WorldWideScience

Sample records for assessment leveraged funding

  1. Leveraged exchange-traded funds price dynamics and options valuation

    CERN Document Server

    Leung, Tim

    2016-01-01

    This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and ...

  2. 24 CFR 1000.122 - May NAHASDA grant funds be used as matching funds to obtain and leverage funding, including any...

    Science.gov (United States)

    2010-04-01

    ... considered an affordable housing activity? 1000.122 Section 1000.122 Housing and Urban Development... Housing Activities § 1000.122 May NAHASDA grant funds be used as matching funds to obtain and leverage...

  3. Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

    OpenAIRE

    Dai, John; Sundaresan, Suresh

    2009-01-01

    We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

  4. The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

    OpenAIRE

    Yingcong Lan; Neng Wang; Jinqiang Yang

    2011-01-01

    Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs. Increasing the investment allocation to the alpha-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is only paid via m...

  5. Point Climat no. 19 'Assessing the financial efficiency of the Green Climate Fund: leverage ratios - from theory to practice'

    International Nuclear Information System (INIS)

    Morel, Romain; Delbosc, Anais

    2012-01-01

    Among the publications of CDC Climat Research, 'Climate Briefs' presents, in a few pages, hot topics in climate change policy. This issue addresses the following points: The Green Climat Fund's first Board meeting was held between August 23 and 25 2012. It is now time to specify how this organisation responsible for financing climate initiatives in developing countries will operate in practise. The current budgetary environment specifically requires the Green Fund to raise private funding in order to boost the efficiency of the public funds received from developed countries. This 'leverage effect' of public finance will need to be accurately defined, and be accompanied by other key indicators, in order to avoid the development of practices that are contrary to the Green Fund's original purpose

  6. Financing drug discovery via dynamic leverage.

    Science.gov (United States)

    Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W

    2016-03-01

    We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

  7. Hedge Ratios for short and leveraged ETFs

    Directory of Open Access Journals (Sweden)

    Leo Schubert

    2011-06-01

    Full Text Available Exchange Traded Funds (ETFs exist for stock-, bond- and commodity markets. In most cases the underlying of an ETF is an index. Fund management today uses the active and passive way to construct a portfolio. ETFs can be used for passive portfolio management. Then ETFs with positive leverage factors are preferred. In the frame of active portfolio also the ETFs with negative leverage factors can be applied for the hedge or cross hedge of a portfolio. These hedging possibilities will be analyzed in this paper. Short ETFs exist with different leverage factors. In Europe, the leverage factors 1 (e.g. ShortDAX ETF and 2 (e.g. DJ STOXX 600 Double Short are offered while in the financial markets of the United States factors from 1 to 4 can be found. To investigate the effect of the different leverage factors and other parameters Monte Carlo Simulation was used. The results show e.g. that higher leverage factors achieve higher profits as well as losses. In the case, that a bearish market is supposed, minimizing the variance of the hedge seem not to be until to get better hedging results, due to a very skewed return distribution of the hedge. The risk measure target-shortfall-probability confirms the use of the standard hedge weightings which depend only on the leverage factor. This characteristic remains, when a portfolio has to be hedged instead of the underlying index of the short ETF. For portfolios which have a low correlation with the index return should not be used high leverage factors for hedging, due to the higher volatility and target-shortfall-probability.

  8. Making the case: leveraging resources toward public health system improvement in Turning Point states.

    Science.gov (United States)

    Bekemeier, Betty; Riley, Catharine M; Padgett, Stephen M; Berkowitz, Bobbie

    2007-01-01

    Leveraging funds to sustain the efforts of a grant-funded initiative is often an explicit, or implicit, expectation in philanthropy. However, the magnitude of funds leveraged and the factors that facilitate success in leveraging are rarely researched. An example of one of these grant-funded initiatives is the National Turning Point Initiative. Twenty-one states received funding from The Robert Wood Johnson Foundation as part of this initiative to establish and implement strategic goals for achieving significant statewide public health system improvement through diverse, cross-sector partnerships. Leaders from 17 of these 21 states participated in a two-phased study regarding the leveraging of additional funds for their public health infrastructure improvement activities. This article reports on the second phase of the study. In this phase, key informant interviews were conducted to examine how leveraging of resources occurred as part of this large national initiative. Findings indicate that the combination of a comprehensive planning process and a broad-based partnership was crucial in securing resources to expand their efforts. The ability to strategically respond to unexpected events and opportunities also helped states use their plans and partnerships to "make the case" for additional resources to improve their public health infrastructure.

  9. Leveraging the Development of Inclusive and Sustainable ...

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

    Nevertheless, the most vulnerable actors in the value chain still lack the capacity to ... They will identify and prioritize leverage points for ICT interventions that are ... IDRC is pleased to announce a new funding opportunity aimed at fostering ...

  10. 7 CFR 4290.1610 - Effect of prepayment or early redemption of Leverage on a Trust Certificate.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Effect of prepayment or early redemption of Leverage... AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financial Assistance for RBICs (Leverage) Funding Leverage by Use of Guaranteed Trust Certificates (âtcsâ) § 4290.1610 Effect of prepayment or early...

  11. 13 CFR 107.1610 - Effect of prepayment or early redemption of Leverage on a Trust Certificate.

    Science.gov (United States)

    2010-01-01

    ... (Leverage) Funding Leverage by Use of Sba-Guaranteed Trust Certificates (âtcsâ) § 107.1610 Effect of... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Effect of prepayment or early redemption of Leverage on a Trust Certificate. 107.1610 Section 107.1610 Business Credit and Assistance SMALL...

  12. 13 CFR 108.1610 - Effect of prepayment or early redemption of Leverage on a Trust Certificate.

    Science.gov (United States)

    2010-01-01

    ... Companies (Leverage) Funding Leverage by Use of Sba Guaranteed Trust Certificates (âtcsâ) § 108.1610 Effect... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Effect of prepayment or early redemption of Leverage on a Trust Certificate. 108.1610 Section 108.1610 Business Credit and Assistance SMALL...

  13. Financial Leverage Behaviour and Firm Performance: Evidence from Publicly Quoted Companies in Nigeria

    Directory of Open Access Journals (Sweden)

    Godsday Okoro Edesiri

    2014-08-01

    Full Text Available This paper scrutinizes financial leverage behaviour and firm performance of publicly quoted companies in Nigeria. Data of Leverage, Profitability and Firm Size were sourced from the Nigerian Stock Exchange Fact-book and Annual Report and Accounts of 120 publicly quoted companies in Nigeria during the period 1990 through 2013. Findings suggest that profitability and firm size had a negative effect on financial leverage behaviour of publicly quoted companies in Nigeria. Thus, it was recommended that firms should carry out projects that would help enhance size and profitability in all aspect of the firm. Size in terms of assets would help increase the internal funding. This in turn will have a positive impact on the financial structure of firm as more of internally generated funds will be used instead of external borrowings. Firms should not assume that making of profit shows good application of leverage as this was not found to be true from the analysis. This implies that the result can be relied upon for policy direction.

  14. 13 CFR 108.1630 - SBA regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust...

    Science.gov (United States)

    2010-01-01

    ... Financial Assistance for NMVC Companies (Leverage) Funding Leverage by Use of Sba Guaranteed Trust... standing in respect to compliance with the financial, ethical, and reporting requirements of such body...

  15. Monitoring Leverage

    DEFF Research Database (Denmark)

    Geanakoplos, John; Heje Pedersen, Lasse

    2014-01-01

    measure of systemic risk. Indeed, systemic crises tend to erupt when highly leveraged economic agents are forced to deleverage, sending the economy into recession. We emphasize the importance of measuring both the average leverage on old loans (which captures the economy's vulnerability) and the leverage...... offered on new loans (which captures current credit conditions) since the economy enters a crisis when leverage on new loans is low and leverage on old loans is high. While leverage plays an important role in several economic models, the data on leverage is model-free and simply needs to be collected...

  16. Fiscal mapping autism spectrum disorder funds: a case study of Ohio.

    Science.gov (United States)

    Joyce, Hilary D; Hoffman, Jill; Anderson-Butcher, Dawn; Moodie-Dyer, Amber

    2014-01-01

    Individuals with autism spectrum disorders (ASDs) have complex needs requiring regular service utilization. Policymakers, administrators, and community leaders are looking for ways to finance ASD services and systems. Understanding the fiscal resources that support ASD services is essential. This article uses fiscal mapping to explore ASD funding streams in Ohio. Fiscal mapping steps are overviewed to assist ASD stakeholders in identifying and examining ASD-related funding. Implications are drawn related to how fiscal mapping could be used to identify and leverage funding for ASD services. The resulting information is critical to utilizing existing resources, advocating for resources, and leveraging available funds.

  17. LEVERAGE IMPACTS ON AGRO-INDUSTRIAL COMPANY INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Nugroho A.C.

    2018-03-01

    Full Text Available Agro-industry has an important role in Indonesian economic growth. One of the crucial constraints in agro-industry investments in developing country is due to limited access to investment fund. This research was aimed to analyze the impacts of leverage on the agro-industrial company investments. The research used financial report data of the manufacturing industries on agro-industrial bases registered in Indonesian Stock-Exchange from 2007 to 2016. The data were analyzed using panel data regression analysis. The results of the research showed that the leverage influenced negatively on the agro-industrial companies. Cash flow has a negative impact on the company investments, which shows the existence of financial constraints when the company decide to invest.

  18. Embedded Leverage

    DEFF Research Database (Denmark)

    Frazzini, Andrea; Heje Pedersen, Lasse

    find that asset classes with embedded leverage offer low risk-adjusted returns and, in the cross-section, higher embedded leverage is associated with lower returns. A portfolio which is long low-embedded-leverage securities and short high-embedded-leverage securities earns large abnormal returns...

  19. Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration

    OpenAIRE

    Stephen Brown; William Goetzmann; Bing Liang; Christopher Schwarz

    2006-01-01

    Mandatory disclosure is a regulatory tool intended to allow market participants to assess operational risk. We examine the value of disclosure through the controversial SEC requirement, since overturned, which required major hedge funds to register as investment advisors and file Form ADV disclosures. Leverage and ownership structures suggest that lenders and equity investors were already aware of operational risk. However, operational risk does not mediate flow-performance relationships. Inv...

  20. Bank stock returns, leverage and the business cycle

    OpenAIRE

    Jing Yang; Kostas Tsatsaronis

    2012-01-01

    The returns on bank stocks rise and fall with the business cycle, making bank equity financing cheaper in the boom and dearer during a recession. This provides support for prudential tools that give incentives for banks to build capital buffers at times when the cost of equity is lower. In addition, banks with higher leverage face a higher cost of equity, which suggests that higher capital ratios are associated with lower funding costs.

  1. REVERSE LEVERAGED BUYOUT RETURN BEHAVIOR: SOME EUROPEAN EVIDENCE

    Directory of Open Access Journals (Sweden)

    Trevor W. Chamberlain

    2017-12-01

    Full Text Available This study investigates the stock performance of reverse leveraged buyouts (RLBOs before, during, and after the global financial crisis. An RLBO consists of the return to public investors (i.e. the offering of stocks to the public of a company that had gone private after a leveraged buyout (LBO led by a private equity fund. The value created by an RLBO resides in the changes brought by the LBO fund while it owns the company. After a “repackaging” of the bought company, the private equity fund sells the company’s shares to the public. Most of the research on this topic, based on RLBOs that occurred between 1980 and 2005 in the US, has shown that RLBOs outperform their peers (i.e. other IPOs and outperform the market after going public again. Focusing on RLBO companies in Europe in the financial crisis era, this study investigates whether they also outperform other IPOs and the market. The study is based on a sample of 421 IPOs occurring between 2001 and 2011 in France, Germany and the UK, of which 52 are RLBOs. We examine RLBO performance one day, one month, one year and three years after the offering. We also use event study methods to investigate the impact of the global financial crisis on RLBO performance. We find that European RLBOs outperform both their peers (i.e. “classic” IPOs and the market during the period studied. This outperformance does not diminish in the long-term. The global financial crisis appears to have affected RLBO performance, which weakened between 2007 and 2009, though RLBOs still outperformed the market. In addition, multivariable regressions were used to examine various extant explanations for RLBO outperformance. This analysis did not support any of the prevailing theories. In particular, the value created by RLBOs does not appear to be linked to LBO duration, sponsor reputation, or to the level of leverage employed. There is no evidence of time or industry effects. Moreover, RLBO performance shows no

  2. Distress risk and leverage puzzles: Evidence from Taiwan

    Directory of Open Access Journals (Sweden)

    Kung-Cheng Ho

    2016-05-01

    Full Text Available Financial distress has been invoked in the asset pricing literature to explain the anomalous patterns in the cross-section of stock returns. The risk of financial distress can be measured using indexes. George and Hwang (2010 suggest that leverage can explain the distress risk puzzle and that firms with high costs choose low leverage to reduce distress intensities and earn high returns. This study investigates whether this relationship exists in the Taiwan market. When examined separately, distress intensity is found to be negatively related to stock returns, but leverage is found to not be significantly related to stock returns. The results are the same when distress intensity and leverage are examined simultaneously. After assessing the robustness by using O-scores, distress risk puzzle is found to exist in the Taiwan market, but the leverage puzzle is not

  3. 17 CFR 31.23 - Limited right to rescind first leverage contract.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Limited right to rescind first... COMMISSION LEVERAGE TRANSACTIONS § 31.23 Limited right to rescind first leverage contract. (a) A leverage... pursuant to the following provisions: (1) Such customer may be assessed actual price losses accruing to the...

  4. Crowdfunding in Extension: Leveraging Relationships to Offset Declines in Traditional Funding

    Science.gov (United States)

    Hill, Paul; Swadley, Emy; Esplin, Kaleb

    2017-01-01

    Crowdfunding is a new tool available for Extension professionals and their clients to use to creatively offset the abatement of traditional funding sources. A fund-raising campaign can be set up in minutes, as demonstrated by the work of the 4-H members profiled in this article. Whether there is a need for new equipment or added help for a special…

  5. 75 FR 47827 - Notice of Availability of Funds and Solicitation for Grant Applications (SGA) for Cooperative...

    Science.gov (United States)

    2010-08-09

    ..., including integrated resource teams to blend, braid, and leverage resources across workforce and disability..., including the traditional Vocational Rehabilitation, Supported Employment, Transitional Employment, Self....disability.workforce3one.org . 2. Integrating Resources and Services, Blending and Braiding Funds, Leveraging...

  6. Measuring research impact: a large cancer research funding programme in Australia.

    Science.gov (United States)

    Bowden, Jacqueline A; Sargent, Nicole; Wesselingh, Steve; Size, Lincoln; Donovan, Claire; Miller, Caroline L

    2018-05-09

    Measuring research impact is of critical interest to philanthropic and government funding agencies interested in ensuring that the research they fund is both scientifically excellent and has meaningful impact into health and other outcomes. The Beat Cancer Project (BCP) is a AUD $34 m cancer research funding scheme that commenced in 2011. It was initiated by an Australian charity (Cancer Council SA), and supported by the South Australian Government and the state's major universities. This study applied Buxton and Hanney's Payback Framework to assess research impact generated from the BCP after 3 years of funding. Data sources were an audit of peer-reviewed publications from January 2011 to September 2014 from Web of Knowledge and a self-report survey of investigators awarded BCP research funding during its first 3 years of implementation (2011-2013). Of the 104 surveys, 92 (88%) were completed. The BCP performed well across all five categories of the Payback Framework. In terms of knowledge production, 1257 peer-reviewed publications were generated and the mean impact factor of publishing journals increased annually. There were many benefits to future research with 21 respondents (23%) reporting career advancement, and 110 higher degrees obtained or expected (including 84 PhDs). Overall, 52% of funded projects generated tools for future research. The funded research attracted substantial further income yielding a very high rate of leverage. For every AUD $1 that the cancer charity invested, the BCP gained an additional AUD $6.06. Five projects (5%) had informed policy and 5 (5%) informed product development, with an additional 31 (34%) and 35 (38%) projects, respectively, anticipating doing so. In terms of health and sector and broader economic benefits, 8 (9%) projects had influenced practice or behaviour of health staff and 32 (34%) would reportedly to do so in the future. Research impact was a priority of charity and government funders and led to a deliberate

  7. Stochastic volatility and stochastic leverage

    DEFF Research Database (Denmark)

    Veraart, Almut; Veraart, Luitgard A. M.

    This paper proposes the new concept of stochastic leverage in stochastic volatility models. Stochastic leverage refers to a stochastic process which replaces the classical constant correlation parameter between the asset return and the stochastic volatility process. We provide a systematic...... treatment of stochastic leverage and propose to model the stochastic leverage effect explicitly, e.g. by means of a linear transformation of a Jacobi process. Such models are both analytically tractable and allow for a direct economic interpretation. In particular, we propose two new stochastic volatility...... models which allow for a stochastic leverage effect: the generalised Heston model and the generalised Barndorff-Nielsen & Shephard model. We investigate the impact of a stochastic leverage effect in the risk neutral world by focusing on implied volatilities generated by option prices derived from our new...

  8. A simple analytical model for dynamics of time-varying target leverage ratios

    Science.gov (United States)

    Lo, C. F.; Hui, C. H.

    2012-03-01

    In this paper we have formulated a simple theoretical model for the dynamics of the time-varying target leverage ratio of a firm under some assumptions based upon empirical observations. In our theoretical model the time evolution of the target leverage ratio of a firm can be derived self-consistently from a set of coupled Ito's stochastic differential equations governing the leverage ratios of an ensemble of firms by the nonlinear Fokker-Planck equation approach. The theoretically derived time paths of the target leverage ratio bear great resemblance to those used in the time-dependent stationary-leverage (TDSL) model [Hui et al., Int. Rev. Financ. Analy. 15, 220 (2006)]. Thus, our simple model is able to provide a theoretical foundation for the selected time paths of the target leverage ratio in the TDSL model. We also examine how the pace of the adjustment of a firm's target ratio, the volatility of the leverage ratio and the current leverage ratio affect the dynamics of the time-varying target leverage ratio. Hence, with the proposed dynamics of the time-dependent target leverage ratio, the TDSL model can be readily applied to generate the default probabilities of individual firms and to assess the default risk of the firms.

  9. Systemic risk and heterogeneous leverage in banking networks

    Science.gov (United States)

    Kuzubaş, Tolga Umut; Saltoğlu, Burak; Sever, Can

    2016-11-01

    This study probes systemic risk implications of leverage heterogeneity in banking networks. We show that the presence of heterogeneous leverages drastically changes the systemic effects of defaults and the nature of the contagion in interbank markets. Using financial leverage data from the US banking system, through simulations, we analyze the systemic significance of different types of borrowers, the evolution of the network, the consequences of interbank market size and the impact of market segmentation. Our study is related to the recent Basel III regulations on systemic risk and the treatment of the Global Systemically Important Banks (GSIBs). We also assess the extent to which the recent capital surcharges on GSIBs may curb financial fragility. We show the effectiveness of surcharge policy for the most-levered banks vis-a-vis uniform capital injection.

  10. Does our Pension Fund take too many risks?

    CERN Multimedia

    Association du personnel

    2012-01-01

    An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, take...

  11. Does our Pension Fund take too many risks?

    CERN Multimedia

    Staff Association

    2012-01-01

    An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, tak...

  12. The Leverage Ratchet Effect

    OpenAIRE

    Anat R. Admati; Peter M. DeMarzo; Martin F. Hellwig; Paul Pfleiderer

    2013-01-01

    Shareholder-creditor conflicts can create leverage ratchet effects, resulting in inefficient capital structures. Once debt is in place, shareholders may inefficiently increase leverage but avoid reducing it no matter how beneficial leverage reduction might be to total firm value. We present conditions for an irrelevance result under which shareholders view asset sales, pure recapitalization and asset expansion with new equity as equally undesirable. We then analyze how seniority, asset hetero...

  13. New Solutions to the Funding Dilemma of Technology Startups

    Directory of Open Access Journals (Sweden)

    Ali Kousari

    2011-05-01

    Full Text Available This article explores the current funding challenges facing technology startups and describes new models based on smaller investments and collective action. First, the advantages and disadvantages of traditional startup funding models are presented, with an emphasis on venture capital and angel investment. Next, an overview of existing seed funds, or seed accelerators, shows how entrepreneurs can leverage this approach to access subsequent rounds of funding and create successful ventures. Then, an overview of crowd funding is provided, including examples of companies that have adopted this approach to funding startups and their founders. Finally, the article presents the basis of a new approach that uses crowd funding as means of attracting investors to collectives. In these business ecosystems, startups are exposed to less risk and investors can benefit from attractive returns by investing in these promising startups.

  14. Funding for malaria control 2006–2010: A comprehensive global assessment

    Directory of Open Access Journals (Sweden)

    Pigott David M

    2012-07-01

    Full Text Available Abstract Background The last decade has seen a dramatic increase in international and domestic funding for malaria control, coupled with important declines in malaria incidence and mortality in some regions of the world. As the ongoing climate of financial uncertainty places strains on investment in global health, there is an increasing need to audit the origin, recipients and geographical distribution of funding for malaria control relative to populations at risk of the disease. Methods A comprehensive review of malaria control funding from international donors, bilateral sources and national governments was undertaken to reconstruct total funding by country for each year 2006 to 2010. Regions at risk from Plasmodium falciparum and/or Plasmodium vivax transmission were identified using global risk maps for 2010 and funding was assessed relative to populations at risk. Those nations with unequal funding relative to a regional average were identified and potential explanations highlighted, such as differences in national policies, government inaction or donor neglect. Results US$8.9 billion was disbursed for malaria control and elimination programmes over the study period. Africa had the largest levels of funding per capita-at-risk, with most nations supported primarily by international aid. Countries of the Americas, in contrast, were supported typically through national government funding. Disbursements and government funding in Asia were far lower with a large variation in funding patterns. Nations with relatively high and low levels of funding are discussed. Conclusions Global funding for malaria control is substantially less than required. Inequity in funding is pronounced in some regions particularly when considering the distinct goals of malaria control and malaria elimination. Efforts to sustain and increase international investment in malaria control should be informed by evidence-based assessment of funding equity.

  15. Assessment of the Estonian Research Development Technology and Innovation Funding System

    OpenAIRE

    Nedeva, Maria; Georghiou, Luke

    2003-01-01

    The objectives of the assessment of the RDTI funding system in Estonia as specified by the Terms of Reference are as follows: 1) to conduct a review of the current R&D funding system in Estonia; 2) to review the objectives of the Estonian R&D Strategy 2002-2006; 3) to review best practice in R&D funding elsewhere; and 4) to propose an efficient, transparent and accountable R&D funding system.

  16. Improving Forsyth Technical Community College's Ability to Develop and Maintain Partnerships: Leveraging Technology to Develop Partnerships

    Science.gov (United States)

    Murdock, Alan K.

    2017-01-01

    Forsyth Technical Community College (FTCC) face a shortage of funding to meet the demands of students, faculty, staff and businesses. Through this practitioner research, the utilization of the college's current customer relationship management (CRM) database advanced. By leveraging technology, the researcher assisted the college in meeting the…

  17. An Assessment of Petroleum Technology Development Fund (Ptdf ...

    African Journals Online (AJOL)

    An Assessment of Petroleum Technology Development Fund (Ptdf) ... and other related literature were utilized to elicit information for the research. ... industry and that some of those trained lack the technical know-how to manage the refineries.

  18. 78 FR 17766 - Interagency Guidance on Leveraged Lending

    Science.gov (United States)

    2013-03-22

    ... high-level principles related to safe-and-sound leveraged lending activities, including underwriting considerations, assessing and documenting enterprise value, risk management expectations for credits awaiting distribution, stress- testing expectations, pipeline portfolio management, and risk management expectations for...

  19. Risks of Leveraged Products

    NARCIS (Netherlands)

    A. Di Cesare (Antonio)

    2012-01-01

    textabstractLeveraged investments have become a fundamental feature of modern economies. The new financial products allow people to take greater-than-usual exposures to risk factors. This thesis analyzes several different aspects of the risks involved by some frequently used leveraged products:

  20. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  1. Empirical Insights on the Trading Behavior of the UK Leveraged ETFs

    Directory of Open Access Journals (Sweden)

    Gerasimos G. Rompotis

    2017-05-01

    Full Text Available Objective. This paper focuses on UK leveraged Exchange Traded Funds (ETFs and examines their ability to meet their daily targets, the impact of volatility on targets’ achievement, and their pricing efficiency.Methodology. Standard regression analysis is used to evaluate performance, tracking efficiency and persistence in tracking failures, and the relationship between tracking efficiency and market volatility. Moreover, the pricing efficiency is examined along with the persistence in premium and the influence of market factors on premium.Findings. Results reveal that ETFs achieve their targets but occasionally tracking error can be significant. Furthermore, increases in market volatility relate to higher and lower tracking errors for bull and bear ETFs respectively. Moreover, average premiums testify a sufficient fit between trading prices and net asset values whereas the premiums are eliminated sharply. Moreover, the pricing efficiency of bear ETFs is positively associated with benchmark returns. The opposite is the case for bull ETFs. Finally, the pricing deviations are positively related to benchmarks’ volatility.Limitations. A possible limitation is that our sample includes just nine bear and sixteen bull ETFs even though more than 90 leveraged ETFs are traded on the UK market and our results may not be indicative of the entire UK leveraged ETF market. However, we had to use a small sample of ETFs because the trading activity of the rest ETFs has been very poor and, consequently, our analysis could have been biased by a thin trading effect.             Originality/Value. This is the first study to examine the UK market of leveraged ETFs.

  2. Leverage Aversion and Risk Parity

    DEFF Research Database (Denmark)

    Asness, Clifford; Frazzini, Andrea; Heje Pedersen, Lasse

    2012-01-01

    The authors show that leverage aversion changes the predictions of modern portfolio theory: Safer assets must offer higher risk-adjusted returns than riskier assets. Consuming the high risk-adjusted returns of safer assets requires leverage, creating an opportunity for investors with the ability...... to apply leverage. Risk parity portfolios exploit this opportunity by equalizing the risk allocation across asset classes, thus overweighting safer assets relative to their weight in the market portfolio....

  3. COMMERCIAL FUND, RECOGNITION AND ASSESSMENT

    Directory of Open Access Journals (Sweden)

    VIOREL TRIF

    2010-01-01

    Full Text Available The importance of the immaterial investments within companies nowadays urges the specialists in accounting to find the ways to present more in the elements. In their studies researchers face the controversy reinvestments, as an asset in the balance sheet or an expense in the profit or loss account. The main goal of this paper is to analyze the difficulties in commercial fund. In the first part we will analyze various definitions of the problems concerning the commercial fund’s recognition and assessment. The paper also suggests that investments are really social and economic problems.

  4. 17 CFR 31.6 - Registration of leverage commodities.

    Science.gov (United States)

    2010-04-01

    ... taking delivery to buy or sell the leverage commodity; (2) Explain the effect of such changes upon the... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Registration of leverage... LEVERAGE TRANSACTIONS § 31.6 Registration of leverage commodities. (a) Registration of leverage commodities...

  5. Leverage, Investment, and Firm Growth

    OpenAIRE

    Larry Lang; Eli Ofek; Rene M. Stulz

    1995-01-01

    We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by ...

  6. Leveraging finances for public health system improvement: results from the Turning Point initiative.

    Science.gov (United States)

    Bekemeier, Betty; Riley, Catharine M; Berkowitz, Bobbie

    2007-01-01

    Reforming the public health infrastructure requires substantial system changes at the state level; state health agencies, however, often lack the resources and support for strategic planning and systemwide improvement. The Turning Point Initiative provided support for states to focus on large-scale system changes that resulted in increased funding for public health capacity and infrastructure development. Turning Point provides a test case for obtaining financial and institutional resources focused on systems change and infrastructure development-areas for which it has been historically difficult to obtain long-term support. The purpose of this exploratory, descriptive survey research was to enumerate the actual resources leveraged toward public health system improvement through the partnerships, planning, and implementation activities funded by the Robert Wood Johnson Foundation as a part of the Turning Point Initiative.

  7. 17 CFR 31.15 - Reporting to leverage customers.

    Science.gov (United States)

    2010-04-01

    ... customers. 31.15 Section 31.15 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION LEVERAGE TRANSACTIONS § 31.15 Reporting to leverage customers. Each leverage transaction merchant shall furnish in writing directly to each leverage customer: (a) Promptly upon the repurchase, resale...

  8. Leverage bubble

    Science.gov (United States)

    Yan, Wanfeng; Woodard, Ryan; Sornette, Didier

    2012-01-01

    Leverage is strongly related to liquidity in a market and lack of liquidity is considered a cause and/or consequence of the recent financial crisis. A repurchase agreement is a financial instrument where a security is sold simultaneously with an agreement to buy it back at a later date. Repurchase agreement (repo) market size is a very important element in calculating the overall leverage in a financial market. Therefore, studying the behavior of repo market size can help to understand a process that can contribute to the birth of a financial crisis. We hypothesize that herding behavior among large investors led to massive over-leveraging through the use of repos, resulting in a bubble (built up over the previous years) and subsequent crash in this market in early 2008. We use the Johansen-Ledoit-Sornette (JLS) model of rational expectation bubbles and behavioral finance to study the dynamics of the repo market that led to the crash. The JLS model qualifies a bubble by the presence of characteristic patterns in the price dynamics, called log-periodic power law (LPPL) behavior. We show that there was significant LPPL behavior in the market before that crash and that the predicted range of times predicted by the model for the end of the bubble is consistent with the observations.

  9. State Higher Education Funding Models: An Assessment of Current and Emerging Approaches

    Science.gov (United States)

    Layzell, Daniel T.

    2007-01-01

    This article provides an assessment of the current and emerging approaches used by state governments in allocating funding for higher education institutions and programs. It reviews a number of desired characteristics or outcomes for state higher education funding models, including equity, adequacy, stability, and flexibility. Although there is…

  10. Comparison of State-Funded Technology Maturation Programs.

    Energy Technology Data Exchange (ETDEWEB)

    Keller, Elizabeth James Kistin [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Warren, Drake [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Hess, Marguerite Evelyn [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2016-12-01

    This study examines the structure and impact of state-funded technology maturation programs that leverage research institutions for economic development throughout the United States. The lessons learned and practices identified from previous experiences will inform Sandia National Laboratories' Government Relations and Technology Partnerships teams as they participate in near-term discussions about the proposed Technology Readiness Gross Receipts Tax Credit and Program, and continue to shape longer-term program and partnership opportunities. This Page Intentionally Left Blank

  11. Toward a More Responsive Consumable Materiel Supply Chain: Leveraging New Metrics to Identify and Classify Items of Concern

    Science.gov (United States)

    2016-06-01

    MATERIEL SUPPLY CHAIN: LEVERAGING NEW METRICS TO IDENTIFY AND CLASSIFY ITEMS OF CONCERN by Andrew R. Haley June 2016 Thesis Advisor: Robert...IDENTIFY AND CLASSIFY ITEMS OF CONCERN 5. FUNDING NUMBERS 6. AUTHOR(S) Andrew R. Haley 7. PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) Naval...Supply Systems Command (NAVSUP), logistics, inventory, consumable, NSNs at Risk, Bad Actors, Bad Actors with Trend, items of concern , customer time

  12. U.S. nuclear plant decommissioning funding adequacy - by individual funds, utilities, reactors, and industry-wide - assessed by Monte Carlo and baseline trend methods: 1998, 2000, 2001, and 2004

    International Nuclear Information System (INIS)

    Williams, Daniel G.

