure titanium castings invested in the self-made investment, and to provide theoretic base for the development for the investment. The influence of investing methods (one-step investing method and two-step investing method) on castability and crown fit of titanium castings were investigated, and the influence of cooling methods on reaction layers, mechanical properties and crown fit of titanium castings were investigated. Both the investing methods exhibited good castability, but only the titanium full crowns by one-step investing method showed clinically acceptable fit. Although the quenching group showed thinner reaction layer(100 microm), lower strength and similar elongation rate, the titanium castings by bench cooling showed clinically acceptable full crown fit with 115 microm thick reaction layer as cast. The one-step investing method and the bench cooling are recommended for the self-made investment.

  2. Corporations and the Uses of Law: International Investment Arbitration as a “Multilateral Legal Order

    Directory of Open Access Journals (Sweden)

    Peter Muchlinski

    2011-05-01

    such agreement with the host. In addition “treaty shopping” can be practiced by claimants possessing the nationality of the host country itself by way of the incorporation of a “shell company” in a country that has an investment protection agreement with the host country. It is argued that interpretations of treaty provisions in this area lack real legitimacy and create unacceptable procedural burdens on the host country. DOWNLOAD THIS PAPER FROM SSRN: http://ssrn.com/abstract=1832562

  3. Global energy - investment requirements. A presentation of the world energy investments outlook 2003 - insights

    International Nuclear Information System (INIS)

    Cattier, F.

    2003-01-01

    In order to meet the World's energy requirements for the next 30 years, 16 000 billion dollars will be necessary. Some 60% of this investment will go to the electricity sector and almost half of the total investment must be made in the developing countries. Where fossil fuels are concerned the bulk of the investments will a devoted to exploration and development activities. Transportation and distribution will account for 54 % of the investment in the electricity sector. The financing of these investments is currently the subject of various uncertainties. The conditions for access to resources will be decisive for the oil and gas sectors. The impact of liberalization in the countries of the OECD and the profitability of the investments in developing countries constitute the main challenges for the electricity sector. (authors)

  4. 77 FR 27499 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2012-05-10

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30059; 812-13574-01] Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application May 3, 2012. AGENCY...) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 2(a)(35), 14...

  5. 76 FR 61769 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2011-10-05

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29825; 812-13575] Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application September 29, 2011. AGENCY... 12(d)(1)(J) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 12(d)(1)(A...

  6. Policy approaches to renewable energy investment in the Mediterranean region

    Science.gov (United States)

    Patt, A.; Komendantova, N.; Battaglini, A.; Lilliestam, J.; Williges, K.

    2009-04-01

    Europe's climate policy objective of 20% renewable energy by 2020, and the call by the IPCC to reduce greenhouse gas emissions by 80% by 2050, pose major challenges for the European Union. Several policy options are available to move towards these objectives. In this paper, we will address the most critical policy and governance issues associated with one particular approach to scaling up renewable energy resources: reliance on large-scale energy generation facilities outside the European continent, such as onshore and offshore wind farms and concentrating solar power (CSP) facilities in the Mediterranean region. Several feasibility studies completed over the past three years (German Aerospace Center 2006; German Aerospace Center 2005; Czisch, Elektrotechnik 2005, p. 488; Lorenz, Pinner, Seitz, McKinsey Quarterly 2008, p.10; German Aerospace Center 2005; Knies 2008, The Club of Rome; Khosla, Breaking the Climate Deadlock Briefing Papers, 2008, p.19) have convincingly demonstrated that large-scale wind and CSP projects ought to be very attractive for a number of reasons, including cost, reliability of power supply, and technological maturity. According to these studies it would be technically possible for Europe to rely on large-scale wind and CSP for the majority of its power needs by 2050—indeed enough to completely replace its reliance on fossil fuels for power generation—at competitive cost over its current, carbon intensive system. While it has been shown to be technically feasible to develop renewable resources in North Africa to account for a large share of Europe's energy needs, doing so would require sustained double digit rates of growth in generating and long-distance transmission capacity, and would potentially require a very different high voltage grid architecture within Europe. Doing so at a large scale could require enormous up-front investments in technical capacity, financial instruments and human resources. What are the policy instruments best

  7. Application of national treatment in the foreign investments law of Serbia

    Directory of Open Access Journals (Sweden)

    Divljak Drago Lj.

    2015-01-01

    Full Text Available National treatment of foreign investors in the Serbian law, primarily the content, field and reach of its application, including the system of exemptions, all in the comparative context makes the subject of study in the paper. A new investment related legislation of Serbia anticipates the application of national treatment on a wide and more precisely regulated basis. In addition, our country has concluded a number of bilateral agreements on protection of investments, which, by the rule, contain the obligation to observe the principle of national treatment, in a relatively standardized form. In terms of content, our law has accepted a concept where national treatment is formally reduced to equal treatment of foreign and domestic investors. We evaluate positively the fact that a new system of stimulations enables avoiding the possibility of bringing foreign investors in actually privileged position compared to domestic investors, which used to happen periodically before. Speaking in general, the above-mentioned treatment in our law is legally stipulated in the framework of international comparative standards, including the system of exemptions. The lack of new legislation is that it displaces their regulating from the investment related legislation into special laws, which reduces the effective transparency and possibility for foreign investors to manage more easily. However, it is obvious that our country has managed to get closer in this field to its conceptual goal to establish a system of protection of foreign investors at a rational basis, while maintaining a stimulative legal environment for their investments and protecting its own interests.

  8. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...

  9. 43 CFR 29.11 - Investment.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Investment. 29.11 Section 29.11 Public... Investment. (a) The monies accumulated in the Fund shall be prudently invested in the following types of... investment advisor or custodian to the Fund, or their affiliates may be purchased or held by the Fund. (3...

  10. Investing: reducing risks to enhance returns.

    Science.gov (United States)

    West, J; Glickman, S; Seidner, A G

    1996-09-01

    The financial assets of a healthcare organization can present many opportunities for investment. In order to develop a profitable investment program that avoids risky speculation, however, healthcare financial managers must fully understand the nature and risks of their organizations' investments. They must define and monitor their investment objectives, limitations, levels of acceptable risk and policies and conditions through a statement of investment policy and comprehensive investment guidelines.

  11. Green investment: Trends and determinants

    International Nuclear Information System (INIS)

    Eyraud, Luc; Clements, Benedict; Wane, Abdoul

    2013-01-01

    This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset and find that green investment has become a key driver of the energy sector and that its rapid growth is now mostly driven by China. Our econometric results suggest that green investment is boosted by economic growth, a sound financial system conducive to low interest rates, and high fuel prices. We also find that some policy interventions, such as the introduction of carbon pricing schemes or “feed-in-tariffs,” which require use of “green” energy, have a positive and significant impact on green investment. Other interventions, such as biofuel support, do not appear to be associated with higher green investment. - Highlights: • We offer a definition of green investment and review its trend since 2000. • We analyze its determinants from both theoretical and empirical perspectives. • Green investment is boosted by economic growth, interest rates, and fuel prices. • Feed-in-tariffs and carbon pricing schemes impact positively green investment

  12. To assess the investment policy and investment activity of banks of Russia

    OpenAIRE

    Mandron V.; Buzaeva O.

    2016-01-01

    A priority to increase the profits of banks is investment operations in the stock market. Investment banking includes activities on raising capital using capital market instruments with the objective of capital appreciation. The article describes the investment objectives of the banks to improve their profitability, financial stability and enhance the effectiveness of the whole. The basic tools that enable banks to achieve the relevant objectives: profit, risk diversification, the maintenance...

  13. Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

    International Nuclear Information System (INIS)

    Anyangah, Joshua Okeyo

    2010-01-01

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  14. The Relation Between Dating Violence Victimization and Commitment Among Turkish College Women: Does the Investment Model Matter?

    Directory of Open Access Journals (Sweden)

    Ezgi Toplu-Demirtas

    2013-11-01

    Full Text Available The present study explored the sexual, physical, psychological, and overall dating violence experiences, and related these experiences to Investment Model variables among Turkish college women. Three hundred and ninety dating women from four universities in Ankara, Turkey completed the Satisfaction, Investment, Alternatives, and Commitment subscales from the Investment Model Scale and the Sexual Coercion, Physical Assault, and Psychological Aggression subscales from the Revised Conflict Tactics Scale. 79.5 percent reported at least one incident of violence in a dating relationship within the previous year. Regression analyses indicated that satisfaction fully mediated the relations between physical, psychological, and overall dating violence victimization and commitment, but not for sexual victimization. The results suggest that future research should explore the possibility that the dissatisfaction women experience may be related to an increased likelihood of relation termination.

  15. Prioritizing land and sea conservation investments to protect coral reefs.

    Directory of Open Access Journals (Sweden)

    Carissa J Klein

    Full Text Available BACKGROUND: Coral reefs have exceptional biodiversity, support the livelihoods of millions of people, and are threatened by multiple human activities on land (e.g. farming and in the sea (e.g. overfishing. Most conservation efforts occur at local scales and, when effective, can increase the resilience of coral reefs to global threats such as climate change (e.g. warming water and ocean acidification. Limited resources for conservation require that we efficiently prioritize where and how to best sustain coral reef ecosystems. METHODOLOGY/PRINCIPAL FINDINGS: Here we develop the first prioritization approach that can guide regional-scale conservation investments in land- and sea-based conservation actions that cost-effectively mitigate threats to coral reefs, and apply it to the Coral Triangle, an area of significant global attention and funding. Using information on threats to marine ecosystems, effectiveness of management actions at abating threats, and the management and opportunity costs of actions, we calculate the rate of return on investment in two conservation actions in sixteen ecoregions. We discover that marine conservation almost always trumps terrestrial conservation within any ecoregion, but terrestrial conservation in one ecoregion can be a better investment than marine conservation in another. We show how these results could be used to allocate a limited budget for conservation and compare them to priorities based on individual criteria. CONCLUSIONS/SIGNIFICANCE: Previous prioritization approaches do not consider both land and sea-based threats or the socioeconomic costs of conserving coral reefs. A simple and transparent approach like ours is essential to support effective coral reef conservation decisions in a large and diverse region like the Coral Triangle, but can be applied at any scale and to other marine ecosystems.

  16. Greenland and Chinese outbound investments

    DEFF Research Database (Denmark)

    Mouyal, Lone Wandahl; Mortensen, Bent Ole Gram; Su, Jingjing

    2017-01-01

    -Government seeks to develop new business sectors and to attract foreign investment, including investments from China, to develop especially its mineral resources. China now is the second largest economy in the world and the outbound investments by Chinese companies presents unprecedented opportunities for both...... Chinese companies and their global partners. However, Chinese outbound investment faces many hurdles both at home and outside. This article analyzes some of the main aspects in relation to regulatory hurdles, political obstacles as well as environmental, labor and financial challenges primarily focusing...... on investments in the mining industry....

  17. Challenges when electricity markets face the investment phase

    International Nuclear Information System (INIS)

    Finon, Dominique; Johnsen, Tor Arnt; Midttun, Atle

    2004-01-01

    Deregulation of electricity industry in Europe has tended to start with a grace period of energy surplus inherited from the previously expansive coordinated economies and further amplified by better resource utilisation from extended international trade. The regulatory challenge has therefore primarily been to allocate existing generation to consumers in an efficient way. However, as energy demand increases, due to economic growth, the challenge of providing new capacity surfaces. The Nordic region, which has been a pioneer in internationalising and deregulating electricity, is now approaching this stage, ahead of most of the rest of Europe. While the Nordic case is characterised by specificities related to hydropower it also raises the more general challenge of capacity expansion under a deregulated market economy. The article therefore discusses how the Nordic investment challenges of today shed light on more generic challenges that may become more general European challenges of tomorrow. In a final section, the article discusses policy options available to address the investment/price-hike challenge. The argument is put forward that recursion to some degree of coordinated governance might seem necessary if solutions are confined within large-scale technical systems. However, within the context of a small-scale decentralised technological development, one may be more confident of competitive solutions. (Author)

  18. IMPACT OF FOREIGN DIRECT INVESTMENT (FDI ON DOMESTIC INVESTMENT IN REPUBLIC OF CROATIA

    Directory of Open Access Journals (Sweden)

    Igor Ivanović

    2015-11-01

    Full Text Available The aim of this paper is to investigate how foreign direct investment (FDI affects domestic investment in the Republic of Croatia. More precisely, the general purpose of this study is to determine the impact of net inflow of foreign capital on domestic investment in order to gain a clearer picture about the sensitivity and efficiency of domestic investment. After parsing domestic investment and FDI in Croatia, according to Croatian Bureau of Statistics and the Croatian National Bank, a historical overview of their movement from 1995 to 2014 was analyzed. In the following an overview and comparison of studies from around the world which deal with similar topic was made. In the empirical part; domestic gross fixed capital formation, changes in domestic stocks, net FDI and GDP growth rate was used as variables. Quarterly time series data ranging from the Q1 2001 to Q4 2014 were processed with the subset VAR (vector autoregressive econometric model. The results shows that FDI have negative influence on domestic investment in the Republic of Croatia with time lag.

  19. ONLINE PROMOTION OF FINANCIAL INVESTMENT SERVICES COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Ancuta Iancu

    2016-12-01

    Full Text Available When we think about promotion in financial investment services companies, we have to consider, not only the offline or traditional type of promotion (personal communication, advertising, sales promotion, public relations and organization identity but online promotion as well. Due to the fact that for more and more people, Internet represents the most important mean of communication, financial investment services companies marketing specialists have a variety of tools at hand. In this study we will describe the most important online promotion tools, like: E-mail Marketing, advertising, search engines, networks socialization, M-Marketing and promotion through web pages. Specific methods of online promotion enable real-time knowledge of the investor’s behavior and can also address to them most effectively. The purpose of this theoretical study is to increase the rate of knowledge and usage of online marketing, in a very conservatory sector of the financial market: Financial Investment Services Companies Marketing. By promoting online a company, a product or a service the marketing specialists can target specific customer, segments and quantify results, which is almost impossible on such a scale and with such precision by traditional methods of promotion. Based on the literature and our own experience, methods were taken up and adapted in financial investment services companies. We show the present state of online marketing, make proposals and describe difficulties which can be encountered when an e-marketing strategy is made. The conclusion of our study is that more and more companies use online tools in their marketing strategies. There is a change in attitude by the Financial Investment Services Companies web pages: from a reserved one in 2010 to one open to innovation in 2015; we believe that SSIF Broker is an illustrative example in this regard. Instead, our opinion is that Search Engine Optimization should be used more by SSIF Broker

  20. 12 CFR 24.4 - Investment limits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment limits. 24.4 Section 24.4 Banks and... ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.4 Investment limits. (a) Limits on aggregate outstanding investments. A national bank's aggregate outstanding investments under...

  1. 12 CFR 615.5140 - Eligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible investments. 615.5140 Section 615.5140... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5140 Eligible investments. (a) You may hold only the following types of investments listed in the Investment Eligibility Criteria...

  2. 47 CFR 69.309 - Other investment.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Other investment. 69.309 Section 69.309... Apportionment of Net Investment § 69.309 Other investment. Investment that is not apportioned pursuant to §§ 69... category and access elements in the same proportions as the combined investment that is apportioned...

  3. [Several problems concerning population investment].

    Science.gov (United States)

    Liu, Z

    1982-07-29

    Population investment is a major topic in the studies of population and economic relations. In this particular area, numerous theoretical and practical problems are still in need of solution. Concerning the problem of population concept, there are three different approaches: (1) to determine the definition of population investment from the relationship between the population growth and the capital from national income used for investment, including investment in the newly increased population and investment in the entire population; (2) to explain population investment from the economic viewpoint that people are producers; and (3) to explain population investment from the expense needed to change a simple labor force to a skillful labor force. The expenses include educational costs, maintanance spending, wages needed to compensate workers in labor, costs for workers to master and learn modern scientific techniques to be used for production, and the costs of keeping a young labor force in the next generation.

  4. Considering barriers to investment in South Africa

    Directory of Open Access Journals (Sweden)

    KB Afful

    2014-10-01

    Full Text Available This paper examines the effect of South Africa’s economic fundamentals on net direct investment and net portfolio investment. The results suggest that the main determinants of investment in South Africa are resource prices, input productivity and the economic performance of the domestic economy. The results illustrate that net direct investment and net portfolio investment are close but not perfect substitutes. In addition, we find that an increase in labour input costs reduces both net direct investment and net portfolio investment. Further, an increase in fixed capital productivity increases net direct investment. Further, also the results illustrate that subsidies increase both net direct investment and net portfolio investment. Moreover, an increase in exports increases both net direct investment and net portfolio investment. Policy recommendations are thus proposed that may increase foreign direct investment in South Africa.

  5. Financing for Infrastructure Investment in G-20 Countries.

    OpenAIRE

    Sengupta, Ramprasad; Mukherjee, Sacchidananda; Gupta, Manish

    2015-01-01

    This study looks into various sources of financing infrastructure and the demands for infrastructure investments and highlights the mismatch between demand and supply of funds for infrastructure financing in India. In order to address this mismatch, and given the constraints of traditional sources of infrastructure finance in India, this paper suggests credit enhancement scheme (CES) as an alternative framework for mobilizing long-term infrastructure finance. It suggests for scaling up CES as...

  6. The applied value of public investments in biomedical research.

    Science.gov (United States)

    Li, Danielle; Azoulay, Pierre; Sampat, Bhaven N

    2017-04-07

    Scientists and policy-makers have long argued that public investments in science have practical applications. Using data on patents linked to U.S. National Institutes of Health (NIH) grants over a 27-year period, we provide a large-scale accounting of linkages between public research investments and subsequent patenting. We find that about 10% of NIH grants generate a patent directly but 30% generate articles that are subsequently cited by patents. Although policy-makers often focus on direct patenting by academic scientists, the bulk of the effect of NIH research on patenting appears to be indirect. We also find no systematic relationship between the "basic" versus "applied" research focus of a grant and its propensity to be cited by a patent. Copyright © 2017, American Association for the Advancement of Science.

  7. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

    Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

  8. The Local Social and Environmental Impacts of Smallholder-Based Biofuel Investments in Zambia

    Directory of Open Access Journals (Sweden)

    Laura German

    2011-12-01

    Full Text Available High oil prices, recent commitments by industrialized countries to enhance the use of renewable energy, and efforts by developing countries to stimulate foreign investment as a pathway to development have fueled high levels of interest in the biofuel sector throughout much of sub-Saharan Africa. Zambia is no exception. A large, land-locked country with high pump prices and vast tracts of land considered by many to be "degraded" or "underutilized," investor interest in the sector has remained high despite uncertainties associated with unproven feedstocks and market fluctuations. While investment in multiple feedstock and production models may be observed, one of the primary investments has been in jatropha outgrower schemes in which small-scale farmers grow feedstock on contract with domestic and foreign investors. We assess the history and evolution of the largest such scheme in Zambia, as well as the social and environmental impacts in two districts with large numbers of outgrowers. Findings suggest that, although such a production model may hold promise for enhancing rural livelihood benefits from the emerging biofuel sector, to date, small-scale farmers have borne the brunt of the risk and uncertainty that are the trademarks of this emerging industry. We conclude with a discussion of options to minimize forest conversion and protect farmers against high-risk investments, while harnessing the potential of this business model for enhancing rural livelihoods in Zambia and elsewhere.

  9. Essays in Investment Theory

    International Nuclear Information System (INIS)

    Bobtcheff, C.