    2007-01-01

    This paper assesses, over years 1998, 2000, 2001, and 2004 - using varying sets of assumption values - the adequacy of decommissioning funding (year-end) for United States' nuclear electric power plants. I assess each of the 222 individual trust funds and 99 utility owners (as of August 2003), as well as each of the 122 reactors, and industry-wide. Individual trust fund results are the most important because, in general, dollars may not be transferred from one fund to another to strengthen a less-adequately financed fund. Using stochastic (Monte Carlo) analysis (20,000 iterations) to incorporate risk, or uncertainty, in my simulation modeling, I assess funding adequacy for 2004, but with estimated balances and contributions data for 2004. The paper also assesses the baseline (most likely) trends in funding adequacy, using 'point' estimates for years 1998, 2000, 2001, and stochastic medians for 2004. I compute two measures of funding adequacy relative to two respective benchmark levels: (1) adequacy of 'current year' fund balances; and (2), adequacy of 'recent-year' fund contributions. The former is a more 'looking-backward' measure relative to a benchmark (i.e., current balance embodies all past year contributions and rates of return on fund assets); the latter, more 'looking-forward' relative to a forward benchmark. I use decommissioning fund balances data for 2000 and 1998, as reported by the utilities to the U.S. Nuclear Regulatory Commission (NRC), as well as additional balances, yearly contributions, rates of return, and cost escalation data over 1997-2001 obtained in a 2002 survey of owners by the U.S. Government Accountability Office (GAO). The most fundamental conclusion that one should draw from my simulation modeling results - whether using Monte Carlo or baseline trend analysis - is that these decommissioning adequacy percentages for the 222 funds are extremely variable, although a sizable majority of funds are likely above benchmark. Reduced variability

  13. Leveraging R&D Resources via the Joint LLC Model

    Science.gov (United States)

    Ganz, Matthew W.

    2008-03-01

    Industrial scientific research labs have become increasingly stressed in recent years by a variety of external forces. Both corporations and government funding agencies have shifted their priorities from long-term fundamental research toward projects that have a high probability of shorter-term payoff. Industrial funding has been further stressed by an increasing demand for quarterly results and fierce global competition. Industry leaders are now asking their R&D labs for ``home runs” and not just a solid base in the physical sciences. The end of the Cold War has also left the US without a declared enemy whose overt intention was to defeat us through a mastery of large-scale weaponry based upon exploitation of fundamental physics. This, when combined with a bona-fide need for technology gap fillers to respond to on-the-ground threats in the current Middle East conflicts, has led to diminished government emphasis on long-term research in the physical sciences. Simultaneously, the global sources of R&D spending are expanding. The dramatic growth of private equity in the technology development arena has both drawn talent from industry and changed the expectations on researchers. R&D spending in China, India and many other countries is growing significantly. Thus, in order to become relevant, industry must now keep its finger on the pulse of the hundreds of billions of dollars being invested privately and publicly around the world. HRL Laboratories, LLC in Malibu, California represents a unique and successful new business model for industrial R&D. HRL was founded by Howard Hughes in 1948 as the Hughes Research Laboratory and for more than four decades was the internal R&D lab for the Hughes Aircraft Company. After a series of mergers, acquisitions and divestitures over the past 15 years, HRL is now a stand-alone LLC that is owned jointly by General Motors and the Boeing Company. HRL, with a staff of about 300, performs R&D services for GM and Boeing as well as for

  14. The Disciplining Role of Leverage in Dutch Firms

    NARCIS (Netherlands)

    de Jong, A.

    2001-01-01

    In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and

  15. The Global Fund to Fight AIDS, Tuberculosis and Malaria: 10 years on.

    Science.gov (United States)

    Hanefeld, Johanna

    2014-02-01

    The Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund or GFATM) is a private public partnership aimed at leveraging and providing funding for the three focal diseases outlined in its title. Set up in 2002, the fund was part of a new 'breed' of players in the field of global health, combining skills from bilateral and multilateral agencies with private sector and civil society. Highly innovative in its structure and funding model, the Global Fund's secretariat in Geneva provides grants directly to one or more organisations - not just governments - in recipient countries. Despite great successes, including scaling up treatment for AIDS to reach 4.2 million people, the fund has been the subject of intense debate. This includes discussion of its impact on health systems and allegations of financial irregularities among recipients in four countries. The organisation has now emerged with a new strategy, funding model and executive director. This paper charts its history, discusses some of the challenges faced, drawing on fieldwork conducted by the author in 2007-08, and reflects on recent changes and the road ahead.

  16. Determinants of Leverage and Agency problems

    NARCIS (Netherlands)

    de Jong, A.; Dijk, R.

    1998-01-01

    In this paper we empirically investigate the determinants of leverage and agency problems and we examine the relationships between leverage and agency problems. As in Titman and Wessels (1988) we use structural equations modeling with latent variables. In contrast to Titman and Wessels (1988), who

  17. Theory of constraints for publicly funded health systems.

    Science.gov (United States)

    Sadat, Somayeh; Carter, Michael W; Golden, Brian

    2013-03-01

    Originally developed in the context of publicly traded for-profit companies, theory of constraints (TOC) improves system performance through leveraging the constraint(s). While the theory seems to be a natural fit for resource-constrained publicly funded health systems, there is a lack of literature addressing the modifications required to adopt TOC and define the goal and performance measures. This paper develops a system dynamics representation of the classical TOC's system-wide goal and performance measures for publicly traded for-profit companies, which forms the basis for developing a similar model for publicly funded health systems. The model is then expanded to include some of the factors that affect system performance, providing a framework to apply TOC's process of ongoing improvement in publicly funded health systems. Future research is required to more accurately define the factors affecting system performance and populate the model with evidence-based estimates for various parameters in order to use the model to guide TOC's process of ongoing improvement.

  18. On the irrelevance of the leverage effect

    OpenAIRE

    Nippel, Peter

    2001-01-01

    Financial leverage increases the expected return on equity. We show that this leverage effect is not only irrelevant for shareholders' present wealth but also for the return on their investments. This result is straightforward if we do not only look at the return on equity but at the return on shareholders' total wealth. Any relevance leverage may have is definitely due to market imperfections. These may simply cause differences in market access for firms and individuals or lead to agency pro...

  19. The Profits–Leverage Puzzle Revisited

    OpenAIRE

    Murray Z. Frank; Vidhan K. Goyal

    2015-01-01

    The inverse relation between leverage and profitability is widely regarded as a serious defect of the trade-off theory. We show that the defect is not with the theory but with the use of a leverage ratio in which profitability affects both the numerator and the denominator. Profitability directly increases the value of equity. Firms do take the predicted offsetting actions. They issue debt and repurchase equity when profitability rises, and retire debt and issue equity when profitability fall...

  20. Stochastic volatility and leverage effect

    OpenAIRE

    Josep Perello; Jaume Masoliver

    2002-01-01

    We prove that Brownian market models with random diffusion coefficients provide an exact measure of the leverage effect [J-P. Bouchaud et al., Phys. Rev. Lett. 87, 228701 (2001)]. This empirical fact asserts that past returns are anticorrelated with future diffusion coefficient. Several models with random diffusion have been suggested but without a quantitative study of the leverage effect. Our analysis lets us to fully estimate all parameters involved and allows a deeper study of correlated ...

  1. Leverage points for sustainability transformation.

    Science.gov (United States)

    Abson, David J; Fischer, Joern; Leventon, Julia; Newig, Jens; Schomerus, Thomas; Vilsmaier, Ulli; von Wehrden, Henrik; Abernethy, Paivi; Ives, Christopher D; Jager, Nicolas W; Lang, Daniel J

    2017-02-01

    Despite substantial focus on sustainability issues in both science and politics, humanity remains on largely unsustainable development trajectories. Partly, this is due to the failure of sustainability science to engage with the root causes of unsustainability. Drawing on ideas by Donella Meadows, we argue that many sustainability interventions target highly tangible, but essentially weak, leverage points (i.e. using interventions that are easy, but have limited potential for transformational change). Thus, there is an urgent need to focus on less obvious but potentially far more powerful areas of intervention. We propose a research agenda inspired by systems thinking that focuses on transformational 'sustainability interventions', centred on three realms of leverage: reconnecting people to nature, restructuring institutions and rethinking how knowledge is created and used in pursuit of sustainability. The notion of leverage points has the potential to act as a boundary object for genuinely transformational sustainability science.

  2. Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

    Directory of Open Access Journals (Sweden)

    Aldea Mita Cheryta

    2018-02-01

    Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

  3. Research capacity building integrated into PHIT projects: leveraging research and research funding to build national capacity.

    Science.gov (United States)

    Hedt-Gauthier, Bethany L; Chilengi, Roma; Jackson, Elizabeth; Michel, Cathy; Napua, Manuel; Odhiambo, Jackline; Bawah, Ayaga

    2017-12-21

    Inadequate research capacity impedes the development of evidence-based health programming in sub-Saharan Africa. However, funding for research capacity building (RCB) is often insufficient and restricted, limiting institutions' ability to address current RCB needs. The Doris Duke Charitable Foundation's African Health Initiative (AHI) funded Population Health Implementation and Training (PHIT) partnership projects in five African countries (Ghana, Mozambique, Rwanda, Tanzania and Zambia) to implement health systems strengthening initiatives inclusive of RCB. Using Cooke's framework for RCB, RCB activity leaders from each country reported on RCB priorities, activities, program metrics, ongoing challenges and solutions. These were synthesized by the authorship team, identifying common challenges and lessons learned. For most countries, each of the RCB domains from Cooke's framework was a high priority. In about half of the countries, domain specific activities happened prior to PHIT. During PHIT, specific RCB activities varied across countries. However, all five countries used AHI funding to improve research administrative support and infrastructure, implement research trainings and support mentorship activities and research dissemination. While outcomes data were not systematically collected, countries reported holding 54 research trainings, forming 56 mentor-mentee relationships, training 201 individuals and awarding 22 PhD and Masters-level scholarships. Over the 5 years, 116 manuscripts were developed. Of the 59 manuscripts published in peer-reviewed journals, 29 had national first authors and 18 had national senior authors. Trainees participated in 99 conferences and projects held 37 forums with policy makers to facilitate research translation into policy. All five PHIT projects strongly reported an increase in RCB activities and commended the Doris Duke Charitable Foundation for prioritizing RCB, funding RCB at adequate levels and time frames and for allowing

  4. Corporate Leverage and Product Differentiation Strategy

    OpenAIRE

    Arping, Stefan; Lóránth, Gyöngyi

    2002-01-01

    This article develops a model of the interplay between corporate leverage and product differentiation strategy. Leverage improves managerial discipline, but it can also raise customer concerns about a vendor's long-term viability. We argue that customer concerns about firm viability will be particularly pronounced when products are highly differentiated from competitors' products. In this context, optimal product differentiation strategies solve a trade-off between softening price competition...

  5. Library Services Funding Assessment

    Science.gov (United States)

    Lorig, Jonathan A.

    2004-01-01

    The Glenn Technical Library is a science and engineering library that primarily supports research activities at the Glenn Research Center, and provides selected services to researchers at all of the NASA research centers. Resources available in the library include books, journals, CD-ROMs, and access to various online sources, as well as live reference and inter-library loan services. The collection contains over 77,000 books, 800,000 research reports, and print or online access to over 1,400 journals. Currently the library operates within the Logistics and Technical Information Division, and is funded as an open-access resource within the GRC. Some of the research units at the GRC have recently requested that the library convert to a "pay-for-services" model, in which individual research units could fund only those journal subscriptions for which they have a specific need. Under this model, the library would always maintain a certain minimum level of pooled-expense services, including the ready reference and book collections, and inter-library loan services. Theoretically the "pay-for-services" model would encourage efficient financial allocation, and minimize the extent to which paid journal subscriptions go unused. However, this model also could potentially negate the benefits of group purchases for journal subscriptions and access. All of the major journal publishers offer package subscriptions that compare favorably in cost with the sum of individual subscription costs for a similar selection of titles. Furthermore, some of these subscription packages are "consortium" purchases that are funded collectively by the libraries at multiple NASA research centers; such consortia1 memberships would be difficult for the library to pay, if enough GRC research units were to withdraw their pooled contributions. cost of collectively-funded journal access with the cost of individual subscriptions. My primary task this summer is to create the cost dataset framework, and

  6. Estimation of the Continuous and Discontinuous Leverage Effects.

    Science.gov (United States)

    Aït-Sahalia, Yacine; Fan, Jianqing; Laeven, Roger J A; Wang, Christina Dan; Yang, Xiye

    2017-01-01

    This paper examines the leverage effect, or the generally negative covariation between asset returns and their changes in volatility, under a general setup that allows the log-price and volatility processes to be Itô semimartingales. We decompose the leverage effect into continuous and discontinuous parts and develop statistical methods to estimate them. We establish the asymptotic properties of these estimators. We also extend our methods and results (for the continuous leverage) to the situation where there is market microstructure noise in the observed returns. We show in Monte Carlo simulations that our estimators have good finite sample performance. When applying our methods to real data, our empirical results provide convincing evidence of the presence of the two leverage effects, especially the discontinuous one.

  7. ANALISIS FINANCIAL LEVERAGE PADA PT. RAJAWALI JAYA SAKTI CONTRINDO DI MAKASSAR.

    OpenAIRE

    ANWAR, H. MUH.

    2013-01-01

    2013 H.Muh.ANWAR, A financial leverage analysis at PT.Rajawali Jaya Sakti Contrindo of Makassar (Supervised by HJ.Siti Haerani and Kasman Damang). The problem statement of this research is whether financial leverage can increase company???s profit. The objectives of this research is to find out the calculation of financial leverage applied by company and to analyse the impact of financial leverage toward profit gained by company. The result of the research on leverage ratio of PT.Raja...

  8. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  9. Leveraging best practices to promote health, safety, sustainability, and stewardship.

    Science.gov (United States)

    Weiss, Marjorie D

    2013-08-01

    Strategically leveraging health and safety initiatives with sustainability and stewardship helps organizations improve profitability and positively impact team member and customer attachment to the organization. Collective efficacy enhances the triple bottom line: healthy people, healthy planet, and healthy profits. The HS(3)™ Best Practice Exchanges group demonstrated that collective efficacy can leverage the social cohesion, communication channels, and activities within workplaces to promote a healthy, sustainable work culture. This in turn (1) protects the health and safety of workers, (2) preserves the natural environment, and (3) increases attachment to the organization. Community-based participatory research using the Attach21 survey assessed the progress of these companies in their efforts to integrate health, safety, sustainability, and stewardship. Monthly Best Practice Exchanges promoted collective efficacy by providing support, encouragement, and motivation to share and adopt new ideas. Copyright 2013, SLACK Incorporated.

  10. Forecasting volatility in the presence of Leverage Effect

    OpenAIRE

    Jean-Christophe Domenge; Rémi Rhodes; Vincent Vargas

    2010-01-01

    We define a simple and tractable method for adding the Leverage effect in general volatility predictions. As an application, we compare volatility predictions with and without Leverage on the SP500 Index during the period 2002-2010.

  11. Analysis of debt leveraging in private power projects

    International Nuclear Information System (INIS)

    Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

    1992-08-01

    As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

  12. Analysis of debt leveraging in private power projects

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

    1992-08-01

    As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.

  13. To implicate the private sector in funding: The Kyoto mechanisms and SUMO policies

    International Nuclear Information System (INIS)

    Leguet, Benoit; Morel, Romain

    2015-01-01

    Internationally set objectives in the fight against climate change cannot be reached without funding from the private sector. Public money, a scarce resource, must be used as best possible, in particular when it has a leverage effect on private funding. In this respect, feedback from the Kyoto Protocol's clean development mechanism is of interest. On the eve of the 2015 Paris Climate Conference, we must ramp up the mobilization of private resources. Smart unconventional monetary (SUMO) policies could help us toward this goal. Several countries have adopted such policies to cope with macro-economic circumstances or systemic risks. Is the destabilization of the climate not a risk of this sort?

  14. 17 CFR 31.13 - Financial reports of leverage transaction merchants.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Financial reports of leverage... COMMISSION LEVERAGE TRANSACTIONS § 31.13 Financial reports of leverage transaction merchants. (a) Each... person must include with such financial report a statement describing the source of his current assets...

  15. Transforming governance or reinforcing hierarchies and competition: examining the public and hidden transcripts of the Global Fund and HIV in India.

    Science.gov (United States)

    Kapilashrami, Anuj; McPake, Barbara

    2013-09-01

    Global health initiatives (GHIs) have gained prominence as innovative and effective policy mechanisms to tackle global health priorities. More recent literature reveals governance-related challenges and their unintended health system effects. Much less attention is received by the relationship between these mechanisms, the ideas that underpin them and the country-level practices they generate. The Global Fund has leveraged significant funding and taken a lead in harmonizing disparate efforts to control HIV/AIDS. Its growing influence in recipient countries makes it a useful case to examine this relationship and evaluate the extent to which the dominant public discourse on Global Fund departs from the hidden resistances and conflicts in its operation. Drawing on insights from ethnographic fieldwork and 70 interviews with multiple stakeholders, this article aims to better understand and reveal the public and the hidden transcript of the Global Fund and its activities in India. We argue that while its public transcript abdicates its role in country-level operations, a critical ethnographic examination of the organization and governance of the Fund in India reveals a contrasting scenario. Its organizing principles prompt diverse actors with conflicting agendas to come together in response to the availability of funds. Multiple and discrete projects emerge, each leveraging control and resources and acting as conduits of power. We examine how management of HIV is punctuated with conflicts of power and interests in a competitive environment set off by the Fund protocol and discuss its system-wide effects. The findings also underscore the need for similar ethnographic research on the financing and policy-making architecture of GHIs.

  16. 45 CFR 1355.55 - Review and assessment of the system developed with enhanced funds.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Review and assessment of the system developed with... SERVICES GENERAL § 1355.55 Review and assessment of the system developed with enhanced funds. (a) ACF will, on a continuing basis, review, assess and inspect the planning, design, development, installation and...

  17. Funding begets biodiversity

    DEFF Research Database (Denmark)

    Ahrends, Antje; Burgess, Neil David; Gereau, Roy E.

    2011-01-01

    Aim Effective conservation of biodiversity relies on an unbiased knowledge of its distribution. Conservation priority assessments are typically based on the levels of species richness, endemism and threat. Areas identified as important receive the majority of conservation investments, often...... facilitating further research that results in more species discoveries. Here, we test whether there is circularity between funding and perceived biodiversity, which may reinforce the conservation status of areas already perceived to be important while other areas with less initial funding may remain overlooked......, and variances decomposed in partial regressions. Cross-correlations are used to assess whether perceived biodiversity drives funding or vice versa. Results Funding explained 65% of variation in perceived biodiversity patterns – six times more variation than accounted for by 34 candidate environmental factors...

  18. Firm Leverage and the Financial Crisis

    OpenAIRE

    Fatih Altunok; Arif Oduncu

    2014-01-01

    The firm growth dynamics is an important topic since the growth performance of firms is the main source of the economic growth in countries. Generally, crises produce a sharp decline in firms’ growth and this leads to a decline in both the level of employment and the income of households. This paper focuses on the role of firm leverage on the growth performance of the firm during the global financial crisis. We investigate whether the firms that experienced a large leverage increase before th...

  19. Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities

    OpenAIRE

    Yew Kee Ho; Mira Tjahjapranata; Chee Meng Yap

    2006-01-01

    We show that a firm's ability to reap growth opportunities from R&D investments depends on its size, leverage, and the industry concentration. While the direct effects of these factors are significant, the size-leverage interaction reveals further important insights. Large firms' advantages over small firms disappear as their leverage increases. Specifically, small firms with high leverage reap the greatest growth opportunities. Our results provide explanations for inconsistent findings obser...

  20. 17 CFR 31.8 - Cover of leverage contracts.

    Science.gov (United States)

    2010-04-01

    ... receipt for two business days: Provided, however, That the amount of physical commodities subject to such... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Cover of leverage contracts. 31.8 Section 31.8 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION LEVERAGE...

  1. The effect of leverage increases on real earnings management

    OpenAIRE

    Zagers-Mamedova, Irina

    2009-01-01

    textabstractMain subject of this paper is to understand whether there could be an incentive for managers to manipulate cash flow from operating activities (CFO) through the use of real earnings management (REM), in situations with increasing leverage. Based upon a study of Jelinek (2007) who researched the correlation between increasing levels of leverage and accrual earnings management, I developed my main hypothesis with respect to the effect of leverage increases on REM to influence CFO. R...

  2. Assessing and Mobilizing Faith Organizations to Implement Childhood Obesity Prevention Advocacy Strategies.

    Science.gov (United States)

    Bozlak, Christine T; Kenady, James M; Becker, Adam B

    2018-01-01

    Childhood obesity remains a public health problem requiring mobilization across diverse social and political sectors. The faith-based sector can contribute to obesity prevention advocacy when existing resources are supported and leveraged. This article describes an advocacy resource assessment conducted in six Chicago faith organizations. Key administrators and congregation members were surveyed to identify organizational resources that could be mobilized for childhood obesity prevention advocacy. Survey data were analyzed using SPSS and Excel. Descriptive statistics were calculated for each organization and for all combined. Organizational resources for advocacy were identified, with varying degrees of resources within organizations. Congregation members and faith leaders expressed interest in advocacy training and activities but acknowledged competing organizational priorities. Participating organizations received a stipend to pursue recommended action items based on their assessment. Faith organizations have unique resources and human capital and can be key partners in childhood obesity prevention. Conducting an assessment prior to planning interventions and advocacy approaches can strengthen partnerships, leverage assets among partners, and ensure efforts are relevant and beneficial for faith organizations. It may also be strategic to incorporate funding in grant budgets in order to empower faith organizations to act on findings from the assessment process.

  3. RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Apriyanto Gaguk

    2017-08-01

    Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

  4. 13 CFR 107.1130 - Leverage fees and additional charges payable by Licensee.

    Science.gov (United States)

    2010-01-01

    ... you issue a Debenture or Participating Security to repay or redeem existing Leverage, you must pay the leverage fee before SBA will guarantee or purchase the new Leverage security. (2) If you issue a Debenture... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Leverage fees and additional...

  5. Using Data From Ontario's Episode-Based Funding Model to Assess Quality of Chemotherapy.

    Science.gov (United States)

    Kaizer, Leonard; Simanovski, Vicky; Lalonde, Carlin; Tariq, Huma; Blais, Irene; Evans, William K

    2016-10-01

    A new episode-based funding model for ambulatory systemic therapy was implemented in Ontario, Canada on April 1, 2014, after a comprehensive knowledge transfer and exchange strategy with providers and administrators. An analysis of the data from the first year of the new funding model provided an opportunity to assess the quality of chemotherapy, which was not possible under the old funding model. Options for chemotherapy regimens given with adjuvant/curative intent or palliative intent were informed by input from disease site groups. Bundles were developed and priced to enable evidence-informed best practice. Analysis of systemic therapy utilization after model implementation was performed to assess the concordance rate of the treatments chosen with recommended practice. The actual number of cycles of treatment delivered was also compared with expert recommendations. Significant improvement compared with baseline was seen in the proportion of adjuvant/curative regimens that aligned with disease site group-recommended options (98% v 90%). Similar improvement was seen for palliative regimens (94% v 89%). However, overall, the number of cycles of adjuvant/curative therapy delivered was lower than recommended best practice in 57.5% of patients. There was significant variation by disease site and between facilities. Linking funding to quality, supported by knowledge transfer and exchange, resulted in a rapid improvement in the quality of systemic treatment in Ontario. This analysis has also identified further opportunities for improvement and the need for model refinement.

  6. Leverage and growth: effect of stock options

    OpenAIRE

    Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

    2011-01-01

    This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative relationship between leverage and the firm’s growth. However, in contrast to some of the existing results, the empirical analysis of manufacturing firms in this paper shows that the negative relationship bet...

  7. THE IMPACT OF FINANCIAL LEVERAGE ON RETURN AND RISK

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-05-01

    Full Text Available Financing with debt and preferred stock to increase the potential return to the residual common shareholders’ equity is referred to as financial leverage. A firm’s return on equity (ROE is a key determinant of the growth rate of its earnings. Return on equity is affected profoundly by the firm’s degree of financial leverage. Increased debt will make a positive contribution to a firm’s ROE only if the firm’s return on assets (ROA exceeds the interest rate on the debt. In spite of the fact that financial leverage increases the rate of return on common stock equity, the grater the proportion of debt in the capital structure, however, the greater the risk the common shareholders bear. Introduction of financial leverage increases the average profitability of the firm as well as its risk. In good economic years, the impact of financial leverage will most likely be positive; however, the leverage effect may be negative in relatively bad years. Traditionally, studies treated short-term debt and long-term debt as perfect substitutes for each other. There is, however, risk-sharing by long-term debtholders which makes short-term debt financing riskier to shareholders than long-term debt financing. The significant affect associated with the total debt usage is largely attributable to short-term debt financing, since the impact of short-term debt financing on the expected returns is shown to be greater than that of long-term debt financing.

  8. Macroeconomic Dynamics of Assets, Leverage and Trust

    Science.gov (United States)

    Rozendaal, Jeroen C.; Malevergne, Yannick; Sornette, Didier

    A macroeconomic model based on the economic variables (i) assets, (ii) leverage (defined as debt over asset) and (iii) trust (defined as the maximum sustainable leverage) is proposed to investigate the role of credit in the dynamics of economic growth, and how credit may be associated with both economic performance and confidence. Our first notable finding is the mechanism of reward/penalty associated with patience, as quantified by the return on assets. In regular economies where the EBITA/Assets ratio is larger than the cost of debt, starting with a trust higher than leverage results in the highest long-term return on assets (which can be seen as a proxy for economic growth). Therefore, patient economies that first build trust and then increase leverage are positively rewarded. Our second main finding concerns a recommendation for the reaction of a central bank to an external shock that affects negatively the economic growth. We find that late policy intervention in the model economy results in the highest long-term return on assets. However, this comes at the cost of suffering longer from the crisis until the intervention occurs. The phenomenon that late intervention is most effective to attain a high long-term return on assets can be ascribed to the fact that postponing intervention allows trust to increase first, and it is most effective to intervene when trust is high. These results are derived from two fundamental assumptions underlying our model: (a) trust tends to increase when it is above leverage; (b) economic agents learn optimally to adjust debt for a given level of trust and amount of assets. Using a Markov Switching Model for the EBITA/Assets ratio, we have successfully calibrated our model to the empirical data of the return on equity of the EURO STOXX 50 for the time period 2000-2013. We find that dynamics of leverage and trust can be highly nonmonotonous with curved trajectories, as a result of the nonlinear coupling between the variables. This

  9. Bank Funding Structures and Risk; Evidence From the Global Financial Crisis

    OpenAIRE

    Pablo Federico; Francisco F. Vazquez

    2012-01-01

    This paper analyzes the evolution of bank funding structures in the run up to the global financial crisis and studies the implications for financial stability, exploiting a bank-level dataset that covers about 11,000 banks in the U.S. and Europe during 2001?09. The results show that banks with weaker structural liquidity and higher leverage in the pre-crisis period were more likely to fail afterward. The likelihood of bank failure also increases with bank risk-taking. In the cross-section, th...

  10. PENGGUNAAN LEVERAGE PADA PERUSAHAAN: PERBEDAAN ANTARA CEO PRIA DAN WANITA

    Directory of Open Access Journals (Sweden)

    Farida Titik Kritanti

    2014-07-01

    Full Text Available AbstractVarious studies show that women are more risk averse in making decisions and better long-term oriented. Women would rather risk averse than men, making it less likely they will use debt in their capital structure, since by increasing debt increases the risk of the company's financial means. This study want to test whether gender became a significant factor in financial leverage, to see whether there are differences in policy between the company's leverage, led by men and women. Financial leverage is used as a measure of corporate risk because these variables can be changed by the CEO. Data from companies listed on the Jakarta Stock Exchange as sample. The results showed that there were differences in leverage between firms that have a men CEO with the women CEO of a company. Men CEO use more debt than the women CEO. But for the performance measured by ROI, obtained different results for the type of industry studied. For the consumer goods industry, there are performance differences between the men CEO and the women. But for the internet service industry and enamel kitchen showed no performance difference between women CEO with men CEO.Key words: leverage, woman CEO, man CEO, performanceAbstrakBerbagai penelitian menunjukkan bahwa wanita lebih risk averse dalam mengambil keputusan dan lebih berorientasi jangka panjang. Wanita lebih suka menolak risiko dibandingkan pria, sehingga kecil kemungkinan mereka akan menggunakan hutang dalam struktur modalnya, karena dengan menambah hutang berarti memperbesar risiko keuangan perusahaan. Penelitian ini ingin menguji apakah jender menjadi faktor yang cukup signifikan dalam financial leverage, dengan melihat apakah ada perbedaan dalam kebijakan leverage antara perusahaan yang dipimpin oleh pria dan wanita. Financial leverage dipakai sebagai ukuran risiko perusahaan karena variabel ini bisa diubah oleh CEO. Sampel menggunakan data dari perusahaan yang listed di Jakarta Stock Exchange. Hasil penelitian

  11. Report assessment match/mismatch and issues with combined funding: deliverable 5.3

    NARCIS (Netherlands)

    Heide, M. de; Butter, M.

    2016-01-01

    Objective of the report is to assess how to finance the set-up and / or continuation of what is defined as Large-scale RDI initiatives (LSIs, see Box 1). The report analyses the potential use of different public and private funding sources, and how these can be combined. The analysis will result in

  12. IDC Reengineering Phase 2 & 3 Rough Order of Magnitude (ROM) Cost Estimate Summary (Leveraged NDC Case).

    Energy Technology Data Exchange (ETDEWEB)

    Harris, James M.; Prescott, Ryan; Dawson, Jericah M.; Huelskamp, Robert M.

    2014-11-01

    Sandia National Laboratories has prepared a ROM cost estimate for budgetary planning for the IDC Reengineering Phase 2 & 3 effort, based on leveraging a fully funded, Sandia executed NDC Modernization project. This report provides the ROM cost estimate and describes the methodology, assumptions, and cost model details used to create the ROM cost estimate. ROM Cost Estimate Disclaimer Contained herein is a Rough Order of Magnitude (ROM) cost estimate that has been provided to enable initial planning for this proposed project. This ROM cost estimate is submitted to facilitate informal discussions in relation to this project and is NOT intended to commit Sandia National Laboratories (Sandia) or its resources. Furthermore, as a Federally Funded Research and Development Center (FFRDC), Sandia must be compliant with the Anti-Deficiency Act and operate on a full-cost recovery basis. Therefore, while Sandia, in conjunction with the Sponsor, will use best judgment to execute work and to address the highest risks and most important issues in order to effectively manage within cost constraints, this ROM estimate and any subsequent approved cost estimates are on a 'full-cost recovery' basis. Thus, work can neither commence nor continue unless adequate funding has been accepted and certified by DOE.

  13. KEPEMILIKAN MANAJERIAL DAN LEVERAGE SEBAGAI PREDIKTOR PROFITABILITAS DAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY

    Directory of Open Access Journals (Sweden)

    Putu Agus Dwipayadnya

    2016-02-01

    Full Text Available Managerial Ownership and Leverage as Profitability Predictor and Corporate Social Responsibility Disclosure. This study aimed to determine the effect of managerial ownership composition and leverage on profitability and disclosure of CSR. The population in this study are manufacturing companies listed in Indonesia Stock Exchange. Sampling was conducted research with purposive sampling method so that the sample of this study as many as 24 companies. The research data is secondary data obtained from the website of the Indonesia Stock Exchange and the Indonesian Capital Market Directory from 2009 until 2013. Testing research hypotheses using path analysis technique (path analysis. The results showed that: (1 managerial ownership and leverage impact positivelly on profitability. (2 managerial ownership effect negativelly on leverage. (3 managerial ownership and leverage do not affect the disclosure of CSR. (4 profitability impact positively on the disclosure of CSR. (5 profitability is able to mediate the relationship managerial ownership and leverage on CSR disclosure.   Keywords: Managerial Ownership, Leverage, Profitability and Corporate Social Responsibility Disclosure

  14. The contribution of bank regulation and fair value accounting to procyclical leverage

    OpenAIRE

    Amel-Zadeh; Barth, ME; Landsman, WR

    2017-01-01

    Our analytical description of how banks’ responses to asset price changes can result in procyclical leverage reveals that for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, procyclical leverage does not occur. For banks without a binding constraint, fair value and bank regulation both can contribute to procyclical leverage. Empirical findings based on a large sample of US commercial banks reveal that bank regulation explains p...