    2006-01-01

    This thesis analyzes different aspects of the investment decision. In the first chapter, we consider an economy in which different energy sources may produce electricity. The model focuses first on the optimal use of a hydroelectric dam from which water can be extracted and which is supplied with a random water flow. The presence of constraints on a minimal and on a maximal storage capacity makes electricity consumption smoothing possible only when the quantity of water available to the agent lies in a certain range that we determine. In a second stage, we introduce a second energy source with unlimited supply at some exogenous cost. The marginal propensity to produce hydroelectricity is an increasing function of the second technology cost. The availability at a low cost of the alternative source improves thus time diversification. Finally, the optimal electric park is composed of a number of dams that is increasing with the cost of the second technology. Chapter 2 studies the decision of an investor who wants to undertake an irreversible investment when he has the choice between two mutually exclusive projects that present input price and/or output price uncertainty. We prove that the investor decides not to invest in any project when each investment generates the same payoff independently of its size. Therefore, some inaction region appears in which the investor prefers not to invest whereas an immediate investment would have been optimal if no choice had been available: a 'choice value' is thus created. A key feature of this bidimensional degree of uncertainty is thus that the payoff generated by each project is not a sufficient statistic to make a rational investment. In this context, our analysis provides a new motive for waiting to invest: the benefits associated with the dominance of one project over the other. In chapter 3, we study the investment decision problem of a duo-poly with price competition on a market of finite size driven by stochastic taste

  10. VALUE-ADDED SERVICE INVESTING AND PRICING STRATEGIES FOR A TWO-SIDED PLATFORM UNDER INVESTING RESOURCE CONSTRAINT

    Institute of Scientific and Technical Information of China (English)

    Guowei Dou; Ping He

    2017-01-01

    Investing on value-added service (VAS) amplifies users' participation and platform profit.However,the investing resource is usually limited in practice.This paper investigates VAS investing and pricing strategies for a two-sided platform under investing resource constraint.We reveal that with VAS investment,Subsidizing can still be done to enlarge users' demand,even when the investing cost becomes higher.For optimal pricing strategies,the network effect will be the dominating determinant if the gap between two marginal cross-side benefits (i.e.the benefit that users obtain when each new user join the other side of the platform) is large.Interestingly,we show that with the increase of the marginal investing cost,users might either be priced higher or lower.If the marginal investing cost increases to a high level,and the gap between the two marginal cross-side benefits is large,lowering the access fee for users possessing the higher cross-side network effect does not necessarily compensate more profit loss caused by higher cost.Moreover,after VAS is developed,raising the access fee for those whose marginal investing benefit is large does not necessarily generate more profit as well.The opposite strategy further enlarges users' utility,and promotes the investment to benefit more users.

  11. Trade Agreements and Direct-to-Consumer Advertising of Pharmaceuticals.

    Science.gov (United States)

    Gleeson, Deborah; Menkes, David B

    2017-10-16

    There is growing international concern about the risks posed by direct-to-consumer advertising (DTCA) of prescription pharmaceuticals, including via the internet. Recent trade agreements negotiated by the United States, however, incorporate provisions that may constrain national regulation of DTCA. Some provisions explicitly mention DTCA; others enable foreign investors to seek compensation if new regulations are seen to harm their investments. These provisions may thus prevent countries from restricting DTCA or put them at risk of expensive legal action from companies seeking damages due to restrictions on advertising. While the most recent example, the Trans-Pacific Partnership Agreement (TPP), collapsed following US withdrawal in January 2017, early indications of the Trump Administration's trade policy agenda signal an even more aggressive approach on the part of the United States in negotiating advantages for American businesses. Furthermore, the eleven remaining TPP countries may decide to proceed with the agreement in the absence of the United States, with most of the original text (including the provisions relevant to DTCA) intact. © 2018 The Author(s); Published by Kerman University of Medical Sciences. This is an open-access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

  12. Real Options Analysis of Electricity Investments

    Energy Technology Data Exchange (ETDEWEB)

    Heggedal, Ane Marte

    2012-07-01

    This thesis utilizes real options analysis for evaluating investment opportunities in the electricity sector. It also formally tests how investors in hydropower plants have included uncertainty when considering their investment opportunities. The real options method applies financial options theory to quantify the value of management flexibility and is chosen due to three important characteristics of investments in the electricity sector. First; the investment is completely or partially irreversible, second; the investor can choose when to invest in the facility, and third; there is uncertainty in several factors affecting the cash flows of the investments. Factors of uncertainty include the development of electricity prices, policies, technological advances, and macroeconomics measures.Four papers are included in this thesis. Paper 1, Upgrading hydropower plants with storage: Timing and capacity choice, presents a valuation framework for deciding when to upgrade an existing hydropower plant and which capacity to choose. The second paper, Transmission capacity between Norway and Germany: A real options analysis, sheds light on when two electricity markets, in this case Norway and Germany, should be connected through a sub sea cable. The investor can choose when to invest and the capacity of the cable, and may also choose to invest sequentially. Paper 3, Optimal timing and capacity choice for pumped hydropower storage, investigates when investment in a pumped hydropower plant with storage should be undertaken and what the capacity of the facility should be. Whereas the three first papers investigate investment opportunities, Paper 4, Uncertain climate policy decisions and investment timing: Evidence from small hydropower plants, studies when investors in small hydropower plants chose to invest. The analyses disclose whether the net present value approach or the real options method best describe the investment decisions made by the investors. Viewing investment

  13. Converting Energy Subsidies to Investments: Scaling-Up Deep Energy Retrofit in Residential Sector of Ukraine

    Science.gov (United States)

    Denysenko, Artur

    After collapse of the Soviet Union, Ukraine inherited vast and inefficient infrastructure. Combination of historical lack of transparency, decades without reforms, chronical underinvestment and harmful cross-subsidization resulted in accumulation of energy problems, which possess significant threat to economic prosperity and national security. High energy intensity leads to excessive use of energy and heavy reliance on energy import to meet domestic demand. Energy import, in turn, results in high account balance deficit and heavy burden on the state finances. A residential sector, which accounts for one third of energy consumption and is the highest consumer of natural gas, is particularly challenging to reform. This thesis explores energy consumption of the residential sector of Ukraine. Using energy decomposition method, recent changes in energy use is analyzed. Energy intensity of space heating in the residential sector of Ukraine is compared with selected EU member states with similar climates. Energy efficiency potential is evaluated for whole residential sector in general and for multistory apartment buildings connected to the district heating in particular. Specifically, investments in thermal modernization of multistory residential buildings will result in almost 45TWh, or 3.81 Mtoe, of annual savings. Required investments for deep energy retrofit of multistory buildings is estimated as much as $19 billion in 2015 prices. Experience of energy subsidy reforms as well as lessons from energy retrofit policy from selected countries is analyzed. Policy recommendations to turn energy subsidies into investments in deep energy retrofit of residential sector of Ukraine are suggested. Regional dimension of existing energy subsidies and capital subsidies required for energy retrofit is presented.

  14. Petroleum investment conditions in Peru

    International Nuclear Information System (INIS)

    Garcia Schreck, M.

    1996-01-01

    This report focuses on the current petroleum investment conditions in Peru, and Peru's hydrocarbon potential. Investment conditions are examined, and political risk, internal security, the economic environment, and the legal framework for investment are considered. (UK)

  15. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

    Full Text Available The article discusses the features of investment risks and their causes, as well as provides a detailed classification of investment risks. The authors reveal the essence and content of the investment process, risk management, providing material for presentation in the form of a diagram. In conclusion, the article explains the use of the system of specialized institutions as a way to exclude the basic, or primary investment risk.

  16. Global health initiative investments and health systems strengthening: a content analysis of global fund investments.

    Science.gov (United States)

    Warren, Ashley E; Wyss, Kaspar; Shakarishvili, George; Atun, Rifat; de Savigny, Don

    2013-07-26

    Millions of dollars are invested annually under the umbrella of national health systems strengthening. Global health initiatives provide funding for low- and middle-income countries through disease-oriented programmes while maintaining that the interventions simultaneously strengthen systems. However, it is as yet unclear which, and to what extent, system-level interventions are being funded by these initiatives, nor is it clear how much funding they allocate to disease-specific activities - through conventional 'vertical-programming' approach. Such funding can be channelled to one or more of the health system building blocks while targeting disease(s) or explicitly to system-wide activities. We operationalized the World Health Organization health system framework of the six building blocks to conduct a detailed assessment of Global Fund health system investments. Our application of this framework framework provides a comprehensive quantification of system-level interventions. We applied this systematically to a random subset of 52 of the 139 grants funded in Round 8 of the Global Fund to Fight AIDS, Tuberculosis and Malaria (totalling approximately US$1 billion). According to the analysis, 37% (US$ 362 million) of the Global Fund Round 8 funding was allocated to health systems strengthening. Of that, 38% (US$ 139 million) was for generic system-level interventions, rather than disease-specific system support. Around 82% of health systems strengthening funding (US$ 296 million) was allocated to service delivery, human resources, and medicines & technology, and within each of these to two to three interventions. Governance, financing, and information building blocks received relatively low funding. This study shows that a substantial portion of Global Fund's Round 8 funds was devoted to health systems strengthening. Dramatic skewing among the health system building blocks suggests opportunities for more balanced investments with regard to governance, financing, and

  17. Norwegian Foreign Direct Investment : Destination Singapore Inc.

    OpenAIRE

    Hasli, Siri Hetle

    2009-01-01

    The growth and spread of FDI during the 20th century has been described as a significant economic-geographic development. Norwegian FDI has been increasing since the 1980s, but the large scale of it is a new phenomenon. Singapore is now the third most important host country for Norwegian FDI. This thesis is a study of Norwegian FDI in Singapore, and the research question is: Which economic and political factors do Norwegian companies regard as important when investing abroad, and to what degr...

  18. Chinese investments in the EU

    Directory of Open Access Journals (Sweden)

    Haico EBBERS

    2010-12-01

    Full Text Available China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional pattern is heavily influenced by the need to solve the resource shortage in the medium and long term. The investments in Europe and the United States are mostly market seeking investments. Research specifically focused on Chinese M&A abroad comes to the same conclusion. The success rate of Chinese M&A abroad is much lower than what we see with respect to American or European investments abroad. In this paper, we examine why Chinese firms are facing more difficulties in the European Union than in other regions. The paper focuses on Chinese M&A as proxy for total foreign direct investments abroad. By looking at the factors that have been documented as influencing the level of M&A abroad, it becomes clear that Chinese firms in Europe are hindered by many factors. For example, the trade between China and the EU is relatively low, the institutional quality is lower compared to the United States, there is less experience with respect to Europe and relatively many deals relate to State Owned Enterprises (SOE which makes the deal sensitive. So it is logical that Chinese investments are not very high in Europe. However, the research makes clear that the obstacles for Chinese investments in Europe are disappearing step by step. In that sense, we expect a strong increase of Chinese investments in Europe in the future.

  19. 12 CFR 550.330 - Are there investments in which I may not invest funds of a fiduciary account?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Are there investments in which I may not invest... on Self Dealing § 550.330 Are there investments in which I may not invest funds of a fiduciary account? You may not invest funds of a fiduciary account for which you have investment discretion in the...

  20. Why Trump’s pull-out of the Paris Agreement may open the door for state Governors to push their own climate action

    OpenAIRE

    Biedenkopf, Katja

    2017-01-01

    President Trump’s announcement to withdraw the United States from the Paris Agreement on climate change in June 2017 triggered the promise by a multitude of US cities and states to pursue and strengthen their own climate action, thereby counterbalancing the impact of the federal government’s policy choice. Former President Obama and Secretary of State Kerry invested major diplomatic efforts and skills in the international process to make possible an ambitious international agreement that woul...

  1. Influencing Factors and Development Trend Analysis of China Electric Grid Investment Demand Based on a Panel Co-Integration Model

    OpenAIRE

    Jinchao Li; Lin Chen; Yuwei Xiang; Jinying Li; Dong Peng

    2018-01-01

    Electric grid investment demand analysis is significant to reasonably arranging construction funds for the electric grid and reduce costs. This paper used the panel data of electric grid investment from 23 provinces of China between 2004 and 2016 as samples to analyze the influence between electric grid investment demand and GDP, population scale, social electricity consumption, installed electrical capacity, and peak load based on co-integration tests. We find that GDP and peak load have pos...

  2. 75 FR 57217 - Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad

    Science.gov (United States)

    2010-09-20

    ... both U.S. and international definitions for foreign direct investment and must be represented in the...] RIN 0691-AA74 Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad AGENCY... the reporting requirements for the BE-11, Annual Survey of U.S. Direct Investment Abroad. The survey...

  3. Interaction between Dynamic Financing and Investments

    DEFF Research Database (Denmark)

    Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.

    Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...... holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well...

  4. Strategic approaches to CBRN decontamination research design and investment

    International Nuclear Information System (INIS)

    Jutro, P.

    2009-01-01

    Research funding is society's investment in its future, but in difficult economic times, investment in anything with a less than immediate payoff can be a challenge. Making federal research investment decisions for large scale issues with political, social, and economic consequences has always involved competition for available resources played out in universities, Federal executive departments and agencies, and in the authorizing and appropriating committees and subcommittees of the legislature. Designing a research program that relates to the national need for a long-term strategic approach to consequence management is a challenge in the natural and social sciences as well as in political analysis. A successful effort must involve intensive interactions by research managers with consequence managers, evaluation of the relative cost and potential effectiveness of alternative research strategies, an estimation of time to completion and potential for success of research, and having a common understanding of roles and responsibilities of national and local governments, as well as private enterprise and affected individuals. All this must be undertaken in concert with the development of risk communication strategies that are science-based but deal with managing societal expectations based on the costs and practicality of potential alternative suites of solutions.(author)

  5. Legitimate expectations as an element of the fair and equitable standard of treatment of foreign investments in arbitral practice

    Directory of Open Access Journals (Sweden)

    Đundić Petar

    2014-01-01

    Full Text Available Fair and equitable standard of treatment of foreign investments represents an integral part of all modern international agreements on protection and encouragement of foreign investments. The key element of its contents, according to arbitral practice, is an obligation of the host state to provide the investor with the treatment in accordance with basic expectations that he or she had at the time of the investment with regard to economical and legal conditions in the host state. The paper analyzes the most important awards of arbitral tribunals dealing with legitimate expectations of the investor as a part of the fair and equitable treatment standard. A considerable attention is dedicated to identifying the behavior of the host state capable of creating legitimate expectation which enjoy legal protection as well as to detecting the requirements for the development of reasonable expectations.

  6. Investment, regulation, and uncertainty

    Science.gov (United States)

    Smyth, Stuart J; McDonald, Jillian; Falck-Zepeda, Jose

    2014-01-01

    As with any technological innovation, time refines the technology, improving upon the original version of the innovative product. The initial GM crops had single traits for either herbicide tolerance or insect resistance. Current varieties have both of these traits stacked together and in many cases other abiotic and biotic traits have also been stacked. This innovation requires investment. While this is relatively straight forward, certain conditions need to exist such that investments can be facilitated. The principle requirement for investment is that regulatory frameworks render consistent and timely decisions. If the certainty of regulatory outcomes weakens, the potential for changes in investment patterns increases.   This article provides a summary background to the leading plant breeding technologies that are either currently being used to develop new crop varieties or are in the pipeline to be applied to plant breeding within the next few years. Challenges for existing regulatory systems are highlighted. Utilizing an option value approach from investment literature, an assessment of uncertainty regarding the regulatory approval for these varying techniques is undertaken. This research highlights which technology development options have the greatest degree of uncertainty and hence, which ones might be expected to see an investment decline. PMID:24499745

  7. 47 CFR 32.102 - Nonregulated investments.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Nonregulated investments. 32.102 Section 32.102 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS... investments. Nonregulated investments shall include the investment in nonregulated activities that are...

  8. Investing in river health.

    Science.gov (United States)

    Bennett, J

    2002-01-01

    Rivers provide society with numerous returns. These relate to both the passive and extractive uses of the resources embodied in river environments. Some returns are manifest in the form of financial gains whilst others are non-monetary. For instance, rivers are a source of monetary income for those who harvest their fish. The water flowing in rivers is extracted for drinking and to water crops and livestock that in turn yield monetary profits. However, rivers are also the source of non-monetary values arising from biological diversity. People who use them for recreation (picnicking, swimming, boating) also receive non-monetary returns. The use of rivers to yield these returns has had negative consequences. With extraction for financial return has come diminished water quantity and quality. The result has been a diminished capacity of rivers to yield (non-extractive) environmental returns and to continue to provide extractive values. A river is like any other asset. With use, the value of an asset depreciates because its productivity declines. In order to maintain the productive capacity of their assets, managers put aside from their profits depreciation reserves that can be invested in the repair or replacement of those assets. Society now faces a situation in which its river assets have depreciated in terms of their capacity to provide monetary and non-monetary returns. An investment in river "repair" is required. But, investment means that society gives up something now in order to achieve some benefit in the future. Society thus has to grapple wih the choice between investing in river health and other investments--such as in hospitals, schools, defence etc. - as well as between investing in river health and current consumption--such as on clothes, food, cars etc. A commonly used aid for investment decision making in the public sector is benefit cost analysis. However, its usefulness in tackling the river investment problem is restricted because it requires all

  9. Investment for food

    NARCIS (Netherlands)

    Groenveld, D.

    1961-01-01

    Groenveld attempted to show the magnitude of investments in agriculture, which were necessary to meet the increasing world demand for food. The formula S = K/Y (ΔN +ΔH) was assumed as a description that for a community the proportion of national income saved and invested must equal the product of

  10. BRICS Investment Policies from PFI Perspective

    Directory of Open Access Journals (Sweden)

    Andrei Sakharov 

    2017-12-01

    Full Text Available The Organisation for Economic Co-operation and Development (OECD Policy Framework for Investment (PFI contains recommendations and best practices in 12 investment-related policy areas, and is widely regarded as the world’s most comprehensive and authoritative instrument on international investment regulation. The topicality of PFI recommendations for OECD members and other countries, including Russia, is dictated by competition in international investment markets. The instrument’s implementation can significantly boost a national jurisdiction’s attractiveness to investors and thus increase its economic competitiveness. The experience of the BRICS countries as large developing economies involved in collaboration with the OECD could be of great value from the standpoint of PFI implementation in Russia. This article examines investment policies of Brazil, India, China and South Africa from the perspective of PFI recommendations. The analysis is organized around four major themes: the general characteristics of investment regimes and investment stimuli, national investment regulation regimes, trade policies and overcoming structural limitations. The analysis forms the basis for recommendations to improve the investment policy regime in Russia

  11. Potential of Sharia-compliant investments

    OpenAIRE

    Ishuayed, Mohamed; Ruiz, Frédéric

    2016-01-01

    Islamic finance and Sharia-compliant investing has seen substantial growth over the years. As more investors are interested in becoming fully Sharia-compliant, the question of what may they be giving up in exchange arises. This has led us to analyze the potential of Sharia-compliant investments. It is well known that having a Sharia-compliant investment portfolio could be rather restrictive as some sectors and investment instruments are forbidden such as tobacco, alcohol, gambling, pork produ...

  12. A basic guide to investing.

    Science.gov (United States)

    Smith, Michael C

    2006-03-01

    Today's investors have many choices. From seemingly simple investments, such as stocks, bonds and cash, to more complicated option strategies, there is a dizzying array of investment vehicles that can leave even the most seasoned investor a bit confused. In discussions with our clients, one common thread is the desire to learn more about the various types of investments available. Following is a basic guide to the most common investments and the risks inherent in those choices.

  13. Energy investments and employment

    International Nuclear Information System (INIS)

    1993-08-01

    A study was conducted to assess the effect that different energy options would have on provincial and regional employment prospects in British Columbia. Current and future economic and employment patterns were examined to develop a more detailed understanding of the skills, age, gender, location, and other characteristics of British Columbia workers. Over 40 previous studies examining the energy/employment relationship were also reviewed. Based on this review and an analysis of the province's economic and labor conditions, the following conclusions are drawn. Investment in non-energy sectors offers better prospects for reducing unemployment than investment in the energy sector, whether for new supply or improving efficiency. Investments in the energy sector provide fewer jobs than investments in most other sectors of the economy. Among the available electricity supply options, large hydroelectric projects tend to produce the fewest jobs per investment dollar. Smaller thermal projects such as wood residue plants produce the most jobs. If and when more energy is needed in British Columbia, the most cost-effective combination of energy supply and efficiency options will also create the most jobs. Compared to traditional energy supply options, investments in energy efficiency would create about twice as many total jobs, create jobs that better match the skills of the province's unemployed and its population distribution, and create jobs that last longer on the average. Construction-related measures such as improved insulation tend to produce more jobs per investment dollar than the substitution of more energy-efficient equipment. 69 refs., 9 tabs

  14. The economic rationale for investing decisions innovative projects rationalization of investments for innovative projects

    Directory of Open Access Journals (Sweden)

    L. O. Zhitinskaya

    2017-01-01

    Full Text Available The article provides a selection of methods for determining the feasibility of an investment-innovative project. Estimated indicators are identified analytically, on their basis a conclusion is made about the economic efficiency and feasibility of the project, which is the basis of its competitiveness. Such growth analytics is necessary, since the social and economic development of the country and the region largely depends on the investment climate, which is facilitated by the legislation of the Russian Federation (the Tax Code of the Russian Federation, the law of the Russian Federation on the regulation of investment activities, etc.. Since competitiveness is also determined by the economic feasibility and financial solvency of innovative projects, modern information and software, as well as the methodology for project appraisal and the corresponding order of their implementation, are needed. In the Russian Federation, a method is used to assess the efficiency of capital investments in capitalist countries, as well as the methodology of economic (competitive analysis of investment-innovative projects. The basis of the method is that reimbursement of investments occurs in two economic forms: net profit and depreciation (net income. Of the numerous methods for assessing the feasibility of investment, the most often used along with discount methods (taking into account the factor of money changes over time, statistical methods with determining the payback period and the average rate of return on investment. Defined indicators: the net present value (NPV and the internal rate of return (IRR. The methodology specified in the article is useful to the investor in order to rationalize investment flows, helps to achieve the maximum IRR. The implementation of the innovative project serves the competitiveness of the manufacturing enterprise by increasing the technical and technological levels of the products.