  15. Payeeship, financial leverage, and the client-provider relationship.

    Science.gov (United States)

    Angell, Beth; Martinez, Noriko I; Mahoney, Colleen A; Corrigan, Patrick W

    2007-03-01

    Although representative payeeship provided within clinical settings is believed to have therapeutic benefits, its potential negative impact on the therapeutic alliance or client-provider relationship is of concern. This study examined the effects of payeeship and perceived financial leverage on positive and negative dimensions of the client-provider relationship. The sample consisted of 205 adults ages 18 to 65 with axis I disorders who were receiving mental health services from a large urban community mental health clinic. Information about money management characteristics and ratings of the client-provider relationship were collected via face-to-face interview. Fifty-three percent of the sample had a payee or money manager, and 79% of this group had a clinician payee. Respondents with co-occurring psychotic and substance use disorders, lower functioning, and lower insight about their illness were more likely to have a clinician payee. Forty percent of those with a clinician payee reported perceived financial leverage. Having a clinician payee was also associated with perceived financial leverage and with higher levels of conflict in the case management relationship. When examined in combination, financial leverage was found to mediate the effects of payeeship on conflict in the case management relationship (mean+/-SE=2.37+/-1.33, 95% confidence interval=16-5.52, pconflict in the therapeutic alliance when used as a source of treatment leverage. Although payeeship provides important support and may enhance functional outcomes for the patient, decisions about using the mechanism for promoting treatment adherence should take into account the potential disruption to the client-provider relationship.

  16. Leveraging the geospatial advantage

    Science.gov (United States)

    Ben Butler; Andrew Bailey

    2013-01-01

    The Wildland Fire Decision Support System (WFDSS) web-based application leverages geospatial data to inform strategic decisions on wildland fires. A specialized data team, working within the Wildland Fire Management Research Development and Application group (WFM RD&A), assembles authoritative national-level data sets defining values to be protected. The use of...

  17. School Socioeconomic Classification, Funding, and the New Jersey High School Proficiency Assessment (HSPA)

    Science.gov (United States)

    Bao, D. H.; Romeo, George C.; Harvey, Roberta

    2010-01-01

    This study examines the relationship between educational effectiveness, as measured by the New Jersey High School Proficiency Assessment (HSPA), and funding of school districts based on socioeconomic classification. Results indicate there is a strong relationship between performance in HSPA, socioeconomic classification, and the different sources…

  18. On risk, leverage and banks: do highly leveraged banks take on excessive risk?

    NARCIS (Netherlands)

    Koudstaal, M.; van Wijnbergen, S.

    2012-01-01

    This paper deals with the relation between excessive risk taking and capital structure in banks. Examining a quarterly dataset of U.S. banks between 1993 and 2010, we find that equity is valued higher when more risky portfolios are chosen when leverage is high, and that more risk taking has a

  19. DOWNWARD SLOPING DEMAND CURVES FOR STOCK AND LEVERAGE

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2006-01-01

    Full Text Available This research attempts to investigate the effect of downward sloping demand curves for stock on firms' financing decisions. For the same size of equity issuance, firms with steeper slope of demand curves for their stocks experience a larger price drop in their share price compare to their counterparts. As a consequence, firms with a steeper slope of demand curves are less likely to issue equity and hence they have higher leverage ratios. This research finds that the steeper the slope of demand curve for firm's stock, the higher the actual leverage of the firm. Furthermore, firms with a steeper slope of demand curves have higher target leverage ratios, signifying that these firms prefer debt to equity financing in order to avoid the adverse price impact of equity issuance on their share price.

  20. PENGARUH PROFITABILITAS, LEVERAGE DAN LIKUIDITAS TERHADAP KINERJA LINGKUNGAN

    Directory of Open Access Journals (Sweden)

    Agus Widarsono

    2015-12-01

    Full Text Available This study aims to test and obtain empirical evidence of factors that affect the environmental performance partially and simultaneously. Factors studied in this research are profitability, leverage and liquidity. The research method used is descriptive method verifikatif. With verificative testing using multiple regression, partial test (t test and simultaneous test (F test. The data used are secondary data that is the company's annual report and PROPER report of Ministry of Environment as sample in the research. The sample of research is 11 State-Owned Enterprise (BUMN Year 2009-2013 taken by using purposive sampling method. The results of this study indicate that profitability, leverage and liquidity have no significant effect on environmental performance partially. And profitability, leverage, and profitability have no significant effect on environmental performance simultaneously.

  1. The effect of financial leverage on profitability of manufacturing ...

    African Journals Online (AJOL)

    The effect of financial leverage on profitability of manufacturing companies listed on the Ghana stock exchange. ... Journal of Business Research ... For many years many studies have focused on the effect of financial leverage on firm performance and yet there has been no specific result that can be generalized regarding ...

  2. Leveraging CubeSat Technology to Address Nighttime Imagery Requirements over the Arctic

    Science.gov (United States)

    Pereira, J. J.; Mamula, D.; Caulfield, M.; Gallagher, F. W., III; Spencer, D.; Petrescu, E. M.; Ostroy, J.; Pack, D. W.; LaRosa, A.

    2017-12-01

    The National Oceanic and Atmospheric Administration (NOAA) has begun planning for the future operational environmental satellite system by conducting the NOAA Satellite Observing System Architecture (NSOSA) study. In support of the NSOSA study, NOAA is exploring how CubeSat technology funded by NASA can be used to demonstrate the ability to measure three-dimensional profiles of global temperature and water vapor. These measurements are critical for the National Weather Service's (NWS) weather prediction mission. NOAA is conducting design studies on Earth Observing Nanosatellites (EON) for microwave (EON-MW) and infrared (EON-IR) soundings, with MIT Lincoln Laboratory and NASA JPL, respectively. The next step is to explore the technology required for a CubeSat mission to address NWS nighttime imagery requirements over the Arctic. The concept is called EON-Day/Night Band (DNB). The DNB is a 0.5-0.9 micron channel currently on the operational Visible Infrared Imaging Radiometer Suite (VIIRS) instrument, which is part of the Suomi-National Polar-orbiting Partnership and Joint Polar Satellite System satellites. NWS has found DNB very useful during the long periods of darkness that occur during the Alaskan cold season. The DNB enables nighttime imagery products of fog, clouds, and sea ice. EON-DNB will leverage experiments carried out by The Aerospace Corporation's CUbesat MULtispectral Observation System (CUMULOS) sensor and other related work. CUMULOS is a DoD-funded demonstration of COTS camera technology integrated as a secondary mission on the JPL Integrated Solar Array and Reflectarray Antenna mission. CUMULOS is demonstrating a staring visible Si CMOS camera. The EON-DNB project will leverage proven, advanced compact visible lens and focal plane camera technologies to meet NWS user needs for nighttime visible imagery. Expanding this technology to an operational demonstration carries several areas of risk that need to be addressed prior to an operational mission

  3. How to fund assetless estates in insolvency? Assessing European funding mechanisms

    NARCIS (Netherlands)

    van Dijck, G.

    2014-01-01

    Insolvency law faces the challenge of properly liquidating insolvent estates. To achieve this, insolvency representatives need to be skilled, and paid. Countries have adopted different models for compensating insolvency representatives who liquidate estates. While a proper insolvency funding

  4. A Model Suggestion to Predict Leverage Ratio for Construction Projects

    Directory of Open Access Journals (Sweden)

    Özlem Tüz

    2013-12-01

    Full Text Available Due to the nature, construction is an industry with high uncertainty and risk. Construction industry carries high leverage ratios. Firms with low equities work in big projects through progress payment system, but in this case, even a small negative in the planned cash flows constitute a major risk for the company.The use of leverage, with a small investment to achieve profit targets large-scale, high-profit, but also brings a high risk with it. Investors may lose all or the portion of the money. In this study, monitoring and measuring of the leverage ratio because of the displacement in cash inflows of construction projects which uses high leverage and low cash to do business in the sector is targeted. Cash need because of drifting the cash inflows may be seen due to the model. Work should be done in the early stages of the project with little capital but in the later stages, rapidly growing capital need arises.The values obtained from the model may be used to supply the capital held in the right time by anticipating the risks because of the delay in cashflow of construction projects which uses high leverage ratio.

  5. How to Fund Assetless Estates in Insolvency? Assessing European Funding Mechanisms

    NARCIS (Netherlands)

    van Dijck, G.

    2014-01-01

    Insolvency law faces the challenge of properly liquidating insolvent estates. To achieve this, insolvency representatives need to be skilled, and paid. Countries have adopted differ- ent models for compensating insolvency representatives who liquidate estates. While a proper insolvency funding

  6.  Basic assumptions and definitions in the analysis of financial leverage

    Directory of Open Access Journals (Sweden)

    Tomasz Berent

    2015-12-01

    Full Text Available The financial leverage literature has been in a state of terminological chaos for decades as evidenced, for example, by the Nobel Prize Lecture mistake on the one hand, and the global financial crisis on the other. A meaningful analysis of the leverage phenomenon calls for the formulation of a coherent set of assumptions and basic definitions. The objective of the paper is to answer this call. The paper defines leverage as a value neutral concept useful in explaining the magnification effect exerted by financial activity upon the whole spectrum of financial results. By adopting constructivism as a methodological approach, we are able to introduce various types of leverage such as capital and income, base and non-base, accounting and market value, for levels and for distances (absolute and relative, costs and simple etc. The new definitions formulated here are subsequently adopted in the analysis of the content of leverage statements used by the leading finance textbook.

  7. Developing a methodology to assess the impact of research grant funding: a mixed methods approach.

    Science.gov (United States)

    Bloch, Carter; Sørensen, Mads P; Graversen, Ebbe K; Schneider, Jesper W; Schmidt, Evanthia Kalpazidou; Aagaard, Kaare; Mejlgaard, Niels

    2014-04-01

    This paper discusses the development of a mixed methods approach to analyse research funding. Research policy has taken on an increasingly prominent role in the broader political scene, where research is seen as a critical factor in maintaining and improving growth, welfare and international competitiveness. This has motivated growing emphasis on the impacts of science funding, and how funding can best be designed to promote socio-economic progress. Meeting these demands for impact assessment involves a number of complex issues that are difficult to fully address in a single study or in the design of a single methodology. However, they point to some general principles that can be explored in methodological design. We draw on a recent evaluation of the impacts of research grant funding, discussing both key issues in developing a methodology for the analysis and subsequent results. The case of research grant funding, involving a complex mix of direct and intermediate effects that contribute to the overall impact of funding on research performance, illustrates the value of a mixed methods approach to provide a more robust and complete analysis of policy impacts. Reflections on the strengths and weaknesses of the methodology are used to examine refinements for future work. Copyright © 2014 Elsevier Ltd. All rights reserved.

  8. Leveraging electronic health records for clinical research.

    Science.gov (United States)

    Raman, Sudha R; Curtis, Lesley H; Temple, Robert; Andersson, Tomas; Ezekowitz, Justin; Ford, Ian; James, Stefan; Marsolo, Keith; Mirhaji, Parsa; Rocca, Mitra; Rothman, Russell L; Sethuraman, Barathi; Stockbridge, Norman; Terry, Sharon; Wasserman, Scott M; Peterson, Eric D; Hernandez, Adrian F

    2018-04-30

    Electronic health records (EHRs) can be a major tool in the quest to decrease costs and timelines of clinical trial research, generate better evidence for clinical decision making, and advance health care. Over the past decade, EHRs have increasingly offered opportunities to speed up, streamline, and enhance clinical research. EHRs offer a wide range of possible uses in clinical trials, including assisting with prestudy feasibility assessment, patient recruitment, and data capture in care delivery. To fully appreciate these opportunities, health care stakeholders must come together to face critical challenges in leveraging EHR data, including data quality/completeness, information security, stakeholder engagement, and increasing the scale of research infrastructure and related governance. Leaders from academia, government, industry, and professional societies representing patient, provider, researcher, industry, and regulator perspectives convened the Leveraging EHR for Clinical Research Now! Think Tank in Washington, DC (February 18-19, 2016), to identify barriers to using EHRs in clinical research and to generate potential solutions. Think tank members identified a broad range of issues surrounding the use of EHRs in research and proposed a variety of solutions. Recognizing the challenges, the participants identified the urgent need to look more deeply at previous efforts to use these data, share lessons learned, and develop a multidisciplinary agenda for best practices for using EHRs in clinical research. We report the proceedings from this think tank meeting in the following paper. Copyright © 2018 Elsevier, Inc. All rights reserved.

  9. INTERDEPENDENT ANALYSIS OF LEVERAGE, DIVIDEND, AND MANAGERIAL OWNERSHIP POLICIES: Agencies Perspectives

    Directory of Open Access Journals (Sweden)

    Wibisono Hardjopranoto

    2006-06-01

    Full Text Available This paper attempts to investigate interdependent mechanism among leverage, dividend, and managerial ownership policies. This paper considers firm size and economic conditions to control their effect on the relationship among the three policies. The interrelationship between leverage, dividend, and managerial ownership policies will be tested using two-stage least squares. Five exogenous variables are employed in simultaneous equation: current assets and structure of assets as leverage determinants, book to market and return on investment as dividend determinants, and relative return to risk as managerial ownership determinant. The research employs year 1994-2004 data, with 1717 firm years. The research findings can be summarised as follows. First, there is a negative relationship between managerial ownership and leverage policies as suggested by agency theory. Second, there is a relationship between managerial ownership and dividend policies, but the relationship between leverage and dividend is insignificant. Third, the relationship between leverage and dividend is insensitive to economic condition and firm size. Fourth, all exogenous variables have significant effect on endogenous variables, except relative return. Fifth, the effects of exogenous variables are not sensitive to control variables. Sixth, we find that managers show self-interest behaviours by reducing managerial ownership when the economic condition worsens.

  10. The Golden Target: Analyzing the Tracking Performance of Leveraged Gold ETFs

    OpenAIRE

    Tim Leung; Brian Ward

    2015-01-01

    This paper studies the empirical tracking performance of leveraged ETFs on gold, and their price relationships with gold spot and futures. For tracking the gold spot, we find that our optimized portfolios with short-term gold futures are highly effective in replicating prices. The market-traded gold ETF (GLD) also exhibits a similar tracking performance. However, we show that leveraged gold ETFs tend to underperform their corresponding leveraged benchmark. Moreover, the underperformance worse...

  11. An assessment of the effects of casemix funding on hospital utilisation: a Northern Territory perspective.

    Science.gov (United States)

    Xiao, J; Lee, A; Vemuri, S R; Beaver, C

    2000-01-01

    This article is concerned with the methodological issues of assessing the effects of casemix funding on hospital utilisation. Time-series analysis and intervention analysis are proposed to ascertain the effects. It was found there had been a decline in average length of stay and number of bed-days, an increase in weighted separations for teaching and non-teaching hospitals, and no apparent increase of costliness in terms of a comprehensive casemix index. No evidence of decline in quality of care can be established in terms of readmission rates. The long-term effects of casemix funding, and specific issues in terms of the funding model used, patients and cost shifting between hospital services and community health services, remain to be studied.

  12. Modeling Financial Time Series Based on a Market Microstructure Model with Leverage Effect

    Directory of Open Access Journals (Sweden)

    Yanhui Xi

    2016-01-01

    Full Text Available The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation. With the new representations, a theoretical explanation of leverage effect is provided. Simulated data and daily stock market indices (Shanghai composite index, Shenzhen component index, and Standard and Poor’s 500 Composite index via Bayesian Markov Chain Monte Carlo (MCMC method are used to estimate the leverage market microstructure model. The results verify the effectiveness of the model and its estimation approach proposed in the paper and also indicate that the stock markets have strong leverage effects. Compared with the classical leverage stochastic volatility (SV model in terms of DIC (Deviance Information Criterion, the leverage market microstructure model fits the data better.

  13. 12 CFR 1206.5 - Working capital fund.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Working capital fund. 1206.5 Section 1206.5... Working capital fund. (a) Assessments. The Director shall establish and collect from the Regulated Entities such assessments he or she deems necessary to maintain a working capital fund. (b) Purposes...

  14. Asimetri Informasi, Leverage, dan Ukuran Perusahaan pada Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Tiya Mahawyahrti

    2017-03-01

    Full Text Available This study aims at finding the empirical evidence of the effect of asymmetry information, leverage, and firm size on earning management. This research uses agency theory and positive accounting theory to explain the effect of asymmetry information, leverage, and firm size on earning management. This study was conducted on companies listed in Indonesia Stock Exchange during the period of 2009-2013. The samples were selected by purposive sampling method. The number of selected samples were 39 companies. Multiple linear regression analysis was used to analyze the data. Based on the data analysis, the study proves that the asymmetry information has positive effects on earning management, leverage has positive effects on earning management and firm size has negative effects on earning management.

  15. The Media, Intelligence, and Information Proliferation: Managing and Leveraging the Chaos

    National Research Council Canada - National Science Library

    Steetin, Robert

    1999-01-01

    ... the chaos and leverage that coverage and flow of information. Leveraging the coverage only refers to improving and maintaining the leadership's situational awareness in a volatile, uncertain, complex, and ambiguous (VUCA) world...

  16. The Effects of Logistics Leverage in Marketing Systems

    OpenAIRE

    G.N. Okeudo

    2012-01-01

    An effective logistics system when incorporated into marketing can strengthen its operations and further give the firm a competitive edge. To design a marketing system which must maintain its market share, a firm must consider the effects of logistics and how its integration into marketing can produce several points of leverage. It is the purpose of this paper to highlight the leverage points available in any logistics units and to further analyze how marketing managers can work in sync with ...

  17. On the Performance of the Measure for Diagnosing Multiple High Leverage Collinearity-Reducing Observations

    Directory of Open Access Journals (Sweden)

    Arezoo Bagheri

    2012-01-01

    Full Text Available There is strong evidence indicating that the existing measures which are designed to detect a single high leverage collinearity-reducing observation are not effective in the presence of multiple high leverage collinearity-reducing observations. In this paper, we propose a cutoff point for a newly developed high leverage collinearity-influential measure and two existing measures ( and to identify high leverage collinearity-reducing observations, the high leverage points which hide multicollinearity in a data set. It is important to detect these observations as they are responsible for the misleading inferences about the fitting of the regression model. The merit of our proposed measure and cutoff point in detecting high leverage collinearity-reducing observations is investigated by using engineering data and Monte Carlo simulations.

  18. A Fund of Wisdom

    DEFF Research Database (Denmark)

    Seabrooke, Leonard; Broome, André

    2006-01-01

    The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

  19. KARAKTERISTIK EKSEKUTIF TERHADAP TAX AVOIDANCE DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING

    Directory of Open Access Journals (Sweden)

    Verani Carolina

    2017-03-01

    Full Text Available This research aimed to examine the influence of the executive characteristic on corporate tax avoidance. Risktaker’s executive tended to be more courageous and aggressive in taking decision related to the tax. On thecontrary, the risk averse executive tended to be carefully (Low, 2006. This research used leverage as interveningvariable. Therefore, there was an assumption that the executive characteristic determined the corporateleverage which then influenced their tax avoidance in the company. Manufacturing companies which werelisted in Indonesia Stock Exchange during the period 2010-2012 were used as samples. This research usedpurposive sampling method to select the sample with the criteria as follows: they were listed in Indonesia StockExchange during the period of 2010-2012, they made a profit during the period of 2010-2012, and they usedrupiah as reporting currency. Data was processed using path analysis and the result showed that the executivecharacteristic had an impact on corporate tax avoidance with leverage as the intervening variable. The resultof this research could be used for the investors to assess the corporate tax avoidance before they made a decision,and also for the policy makers to detect the corporate tax avoidance.

  20. Struktur Kepemilikan, Kebijakan Dividen, dan Leverage sebagai Determinan atas Nilai Perusahaan

    Directory of Open Access Journals (Sweden)

    Indah Eva Ambarwati

    2014-08-01

    Full Text Available This study aims to make research and prove the exis­tence of empirical evidence about the effect of Ownership Structure, Dividend Policy and Leverage partially and simultaneously by using multiple linear regression method. The results of the analysis in this study shows that the Ownership Structure, Dividend Policy and Leverage simultaneous effect on firm value. Partially, the variables that affect the value of the company is Leverage (Debt to Equity Ratio, Debt to Capital Asset Ratio, and Long Term Debt Ratio.

  1. The leverage effect on wealth distribution in a controllable laboratory stock market.

    Science.gov (United States)

    Zhu, Chenge; Yang, Guang; An, Kenan; Huang, Jiping

    2014-01-01

    Wealth distribution has always been an important issue in our economic and social life, since it affects the harmony and stabilization of the society. Under the background of widely used financial tools to raise leverage these years, we studied the leverage effect on wealth distribution of a population in a controllable laboratory market in which we have conducted several human experiments, and drawn the conclusion that higher leverage leads to a higher Gini coefficient in the market. A higher Gini coefficient means the wealth distribution among a population becomes more unequal. This is a result of the ascending risk with growing leverage level in the market plus the diversified trading abilities and risk preference of the participants. This work sheds light on the effects of leverage and its related regulations, especially its impact on wealth distribution. It also shows the capability of the method of controllable laboratory markets which could be helpful in several fields of study such as economics, econophysics and sociology.

  2. THEORETICAL ESSAY ABOUT THE RELATION BETWEEN FINANCIAL LEVERAGE AND INVESTMENT IN BRAZILIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    Aline Midori Kuroda

    2015-12-01

    Full Text Available The quest for understanding the relationship between the capital structure and investment decisions resulted in many different authors contribution. In the Brazilian economic scenario, an empirical study performed by Albuquerque and Matias (2013 identified the existence of a strong negative relation between finance leverage and investment in Brazilian public companies. The purpose of this study was to investigate whether the theory of finance supports these empirical findings or if there is a discrepancy between the practical behavior and the theoretical rules. To this end, it was performed a bibliographic research of scientific works related with this theme, among them Carneiro, Salles and Wu (2006, Hadlock and Pierce (2010 and Dang (2011. The methodology of this research can be classified as exploratory, according to its purpose, qualitative in terms of approach and bibliographical considering its technical procedures. All the developed analysis led to the formulation of six theoretical propositions that support the relation between financial leverage and investment. The negative and positive effects of debt were considered according to growth opportunities, the supply of credit in the Brazilian context, the raising of risk and cost of capital and the allocation of resources obtained through external funding. Briefly, it can be concluded that these six theoretical propositions could serve as the fundamentals of the relation in question, two being based on the under-investment and overinvestment theories and the other four, on the Brazilian financial market aspects. All of them must be considered in the decision making of a financial manager, especially the related with the financing options.

  3. The SULSA Assay Development Fund: accelerating translation of new biology from academia to pharma.

    Science.gov (United States)

    McElroy, Stuart P; Jones, Philip S; Barrault, Denise V

    2017-02-01

    With industry increasingly sourcing preclinical drug discovery projects from academia it is important that new academic discoveries are enabled through translation with HTS-ready assays. However, many scientifically interesting, novel molecular targets lack associated high-quality, robust assays suitable for hit finding and development. To bridge this gap, the Scottish Universities Life Sciences Alliance (SULSA) established a fund to develop assays to meet quality criteria such as those of the European Lead Factory. A diverse project portfolio was quickly assembled, and a review of the learnings and successful outcomes showed this fund as a new highly cost-effective model for leveraging significant follow-on resources, training early-career scientists and establishing a culture of translational drug discovery in the academic community. Copyright © 2016 The Author(s). Published by Elsevier Ltd.. All rights reserved.

  4. Random diffusion and leverage effect in financial markets.

    Science.gov (United States)

    Perelló, Josep; Masoliver, Jaume

    2003-03-01

    We prove that Brownian market models with random diffusion coefficients provide an exact measure of the leverage effect [J-P. Bouchaud et al., Phys. Rev. Lett. 87, 228701 (2001)]. This empirical fact asserts that past returns are anticorrelated with future diffusion coefficient. Several models with random diffusion have been suggested but without a quantitative study of the leverage effect. Our analysis lets us to fully estimate all parameters involved and allows a deeper study of correlated random diffusion models that may have practical implications for many aspects of financial markets.

  5. A Canadian loan fund for residential energy efficiency and renewable energy

    International Nuclear Information System (INIS)

    Tampier, M.

    2008-01-01

    Financing is a major need in the residential sector. Only a few programs in Canada provide low-interest financing for renewable energy. This presentation discussed the leveraging of cheap capital that could be used to enable public and private offers. With financial incentives, the renewable energy market was expected to at least double. A financial incentive fund could be one of several tools to achieve net zero energy housing, and address fuel poverty. A business plan is also required to move closer towards realization. The presentation described a report that outlines similar programs within and outside Canada, and presented estimates on future market size. Key data that was provided in the presentation included market potential; start-up capital for the fund; and average loan size to intermediaries. Next steps were also discussed with particular reference to lobbying the federal government to pick up this idea; having provincial governments and utilities join in this effort; and involvement of industry associations who have a tangible product. 1 fig

  6. Assessment of Non-Financial Criteria in the Selection of Investment Projects for Seed Capital Funding: the Contribution of Scientometrics and Patentometrics

    Directory of Open Access Journals (Sweden)

    Gustavo da Silva Motta

    2012-09-01

    Full Text Available The aim of this article is to assess the potential of using scientometric and patentometric indicators as a way of instrumentalizing the selection process of projects for seed capital funding. There is an increasing interest in technology based enterprises for their capacity to contribute to economic and social development, but there is also some difficulty in assessing non-financial criteria associated with technology for the purposes of financial funding. Thus, this research selected the case of the first enterprise invested in by the largest seed capital fund in Brazil, in order to create scientific and technological indicators and to assess the extent to which these indicators may contribute to understanding the market potential of the technology once it is assessed. It was concluded that scientometric and patentometric indicators favour the assessment process for non-financial criteria, in particular those criteria dealt with in this study: technology, market, divestment, and team.

  7. Opportunities and challenges for collaborative funding with industry

    Science.gov (United States)

    Thompson, J. F.

    2014-12-01

    The discovery and extraction of natural resources represents major challenges on both technical and socio-political fronts. Societal demand for commodities continues to increase as population, infrastructure, energy demands and standards of living increase. In parallel, society expects more efficient, cleaner and more sustainable practices. There are therefore multiple incentives for industry to invest in research and innovation to meet these fundamental goals. Natural resource companies fund research internally and externally but the focus, approach and level of funding varies considerably among sectors, companies and disciplines. The wide variety of philosophies creates difficulties for those who seek to work with industry. Most funding arrangement are built through extensive engagement, opportunities to leverage funds particularly in higher risk or less well defined areas (e.g., geoscience), and the attraction of meeting potential new high quality employees. Barriers to funding include unrealistic perceptions of confidentiality issues in industry, bureaucracy and unrealistic IP constraints in academia, and onerous overhead charges by universities that vastly exceed those charged by consulting and contract researchers. Academics and students can benefit immensely from productive research arrangements with industry, but understanding realistic expectations on both sides is critical. Although funding from industry may introduce constraints, some companies are willing to take a virtual hands-off approach in support of quality science. Selecting the appropriate researchers and methodology is important; it takes time for students to become effective and some problems are simply not suited to graduate research, or even academia. Some Governments play an enormous role in facilitating collaborative research with industry while others struggle to differentiate programs that encourage investment from those that unfairly subsidize industry. The traditional Government role

  8. Vertical and horizontal equity of funding for malaria control: a global multisource funding analysis for 2006-2010.

    Science.gov (United States)

    Barrenho, Eliana; Miraldo, Marisa; Shaikh, Mujaheed; Atun, Rifat

    2017-01-01

    International and domestic funding for malaria is critically important to achieve the Sustainable Development Goals. Its equitable distribution is key in ensuring that the available, scarce, resources are deployed efficiently for improved progress and a sustained response that enables eradication. We used concentration curves and concentration indices to assess inequalities in malaria funding by different donors across countries, measuring both horizontal and vertical equity. Horizontal equity assesses whether funding is distributed in proportion to health needs, whereas vertical equity examines whether unequal economic needs are addressed by appropriately unequal funding. We computed the Health Inequity Index and the Kakwani Index to assess the former and the latter, respectively. We used data from the World Bank, Global Fund, Unicef, President's Malaria Initiative and the Malaria Atlas Project to assess the distribution of funding against need for 94 countries. National gross domestic product per capita was used as a proxy for economic need and 'population-at-risk' for health need. The level and direction of inequity varies across funding sources. Unicef and the President's Malaria Initiative were the most horizontally inequitable ( pro-poor ). Inequity as shown by the Health Inequity Index for Unicef decreased from -0.40 (P0.10) in 2006 to -0.38 (P<0.05) in 2008, and decreased to -0.36 (P<0.10) in 2010. Domestic funding was inequitable ( pro-rich ) with inequity increasing from 0.28 (P<0.01) in 2006 to 0.39 (P<0.01) in 2009, and then decreasing to 0.22 (P<0.10) in 2010. Funding from the World Bank and the Global Fund was distributed proportionally according to need. In terms of vertical inequity, all sources were progressive: Unicef and the President's Malaria Initiative were the most progressive with the Kakwani Indices ranging from -0.97 (P<0.01) to -1.29 (P<0.01), and -0.90 (P<0.01) to -1.10 (P<0.01), respectively. Our results suggest that external funding of

  9. 13 CFR 107.1000 - Licensees without Leverage-exceptions to the regulations.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Licensees without Leverage-exceptions to the regulations. 107.1000 Section 107.1000 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION SMALL BUSINESS INVESTMENT COMPANIES Non-leveraged Licensees-Exceptions to Regulations § 107.1000...

  10. Leverage, debt maturity and firm investment: An empirical analysis

    OpenAIRE

    Dang, Viet A.

    2011-01-01

    In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

  11. On ISSM and leveraging the Cloud towards faster quantification of the uncertainty in ice-sheet mass balance projections

    Science.gov (United States)

    Larour, E.; Schlegel, N.

    2016-11-01

    With the Amazon EC2 Cloud becoming available as a viable platform for parallel computing, Earth System Models are increasingly interested in leveraging its capabilities towards improving climate projections. In particular, faced with long wait periods on high-end clusters, the elasticity of the Cloud presents a unique opportunity of potentially "infinite" availability of small-sized clusters running on high-performance instances. Among specific applications of this new paradigm, we show here how uncertainty quantification in climate projections of polar ice sheets (Antarctica and Greenland) can be significantly accelerated using the Cloud. Indeed, small-sized clusters are very efficient at delivering sensitivity and sampling analysis, core tools of uncertainty quantification. We demonstrate how this approach was used to carry out an extensive analysis of ice-flow projections on one of the largest basins in Greenland, the North-East Greenland Glacier, using the Ice Sheet System Model, the public-domain NASA-funded ice-flow modeling software. We show how errors in the projections were accurately quantified using Monte-Carlo sampling analysis on the EC2 Cloud, and how a judicious mix of high-end parallel computing and Cloud use can best leverage existing infrastructures, and significantly accelerate delivery of potentially ground-breaking climate projections, and in particular, enable uncertainty quantification that were previously impossible to achieve.

  12. The mental health care model in Brazil: analyses of the funding, governance processes, and mechanisms of assessment

    Directory of Open Access Journals (Sweden)

    Thiago Lavras Trapé

    Full Text Available ABSTRACT OBJECTIVE This study aims to analyze the current status of the mental health care model of the Brazilian Unified Health System, according to its funding, governance processes, and mechanisms of assessment. METHODS We have carried out a documentary analysis of the ordinances, technical reports, conference reports, normative resolutions, and decrees from 2009 to 2014. RESULTS This is a time of consolidation of the psychosocial model, with expansion of the health care network and inversion of the funding for community services with a strong emphasis on the area of crack cocaine and other drugs. Mental health is an underfunded area within the chronically underfunded Brazilian Unified Health System. The governance model constrains the progress of essential services, which creates the need for the incorporation of a process of regionalization of the management. The mechanisms of assessment are not incorporated into the health policy in the bureaucratic field. CONCLUSIONS There is a need to expand the global funding of the area of health, specifically mental health, which has been shown to be a successful policy. The current focus of the policy seems to be archaic in relation to the precepts of the psychosocial model. Mechanisms of assessment need to be expanded.

  13. The Impact of Hedge Fund Activism on Target Firm Performance, Executive Compensation and Executive Wealth

    Directory of Open Access Journals (Sweden)

    Andrew Carrothers

    2017-10-01

    Full Text Available This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm executives’ wealth is more sensitive to changes in share price after hedge fund activism events suggesting that the executive team experiences changes to their compensation structure that provides incentive to take action to improve returns to shareholders. The top executives reap rewards for increasing firm value but not for increased risk taking.