  15. 12 CFR 703.14 - Permissible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Permissible investments. 703.14 Section 703.14 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.14 Permissible investments. (a) Variable rate investment. A Federal...

  16. THE INFLUENCE OF INSTITUTIONAL CHANGES ON THE INVESTMENT ATTRACTIVENESS OF THE AGRICULTURAL SECTOR OF UKRAINIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Valeriy ZHUK

    2016-08-01

    Full Text Available Successful development of the Ukrainian economy, its agro-industrial segment requires a large-scale and efficient investment provision and favourable investment climate. In this regard, the actual task of the scientific community is the study of the influence of institutions on the development of investment policy, the formation of investment processes in the country. The purpose of this article is the study of institutional basis for further development of the investment processes in the agricultural sector of Ukrainian economy under conditions of integration into Europe. In the study process author used general scientific methods, in particular statistical method, method of extrapolation, analogy, institutional analysis, abstract-logical method, methods of descriptive simulation. Results of the study are as follows. The influence of formal institutions (legal regulations for the ‘rules of play’ was assessed on the investment efficiency. The ponderability of the formal institutions was identified in the investment success of the big agricultural business of Ukraine. The main causes of the low investment attractiveness of small and medium-sized business in the agrarian sector of the Ukrainian economy were defined. The ways were substantiated for development of the non-formal institutions. It was accentuated that asset capitalization of the small and medium-sized companies would be important for development of the investment processes in Ukraine.

  17. Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2013-12-01

    Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

  18. How does market power affect the impact of large scale wind investment in 'energy only' wholesale electricity markets?

    International Nuclear Information System (INIS)

    Browne, Oliver; Poletti, Stephen; Young, David

    2015-01-01

    In the short run, it is well known that increasing wind penetration is likely to reduce spot market electricity prices due to the merit order effect. The long run effect is less clear because there will be a change in new capacity investment in response to the wind penetration. In this paper we examine the interaction between capacity investment, wind penetration and market power by first using a least-cost generation expansion model to simulate capacity investment with increasing amounts of wind generation, and then using a computer agent-based model to predict electricity prices in the presence of market power. We find the degree to which firms are able to exercise market power depends critically on the ratio of capacity to peak demand. For our preferred long run generation scenario we show market power increases for some periods as wind penetration increases however the merit order counteracts this with the results that prices overall remain flat. Returns to peakers increase significantly as wind penetration increases. The market power in turn leads to inefficient dispatch which is exacerbated with large amounts of wind generation. - Highlights: • Increasing investment in wind generation is analyzed using an agent based model. • In an energy only market, increased total capacity reduces market power. • Increasing wind penetration results in more market power in some periods. • Market power causes dispatch inefficiencies, which grow as wind capacity increases.

  19. 12 CFR 615.5133 - Investment management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management. 615.5133 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5133 Investment management. (a... management information systems that are appropriate for the level and complexity of your investment...

  20. 47 CFR 69.302 - Net investment.

    Science.gov (United States)

    2010-10-01

    ...) Investment in Accounts 2002, 2003 and to the extent such inclusions are allowed by this Commission, Account... Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES (CONTINUED) ACCESS CHARGES Apportionment of Net Investment § 69.302 Net investment. (a) Investment in Accounts 2001, 1220 and Class B Rural...

  1. Foreign investments in modern economic activities

    OpenAIRE

    Emil Biber

    2004-01-01

    Worldwide economies are more and more linked by international economic and financial flows to globalization and economic integration phenomena that is effect and cause for them. External investments represent for investors a long-term investment abroad meanwhile for users these could be direct investments or portfolio investments

  2. MONEY TRANSFERS OF LABOR MIGRANTS IN THE CONTEXT OF INVESTMENTS IN ECONOMY

    Directory of Open Access Journals (Sweden)

    V. Osokina

    2013-09-01

    Full Text Available Considering the scale of domestic migration flows and remittances, the impact of cash transfers as important alternative source of investment on the development of Ukraine’s economy and income growth is analysed. Migrants remittances unlike other investment sources depend on crisis processes less than others and have a distinct counter-cyclical nature of the formation and operation. If not taking into account the means of IMF, remittances have become the largest external financial resource received by Ukraine because of the reduce of foreign investment. The results obtained from this research show that the easiest way to direct the remittances on economic development is to control this financial flow, its taxation and to require migrants to make transfers through national financial institutions. So, the problem of migrants’ money transfers should be raised on national level and must be identified as an important issue of economic policy.

  3. Modeling investment uncertainty in the costs of global CO2 emission policy

    International Nuclear Information System (INIS)

    Birge, J.R.; Rosa, C.H.

    1995-01-01

    This paper investigates the effect that explicit modeling of stochastic returns to investment has on the CO 2 abatement policy returned by a large scale macroeconomic model of the United States economy. It was found that a policy derived from the mean value deterministic model in which the random variables of the stochastic model have been replaced by their expected value poorly approximates the optimal policy returned by solving the stochastic programming model. This nonoptimality is measured by determining the value of the stochastic solution and investigating the different evolutionary paths that various macroeconomic variables follow. Macroeconomic variables which stray far from their optimal paths when derived under the assumption of a certain mean valued future are as follows: the level of carbon taxation, investment in new energy production technologies, exploration for nonrenewable resources and investment in improved macroeconomic efficiency. 18 refs., 17 figs., 6 tabs

  4. Do Callable Convertibles Support The Investment Process Of A Company? An Analysis Of The World Market Of Hybrid Debt

    Directory of Open Access Journals (Sweden)

    Kaźmierczak Damian

    2017-06-01

    Full Text Available Using a sample of 1,705 convertible bonds issued by manufacturing and service companies from the United States (1,138 issues; Europe (270; and Asia (297 between 2004 and 2014 this paper investigates the role of callable convertibles in the corporate investment process. This research shows first that callable convertibles are used to finance investment projects particularly by American firms which may exercise new investment options to improve poor financial performance. Secondly, the same strategy may be followed by European companies, but they seem not to carry out investments on as large a scale as American firms. Thirdly, the research results do not provide evidence that Asian enterprises use callable convertibles for investment purposes: they likely use these instruments for different reasons.

  5. Optimal Selection of AC Cables for Large Scale Offshore Wind Farms

    DEFF Research Database (Denmark)

    Hou, Peng; Hu, Weihao; Chen, Zhe

    2014-01-01

    The investment of large scale offshore wind farms is high in which the electrical system has a significant contribution to the total cost. As one of the key components, the cost of the connection cables affects the initial investment a lot. The development of cable manufacturing provides a vast...... and systematical way for the optimal selection of cables in large scale offshore wind farms....

  6. 17 CFR 256.124 - Other investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Other investments. 256.124... COMPANY ACT OF 1935 2. Investments § 256.124 Other investments. This account shall include the cost or current value of investments, whichever is less, in securities, club memberships, associations, life...

  7. 12 CFR 615.5142 - Association investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Association investments. 615.5142 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5142 Association investments. An association may hold eligible investments listed in § 615.5140, with the approval of its funding...

  8. 75 FR 55372 - Tudor Employee Investment Fund LLC and Tudor Investment Corporation; Notice of Application

    Science.gov (United States)

    2010-09-10

    ... management business, the Fund Investors will be able to understand and evaluate the attendant risks... Investment Fund (other than investment objectives and strategies and form of organization) (the ``Subsequent... will operate as a non-diversified closed-end management investment company. Each Fund will be an...

  9. Chinese investments in the EU

    NARCIS (Netherlands)

    Ebbers, H.A.; Zhang, J.

    2010-01-01

    China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional

  10. A strategy for investment in space resource utilization

    Science.gov (United States)

    Mendell, Wendell W.

    1992-01-01

    Considerations governing a strategy for investment in the utilization of space resources are discussed. It is suggested on the basis of an examination of current trends in terms of historical processes which operate on new frontiers that the limited markets and unfamiliar technologies associated with space commercialization today may change dramatically in 20 years when lunar resources are accessible. It is argued that the uncertainty of such projections discourages investment at a useful scale unless a strategy for technology development can be implemented which provides tangible and marketable benefits in the intermediate term. At present, technologies can be identified which will be required (and therefore valuable) at the time of lunar settlement, and whose development can be planned to yield marketable intermediate products on earth. It is concluded that the formation of precompetitive collaborative research consortia in the industrial sector could reduce technical and economic risk in the early stages and could promote a favorable political environment for the future growth of space activities.

  11. 12 CFR 1.8 - Nonconforming investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Nonconforming investments. 1.8 Section 1.8 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.8 Nonconforming investments. (a) A national bank's investment in securities that no longer conform to this part...

  12. 12 CFR 703.18 - Grandfathered investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Grandfathered investments. 703.18 Section 703... INVESTMENT AND DEPOSIT ACTIVITIES § 703.18 Grandfathered investments. (a) Subject to safety and soundness... zero coupon security with a maturity greater than 10 years, if it purchased the investment: (1) Before...

  13. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  14. 75 FR 76630 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

    Science.gov (United States)

    2010-12-09

    ....S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign Affiliate.'' The..., Quarterly Survey of U.S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign...] RIN 0691--AA75 Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad...

  15. Investment Timing When External Financing Is Costly

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...... considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U-shaped in liquid funds. For high-liquidity firms, investment thresholds are decreasing (i.e. accelerated investment takes place) in either dimension...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....

  16. On attracting investment to Russian economy

    Directory of Open Access Journals (Sweden)

    Oleinik Elena

    2017-01-01

    Full Text Available Modern conditions of economic systems development have necessitated more precise directions of investment process for the economic growth to accelerate. The precipitous fall of oil prices that occurred in the second half of 2014 weighed heavily on foreign direct investment flows to oilexporting countries. The problem of attracting investment is one of the key problems of economic development. The aim of this study is to analyze and evaluate the shifts in the structure of investments, the study of the structure of investments to the Russian economy. Structural changes result from differences in the growth rate of the elements forming an economic system. An integral coefficient has been used for evaluation of structural changes. Multiple regression was used to analyze the impact of various factors on the change in structure of investment. The regression coefficients in the model give quantitative assessment of the pace of change in the structure as it depends on a specific factor. The model estimation shows that the variables “share of investments in manufacturing” (positive influence and “share of investments in the health, physical culture, education” (negative influence have the largest t-values. Hence, these two factors influence the structural changes in investments most strongly The evaluation and analysis of the structural shifts may lead to conclusions regarding the efficiency of the structure investment and adjustment of the economic policy.

  17. Identifying options for regulating the coordination of network investments with investments in distributed electricity generation

    International Nuclear Information System (INIS)

    Nisten, E.

    2010-02-01

    The increase in the distributed generation of electricity, with wind turbines and solar panels, necessitates investments in the distribution network. The current tariff regulation in the Dutch electricity industry, with its ex post evaluation of the efficiency of investments and the frontier shift in the x-factor, delays these investments. In the unbundled electricity industry, the investments in the network need to be coordinated with those in the distributed generation of electricity to enable the DSOs to build enough network capacity. The current Dutch regulations do not provide for a sufficient information exchange between the generators and the system operators to coordinate the investments. This paper analyses these two effects of the Dutch regulation, and suggests improvements to the regulation of the network connection and transportation tariffs to allow for sufficient network capacity and coordination between the investments in the network and in the generation of electricity. These improvements include locally differentiated tariffs that increase with an increasing concentration of distributed generators.

  18. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  19. Sanitation investments in Ghana

    DEFF Research Database (Denmark)

    Awunyo-Akaba, Y.; Awunyo-Akaba, J.; Gyapong, M.

    2016-01-01

    with people’s willingness and ability to invest in household sanitation across all communities. The status of being a stranger i.e. migrant in the area left some populations without rights over the land they occupied and with low incentives to invest in sanitation, while indigenous communities were challenged......Background: Ghana’s low investment in household sanitation is evident from the low rates of improved sanitation. This study analysed how land ownership, tenancy security and livelihood patterns are related to sanitation investments in three adjacent rural and peri-urban communities in a district...... communities were triangulated with multiple interview material and contextual knowledge on social structures, history of settlement, land use, livelihoods, and access to and perceptions about sanitation. Results: This study shows that the history of settlement and land ownership issues are highly correlated...

  20. 12 CFR 211.9 - Investment procedures.

    Science.gov (United States)

    2010-01-01

    ... Investment procedures. (a) General provisions. 5 Direct and indirect investments shall be made in accordance... for general consent. An investment in a foreign bank may not be made under authority of paragraphs (b) or (c) of this section if: (1) After the investment, the foreign bank would be an affiliate of a...

  1. Determinants of Foreign Direct Investment in South East European Countries and New Member States of European Union Countries

    Directory of Open Access Journals (Sweden)

    Bardhyl Dauti

    2015-03-01

    Full Text Available This paper accounts for the main determinants of Foreign Direct Investment flows to 5-SEEC and the 10-New Member States of the EU countries by using an augmented Gravity Model. The study takes into account country specific institutional factors that determine foreign investors’ decisions from 14 core European Union countries to invest into SEE-5 and EU-NMS-10 countries. From the results of the study we find that gravity factors and institutional related determinants like control of corruption, political stability, bilateral FDI agreement, WTO membership and transition progress appear to significantly determine inward FDI flows from core EU countries to host economies of South East European region and new European Union member states.

  2. Practitioners’ Views Promoting Infrastructure Investment: The G20 and the Multilateral Development Banks

    Directory of Open Access Journals (Sweden)

    Hannah Wurf

    2017-12-01

    Full Text Available The G20 is committed to promoting infrastructure investment and has called on multilateral development banks (MDBs to increase their infrastructure lending to help boost global growth. Alongside long-standing MDBs such as the World Bank and Asian Development Bank (ADB, new MDBs such as the Asian Infrastructure and Investment Bank (AIIB and the New Development Bank have been established, and G20 members would like both old and new multilateral banks to scale up their infrastructure investment by developing a pipeline of bankable projects. Even with all the MDBs investing more, they will not be able to satisfy the global need for infrastructure. What they can do, however, is start to fill the infrastructure gap by catalyzing private investment and cooperating on standards and regional infrastructure. Concerns have been raised about the geo-political implications of the new MDBs which underscore the need for MDB cooperation. There are challenges to and opportunities for this cooperation. The G20 needs to be clear about the role it can play in encouraging MDB cooperation and infrastructure investment, and must also be aware of the limitations on its role given that each MDB has its own mandate. Specifically, the G20 can downplay the perceived trade-off between efficiency and standards in the MDBs, encourage cooperation on new standards for sustainable or green infrastructure, invest in the Global Connectivity Alliance as a coordinating body for the MDBs and help align the G20 work on infrastructure with the United Nations Sustainable Development Agenda

  3. 31 CFR 537.311 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 537.311 Section 537....311 New investment. (a) The term new investment means any of the following activities if such activity... located in Burma, without regard to the form of the participation. (b) The term new investment shall not...

  4. Government Strategic Support for Investment Activity

    Science.gov (United States)

    Turekulova, Assiya N.; Mukhambetova, Lyazzat K.; Doshan, Almagul S.; Issabekov, Baurzhan N.; Chimgentbayeva, Gulbakyt K.; Turegeldinova, Aliya Zh.

    2016-01-01

    When system risks are high most investors choose to exit the market; however, there are some contrarian investors who opt to make investments. The authors analyzed the main goals of the investment process and measures that should be provided by the government to stimulate investments and innovation especially by means of investment banking. The…

  5. 12 CFR 956.2 - Authorized investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Authorized investments. 956.2 Section 956.2... ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.2 Authorized investments. In addition to assets... securities of any small business investment company formed pursuant to 15 U.S.C. 681(d), to the extent such...

  6. Reform of investment policy in the function of sustainable development with special emphasis on investment in information technologies

    Directory of Open Access Journals (Sweden)

    Dragičević-Radičević Tatjana

    2017-01-01

    Full Text Available Global economy still records a decline in FDI. The main causes are increased economic instability and geopolitical risks. Given the continued negative trend, it is clear that it is necessary to reform the investment policies at the national, regional, bilateral, multilateral and international level, to ensure sustainable economic development. Key elements of the reforms are: to provide instruments to reduce risks, create mechanisms of responsible investment, improve the structural coherence and promote regional investments. Refer to the current dates of the sectors investments (according to the report of UNCTAD from 2015th shows that the services sector recorded double growth compared to the investment in the manufacturing sector in 2012. Also, if we take into consideration the fact that investment in IT sector investment involves three aspects: transactional (minimizing costs, strategic (innovation technologies, achieving competitiveness and information (improving access to information and communications, it may be assumed that the reforms in the investment policies should be directly correlated with investments in information technology.

  7. Investment threshold and management reflection for industrial system cleaning: a case for China.

    Science.gov (United States)

    Fang, Yiping

    2012-03-01

    The recognition that industrial activity plays an essential role in a sustainable society is now widespread. To understand the causal relationship between industrial pollution abatement expenditure and industrial system cleaning level in China is of considerable importance, especially under extremely rapid industrial growth and serious pressure of industrial pollutants abatement context. We use composite index assessment method and regression analysis in this paper. We establish the mathematical model between composite industrial cleaner index and investment intensity for industrial pollutants abatement, and analyze the effects of industrial pollutants treatment and discharge indicators on composite industrial cleaner index in China. Results show that: (1) There is significant nonlinear relationship between composite industrial cleaner index and investment intensity for industrial pollutants abatement. (2) From single indicator perspective, the effect of investment intensity on pollutants treatment indicators is positively, on the contrary, the effect of investment intensity on pollutants discharge indicators is negatively; (3) From decomposition cleaner index perspective, the effect of pollutants discharge level (process control) is higher than pollutants treatment capacity (end-of-pipe) on composite industrial cleaner index; (4) There is threshold between investment intensity and composite cleaner industrial index, it is a crucial reference scale for industrial environmental management in selected period.

  8. Investing EU ETS auction revenues into energy savings

    Energy Technology Data Exchange (ETDEWEB)

    Sijm, J.P.M.; Boonekamp, P.G.M. [ECN Policy Studies, Petten (Netherlands); Summerton, P.; Pollitt, H.; Billington, S. [Cambridge Econometrics CE, Cambridge (United Kingdom)

    2013-05-15

    The overall objective of this study is to analyse the effects of using EU ETS auction revenues to stimulate investments in energy savings in three key target sectors, i.e. Households, Tertiary and Industry (including both ETS and non-ETS industrial installations). The scenarios used refer basically to the situation before the recent agreement on the Energy Efficiency Directive (EED) and include (a mixture of) different policy options to enhance energy savings in the target sectors, in particular (1) reducing the ETS cap, (2) introducing an Energy Efficiency Obligation (EEO) for energy suppliers or distributors, and/or (3) using ETS auction revenues to support additional (private) investments in raising energy efficiency. In order to meet this objective a variety of different policy scenarios have been defined and analysed by means of the 'Energy-Environment-Economy Model for Europe (E3ME)'. The study presents and discusses a large variety of scenario modelling results by the year 2020 at the EU27 level. These results refer to, among others, energy savings, GHG emissions, the ETS carbon price, household electricity bills and to changes in some macro- or socio-economic outcomes such as GDP, inflation, employment or international trade. Finally, the study discusses some policy findings and implications, including options to enhance the effectiveness of some EE policies, in particular those having a potential adverse effect on the ETS carbon price.

  9. Exploring rater agreement: configurations of agreement and disagreement

    Directory of Open Access Journals (Sweden)

    ALEXANDER VON EYE

    2006-03-01

    Full Text Available At the level of manifest categorical variables, a large number of coefficients and models for the examination of rater agreement has been proposed and used for descriptive and explanatory purposes. This article focuses on exploring rater agreement. Configural Frequency Analysis (CFA is proposed as a method of exploration of cross-classifications of raters’ judgements. CFA allows researchers to (1 examine individual cells and sets of cells in agreement tables; (2 examine cells that indicate disagreement; and (3 explore agreement and disagreement among three or more raters. Four CFA base models are discussed. The first is the model of rater agreement that is also used for Cohen’s (1960  (kappa. This model proposes independence of raters’ judgements. Deviations from this model suggest agreement or disagreement beyond chance. The second CFA model is based on a log-linear null model. This model is also used for Brennan and Prediger’s (1981 n. It proposes a uniform distribution of ratings. The third model is that of Tanner and Young (1985. This model proposes equal weights for agreement cases and independence otherwise. The fourth model is the quasi-independence model. This model allows one to blank out agreement cells and thus to focus solely on patterns of disagreement. Examples use data from applicant selection.

  10. Investment in Developing Countries

    Science.gov (United States)

    Motooka, Takeshi

    1973-01-01

    The fundamental problems of investment in rural education in the present developing countries are analyzed. Needs of rural education are outlined and financial considerations related to investment in the improvement of rural educational programs are discussed. (SM)

  11. Limiting the financial risks of electricity generation capital investments under carbon constraints: Applications and opportunities for public policies and private investments

    Science.gov (United States)

    Newcomer, Adam

    Increasing demand for electricity and an aging fleet of generators are the principal drivers behind an increasing need for a large amount of capital investments in the US electric power sector in the near term. The decisions (or lack thereof) by firms, regulators and policy makers in response to this challenge have long lasting consequences, incur large economic and environmental risks, and must be made despite large uncertainties about the future operating and business environment. Capital investment decisions are complex: rates of return are not guaranteed; significant uncertainties about future environmental legislation and regulations exist at both the state and national levels---particularly about carbon dioxide emissions; there is an increasing number of shareholder mandates requiring public utilities to reduce their exposure to potentially large losses from stricter environmental regulations; and there are significant concerns about electricity and fuel price levels, supplies, and security. Large scale, low carbon electricity generation facilities using coal, such as integrated gasification combined cycle (IGCC) facilities coupled with carbon capture and sequestration (CCS) technologies, have been technically proven but are unprofitable in the current regulatory and business environment where there is no explicit or implicit price on carbon dioxide emissions. The paper examines two separate scenarios that are actively discussed by policy and decision makers at corporate, state and national levels: a future US electricity system where coal plays a role; and one where the role of coal is limited or nonexistent. The thesis intends to provide guidance for firms and policy makers and outline applications and opportunities for public policies and for private investment decisions to limit financial risks of electricity generation capital investments under carbon constraints.

  12. Investing in human and natural capital. An alternative paradigm for sustainable development in Awassa, Ethiopia

    International Nuclear Information System (INIS)

    Reynolds, Travis W.; Farley, Joshua; Huber, Candice

    2010-01-01

    Ethiopia remains underdeveloped due to limitations in natural, human, social and built capital. A 2006 scientific atelier conducted in the city of Awassa, Ethiopia investigated investments in human and natural capital as a sustainable development strategy. Local stakeholders identified firewood shortages, degradation of croplands, rising lake levels encroaching on croplands and poor water quality as major impediments to development. They further identified ecological degradation as a key component of these problems, and they acknowledged multiple vicious cycles compounding the environmental and economic threats to the Awassa community. Proposed solutions included investment in natural capital in the form of reforestation activities, investment in human capital in the form of promoting more efficient wood stoves along with increasing public awareness of environmental threats, and investments in social capital in the form of inter-institutional coordination to address environmental problems. All recommended investments rely primarily on national resources, in distinct contrast to the extensive imports required for most built capital investments. Unfortunately, Awassa lacks the surplus necessary for major capital investments of any kind. The atelier therefore helped local participants identify potential funders and write grant proposals for various projects, though none have been funded so far. Reversing the ecological degradation on the scale necessary for sustained economic development in Ethiopia however will require a steady flow of substantial investments, and cannot rely solely on the short term generosity of funders. International payments for carbon sequestration and other ecosystem services could help provide the necessary resources. (author)

  13. Investing in human and natural capital. An alternative paradigm for sustainable development in Awassa, Ethiopia

    Energy Technology Data Exchange (ETDEWEB)

    Reynolds, Travis W. [Evans School of Public Affairs, University of Washington, Seattle, Washington, 98195 (United States); Farley, Joshua [Gund Institute for Ecological Economics and Department of Community Development and Applied Economics, University of Vermont, Burlington, Vermont, 05405 (United States); Huber, Candice [UVM Agricultural Extension Service, University of Vermont, Burlington, Vermont, 05405 (United States)

    2010-09-15

    Ethiopia remains underdeveloped due to limitations in natural, human, social and built capital. A 2006 scientific atelier conducted in the city of Awassa, Ethiopia investigated investments in human and natural capital as a sustainable development strategy. Local stakeholders identified firewood shortages, degradation of croplands, rising lake levels encroaching on croplands and poor water quality as major impediments to development. They further identified ecological degradation as a key component of these problems, and they acknowledged multiple vicious cycles compounding the environmental and economic threats to the Awassa community. Proposed solutions included investment in natural capital in the form of reforestation activities, investment in human capital in the form of promoting more efficient wood stoves along with increasing public awareness of environmental threats, and investments in social capital in the form of inter-institutional coordination to address environmental problems. All recommended investments rely primarily on national resources, in distinct contrast to the extensive imports required for most built capital investments. Unfortunately, Awassa lacks the surplus necessary for major capital investments of any kind. The atelier therefore helped local participants identify potential funders and write grant proposals for various projects, though none have been funded so far. Reversing the ecological degradation on the scale necessary for sustained economic development in Ethiopia however will require a steady flow of substantial investments, and cannot rely solely on the short term generosity of funders. International payments for carbon sequestration and other ecosystem services could help provide the necessary resources. (author)

  14. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    MARIA-LOREDANA POPESCU

    2011-04-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  15. Impact of Real-world Factors Influencing Investment Decisions on the Costs and Distribution of Climate Change Mitigation

    Science.gov (United States)

    Edmonds, J.; Iyer, G.; McJeon, H. C.; Leon, C.; Hultman, N.

    2015-12-01

    Strategies to mitigate dangerous anthropogenic climate change require a dramatic transformation of the energy system to reduce greenhouse gas emissions, that in turn requires large-scale investments. Investment decisions depend not only on investment capital availability but also on investment risks. A number of factors such as national policy environments, quality of public and private institutions, sector, firm and technology specific characteristics can affect investors' assessments of risks, leading to a wide variation in the business climate for investment. Such heterogeneity in investment risks can have important implications, as investors usually respond to risks by requiring higher returns for riskier projects; delaying or forgoing the investments; or preferring to invest in existing, familiar projects. We study the impact of variation in investment risks on regional patterns of emissions mitigation, the cost of emissions mitigation and patterns of technology deployment. We modify an integrated assessment model, widely used in global climate policy analyses (the Global Change Assessment Model) and incorporate decisions on investments based on risks along two dimensions. Along the first dimension, we vary perceived risks associated with particular technologies. To do so, we assign a higher cost of capital for investment in low-carbon technologies as these involve intrinsically higher levels of regulatory and market risk. The second dimension uses a proxy to vary investment risks across regions, based on an institutional quality metric published by the World Economic Forum. Explicit representation of investment risks has two major effects. First, it raises the cost of emissions mitigation relative to a world with uniform investment risks. Second, it shifts the pattern of emissions mitigation, with industrialized countries mitigating more, and developing countries mitigating less. Our results suggest that institutional reforms aimed at lowering investment

  16. From green investments to ecotax

    International Nuclear Information System (INIS)

    Stam, B.

    1996-01-01

    Since 1991 several fiscal regulations are in effect for businesses, energy companies and civilians to invest in environmental and renewable projects. Although those so-called 'green investment' options are a great success, there is another, less positive, side to that success. Characteristics, advantages and disadvantages of several fiscal tools to invest in renewable energy are briefly discussed

  17. International Direct Investment and Transboundary Pollution: An Empirical Analysis of Complex Networks

    Directory of Open Access Journals (Sweden)

    Yuping Deng

    2015-04-01

    Full Text Available Using complex networks and spatial econometric methods, we empirically test the extent to which a country’s influence and its position in an international investment network affect environmental quality as well as the country’s role in transboundary pollution transfer. The estimated results show that the ties connecting nodes together in an international investment network have significant impacts on global environmental pollution. Additionally, node linkages between developing countries have stronger negative effects on environmental quality than node linkages between developed countries. Moreover, greater node importance and node centrality accelerate the speed and scale of the growth of polluting industries, which allows developed countries to more easily transfer their pollution-intensive industries to developing countries that possess higher node dependency. We also find that the factor endowment effect coexists with the pollution haven effect, the effects of environmental regulation advantage in the international investment network are greater than the impact of factor endowment advantage.

  18. Bilateral agreements

    International Nuclear Information System (INIS)

    1998-01-01

    Ten bilateral agreements are presented. These are: 1) Co-operation agreement relating to the peaceful uses of nuclear energy between Argentina and EURATOM (1996); 2) Agreement on co-operation in the peaceful uses of nuclear energy between Argentina and Greece (1997); 3) Implementing arrangement for technical exchange and co-operation in the area of peaceful uses of nuclear energy between Argentina and the United States (1997); 4) Agreement concerning co-operation in nuclear science and technology between Australia and Indonesia (1997); 5) Implementation of the 1985 Agreement for co-operation concerning the peaceful uses of nuclear energy between the People's Republic of China and the United States (1998); 6) Protocol of co-operation between France and Lithuania (1997); 7) Agreement on co-operation in energy research, science and technology, and development between Germany and the United States (1998); 8) Agreement on early notification of a nuclear accident and exchange of information on nuclear facilities between Greece and Romania (1997); 9) Agreement on early notification of nuclear accidents and co-operation in the field of nuclear safety between Hungary and the Ukraine (1997); 10) Agreement in the field of radioactive waste management between Switzerland and the United States (1997). (K.A.)

  19. Missouri airport investment study

    Science.gov (United States)

    The studys purpose is to provide MoDOT with insight to the potential ROI for airport : investments in terms of economic development. To do so, this study addresses two central : objectives: first, an approach to evaluate airport investments; and s...

  20. Pemanfaatan Limbah Investment Menjadi Barang Kerajinan

    Directory of Open Access Journals (Sweden)

    Hastuti Kusreni

    2016-04-01

    Full Text Available Penelitian ini dimaksudkan untuk memanfaatkan kembali limbah investment padat yang dihasilkan dengan menggunakan teknologi proses pembuatan barang kerajinan yang bisa  diterapkan untuk usaha kecil kerajinan. Pada pembuatan perhiasan dengan metode wax lost casting digunakan bahan investment powder yang menghasilkan limbah padat investment. Limbah padat investment bisa dibuat barang kerajinan dengan cara menambah resin katalist, gips, alkasit, sabut kelapa, semen putih, yang bertujuan untuk memperbaiki sifat plastisitas, meningkatkan kekuatan dan mempercepat pengeringan. Untuk menentukan kualitas sampel dilakukan uji terhadap sifat plastisitas, kekuatan, kekerasan dan waktu pengeringan yang dilakukan secara visual. Hasil olahan limbah investment dengan penambahan gips, alkasit, sabut kelapa dengan komposisi 10:2:1:4, pengeringan selama 3 hari menghasilkan barang kerajinan yang kurang keras, plastis dan kuat. Hasil olahan limbah investment dengan penambahan gips, semen putih dengan komposisi 10:2:4, pengeringan selama 3 jam menghasilkan barang kerajinan yang keras dan plastis. Kata kunci : limbah investment padat

  1. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...... literature, the state variables, namely the physical capital and the biological resource, enter the objective function. Due to the nonlinearities in this model some of the results are in sharp contrast to previous literature....

  2. 12 CFR 225.111 - Limit on investment by bank holding company system in stock of small business investment companies.

    Science.gov (United States)

    2010-01-01

    .... L. 90-104, 81 Stat. 268, 270), a national bank may invest in stock of small business investment... system in stock of small business investment companies. 225.111 Section 225.111 Banks and Banking FEDERAL... Limit on investment by bank holding company system in stock of small business investment companies. (a...

  3. Precommitted Investment Strategy versus Time-Consistent Investment Strategy for a Dual Risk Model

    Directory of Open Access Journals (Sweden)

    Lidong Zhang

    2014-01-01

    Full Text Available We are concerned with optimal investment strategy for a dual risk model. We assume that the company can invest into a risk-free asset and a risky asset. Short-selling and borrowing money are allowed. Due to lack of iterated-expectation property, the Bellman Optimization Principle does not hold. Thus we investigate the precommitted strategy and time-consistent strategy, respectively. We take three steps to derive the precommitted investment strategy. Furthermore, the time-consistent investment strategy is also obtained by solving the extended Hamilton-Jacobi-Bellman equations. We compare the precommitted strategy with time-consistent strategy and find that these different strategies have different advantages: the former can make value function maximized at the original time t=0 and the latter strategy is time-consistent for the whole time horizon. Finally, numerical analysis is presented for our results.

  4. Parent-Child Agreement Using the Spence Children's Anxiety Scale and a Thermometer in Children with Autism Spectrum Disorder

    Science.gov (United States)

    May, T.; Cornish, K.; Rinehart, N. J.

    2015-01-01

    Children with Autism Spectrum Disorder (ASD) experience high anxiety which often prompts clinical referral and requires intervention. This study aimed to compare parent and child reports on the Spence Children's Anxiety Scale (SCAS) and a child-reported “worry thermometer” in 88 children aged 8–13 years, 44 with ASD and 44 age, gender, and perceptual IQ matched typically developing children. There were no gender differences in child report on the SCAS and worry thermometers. Results indicated generally good correlations between parent and child self-reported SCAS symptoms for typically developing children but poor agreement in parent-child ASD dyads. The worry thermometer child-report did not reflect child or parent reports on the SCAS. Findings suggest 8–13-year-old children with ASD may have difficulties accurately reporting their anxiety levels. The clinical implications were discussed. PMID:25922765

  5. Research of relationship between uncertainty and investment

    Institute of Scientific and Technical Information of China (English)

    MENG Li; WANG Ding-wei

    2005-01-01

    This study focuses on revealing the relationship between uncertainty and investment probability through real option model involving investment critical trigger and project earning. Use of Matlab software on the experimental results showing that project earning volatility influences investment probability, led the authors to conclude that this notion is not always correct, as increasing uncertainty should have an inhibiting effect on investment, and that in certain situation, increasing uncertainty actually increases the investment probability and so, should have positive impact on investment.

  6. Post-modern portfolio theory supports diversification in an investment portfolio to measure investment's performance

    OpenAIRE

    Rasiah, Devinaga

    2012-01-01

    This study looks at the Post-Modern Portfolio Theory that maintains greater diversification in an investment portfolio by using the alpha and the beta coefficient to measure investment performance. Post-Modern Portfolio Theory appreciates that investment risk should be tied to each investor's goals and the outcome of this goal did not symbolize economic of the financial risk. Post-Modern Portfolio Theory's downside measure generated a noticeable distinction between downside and upside volatil...

  7. -Climate: the key objectives of the Paris 2015 Agreement

    International Nuclear Information System (INIS)

    Damian, Michel; Abbas, Mehdi; Berthaud, Pierre

    2015-01-01

    The present article focuses on the already discernable key objectives of the climate agreement due to be signed in December 2015 in Paris, to come into force in 2020. The agreement - promoted by the G2 USA-China - will be based exclusively on 'national policies', turning its back on the first climate policy enshrined in the Kyoto Protocol, synonymous with an outdated, top-down architecture and hopes of a binding international agreement. All states, including those, such as China, which the Kyoto Protocol placed in the list of developing countries, are expected to propose 'intended nationally determined contributions' to cutting greenhouse gas emissions. These contributions are heterogeneous, with only modest medium-term targets, and not legally binding. The Paris Agreement will represent a turning point, heralding a new climate governance in the continuation of state-centered governance, but henceforth on a global scale. In other words the agreement will take into account the preferences of the 196 parties to the 1992 Framework Convention on Climate Change, in particular those of the most powerful among their number. We maintain that this agreement will change the course of climate change mitigation and adaptation for decades

  8. Investment banks in AIC – alternative loan

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2015-03-01

    Full Text Available Determining the status and problems of modern investment in agricultural enterprises, as well as ways to improve their financial security. The article deals with the essence of investments and their varieties. The dynamics of the securities portfolio of domestic banks and investments in agriculture. According to a study submitted proposals to increase investment banking businesses in the agricultural sector, which is necessary to create such conditions are not included in the calculation of the volume of investment regulations investment banking provided by agribusiness companies; availability of specialized banks, which will focus its resources on the development of agricultural enterprises; give banks the opportunity to issue special investment certificates, which received funds will be channeled exclusively on investing in the development of agricultural enterprises; for the above to create an appropriate legal framework.

  9. 76 FR 58420 - Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the United States

    Science.gov (United States)

    2011-09-21

    ...] RIN 0691-AA80 Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the... of Foreign Direct Investment in the United States. Benchmark surveys are conducted every five years; the prior survey covered 2007. The benchmark survey covers the universe of foreign direct investment...

  10. Complementary modelling approaches for analysing several effects of privatization on electricity investment

    Energy Technology Data Exchange (ETDEWEB)

    Bunn, D.W.; Larsen, E.R.; Vlahos, K. (London Business School (United Kingdom))

    1993-10-01

    Through the impacts of higher required rates of return, debt, taxation changes and a new competitive structure for the industry, investment in electricity generating capacity has taken a shift to less capital-intensive technologies in the UK. This paper reports on the use of large-scale, long-term capacity planning models, of both an optimization and system dynamics nature, to reflect these separate factors, investigate their sensitivities and to generate future scenarios for the investment in the industry. Some new policy implications for the regulation of the industry become apparent, but the main focus of the paper is to develop some of the methodological changes required by the planning models to suit the privatized context. (Author)

  11. China’s Foreign Aid and Government-Sponsored Investment Activities: Scale, Content, Destinations, and Implications

    Science.gov (United States)

    2013-01-01

    this document Browse Reports & Bookstore Make a charitable contribution Limited Electronic Distribution Rights This document and trademark(s...sponsors. Support RAND—make a tax-deductible charitable contribution at www.rand.org/giving/contribute.html R® is a registered trademark © Copyright 2013...cooperation organizations such as the xvi China’s Foreign Aid and Government-Sponsored Investment Activities Shanghai Cooperation Organisation have

  12. 76 FR 79054 - Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the United States

    Science.gov (United States)

    2011-12-21

    ...] RIN 0691-AA80 Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the... reporting requirements for the 2012 BE-12, Benchmark Survey of Foreign Direct Investment in the United... survey covers the universe of foreign direct investment in the United States, and is BEA's most detailed...

  13. Rating in the Assessment of Investment Property

    Directory of Open Access Journals (Sweden)

    Śmietana Katarzyna

    2014-07-01

    Full Text Available The implementation of rating procedures is associated with searching for tools that provide an objective and standardized assessment of investment risk. For this reason, rating is an important and often essential element of investment decision-making processes which determines the development of the capital market, including the real estate investment market. In the investment property market, not only does rating provide transparency of property risk, but it can also be used for real estate portfolio analysis, investment controlling, and the analysis of factors determining investment decisions (ESV 2012.

  14. Investment patterns in Dutch glasshouse horticulture

    NARCIS (Netherlands)

    Goncharova, N.

    2007-01-01

    Keywords: investment, uncertainty, investment spikes, entry, exit, duration model, GMM dynamic panel data estimator, Negative Binomial model, Heckman selection model, moving window ARIMA, Principal Component analysis, horticulture

    This thesis focuses on the analysis of investment

  15. 47 CFR 32.1406 - Nonregulated investments.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Nonregulated investments. 32.1406 Section 32.1406 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM... Nonregulated investments. This account shall include the carrier's investment in nonregulated activities...

  16. Policy Uncertainty, Investment and Commitment Periods

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

  17. Comparative Analysis of Investment Decision Models

    Directory of Open Access Journals (Sweden)

    Ieva Kekytė

    2017-06-01

    Full Text Available Rapid development of financial markets resulted new challenges for both investors and investment issues. This increased demand for innovative, modern investment and portfolio management decisions adequate for market conditions. Financial market receives special attention, creating new models, includes financial risk management and investment decision support systems.Researchers recognize the need to deal with financial problems using models consistent with the reality and based on sophisticated quantitative analysis technique. Thus, role mathematical modeling in finance becomes important. This article deals with various investments decision-making models, which include forecasting, optimization, stochatic processes, artificial intelligence, etc., and become useful tools for investment decisions.

  18. Socially responsible investments in mutual funds

    Directory of Open Access Journals (Sweden)

    Funaru, M.

    2011-01-01

    Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

  19. Transatlantic Trade and Investment Partnership (TTIP: The Devil in Disguise or a Golden Opportunity to Build a Transatlantic Marketplace?