  14. ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

    OpenAIRE

    Bartosz Bartniczak

    2009-01-01

    Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

  15. Leveraging Old Intellectual Property to Accelerate Technology Entrepreneurship

    Directory of Open Access Journals (Sweden)

    Derek Smith

    2013-06-01

    Full Text Available Acquiring or licensing assets to older technologies, including surviving intellectual property rights, is an often-overlooked viable strategy for accelerating technology entrepreneurship. This strategy can help entrepreneurs short-cut the growth of a customer base, reduce development effort, and shorten the time to market with a minimum viable product. However, this strategy is not without risk; entrepreneurs need to be careful that the acquired intellectual property rights are not fraught with issues that could severely outweigh any perceived value. Proper investigation is required to ensure success because the current literature fails to provide tools that an entrepreneur can apply when considering the acquisition of intellectual property. This article includes a case study of a technology company – Piranha Games – that indirectly acquired sole and exclusive access to a substantial historical customer base by acquiring and licensing older technology and surviving intellectual property assets. The founders then leveraged the existing product brand and its historical customers to acquire significant funding and went global with a minimum viable product in three years. The copyright and trademark assets provided value on day one to Piranha Games by making it difficult and risky for others to exploit the technology. Based on this case study, this article offers recommendations to entrepreneurs who may benefit from acquiring old intellectual property to accelerate the growth of their startups.

  16. Leveraging Chaos in Continuous Thrust Trajectory Design

    Data.gov (United States)

    National Aeronautics and Space Administration — A trajectory design tool is sought to leverage chaos and nonlinear dynamics present in multi-body gravitational fields to design ultra-low energy transfer...

  17. Leveraging Relational Technology through Industry Partnerships.

    Science.gov (United States)

    Brush, Leonard M.; Schaller, Anthony J.

    1988-01-01

    Carnegie Mellon University has leveraged its technological expertise with database management systems (DBMS) into joint technological and developmental partnerships with DBMS and application software vendors. Carnegie's relational database strategy, the strategy of partnerships and how they were formed, and how the partnerships are doing are…

  18. Financial Leverage and Corporate Performance: Does Financial Crisis Owe an Explanation?

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2015-04-01

    Full Text Available The objective of this study is to investigate the impact of financial leverage on corporate financial performance of Pakistan’s textile sector from 1999-2012 using panel data. The leverage-performance relationship is examined with a special focus on the Global Financial Crisis of 2007-2008. Both accounting-based (Return on Assets - ROA and market-based (Tobin’s Q measures of corporate financial performance are used. Regression analysis is performed with and without inclusion of financial crisis dummy. Total Debt to Total Assets (TDTA, Long Term Debt to Total Assets (LDTA, Short Term Debt to Total Assets (SDTA and Debt to Equity (DE ratios are used as proxies for financial leverage whereas firm’s size and firm’s efficiency are used as control variables. The results indicate that financial leverage has a negative impact on corporate performance when measured with ROA. Whereas in case of Tobin’s Q, SDTA coefficient is positive. It can be concluded that since cost of borrowing is high in Pakistan and debt capital markets are less developed, firms are forced to resort to banks as their source of debt finance and thus have to repay huge amount of principal and interest which has a heavy toll on their financial health. In addition to this, financial crisis was found to have a negative impact on corporate performance and also affect the leverage-performance relationship.

  19. Vertical and horizontal equity of funding for malaria control: a global multisource funding analysis for 2006–2010

    Science.gov (United States)

    Barrenho, Eliana; Miraldo, Marisa; Shaikh, Mujaheed; Atun, Rifat

    2017-01-01

    Background International and domestic funding for malaria is critically important to achieve the Sustainable Development Goals. Its equitable distribution is key in ensuring that the available, scarce, resources are deployed efficiently for improved progress and a sustained response that enables eradication. Methods We used concentration curves and concentration indices to assess inequalities in malaria funding by different donors across countries, measuring both horizontal and vertical equity. Horizontal equity assesses whether funding is distributed in proportion to health needs, whereas vertical equity examines whether unequal economic needs are addressed by appropriately unequal funding. We computed the Health Inequity Index and the Kakwani Index to assess the former and the latter, respectively. We used data from the World Bank, Global Fund, Unicef, President’s Malaria Initiative and the Malaria Atlas Project to assess the distribution of funding against need for 94 countries. National gross domestic product per capita was used as a proxy for economic need and ‘population-at-risk’ for health need. Findings The level and direction of inequity varies across funding sources. Unicef and the President’s Malaria Initiative were the most horizontally inequitable (pro-poor). Inequity as shown by the Health Inequity Index for Unicef decreased from −0.40 (P0.10) in 2006 to −0.38 (P<0.05) in 2008, and decreased to −0.36 (P<0.10) in 2010. Domestic funding was inequitable (pro-rich) with inequity increasing from 0.28 (P<0.01) in 2006 to 0.39 (P<0.01) in 2009, and then decreasing to 0.22 (P<0.10) in 2010. Funding from the World Bank and the Global Fund was distributed proportionally according to need. In terms of vertical inequity, all sources were progressive: Unicef and the President’s Malaria Initiative were the most progressive with the Kakwani Indices ranging from −0.97 (P<0.01) to −1.29 (P<0.01), and −0.90 (P<0.01) to −1.10 (P<0

  20. Innovative project delivery using alternative financing mechanisms : assessment of benefits, costs, and risks.

    Science.gov (United States)

    2014-12-01

    The U.S. Department of Transportation (U.S. DOT) and state DOTs across the nation seek private : investments to leverage their shrinking financial resources and fulfill their growing funding shortfalls. : Involvement of the private sector in financin...

  1. The value of tax shields with a fixed book-value leverage ratio

    OpenAIRE

    Fernandez, Pablo

    2005-01-01

    The value of tax shields depends only on the nature of the stochastic process of the net increases of debt. The value of tax shields in a world with no leverage cost is the tax rate times the current debt plus the present value of the net increases of debt. We develop valuation formulae for a company that maintains a fixed book-value leverage ratio and show that it is more realistic than to assume, as Miles-Ezzell (1980) do, a fixed market-value leverage ratio. We also show that Miles-Ezzell ...

  2. Brownfield Grant Site Points, Region 9, 2014, US EPA Region 9

    Data.gov (United States)

    U.S. Environmental Protection Agency — EPA's Brownfields Program provides direct funding for brownfields assessment, cleanup, revolving loans, and environmental job training. To facilitate the leveraging...

  3. Business strategy and financial structure: an empirical analysis of acute care hospitals.

    Science.gov (United States)

    Ginn, G O; Young, G J; Beekun, R I

    1995-01-01

    This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.

  4. Leveraging liquid dielectrophoresis for microfluidic applications

    International Nuclear Information System (INIS)

    Chugh, Dipankar; Kaler, Karan V I S

    2008-01-01

    Miniaturized fluidic systems have been developed in recent years and offer new and novel means of leveraging the domain of microfluidics for the development of micro-total analysis systems (μTAS). Initially, such systems employed closed microchannels in order to facilitate chip-based biochemical assays, requiring very small quantities of sample and/or reagents and furthermore providing rapid and low-cost analysis on a compact footprint. More recently, advancements in the domain of surface microfluidics have suggested that similar low volume sample handling and manipulation capabilities for bioassays can be attained by leveraging the phenomena of liquid dielectrophoresis and droplet dielectrophoresis (DEP), without the need for separate pumps or valves. Some of the key aspects of this surface microfluidic technology and its capabilities are discussed and highlighted in this paper. We, furthermore, examine the integration and utility of liquid DEP and droplet DEP in providing rapid and automated sample handling and manipulation capabilities on a compact chip-based platform

  5. OPINI AUDIT GOING CONCERN: KAJIAN BERDASARKAN MODEL PREDIKSI KEBANGKRUTAN, PERTUMBUHAN PERUSAHAAN, LEVERAGE, DAN REPUTASI AUDITOR

    Directory of Open Access Journals (Sweden)

    ARRY PRATAMA RUDYAWAN

    2009-07-01

    Full Text Available The cases of accounting data manipulation that involve big firms, such as Enron and WorldCom, have affected auditor reputation. Enron and 95 other firms received unqualified opinion in the year prior to bankruptcy. This fact raises questions why firms receiving unqualified opinion stop operating. The assessment of going concern has to be delivered by auditor and added into audit opinion.  An auditor is responsible to evaluate whether there is substantial doubt about the entity’s ability to continue its operation for a reasonable period of time. This research aims to investigate the effect of bankruptcy prediction model, firm growth, leverage, and auditor reputation on going concern audit opinion. The result shows that bankruptcy prediction model affects the accuracy of going concern opinion issue. However, the firm growth, leverage, and auditor reputation do not do so.

  6. Implementation of Strategies to Leverage Public and Private Resources for National Security Workforce Development

    Energy Technology Data Exchange (ETDEWEB)

    None

    2009-04-01

    This report documents implementation strategies to leverage public and private resources for the development of an adequate national security workforce as part of the National Security Preparedness Project (NSPP), being performed under a U.S. Department of Energy (DOE)/National Nuclear Security Administration (NNSA) grant. There are numerous efforts across the United States to develop a properly skilled and trained national security workforce. Some of these efforts are the result of the leveraging of public and private dollars. As budget dollars decrease and the demand for a properly skilled and trained national security workforce increases, it will become even more important to leverage every education and training dollar. This report details some of the efforts that have been implemented to leverage public and private resources, as well as implementation strategies to further leverage public and private resources.

  7. Topics in Finance Part III--Leverage

    Science.gov (United States)

    Laux, Judy

    2010-01-01

    This article investigates operating and financial leverage from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related specifically to the implications of operating and financial risk and…

  8. Leveraging the wisdom of the crowd in software testing

    CERN Document Server

    Sharma, Mukesh

    2015-01-01

    Its scale, flexibility, cost effectiveness, and fast turnaround are just a few reasons why crowdsourced testing has received so much attention lately. While there are a few online resources that explain what crowdsourced testing is all about, there's been a need for a book that covers best practices, case studies, and the future of this technique.Filling this need, Leveraging the Wisdom of the Crowd in Software Testing shows you how to leverage the wisdom of the crowd in your software testing process. Its comprehensive coverage includes the history of crowdsourcing and crowdsourced testing, im

  9. From Stove-pipe to Network Centric Leveraging Technology to Present a Unified View

    National Research Council Canada - National Science Library

    Abuhantash, Medhat A; Shoultz, Matthew V

    2004-01-01

    .... The paper will also demonstrate how the application of current technology can be leveraged to present a unified view of data from disparate data sources, and how our organization is leveraging...

  10. The Relationship of State Funding of Education to Student Performance on State Mandated Assessments in South Dakota

    Science.gov (United States)

    Price, Joel Philip

    2012-01-01

    This study determined the relationship of state funding to student performance on state mandated assessments in South Dakota between the years of 2003-2009. A cohort group of 40 school districts between 200 ADM and 600 ADM who had not reorganized were selected. Data was collected using the Dakota STEP assessment portal on the South Dakota…

  11. The Role of Target Leverage in Security Issues and Repurchases

    OpenAIRE

    Armen Hovakimian

    2004-01-01

    The paper examines whether security issues and repurchases adjust the capital structure toward the target. The time-series patterns of debt ratios imply that only debt reductions are initiated to offset the accumulated deviation from target leverage. The importance of target leverage in earlier debt-equity choice studies is driven by the subsample of equity issues accompanied by debt reductions. Unlike debt issues and reductions, equity issues and repurchases have no significant lasting effec...

  12. Assessment of the DOE/NREL Historically Black College and University Photovoltaic Research Associates Program

    Energy Technology Data Exchange (ETDEWEB)

    Posey-Eddy, F.; McConnell, R. D.

    2002-08-01

    This report details the DOE/NREL Historically Black College and University (HBCU) Photovoltaic Research Associates Program, a small but remarkable program that directly affected dozens of minority undergraduate students in ways that changed many of their lives. The progress and accomplishments of undergraduates within the nine participating universities were monitored and assessed through their presentations at an annual NREL-sponsored HBCU conference. Although the funding was small, typically $400,000 per year, the money made a significant impact. The best students sometimes went on to the nation's top graduate schools (e.g., MIT) or important management positions in large companies. Other students had opportunities to learn how renewable energy could positively affect their lives and their neighbors' lives. A few were lucky enough to install photovoltaic lighting and water-pumping systems in Africa, and to see and feel firsthand the technical and emotional benefits of this technology for families and villages. Two of the schools, Texas Southern University and Central State University, were particularly successful in leveraging their DOE/NREL funding to obtain additional funding for expanded programs.

  13. Equity Mispricing and Leverage Adjustment Costs

    NARCIS (Netherlands)

    Warr, R.S.; Elliott, W.B.; Koeter-Kant, J.; Oztekin, O.

    2012-01-01

    We find that equity mispricing impacts the speed at which firms adjust to their target leverage (TL) and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their TL and should therefore issue equity (or retire debt) adjust more

  14. Personalized Infrastructure: Leveraging Behavioral Strategies for Future Mobility

    Energy Technology Data Exchange (ETDEWEB)

    Duvall, Andrew L [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2017-10-23

    For decades, the transportation system has been built to position the personal automobile at the pinnacle of mobility options. This prominence is strongly reflected in individual and population behaviors, and supported by coevolved transportation policy, social norms, funding, and physical structures. Such has been the status quo for the living memory of the U.S. population. However, with the advent of emergent, technologically driven mobility options, the transportation system is in an era of rapid and disruptive change. No longer is transportation infrastructure an externality predominantly composed of physical elements; it is also now a personalized interface carried in the pockets of the majority of the population. Perceptions of personal mobility are evolving, in large part because of the proliferation of smartphone technology and the related Internet of Things (IoT), which will become increasingly essential within future transportation systems. With the emergence of personalized mobility infrastructure, many intervention approaches to influence transportation behavior do not adequately acknowledge the complexity of the social/digital environment within which transportation decisions are made. Transportation decisions are influenced by multiple facets, including costs and benefits in time and money, but also by sociocultural elements shaped by social norms and diffusion of ideas. Understanding of factors that lead to transportation behaviors can help to identify incentives and leverage points whereby alternative choices may be most accepted by individuals, and which, if well coordinated, may lead to improved transportation energy outcomes. How can change be initiated to shift away from the transportation status quo? Is it possible to use technologically delivered incentives to produce meaningful changes in transportation behavior? What types of incentives and at what perceived value is necessary to induce changes in behavior? As transportation agencies look

  15. The Global Fund to Fight AIDS, Tuberculosis and Malaria's investments in harm reduction through the rounds-based funding model (2002-2014)

    DEFF Research Database (Denmark)

    Bridge, Jamie; Hunter, Benjamin M; Albers, Eliot

    2016-01-01

    investment of US$ 620. million. Two-thirds of this budgeted amount was for interventions in the "comprehensive package" defined by the United Nations. 91% of the identified amount was for Eastern Europe and Asia. Conclusion: This study represents an updated, comprehensive assessment of Global Fund...... and inequitable access to these services and face widespread stigma and discrimination. In 2013, the Global Fund launched a new funding model-signalling the end of the previous rounds-based model that had operated since its founding in 2002. This study updates previous analyses to assess Global Fund investments...... investments in harm reduction from its founding (2002) until the start of the new funding model (2014). It also highlights the overall shortfall of harm reduction funding, with the estimated global need being US$ 2.3. billion for harm reduction in 2015 alone. Using this baseline, the Global Fund must...

  16. Nuclear Waste Fund fee adequacy: An assessment: Nuclear Waste Policy Act

    International Nuclear Information System (INIS)

    1987-06-01

    The estimated long-term impact of the costs and fees associated with disposal of defense high-level wastes (DHLW) in the Office of Civilian Radioactive Waste Management (OCRWM) repository system is assessed. It is assumed that the DHLW disposal fees paid will provide funds equivalent to the OCRWM costs for disposing of this waste, including interest on costs incurred before the payment of the fee(s) to cover these costs, and the appropriate share of the common costs of the OCRWM waste disposal system. The DHLW disposal fee payments into the Nuclear Waste Fund will be subject to Congressional appropriations. This report is based on the assumptions that the first repository will open in 2003 and the second repository in 2023. In addition, this analysis features an Improved Performance System (IPS), a major component of which is a proposed (but currently unauthorized) Monitored Retrievable Storage (MRS) facility that is assumed to open in 1998. The possibility of adverse developments in inflation and real interest rates should be considered in assessing the findings of this analysis which are based on a cash flow analysis that utilized methods very similar to those employed in previous fee adequacy studies. Revisions were made in the areas of system logistics, repository schedules, real interest rates, inflation rates, and the estimation of costs for design and evaluation work, transportation, and repositories in differing host rocks. The principal recommendation is that the ongoing disposal fee should remain at 1.0 mill per (net) kilowatt-hour (kWh) for 1987 based on the assumption that defense waste fees will be adequate to cover the defense share of the program costs

  17. Leveraging Facebook to Brand Radiology.

    Science.gov (United States)

    Tso, Hilda H; Parikh, Jay R

    2018-03-30

    In the current health care climate, radiologists should consider developing their brand. Facebook is the market leader for social media networking in the United States. The authors describe how radiologists can leverage Facebook to develop and market organizational, group, and individual brands. The authors then address concerns related to the use of social media by radiologists. Copyright © 2018 American College of Radiology. Published by Elsevier Inc. All rights reserved.

  18. Leverage effect in energy futures

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav

    2014-01-01

    Roč. 45, č. 1 (2014), s. 1-9 ISSN 0140-9883 R&D Projects: GA ČR(CZ) GP14-11402P Grant - others:GA ČR(CZ) GAP402/11/0948 Program:GA Institutional support: RVO:67985556 Keywords : energy commodities * leverage effect * volatility * long-term memory Subject RIV: AH - Economics Impact factor: 2.708, year: 2014 http://library.utia.cas.cz/separaty/2014/E/kristoufek-0433531.pdf

  19. Makification: Towards a Framework for Leveraging the Maker Movement in Formal Education

    Science.gov (United States)

    Cohen, Jonathan; Jones, W. Monty; Smith, Shaunna; Calandra, Brendan

    2017-01-01

    Maker culture is part of a burgeoning movement in which individuals leverage modern digital technologies to produce and share physical artifacts with a broader community. Certain components of the maker movement, if properly leveraged, hold promise for transforming formal education in a variety of contexts. The authors here work towards a…

  20. Leveraging Quality Improvement to Achieve Student Learning Assessment Success in Higher Education

    Science.gov (United States)

    Glenn, Nancy Gentry

    2009-01-01

    Mounting pressure for transformational change in higher education driven by technology, globalization, competition, funding shortages, and increased emphasis on accountability necessitates that universities implement reforms to demonstrate responsiveness to all stakeholders and to provide evidence of student achievement. In the face of the demand…

  1. An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

    OpenAIRE

    Fang, Jieyan

    2012-01-01

    In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

  2. A Model Suggestion to Predict Leverage Ratio for Construction Projects

    OpenAIRE

    Özlem Tüz; Şafak Ebesek

    2013-01-01

    Due to the nature, construction is an industry with high uncertainty and risk. Construction industry carries high leverage ratios. Firms with low equities work in big projects through progress payment system, but in this case, even a small negative in the planned cash flows constitute a major risk for the company.The use of leverage, with a small investment to achieve profit targets large-scale, high-profit, but also brings a high risk with it. Investors may lose all or the portion of th...

  3. Designing monitoring for conservation impact assessment in water funds in Latin America: an approach to address water-data scarcity (Invited)

    Science.gov (United States)

    Nelson, J. L.; Chaplin-Kramer, R.; Ziv, G.; Wolny, S.; Vogl, A. L.; Tallis, H.; Bremer, L.

    2013-12-01

    The risk of water scarcity is a rising threat in a rapidly changing world. Communities and investors are using the new institution of water funds to enact conservation practices in watersheds to bolster a clean, predictable water supply for multiple stakeholders. Water funds finance conservation activities to support water-related ecosystem services, and here we relate our work to develop innovative approaches to experimental design of monitoring programs to track the effectiveness of water funds throughout Latin America. We highlight two examples: the Fund for the Protection of Water (FONAG), in Quito, Ecuador, and Water for Life, Agua por la Vida, in Cali, Colombia. Our approach is meant to test whether a) water funds' restoration and protection actions result in changes in water quality and/or quantity at the site scale and the subwatershed scale, and b) the suite of investments for the whole water fund reach established goals for improving water quality and/or quantity at the basin scale or point of use. Our goal is to create monitoring standards for ecosystem-service assessment and clearly demonstrate translating those standards to field implementation in a statistically robust and cost-effective way. In the gap between data-intensive methods requiring historic, long-term water sampling and more subjective, ad hoc assessments, we have created a quantitative, land-cover-based approach to pairing conservation activity with appropriate controls in order to determine the impact of water-fund actions. To do so, we use a statistical approach in combination with open-source tools developed by the Natural Capital Project to optimize water funds' investments in nature and assess ecosystem-service provision (Resource Investment Optimization System, RIOS, and InVEST). We report on the process of identifying micro-, subwatershed or watershed matches to serve as controls for conservation 'impact' sites, based on globally-available land cover, precipitation, and soil data

  4. Enterprise Cloud Adoption: Leveraging on the Business and ...

    African Journals Online (AJOL)

    Enterprise Cloud Adoption: Leveraging on the Business and Security Benefits. ... on security, privacy and forensic issues associated with this new computing platform for ... Keywords: Cloud Computing, Cloud Security, Cloud Forensic, Security ...

  5. The Complexity of Leveraging University Program Change

    Science.gov (United States)

    Crow, Gary M.; Arnold, Noelle Witherspoon; Reed, Cynthia J.; Shoho, Alan R.

    2012-01-01

    This article identifies four elements of complexity that influence how university educational leadership programs can leverage program change: faculty reward systems, faculty governance, institutional resources, and state-level influence on leadership preparation. Following the discussion of the elements of complexity, the article provides a…

  6. A Continuous Improvement Capital Funding Model.

    Science.gov (United States)

    Adams, Matt

    2001-01-01

    Describes a capital funding model that helps assess facility renewal needs in a way that minimizes resources while maximizing results. The article explains the sub-components of a continuous improvement capital funding model, including budgeting processes for finish renewal, building performance renewal, and critical outcome. (GR)

  7. Assessment and Treatment of Co-occurring Eating Disorders in Privately Funded Addiction Treatment Programs

    Science.gov (United States)

    Killeen, Therese K.; Greenfield, Shelly F.; Bride, Brian E.; Cohen, Lisa; Gordon, Susan Merle; Roman, Paul M.

    2011-01-01

    Privately-funded addiction treatment programs were surveyed to increase understanding of assessment and current treatment options for patients with co-occurring substance use and eating disorders. Data were collected from face-to-face interviews with program administrators of a nationally representative sample of 345 private addiction treatment programs. Although the majority of programs reported screening for eating disorders, programs varied in screening instruments used. Sixty-seven percent reported admitting cases of low severity. Twenty-one percent of programs attempt to treat eating disorders. These results highlight the need for education of addiction treatment professionals in assessment, referral and treatment of eating disorders. PMID:21477048

  8. Leveraging mobile computing and communication technologies in education

    DEFF Research Database (Denmark)

    Annan, Nana Kofi

    education and technology have evolved in tandem over the past years, this dissertation recognises the lapse that there is, in not being able to effectively leverage technology to improve education delivery by most educators. The study appreciates the enormousness of mobile computing and communication...... technologies in contributing to the development of tertiary education delivery, and has taken keen interest to investigate how the capacities of these technologies can be leveraged and incorporated effectively into the pedagogic framework of tertiary education. The purpose is to research into how...... of the results conducted after rigorous theoretical and empirical research unveiled the following: Mobile technologies can be incorporated into tertiary education if it has a strong theoretical underpinning, which links technology and pedagogy; the technology would not work if the user’s concerns in relation...

  9. The Break - Even Point and the Leverage Effect – Instruments for Assessing the Economic and Financial Risk

    Directory of Open Access Journals (Sweden)

    Nicoleta Constandache

    2011-12-01

    Full Text Available The establishing by any company, depending on the domain of activity, of anminimumobjective to be attained, so that the business should become profitable, is the aim principle of thisarticle. In order to attain this goal, the assumed risk is considered, which implies the use of certainassessing instruments, as the break-evenpoint and the leverage effect. This approach stands for asignificant step in making strategic decisions, being a way to evaluating company security in case inwhich market conditions become unfavourable.

  10. Assessment of financial management of the National Health Fund in 2005-2011

    Directory of Open Access Journals (Sweden)

    Agata Gastecka

    2015-04-01

    Full Text Available After many reforms of the Polish health care system, the current entity responsible for financing medical services to the insured patients is the National Health Fund. Despite the constantly increasing funds being allocated to the health care system, it still remains underfunded. A tool that facilitates the evaluation and assessment of the viability, stability and profitability of a business is called the financial analysis. The primary source of data necessary for the preparation of the financial analysis comes from the financial statement which includes the balance sheets, profit and loss account, notes, cash flow statement, and statement of changes in equity. On the basis of the information contained in these documents one can understand the structure of assets, earnings, revenues and expenses, as well as the level of indebtedness and liquidity. The National Health Fund has a monopoly on the health insurance market. Therefore, the financial management conducted by this entity should be based on the rationalization of the expenditure in terms of revenue and stable income generation. The financial analysis carried out between 2005 and 2011 showed that the total assets of the entity were dominated by the current assets which can be justified by the nature of the business. The structure of equity relative compared to the foreign capital did not show positive trends. Since 2009, the bad financial situation was manifested by the profit and loss accounts, which reached negative values and costs exceeding the revenue. The ratio analysis showed a high debt rates experienced by the health care payers. At the same time, however, the liquidity has been maintained.

  11. Recent Trends in the Adequacy of Nuclear Plant Decommissioning Funding

    International Nuclear Information System (INIS)

    Williams, D. G.

    2002-01-01

    Concerned about the potential cost and sufficiency of funds to decommission the nation's nuclear power plants, the Congress asked the U.S. General Accounting Office (GAO) to assess the adequacy, as of December 31, 1997, of electric utilities'; funds to eventually decommission their plants. GAO's report (GAO/RCED-99-75) on this issue addressed three alternative assumption scenarios--baseline (most likely), optimistic, and pessimistic; and was issued in May 1999. This paper updates GAO's baseline assessment of fund adequacy in 1997, and extends the analysis through 2000. In 2000, we estimate that the present value cost to decommission the nation's nuclear plants is about $35 billion; utility fund balances are about $29 billion. Both our two measures of funding adequacy for utilities are on average not only much above ideal levels, but also overall have greatly improved since 1997. However, certain utilities still show less than ideal fund balances and annual contributions. We suggest that the range of these results among the individual utilities is a more important policy measure to assess the adequacy of decommissioning funding than is the funding adequacy for the industry as a whole

  12. Development of funding project risk management tools.

    Science.gov (United States)

    2013-11-01

    Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to : minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potentia...

  13. Nuclear generation cost and nuclear research development fund

    International Nuclear Information System (INIS)

    Kim, S. S.; Song, G. D.

    2000-01-01

    The main objective of this study is to analyze the effects of nuclear R and D fund to nuclear generation cost and to assess the adaptability of fund size through the comparison with the nuclear research fund in Japan. It was estimated that nuclear R and D fund increased the average annual unit cost of nuclear power generation by 1.14 won/kWh. When the size of nuclear R and D fund is compared with that in Japan, this study suggests that the current nuclear R and D fund should be largely increased taking into consideration the ratio of R and D fund to nuclear generation

  14. Leverage effect, economic policy uncertainty and realized volatility with regime switching

    Science.gov (United States)

    Duan, Yinying; Chen, Wang; Zeng, Qing; Liu, Zhicao

    2018-03-01

    In this study, we first investigate the impacts of leverage effect and economic policy uncertainty (EPU) on future volatility in the framework of regime switching. Out-of-sample results show that the HAR-RV including the leverage effect and economic policy uncertainty with regimes can achieve higher forecast accuracy than RV-type and GARCH-class models. Our robustness results further imply that these factors in the framework of regime switching can substantially improve the HAR-RV's forecast performance.

  15. 17 CFR 201.1100 - Creation of Fair Fund.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Creation of Fair Fund. 201... PRACTICE Fair Fund and Disgorgement Plans § 201.1100 Creation of Fair Fund. In any agency process initiated... requiring the payment of disgorgement by a respondent and also assessing a civil money penalty against that...

  16. General IDRC Funding Guidelines

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

    Loretta Rocca

    Financial and Administrative Assessment ... the organization has independent legal status (or 'legal personality') and is capable of contracting ... Books and journal articles generated from IDRC-funded projects will be made accessible free of.

  17. A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

    OpenAIRE

    Shenyan Gu; Tina Zhang

    2015-01-01

    Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

  18. Identification of Strategies to Leverage Public and Private Resources for National Security Workforce Development

    Energy Technology Data Exchange (ETDEWEB)

    None

    2009-02-01

    This report documents the identification of strategies to leverage public and private resources for the development of an adequate national security workforce as part of the National Security Preparedness Project (NSPP).There are numerous efforts across the United States to develop a properly skilled and trained national security workforce. Some of these efforts are the result of the leveraging of public and private dollars. As budget dollars decrease and the demand for a properly skilled and trained national security workforce increases, it will become even more important to leverage every education and training dollar. The leveraging of dollars serves many purposes. These include increasing the amount of training that can be delivered and therefore increasing the number of people reached, increasing the number and quality of public/private partnerships, and increasing the number of businesses that are involved in the training of their future workforce.

  19. Leveraged Leasing in the Federal Sector.

    Science.gov (United States)

    1983-12-01

    entity obtains cash while the private investors can depreciate the property and obtain investment tax credits and other tax benefits. The costs are borne...lease from a common base point to familiarize the reader with the applicable portions of generally accepted accounting principles, GAAP , and how they...chapter identifies the differences between a basic lease and a leveraged lease in terms of structure and accounting requirements relative to GAAP

  20. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2001-01-01

    The Governing Board met on 4 September in its first session since the summer break. On this occasion, the Board invited the two actuaries entrusted with the three-yearly actuarial review of the Fund, MP Actuaires SA (Geneva) and AON Consulting (Brussels), to present their results. Although the two studies were conducted independently and simultaneously, the Governing Board noted that the underlying methodology was remarkably similar in both cases. Both actuaries adopted a stochastic approach, both performed analyses based on the closed-fund method and on the open-fund method, and both made an evaluation of the risks for the appreciation of the Fund's financial position. This methodology produced consistent results which, while not always identical, are superimposable in terms of their order of magnitude. Under the closed-fund method, which involves assessing the Fund's financial situation as if it were closed on the date of calculation without any new members being admitted, both actuaries conclude that the s...

  1. Pension fund excellence creating value for stakeholders

    CERN Document Server

    Ambachtsheer, Keith P.

    1998-01-01

    Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

  2. Leveraging Innovation Capabilities of Asian Micro, Small and ...

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

    Leveraging Innovation Capabilities of Asian Micro, Small and Medium Enterprises through Intermediary Organizations. Micro, small and medium enterprises (MSMEs) are a source of livelihood for billions of poor people worldwide. The current global economic downturn has hit these enterprises particularly hard, putting ...

  3. Assessing the Impact of Research: A Case Study of the LSAY Research Innovation and Expansion Fund. Longitudinal Surveys of Australian Youth. Occasional Paper

    Science.gov (United States)

    Hargreaves, Jo

    2012-01-01

    The purpose of this project is to apply the framework developed by the National Centre for Vocational Education Research (NCVER) for measuring research impact to assess the outcomes of the research and activities funded under the Longitudinal Surveys of Australian Youth (LSAY) Research Innovation and Expansion Fund (RIEF). LSAY provides a rich…

  4. Defining and Leveraging Game Qualities for Serious Games

    Science.gov (United States)

    Martin, Michael W.; Shen, Yuzhong

    2011-01-01

    Serious games can and should leverage the unique qualities of video games to effectively deliver educational experiences for the learners. However, leveraging these qualities is incumbent upon understanding what these unique 'game' qualities are , and how they can facilitate the learning process. This paper presents an examination of the meaning of the term 'game' . as it applies to both serious games and digital entertainment games. Through the examination of counter examples, we derive three game characteristics; games are self contained, provide a variety of meaningful choices, and are intrinsically compelling. We also discuss the theoretical educational foundations which support the application of these 'game qualities' to educational endeavors. This paper concludes with a presentation of results achieved through the application of these qualities and the applicable educational theories to teach learners about the periodic table of elements via a serious game developed by the authors.