    Directory of Open Access Journals (Sweden)

    Pitschas Christian

    2016-12-01

    Full Text Available The European Union (EU and the United States are currently negotiating a free-trade agreement, the so-called Transatlantic Trade and Investment Partnership (TTIP. These negotiations have to be seen in perspective, since a number of other - bilateral and plurilateral - trade deals are being pursued at the same time. All these negotiations point to a worrisome aspect: the World Trade Organisation’s failure to come to a meaningful agreement in the Doha-round negotiations, in terms of market access, new rules and development. Like the Trans-Pacific Partnership (TPP, TTIP would stand out among the crowd of trade agreements because of the sheer volume of trade and investment flows across the Atlantic and the declared intention to boost regulatory cooperation and compatibility which is expected to bring the bulk of TTIP’s economic benefits. However, the prospect of concluding such a transatlantic agreement raises many concerns; the public in the European Union and the United States fears that TTIP could undermine existing levels of protection in areas such as health and the environment and impinge on either side’s “right to regulate”. Moreover, questions are being posed as to what TTIP would mean for the multilateral trading system and how it would affect third countries, especially developing countries. Against this backdrop, this article addresses the following issues in relation to TTIP: the vision underlying the negotiations; the European Commission’s negotiating mandate; the structure of the negotiations and their state of play; the Union’s competence for concluding TTIP and whether it is shared with EU Member States; and finally TTIP’s impact on the multilateral trading system and developing countries.

  20. Alternative approaches to transmission investment

    Energy Technology Data Exchange (ETDEWEB)

    Welch, J.L. [International Transmission Co., Detroit, MI (United States)

    2004-07-01

    The International Transmission Company (ITC) is an independent power transmission company that owns, operates and maintains the high voltage transmission system in southeastern Michigan. The company's current focus is on investing in the transmission infrastructure to improve reliability, relieve congestion, improve access to generation and reduce energy costs for consumers. There is a need for investment in power transmission. Trends indicate that power transactions are on the rise while transmission investment is lagging because pricing protocols are inadequate and there is no regional tariff mechanism to allocate the benefits of new investment. The presentation reviewed the applicability of FTRs to transmission owners and the pitfalls of participant funding pricing. It also outlined the regional benefit allocation mechanism (RBAM) with an illustrative example. It was concluded that existing pricing policies must be improved to address the growing need for transmission investment. RBAM is needed to help investors recover costs from project beneficiaries. figs.

  1. Banking for health: the role of financial sector actors in investing in global health

    Science.gov (United States)

    Kickbusch, Ilona; Franz, Christian; Wells, Nadya

    2018-01-01

    The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors’ business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm’s employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products. PMID:29736278

  2. Banking for health: the role of financial sector actors in investing in global health.

    Science.gov (United States)

    Krech, Rüdiger; Kickbusch, Ilona; Franz, Christian; Wells, Nadya

    2018-01-01

    The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors' business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm's employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products.

  3. 13 CFR 301.7 - Investment Assistance proposal.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Investment Assistance proposal... COMMERCE ELIGIBILITY, INVESTMENT RATE AND PROPOSAL AND APPLICATION REQUIREMENTS Proposal and Application Requirements; Evaluation Criteria § 301.7 Investment Assistance proposal. (a) The EDA Investment Assistance...

  4. Finans/Invest - Årsrapport 2014

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2015-01-01

    Lederen gør status for Finans/Invest i 2014 gennem en "årsrapport", hvor en række centrale nøgletal for Finans/Invest præsenteres. Nøgletallene viser eksempelvis, at ca. hver femte artikel/artikelforslag afvises, at forfatterne til publicerede artikler er ligeligt fordelt mellem akademikere og...... praktikere, samt at artiklerne i Finans/Invest har givet anledning til en del medieopmærksomhed i 2014....

  5. Keynes, investment, unemployment and expectations

    OpenAIRE

    Smith, Ron P.; Zoega, Gylfi

    2009-01-01

    In Keynes' General Theory, investment determines effective demand, which determines unemployment and the labour market plays a negligible role. In New Keynesian models, labour market institutions determine the natural rate of unemployment and the speed at which unemployment adjusts to it. Investment is mostly ignored as a key variable behind the problem of high unemployment, despite a strong empirical association between investment and unemployment. We discuss the evolution of the 'Keynesian'...

  6. Financing small-scale infrastructure investments in developing countries

    OpenAIRE

    Daniel L. Bond; Daniel Platz; Magnus Magnusson

    2012-01-01

    In most developing countries a shortage of long-term, local-currency financing for small-scale infrastructure projects impedes local economic development. Inadequate fiscal transfers, little own source revenue and low creditworthiness make it difficult for local governments to fully fund projects on their own. This paper proposes the use of project finance as a means to attract financing from domestic banks and institutional investors. Donors can play a catalytic role by providing technical a...

  7. Matches and mismatches between conservation investments and biodiversity values in the European Union.

    Science.gov (United States)

    Sánchez-Fernández, David; Abellán, Pedro; Aragón, Pedro; Varela, Sara; Cabeza, Mar

    2018-02-01

    Recently, the European Commission adopted a new strategy to halt the loss of biodiversity. Member states are expected to favor a more effective collection and redistribution of European Union (EU) funds under the current Multiannual Financial Framework for 2014-2020. Because of the large spatial variation in the distribution of biodiversity and conservation needs at the continental scale, EU instruments should ensure that countries with higher biodiversity values get more funds and resources for the conservation than other countries. Using linear regressions, we assessed the association between conservation investments and biodiversity values across member states, accounting for a variety of conservation investment indicators, taxonomic groups (including groups of plants, vertebrates, and invertebrates), and indicators of biodiversity value. In general, we found clear overall associations between conservation investments and biodiversity variables. However, some countries received more or less investment than would be expected based on biodiversity values in those countries. We also found that the extensive use of birds as unique indicators of conservation effectiveness may lead to biased decisions. Our results can inform future decisions regarding funding allocation and thus improve distribution of EU conservation funds. © 2017 Society for Conservation Biology.

  8. Investment barriers and incentives for marine renewable energy in the UK: An analysis of investor preferences

    International Nuclear Information System (INIS)

    Leete, Simeon; Xu, Jingjing; Wheeler, David

    2013-01-01

    Deployment of marine renewable energy (MRE) in the UK is desirable in order to address climate change, meet mandatory EU renewable energy targets and provide significant economic development opportunities, including new export markets. Public funding constraints in the UK mean that substantial investment is required from the private sector to commercialize the industry. By focussing on investor attitudes and behaviours towards wave and tidal technologies, this paper reveals significant observations from the investment community with serious implications for the future of the MRE industry. Through a series of in-depth interviews with individuals from the investment community, device developers and industry support, the research seeks to identify common barriers and incentives to investment. The paper demonstrates that although investors' attitudes are generally aligned, they do appear to have changed over time. Of the participants that had previously invested in early stage MRE device development, none were likely to do so again. It is concluded that this is a function of investors' greater understanding of the scale, and unpredictability of the costs, and the length of time required to develop these technologies. This presents a significant policy challenge for all actors interested in the commercialization of wave and tidal technologies. - Highlights: • Performed a series of in-depth interviews with senior finance and industry actors. • Examined investor attitudes and policy preferences that may encourage investment. • VC investors are currently disinclined to invest in early stage device development. • Policy instability, level of capital and revenue support are key investment barriers. • Commercialization requires strategic government and industrial partner investment

  9. \\t Capital Planning and Investment Control (CPIC) for the Management of Information Technology Investments

    Science.gov (United States)

    Capital Planning and Investment Control (CPIC) is the Information Technology (IT) governance and management methodology in use at EPA for selecting, controlling and evaluating the performance of EPA IT investments throughout the full lifecycle.

  10. Foreign Investments in Russia in 2012

    OpenAIRE

    Ekaterina Iliukhina

    2013-01-01

    In 2012, a decline in foreign investors’ activities in the Russian Federation was observed. The inflow of foreign investments as a share of GDP decreased by 2.3 p.p. as compared to 2011. Foreign investments concentrated mainly in the industry and the fi nancial sector. In the industry, the leaders were manufacturing industries. As the geographic pattern of foreign investments is concerned, the largest volume of investments into the Russian Federation came from Switzerland, the Netherlands and...

  11. Protocol to monitor trade agreement food-related aspects: the Fiji case study.

    Science.gov (United States)

    Ravuvu, Amerita; Friel, Sharon; Thow, Anne Marie; Snowdon, Wendy; Wate, Jillian

    2017-04-26

    Despite the growing rates of obesity and diet-related non-communicable diseases, globally, public health attention has only relatively recently turned to the links between trade agreements and the nutritional risks associated with it. Specific trade agreements appear to have played an influential role in the volume and types of foods entering different countries, yet there is currently no systematic and objective monitoring of trade agreements for their impacts on food environments. Recently, INFORMAS was set up to monitor and benchmark food environments, government policies and private sector actions within countries and globally. One of its projects/modules focuses on trade policy and in particular the food-related aspects of trade agreements. This paper describes the INFORMAS trade protocol, an approach to collecting food-related information about four domains of trade: trade in goods; trade in services and foreign direct investment; domestic supports, and policy space. Specifically, the protocol is tested in Fiji. The development and testing of this protocol in Fiji represents the first effort to set out a framework and process for objectively monitoring trade agreements and their impacts on national food supply and the wider food environment. It has shown that entry into WTO trade agreements contributed to the nutrition transition in Fiji through the increased availability of imported foods with varying nutritional quality. We observed an increase in imports of both healthy and less healthy foods. The application of the monitoring protocol also highlights challenges for data collection associated with each trade domain that should be considered for future data collection and analysis in other low and middle income countries. © The Author 2017. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

  12. Investments in liberalised power markets

    International Nuclear Information System (INIS)

    Grenaa Jensen, S.; Meibom, P.

    2005-01-01

    There is considerable uncertainty in the Nordic electricity system with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started with a situation of a large capacity margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime, it is unknown if and when investments will take place. The purpose of the present study is to analyze if and when investors choose to invest in new electricity production capacity depending on their existing portfolio of power producing units. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the Nordic power market, such as new transmission lines between neighbouring countries, more installed wind power, and changes in CO 2 emission trading costs, are used to investigate the consequences for investments in a natural gas fired, combined cycle power plant. The main result of the analysis is that new investments are highly sensitive to investors existing power production portfolio, as new production units affect the merit order in the power market, i.e. compete with the existing power plants. (au)

  13. Investment under uncertainty : Timing and capacity optimization

    NARCIS (Netherlands)

    Wen, Xingang

    2017-01-01

    This thesis consists of three chapters on analyzing the optimal investment timing and investment capacity for the firm(s) undertaking irreversible investment in an uncertain environment. Chapter 2 studies the investment decision of a monopoly firm when it can adjust output quantity in a market with

  14. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.

  15. Investment opportunities in an increasingly competitive environment

    International Nuclear Information System (INIS)

    Webb, Martin

    1999-01-01

    Four topic areas are considered: (1) The global context for energy investments, (2) Strategic investments in the gas chain, (3) Conventional and changing approaches to investing in gas and power, (4) New areas of opportunity. The presentation considers the challenging global context for investments and the current oil price outlook and more specifically the backdrop to the growth in demand for gas and its increasing availability and the implications of factors such as energy market liberalization. It notes the regional nature of gas and power markets and considers the issue of stranded supply and demand. It identifies an increasing trend towards investments up and down the gas chain by both traditional and new players and explores BP Amoco's own corporate response. The presentation then briefly reviews four major gas investments which BP Amoco has either already taken or is considering. It then discusses investments in gas to power and the growing environmental agenda, which is bringing a range of new and non-traditional investment opportunities

  16. Investment opportunities in an increasingly competitive environment

    Energy Technology Data Exchange (ETDEWEB)

    Webb, Martin

    1999-07-01

    Four topic areas are considered: (1) The global context for energy investments, (2) Strategic investments in the gas chain, (3) Conventional and changing approaches to investing in gas and power, (4) New areas of opportunity. The presentation considers the challenging global context for investments and the current oil price outlook and more specifically the backdrop to the growth in demand for gas and its increasing availability and the implications of factors such as energy market liberalization. It notes the regional nature of gas and power markets and considers the issue of stranded supply and demand. It identifies an increasing trend towards investments up and down the gas chain by both traditional and new players and explores BP Amoco's own corporate response. The presentation then briefly reviews four major gas investments which BP Amoco has either already taken or is considering. It then discusses investments in gas to power and the growing environmental agenda, which is bringing a range of new and non-traditional investment opportunities.

  17. Hospital Capital Investment During the Great Recession

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal. PMID:28617202

  18. 76 FR 43385 - Lending and Investment

    Science.gov (United States)

    2011-07-20

    ... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Lending and Investment AGENCY: Office of... collection. Title of Proposal: Lending and Investment. OMB Number: 1550-0078. Form Number: N/A. Description: Current OTS regulations for the documentation of loans and investments for safety and soundness purposes...

  19. 76 FR 28504 - Lending and Investment

    Science.gov (United States)

    2011-05-17

    ... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Lending and Investment AGENCY: Office of... collection. Title of Proposal: Lending and Investment. OMB Number: 1550-0078. Form Number: N/A. Description: Current OTS regulations for the documentation of loans and investments for safety and soundness purposes...

  20. Pension fund sophistication and investment policy

    NARCIS (Netherlands)

    de Dreu, J.|info:eu-repo/dai/nl/364537906; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

    This paper assesses the sophistication of pension funds’ investment policies using data on 748 Dutch pension funds during the 1999–2006 period. We develop three indicators of sophistication: gross rounding of investment choices, investments in alternative sophisticated asset classes and ‘home bias’.

  1. Quantitative investment strategies and portfolio management

    NARCIS (Netherlands)

    Guo, J.

    2012-01-01

    This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

  2. Indicators of responsible investing

    NARCIS (Netherlands)

    Scholtens, Bert

    Responsible investment has witnessed significant changes in the past decade. It is estimated that about one fifth of assets under management in the US and about half of all assets under management in the EU are done on the basis of one of the seven responsible investment strategies. This paper

  3. 7 CFR 3560.305 - Return on investment.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Return on investment. 3560.305 Section 3560.305... AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Financial Management § 3560.305 Return on investment. (a) Borrower's return on investment. Borrowers may receive a return on their investment (ROI) in...

  4. 26 CFR 1.936-10 - Qualified investments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Qualified investments. 1.936-10 Section 1.936... (CONTINUED) INCOME TAXES Possessions of the United States § 1.936-10 Qualified investments. (a) In general. [Reserved] (b) Qualified investments in Puerto Rico. [Reserved] (c) Qualified investment in certain...

  5. 12 CFR 24.3 - Public welfare investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Public welfare investments. 24.3 Section 24.3... DEVELOPMENT ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.3 Public welfare investments. A national bank or national bank subsidiary may make an investment directly or...

  6. 12 CFR 560.43 - Foreign assistance investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Foreign assistance investments. 560.43 Section... INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.43 Foreign assistance investments. Pursuant to HOLA section 5(c)(4)(C), a Federal savings association may make foreign assistance...

  7. R & D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

    Institute of Scientific and Technical Information of China (English)

    Minggao XUE; Pu GONG

    2006-01-01

    This article analyzes R & D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second,there are two kinds of uncertainties over the future returns from the investment and over technology in R & D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm (leader), and shows that the investment threshold values are reduced by competition of two firms.Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.

  8. Optimisation of Investment Resources at Small Enterprises

    Directory of Open Access Journals (Sweden)

    Shvets Iryna B.

    2014-03-01

    Full Text Available The goal of the article lies in the study of the process of optimisation of the structure of investment resources, development of criteria and stages of optimisation of volumes of investment resources for small enterprises by types of economic activity. The article characterises the process of transformation of investment resources into assets and liabilities of the balances of small enterprises and conducts calculation of the structure of sources of formation of investment resources in Ukraine at small enterprises by types of economic activity in 2011. On the basis of the conducted analysis of the structure of investment resources of small enterprises the article forms main groups of criteria of optimisation in the context of individual small enterprises by types of economic activity. The article offers an algorithm and step-by-step scheme of optimisation of investment resources at small enterprises in the form of a multi-stage process of management of investment resources in the context of increase of their mobility and rate of transformation of existing resources into investments. The prospect of further studies in this direction is development of a structural and logic scheme of optimisation of volumes of investment resources at small enterprises.

  9. 12 CFR 703.16 - Prohibited investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Prohibited investments. 703.16 Section 703.16 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.16 Prohibited investments. (a) Derivatives. A Federal credit union may...

  10. ENHANCING EU-TAIWAN ECONOMIC COOPERATION AGREEMENT

    Directory of Open Access Journals (Sweden)

    Chung-hung Cho

    2018-01-01

    Full Text Available The EU’s 2015 new trade strategy: Trade for all: toward a more responsible trade and investment policy, highlights its key role in keeping markets open worldwide and lists the Asia-Pacific region as the priority party for signing Regional Trade Arrangements (RTAs with the EU. The new strategy allows the EU and its member states to initiate talks on economic cooperation agreement (ECA with Taiwan. This article takes the EU-Asia interregional cooperation as a case study while exploring the role of Taiwan in the region. The first section describes the shift in EU’s trade policies and the special features of the types of interregionalism between the EU and Asia. The second section explores the bilateral trade relations. The third section evaluates the opportunities and the internal and external challenges and limitations of an EU-Taiwan ECA, emphasizing the factor of mainland China. The final section provides conclusions on the influence of an EU-Taiwan ECA on the relations of EUTaiwan considering economic and non-economic factor

  11. Geopolitics and the corporate investment decision

    International Nuclear Information System (INIS)

    Boulos, A.J.

    1996-01-01

    The impact of geopolitics in any international oil company's investment decisions, was discussed. Geopolitics in this context was defined as all government policies, be they economic, political strategic or military, that determine national interests, which a company has to take into account in making an investment decision. Geopolitical considerations have taken on added importance with the arrival of the Cold War and its aftermath, to the point where investment decisions based on traditional parameters such as geological productivity, rates of return, net present values, fiscal and contractual provisions frequently take a back seat to investment decisions that were taken with geopolitical impacts foremost in mind. From time to time, geopolitical factors can even pre-empt corporate investment decisions. The nature of geopolitics, its historical antecedents, the emergence of international rivalries following World War I, intensified after World War II, particularly after the formation of OPEC in 1973, the changing forms of resource ownership, and the general impact of geopolitical factors on corporate investment decisions were reviewed

  12. Considerations in Duplex Investment.

    Science.gov (United States)

    Wright, Arthur; Goen, Tom

    Problems of duplex investment are noted in the introduction to this booklet designed to provide a technique by which the investment decision can be approached, develop estimates of typical costs and returns under differing conditions, and encourage investors to analyze objectives and conditions before the decision to buy or build is made. A…

  13. Optimal investment horizons

    Science.gov (United States)

    Simonsen, I.; Jensen, M. H.; Johansen, A.

    2002-06-01

    In stochastic finance, one traditionally considers the return as a competitive measure of an asset, i.e., the profit generated by that asset after some fixed time span Δt, say one week or one year. This measures how well (or how bad) the asset performs over that given period of time. It has been established that the distribution of returns exhibits ``fat tails'' indicating that large returns occur more frequently than what is expected from standard Gaussian stochastic processes [1-3]. Instead of estimating this ``fat tail'' distribution of returns, we propose here an alternative approach, which is outlined by addressing the following question: What is the smallest time interval needed for an asset to cross a fixed return level of say 10%? For a particular asset, we refer to this time as the investment horizon and the corresponding distribution as the investment horizon distribution. This latter distribution complements that of returns and provides new and possibly crucial information for portfolio design and risk-management, as well as for pricing of more exotic options. By considering historical financial data, exemplified by the Dow Jones Industrial Average, we obtain a novel set of probability distributions for the investment horizons which can be used to estimate the optimal investment horizon for a stock or a future contract.

  14. 资本性投资、融资来源与营运资本投资效率研究%Capital Investment,Financing Source and Working Capital Investment Efficiency

    Institute of Scientific and Technical Information of China (English)

    魏刚

    2016-01-01

    运用异质性随机边界模型定量测算了资本性投资及融资来源影响下的营运资本投资效率。结果表明:中国上市公司营运资本投资效率低于最优效率10%~26%,在非经济危机影响的年度中,资本性投资规模增长大的企业,其营运资本投资效率较低;内部融资和外部股权融资具有缓解融资约束和降低未来融资不确定性的作用,而债务融资会加剧融资约束程度,但可以降低未来融资不确定性。融资约束程度的改善有助于降低资本性投资对营运资本投资效率的影响。%Using the heteroscedastic stochastic frontier model , this paper measures the working capital investment efficiency under the influence of capital investment and financing sources .Results show that , the efficiency of working capital invest-ment in Chinese listing corporation is lower than the optimal efficiency of 10%~26%.During the years of the non-econom-ic crisis, working capital investment efficiency of enterprises is lower , which possess a large scale of capital investment .In-ternal financing and external equity financing can alleviate the financing constraints and reduce the uncertainty of the future ;debt financing will increase the degree of financing constraints , but can reduce the uncertainty of future financing .The im-provement of financing constraints could help to reduce the impact of capital investment on the efficiency of working capital investment .

  15. 48 CFR 2152.210-70 - Investment income.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Investment income. 2152.210... CONTRACT CLAUSES Text of Provisions and Clauses 2152.210-70 Investment income. As prescribed in 2110.7004(a), insert the following clause: Investment Income (OCT 2005) (a) The Contractor must invest and reinvest all...

  16. 48 CFR 1652.215-71 - Investment Income.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Investment Income. 1652.215... 1652.215-71 Investment Income. As prescribed in 1615.470-1, the following clause shall be inserted in all FEHBP contracts based on cost analysis: Investment Income (JAN 1998) (a) The Carrier shall invest...

  17. 12 CFR 560.32 - Pass-through investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Pass-through investments. 560.32 Section 560.32 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.32 Pass-through investments. (a) A...

  18. 12 CFR 560.36 - De minimis investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false De minimis investments. 560.36 Section 560.36 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.36 De minimis investments. A Federal...

  19. Opportunities and Challenges of Large Investment Projects in the New Economy: the Port of Ust-Luga

    Directory of Open Access Journals (Sweden)

    Popodko Galina

    2015-09-01

    Full Text Available The aim of this study is to search for a mechanism for implementing large investment projects of crucial economic importance in the modern economic conditions characterized by the sanction policy of foreign states, limited public investment, and a mass exodus of foreign investors. An example of a large-scale investment project is the construction of a multipurpose multimodal complex — the commercial seaport of Ust-Luga. This is one of the most recent large projects in seaport infrastructure development. This article estimates the project’s significance for the development of the Baltic region and presents a competitive analysis of the seaport position in comparison to the largest European ports. The authors analyze the strengths of the seaport construction project, namely, the favorable natural environment and climate, advantageous geographical position, strong political will demonstrated by the federal and regional authorities. The article also considers the challenges the project faces — unfortunate geopolitical situation, growing competition from other seaports, and lack of investment. Based on the analysis of challenges, it is concluded that there are significant risks associated predominantly with lack of investment. In these conditions, a large investment project requires the enhancement of public-private partnership, which will ensure the timely implementation of such projects

  20. Foreign direct investments and their impact on the economic development of Bosnia and Herzegovina

    Science.gov (United States)

    Susic, I.; Stojanovic-Trivanovic, M.; Susic, M.

    2017-05-01

    From the perspective of macroeconomic indicators, investment is a significant determinant of economic development in general, as well as the development indicator of economic entities in the micro segment. Investments are an essential element of any economic policy, because their implementation provides a platform not only for economic development, but also are prerequisite for the stability of economic and social trends. Foreign direct investment plays an important role in the financing of the global economy, and it represents the most frequent feature in financing the national economies of developing countries and countries in transition. Demand for foreign investment in the global market is large, and thus the governments have been conducting many activities in order to create a more favorable environment to attract investors. In this paper, special attention was paid to direct investments in financing the economy on a global scale, their importance for the development of the global economy and the impact of foreign direct investment in the economic development of Bosnia and Herzegovina. The major activities, which are necessary to be done to attract investments in the highest possible volume, have been emphasized. With the use of statistical and quantitative analysis, the paper shows that the inflow of foreign capital is one of the basic prerequisite of economic growth acceleration and that the inflow of foreign capital has a positive impact on the economic development of Bosnia and Herzegovina. By monitoring and analyzing the various instruments of foreign capital inflow, with an emphasis on investment in the free zone and a joint venture with foreign investors, it has been clearly pointed out the fact that they have diverse, but proven positive impact on macroeconomic variables in the economy of Bosnia and Herzegovina.

  1. The U.S. Public's Investment in Medical Research: An Evolving Social Contract.

    Science.gov (United States)

    Heinig, Stephen J; Dev, Anurupa; Bonham, Ann C

    2016-01-01

    Medical researchers and their institutions are operating under extraordinary financial stress. More than a decade after completion of the 5-year doubling of the National Institutes of Health budget, the medical research community must confront a significant loss in National Institutes of Health purchasing power and downward pressures in federal discretionary spending. In part, this trend results from a federal budget stalemate over the growth in entitlement programs, particularly spending on medical care. This article considers the changing nature of the federal investment in medical research and the potential for medical researchers and institutions conducting the full spectrum of research to improve health system performance and health equity. In our view, continued federal investments reflect an evolving social contract for research serving the public good; the term contract is used metaphorically to represent a figurative, implicit agreement between the scientific community and the public's representatives in government. Under this conceptual contract, the American people--who are ultimately the funders of research, research training and infrastructure--expect outcomes that lead to better health, security or other benefits. The evolving contract includes expectations for more accountability, transparency, sharing of results and resources, and better integration of research systems and cultures that used to take pride in boundaries and distinctions. We outline here some of the major movements of organizations realigning to social support, which are increasingly essential to sustain public investment in medical research. Copyright © 2016 Southern Society for Clinical Investigation. Published by Elsevier Inc. All rights reserved.

  2. Investing in the Long Term

    Institute of Scientific and Technical Information of China (English)

    Valerie; Sartor

    2007-01-01

    Janice Dai is a senior executive at Harvest Fund Management Co.Ltd.,one of China’s top fund management compa- nies,managing fixed income market investments across the country.She also leads her company’s overall institutional investments.Recently she agreed to talk about her company as well as comment on China’s booming financial indus- try,in the wake of overseas invest- ment bankers predicting tremen- dous returns on the Chinese main- land over the next few years.

  3. 31 CFR 560.207 - Prohibited investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Prohibited investment. 560.207... § 560.207 Prohibited investment. Except as otherwise authorized pursuant to this part, and... investment by a United States person in Iran or in property (including entities) owned or controlled by the...

  4. 31 CFR 586.312 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 586.312 Section 586.312 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF...) KOSOVO SANCTIONS REGULATIONS General Definitions § 586.312 New investment. The term new investment means...

  5. A framework for social investment strategies

    DEFF Research Database (Denmark)

    Kvist, Jon

    2015-01-01

    and multidimensional nature of social issues and social investments. Theoretically, this article establishes such a framework consisting of generational, life course and gender perspectives on social investments. The generational perspective brings out that social investments involve horizontal redistribution......, underpin the productive and reproductive social contract between generations, and the increased diversity within generations. The life course perspective demonstrates how social issues and social investments in one life stage depend on the situation in prior life stages and affect the situation in later...... life stages and, possibly, in multiple dimensions. The gender perspective shows how social investments can improve economic and social returns when gender and ageing over the life course are taken into consideration. Empirically, cross-national patterns indicate a positive relation between social...

  6. The Investment Committee. Effective Committees. Board Basics.

    Science.gov (United States)

    Biggs, John H.

    1997-01-01

    The investment committee of the college or university governing board is charged with determining, overseeing, and assessing the policies and processes by which institutional funds are invested. The committee has fiduciary duty to ensure that the terms of investment of donors' gifts are met and to maximize investment returns within an appropriate…

  7. 12 CFR 5.36 - Other equity investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Other equity investments. 5.36 Section 5.36... PROCEDURES FOR CORPORATE ACTIVITIES Expansion of Activities § 5.36 Other equity investments. (a) Authority... types of equity investments pursuant to 12 U.S.C. 24(Seventh) and other statutes. These investments are...

  8. Agreement among Classroom Observers of Children's Stylistic Learning Behaviors.

    Science.gov (United States)

    Buchanan, Helen Hamlet; McDermott, Paul A.; Schaefer, Barbara A.

    1998-01-01

    Investigates the interobserver agreement of the Learning Behavior Scale (LBS) by educators (n=16) observing students in special-education classes (n=72). No significant observer effect was found. Moreover, the LBS produced comparable levels of differential learning styles for assessments of individual children. (Author/MKA)

  9. Benchmarking Investments in Advancement: Results of the Inaugural CASE Advancement Investment Metrics Study (AIMS). CASE White Paper

    Science.gov (United States)

    Kroll, Juidith A.

    2012-01-01

    The inaugural Advancement Investment Metrics Study, or AIMS, benchmarked investments and staffing in each of the advancement disciplines (advancement services, alumni relations, communications and marketing, fundraising and advancement management) as well as the return on the investment in fundraising specifically. This white paper reports on the…

  10. Geography and the costs of urban energy infrastructure: The case of electricity and natural gas capital investments

    Science.gov (United States)

    Senyel, Muzeyyen Anil

    significant at the aggregate and disaggregate levels. Local electricity and natural gas distribution networks are characterized by a natural monopoly cost structure and economies of scale and density. The results provide evidence for the economies of scale and density for the aggregate electricity and natural gas distribution systems. However, distribution components have varying economic characteristics. The backbones of the networks (overhead conductors for electricity, and mains for natural gas) display economies of scale and density, but services in both systems and street lighting display diseconomies of scale and diseconomies of density. Finally multi-utility network cost analyses are presented for aggregate and disaggregate electricity and natural gas capital investments. Economies of scope analyses investigate whether providing electricity and natural gas jointly is economically advantageous, as compared to providing these products separately. Significant economies of scope are observed for both the total network and the underground capital investments.

  11. Trade and investment liberalization and Asia's noncommunicable disease epidemic: a synthesis of data and existing literature.

    Science.gov (United States)

    Baker, Phillip; Kay, Adrian; Walls, Helen

    2014-09-12

    Trade and investment liberalization (trade liberalization) can promote or harm health. Undoubtedly it has contributed, although unevenly, to Asia's social and economic development over recent decades with resultant gains in life expectancy and living standards. In the absence of public health protections, however, it is also a significant upstream driver of non-communicable diseases (NCDs) including cardiovascular disease, cancer and diabetes through facilitating increased consumption of the 'risk commodities' tobacco, alcohol and ultra-processed foods, and by constraining access to NCD medicines. In this paper we describe the NCD burden in Asian countries, trends in risk commodity consumption and the processes by which trade liberalization has occurred in the region and contributed to these trends. We further establish pressing questions for future research on strengthening regulatory capacity to address trade liberalization impacts on risk commodity consumption and health. A semi-structured search of scholarly databases, institutional websites and internet sources for academic and grey literature. Data for descriptive statistics were sourced from Euromonitor International, the World Bank, the World Health Organization, and the World Trade Organization. Consumption of tobacco, alcohol and ultra-processed foods was prevalent in the region and increasing in many countries. We find that trade liberalization can facilitate increased trade in goods, services and investments in ways that can promote risk commodity consumption, as well as constrain the available resources and capacities of governments to enact policies and programmes to mitigate such consumption. Intellectual property provisions of trade agreements may also constrain access to NCD medicines. Successive layers of the evolving global and regional trade regimes including structural adjustment, multilateral trade agreements, and preferential trade agreements have enabled transnational corporations that

  12. STATE REGULATION OF INVESTMENT INSURANCE COMPANIES IN UKRAINE

    Directory of Open Access Journals (Sweden)

    О. Zaletov

    2016-03-01

    Full Text Available In the article the essence of investment insurance company. The role and importance of investment of insurance companies on formation of investment resources in the economy. The essence of the definition of "investment potential of insurance companies" and its relationship with the definition of "financial strength of insurance companies' insurance and potential insurance companies." By analyzing the structure and dynamics of aggregate investment portfolio of insurance organizations of Ukraine in 2008-2015 years defined contribution insurance sector in the formation of investment resources. The problems and prospects of the investment potential of the insurance market of Ukraine. Directions of improvement of state regulation of investment of insurance companies in Ukraine.

  13. Social Investment in Times of Crisis

    DEFF Research Database (Denmark)

    Prandini, Riccardo; Orlandini, Matteo; Guerra, Alice

    The purpose of this report is to analyse and understand whether and how, in the last twenty years, the EU member countries have adopted welfare systems which incorporate aspects of social investment. The quantitative and comparative study is focused on social investment strategies across 28...... European member states. The aim is to map out and explore the effectiveness of different social investment strategies. An overview of macro-level welfare performance indicators consist of a review of available macro-indicators to assess welfare performance in the light of social investment decisions....

  14. Disagreements in meta-analyses using outcomes measured on continuous or rating scales: observer agreement study

    DEFF Research Database (Denmark)

    Tendal, Britta; Higgins, Julian P T; Jüni, Peter

    2009-01-01

    difference (SMD), the protocols for the reviews and the trial reports (n=45) were retrieved. DATA EXTRACTION: Five experienced methodologists and five PhD students independently extracted data from the trial reports for calculation of the first SMD result in each review. The observers did not have access...... to the reviews but to the protocols, where the relevant outcome was highlighted. The agreement was analysed at both trial and meta-analysis level, pairing the observers in all possible ways (45 pairs, yielding 2025 pairs of trials and 450 pairs of meta-analyses). Agreement was defined as SMDs that differed less...... than 0.1 in their point estimates or confidence intervals. RESULTS: The agreement was 53% at trial level and 31% at meta-analysis level. Including all pairs, the median disagreement was SMD=0.22 (interquartile range 0.07-0.61). The experts agreed somewhat more than the PhD students at trial level (61...

  15. 75 FR 53611 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

    Science.gov (United States)

    2010-09-01

    ...] RIN 0691-AA75 Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign Affiliate AGENCY: Bureau of Economic Analysis, Commerce...-577 quarterly survey of U.S. direct investment abroad. The survey is conducted quarterly and obtains...

  16. Capital Investment Procedures for FEMYSO

    OpenAIRE

    Oluduro, Francis Oladele; Duru, Longinus; Al Jaafar, Mofid

    2008-01-01

    Date: 2008-06-05 Level: Bachelor Thesis in Business Administration EF0703, 15 ECTS Credits. Authors: Longinus Duru (Stockholm), Francis O.Oluduro (Västerås) and Mofid Al Jaafar (Västerås) Title: Capital Investment Procedures for FEMYSO Problem Area: Undertaking an investment by FEMYSO involves weighing up the risk against the returns but still capital investment decision are still one of the most undertaken decisions by organization managers because it involves commitment of huge amount of mo...

  17. The Investment Policy Statement

    Science.gov (United States)

    Griswold, John S.; Jarvis, William F.

    2011-01-01

    Successful investing for long-term funds requires a strategic plan. This is true despite--indeed, because of--the fact that the future is unknowable. The plan must be specific, embodying in concrete terms the best thinking of the board of trustees about the investment pool, its goals and purposes; but it also needs to be sufficiently flexible to…

  18. Investment Attractiveness of Food Industries in Ukraine

    Directory of Open Access Journals (Sweden)

    L. О.

    2017-02-01

    Full Text Available Effective investment is a factor for long-term company development. As enhancement of investment attractiveness is a required condition for economic growth and improvement of living standards, it needs to be on the agenda at government and company level. The article’s objective is to study investment attractiveness of food industries in Ukraine over 2012–2015. Investment attractiveness of food industries can be measured by indicators of liquidity, financial sustainability, and profit rate. Basically, food industries in Ukraine are attractive for investment, which is demonstrated by assessment of the financial indicators. The investment attractiveness worsened slightly in 2015 compared with 2014. The essential problems faced by food industries are shortage of internal funds and negative profit rate of all the activities, assets and own capital. Official statistical data and software package SPSS are used to build the dendrogram, allowing for dividing food industries by level of investment attractiveness into three groups: industries with high, medium and low level of investment attractiveness. It is found that meat industry is the one with the highest level of investment attractiveness. Also, investors should look positively at food-canning industry, oil and animal fat industry, flour-milling industry, starch and starch products industry, and other foods industry.

  19. 31 CFR 560.316 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 560.316 Section 560.316 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... § 560.316 New investment. The term new investment means a transaction after 12:01 EDT, May 7, 1995, that...

  20. 12 CFR 228.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Investment test. 228.23 Section 228.23 Banks... COMMUNITY REINVESTMENT (REGULATION BB) Standards for Assessing Performance § 228.23 Investment test. (a) Scope of test. The investment test evaluates a bank's record of helping to meet the credit needs of its...

  1. Investment under Uncertainty and Financial Crisis

    DEFF Research Database (Denmark)

    Jensen, Camilla

    The objective of the paper is to test the stability hypothesis – that foreign investors are relatively insulated from uncertainty and how it spills over on their investment adjustment cost. The Q model (implying that investments are explained by the fundamental value of the firm) is implemented...... with reasonable success for firm level panels in Turkey. Robustness of the results and despite the general obstacle that inflation poses on the study is increased by applying different datasets with different time horizons, different measures of investment and profitability and different problems of attrition...... it is found that the decline in the growth of the investment rate for domestic firms is at least twice as high compared to the decline in the growth of the investment rate among foreign held firms....

  2. Chinese Foreign Direct Investment in Indonesia

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Tarmidi, Lepi T.

    2013-01-01

    In Indonesia, no systematic study of Chinese FDI has been undertaken to date. This paper contributes to filling this research gap and analyses the current composition as well as the historical evolution of Chinese FDI in Indonesia, relying on a survey conducted in 2008 among Chinese invested...... enterprises supplemented with key informant interviews, available official statistics and secondary data. Considering the evolution of Chinese investments in Indonesia over time, investments have evolved from being individual and isolated projects to acquiring more systemic properties. Chinese companies have...... acquired a broader sectoral presence in Indonesia and Chinese invested companies in, e.g., extractive or manufacturing activities can increasingly rely on complementary Chinese investments in logistics, travel, finance, etc. Where the local development effects are concerned, a picture emerges where Chinese...

  3. Review of capital investment in economic growth cycle

    Science.gov (United States)

    Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

    2016-11-01

    The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

  4. Parent-Child Agreement Using the Spence Children’s Anxiety Scale and a Thermometer in Children with Autism Spectrum Disorder

    Directory of Open Access Journals (Sweden)

    T. May

    2015-01-01

    Full Text Available Children with Autism Spectrum Disorder (ASD experience high anxiety which often prompts clinical referral and requires intervention. This study aimed to compare parent and child reports on the Spence Children’s Anxiety Scale (SCAS and a child-reported “worry thermometer” in 88 children aged 8–13 years, 44 with ASD and 44 age, gender, and perceptual IQ matched typically developing children. There were no gender differences in child report on the SCAS and worry thermometers. Results indicated generally good correlations between parent and child self-reported SCAS symptoms for typically developing children but poor agreement in parent-child ASD dyads. The worry thermometer child-report did not reflect child or parent reports on the SCAS. Findings suggest 8–13-year-old children with ASD may have difficulties accurately reporting their anxiety levels. The clinical implications were discussed.

  5. Agreement for depression diagnosis between DSM-IV-TR criteria, three validated scales, oncologist assessment, and psychiatric clinical interview in elderly patients with advanced ovarian cancer

    Directory of Open Access Journals (Sweden)

    Rhondali W

    2015-07-01

    Full Text Available Wadih Rhondali,1 Gilles Freyer,2 Virginie Adam,3 Marilène Filbet,4 Martine Derzelle,5 Gaelle Abgrall-Barbry,6 Sophie Bourcelot,7 Jean-Louis Machavoine,8 Muriel Chomat-Neyraud,9 Olivier Gisserot,10 Rémi Largillier,11 Annick Le Rol,12 Frank Priou,13 Pierre Saltel,14 Claire Falandry15 1Clinique Mon Repos, Clinea, Marseille, France; 2Medical Oncology Unit, Centre Hospitalier Lyon Sud, Université Lyon 1, Pierre-Benite, France; 3Institut de Cancérologie de Lorraine Alexis Vautrin, Vandoeuvre-lès-Nancy, France; 4Palliative Unit, Centre Hospitalier Lyon Sud, Université Lyon 1, Pierre-Benite, France; 5Institut Jean Godinot, Reims, France; 6Tenon Hospital, Assistance Publique Hôpitaux de Paris, Paris, France; 7Centre Léon Bérard, Lyon, France; 8Centre François Baclesse, Caen, France; 9Centre Hospitalier de la région d’Annecy, Pringy, France; 10Hôpital d’Instruction des Armées Sainte-Anne, Toulon, France; 11Centre Azuréen de Cancérologie, Mougins, France; 12Medical Oncology, Hôpital Perpétuel Secours, Levallois-Perret, France; 13Medical Oncology, Centre Hospitalier Départemental Les Oudairies, La Roche-sur-Yon, France; 14Supportive Care Department, Centre Léon Bérard, Lyon, France; 15Geriatrics and Oncology Unit, Centre Hospitalier Lyon Sud, Université Lyon 1, Pierre-Bénite, France Background: Depression, a major outcome in cancer patients, is often evaluated by physicians relying on their clinical impressions rather than patient self-report. Our aim was to assess agreement between patient self-reported depression, oncologist assessment (OA, and psychiatric clinical interview (PCI in elderly patients with advanced ovarian cancer (AOC.Methods: This analysis was a secondary endpoint of the Elderly Women AOC Trial 3 (EWOT3, designed to assess the impact of geriatric covariates, notably depression, on survival in patients older than 70 years of age. Depression was assessed using the Geriatric Depression Scale-30 (GDS, the Hospital

  6. Optimal Investment Control of Macroeconomic Systems

    Institute of Scientific and Technical Information of China (English)

    ZHAO Ke-jie; LIU Chuan-zhe

    2006-01-01

    Economic growth is always accompanied by economic fluctuation. The target of macroeconomic control is to keep a basic balance of economic growth, accelerate the optimization of economic structures and to lead a rapid, sustainable and healthy development of national economies, in order to propel society forward. In order to realize the above goal, investment control must be regarded as the most important policy for economic stability. Readjustment and control of investment includes not only control of aggregate investment, but also structural control which depends on economic-technology relationships between various industries of a national economy. On the basis of the theory of a generalized system, an optimal investment control model for government has been developed. In order to provide a scientific basis for government to formulate a macroeconomic control policy, the model investigates the balance of total supply and aggregate demand through an adjustment in investment decisions realizes a sustainable and stable growth of the national economy. The optimal investment decision function proposed by this study has a unique and specific expression, high regulating precision and computable characteristics.