  5. Influence analysis of Arctic tide gauges using leverages

    DEFF Research Database (Denmark)

    Svendsen, Peter Limkilde; Andersen, Ole Baltazar; Nielsen, Allan Aasbjerg

    2014-01-01

    a calibration period, in this preliminary case Drakkar ocean model data, which are forced using historical tide gauge data from the PSMSL database. The resulting leverage for each tide gauge may indicate that it represents a distinct mode of variability, or that its time series is perturbed in a way......Reconstructions of historical sea level in the Arctic Ocean are fraught with difficulties related to lack of data, uneven distribution of tide gauges and seasonal ice cover. Considering the period from 1950 to the present, we attempt to identify conspicuous tide gauges in an automated way, using...... the statistical leverage of each individual gauge. This may be of help in determining appropriate procedures for data preprocessing, of particular importance for the Arctic area as the GIA is hard to constrain and many gauges are located on rivers. We use a model based on empirical orthogonal functions from...

  6. STRUCTURAL FUNDS ABSORPTION GROWTH BY IMPROVING THEIR MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Pautu Sorina

    2012-12-01

    Full Text Available Grant project management is now a trend in the institutions of various types in Romania due to the opportunities offered by the EU through structural Instruments. Absorbing European funds is a challenge for Romania. The Managing Authority for Structural Instruments, together with the subordinated institutions present deficiencies in their coordination and implementation, the effect being a slow process of absorption of structural and cohesion funds. Taking action to enhance absorption of Structural and Cohesion Funds was done later; some measures are neither effective nor efficient. One of the major problems in implementing the Structural Funds is the continuous change of their national legislation. Therefore it is necessary to take measures to increase the absorption of structural funds and also the national adoption of a stable legal framework applicable to Structural Funds, guides of the applicant and clearly established project calls, without any latest changes, creating a transparent system of project proposals assessment and results communication of assessments to their beneficiaries, the payments required by the reimbursement requests within 45 days specified in the contract and not just their validation, terms compliance in approval notifications and addenda to the contract funding, proper training of the personnel from the intermediate organizations and linking information provided by their staff.

  7. 7 CFR 4290.1600 - Secretary's authority to issue and guarantee Trust Certificates.

    Science.gov (United States)

    2010-01-01

    ... INVESTMENT COMPANY (âRBICâ) PROGRAM Financial Assistance for RBICs (Leverage) Funding Leverage by Use of... the timely payment of the principal and interest thereon. Any such guarantee of such TC is limited to... any TC. (b) Authority to arrange public or private fundings of Leverage. The Secretary in his or her...

  8. Leveraging organisational cultural capital

    Directory of Open Access Journals (Sweden)

    R Scheel

    2007-10-01

    Full Text Available Organisational culture discourse mandates a linear approach of diagnosis, measurement and gap analysis as standard practice in relation to most culture change initiatives. Therefore, a problem solving framework geared toward “fixing�? and/or realigning an organisation’s culture is usually prescribed. The traditional problem solving model seeks to identify gaps between current and desired organisational cultural states, inhibiting the discovery of an organisation’s unique values and strengths, namely its cultural capital. In pursuit of discovering and leveraging organisational cultural capital, a descriptive case study is used to show how an Appreciative Inquiry process can rejuvenate the spirit of an organisation as a system-wide inquiry mobilises a workforce toward a shared vision.

  9. Short-Selling, Leverage and Systemic Risk

    OpenAIRE

    Pais, Amelia; Stork, Philip A.

    2013-01-01

    During the Global Financial Crisis, regulators imposed short-selling bans to protect financial institutions. The rationale behind the bans was that “bear raids”, driven by short-sellers, would increase the individual and systemic risk of financial institutions, especially for institutions with high leverage. This study uses Extreme Value Theory to estimate the effect of short-selling on financial institutions’ individual and systemic risks in France, Italy and Spain; it also analyses the rela...

  10. Forecasting stock return volatility: A comparison between the roles of short-term and long-term leverage effects

    Science.gov (United States)

    Pan, Zhiyuan; Liu, Li

    2018-02-01

    In this paper, we extend the GARCH-MIDAS model proposed by Engle et al. (2013) to account for the leverage effect in short-term and long-term volatility components. Our in-sample evidence suggests that both short-term and long-term negative returns can cause higher future volatility than positive returns. Out-of-sample results show that the predictive ability of GARCH-MIDAS is significantly improved after taking the leverage effect into account. The leverage effect for short-term volatility component plays more important role than the leverage effect for long-term volatility component in affecting out-of-sample forecasting performance.

  11. Assessment of Contributions to Patient Safety Knowledge by the Agency for Healthcare Research and Quality-Funded Patient Safety Projects

    Science.gov (United States)

    Sorbero, Melony E S; Ricci, Karen A; Lovejoy, Susan; Haviland, Amelia M; Smith, Linda; Bradley, Lily A; Hiatt, Liisa; Farley, Donna O

    2009-01-01

    Objective To characterize the activities of projects funded in Agency for Healthcare Research and Quality (AHRQ)' patient safety portfolio and assess their aggregate potential to contribute to knowledge development. Data Sources Information abstracted from proposals for projects funded in AHRQ' patient safety portfolio, information on safety practices from the AHRQ Evidence Report on Patient Safety Practices, and products produced by the projects. Study Design This represented one part of the process evaluation conducted as part of a longitudinal evaluation based on the Context–Input–Process–Product model. Principal Findings The 234 projects funded through AHRQ' patient safety portfolio examined a wide variety of patient safety issues and extended their work beyond the hospital setting to less studied parts of the health care system. Many of the projects implemented and tested practices for which the patient safety evidence report identified a need for additional evidence. The funded projects also generated a substantial body of new patient safety knowledge through a growing number of journal articles and other products. Conclusions The projects funded in AHRQ' patient safety portfolio have the potential to make substantial contributions to the knowledge base on patient safety. The full value of this new knowledge remains to be confirmed through the synthesis of results. PMID:21456108

  12. PENGARUH STRUKTUR KEPEMILIKAN, LEVERAGE, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP MANAJEMEN LABA DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI

    Directory of Open Access Journals (Sweden)

    Ayu Dwi Hasty

    2017-10-01

    Full Text Available This study aims to examine the effect of ownership structure, leverage, profitability and dividend policy on earnings management. In addition, this study wanted to test audit quality as a moderating variable on the relationship between ownership structure, leverage, profitability and dividend policy on earnings management. Independent variables used in this research are managerial ownership, leverage, profitability, and dividend policy. Dependent variable used in this research is earnings management. While the moderation variable used in this research is audit quality. The sample in this research is a manufacturing company listed on Indonesia Stock Exchange in the period 2013-2015. The total sample used was 99 for three consecutive years, taken through purposive sampling. The method of analysis of this research using multiple linear regression analysis. The results of this study indicate that managerial ownership negatively affect earnings management, leverage and profitability have a positive effect on earnings management, while dividend policy has no positive effect on earnings management for model 1. As for model 2 shows that managerial ownership has a significant negative effect on earnings management, leverage, profitability and dividend policy have a positive effect on earnings management. Audit quality is not able to moderate the relationship between managerial ownership, leverage, profitability, dividend policy on earnings management. Keywords: managerial ownership, leverage, profitability, dividend policy, earnings management, audit quality

  13. The need to include Health Impact Assessment at the International Monetary Fund.

    Science.gov (United States)

    Cave, Ben; Birley, Martin

    2010-01-01

    The lending and technical support provided by the International Monetary Fund affect the determinants of health and healthy equity. Most health determinants lie outside the control of the health sector, and thus non-health-sector policies have profound positive and negative effects on population health. Health Impact Assessment (HIA) is an instrument for identifying the effect of policies, plans, programs, and projects on population health and health equity. It is a feasible, cost-effective, and transparent process that has been adopted by several financial institutions, including members of the World Bank Group. Adopting HIA would assist the IMF in ensuring that the potential health consequences of its policies are identified and addressed.

  14. Non-communicable diseases: mapping research funding organisations, funding mechanisms and research practices in Italy and Germany.

    Science.gov (United States)

    Stephani, Victor; Sommariva, Silvia; Spranger, Anne; Ciani, Oriana

    2017-10-02

    Evidence shows that territorial borders continue to have an impact on research collaboration in Europe. Knowledge of national research structural contexts is therefore crucial to the promotion of Europe-wide policies for research funding. Nevertheless, studies assessing and comparing research systems remain scarce. This paper aims to further the knowledge on national research landscapes in Europe, focusing on non-communicable disease (NCD) research in Italy and Germany. To capture the architecture of country-specific research funding systems, a three-fold strategy was adopted. First, a literature review was conducted to determine a list of key public, voluntary/private non-profit and commercial research funding organisations (RFOs). Second, an electronic survey was administered qualifying RFOs. Finally, survey results were integrated with semi-structured interviews with key opinion leaders in NCD research. Three major dimensions of interest were investigated - funding mechanisms, funding patterns and expectations regarding outputs. The number of RFOs in Italy is four times larger than that in Germany and the Italian research system has more project funding instruments than the German system. Regarding the funding patterns towards NCD areas, in both countries, respiratory disease research resulted as the lowest funded, whereas cancer research was the target of most funding streams. The most reported expected outputs of funded research activity were scholarly publication of articles and reports. This cross-country comparison on the Italian and German research funding structures revealed substantial differences between the two systems. The current system is prone to duplicated research efforts, popular funding for some diseases and intransparency of research results. Future research will require addressing the need for better coordination of research funding efforts, even more so if European research efforts are to play a greater role.

  15. PENGARUH LEVERAGE, LIKUIDITAS, UKURAN PERUSAHAAN, DAN KUALITAS AUDIT TERHADAP KUALITAS INFORMASI LAPORAN KEUANGAN

    Directory of Open Access Journals (Sweden)

    Susanti Susanti

    2017-04-01

    Full Text Available The purpose of this study was to examine issues relating to the measurement of the quality of empirical studies of financial statement information on the company property and real estate the period 2008-2011 . This study use the four independent variables , namely , leverage , liquidity , firm size , and audit quality and the use of the dependent variable as a proxy for the quality of the timeliness of financial information. This study uses targeted Sampling (purposive sampling . Population in this research is that companies engaged in property and real estate are listed in the Indonesia Stock Exchange during the study period between 2008 to 2011 . Sample totaled 128 with 32 companies that have been based on the criteria specified . Analysis of research data using multiple linear regression with SPSS Version 16.0 . Based on the analysis performed in this study shows that of the four proposed variables (leverage , liquidity , firm size , and quality audit only liquidity that have a significant positive impact on the quality of financial reporting information , while leverage , firm size , and quality audit is not affect the quality of financial reporting information. Keyword: leverage, liquidity, firm size, audit quality, timeliness.

  16. PENGARUH KUALITAS AKRUAL DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Anggita Langgeng Wijaya

    2010-12-01

    Full Text Available This research tests the effect of accrual quality and leverage on corporate cash holding for a sample of manufacturing company listed in Indonesian Stock Exchange over the period 2006-2007. This research also tests the role of asymmetric information as a mediating variable on the relation between accrual quality and cash holding. Population of this research is 197 manufacturing companies at the Indonesian Stock Exchange. This research uses the purposive sampling method. Hypothesis test of this research em­ploys multiple regression analysis and path analysis. The results show that: accrual quality does not affect asymmetric information; asymmetric information positively affects corporate cash holdings; asymmetric information is not a mediating variable on the relation between accrual quality and cash holding; leverage negatively affects corporate cash holding.

  17. On predictability of rare events leveraging social media: a machine learning perspective

    OpenAIRE

    Le, Lei; Ferrara, Emilio; Flammini, Alessandro

    2015-01-01

    Information extracted from social media streams has been leveraged to forecast the outcome of a large number of real-world events, from political elections to stock market fluctuations. An increasing amount of studies demonstrates how the analysis of social media conversations provides cheap access to the wisdom of the crowd. However, extents and contexts in which such forecasting power can be effectively leveraged are still unverified at least in a systematic way. It is also unclear how soci...

  18. Banking Competition and Stability : The Role of Leverage

    NARCIS (Netherlands)

    Freixas, X.; Ma, K.

    2014-01-01

    This paper reexamines the classical issue of the possible trade-offs between banking competition and financial stability by highlighting different types of risk and the role of leverage. By means of a simple model we show that competition can affect portfolio risk, insolvency risk, liquidity risk,

  19. THE EFFECT OF LEVERAGE AND ECONOMIC VALUE ADDED ON MARKET VALUE ADDED

    Directory of Open Access Journals (Sweden)

    Kristína Jančovičová BOGNÁROVÁ

    2018-05-01

    Full Text Available Economic value added (EVA is a performance measure developed by Stern Stewart & Co. that attempts to measure the true economic profit produced by a company. Such a metric is useful for investors who wish to determine how well a company has produced value for its investors, and it can be compared against the company's peers for a quick analysis of how well the company is operating in its industry. Market value added (MVA, on the other hand, is simply the difference between the current total market value of a company and the capital contributed by investors (including both shareholders and bondholders. It is typically used for companies that are larger and publicly-traded. MVA is not a performance metric like EVA, but instead is a wealth metric, measuring the level of value a company has accumulated over time. In order to maximise the value for shareholders, companies should strive towards maximising MVA and not necessarily their total market value. It is believed, that the best way to do so is to maximize EVA, which reflects a company’s ability to earn returns above the cost of capital. The leverage available to companies that incur fixed costs and use borrowed capital with a fixed interest charge has been known and quantified by financial managers for some time. In this research the effect of leverage and EVA on MVA as the measure of shareholder wealth creation was analysed. Leverage and EVA have been used as the independent variables whereas MVA has been used as the measure of shareholder wealth creation. Correlation and regression methods have been employed to find out in what way financial managers can practice the effects of leverage and EVA to maximize MVA. The results showed that EVA and leverage have no profound impact on MVA of the selected Slovak companies

  20. Leveraging Collaborative Filtering to Accelerate Rare Disease Diagnosis.

    Science.gov (United States)

    Shen, Feichen; Liu, Sijia; Wang, Yanshan; Wang, Liwei; Afzal, Naveed; Liu, Hongfang

    2017-01-01

    In the USA, rare diseases are defined as those affecting fewer than 200,000 patients at any given time. Patients with rare diseases are frequently misdiagnosed or undiagnosed which may due to the lack of knowledge and experience of care providers. We hypothesize that patients' phenotypic information available in electronic medical records (EMR) can be leveraged to accelerate disease diagnosis based on the intuition that providers need to document associated phenotypic information to support the diagnosis decision, especially for rare diseases. In this study, we proposed a collaborative filtering system enriched with natural language processing and semantic techniques to assist rare disease diagnosis based on phenotypic characterization. Specifically, we leveraged four similarity measurements with two neighborhood algorithms on 2010-2015 Mayo Clinic unstructured large patient cohort and evaluated different approaches. Preliminary results demonstrated that the use of collaborative filtering with phenotypic information is able to stratify patients with relatively similar rare diseases.

  1. Leverage of a sport mega-event branding : a case study of the 2010 FIFA World Cup

    OpenAIRE

    2014-01-01

    D.Comm. (Sport Management) The primary objective of the study was to establish what brand leverage strategies could be implemented in sport mega-event branding based on the case study of the 2010 FIFA World Cup South Africa. The secondary objectives focused on discovering the dimensions of sport mega-event branding, investigating the areas of sport mega-event impacts and leverage, identifying sport mega-event brand leverage activation tools and understanding the role of mega-event brand le...

  2. Real interest rates, leverage, and bank risk-taking

    NARCIS (Netherlands)

    Dell’Ariccia, G.; Laeven, L.; Marquez, R.

    2014-01-01

    Do low interest rate environments lead to greater bank risk-taking? We show that, when banks can adjust their capital structures, reductions in real interest rates lead to greater leverage and higher risk for any downward sloping loan demand function. However, if the capital structure is fixed, the

  3. 13 CFR 107.1160 - Maximum amount of Leverage for a Section 301(d) Licensee.

    Science.gov (United States)

    2010-01-01

    ... Leverage, you must maintain Venture Capital Financings (at cost) that equal at least 30 percent of your... maintain at least the same dollar amount of Venture Capital Financings (at cost). (e) Definition of “Total... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Maximum amount of Leverage for a...

  4. Innovative funding solution for special projects: Crowd funding

    Directory of Open Access Journals (Sweden)

    Sentot Imam Wahjono

    2015-06-01

    Full Text Available The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.

  5. 78 FR 72955 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change, as...

    Science.gov (United States)

    2013-12-04

    ... addition, the Fund will employ leverage inherent to the derivative security to increase exposure to the... addition, the Fund will employ leverage inherent to the derivative security to increase exposure to the...

  6. Alberta Heritage Savings Trust Fund : 1998 annual report

    International Nuclear Information System (INIS)

    1999-01-01

    A review of the Alberta Heritage Savings Trust Fund as it operated under the new investment framework established in 1997 was presented. The new statutory mission of the Fund is to provide stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans. In 1998, the Fund earned $947 million in income with nearly $25 million of income being retained to ensure that the value of the Fund grows to off-set the effects of inflation. Net assets of the Fund on March 31, 1998 was $ 12.3 billion. Operation of the Fund, the accounting method used, and details about the Transition Portfolio and the Endowment Portfolio are provided. An assessment of Alberta's economic climate accompanies the auditor's report and the detailed financial statements of the Fund. tabs

  7. CORPORATE GOVERNANCE, UKURAN PERUSAHAAN, DAN LEVERAGE TERHADAP MANAJEMEN LABA PERUSAHAAN MANUFAKTUR INDONESIA

    Directory of Open Access Journals (Sweden)

    Robert Jao

    2011-11-01

    Full Text Available The aims of the research are to find out (1 influence of corporate governance which is arecategorized into managerial ownership, institutional ownership, board size, boardcomposition of independent commissioners, and audit committees on earnings management,(2 influence of firm size on earnings management, (3 influence of leverage on earningsmanagement. This study drew 28 samples from manufacturing companies listed in IndonesiaStock Exchange with a purposive sampling technique. The research data was collected fromannual reports within a period 2006 to 2009 of the Capital Market Reference Centre ofIndonesian Stock Exchange. The method of analysis was multiple linear regressions. Theresults of the study indicated that (1 corporate governance with managerial ownership,board composition of independent commissioners, and audit committee had significantnegative influence on earnings management, while institutional ownership and board size hadsignificant positive influence on earnings management, (2 firm size had significant negativeinfluence on earnings management, (3 leverage had not significant influence on earningsmanagement. Keywords:corporate governance, firm size, leverage, earnings management, annual report

  8. Modeling Financial Time Series Based on a Market Microstructure Model with Leverage Effect

    OpenAIRE

    Yanhui Xi; Hui Peng; Yemei Qin

    2016-01-01

    The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation....

  9. PENGARUH CORPORATE GOVERNANCE DAN LEVERAGE TERHADAP PROFITABILITAS BANK YANG GO PUBLIC DI INDONESIA PERIODE 2009-2012

    Directory of Open Access Journals (Sweden)

    Hamidah Hamidah

    2013-09-01

    Full Text Available The Objective of this study were to examine the effects of corporate governance and leverage on profitability banking companies. The samples from this study is the banking company located in Indonesia are listed in Indonesia Stock Exchange (BEI in the period 2009-2012. Corporate Governance mechanisms such as: board of directors, independent commissioners, institutional ownership and managerial ownership, and leverage on profitability (proxies by return on assets. These results indicate that the board of directors have negative and insignificant effect on return on assets. Independent commissioners have a positif and insignificant effect on return on assets. The proportion of institutional ownership, the proportion of managerial, and Leverage have negative and significant. The results show that corporate governance and leverage have simultaneously effect on return on assets of the banking company.

  10. Leveraging Mobile Games for Place-Based Language Learning

    Science.gov (United States)

    Holden, Christopher L.; Sykes, Julie M.

    2011-01-01

    This paper builds on the emerging body of research aimed at exploring the educational potential of mobile technologies, specifically, how to leverage place-based, augmented reality mobile games for language learning. Mentira is the first place-based, augmented reality mobile game for learning Spanish in a local neighborhood in the Southwestern…

  11. The Environmental Performance of Dutch Government Bond Funds

    NARCIS (Netherlands)

    Scholtens, B.

    2010-01-01

    We investigate the implications of using different indicators to assess the sustainability performance of investment funds. In particular, we look into the environmental performance of Dutch government bond funds. We find that it does matter a lot which particular indicator is used. This suggests

  12. Federal Funding for Health Security in FY2017.

    Science.gov (United States)

    Boddie, Crystal; Watson, Matthew; Sell, Tara Kirk

    2016-01-01

    This latest article in the Federal Funding for Health Security series assesses FY2017 US government funding in 5 domains critical to strengthening health security: biosecurity, radiological and nuclear security, chemical security, pandemic influenza and emerging infectious disease, and multiple-hazard and general preparedness.

  13. QUALITY-RELATED FUNDING IN ROMANIAN HIGHER EDUCATION THROUGHOUT 2003 – 2011: A GLOBAL ASSESSMENT

    Directory of Open Access Journals (Sweden)

    Gabriel-Alexandru Vîiu

    2015-12-01

    Full Text Available The article explores quality-related funding and its global outcomes in the context of Romanian higher education by focusing on the funding allocations provided to public universities throughout a period of nine years based on their institutional performance on the quality indicators integrated in the funding algorithm. Global funding allocations between universities are analysed and a summative appraisal for the entire nine-year window is provided. The article also explores the relation between quality- related funding, institutional disciplinary profiles and the results of a comprehensive evaluation conducted in 2011 by the Ministry of Education to complete a classification of the universities. The main findings indicate a low overall impact of qualityrelated funding for many institutions, but also a clear pattern in which universities focused on science, technology, engineering and mathematics overwhelmingly outperformed mixed institutions, as well as those focused on humanities, arts and social sciences. Furthermore, the global quality-related funding outcomes of the 2003 – 2011 period studied in the paper are shown to be significantly associated with the results of the 2011 classification

  14. PENGARUH NPM, FDR, KOMITE AUDIT, PERTUMBUHAN USAHA, LEVERAGE DAN SIZE TERHADAP MANAJEMEN LABA

    Directory of Open Access Journals (Sweden)

    Mahfudzotun Nahar

    2017-04-01

    Full Text Available The purpose of this study was to know the influence of NPM , FDR, Audit Committee, the sales growth (growth, leverage and size of the company earnings management practices of Islamic banking in Indonesia. The dependent variable used in this study was calculated using the earnings management of discretionary accruals. The independent variables used in this study is the net profit margin ratio, the ratio of Financing to Deposit Ratio, the Audit Committee, Sales Growth (Growth, Leverage and Firm Size.             The sample in the study of Islamic banking, comprising both Sharia Bank or Sharia in commercial banks by the Financial Services Authority statistics as of June 2015. The sample was selected using purposive sampling was then obtained 6 Islamic Banks and 12 Sharia sampled in this study ,             The results of this study indicate that there is significant influence between NPM ratio to earnings management of Islamic banking. As for the ratio of FDR, the Audit Committee, Growth, Leverage and Size (size of the company had no significant effect on earnings management practices in Islamic banking. Keywords: earnings management, NPM, FDR,audit committee, Growth, Leverage, Company Size

  15. Funding models for outreach ophthalmology services.

    Science.gov (United States)

    Turner, Angus W; Mulholland, Will; Taylor, Hugh R

    2011-01-01

    This paper aims to describe funding models used and compare the effects of funding models for remuneration on clinical activity and cost-effectiveness in outreach eye services in Australia. Cross-sectional case study based in remote outreach ophthalmology services in Australia. Key stake-holders from eye services in nine outreach regions participated in the study. Semistructured interviews were conducted to perform a qualitative assessment of outreach eye services' funding mechanisms. Records of clinical activity were used to statistically compare funding models. Workforce availability (supply of ophthalmologists), costs of services, clinical activity (surgery and clinic consultation rates) and waiting times. The supply of ophthalmologists (full-time equivalence) to all remote regions was below the national average (up to 19 times lower). Cataract surgery rates were also below national averages (up to 10 times lower). Fee-for-service funding significantly increased clinical activity. There were also trends to shorter waiting times and lower costs per attendance. For outreach ophthalmology services, the funding model used for clinician reimbursement may influence the efficiency and costs of the services. Fee-for-service funding models, safety-net funding options or differential funding/incentives need further exploration to ensure isolated disadvantaged areas prone to poor patient attendance are not neglected. In order for outreach eye health services to be sustainable, remuneration rates need to be comparable to those for urban practice. © 2011 The Authors. Clinical and Experimental Ophthalmology © 2011 Royal Australian and New Zealand College of Ophthalmologists.

  16. Overview and comparison of international practices on funding mechanisms

    International Nuclear Information System (INIS)

    Tchapga, Flavien

    2006-01-01

    Although the Funding Mechanisms of Decommissioning and Dismantling (D and D) of Nuclear Power Plants (NPP) has recently gained a growing interest, this is not only a new but also an old issue. The issue is old because National Atomic Laws and/or other Nuclear Legislation recognized the mandatory character of D and D. Consequently accumulation of funds to cover the future D and D expenses is a legal requirement since the beginning of Nuclear Energy Industry, at least in countries with a market economy. The issue is new as well because many of the large commercial NPP may reach the end of their lifetime during the next twenty years. As a result, the growing interest on D and D Funding Mechanisms is justified since the funds accumulated should cover the related expenses if any. Despite this growing interest, there is however a lack, at least at the NEA level, of an updated survey of existing Funding Mechanisms. Because Electric utilities are experiencing deregulation movement, there is also a lack of a 'comparison framework' which takes into account this new context, and within which the effectiveness of current Funding Mechanisms could be assessed. In the field of NPP decommissioning, funding mechanisms refer to the overall process of financing future D and D operations. Therefore, one can expect a funding mechanism to organize some relevant functions regarding D and D financing. These functions are, 1) the recognition of the liabilities and the estimation of the related financial burden, 2) the collection of the corresponding financial resources 3) the management and disbursement of those resources when needed. In fact, the mandatory character of D and D suggest that an effective Funding Mechanism should provide availability of funds. This is to say the funds collected should be managed in a consistent way regarding their protection against financial insecurity. Since there is no investment without risk, availability of funds is properly a matter of degree

  17. Pension Fund Performance in East Asia: A Comparative Study

    Directory of Open Access Journals (Sweden)

    Zamri Ahmad

    2015-06-01

    Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

  18. Heterogeneity in the Speed of Adjustment toward Target Leverage

    DEFF Research Database (Denmark)

    Elsas, Ralf; Florysiak, David

    2011-01-01

    Estimating the speed of adjustment toward target leverage using the standard partial adjustment model assumes that all firms within the sample adjust at the same (average) pace. Dynamic capital structure theory predicts heterogeneity in adjustment speed due to firm-specific adjustment costs. Appl...

  19. Factors affecting Leverage: An empirical analysis of Mauritius ...

    African Journals Online (AJOL)

    Nafiisah

    presumably have an impact on the WACC and the firm's investment decision and ... debt is advocated as it consists of fixed interest payment which does not lead to ... explain the level of leverage – company size, profitability, asset tangibility and ... The firm will thus pursue an optimal capital structure or target debt ratio by.

  20. North Korea: Economic Leverage and Policy Analysis

    Science.gov (United States)

    2010-01-22

    although non- governmental groups do run operations in the DPRK in activities such as goat dairy farming and transportation. North -South Korean...Finance Minister Says “At Least” 34m US Dollars Sent to North Korea. Financial Times Information, Global News Wire—Asia Africa Intelligence Wire. June 6...CRS Report for Congress Prepared for Members and Committees of Congress North Korea: Economic Leverage and Policy Analysis Dick K

  1. Leveraging Citizen Science and Information Technology for Population Physical Activity Promotion

    Science.gov (United States)

    King, Abby C.; Winter, Sandra J.; Sheats, Jylana L.; Rosas, Lisa G.; Buman, Matthew P.; Salvo, Deborah; Rodriguez, Nicole M.; Seguin, Rebecca A.; Moran, Mika; Garber, Randi; Broderick, Bonnie; Zieff, Susan G.; Sarmiento, Olga Lucia; Gonzalez, Silvia A.; Banchoff, Ann; Dommarco, Juan Rivera

    2016-01-01

    PURPOSE While technology is a major driver of many of society’s comforts, conveniences, and advances, it has been responsible, in a significant way, for engineering regular physical activity and a number of other positive health behaviors out of people’s daily lives. A key question concerns how to harness information and communication technologies (ICT) to bring about positive changes in the health promotion field. One such approach involves community-engaged “citizen science,” in which local residents leverage the potential of ICT to foster data-driven consensus-building and mobilization efforts that advance physical activity at the individual, social, built environment, and policy levels. METHOD The history of citizen science in the research arena is briefly described and an evidence-based method that embeds citizen science in a multi-level, multi-sectoral community-based participatory research framework for physical activity promotion is presented. RESULTS Several examples of this citizen science-driven community engagement framework for promoting active lifestyles, called “Our Voice”, are discussed, including pilot projects from diverse communities in the U.S. as well as internationally. CONCLUSIONS The opportunities and challenges involved in leveraging citizen science activities as part of a broader population approach to promoting regular physical activity are explored. The strategic engagement of citizen scientists from socio-demographically diverse communities across the globe as both assessment as well as change agents provides a promising, potentially low-cost and scalable strategy for creating more active, healthful, and equitable neighborhoods and communities worldwide. PMID:27525309

  2. PECULIARITIES OF PERFORMANCE MEASUREMENT IN SOVEREIGN WEALTH FUNDS

    Directory of Open Access Journals (Sweden)

    M. Onopko

    2014-01-01

    Full Text Available Sovereign wealth funds as the subjects of economic relations are analyzed and the main approaches to the assessment of their activities are discussed. The dependence of the performance measurement system and the strategic objectives of the funds and economic policy objectives of the government is indicated.

  3. Leverage, Growth Opportunities and Firm Investment: The Case of Manufacturing Firms in China

    OpenAIRE

    Di Sheng; Shuyang Hou

    2014-01-01

    This paper examined the impact of financial leverage on investment decisions offirms using the panel data of publicly traded Chinese firms. We collected data for511 manufacturing companies during the period from 2005 to 2013 to do theresearch. The data shows that financial leverage is negatively correlated with afirm’s investment. Moreover, after we categorized the data into two types: 1)high-growth firms and 2) low-growth firms, it demonstrated that such negativecorrelation is significant fo...

  4. Lessons from the Social Innovation Fund: Supporting Evaluation to Assess Program Effectiveness and Build a Body of Research Evidence

    Science.gov (United States)

    Zandniapour, Lily; Deterding, Nicole M.

    2018-01-01

    Tiered evidence initiatives are an important federal strategy to incentivize and accelerate the use of rigorous evidence in planning, implementing, and assessing social service investments. The Social Innovation Fund (SIF), a program of the Corporation for National and Community Service, adopted a public-private partnership approach to tiered…

  5. Long-Short Fund Performance Evaluation in Brazil

    Directory of Open Access Journals (Sweden)

    Fábio Augusto Reis Gomes

    2010-12-01

    Full Text Available Long-Short Funds should be able to provide positive returns, above the opportunity cost and independent of market conditions, once they can have both long and short positions. For this reason, this study aims to evaluate the Long-Short funds in Brazil, assessing whether customers of these products are buying just market returns (Beta, or if there is excess return (alpha independent of the stock market. Analyzing a sample of 76 funds from January 2, 2001 to March 31, 2008, using daily and monthly data, we found evidence that a small number of funds are able to generate excess return. Besides, this excess does not exhibit persistence. Finally, there is little or no evidence for market timing.

  6. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one hundred and fifty seventh meeting on 5 September 2007. Among the items on its agenda was a report by the Chairwoman of the Working Group on Actuarial Matters, D. Duret, on the two meetings the Group had held during the summer, on 24 July and 31 August respectively, to discuss the latest three-yearly actuarial review. She noted that the actuarial review took account of the following elements for the first time: the amendments to the Rules of the Fund approved at the end of 2006, according to which, as long as the funding ratio of the Fund is less than 100% in 2033, only part of the pension adjustment assumption of the reference model is taken into consideration, on the understanding that the accumulated loss of purchasing power incurred by a beneficiary or any dependents in the event of his death must not exceed 8%; a new method for assessing the active membership of the Fund, which makes a distinction between personnel ho...

  7. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one hundred and fifty seventh meeting on 5 September 2007. Among the items on its agenda was a report by the Chairwoman of the Working Group on Actuarial Matters, D. Duret, on the two meetings the Group had held during the summer, on 24 July and 31 August respectively, to discuss the latest three-yearly actuarial review. She noted that the actuarial review took account of the following elements for the first time: -\tthe amendments to the Rules of the Fund approved at the end of 2006, according to which, as long as the funding ratio of the Fund is less than 100% in 2033, only part of the pension adjustment assumption of the reference model is taken into consideration, on the understanding that the accumulated loss of purchasing power incurred by a beneficiary or any dependents in the event of his death must not exceed 8%; -\ta new method for assessing the active membership of the Fund, which makes a distinction between personnel holding a fixed-term contract, pe...

  8. The effect of high leverage points on the logistic ridge regression estimator having multicollinearity

    Science.gov (United States)

    Ariffin, Syaiba Balqish; Midi, Habshah

    2014-06-01

    This article is concerned with the performance of logistic ridge regression estimation technique in the presence of multicollinearity and high leverage points. In logistic regression, multicollinearity exists among predictors and in the information matrix. The maximum likelihood estimator suffers a huge setback in the presence of multicollinearity which cause regression estimates to have unduly large standard errors. To remedy this problem, a logistic ridge regression estimator is put forward. It is evident that the logistic ridge regression estimator outperforms the maximum likelihood approach for handling multicollinearity. The effect of high leverage points are then investigated on the performance of the logistic ridge regression estimator through real data set and simulation study. The findings signify that logistic ridge regression estimator fails to provide better parameter estimates in the presence of both high leverage points and multicollinearity.

  9. Leverage and Deepening Business Cycle Skewness

    DEFF Research Database (Denmark)

    Jensen, Henrik; Petrella, Ivan; Ravn, Søren Hove

    2017-01-01

    We document that the U.S. economy has been characterized by an increasingly negative business cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate......, booms become progressively smoother and more prolonged than busts. We are therefore able to reconcile a more negatively skewed business cycle with the Great Moderation in cyclical volatility. Finally, in line with recent empirical evidence, financially-driven expansions lead to deeper contractions...

  10. Amazon Fund: financing deforestation avoidance

    Directory of Open Access Journals (Sweden)

    Jacques Marcovitch

    2014-06-01

    Full Text Available The Amazon Fund, created in 2008 by the Brazilian Federal Government, is managed by Banco Nacional de Desenvolvimento Econômico e Social (BNDES. It is a pioneering initiative to fundraise and manage financial resources to cut back deforestation and support sustainable development for 30 million inhabitants in the Amazon Biome. The Amazon Fund has already received more than R$ 1.7 billion in grants (about USD 787 million. This essay analyzes the Amazon Fund's governance and management with focus on its operation and from its stakeholders' perspectives. A combination of research methods includes: documental research, in-depth interviews, and speech analysis. The study offers a comparative analysis of strengths and weaknesses related to its governance. Furthermore, it proposes ways to improve its management towards greater effectiveness. The essay also includes an assessment of the government of Norway, a major donor to the fund. The governments of Norway and Germany, in partnership with Brazil, reveal how important it is to experiment with new means of international cooperation to successfully reduce greenhouse gas emissions through rainforest preservation.

  11. PENGARUH FAKTOR MAKRO EKONOMI DAN PERTUMBUHAN PERUSAHAAN TERHADAP LEVERAGE DAN NILAI PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Sujoko Sujoko

    2016-10-01

    Full Text Available The purpose of this empirical study is to investigate the influence of macro economic,growth firm on leverage and value of the firm.This study uses Agency Free Cash Flow, Static trade off Theory, Pecking Order Theory and Signaling Theory.This study uses empirical data from Indonesian Capital Market Directory 2015 issued By Indonesian Stock Exchange. This research uses quantitative analysis. The Population of the research are manufacturing firm listed in Indonesian Stock Exchange. The hypothesis test uses structural equation model-ing with the degree of signifance at 0.05. Sample in this study are manufacturing company listed in Indone-sian Stock Exchange during 2012-2014. As much as 75 manufacturing firm listed in Indonesian Stock exchange were taken as a sample using a purposive sampling method. The data were there analyzed by Structural Equation Modeling (SEM. The Result of the study show that: (1 Macro economic factor have negative significant influence on leverage with p value 0.06 (2 Growth firm have significant influences on leverage with value 0.004 (3 Macro economic have negative t influences on value of the firm with p value 0.006 (4 Growth firm have positive significant influence on value of the firm with p value 0.005 (5 Leverage have negatives significant influence on value of the firm with p value 0.006 The result of the study is support to Agency Free Cash Flow,Jensen (1986,Static Trade off Theory, Pecking Order Theory, Myers and Majluf (1984 and Signaling Theory, Ross (1977

  12. Leverage Website Favicon to Detect Phishing Websites

    OpenAIRE

    Kang Leng Chiew; Jeffrey Soon-Fatt Choo; San Nah Sze; Kelvin S. C. Yong

    2018-01-01

    Phishing attack is a cybercrime that can lead to severe financial losses for Internet users and entrepreneurs. Typically, phishers are fond of using fuzzy techniques during the creation of a website. They confuse the victim by imitating the appearance and content of a legitimate website. In addition, many websites are vulnerable to phishing attacks, including financial institutions, social networks, e-commerce, and airline websites. This paper is an extension of our previous work that leverag...

  13. Mining E-mail to Leverage Knowledge Networks in Organizations

    NARCIS (Netherlands)

    van Reijsen, J.; Helms, R.W.; Jackson, T.W.

    2009-01-01

    There is nothing new about the notion that in today‟s knowledge driven economy, knowledge is the key strategic asset for competitive advantage in an organization. Also, we have learned that knowledge is residing in the organization‟s informal network. Hence, to leverage business performance from a

  14. The effect of leverage increases on real earnings management

    NARCIS (Netherlands)

    I. Zagers-Mamedova (Irina)

    2009-01-01

    textabstractMain subject of this paper is to understand whether there could be an incentive for managers to manipulate cash flow from operating activities (CFO) through the use of real earnings management (REM), in situations with increasing leverage. Based upon a study of Jelinek (2007) who

  15. Methodological Principles of Assessing the Volume of Investment Influx from Non-State Pension Funds into the Economy of Ukraine

    Directory of Open Access Journals (Sweden)

    Dmitro Leonov

    2004-11-01

    Full Text Available This article addresses the processes of forming investment resources from nonstate pension funds under current conditions in Ukraine and the laws and regula tions that define the principles of the formation of in vestment institutions. Based on factors that in the near est future will affect the decisionmaking process by which different kinds of investors make payments to non state pension funds, we develop a procedure for assessing the volume of investment influx from nonstate pension funds into the economy and propose a procedure for long and shortterm prognosis of the volume of investment in flux from nonstate pension funds into the Ukrainian economy.

  16. PENGARUH PERPUTARAN KAS, PERPUTARAN PIUTANG USAHA, PERPUTARAN PERSEDIAAN DAN LEVERAGE TERHADAP KINERJA KEUANGAN PERUSAHAAN

    OpenAIRE

    Suprihatin, Neneng Sri; Nasser, Etty

    2017-01-01

    The purpose of this study is to determine the effect of cash turnover, account receivable turnover, inventory turnover and leverage to financial performance (Liquidity and Rentability). The independent variable is cash turnover, account receivable turnover, inventory turnover and leverage. The dependent variable are financial performance (Liquidity and Rentability). The sample used in the study consists of manufacturing company in food and beverage sector the period of 2009-2012.The result sh...

  17. Leveraging Existing Heritage Documentation for Animations: Senate Virtual Tour

    Science.gov (United States)

    Dhanda, A.; Fai, S.; Graham, K.; Walczak, G.

    2017-08-01

    The use of digital documentation techniques has led to an increase in opportunities for using documentation data for valorization purposes, in addition to technical purposes. Likewise, building information models (BIMs) made from these data sets hold valuable information that can be as effective for public education as it is for rehabilitation. A BIM can reveal the elements of a building, as well as the different stages of a building over time. Valorizing this information increases the possibility for public engagement and interest in a heritage place. Digital data sets were leveraged by the Carleton Immersive Media Studio (CIMS) for parts of a virtual tour of the Senate of Canada. For the tour, workflows involving four different programs were explored to determine an efficient and effective way to leverage the existing documentation data to create informative and visually enticing animations for public dissemination: Autodesk Revit, Enscape, Autodesk 3ds Max, and Bentley Pointools. The explored workflows involve animations of point clouds, BIMs, and a combination of the two.

  18. Direct Assistance: USAID Has Taken Positive Action to Assess Afghan Ministries’ Ability to Manage Donor Funds, but Concerns Remain

    Science.gov (United States)

    2014-01-01

    the material weaknesses identified in their reports “must be addressed as pre-award disbursement conditions.” Ernst & Young and KPMG identified 696...Ernst & Young and KPMG in late 2010 and early 2011 to assess 16 Afghan ministries’ abilities to manage U.S. funds. In addition, to help ensure the...Young and KPMG completed public financial management assessments of 16 Afghan ministries. Both contractors, who met almost all contract requirements

  19. DEVELOPMENT POLICY AND INVESTMENT PROJECTS ASSESSMENT IN THE SECTOR OF SME IN SERBIA

    Directory of Open Access Journals (Sweden)

    JUGOSLAV ANIČIĆ

    2016-02-01

    Full Text Available The problems of rational investing, in other words efficient planning and realization of investment projects, are among key problems in development of every enterprise. For successful realization of business plans, enterprise should make use of its internal strengths and available resources from surroundings, and turn them into its competitive advantage. Small and medium enterprises in Serbia are facing low liquidity and a lack of their own funds for investing into long-term and development projects. Therefore, investment projects are conducted with a high participation of loaned funds, mainly credits, with high interest rates and short terms for paying back. The sector of small enterprises makes numerous mistakes when creating financial plans. Enterprises don’t understand basic parameters of revenues, especially which leverage points manage revenues, and revenues, themselves, are set on a too optimistic level. The time necessary to create revenues is also underestimated. In projections, many significant cost items are underestimated, and some costs are overlooked, which, inevitably, leads to liquidity problems. Needed cash funds are not acquired quickly, so the consequence is a negative cash flow, with all negative consequences in the later life of an enterprise. Such situation dictates necessity of additional caution when assessing investment projects' profitability because investment failures cause large negative consequences, both for an enterprise and a wider area or branch in which it functions. For the assessment of its investment projects small enterprises must use dynamic methods which take time value of money into consideration and which contribute to a better control of cash flows and liquidity of an enterprise.

  20. Planning tools to assess the real estate leveraging potential for roadways and transit : technical report.

    Science.gov (United States)

    2011-01-01

    A funding crisis exists for financing much needed transportation infrastructure projects across the nation and : Texas is no exception. Texas has responded to the crisis by passing several bills allowing innovative : financing and alternative options...

  1. The impact of financial crises on the risk-return tradeoff and the leverage effect

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie

    50% in magnitude during …financial crises. No such changes are observed during NBER recessions, so in this sense …financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...

  2. The impact of financial crises on the risk-return tradeoff and the leverage effect

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie

    2015-01-01

    % in magnitude during financial crises. No such changes are observed during NBER recessions, so in this sense financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international evidence......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...

  3. The Association Between NIMH Funding and h-index in Psychiatry.

    Science.gov (United States)

    Saraykar, Smita; Saleh, Ayman; Selek, Salih

    2017-08-01

    Academic productivity is measured under many domains: number of high impact publications, objective bibliometrics, securing extra-mural funding, etc. Citation impact is measured by an objective bibliometric called h-index. Securing funding from the National Institute of Mental Health (NIMH) is considered prestigious in the field of psychiatry. It is unknown if NIMH takes into consideration the author's h-index during the grant review process. The goal of this study was to determine the correlation between a principal investigator's (PI's) h-index and the NIMH funding. Correlational analysis was conducted on publicly available 2012 NIMH funding data to assess the relationship between NIMH funding and a PI's h-index. A simple linear regression was calculated to predict the h-index based on the amount of funding offered to the PI. A total of 139 PIs and their corresponding h-index and NIMH funding (direct, indirect, and total cost) were included. A strong correlation was found between h-index and NIMH funding: direct cost (r = 0.632, p h-index, β = 0.821, t (2.599), p h-index, R 2  = 0.410, F (3, 119) = 27.59, p h-index and securing NIMH funding. Thus, h-index stands out as a reliable measure for assessing the impact of scholarly contributions in academic psychiatry and can be used as an adjunct for performance evaluations, appointment, and promotions in academia.

  4. [Guidelines for the sociomedical assessment of performance in patients suffering from chronic non-malignant diseases of the liver and the bile ducts--for the Medical Assessment Services of the German Pension Fund].

    Science.gov (United States)

    Horn, S; Irle, H; Knorr, I; Pottins, I; Rohwetter, M; Schuhknecht, P; Timner, K; Becker, E

    2009-06-01

    The following guidelines were developed for the medical assessment services of the German pension fund. Starting from day-to-day practice, criteria and attributes to guide decisions for a systematisation of the sociomedical assessment of performance in diseases of the liver and the bile ducts were compiled. The guidelines aim at standardising the sociomedical assessment of performance and help to make the decision-making process more transparent, e. g., for the assessment of applications for decreased earning capacity benefits. The guidelines summarise the typical manifestations of diseases of the liver and the bile ducts and describe the necessary medical information for the sociomedical assessment of performance. Relevant assessment criteria for the medical history, clinical examination, and for diagnostic tests are illustrated. The assessment of the individual's capacity is outlined, taking occupational factors into account. Following the determination of dysfunctions, the remaining abilities and disabilities, respectively, are deduced and compared with occupational demands. Finally, inferences are drawn regarding the occupational capacity of the individual. The guidelines followed from an extended procedure to attain a wide consensus in the setting of the German Pension Fund and an upgraded evidence base.

  5. Detecting outliers and/or leverage points: a robust two-stage procedure with bootstrap cut-off points

    Directory of Open Access Journals (Sweden)

    Ettore Marubini

    2014-01-01

    Full Text Available This paper presents a robust two-stage procedure for identification of outlying observations in regression analysis. The exploratory stage identifies leverage points and vertical outliers through a robust distance estimator based on Minimum Covariance Determinant (MCD. After deletion of these points, the confirmatory stage carries out an Ordinary Least Squares (OLS analysis on the remaining subset of data and investigates the effect of adding back in the previously deleted observations. Cut-off points pertinent to different diagnostics are generated by bootstrapping and the cases are definitely labelled as good-leverage, bad-leverage, vertical outliers and typical cases. The procedure is applied to four examples.

  6. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    Directory of Open Access Journals (Sweden)

    ömer faruk tan

    2015-10-01

    Full Text Available Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE, thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968 is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966 regression analysis and Henriksson & Merton (1981 regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers’ performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968 alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were

  7. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2001-01-01

    The Governing Board of the Pension Fund held its ninety-ninth meeting on 6 March. On that occasion, it examined the assets-liabilities management report presented by Professor Guus E. Boender and Mr H. Steehouwer of the firm ORTEC of Rotterdam. The first part of the presentation of the report consisted of a general introduction to the principles of an assets-liabilities management study, its mechanisms and its goals. Professor Boender particularly underlined the importance of such studies which are based on a probabilistic approach to determine the trend in the long-term financial position of a pension fund in a dynamic context. For bodies responsible for ensuring that the prerequisites for a balanced pension fund exist, the assets-liabilities management study provides the opportunity, on the basis of a large number of financial scenarios, to assess the risks of insufficient asset cover to meet a pension fund's long-term commitments and to identify measures for remedying it. The second part of the presentatio...

  8. The Global Fund's resource allocation decisions for HIV programmes

    DEFF Research Database (Denmark)

    Avdeeva, Olga; Lazarus, Jeff; Aziz, Mohamed Abdel

    2011-01-01

    Between 2002 and 2010, the Global Fund to Fight AIDS, Tuberculosis and Malaria's investment in HIV increased substantially to reach US$12 billion. We assessed how the Global Fund's investments in HIV programmes were targeted to key populations in relation to disease burden and national income....

  9. Leverage principle of retardation signal in titration of double protein via chip moving reaction boundary electrophoresis.

    Science.gov (United States)

    Zhang, Liu-Xia; Cao, Yi-Ren; Xiao, Hua; Liu, Xiao-Ping; Liu, Shao-Rong; Meng, Qing-Hua; Fan, Liu-Yin; Cao, Cheng-Xi

    2016-03-15

    In the present work we address a simple, rapid and quantitative analytical method for detection of different proteins present in biological samples. For this, we proposed the model of titration of double protein (TDP) and its relevant leverage theory relied on the retardation signal of chip moving reaction boundary electrophoresis (MRBE). The leverage principle showed that the product of the first protein content and its absolute retardation signal is equal to that of the second protein content and its absolute one. To manifest the model, we achieved theoretical self-evidence for the demonstration of the leverage principle at first. Then relevant experiments were conducted on the TDP-MRBE chip. The results revealed that (i) there was a leverage principle of retardation signal within the TDP of two pure proteins, and (ii) a lever also existed within these two complex protein samples, evidently demonstrating the validity of TDP model and leverage theory in MRBE chip. It was also showed that the proposed technique could provide a rapid and simple quantitative analysis of two protein samples in a mixture. Finally, we successfully applied the developed technique for the quantification of soymilk in adulterated infant formula. The TDP-MRBE opens up a new window for the detection of adulteration ratio of the poor food (milk) in blended high quality one. Copyright © 2015 Elsevier B.V. All rights reserved.

  10. AN EXAMINATION OF THE LEVERAGE EFFECT IN THE ISE WITH STOCHASTIC VOLATILITY MODEL

    Directory of Open Access Journals (Sweden)

    YELİZ YALÇIN

    2013-06-01

    Full Text Available The purpose of this paper is the asses the leverage effect of the Istanbul Stock Exchange within the Stochastic Volatility framework in the period 01.01.1990 – 11.08.2006. The relationship between risk and return is a well established phenomenon in Financial Econometerics. Both positive and negative relationship has been reported in the empirical literature. That use the conditional variance the empirical evidence provided in this paper from the Stochastic Volatility is to be negative feed back effect and statistically insignificant leverage effect.

  11. PENGARUH LINDUNG NILAI, FINANCIAL LEVERAGE, DAN MANAJEMEN LABA TERHADAP AGRESIVITAS PAJAK

    Directory of Open Access Journals (Sweden)

    Furqon Nurhandono

    2017-10-01

    Full Text Available This research is aimed to provide empirical evidence about relationship between hedging, financial leverage, and earnings management on tax aggressiveness. Frank and Rego (2009 defines tax aggressiveness as the act of manipulation to reduce the amount of taxable income through tax planning efforts either it can or can not be categorized as an act of tax evasion. Using purposive sampling this research selected 24 firms that are listed in Indonesian Stock Exchange from 2011-2015 as samples. The result of multiple regression of panel data shows that there is positively significant relationship between financial leverage and tax aggressiveness as well as earnings management and tax aggressiveness. While there is no significant relationship between hedging and tax aggresiveness.

  12. The Impact of Jumps and Leverage in Forecasting Co-Volatility

    NARCIS (Netherlands)

    M. Asai (Manabu); M.J. McAleer (Michael)

    2015-01-01

    markdownabstract__Abstract__ The paper investigates the impact of jumps in forecasting co-volatility, accommodating leverage effects. We modify the jump-robust two time scale covariance estimator of Boudt and Zhang (2013) such that the estimated matrix is positive definite. Using this

  13. The Global Fund to Fight AIDS, Tuberculosis and Malaria's investments in harm reduction through the rounds-based funding model (2002-2014).

    Science.gov (United States)

    Bridge, Jamie; Hunter, Benjamin M; Albers, Eliot; Cook, Catherine; Guarinieri, Mauro; Lazarus, Jeffrey V; MacAllister, Jack; McLean, Susie; Wolfe, Daniel

    2016-01-01

    Harm reduction is an evidence-based, effective response to HIV transmission and other harms faced by people who inject drugs, and is explicitly supported by the Global Fund to Fight AIDS, Tuberculosis and Malaria. In spite of this, people who inject drugs continue to have poor and inequitable access to these services and face widespread stigma and discrimination. In 2013, the Global Fund launched a new funding model-signalling the end of the previous rounds-based model that had operated since its founding in 2002. This study updates previous analyses to assess Global Fund investments in harm reduction interventions for the duration of the rounds-based model, from 2002 to 2014. Global Fund HIV and TB/HIV grant documents from 2002 to 2014 were reviewed to identify grants that contained activities for people who inject drugs. Data were collected from detailed grant budgets, and relevant budget lines were recorded and analysed to determine the resources allocated to different interventions that were specifically targeted at people who inject drugs. 151 grants for 58 countries, plus one regional proposal, contained activities targeting people who inject drugs-for a total investment of US$ 620 million. Two-thirds of this budgeted amount was for interventions in the "comprehensive package" defined by the United Nations. 91% of the identified amount was for Eastern Europe and Asia. This study represents an updated, comprehensive assessment of Global Fund investments in harm reduction from its founding (2002) until the start of the new funding model (2014). It also highlights the overall shortfall of harm reduction funding, with the estimated global need being US$ 2.3 billion for harm reduction in 2015 alone. Using this baseline, the Global Fund must carefully monitor its new funding model and ensure that investments in harm reduction are maintained or scaled-up. There are widespread concerns regarding the withdrawal from middle-income countries where harm reduction remains

  14. Funding for teratology information services: up, down, and all around.

    Science.gov (United States)

    Quinn, Dee

    2012-08-01

    Funding for Teratology Information Services has been an ongoing struggle over the 25 years of its existence. Traditional and novel funding mechanisms have been explored with varying success. The importance of providing teratology risk assessment and counseling to all women of reproductive age is now an established health care objective. Sufficient and stable funding for these services is essential. Copyright © 2012 Wiley Periodicals, Inc.

  15. The Impact of Jumps and Leverage in Forecasting Co-Volatility

    NARCIS (Netherlands)

    M. Asai (Manabu); M.J. McAleer (Michael)

    2015-01-01

    markdownabstract__Abstract__ The paper investigates the impact of jumps in forecasting co-volatility, accommodating leverage effects. We modify the jump-robust two time scale covariance estimator of Boudt and Zhang (2013)such that the estimated matrix is positive definite. Using this approach we

  16. Leveraging Digital Innovation in Healthcare

    DEFF Research Database (Denmark)

    Brown, Carol V.; Jensen, Tina Blegind; Aanestad, Margun

    2014-01-01

    Harnessing digital innovations for healthcare delivery has raised high expectations as well as major concerns. Several countries across the globe have made progress in achieving three common goals of lower costs, higher quality, and increased patient access to healthcare services through...... investments in digital infrastructures. New technologies are leveraged to achieve widespread 24x7 disease management, patients’ wellbeing, home-based healthcare and other patient-centric service innovations. Yet, digital innovations in healthcare face barriers in terms of standardization, data privacy...... landscapes in selected countries. Then panelists with expertise in digital data streams, cloud, and mobile computing will present concrete examples of healthcare service innovations that have the potential to address one or more of the global goals. ECIS attendees are invited to join a debate about...

  17. q-Gaussian distributions of leverage returns, first stopping times, and default risk valuations

    Science.gov (United States)

    Katz, Yuri A.; Tian, Li

    2013-10-01

    We study the probability distributions of daily leverage returns of 520 North American industrial companies that survive de-listing during the financial crisis, 2006-2012. We provide evidence that distributions of unbiased leverage returns of all individual firms belong to the class of q-Gaussian distributions with the Tsallis entropic parameter within the interval 1distributions imply a much higher probability of extreme movements in a company’s leverage ratio than forecasted by the normal distribution (q=1). Motivated by these findings, we develop a q-Gaussian generalization of traditional structural models of default. Derived exact analytical expressions for the probability distribution of a first stopping time and its intensity forecast significantly higher probability of default and much wider credit spreads at short time-horizons. Our findings are broadly consistent with the results of empirical studies in equity markets and are essential for single-name default forecasting as well as valuations of portfolio credit risk and economic capital, which might be underestimated by a classic theory of diversified portfolio optimization.

  18. Securing decommissioning funds. Why organization matters?

    International Nuclear Information System (INIS)

    Tchapga, F.

    2005-01-01

    customers. Because of electricity sector restructuring, businesses are no longer protected from market sanctions and stock market volatility. The objective of this paper is to evaluate the compatibility of the design of reserve fund models with the liberalised electricity context. The paper first considers the design of reserve funds and concludes that there is no single design. Based on the variety of design, section two assess their respective compatibility with the new electricity context. It appears that the monitoring and control of the management of the funds are the main determinant of compatibility. The paper concludes that, as secure funding is a dimension of safe decommissioning, there is a necessity for an optimal design of decommissioning funds model. The paper also suggests that external management solution improve the credibility of decommissioning commitment. This paper has completed two objectives. Firstly, it has highlighted the diversity of designs of the decommissioning reserve funds. We have seen that the reserve funds are organised differently, regarding the key features of their design, namely the collection of funds, the management of the funds collected, and the monitoring and control of that management. Secondly, and in respect of the objective to ensure the availability of the funds when needed, the paper has shown that current designs of decommissioning reserve funds are not equally compatible with the constraints of the electricity sector liberalisation. In fact, the new electricity context is characterised by electricity price volatility with, at some conditions, harmful effects on the financial viability of electric companies. The paper has shown that external fund designs offer a satisfactory compatibility with these constraints. This is because the design of external funds imposes clear limitations on the behaviour of the manager of the funds. Therefore, the paper suggests that in a context of liberalised electricity market, external funds

  19. Are Sunshine Private Funds More Beneficial than Publicly Offered Funds to the Fund Managers in Their Investment Performance?

    Institute of Scientific and Technical Information of China (English)

    YAN Wu; XIONG Hang

    2016-01-01

    From the perspective of the comparison between the investment performances of the fund managers before and after investment transfer from publicly offered funds to sunshine private funds,we can better explore the influences of the two institutional environments on the investment performances of the fund managers.This paper conducts a comparative analysis of the fund managers,investment performances before and after their investment transfer with the help of a number of fund performance evaluation models.The results show that the overall investment ability of the fund managers have been improved significantly when they transfer from publicly offered funds to sunshine private funds.If decomposing the overall investment ability into time-choosing and stock-picking abilities,the improvement of the fund managers' overall investment ability is mainly reflected in the significant improvement of their time-choosing ability after the transfer,while their stock-picking ability would then decrease a little.At the same time,by studying the personal characteristics of the fund managers,it is found that those who had investment research experience can obtain better investment performances.

  20. LEVERAGING EXISTING HERITAGE DOCUMENTATION FOR ANIMATIONS: SENATE VIRTUAL TOUR

    Directory of Open Access Journals (Sweden)

    A. Dhanda

    2017-08-01

    Full Text Available The use of digital documentation techniques has led to an increase in opportunities for using documentation data for valorization purposes, in addition to technical purposes. Likewise, building information models (BIMs made from these data sets hold valuable information that can be as effective for public education as it is for rehabilitation. A BIM can reveal the elements of a building, as well as the different stages of a building over time. Valorizing this information increases the possibility for public engagement and interest in a heritage place. Digital data sets were leveraged by the Carleton Immersive Media Studio (CIMS for parts of a virtual tour of the Senate of Canada. For the tour, workflows involving four different programs were explored to determine an efficient and effective way to leverage the existing documentation data to create informative and visually enticing animations for public dissemination: Autodesk Revit, Enscape, Autodesk 3ds Max, and Bentley Pointools. The explored workflows involve animations of point clouds, BIMs, and a combination of the two.

  1. Rating mutual funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    2007-01-01

    We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund's peers. Within each investment category, the rating assigns...... the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

  2. A Research Agenda for Radiation Oncology: Results of the Radiation Oncology Institute’s Comprehensive Research Needs Assessment

    International Nuclear Information System (INIS)

    Jagsi, Reshma; Bekelman, Justin E.; Brawley, Otis W.; Deasy, Joseph O.; Le, Quynh-Thu; Michalski, Jeff M.; Movsas, Benjamin; Thomas, Charles R.; Lawton, Colleen A.; Lawrence, Theodore S.; Hahn, Stephen M.

    2012-01-01

    Purpose: To promote the rational use of scarce research funding, scholars have developed methods for the systematic identification and prioritization of health research needs. The Radiation Oncology Institute commissioned an independent, comprehensive assessment of research needs for the advancement of radiation oncology care. Methods and Materials: The research needs assessment used a mixed-method, qualitative and quantitative social scientific approach, including structured interviews with diverse stakeholders, focus groups, surveys of American Society for Radiation Oncology (ASTRO) members, and a prioritization exercise using a modified Delphi technique. Results: Six co-equal priorities were identified: (1) Identify and develop communication strategies to help patients and others better understand radiation therapy; (2) Establish a set of quality indicators for major radiation oncology procedures and evaluate their use in radiation oncology delivery; (3) Identify best practices for the management of radiation toxicity and issues in cancer survivorship; (4) Conduct comparative effectiveness studies related to radiation therapy that consider clinical benefit, toxicity (including quality of life), and other outcomes; (5) Assess the value of radiation therapy; and (6) Develop a radiation oncology registry. Conclusions: To our knowledge, this prioritization exercise is the only comprehensive and methodologically rigorous assessment of research needs in the field of radiation oncology. Broad dissemination of these findings is critical to maximally leverage the impact of this work, particularly because grant funding decisions are often made by committees on which highly specialized disciplines such as radiation oncology are not well represented.

  3. A feasible central limit theory for realised volatility under leverage

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole Eiler; Shephard, Neil

    In this note we show that the feasible central limit theory for realised volatility and realised covariation recently developed by Barndor-Nielsen and Shephard applies under arbitrary diusion based leverage eects. Results from a simulation experiment suggest that the feasible version of the limit...

  4. Future NTP Development Synergy Leveraged from Current J-2X Engine Development

    Science.gov (United States)

    Ballard, Richard O.

    2008-01-01

    This paper is a discussion of how the many long-lead development elements required for the realization of a future nuclear thermal propulsion (NTP) system can be effectively leveraged from the ongoing work being conducted on the J-2X engine program for the Constellation Program. Development studies conducted to date for NTP forward planning have identified a number of technical areas that will require advancement to acceptable technology readiness levels (TRLs) before they can be utilized in NTP system development. These include high-temperature, high-area ratio nozzle extension; long-life, low-NPSP. turbomachinery; and low-boiloff propellant management; and a qualified nuclear fuel element. The current J-2X program is working many of these areas that can be leveraged to support NTP development in a highly compatible and synergistic fashion. In addition to supporting technical development, there are other programmatic issues being worked in the J-2X program that can be leveraged by a future NTP development program. These include compliance with recently-evolved space system requirements such as human-rating, fault tolerance and fracture control. These and other similar mandatory system requirements have been adopted by NASA and can result in a significant technical impact beyond elevation of the root technologies required by NTP. Finally, the exploitation of experience, methodologies, and procedures developed by the J-2X program in the areas of verification, qualification, certification, altitude simulation testing, and facility definition will be especially applicable to a future NTP system. The similarities in system mission (in-space propulsion) and operational environment (vacuum, zero-gee) between J-2X and NTP make this highly synergistic. Thus, it can be $hown that the collective benefit of leveraging experience and technologies developed during the J-2X program can result in significant savings in development cost and schedule for NTP.