  7. Power generation investment in electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Most IEA countries are liberalizing their electricity markets, shifting the responsibility for financing new investment in power generation to private investors. No longer able to automatically pass on costs to consumers, and with future prices of electricity uncertain, investors face a much riskier environment for investment in electricity infrastructure. This report looks at how investors have responded to the need to internalize investment risk in power generation. While capital and total costs remain the parameters shaping investment choices, the value of technologies which can be installed quickly and operated flexibly is increasingly appreciated. Investors are also managing risk by greater use of contracting, by acquiring retail businesses, and through mergers with natural gas suppliers. While liberalization was supposed to limit government intervention in the electricity market, volatile electricity prices have put pressure on governments to intervene and limit such prices. This study looks at several cases of volatile prices in IEA countries' electricity markets, and finds that while market prices can be a sufficient incentive for new investment in peak capacity, government intervention into the market to limit prices may undermine such investment

  8. Potential Opportunities for Investment in Space Technologies in Latin-America: a Case for Mexico

    Science.gov (United States)

    Sanchez, G.

    2002-01-01

    periods of time required for manufacturing, assembling and testing. Evidently, such and endeavor requires a successful transfer of technology as well as many other considerations. In 1997 Mexico signed a Free Trade Agreement with the European Union and in 2000 a similar agreement with Israel. As of today, Mexico has trade agreements with USA, Canada, and many Latin-American countries. Additionally, some important companies of the aerospace industry met recently in Monterrey, Mexico with the purpose of evaluating whether investment in manufacturing plants for aircraft parts was feasible. A logical judgement indicates that the high rates that have to be paid to US workers and the small tax restrictions in the commercial activities between the two countries make it very attractive to start such operations in Mexico. Although USA and Canada could be, apparently, the most benefited countries with spacecraft assembly and manufacturing outside their territories, it will also make sense for many European countries if low transportation costs are obtainable. On the other hand, there are a number of factors to consider before attempting serious investment. Just to name a few, the transfer of sensitive technologies, security of the long-term investments, potential local investors, political issues, legal considerations, etc; are topics that have to be taken into account by interested enterprises. This paper analyzes most of these topics trying to derive a broad scenario for potential investors, and to serve as the frame of a future business plan.

  9. Bandwagon investment equilibrium of a preemption game

    OpenAIRE

    Kim, KiHyung; Deshmukh, Abhijit

    2018-01-01

    In stochastic and competitive environments, investors face an investment dilemma because the environments provide conflicting incentives. Empirical research reports various behaviors exhibited by investors, including voluntary concurrent investments, which are called bandwagon investments. However, the current theoretical understanding is still limited in explaining under which condition the investment bandwagon effect occurs. The authors investigated the closed-loop subgame perfect equilibri...

  10. Debt Covenant Renegotiation and Investment

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

  11. EasyDIAg: A tool for easy determination of interrater agreement.

    Science.gov (United States)

    Holle, Henning; Rein, Robert

    2015-09-01

    Reliable measurements are fundamental for the empirical sciences. In observational research, measurements often consist of observers categorizing behavior into nominal-scaled units. Since the categorization is the outcome of a complex judgment process, it is important to evaluate the extent to which these judgments are reproducible, by having multiple observers independently rate the same behavior. A challenge in determining interrater agreement for timed-event sequential data is to develop clear objective criteria to determine whether two raters' judgments relate to the same event (the linking problem). Furthermore, many studies presently report only raw agreement indices, without considering the degree to which agreement can occur by chance alone. Here, we present a novel, free, and open-source toolbox (EasyDIAg) designed to assist researchers with the linking problem, while also providing chance-corrected estimates of interrater agreement. Additional tools are included to facilitate the development of coding schemes and rater training.

  12. The role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

    OpenAIRE

    Conor M. O'Toole; Carol Newman; Thia Hennessy

    2011-01-01

    This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's in- vestment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of nancing frictions in determining invest...

  13. Investigation of scale economies for African biogas installations

    International Nuclear Information System (INIS)

    Amigun, B.; Blottnitz, H. von

    2007-01-01

    Biogas technology can serve as a means to overcome energy poverty, which poses a constant barrier to economic development in Africa. This technology can be built on a wide range of scales, and conventional financial wisdom is that larger installations have advantages resulting from economies of scale. This study analyses the statistical evidence bearing on the existence of economies of scale in the small to medium scale production and use of biogas to support faster estimation (at the order of magnitude level) of investment costs for different plant sizes. Investment cost data were gathered for 21 biogas plants in the 4-100 m 3 range built since 1999 in eight African countries. Statistical regression indicates diseconomies of scale in the size range of the biogas industry investigated with a cost capacity factor (n) of 1.20 (R 2 = 0.90). The cost capacity factor obtained is notably greater than the conventionally used 0.6 factor rule. The result illustrates that the average cost size relationship is statistically significant with ±40% average estimating error

  14. Resource Complementarity and IT Economies of Scale

    DEFF Research Database (Denmark)

    Woudstra, Ulco; Berghout, Egon; Tan, Chee-Wee

    2017-01-01

    In this study, we explore economies of scale for IT infrastructure and application services. An in-depth appreciation of economies of scale is imperative for an adequate understanding of the impact of IT investments. Our findings indicate that even low IT spending organizations can make...... a difference by devoting at least 60% of their total IT budget on IT infrastructure in order to foster economies of scale and extract strategic benefits....

  15. Bounded rationality and social interaction in negotiating a climate agreement

    NARCIS (Netherlands)

    Gsottbauer, E.; van den Bergh, J.C.J.M.

    2013-01-01

    An agreement on climate change mitigation hinges on large-scale international cooperation. Rational agents are supposed to consider the cost and benefits of cooperation, which then determine their negotiation positions. Behavioral economics provides experimental evidence that decision-making in

  16. Evaluating the effectiveness of conservation and development investments in reducing deforestation and fires in Ankeniheny-Zahemena Corridor, Madagascar

    Science.gov (United States)

    Jones, Kelly W.; Hewson, Jennifer; Rasolohery, Andriambolantsoa; Rambeloson, Andoniaina; Andrianjohaninarivo, Tokihenintsoa; Harvey, Celia A.

    2017-01-01

    Forest conservation and REDD+ projects invest millions of dollars each year to reduce local communities’ dependence on forests and prevent forest loss and degradation. However, to date, there is limited evidence on whether these investments are effective at delivering conservation outcomes. We explored the relationships between 600+ small-scale conservation and development investments that occurred from 2007 to 2014 and conservation outcomes (deforestation rates and fire detections) within Ankeniheny-Zahamena Corridor in Madagascar using linear fixed effects panel regressions. We derived annual changes in forest cover and fires from satellite remote sensing. We found a statistically significant correlation between presence of any investment and reduced deforestation rates in 2010 and 2011 –years with accelerated deforestation elsewhere in the study area. This result indicated investments abated deforestation rates during times of political instability and lack of governance following a 2009 coup in Madagascar. We also found a statistically significant relationship between presence of any investment and reduced fire detections in the study area, suggesting investments had an impact on reducing burning of forest for agriculture. For both outcomes (i.e., deforestation rates and fire detections), we found that more dollars invested led to greater conservation outcomes (i.e. fewer fires or less deforestation), particularly when funding was sustained for one to two years. Our findings suggest that conservation and development investments can reduce deforestation and fire incidence, but also highlight the many challenges and complexities in assessing relationships between investments and conservation outcomes in a dynamic landscape and a volatile political context. PMID:29267356

  17. Evaluating the effectiveness of conservation and development investments in reducing deforestation and fires in Ankeniheny-Zahemena Corridor, Madagascar.

    Science.gov (United States)

    Tabor, Karyn; Jones, Kelly W; Hewson, Jennifer; Rasolohery, Andriambolantsoa; Rambeloson, Andoniaina; Andrianjohaninarivo, Tokihenintsoa; Harvey, Celia A

    2017-01-01

    Forest conservation and REDD+ projects invest millions of dollars each year to reduce local communities' dependence on forests and prevent forest loss and degradation. However, to date, there is limited evidence on whether these investments are effective at delivering conservation outcomes. We explored the relationships between 600+ small-scale conservation and development investments that occurred from 2007 to 2014 and conservation outcomes (deforestation rates and fire detections) within Ankeniheny-Zahamena Corridor in Madagascar using linear fixed effects panel regressions. We derived annual changes in forest cover and fires from satellite remote sensing. We found a statistically significant correlation between presence of any investment and reduced deforestation rates in 2010 and 2011 -years with accelerated deforestation elsewhere in the study area. This result indicated investments abated deforestation rates during times of political instability and lack of governance following a 2009 coup in Madagascar. We also found a statistically significant relationship between presence of any investment and reduced fire detections in the study area, suggesting investments had an impact on reducing burning of forest for agriculture. For both outcomes (i.e., deforestation rates and fire detections), we found that more dollars invested led to greater conservation outcomes (i.e. fewer fires or less deforestation), particularly when funding was sustained for one to two years. Our findings suggest that conservation and development investments can reduce deforestation and fire incidence, but also highlight the many challenges and complexities in assessing relationships between investments and conservation outcomes in a dynamic landscape and a volatile political context.

  18. Calling the EU's bluff. Who are the real champions of biodiversity and traditional knowledge in the EU-Central American and EU-Community of Andean Nations Association Agreements?

    International Nuclear Information System (INIS)

    Hall, R.

    2009-12-01

    Global Europe and the EU's Raw Materials Initiative are designed to bolster the EU's economic position - whatever the cost - in the face of fierce global competition for both markets and resources, especially from emerging economies such as China and India. The EU also fears losing trade to the US, which has already secured trade and investment concessions from countries in the Western hemisphere, through the Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) and other bilateral trade agreements.

  19. Uncertain Dynamics, Correlation Effects, and Robust Investment Decisions

    DEFF Research Database (Denmark)

    Flor, Christian Riis; Hesel, Søren

    2015-01-01

    We analyze a firm's investment problem when the dynamics of project value and investment cost are uncertain. We provide an explicit solution using a robust method for an ambiguity averse firm taking this into account. Ambiguity aversion regarding a common risk factor impacts differently than...... ambiguity aversion regarding investment cost residual risk. Correlation between project value and investment cost matters; ambiguity aversion regarding common risk can decrease the investment probability only if correlation is positive. Ambiguity aversion regarding residual risk always increases...... the investment probability. When only project value is risky, volatility can monotonically decrease the investment threshold; this does not hold with the multiple prior method....

  20. Market Power and Investment in Renewable Electricity Generation

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Misir, Nihat

    while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... decision requires the determination of demand shock trigger level, choice of technology and level of optimal capacity. We specifically investigate how the investment triggers, optimal capacities and technology choices change with the changes to the investment cost function, demand uncertainty and the level...

  1. Transforming Global Health by Improving the Science of Scale-Up.

    Directory of Open Access Journals (Sweden)

    Margaret E Kruk

    2016-03-01

    Full Text Available In its report Global Health 2035, the Commission on Investing in Health proposed that health investments can reduce mortality in nearly all low- and middle-income countries to very low levels, thereby averting 10 million deaths per year from 2035 onward. Many of these gains could be achieved through scale-up of existing technologies and health services. A key instrument to close this gap is policy and implementation research (PIR that aims to produce generalizable evidence on what works to implement successful interventions at scale. Rigorously designed PIR promotes global learning and local accountability. Much greater national and global investments in PIR capacity will be required to enable the scaling of effective approaches and to prevent the recycling of failed ideas. Sample questions for the PIR research agenda include how to close the gap in the delivery of essential services to the poor, which population interventions for non-communicable diseases are most applicable in different contexts, and how to engage non-state actors in equitable provision of health services in the context of universal health coverage.

  2. Attraction of Foreign Investments in the Sphere of Economic Development of the Forest Resource Potential and Woodworking Industry: Institutional and Territorial Preconditions

    Directory of Open Access Journals (Sweden)

    Dzyubenko Oleksandr M.

    2017-12-01

    Full Text Available It has been found that it is possible to overcome the existing investment deficit in the forestry and woodworking segments of the forestry sector of the national economy on the basis of expanding the list of forms, methods and sources of attracting foreign investments into the sphere of economic development of the forest resource potential and wood processing. There revealed main trends in the dynamics of expenses for the maintenance and operation of equipment, as well as the maintenance and operation of forest roads across the regional forestry and hunting management departments. The priorities of improving the institutional environment for attracting foreign investments in the sphere of economic development of the forest resource potential and woodworking industry are substantiated based on implementing by state forest enterprises joint projects with foreign partners, as well as projects within the framework of public-private partnership agreements.

  3. World green electricity, sustaining investments

    International Nuclear Information System (INIS)

    Le Jannic, N.

    2013-01-01

    The contribution of the green production to the world production of electricity reached 20.2% in 2011, it means a slight increase in respect to the figure of 2010: 19.8%. Green electricity is the second source of electricity behind fossil energy (67.9%) but before nuclear power (11.7%). The decrease in nuclear power due to the Fukushima accident has automatically benefited green electricity. The figures show the importance of China, China is now the first electricity producer in the world before US and also passed US for the production of green electricity. At the world scale the production of green electricity can break down into: hydro energy (80.5%), wind energy (10.3%), biomass (6.2%), geothermal energy (1.6%) and solar energy (1.4%). The crisis has slowed down the investment in renewable energies in Europe. (A.C.)

  4. ECONOMIC AND SOCIAL EFFICIENCY OF PROPERTY INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Florina Oana Virlanuta

    2014-03-01

    Full Text Available Investments play a key part within the goods and services industry, consumerism and community as well. The effects generated by any investment project substantiate this statement, regardless the sector of activity in which they are implemented. In the current market economy, economic efficiency indicators are playing an important role in assessing and analyzing an investment project since due to these indicators, the investor can become aware of the most important aspects they need to respond promptly. In this respect, we conducted a market analysis of real estate investments in Romania, highlighting economic and social efficiency of property investments.

  5. Possibility of choosing development investment programs of a production company by applying discounted investment appraisal technique

    Directory of Open Access Journals (Sweden)

    Vesić-Vasović Jasmina

    2014-01-01

    Full Text Available The selection of development investment programs is one of the most important decisions in industrial production. The paper sets out the possibilities of applying dynamic criteria for investment decision making. It presents a practical numerical example for the value calculation of investment criteria Net Present Value and Internal Rate of Return for the reviewed investment project solutions. In this manner it is possible to make an orderly set of alternatives with clear preferences for the most suitable alternative in comparison with other ones. Such rating of project solutions will enable the decision maker to emphasize advantages with more arguments and select the most suitable project solution in accordance with the established criteria, conditions and limitations.

  6. Green investment in sustainable housing. SEV recommendation

    International Nuclear Information System (INIS)

    Fokkema, J.

    1996-07-01

    In cooperation with the Triodos Bank, SEV carried out a study on the possibility to invest money from green investment funds at low interest in houses which are designed and built in a sustainable and energy efficient way. By order of the Triodos Bank and SEV others drafted a guideline to assess dwellings and calculated the financial and economical consequences of green investments in sustainable housing. The results of those studies formed the basis of the SEV recommendation to the Dutch State Secretary of Housing and Planning and the Dutch State Secretary of Economic Affairs, April 1996, to expand the planned Green Investment Regulation to the possibility to invest money in sustainable houses. It is expected that the Green Investment Regulation will come into effect September 1996. 2 appendices

  7. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  8. 17 CFR 270.3a-3 - Certain investment companies owned by companies which are not investment companies.

    Science.gov (United States)

    2010-04-01

    ... the definition of the term “investment company” by section 3(b)(1) or 3(b)(2) of the Act (15 U.S.C... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Certain investment companies owned by companies which are not investment companies. 270.3a-3 Section 270.3a-3 Commodity and...

  9. Post-2020 climate agreements in the major economies assessed in the light of global models

    Science.gov (United States)

    Tavoni, Massimo; Kriegler, Elmar; Riahi, Keywan; van Vuuren, Detlef P.; Aboumahboub, Tino; Bowen, Alex; Calvin, Katherine; Campiglio, Emanuele; Kober, Tom; Jewell, Jessica; Luderer, Gunnar; Marangoni, Giacomo; McCollum, David; van Sluisveld, Mariësse; Zimmer, Anne; van der Zwaan, Bob

    2015-02-01

    Integrated assessment models can help in quantifying the implications of international climate agreements and regional climate action. This paper reviews scenario results from model intercomparison projects to explore different possible outcomes of post-2020 climate negotiations, recently announced pledges and their relation to the 2 °C target. We provide key information for all the major economies, such as the year of emission peaking, regional carbon budgets and emissions allowances. We highlight the distributional consequences of climate policies, and discuss the role of carbon markets for financing clean energy investments, and achieving efficiency and equity.

  10. Investments in art: opportunities and challenges

    OpenAIRE

    Pashkus, M.

    2013-01-01

    Art as an investment avenue has been considered an interesting and profitable alternative, but it is also extremely risky. These alternative investments' performance is alluring. Indices tracking the performance of high-class art have held up well in the recent economic slowdown, while art-auction houses report record prices. This article discusses the basic problems of investment in works of Art.

  11. PARTICULARITIES OF BUDGETING OF INVESTMENTS YIELD

    Directory of Open Access Journals (Sweden)

    ANCA JARMILA GUŢĂ

    2011-01-01

    Full Text Available The paper presents some particularities of the budget process of all the investments as a main aspect in taking the best decision according to the main use of all the firms’ resources. As a measure method of the investments yield the main one is that which describes the relationship between the profit and the investment which improves the deccisional process.

  12. FOREIGN INVESTMENTS IN RUSSIA IN 2013

    OpenAIRE

    Ekaterina Ilyukhina

    2014-01-01

    Foreign investment in the Russian economy in 2013 increased 10.1% year-o-year. The increase was triggered by the results achieved in Q1 2013. Foreign investment was concentrated in the industrial sector, trade, and financial sector. Manufacturing industry was leading in the industrial sector. Cyprus, Switzerland, and Great Britain were leading in volumes of investment in the Russian Federation.

  13. National investment programs and sustainable development

    OpenAIRE

    Szyja, Paulina

    2014-01-01

    In situation of economic crisis many countries, for example the United States, members of European Union prepared anti-crisis programs to conduct investments. In most cases, they concentrated on modernization of transport or energy infrastructure. In Poland it would have been presented program "Polish Investments". The main purposes of the article is presentation of public investments programs and their role in sustainable development.

  14. Financial Investing Made for Women: The Economic and Psychological Reasons Why Women Invest Differently Than Men

    Directory of Open Access Journals (Sweden)

    Carolina M. Reece

    2013-07-01

    Full Text Available Financial Investing is becoming not only a way to plan for a future source of retirement, but also a method to control a personal financial situation without having to rely on government aid or family member support to survive during the elderly years. Today, individuals cannot depend on social security being available in the future for financial support. It is especially vital for women to become more interested in making long-term investments that will provide a secure and effective approach to money management and financial planning. However, as various studies have concluded, women are less interested than men in managing their finances due to various economic and psychological reasons related to risk aversion, sociopolitical and biological factors, and income. This study reviews previous research findings related to the relationship between women and investments, as well as several economic and psychological reasons behind the gender gap on financial investing are presented. Surveys were used to identify the main reasons for women’s tendency to rely less on financial investments. It was found that women who had some source of financial investment showed confidence in the stock market, as well as in their financial decisions. These results contradict some of the findings shown in previous research.