  5. Funding in Spain

    International Nuclear Information System (INIS)

    Santiago, Juan Luis

    2006-01-01

    Decommissioning strategies currently considered are: Immediate dismantling (for all LWR), Deferred dismantling (only for Vandellos-I). Dismantling is assumed to commence 3 years after shutdown. End point: Release the site for industrial uses without radiological restrictions. Considerations for Planning and Funding: 40 years of lifetime for the nuclear power plants currently in operation (7.6 GWe installed). Decommissioning of NPPs: Vandellos I (Partial dismantling (Level 2) in 2003, Total dismantling (Level 3) after a 30 years period); Rest of NPPs: Total dismantling (Level 3), as regards calculation and planning 3 years after final reactor shutdown. Distribution of Responsibilities: Decommissioning is planned to start about 3 years after plant shutdown. During this period the Utility is still responsible for the plant and should remove the spent fuel and condition all the operational wastes, prior to the transfer of responsibility to Enresa. After transfer, Enresa is fully responsible for decommissioning. Decommissioning Funding and Management Rules: The cost of the decommissioning of nuclear installations are financed by the producers of such wastes. The financing of these responsibilities is by way of a Fund set up for this purpose. The costs are calculated by Enresa by means of an annual study, which reviews the status of the techniques and assesses the associated costs, this study being submitted in the General Radioactive Waste Plan to the Ministry of Economy for its approval. The Fund, managed by Enresa, is raised by a charge on the electricity price. The accumulated fund is administrated by Enresa under the supervision of the competent governmental authorities. Rules are established by a Fund Control Committee reporting to the Ministry of Economy. Financing via electricity Billing: The costs of activities arising as a result of radioactive waste management are to be financed by the producers. For NPPs, Establishment of a percentage quota on electricity

  6. ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Nataliia Ivanchuk

    2017-12-01

    inexpedient and it is essential to concentrate functions of social protection in one institution. In particular, it may be appropriate to keep Pension Fund, which should concentrate all current social functions of social security funds naming it Single Social Fund of Ukraine. Value/originality. The assessment of administrative expenditures of social security funds in Ukraine is a systematic survey that allows making a comprehensive analysis of expenditures for the maintenance of mentioned institutions compared with the volume of functions assigned to these establishments.

  7. The impact of Taxation on Bank Leverage and Asset Risk

    NARCIS (Netherlands)

    Horvath, B.L.

    2013-01-01

    Abstract: The tax-bene t of interest deductibility encourages debt nancing, but regulatory and market constraints create dependency between bank leverage and risk. Using a large international sample of banks this paper estimates the short and long run effects of corporate income taxes (CIT) on bank

  8. The effects of government bond purchases on leverage constraints of banks and non-financial firms

    OpenAIRE

    Kühl, Michael

    2016-01-01

    This paper investigates how government bond purchases affect leverage-constrained banks and non-financial firms by utilising a stochastic general equilibrium model. My results indicate that government bond purchases not only reduce non-financial firms' borrowing costs, amplified through a reduction in expected defaults, but also lower banks' profit margins. In an economy in which loans priced at par dominate in banks' balance sheets - as a reflection of the euro area's structure - the leverag...

  9. Rating Mutual Funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns......, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

  10. Pengaruh Set Kesempatan Investasi Terhadap Hubungan Antara Kepemilikan Manajerial dan Aliran Kas Bebas dengan Tingkat Leverage Perusahaan

    Directory of Open Access Journals (Sweden)

    Endang Raino Wirjono

    2009-08-01

    Full Text Available Agency  theory  mentions  that  leverage  (debt  is  one  of  mechanism  used  by shareholders  to minimize agency problem with manager. In this context, previous researchers show that leverage was influenced by free cash flow and insider ownership (managerial ownership. This research aims  to  examine  the determinants  of  leverage  in  a  research  model  and  treats investment opportunity  set  (IOS  as  moderating  variable  that  will  influence the  relationship  between  free cash flow and managerial ownership with leverage. By using sample consist of 38 manufacturing companies, result from moderated Regression Analysis (MRA statistically shows evidence that IOS  influences  the relationship  between  free  cash  flow  and  leverage.  This  result supported Tarjo’s research (2002.

  11. 13 CFR 107.1600 - SBA authority to issue and guarantee Trust Certificates.

    Science.gov (United States)

    2010-01-01

    ... ADMINISTRATION SMALL BUSINESS INVESTMENT COMPANIES SBA Financial Assistance for Licensees (Leverage) Funding... guarantee by SBA of such TC is limited to the principal and interest due on the Debentures or the Redemption... to arrange public or private fundings of Leverage. SBA in its discretion may arrange for public or...

  12. A Research Agenda for Radiation Oncology: Results of the Radiation Oncology Institute's Comprehensive Research Needs Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Jagsi, Reshma, E-mail: rjagsi@med.umich.edu [Department of Radiation Oncology, University of Michigan, Ann Arbor, MI (United States); Bekelman, Justin E. [Department of Radiation Oncology, University of Pennsylvania, Philadelphia, PA (United States); Brawley, Otis W. [Department of Hematology and Oncology, Emory University, and American Cancer Society, Atlanta, Georgia (United States); Deasy, Joseph O. [Department of Radiation Oncology, Memorial Sloan-Kettering Cancer Center, New York, NY (United States); Le, Quynh-Thu [Department of Radiation Oncology, Stanford University, Stanford, CA (United States); Michalski, Jeff M. [Department of Radiation Oncology, Washington University, St. Louis, MO (United States); Movsas, Benjamin [Department of Radiation Oncology, Henry Ford Health System, Detroit, MI (United States); Thomas, Charles R. [Department of Radiation Oncology, Oregon Health and Sciences University, Portland, OR (United States); Lawton, Colleen A. [Department of Radiation Oncology, Medical College of Wisconsin, Milwaukee, WI (United States); Lawrence, Theodore S. [Department of Radiation Oncology, University of Michigan, Ann Arbor, MI (United States); Hahn, Stephen M. [Department of Radiation Oncology, University of Pennsylvania, Philadelphia, PA (United States)

    2012-10-01

    Purpose: To promote the rational use of scarce research funding, scholars have developed methods for the systematic identification and prioritization of health research needs. The Radiation Oncology Institute commissioned an independent, comprehensive assessment of research needs for the advancement of radiation oncology care. Methods and Materials: The research needs assessment used a mixed-method, qualitative and quantitative social scientific approach, including structured interviews with diverse stakeholders, focus groups, surveys of American Society for Radiation Oncology (ASTRO) members, and a prioritization exercise using a modified Delphi technique. Results: Six co-equal priorities were identified: (1) Identify and develop communication strategies to help patients and others better understand radiation therapy; (2) Establish a set of quality indicators for major radiation oncology procedures and evaluate their use in radiation oncology delivery; (3) Identify best practices for the management of radiation toxicity and issues in cancer survivorship; (4) Conduct comparative effectiveness studies related to radiation therapy that consider clinical benefit, toxicity (including quality of life), and other outcomes; (5) Assess the value of radiation therapy; and (6) Develop a radiation oncology registry. Conclusions: To our knowledge, this prioritization exercise is the only comprehensive and methodologically rigorous assessment of research needs in the field of radiation oncology. Broad dissemination of these findings is critical to maximally leverage the impact of this work, particularly because grant funding decisions are often made by committees on which highly specialized disciplines such as radiation oncology are not well represented.

  13. Leveraging Proximity Sensing to Mine the Behavior of Museum Visitors

    NARCIS (Netherlands)

    Martella, Claudio; Miraglia, Armando; Cattani, Marco; van Steen, Martinus Richardus

    Face-to-face proximity has been successfully leveraged to study the relationships between individuals in various contexts, from a working place, to a conference, a museum, a fair, and a date. We spend time facing the individuals with whom we chat, discuss, work, and play. However, face-to-face

  14. Random matrix theory and fund of funds portfolio optimisation

    Science.gov (United States)

    Conlon, T.; Ruskin, H. J.; Crane, M.

    2007-08-01

    The proprietary nature of Hedge Fund investing means that it is common practise for managers to release minimal information about their returns. The construction of a fund of hedge funds portfolio requires a correlation matrix which often has to be estimated using a relatively small sample of monthly returns data which induces noise. In this paper, random matrix theory (RMT) is applied to a cross-correlation matrix C, constructed using hedge fund returns data. The analysis reveals a number of eigenvalues that deviate from the spectrum suggested by RMT. The components of the deviating eigenvectors are found to correspond to distinct groups of strategies that are applied by hedge fund managers. The inverse participation ratio is used to quantify the number of components that participate in each eigenvector. Finally, the correlation matrix is cleaned by separating the noisy part from the non-noisy part of C. This technique is found to greatly reduce the difference between the predicted and realised risk of a portfolio, leading to an improved risk profile for a fund of hedge funds.

  15. Funding of Vocational and Technical Education in Nigeria in Times ...

    African Journals Online (AJOL)

    Funding has been the bane of education in Nigeria. The global economic recession eventually came to complicate the matter. This notwithstanding, the focus of Vocational and Technical Education with regard to skills acquisition cannot be compromised. This paper x-rays the education funding pattern in Nigeria, assesses ...

  16. 75 FR 26944 - Federal Student Aid; Leveraging Educational Assistance Partnership, Special Leveraging...

    Science.gov (United States)

    2010-05-13

    ..., SLEAP, or GAP programs for Award Year 2010-2011, a State must meet the applicable deadline date... Education. ACTION: Notice of the deadline dates for receipt of State applications for Award Year 2010-2011 funds. SUMMARY: This notice provides the deadline dates for receipt of State applications for Award Year...

  17. Project Management Methods in Projects Co-financed by EU Funds

    OpenAIRE

    Kostalova, Jana; Tetrevova, Libena; Patak, Michal

    2017-01-01

    This paper deals with the management of projects co-financed by European Union funds (structural funds and the Cohesion Fund) in the Czech Republic (EU projects). The authors aimed to analyze and assess the scope of familiarity with basic project management methods and their application within the implementation of EU projects in the Czech Republic in the Programming Period 2007–2013. Based on a questionnaire survey of EU project organisers, the authors evaluate their attitudes to project man...

  18. A positive return on investment: research funding by the Thoracic Surgery Foundation for Research and Education (TSFRE).

    Science.gov (United States)

    Jones, David R; Mack, Michael J; Patterson, G Alexander; Cohn, Lawrence H

    2011-05-01

    The Thoracic Surgery Foundation for Research and Education (TSFRE) was formed in 1991 with the primary goals of generating new knowledge and nurturing the development of surgeon-scientists. The purpose of this article is to determine how effective the TSFRE has been in achieving these goals. A survey instrument was sent electronically to all former and current TSFRE research award recipients. Major themes included the benefits on TSFRE award recipients with respect to career choices of thoracic surgery, progress toward research independence, and the ability to leverage TSFRE funds to more substantive National Institutes of Health (NIH) awards. Success rates for NIH funding were confirmed using NIH Research Portfolio Online Reporting Tools. The total completed survey response rate was 70% (75/107). The response rates for each group were as follows: resident 74% (28/38), faculty 85% (29/34), Braunwald 50% (9/18), and TSFRE/NIH K-award 65% (11/17). The funding rate for all grants was 14% (90/619). For resident research awardees, 81% (34/42) are cardiothoracic surgeons or are thoracic surgery residents. The conversion rate for existing TSFRE/NIH co-sponsored K-awards to R01 grants is 40% at 5 years compared with a 20% K to R conversion rate for all NIH K-award recipients. K to R conversion rates for junior faculty grant awardees without a prior K-award is 44%, which is much higher than NIH rates for all new investigator R01 awards. The return on investment for TSFRE funding for surgeon-scientists is resoundingly positive with respect to promoting careers in cardiothoracic surgery and to obtaining subsequent NIH funding for thoracic surgeon investigators. Copyright © 2011 The American Association for Thoracic Surgery. Published by Mosby, Inc. All rights reserved.

  19. Do AAO-HNSF CORE Grants Predict Future NIH Funding Success?

    Science.gov (United States)

    Eloy, Jean Anderson; Svider, Peter F; Kanumuri, Vivek V; Folbe, Adam J; Setzen, Michael; Baredes, Soly

    2014-08-01

    To determine (1) whether academic otolaryngologists who have received an American Academy of Otolaryngology- Head and Neck Surgery Foundation (AAO-HNSF) Centralized Otolaryngology Research Efforts (CORE) grant are more likely to procure future National Institutes of Health (NIH) funding; (2) whether CORE grants or NIH Career Development (K) awards have a stronger association with scholarly impact. Historical cohort. Scholarly impact, as measured by the h-index, publication experience, and prior grant history, were determined for CORE-funded and non-CORE-funded academic otolaryngologists. All individuals were assessed for NIH funding history. Of 192 academic otolaryngologists with a CORE funding history, 39.6% had active or prior NIH awards versus 15.1% of 1002 non-CORE-funded faculty (P productivity than those with CORE funding history. Both cohorts had higher scholarly impact values than previously published figures among academic otolaryngologists, highlighting that both CORE grants and NIH K-grants awards are effective career development resources. © American Academy of Otolaryngology—Head and Neck Surgery Foundation 2014.

  20. Beyond traditional advertisements: leveraging Facebook's social structures for research recruitment.

    Science.gov (United States)

    Valdez, Rupa S; Guterbock, Thomas M; Thompson, Morgan J; Reilly, Jeremiah D; Menefee, Hannah K; Bennici, Maria S; Williams, Ishan C; Rexrode, Deborah L

    2014-10-27

    Obtaining access to a demographically and geographically diverse sample for health-related research can be costly and time consuming. Previous studies have reported mixed results regarding the potential of using social media-based advertisements to overcome these challenges. Our aim was to develop and assess the feasibility, benefits, and challenges of recruiting for research studies related to consumer health information technology (IT) by leveraging the social structures embedded in the social networking platform, Facebook. Two recruitment strategies that involved direct communication with existing Facebook groups and pages were developed and implemented in two distinct populations. The first recruitment strategy involved posting a survey link directly to consenting groups and pages and was used to recruit Filipino-Americans to a study assessing the perceptions, use of, and preferences for consumer health IT. This study took place between August and December 2013. The second recruitment strategy targeted individuals with type 2 diabetes and involved creating a study-related Facebook group and asking administrators of other groups and pages to publicize our group to their members. Group members were then directly invited to participate in an online pre-study survey. This portion of a larger study to understand existing health management practices as a foundation for consumer health IT design took place between May and June 2014. In executing both recruitment strategies, efforts were made to establish trust and transparency. Recruitment rate, cost, content of interaction, and characteristics of the sample obtained were used to assess the recruitment methods. The two recruitment methods yielded 87 and 79 complete responses, respectively. The first recruitment method yielded a rate of study completion proportionate to that of the rate of posts made, whereas recruitment successes of the second recruitment method seemed to follow directly from the actions of a subset

  1. Leveraging DMO's Hi-Tech Simulation Against the F-16 Flying Training Gap

    National Research Council Canada - National Science Library

    McGrath, Shaun R

    2005-01-01

    .... The purpose of this research is to examine leveraging hi-tech simulation assets against the every growing gap in training caused by a systematic reduction in the average fighter pilot's flying hours...

  2. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

    Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

  3. KT Fund: Five years of funding for impact

    CERN Multimedia

    CERN Bulletin

    2015-01-01

    Cryogenic safety, ion beam therapy, event management for communities, emergency lighting… this year’s applications for funding through the Knowledge Transfer Fund demonstrate the breadth of possible applications of CERN technology beyond high-energy physics.     The use of high index glass spherical targets as retroreflectors for a 3D interferometer is the subject of one of the 2015 KT Fund Projects.   Following the 2015 selection committee held in January, the KT Fund has funded a total of seven new projects that aim to further develop CERN technologies to a level where they can be transferred and subsequently make a positive impact on society. “CERN’s ambitious scientific programme requires state-of-the-art technologies that are not always directly reusable by society because they were not designed with this purpose in mind,” explains David Mazur, Section Leader of the IP Dissemination Section. “Since 2011, the KT...

  4. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

  5. 12 CFR Appendix D to Part 225 - Capital Adequacy Guidelines for Bank Holding Companies: Tier 1 Leverage Measure

    Science.gov (United States)

    2010-01-01

    ... Consolidated Financial Statements (FR Y-9C Report), less goodwill; amounts of mortgage servicing assets... part. b. The tier 1 leverage guidelines apply on a consolidated basis to any bank holding company with consolidated assets of $500 million or more. The tier 1 leverage guidelines also apply on a consolidated basis...

  6. ANALYSIS AND OPERATING LEVERAGE RELATIONSHIP WITH THE OPERATIONAL RISK CUBAN ENTERPRISES

    Directory of Open Access Journals (Sweden)

    María E. González-del Foyo

    2016-01-01

    Full Text Available The analysis of the equilibrium point is important in the planning process, because the relation costvolume-benefit may become significantly influenced by the investment of the company in fixed assets, and the changes in the ratio of fixed assets in relation to variable assets are determined at the moment, that the finantial plans are established. Together with the analysis of the equilibrium point, the degree of leverage is calculated and interpreted and its implicatiosn for the operative risk of an company is studied. The study of the degree of leverage and its interpretation from the operative risk point of view to which an company thats operate in different conditions and economies is faced, with is the basic objetive of the present paper and is of the highest importance for the decision taking of the management, being this a phenomenon present in all economic organizations. 

  7. 75 FR 28713 - Teacher Incentive Fund

    Science.gov (United States)

    2010-05-21

    ... staff in its schools) in these schools to take on additional responsibilities and leadership roles... efforts that ensure an equitable distribution of effective teachers between high- and low- poverty schools... assesses the impact of performance-based teacher and principal compensation systems supported by the funds...

  8. 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’.

  9. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

  10. Pension fund

    CERN Multimedia

    2006-01-01

    At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

  11. Fund management plan

    International Nuclear Information System (INIS)

    1983-05-01

    The Nuclear Waste Policy Act of 1982, P.L. 97-425 (the Act), provides for establishment of two separate special funds in the US Treasury, the Interim Storage Fund and the Nuclear Waste Fund (the Funds). The Interim Storage Fund (Sec. 136) is the financing mechanism for the provision of federal interim storage capacity, not to exceed 1900 metric tons, for spent nuclear fuel (SNF) from civilian reactors. Basically, interim storage of SNF is the responsibility of the owners and generators of nuclear wastes. Storage at government facilities will be provided only if the utilities do not have adequate storage capacity. The Nuclear Waste Fund (Sec. 302) is the statutory financing approach for the Department's radioactive waste disposal program. P.L. 97-425 directs utilities to pay a mandatory fee to cover DOE's expected costs for nuclear waste disposal. The Funds are administered by the Department of Energy. This Plan identifies how DOE will implement and manage the Nuclear Waste and Interim Storage Funds

  12. Leveraging information technology to drive improvement in patient satisfaction.

    Science.gov (United States)

    Nash, Mary; Pestrue, Justin; Geier, Peter; Sharp, Karen; Helder, Amy; McAlearney, Ann Scheck

    2010-01-01

    A healthcare organization's commitment to quality and the patient experience requires senior leader involvement in improvement strategies, and accountability for goals. Further, improvement strategies are most effective when driven by data, and in the world of patient satisfaction, evidence is growing that nurse leader rounding and discharge calls are strategic tactics that can improve patient satisfaction. This article describes how The Ohio State University Medical Center (OSUMC) leveraged health information technology (IT) to apply a data-driven strategy execution to improve the patient experience. Specifically, two IT-driven approaches were used: (1) business intelligence reporting tools were used to create a meaningful reporting system including dashboards, scorecards, and tracking reports and (2) an improvement plan was implemented that focused on two high-impact tactics and data to hardwire accountability. Targeted information from the IT systems enabled clinicians and administrators to execute these strategic tactics, and senior leaders to monitor achievement of strategic goals. As a result, OSUMC's inpatient satisfaction scores on the Hospital Consumer Assessment of Healthcare Providers and Systems survey improved from 56% nines and tens in 2006 to 71% in 2009. © 2010 National Association for Healthcare Quality.

  13. Ultra-processed foods, protein leverage and energy intake in the USA.

    Science.gov (United States)

    Martínez Steele, Euridice; Raubenheimer, David; Simpson, Stephen J; Baraldi, Larissa Galastri; Monteiro, Carlos A

    2018-01-01

    Experimental studies have shown that human macronutrient regulation minimizes variation in absolute protein intake and consequently energy intake varies passively with dietary protein density ('protein leverage'). According to the 'protein leverage hypothesis' (PLH), protein leverage interacts with a reduction in dietary protein density to drive energy overconsumption and obesity. Worldwide increase in consumption of ultra-processed foods (UPF) has been hypothesized to be an important determinant of dietary protein dilution, and consequently an ecological driving force of energy overconsumption and the obesity pandemic. The present study examined the relationships between dietary contribution of UPF, dietary proportional protein content and the absolute intakes of protein and energy. National representative cross-sectional study. National Health and Nutrition Examination Survey 2009-2010. Participants (n 9042) aged ≥2 years with at least one day of 24 h dietary recall data. We found a strong inverse relationship between consumption of UPF and dietary protein density, with mean protein content dropping from 18·2 to 13·3 % between the lowest and highest quintiles of dietary contribution of UPF. Consistent with the PLH, increase in the dietary contribution of UPF (previously shown to be inversely associated with protein density) was also associated with a rise in total energy intake, while absolute protein intake remained relatively constant. The protein-diluting effect of UPF might be one mechanism accounting for their association with excess energy intake. Reducing UPF contribution in the US diet may be an effective way to increase its dietary protein concentration and prevent excessive energy intake.

  14. PENGARUH KEPEMILIKAN MANAJERIAL, LEVERAGE DAN PROFITABILITAS TERHADAP KEBIJAKAN INVESTASI PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Anggita Langgeng Wijaya

    2012-03-01

    Full Text Available Penelitian ini menguji dampak kepemilikan managerial, buku besar dan profitabilitas pada kebijakan investasi perusahaan pada sampel perusahaan manufaktur yang ada di Indonesian Stock Exchange. Metode purposive sampling digunakan untuk menentukan sampel dan analisis multiple regression digunakan untuk menguji hipotesis. Hasil dari penelitian ini menunjukkan bahwa kepemilikan manajerial tidak berpengaruh secara signifikan pada kebijakan investasi perusahaan, buku besar berpengaruh positif pada kebijakan investasi publik, sedangkan profitabilitas berpengaruh positif terhadap investasi kebijakan publik. This research tests the effect of managerial ownership, leverage, and profitability on corporate investment policy for a sample of manufacturing companies listed in Indonesian Stock Exchange over the period 2006-2008. Population of this research is all of manufacturing companies at Indonesian Stock Exchange. Purposive sampling method was employed and the data analysis technique was classic assumption test: multicollinearity test, autocorrelation test, heteroscedasticity test, and normality test. The hypothesis test used multiple regression analysis. The results show that managerial ownership has no significant effects on corporate investment policy; leverage positively affects corporate investment policy; while profitability positively affects corporate investment policy.

  15. Multi-factor models and signal processing techniques application to quantitative finance

    CERN Document Server

    Darolles, Serges; Jay, Emmanuelle

    2013-01-01

    With recent outbreaks of multiple large-scale financial crises, amplified by interconnected risk sources, a new paradigm of fund management has emerged. This new paradigm leverages "embedded" quantitative processes and methods to provide more transparent, adaptive, reliable and easily implemented "risk assessment-based" practices.This book surveys the most widely used factor models employed within the field of financial asset pricing. Through the concrete application of evaluating risks in the hedge fund industry, the authors demonstrate that signal processing techniques are an intere

  16. 42 CFR 93.209 - Funding component.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false Funding component. 93.209 Section 93.209 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES HEALTH ASSESSMENTS AND HEALTH EFFECTS STUDIES OF HAZARDOUS SUBSTANCES RELEASES AND FACILITIES PUBLIC HEALTH SERVICE POLICIES ON RESEARCH...

  17. Socially responsible investing and management style of mutual funds in the euronext stock markets

    NARCIS (Netherlands)

    Plantinga, Auke; Scholtens, Bert

    2001-01-01

    This paper analyses fund management styles on the Euronext stock exchanges. Especially, we investigate how social responsibility is accounted for. We use style analysis to assess fund performance in Belgium, France, and the Netherlands for over 800 investment funds during the 1990s. We find

  18. Foreign-funded M&A Poses No Threatto China’s Economic Security

    Institute of Scientific and Technical Information of China (English)

    王志乐

    2007-01-01

    Foreign funded M■A(Mergers ■ Acquisitions) activity is becoming increasingly common in China.In this article Wang Zhile assesses the effects and risks associated with M■A,finding that foreign funded M■A activity is immensely beneficial to China and poses no threat to economic security.

  19. A study of the impacts of leverage on labor and capital productivity: A case study of companies listed in Tehran Stock Market

    Directory of Open Access Journals (Sweden)

    Peyman Akbari

    2013-03-01

    Full Text Available Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.

  20. Danish mutual fund performance

    DEFF Research Database (Denmark)

    Christensen, Michael

    2013-01-01

    This article provides the first independent performance analysis of Danish mutual funds. We analyse selectivity and market timing abilities for 71 mutual funds that have been in operation from 2001 to 2010. The results show great fund performance diversity. Half the funds have performed neutrally......, whereas 42% of the funds have shown significantly negative performance and only 7% of the funds have over-performed their benchmark. Furthermore, 14% of the funds analysed possess market timing abilities, but for 8 out of 10 funds, their market timing ability has been unsuccessful....

  1. Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

    OpenAIRE

    Ooi, Elizabeth Meishan

    2017-01-01

    This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

  2. The Pension Fund passes important milestones

    CERN Document Server

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in October, the PFGB has passed several milestones in actuarial, technical and investment matters. The PFGB has completed an analysis of a request by the European Organisation for Astronomical Research in the Southern Hemisphere (ESO) to reduce the increased cost of pension insurance for new ESO recruits that has been caused by the increased CHF/€ exchange ratio. Currently the staff of ESO are admitted to the CERN Pension Fund, pursuant to a co-operation agreement between CERN and ESO dating back to 1968. This analysis assessed the actuarial, financial, administrative and legal implications, and is scheduled to be presented to the CERN Council and the Finance Committee in December. After an open tendering process the PFGB has selected Buck Consultants Limited...

  3. Return Persistence and Fund Flows in the Worst Performing Mutual Funds

    OpenAIRE

    Jonathan B. Berk; Ian Tonks

    2007-01-01

    We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show...

  4. Reporting of sources of funding in systematic reviews in periodontology and implant dentistry.

    Science.gov (United States)

    Faggion, C M; Atieh, M; Zanicotti, D G

    2014-02-01

    Industry-supported clinical trials may present better outcomes than those supported by other sources. The aim of this paper was to assess whether systematic reviews (SRs) published in periodontology and implant dentistry report and discuss the influence of funding sources on study results. Two reviewers conducted a comprehensive search in PubMed and the Cochrane Database of Systematic Reviews independently and in duplicate to identify SRs published up to 11 November 2012. Speciality dental journals and the reference lists of included SRs were also scrutinised. Information on the reporting and discussion of funding sources of primary studies included in the SRs was extracted independently and in duplicate. Any disagreement regarding SR selection or data extraction was discussed until consensus was achieved. Of 146 SRs included in the assessment, only 45 (31%) reported the funding sources of primary studies. Fourteen (10%) SRs discussed the potential influence of funding sources on study results, that is, sponsorship bias. Funding sources are inadequately reported and discussed in SRs in periodontology and implant dentistry. Assessment, reporting, and critical appraisal of potential sponsorship bias of meta-analytic estimates are paramount to provide proper guidance for clinical treatments.

  5. Large funding inflows, limited local capacity and emerging disease control priorities: a situational assessment of tuberculosis control in Myanmar.

    Science.gov (United States)

    Khan, Mishal S; Schwanke-Khilji, Sara; Yoong, Joanne; Tun, Zaw Myo; Watson, Samantha; Coker, Richard James

    2017-10-01

    There are numerous challenges in planning and implementing effective disease control programmes in Myanmar, which is undergoing internal political and economic transformations whilst experiencing massive inflows of external funding. The objective of our study-involving key informant discussions, participant observations and linked literature reviews-was to analyse how tuberculosis (TB) control strategies in Myanmar are influenced by the broader political, economic, epidemiological and health systems context using the Systemic Rapid Assessment conceptual and analytical framework. Our findings indicate that the substantial influx of donor funding, in the order of one billion dollars over a 5-year period, may be too rapid for the country's infrastructure to effectively utilize. TB control strategies thus far have tended to favour medical or technological approaches rather than infrastructure development, and appear to be driven more by perceived urgency to 'do something' rather informed by evidence of cost-effectiveness and sustainable long-term impact. Progress has been made towards ambitious targets for scaling up treatment of drug-resistant TB, although there are concerns about ensuring quality of care. We also find substantial disparities in health and funding allocation between regions and ethnic groups, which are related to the political context and health system infrastructure. Our situational assessment of emerging TB control strategies in this transitioning health system indicates that large investments by international donors may be pushing Myanmar to scale up TB and drug-resistant TB services too quickly, without due consideration given to the health system (service delivery infrastructure, human resource capacity, quality of care, equity) and epidemiological (evidence of effectiveness of interventions, prevention of new cases) context. © The Author 2017. Published by Oxford University Press in association with The London School of Hygiene and Tropical

  6. 34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

    Science.gov (United States)

    2010-07-01

    ... Federal interest in that Fund: (1) A capital distribution of the liquid assets of the Fund according to... 34 Education 3 2010-07-01 2010-07-01 false Federal interest in allocated funds-transfer of Fund... Provisions § 674.17 Federal interest in allocated funds—transfer of Fund. (a) If an institution responsible...

  7. Ensuring the Availability of Funds (Germany)

    International Nuclear Information System (INIS)

    Warnecke, Ernst; Paul, Michael

    2006-01-01

    1 - Legislation and regulation pertinent to funding: no site / facility specific legislation / regulation (Decommissioning Guideline); the obligation for D+D results from the Atomic Energy Act; the AtG requires a license for D + D of a nuclear facility; the Commercial Code requires reserves for liabilities; the Income Tax Law (EStG) is relevant for the taxation of reserves; the 'Ordinance on Advance Payments' is relevant for the construction of RW disposal facilities; the AtG is relevant for the payment of RW disposal costs. 2 - Financing system: Basic Principle: Polluter pays; Publicly funded facilities (mainly Federal Government): payment from annual budget; Privately owned facilities: collection of 'reserves' during operation / linear accumulation over 25 years, coverage: processing, storage and disposal of radioactive waste/spent fuel, D + D of nuclear facilities, reserves are in the portfolio of industry, financial risk lies with the operator; Availability of private funds: annual review / revision of the cost calculations by the operator, review of cost calculations by tax authorities. 3 - Costs: Cost calculation by the operator are based on detailed planning, need to be assessed conservatively. D + D cost calculation (as of 1999): ca. 300 x 10 6 Euro (1200 MW PWR, excl. disposal), ca. 350 x 10 6 Euro (800 MW BWR excl. disposal), ca. 700 x 10 6 Euro (incl. disposal of non-heat generating waste), immediate dismantling is slightly cheaper than deferred dismantling. Review and decision on adequacy of cost calculation by tax authorities. 4 - Experience: A lot of experience (public and private) has been gained, Experience is good, funds were available. 5 - Changing conditions - new challenges: Termination of nuclear energy generation, New approach to waste disposal, Privatisation of utilities, Liberalisation of energy market. Does the existing funding system need improvement?: Reconsideration of the existing situation, Exploration of potential improvements

  8. Leveraging Machine Learning to Estimate Soil Salinity through Satellite-Based Remote Sensing

    Science.gov (United States)

    Welle, P.; Ravanbakhsh, S.; Póczos, B.; Mauter, M.

    2016-12-01

    Human-induced salinization of agricultural soils is a growing problem which now affects an estimated 76 million hectares and causes billions of dollars of lost agricultural revenues annually. While there are indications that soil salinization is increasing in extent, current assessments of global salinity levels are outdated and rely heavily on expert opinion due to the prohibitive cost of a worldwide sampling campaign. A more practical alternative to field sampling may be earth observation through remote sensing, which takes advantage of the distinct spectral signature of salts in order to estimate soil conductivity. Recent efforts to map salinity using remote sensing have been met with limited success due to tractability issues of managing the computational load associated with large amounts of satellite data. In this study, we use Google Earth Engine to create composite satellite soil datasets, which combine data from multiple sources and sensors. These composite datasets contain pixel-level surface reflectance values for dates in which the algorithm is most confident that the surface contains bare soil. We leverage the detailed soil maps created and updated by the United States Geological Survey as label data and apply machine learning regression techniques such as Gaussian processes to learn a smooth mapping from surface reflection to noisy estimates of salinity. We also explore a semi-supervised approach using deep generative convolutional networks to leverage the abundance of unlabeled satellite images in producing better estimates for salinity values where we have relatively fewer measurements across the globe. The general method results in two significant contributions: (1) an algorithm that can be used to predict levels of soil salinity in regions without detailed soil maps and (2) a general framework that serves as an example for how remote sensing can be paired with extensive label data to generate methods for prediction of physical phenomenon.