  15. The economic content of the term “investment attractiveness”

    Directory of Open Access Journals (Sweden)

    E. R. Zakirova

    2016-01-01

    Full Text Available The article is devoted to the definition of the economic content of the concept of “investment attraction” and the study of the criteria of investment attractiveness. We conducted a retrospective analysis and systematization of the various definitions of “capital”, “investment”, “investment attraction”, given by domestic and foreign authors. A generalized definition of capital is given: “capital’ is an objective economic category, which offers a business entity to carry out its investment activities in order to expand the scope and value of the business, making a profit and improve its investment attractiveness. It is emphasized that the concept of “investment” is broader than the concept of “capital”: it is investment in capital with varying degrees of liquidity for the purpose of subsequent increments and increase the value of the business entity. The author defines the main characteristics of the investment. A distinction of the term “investment attractiveness” of similar concepts, “market attractiveness”, “investment climate”, “investment image”, “investment potential” is made. It is concluded that the investment attractiveness is a component of the investment climate, which is characterized by an objective character and eliminates the subjectivity. Based on the understanding of different approaches to the study of the investment attractiveness and define its criteria the author offers a brief description of the concept of “investment attractiveness”: investment attractiveness is an independent economic category – a set of internal and external factors, as well as qualitative and quantitative indicators of the investment potential of any of the levels of the economic system – state, regional, sectoral, level of economic entities. Evaluation of investment attractiveness at all levels of the economic system is carried out in the current period (current situation analysis and forecast

  16. Private investments in new infrastructures

    NARCIS (Netherlands)

    Baarsma, B.; Poort, J.P.; Teulings, C.N.; de Nooij, M.

    2004-01-01

    The Lisbon Strategy demands large investments in transport projects, broadband networks and energy infrastructure. Despite the widely-acknowledged need for investments in new infrastructures, European and national public funds are scarce in the current economic climate. Moreover, both policy-makers

  17. Modelling the System of Ensuring the Investment Security

    Directory of Open Access Journals (Sweden)

    Moroz Maxim O.

    2017-11-01

    Full Text Available The article explores approaches to modelling the system of ensuring the investment security. Necessity of observance of investment security of Ukraine has been substantiated. The author’s own vision of the modelling essentials has been provided. The eligibility for consideration of the system of ensuring the investment security of Ukraine in the functional, structural, process, formative, and factor aspects has been proved. The target setting and tasks of a functional model of the system of ensuring the investment security have been defined. The functions, subjects, organizational-economic mechanisms of the system of ensuring the investment security of Ukraine have been characterized. A structural model of the system of ensuring the investment security has been presented. Special attention has been given to the definition of objects of direct and indirect influence, control and controlled subsystems, aggregate of indicators, safe levels, principles of formation of the investment security system. The process and formative models of the system of ensuring the investment security, as well as the algorithm of the complex assessment of the level of investment security, were analyzed in detail. Measures to ensure the investment security of Ukraine have been defined.

  18. Foreign Direct Investment in Central and Eastern Europe

    DEFF Research Database (Denmark)

    Marinov, Marin Alexandrov; Marinova, Svetla Trifonova

    facilities there. These processes result in intensive penetration of companies through foreign direct investment into the CEE region. Simultaneously, the foreign investing companies face the specific context of a region that poses new requirements to their investment strategies, approaches and practices....... Covering a diverse range of CEE countries, as well as referring to the characteristics of the region as a whole, this book examines the inflow and outflow of foreign direct investment from both home and host company and country perspectives. By analyzing foreign direct investment in terms of process......, content and context, the book provides a holist approach towards foreign direct investment in the transitional context of CEE. The book includes a comprehensive study of the motives of multi-national companies for investing in Central and Eastern Europe through various investment modes and the degree...

  19. Developing 2 C-compatible investment criteria

    Energy Technology Data Exchange (ETDEWEB)

    Roeser, Frauke [NewClimate - Institute for Climate Policy and Global Sustainability gGmbH, Bonn (Germany); Weischer, Lutz [Germanwatch e.V., Koeln (Germany); Thomae, Jakob [2degrees Investing Initiative, New York, NY (United States); Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-11-30

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  20. Developing 2 C-compatible investment criteria

    International Nuclear Information System (INIS)

    Roeser, Frauke; Weischer, Lutz; Thomae, Jakob; Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-01-01

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  1. Winds of change: How high wind penetrations will affect investment incentives in the GB electricity sector

    International Nuclear Information System (INIS)

    Steggals, Will; Gross, Robert; Heptonstall, Philip

    2011-01-01

    Wind power is widely expected to expand rapidly in Britain over the next decade. Large amounts of variable wind power on the system will increase market risks, with prices more volatile and load factors for conventional thermal plant lower and more uncertain. This extra market risk may discourage investment in generation capacity. Financial viability for thermal plant will be increasingly dependent on price spikes during periods of low wind. Increased price risk will also make investment in other forms of low-carbon generation (e.g. nuclear power) more challenging. A number of policies can reduce the extent to which generators are exposed to market risks and encourage investment. However, market risks play a fundamental role in shaping efficient investment and dispatch patterns in a liberalised market. Therefore, measures to improve price signals and market functioning (such as a stronger carbon price and developing more responsive demand) are desirable. However, the scale of the investment challenge and increased risk mean targeted measures to reduce (although not eliminate) risk exposure, such as capacity mechanisms and fixed price schemes, may have increasing merit. The challenge for policy is to strike the right balance between market and planned approaches. - Research highlights: → Analyses how increases penetrations of wind power effect electricity market functioning. → Assesses the impacts of this on investment incentives for different technologies. → Discusses implications for policy and market design.

  2. The Mechanism of Financial Stimulation of Investment Activity

    Directory of Open Access Journals (Sweden)

    Vasiliy Valeryevich Tarakanov

    2016-03-01

    Full Text Available Modernization of the Russian economy and creation of conditions for its economic growth demand activization of investment activity that is possible by means of its financial stimulation. Financial stimulation of investment activity defines the need of changes of the contents, the directions and ways of implementation of the financial relations between subjects of investment activity. Financial stimulation of investment activity is carried out via the mechanism in the context of which these financial relations are settled. For defining the mechanism of financial stimulation of investment activity the authors consider the very concept of financial mechanism. The conclusion is drawn that all elements of the financial mechanism are the integrated unity, they are interdependent and interconnected, and the combination of types, forms, methods of the organization of the financial relations forms “a design of the financial mechanism”. The article specifies the maintenance of the mechanism of financial stimulation of investment activity, and reveals its essence. The structure of the mechanism of financial stimulation of investment activity is presented by the following elements: subjects of financial stimulation of investment activity, the purpose of attraction of investments by them, set of financial methods and tools, sources of means of achievement of goals, standard - legal and information support of financial stimulation of investment activity. It is proved that in the mechanism of financial stimulation of investment activity the leading role is played by the state by means of forms of direct and indirect participation in attraction of investments, each of which is realized by means of specific methods and the corresponding tools. The widespread instrument of financial stimulation of investment activity is the investments which are carried out by the state institutes of development participating in the organization of the process of financial

  3. Creation of Real Estate Based on Public Private Partnership and Municipal Private Partnership Agreements in the Russian Federation

    Science.gov (United States)

    Voronina, M. D.

    2017-11-01

    The article considers individual questions connected with the application of the legislation on public private partnership and municipal private partnership agreements as new types of contracts at the newly built property development. Public private partnership and municipal private partnership agreements are contracts at the initial development stage. Their objective is to attract investments in the Russian economy including for the creation of separate real estate types (capital facilities). The Law enables one to build the relationship in such a way that joint efforts result in the grounds for the accrual of the ownership right to the built (reconstructed) asset. This circumstance certainly influences the infrastructural development of the Russian Federation and its municipal units, the rather that it occurs due to the attraction of extra-budgetary sources

  4. Management of investment processes on Finnish farms

    Directory of Open Access Journals (Sweden)

    T. MATTILA

    2008-12-01

    Full Text Available Structural change in agriculture means a continuous need for investing in farm production. It is essential for the sustainable operations and the economy of the farm that such investments are successful. In this research, different stages of the investment process of farms were studied as well as the use of information and the success perceived during the investment process. The study was carried out with mail surveys and telephone interviews on the Finnish Farm Accountancy Data Network (FADN farms. The most challenging investments were in animal husbandry buildings and, as to these investments, the comparison of alternatives was the most challenging stage. For most investments, the planning phase was considered more challenging than the implementation. Before making the decision, farmers acquired information from many sources, of which the opinion of the main customer and the experiences of fellow farmers were the most valued. Some of the products considered were so new on the market that it was not easy to get adequate information and, furthermore, the information given by suppliers was not always accurate. Decision-making was supported by calculations, but qualitative factors had a dominating role. Large basic decisions were made relatively quickly, while details needed a longer time to process. In general, farm managers were satisfied with their investments. Improvements in work quality and quantity were especially mentioned and generally qualitative factors were the ones first in mind when evaluating the successfulness of the investment.;

  5. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

    @@ In the context of the financial crisis,international capital flows,cross-border investment,as well as the mergers and acquisitions generally continues shrinking at a large range in 2009,while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  6. Overseas Investment,Encouraging Long Jonrney

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2011-01-01

    @@ In the context of the financial crisis, international capital flows, cross-border investment, as well as the mergers and acquisitions generally continues shrinking at a large range in 2009, while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  7. Calculating investment potential in South America

    International Nuclear Information System (INIS)

    Smith, J.L.

    1995-01-01

    Taxes and licensing provisions typically increase overall costs for private investors, and therefore impede private investment. In addition, the design and structure of tax systems in each country affect the extent to which financial risks are borne by private investors, rather than by the host government. Tax systems that increase perceived financial risks stemming from unpredictable oil prices, development costs and physical characteristics of undiscovered or undeveloped oil fields raise further impediments to private investment. This analysis focuses on both aspects of the investment climate--risk and return--and the way that investment incentives within three South American countries are influenced by tax and licensing regimes

  8. World scale fuel methanol facility siting

    International Nuclear Information System (INIS)

    Stapor, M.C.; Hederman, W.F.

    1990-01-01

    Since the Administration announced a clean alternative fuels initiative, industry and government agencies' analyses of the economics of methanol as an alternative motor vehicle fuel have accelerated. In the short run, methanol appears attractive because excess production capacity currently has depressed methanol prices and marginal costs of production are lower than other fuels (current excess capacity). In the long run, however, full costs are the more relevant. To lower average production costs, U.S. policy interest has focused on production from a world-scale, 10,000 tons per day (tpd) methanol plant facility on a foreign site. This paper reviews several important site and financial considerations in a framework to evaluate large scale plant development. These considerations include: risks associated with a large process plant; supply economics of foreign sites; and investment climates and financial incentives for foreign investment at foreign sites

  9. Multidisciplinary Delphi Development of a Scale to Evaluate Team Function in Obstetric Emergencies: The PETRA Scale.

    Science.gov (United States)

    Balki, Mrinalini; Hoppe, David; Monks, David; Cooke, Mary Ellen; Sharples, Lynn; Windrim, Rory

    2017-06-01

    The objective of this study was to develop a new interdisciplinary teamwork scale, the Perinatal Emergency: Team Response Assessment (PETRA), for the management of obstetric crises, through consensus agreement of obstetric caregivers. This prospective study was performed using expert consensus, based on a Delphi method. The study investigators developed a new PETRA tool, specifically related to obstetric crisis management, based on the existing literature and discussions among themselves. The scale was distributed to a selected panel of experts in the field for the Delphi process. After each round of Delphi, every component of the scale was analyzed quantitatively by the percentage of agreement ratings and each comment reviewed by the blinded investigators. The assessment scale was then modified, with components of less than 80% agreement removed from the scale. The process was repeated on three occasions to reach a consensus and final PETRA scale. Fourteen of 24 invited experts participated in the Delphi process. The original PETRA scale included six categories and 48 items, one global scale item, and a 3-point rubric for rating. The overall percentage agreement by experts in the first, second, and third rounds was 95.0%, 93.2%, and 98.5%, respectively. The final scale after the third round of Delphi consisted of the following seven categories: shared mental model, communication, situational awareness, leadership, followership, workload management, and positive/effective behaviours and attitudes. There were 34 individual items within these categories, each with a 5-point rating rubric (1 = unacceptable to 5 = perfect). Using a structured Delphi method, we established the face and content validity of this assessment scale that focuses on important aspects of interdisciplinary teamwork in the management of obstetric crises. Copyright © 2017 The Society of Obstetricians and Gynaecologists of Canada/La Société des obstétriciens et gynécologues du Canada

  10. Quality of investments in logistics

    Directory of Open Access Journals (Sweden)

    Borut Jereb

    2014-06-01

    Full Text Available The issue problem of paper is that base on researches connected with analysis of investments in logistics based on the review of 100 pooled manuscripts from different sources (scientific journals and online magazines from 1996 to 2012 it was showed that there don't exist quality as well as leadership has no a good overview of the investment in logistics. It was claimed that the quality point of view should be demanding part of investments in logistics. Val Log was proposed as an answer to the issues of managing quality of investments in logistics at the tactical level in organizations. By Val Log it is possible to overcome the myth that logistics projects cost money while business projects bring money. Val Log also provides detailed instructions for goals and metrics for each process. By doing changes the quality should be the obvious pillar of our affords doing it.

  11. Inconsistent Investment and Consumption Problems

    DEFF Research Database (Denmark)

    Kronborg, Morten Tolver; Steffensen, Mogens

    2015-01-01

    In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system...... of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth...... of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal...

  12. Investment Attractiveness of Food Industries in Ukraine

    OpenAIRE

    L. О.

    2017-01-01

    Effective investment is a factor for long-term company development. As enhancement of investment attractiveness is a required condition for economic growth and improvement of living standards, it needs to be on the agenda at government and company level. The article’s objective is to study investment attractiveness of food industries in Ukraine over 2012–2015. Investment attractiveness of food industries can be measured by indicators of liquidity, financial sustainability, and profit rate...

  13. Do Older Investors Make Better Investment Decisions?

    OpenAIRE

    George M Korniotis; Alok Kumar

    2011-01-01

    This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of ...

  14. Electricity investments and nuclear development: investment choice modeling based on value creation

    International Nuclear Information System (INIS)

    Tehrani, B.S.; Bocquer, J.C.; Tomoda, T.

    2014-01-01

    While nuclear power may experience a technological breakthrough in Europe with Generation IV nuclear reactors within 2040, several events could question this possibility such as the Fukushima accident, the climate issues and the electricity market liberalization. This paper aims at analyzing investment choices in power generation capacities in the European scope, using simple DSM-inspired approaches. The power company and interacting stake holders in the investment choice process are considered as a complex system, and dependencies between investment drivers associated with each stake holder are studied. Focusing on the value for the power company, the compatibility of each power company with each of considered technologies is assessed through a Domain Mapping Matrix, including not only technical drivers, but also associated policy and market drivers. Technology preferences are modeled for main European companies in a set of scenarios, these preferences being then used to explore trends in generation mix. (authors)

  15. FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    VINTILA DENISIA MARIANA

    2011-12-01

    Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

  16. Agreement and Anti-Agreement in Berber: A Multiple-Feature Inheritance Account

    Directory of Open Access Journals (Sweden)

    Saleem Abdelhady

    2017-10-01

    Full Text Available This study proposes understanding Agreement and Anti-Agreement in Berber from Multi-Feature Inheritance (MFI account following Branigan’s (2016 recent approach. The study aims to bridge a misunderstanding in the literature where it has been assumed that Feature Inheritance (FI can only account for Agreement relations while Anti-agreement relations can only be established by a direct Agree between C as a probe and its goal. Under MFI, it can be argued that FI can account for all aspects of Agreement/Anti-agreement. The study, therefore, presents a unification of the three mechanisms proposed by Ouali (2008. The new approach is tested on data from Berber.

  17. Factoring economic costs into conservation planning may not improve agreement over priorities for protection.

    Science.gov (United States)

    Armsworth, Paul R; Jackson, Heather B; Cho, Seong-Hoon; Clark, Melissa; Fargione, Joseph E; Iacona, Gwenllian D; Kim, Taeyoung; Larson, Eric R; Minney, Thomas; Sutton, Nathan A

    2017-12-21

    Conservation organizations must redouble efforts to protect habitat given continuing biodiversity declines. Prioritization of future areas for protection is hampered by disagreements over what the ecological targets of conservation should be. Here we test the claim that such disagreements will become less important as conservation moves away from prioritizing areas for protection based only on ecological considerations and accounts for varying costs of protection using return-on-investment (ROI) methods. We combine a simulation approach with a case study of forests in the eastern United States, paying particular attention to how covariation between ecological benefits and economic costs influences agreement levels. For many conservation goals, agreement over spatial priorities improves with ROI methods. However, we also show that a reliance on ROI-based prioritization can sometimes exacerbate disagreements over priorities. As such, accounting for costs in conservation planning does not enable society to sidestep careful consideration of the ecological goals of conservation.

  18. Whose crazy investment in sex?

    Science.gov (United States)

    Mandlis, Lane R

    2011-01-01

    By probing the processes of exclusion of transsexuals from the political sphere, this article offers contributions to social and political theory through an examination of the processes of exclusion from the category "human." This article considers how the erasure of investment in their own embodied sex constructs a platform from which to blame others for sex/gender variance, as well as to justify that blaming. Bringing together Giorgio Agamben, Georges Bataille, Judith Butler, and Nikolas Rose with transphobia, medicalization in psychiatry, law, and ethopolitics, this article questions whose investment in sexed embodiment counts and why that investment might be seen as "crazy."

  19. Practitioner perspectives matter: Public policy and private investment in the U.S. electric power sector

    Science.gov (United States)

    Barradale, Merrill Jones

    This dissertation examines the influence of attitudes, beliefs, and preferences of energy industry practitioners on investment decision-making with regard to fuel choice for new electric power plants. The conclusions are based on in-depth interviews and an extensive online survey I conducted of 600-800 energy professionals in the U.S. power sector. Chapter 1 analyzes the impact of policy uncertainty on investment decision-making in renewable energy, using the federal production tax credit (PTC) and wind energy investment as an example. It is generally understood that the pattern of repeated expiration and short-term renewal of the PTC causes a boom-bust cycle in wind power plant investment in the U.S. This on-off pattern is detrimental to the wind industry, since ramp-up and ramp-down costs are high, and players are deterred from making long-term investments. The widely held belief that the severe downturn in investment during "off" years implies that wind power is unviable without the PTC turns out to be unsubstantiated: this chapter demonstrates that it is not the absence of the PTC that causes the investment downturn during "off" years, but rather the uncertainty over its return. Specifically, it is the dynamic of power purchase agreement negotiations in the face of PTC renewal uncertainty that drives investment volatility. This suggests that reducing regulatory uncertainty is a crucial component of effective renewable energy policy. The PTC as currently structured is not the only means, existing or potential, for encouraging wind power investment. Using data from my survey, various alternative policy incentives are considered and compared in terms of their perceived reliability for supporting long-term investment. Chapter 2 introduces the concept of expected payment of carbon as a factor in investment decision-making. The notion of carbon risk (the financial risk associated with CO2 emissions under potential climate change policy) is usually incorporated into

  20. Dancing with the Dragon: Canadian Investment in China and Chinese Investment in Canada

    Directory of Open Access Journals (Sweden)

    Josephine Smart

    2012-09-01

    Full Text Available While Canadian trade and investment with China is today relatively modest, with China well on track to displace the United States as the world’s largest economy, Canada must make it a priority to prepare for a future characterized by dramatically increased trade and investment between our two countries. This paper sheds light on some the issues and measures Canadian governments will have to consider as they look to establish safe and prosperous relationships with China. To begin with, Canadians choosing to invest in China must be prepared for the risk inherent in that country’s peculiar “capitalism with socialist characteristics.” The Chinese state continues to play an interventionist role in many significant sectors in the economy, and the strategy behind China’s overseas investment in countries such as Canada is specifically aimed at furthering China’s own national security goals and geopolitical influence. Canadians wishing to do business in China will also require great cultural competency. The cultural institution known as guanxi — in which gifts to sway influence are considered an acceptable, even desirable practice — persists in China, with even native Chinese unclear on where to draw the line between “good” guanxi and “bad” corruption. At home, Canadians may soon be forced to confront questions about how much of our own land security and natural resource security we are willing to compromise by permitting Chinese investment to gather up our farmland and key industries. Canadians should decide sooner, not later, how well our own strategic interests are served by permitting unrestricted Chinese investment in our economy. In anticipation of these issues, Canada’s federal and provincial governments should provide increased support for a more comprehensive training and research infrastructure that better prepares Canadians for the growing bilateral trade between our countries. They should also reinvest in the