  9. Leveraging Economy of Scale across Construction Projects by Implementing Coordinated Purchasing

    DEFF Research Database (Denmark)

    Thuesen, Christian Langhoff

    2010-01-01

    coordinated purchasing is an important step in the attempt to rethink the existing business model in construction. Going from competing on overhead (in a red ocean) to start to compete on company specific core competencies. The paper concludes highlighting the next milestones at the journey leveraging economy...

  10. The potential economic and environmental impact of a Public Benefit Fund in Louisiana

    International Nuclear Information System (INIS)

    Kaiser, M.J.; Pulsipher, A.G.; Baumann, R.H.

    2004-01-01

    Public Benefit Fund programs are one approach to provide energy assistance to low-income households placed at risk in a competitive electric industry. The purpose of this paper is to assess the potential economic and environmental impact of a proposed Public Benefit Fund for the state of Louisiana. The 'best available' model to estimate the relationship between the cost of Public Benefit Fund programs and the benefits delivered by its implementation would be based on an evaluation of existent energy conservation and weatherization programs in the state, but unfortunately, such an evaluation has not been previously performed and so the 'next best' analytic model was employed. The impact of a Public Benefit Fund on energy savings and environmental consequences is assessed through a simulation model and input-output analysis. The model developed is based on publicly available data and infer results under a reasonable assumption set. The model structure and system assumptions of the Public Benefit Fund program are described, realistic policy alternatives are examined--including cost-ceiling, variable funding, and target group strategies--and the limitations of the analysis are outlined

  11. The potential economic and environmental impact of a Public Benefit Fund in Louisiana

    International Nuclear Information System (INIS)

    Kaiser, Mark J.; Pulsipher, Allan G.; Baumann, Robert H.

    2004-01-01

    Public Benefit Fund programs are one approach to provide energy assistance to low-income households placed at risk in a competitive electric industry. The purpose of this paper is to assess the potential economic and environmental impact of a proposed Public Benefit Fund for the state of Louisiana. The 'best available' model to estimate the relationship between the cost of Public Benefit Fund programs and the benefits delivered by its implementation would be based on an evaluation of existent energy conservation and weatherization programs in the state, but unfortunately, such an evaluation has not been previously performed and so the 'next best' analytic model was employed. The impact of a Public Benefit Fund on energy savings and environmental consequences is assessed through a simulation model and input-output analysis. The model developed is based on publicly available data and infer results under a reasonable assumption set. The model structure and system assumptions of the Public Benefit Fund program are described, realistic policy alternatives are examined, including cost-ceiling, variable funding, and target group strategies, and the limitations of the analysis are outlined. (Author)

  12. Analysis of the Structure Ratios of the Funding Sources

    Directory of Open Access Journals (Sweden)

    Maria Daniela Bondoc

    2014-06-01

    Full Text Available The funding sources of the assets and liabilities in the balance sheet include equity capitals and the debts of the entity. The analysis of the structure rates of the funding sources allows for making assessments related to the funding policy, highlighting the financial autonomy and how resources are provided. Using the literature specializing in economic and financial analysis, this paper aims at presenting these rates that focus, on the one hand, to reflect the degree of financial dependence (the rate of financial stability, the rate of global financial autonomy, the rate of on-term financial autonomy and on the other hand the debt structure (the rate of short-term debts, the global indebtedness rate, the on-term indebtedness rate. Based on the financial statements of an entity in the Argeş County, I analysed these indicators, and I drew conclusions and made assessments related to the autonomy, indebtedness and financial stability of the studied entity.

  13. Pension Fund

    CERN Multimedia

    2006-01-01

    As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  14. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

  15. PENGARUH LIKUIDITAS DAN LEVERAGE TERHADAP PROFITABILITAS DAN NILAI PERUSAHAAN PADA PERUSAHAAN PERBANKAN DI BEI

    Directory of Open Access Journals (Sweden)

    Y. Yudha Dharma Putra

    2016-04-01

    Full Text Available High  corporate  value  of  a  company  will  attract  investors  to  invest  in  the company.  Company  value  on  companies  that  went  public  in  the  long-term improvement is affected by profi tability, the higher the value of the company’s profi tability  is  also  higher  the  value  of  the  company,  and  the  lower  the profi tability of a company refl ects the low value of the company. Investors buy stocks  in  companies  that  go  pubilc  in  order  to  benefi t  from  the  investments made. This study aimed to analyze the infl uence of Liquidity and Leverage on Profi tability and Value.The population used in this study is a banking company listed  in  Indonesia  Stock  Exchange  (BEI  in  2007  to  2011  by  31  companies. The sampling technique used was purposive sampling. Samples taken in this study were 20 companies for 5 years. Techniques of data analysis in this study using  Path  analysis.The  results  showed  that:  1  no  signifi cant  positive  effect of  liquidity  on  profi tability.  2  leverage  gives  a  signifi cant  positive  effect  on profi tability.  3  liquidity  is  not  signifi cant  positive  effect  on  a  fi rm  value.  4 Liquidity  positive  effect  on  company  value  through  profi tability.  5  Leverage gives a signifi cant positive effect on fi rm value. 6 Leverage has a positive effect on fi rm value through profi tability. 7 Profi tability gives a signifi cant positive effect on company value. Keywords :Liquidity, Leverage, Profi tability, Company Value

  16. Venture funding for science-based African health innovation.

    Science.gov (United States)

    Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A

    2010-12-13

    While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital's potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social returns. Such funds should be structured to overcome the

  17. Costs of and public funds for Natura 2000 in the Netherlands

    NARCIS (Netherlands)

    Leneman, H.; Bogaardt, M.J.; Roza, P.

    2009-01-01

    This report offers an estimate of the costs of maintaining or restoring the Natura-2000 network to a favourable status in the Netherlands. Also, an assessment is made of how many financial resources are potentially available to cover these costs from European funds, Dutch State funds and Dutch

  18. Combating Terrorism with Socioeconomics: Leveraging the Private Sector

    Science.gov (United States)

    2007-01-01

    ndupress .ndu.edu   issue 46, 3d quarter 2007  /  JFQ        127 Leveraging the Private Sector b y m i e m i e W i n n b y R d Major Miemie...the Private Sector 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR(S) 5d. PROJECT NUMBER 5e. TASK NUMBER 5f. WORK...nongovernmental organizations, private sector , academia, and the U.S. Government (including the military). To attract all the necessary

  19. Comparison of the performance of Islamic, Sri and green mutual funds

    OpenAIRE

    Paradinovic, Ivana

    2017-01-01

    This paper measures and compares performance of Islamic, SRI and Green mutual equity funds worldwide in the period from 1 January 2001 to 31 December 2015. The sample consists of 611 mutual equity funds and their performance was assessed by using traditional risk-adjusted measures, namely Sharpe ratio, Modified Sharpe Ratio, Adjusted Sharpe Ratio, Treynor measure, Information ratio and Jensen’s alpha. The main findings show that Green mutual equity funds, on average, outperform both SRI and I...

  20. Pengaruh Rasio Aktivitas Dan Rasio Leverage Terhadap Tingkat Profitabilitas

    Directory of Open Access Journals (Sweden)

    Tri Noormuliyaningsih

    2016-06-01

    Full Text Available The objectives of this research to analyze the influence of activity ratio (inventory turnover, fixed assets turnover, and total assets turnover and leverage ratio (debt ratio and debt to equity ratio to profitability level (return on assets and return on equity on food and beverage companies that listed in Indonesia Stock Exchange (IDX.  Sample on this research consist of 14 (fourteen food and beverage companies that listed in Indonesia Stock Exchange (IDX. The observation periods  are 3 (three years that start from 2012 until 2014. Multiple linear regression is a method that used to analyze data, and for testing the raised hypothesis with t test. The result of research conclude that debt ratio significantly affect the company’s profitability level (return on assets and return on equity with value of negative coefficient. Other variables such as inventory turnover, fixed assets turnover, and total assets turnover are not affect to profitability level (return on assets and return on equity. Influence of debt to equity ratio an profitability level can not be concluded in this research. Keywords: Activity Ratio, Inventory Turnover, Fixed Assets Turnover, Total Assets Turnover, Leverage Ratio, Debt Ratio, Debt to Equity Ratio, Profitability Level, Return On Assets, Return On Equity.

  1. The role of the European Structural and Investment Funds in Financing Health System in Lithuania: Experience from 2007 to 2013 funding period and implications for the future.

    Science.gov (United States)

    Murauskiene, Liubove; Karanikolos, Marina

    2017-07-01

    European Structural and Investment Funds (ESIF) are a major source of investments in the newer EU member states. In Lithuania's health sector, the amount for the 2007-2013 funding period reached more than €400 million. In this paper we aim to (i) identify the key areas in the health sector which were supported by ESIF, (ii) determine the extent to which ESIF assisted the implementation of the ongoing health system reform; and (iii) assess whether the use of funds has led to expected improvements in healthcare. We review the national strategic documents and legislation, and perform calculations to determine funding allocations by specific area, based on the available data. We analyse changes according to a set of selected indicators. We find that implementation of programmes funded by the ESIF lacks formal evaluation. Existing evidence suggests that some improvement has been achieved by 2013. However, there are persisting challenges, including failure to reach a broad agreement on selection of health and healthcare indicators, lack of transparency in allocations, and absence of coherent assessment measures of healthcare quality and accessibility. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

  2. ADVERTISING ON FACEBOOK: THE EFFECT ON FUND FLOWS OF FUND FAMILY

    OpenAIRE

    Kang, Jiaqi

    2017-01-01

    Using data for the top 100 US mutual fund families for the period between Jan 2009 to Jun 2016, this paper studies the relationship between mutual fund families’ advertising on Facebook and their fund flow. In particular, I examine whether advertising via social media helps mutual funds to attract new fund flow. I also include the number of followers to proxy for visibility and past returns to control for performance. In line with previous research, I find that large part of the variation in ...

  3. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Virgilijus Sakalauskas

    2011-12-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars.Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios.The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors.The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless.Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient attention to potential risks. This article analyzes both good and bad investment scenarios.

  4. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Marius Liutvinavičius

    2013-08-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars. Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios. The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors. The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless. Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient  attention to potential risks. This article analyzes both good and bad investment scenarios.

  5. Using Agent-Based Modeling to Assess Liquidity Mismatch in Open-End Bond Funds

    Directory of Open Access Journals (Sweden)

    Donald J. Berndt

    2017-12-01

    Full Text Available In this paper, we introduce a small-scale heterogeneous agent-based model of the US corporate bond market. The model includes a realistic micro-grounded ecology of investors that trade a set of bonds through dealers. Using the model, we simulate market dynamics that emerge from agent behaviors in response to basic exogenous factors (such as interest rate shocks and the introduction of regulatory policies and constraints. A first experiment focuses on the liquidity transformation provided by mutual funds and investigates the conditions under which redemption-driven bond sales may trigger market instability. We simulate the effects of increasing mutual fund market shares in the presence of market-wide repricing of risk (in the form of a 100 basis point increase in the expected returns. The simulations highlight robust-yet-fragile aspects of the growing liquidity transformation provided by mutual funds, with an inflection point beyond which redemption-driven negative feedback loops trigger market instability.

  6. Occupational Control in Education: The Logic and Leverage of Epistemic Communities

    Science.gov (United States)

    Glazer, Joshua L.; Peurach, Donald J.

    2015-01-01

    Most current approaches to improving teaching and learning in American public schools rely on either market pressures or bureaucratic controls to leverage performance. In this article, however, authors Joshua Glazer and Donald Peurach examine occupational control as a third approach, whereby the internalization of norms, technical language, and…

  7. Leveraging Sociocultural Theory to Create a Mentorship Program for Doctoral Students

    Science.gov (United States)

    Crosslin, Matt; Wakefield, Jenny S.; Bennette, Phyllis; Black, James William, III

    2013-01-01

    This paper details a proposed doctoral student connections program that is based on sociocultural theory. It is designed to assist new students with starting their educational journey. This program is designed to leverage social interactions, peer mentorship, personal reflection, purposeful planning, and existing resources to assist students in…

  8. Secure and Usable User-in-a-Context Continuous Authentication in Smartphones Leveraging Non-Assisted Sensors

    Directory of Open Access Journals (Sweden)

    Jose Maria de Fuentes

    2018-04-01

    Full Text Available Smartphones are equipped with a set of sensors that describe the environment (e.g., GPS, noise, etc. and their current status and usage (e.g., battery consumption, accelerometer readings, etc.. Several works have already addressed how to leverage such data for user-in-a-context continuous authentication, i.e., determining if the porting user is the authorized one and resides in his regular physical environment. This can be useful for an early reaction against robbery or impersonation. However, most previous works depend on assisted sensors, i.e., they rely upon immutable elements (e.g., cell towers, satellites, magnetism, thus being ineffective in their absence. Moreover, they focus on accuracy aspects, neglecting usability ones. For this purpose, in this paper, we explore the use of four non-assisted sensors, namely battery, transmitted data, ambient light and noise. Our approach leverages data stream mining techniques and offers a tunable security-usability trade-off. We assess the accuracy, immediacy, usability and readiness of the proposal. Results on 50 users over 24 months show that battery readings alone achieve 97.05% of accuracy and 81.35% for audio, light and battery all together. Moreover, when usability is at stake, robbery is detected in 100 s for the case of battery and in 250 s when audio, light and battery are applied. Remarkably, these figures are obtained with moderate training and storage needs, thus making the approach suitable for current devices.

  9. Secure and Usable User-in-a-Context Continuous Authentication in Smartphones Leveraging Non-Assisted Sensors.

    Science.gov (United States)

    de Fuentes, Jose Maria; Gonzalez-Manzano, Lorena; Ribagorda, Arturo

    2018-04-16

    Smartphones are equipped with a set of sensors that describe the environment (e.g., GPS, noise, etc.) and their current status and usage (e.g., battery consumption, accelerometer readings, etc.). Several works have already addressed how to leverage such data for user-in-a-context continuous authentication, i.e., determining if the porting user is the authorized one and resides in his regular physical environment. This can be useful for an early reaction against robbery or impersonation. However, most previous works depend on assisted sensors, i.e., they rely upon immutable elements (e.g., cell towers, satellites, magnetism), thus being ineffective in their absence. Moreover, they focus on accuracy aspects, neglecting usability ones. For this purpose, in this paper, we explore the use of four non-assisted sensors, namely battery, transmitted data, ambient light and noise. Our approach leverages data stream mining techniques and offers a tunable security-usability trade-off. We assess the accuracy, immediacy, usability and readiness of the proposal. Results on 50 users over 24 months show that battery readings alone achieve 97.05% of accuracy and 81.35% for audio, light and battery all together. Moreover, when usability is at stake, robbery is detected in 100 s for the case of battery and in 250 s when audio, light and battery are applied. Remarkably, these figures are obtained with moderate training and storage needs, thus making the approach suitable for current devices.

  10. Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

    Directory of Open Access Journals (Sweden)

    Edward Lehner

    2017-12-01

    Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

  11. Leveraging the NPS Femto Satellite for Alternative Satellite Communication Networks

    Science.gov (United States)

    2017-09-01

    programmed for eventual integration with the Iridium Network , which is then tested. C. THESIS ORGANIZATION The thesis addresses these questions...NPS FEMTO SATELLITE FOR ALTERNATIVE SATELLITE COMMUNICATION NETWORKS by Faisal S. Alshaya September 2017 Co-Advisors: Steven J. Iatrou...TYPE AND DATES COVERED Master’s thesis 4. TITLE AND SUBTITLE LEVERAGING THE NPS FEMTO SATELLITE FOR ALTERNATIVE SATELLITE COMMUNICATION NETWORKS 5

  12. No-arbitrage, leverage and completeness in a fractional volatility model

    Science.gov (United States)

    Vilela Mendes, R.; Oliveira, M. J.; Rodrigues, A. M.

    2015-02-01

    When the volatility process is driven by fractional noise one obtains a model which is consistent with the empirical market data. Depending on whether the stochasticity generators of log-price and volatility are independent or are the same, two versions of the model are obtained with different leverage behaviors. Here, the no-arbitrage and completeness properties of the models are rigorously studied.

  13. Upgrading the Space Shuttle.

    Science.gov (United States)

    1999-01-01

    Motors, Honda , Toyota , and Nissan ). By learning from and applying the technologies developed elsewhere, NASA could greatly leverage its funding for...assessing risks to the shuttle. The committee believes that this tool has the potential to be very helpful in assessing and comparing the impact of...environmental regulations). Figure 2-2 shows how the S&PU budget compared to the total shuttle budget during four different years since 1985

  14. 25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

    Science.gov (United States)

    2010-04-01

    ... RESERVATION ROADS PROGRAM Miscellaneous Provisions Emergency Relief § 170.925 Is ERFO funding supplemental to... construction and maintenance funds for FHWA-approved repairs. If IRR construction or maintenance funds are used... used to reimburse the construction or maintenance funds expended. ...

  15. A watershed-scale goals approach to assessing and funding wastewater infrastructure.

    Science.gov (United States)

    Rahm, Brian G; Vedachalam, Sridhar; Shen, Jerry; Woodbury, Peter B; Riha, Susan J

    2013-11-15

    Capital needs during the next twenty years for public wastewater treatment, piping, combined sewer overflow correction, and storm-water management are estimated to be approximately $300 billion for the USA. Financing these needs is a significant challenge, as Federal funding for the Clean Water Act has been reduced by 70% during the last twenty years. There is an urgent need for new approaches to assist states and other decision makers to prioritize wastewater maintenance and improvements. We present a methodology for performing an integrated quantitative watershed-scale goals assessment for sustaining wastewater infrastructure. We applied this methodology to ten watersheds of the Hudson-Mohawk basin in New York State, USA that together are home to more than 2.7 million people, cover 3.5 million hectares, and contain more than 36,000 km of streams. We assembled data on 183 POTWs treating approximately 1.5 million m(3) of wastewater per day. For each watershed, we analyzed eight metrics: Growth Capacity, Capacity Density, Soil Suitability, Violations, Tributary Length Impacted, Tributary Capital Cost, Volume Capital Cost, and Population Capital Cost. These metrics were integrated into three goals for watershed-scale management: Tributary Protection, Urban Development, and Urban-Rural Integration. Our results demonstrate that the methodology can be implemented using widely available data, although some verification of data is required. Furthermore, we demonstrate substantial differences in character, need, and the appropriateness of different management strategies among the ten watersheds. These results suggest that it is feasible to perform watershed-scale goals assessment to augment existing approaches to wastewater infrastructure analysis and planning. Copyright © 2013 Elsevier Ltd. All rights reserved.

  16. Funding ATLAS 2012 key indicators for publicly funded research in Germany

    CERN Document Server

    Deutsche Forschungsgemeinschaft (DFG)

    2013-01-01

    The Funding ATLAS is a reporting system (previously referred to as the Funding Ranking) employed by the German Research Foundation (DFG) to provide information in the form of indicators of key developments in publicly funded research in Germany every three years. This English version of the Funding ATLAS 2012 presents selected findings from the more comprehensive German edition. At the core of the report are indicators that provide information on which subject areas have received funding at higher education and other research institutions in the period 2008-2010. This report also includes, as a supplement not found in the German edition, the decisions on the Excellence Initiative, which were taken shortly after the German edition of the Funding ATLAS 2012 was published. The report also addresses the subject of internationality by presenting selected indicators that show how attractive Germany's research institutions are for visiting scientists. In summary, the DFG Funding ATLAS furnishes reliable indicators o...

  17. Efficiency, Leverage and Exit: The Role of Information Asymmetry in Concentrated Industries

    DEFF Research Database (Denmark)

    Siyahhan, Baran

    2011-01-01

    This paper develops a real options model of imperfect competition with asymmetric information that analyzes firms’ exit decisions. Optimal exit decision is linked to firm characteristics such as financial leverage and efficiency. The model shows that informational asymmetries can lead more...

  18. Efficiency, Leverage and Exit: The Role of Information Asymmetry in Concentrated Industries

    DEFF Research Database (Denmark)

    Siyahhan, Baran

    This paper develops a real options model of imperfect competition with asymmetric information that analyzes firms’ exit decisions. Optimal exit decision is linked to firm characteristics such as financial leverage and efficiency. The model shows that informational asymmetries can lead more...

  19. The Financial Leverage Effect: Problems of Use in the Process of Optimization of the Enterprise Capital Structure

    Directory of Open Access Journals (Sweden)

    Oliynyk-Dunn Olena O.

    2018-03-01

    Full Text Available The article is aimed at clarifying the feasibility of optimizing the structure of the company’s capital based on the effect of financial leverage for the simplest situation – in the absence of profit taxation and without considering the dynamic aspects, related to changes in the total volume and composition of assets. On the basis of use of the recognized theoretical provisions – the Modigliani-Miller postulates – the authors illustrate the fundamental difference of results of the capital structure optimization by the criterion of maximizing the profitability of equity, which stipulates use of the effect of financial leverage, and on the criterion of maximizing the value of the owners capital. It has been concluded about the disadvantage for owners of implementation in the above-mentioned static situation of any revision of the capital structure accompanied by an increase in the financial leverage ratio, as it does not lead to an increase in the value of enterprise, but only provides a threat to its decline, and worsens financial security. Building of any optimization models of the enterprise’s capital structure, including those based on use of the effect of financial leverage, has been recognized as not expedient in the considered situation.

  20. The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management

    Directory of Open Access Journals (Sweden)

    Reni Yendrawati

    2017-07-01

    Full Text Available According to agency theory there were separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that agent more knew company information than principal. Therefore, it was interesting to study the actions of management.This research aimed to analyze the influence of leverage and free cash flow to earning management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influence to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner,audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.

  1. Aspects of manager, portfolio allocation, and fund performance in Brazil

    Directory of Open Access Journals (Sweden)

    Cláudia Olímpia Neves Mamede Maestri

    Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

  2. THE INFLUENCE OF LEVERAGE AND DIVERSIFICATION TO FINANCIAL PERFORMANCE OF GENERAL INSURANCE COMPANIESN IN INDONESIA 2010-2014

    Directory of Open Access Journals (Sweden)

    Yulianti ,

    2017-02-01

    Full Text Available The purpose of this research is to find out the influence of leverage and diversification to financial performance of general insurance companies in Indonesia. This research uses secondary data from Indonesian general insurance companies’s financial report  within  year 2010 to 2014. The population of this research  is general insurance companies in Indonesia which listed as member of The General Insurance assosiation of Indonesia. The number of samples that used in this research are 10 general insurance companies which were selected based on purposive sampling method.This research used pooled regression models and hypothesis testing for each independent variable on dependent. The Result of this research shows that leverage and diversification significantly affect positively to general insurance company’s financial performance in Indonesia. Keywords : leverage, diversification, financial performance, insurance companies, and ROE.

  3. The small and rural academic library leveraging resources and overcoming limitations

    CERN Document Server

    Davis Kendrick, Kaetrena

    2016-01-01

    Through the use of case studies, research, and practical interviews, The Small or Rural Academic Library: Leveraging Resources and Overcoming Limitations explores how academic librarians in such environments can keep pace with, create, and improve modern library practices and services, network with colleagues, and access continuing education and professional development opportunities.

  4. ANALYSIS OF EFFICIENCY OF INVESTMENT IN THE EU AGRICULTURAL FUNDS

    Directory of Open Access Journals (Sweden)

    Bojan Krstić

    2014-12-01

    Full Text Available The purpose of this paper is understanding of the importance of financial support for agricultural development and achieved results. The aim is an assessment of the importance of the European Union funds intended for agricultural and rural development. In accordance with the purpose and objectives of the research, we analyze the efficiency of investment in the European Union agricultural funds. Also, the interdependence between agriculture expenditures from the European Union funds and results achieved in agriculture in the European Union countries is examined in this paper. Homogeneity of the European Union countries, according to agricultural expenditures and agricultural results is analyzed. The results of this research highlight the importance of financial support provided from the European Union funds for agricultural and rural development.

  5. Picking Funds with Confidence

    DEFF Research Database (Denmark)

    Grønborg, Niels Strange; Lunde, Asger; Timmermann, Allan

    We present a new approach to selecting active mutual funds that uses both holdings and return information to eliminate funds with predicted inferior performance through a sequence of pair-wise comparisons. Our methodology determines both the number of skilled funds and their identity, funds...... identified ex-ante as being superior earn substantially higher risk-adjusted returns than top funds identified by conventional alpha ranking methods. Importantly, we find strong evidence of variation in the breadth of the set of funds identified as superior, as well as fluctuations in the style and industry...... exposures of such funds over time and across different volatility states....

  6. Fund management plan

    International Nuclear Information System (INIS)

    1984-08-01

    This revision of the Fund Management Plan updates the original plan published in May 1983. It is derived from and supplements the Mission Plan of the Office of Civilian Radioactive Waste Management. A major purpose in preparing this Plan is to inform the public about management of the Nuclear Waste Fund and the Interim Storage Fund. The purpose of the Interim Storage Fund is to finance the provision of the Federal interim storage capacity of up to 1900 metric tons of spent nuclear fuel. The Nuclear Waste Fund is a separate account for all revenues and expenditures related to the geological disposal and monitored retrieval storage of civilian radioactive waste

  7. Cosmological leverage from the matter power spectrum in the presence of baryon and nonlinear effects

    International Nuclear Information System (INIS)

    Bielefeld, Jannis; Huterer, Dragan; Linder, Eric V.

    2015-01-01

    We investigate how the use of higher wavenumbers (smaller scales) in the galaxy clustering power spectrum influences cosmological constraints. We take into account uncertainties from nonlinear density fluctuations, (scale dependent) galaxy bias, and baryonic effects. Allowing for substantially model independent uncertainties through separate fit parameters in each wavenumber bin that also allow for the redshift evolution, we quantify strong gains in dark energy and neutrino mass leverage with increasing maximum wavenumber, despite marginalizing over numerous (up to 125) extra fit parameters. The leverage is due to not only an increased number of modes but, more significantly, breaking of degeneracies beyond the linear regime

  8. The Relationship Between Company Returns and Leverage Depending on the Business Sector: Empirical Evidence from the Czech Republic

    Directory of Open Access Journals (Sweden)

    Stryckova Lenka

    2017-09-01

    Full Text Available The paper aims to provide up-to-date empirical evidence of relationship between the key indicators of business competitiveness: leverage and corporate performance. The study is based on corporate financial data of selected companies from the Czech Republic within 14 major business sectors according to CZ-NACE which companies published for the year 2014. The results of this study show that leverage (debt ratio has a substantially negative effect on corporate performance when the return on equity (ROE is used as an indicator of corporate performance in the Czech Republic over the period covered by the study. The results of the regression analysis confirmed negative relationship between the company profitability and the use of debt in majority of business sectors (Agriculture, fishery, and forestry; Construction, Wholesale and retail trade, repair of motor vehicles and motorcycles; Professional, scientific and technical activities; Administrative and support service activities. The opposite relationship was found in one business sector only (Mining and quarrying where positive relationship between the company profitability and leverage was confirmed. Among other things, the results of this study confirm that corporate leverage varies across industries.

  9. Beyond Traditional Advertisements: Leveraging Facebook’s Social Structures for Research Recruitment

    Science.gov (United States)

    Guterbock, Thomas M; Thompson, Morgan J; Reilly, Jeremiah D; Menefee, Hannah K; Bennici, Maria S; Williams, Ishan C; Rexrode, Deborah L

    2014-01-01

    Background Obtaining access to a demographically and geographically diverse sample for health-related research can be costly and time consuming. Previous studies have reported mixed results regarding the potential of using social media-based advertisements to overcome these challenges. Objective Our aim was to develop and assess the feasibility, benefits, and challenges of recruiting for research studies related to consumer health information technology (IT) by leveraging the social structures embedded in the social networking platform, Facebook. Methods Two recruitment strategies that involved direct communication with existing Facebook groups and pages were developed and implemented in two distinct populations. The first recruitment strategy involved posting a survey link directly to consenting groups and pages and was used to recruit Filipino-Americans to a study assessing the perceptions, use of, and preferences for consumer health IT. This study took place between August and December 2013. The second recruitment strategy targeted individuals with type 2 diabetes and involved creating a study-related Facebook group and asking administrators of other groups and pages to publicize our group to their members. Group members were then directly invited to participate in an online pre-study survey. This portion of a larger study to understand existing health management practices as a foundation for consumer health IT design took place between May and June 2014. In executing both recruitment strategies, efforts were made to establish trust and transparency. Recruitment rate, cost, content of interaction, and characteristics of the sample obtained were used to assess the recruitment methods. Results The two recruitment methods yielded 87 and 79 complete responses, respectively. The first recruitment method yielded a rate of study completion proportionate to that of the rate of posts made, whereas recruitment successes of the second recruitment method seemed to follow

  10. PENSION FUND

    CERN Multimedia

    1999-01-01

    The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

  11. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

  12. Pension Fund

    CERN Multimedia

    2003-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  13. Radioactivity assessment of the waste deposited in Candonga's lake after the FundÃO Dam's collapse

    Energy Technology Data Exchange (ETDEWEB)

    Freire, Carolina Braccini; Cuccia, Valeria; Lameiras, Fernando Soares; Rocha, Zildete, E-mail: cbf@cdtn.br, E-mail: vc@cdtn.br, E-mail: fsl@cdtn.br, E-mail: rochaz@cdtn.br [Centro de Desenvolvimento da Tecnologia Nuclear (CDTN/CNEN-MG), Belo Horizonte, MG (Brazil); Santos, Talita Oliveira, E-mail: talitaolsantos@yahoo.com.br [Universidade Federal de Minas Gerais (UFMG), Belo Horizonte, MG (Brazil). Departamento de Anatomia e Imagem; Sales, Gabriel Lopes, E-mail: gabriellopessales@hotmail.com [Universidade Federal de Minas Gerais (UFMG), Belo Horizonte (Brazil). Dept. de Engenharia Química

    2017-07-01

    The collapse of the Fundão dam on November 5{sup th} 2015 caused impacts along the hydrographic basin of Rio Doce. Renova Foundation has the mission to repair, restore and reconstruct the regions affected by this disaster. After the collapse, a huge amount of waste was deposited in Risoleta Neves Hydroelectric Power Plant’s lake (Candonga). This waste has been dredged out from the lake and deposited in a nearby pile. The use of the waste from this pile is being considered for civil construction. Samples of this waste pile were collected and they were characterized by X-rays diffraction and EDS analyses, which showed that it consists of 80% quartz, 11% hematite, 8% goethite and 1% clays, mainly kaolinite. There is also organic matter consisting of branches, roots and leaves of trees and plants. Previous radiological analyses made before the collapse showed that the radionuclide content of the waste deposited in Fundão dam was very low. However, the waste deposited in Candonga's lake has a new composition and it is important to evaluate its radioactivity assessment. The analyses results of the Candonda's waste samples will be presented and compared to the results obtained in the Fundão dam samples, before its collapse. (author)

  14. Radioactivity assessment of the waste deposited in Candonga's lake after the FundÃO Dam's collapse

    International Nuclear Information System (INIS)

    Freire, Carolina Braccini; Cuccia, Valeria; Lameiras, Fernando Soares; Rocha, Zildete; Santos, Talita Oliveira; Sales, Gabriel Lopes

    2017-01-01

    The collapse of the Fundão dam on November 5 th 2015 caused impacts along the hydrographic basin of Rio Doce. Renova Foundation has the mission to repair, restore and reconstruct the regions affected by this disaster. After the collapse, a huge amount of waste was deposited in Risoleta Neves Hydroelectric Power Plant’s lake (Candonga). This waste has been dredged out from the lake and deposited in a nearby pile. The use of the waste from this pile is being considered for civil construction. Samples of this waste pile were collected and they were characterized by X-rays diffraction and EDS analyses, which showed that it consists of 80% quartz, 11% hematite, 8% goethite and 1% clays, mainly kaolinite. There is also organic matter consisting of branches, roots and leaves of trees and plants. Previous radiological analyses made before the collapse showed that the radionuclide content of the waste deposited in Fundão dam was very low. However, the waste deposited in Candonga's lake has a new composition and it is important to evaluate its radioactivity assessment. The analyses results of the Candonda's waste samples will be presented and compared to the results obtained in the Fundão dam samples, before its collapse. (author)

  15. Investigating the effect of growth and financial strength variables on the financial leverage: Evidence from the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iman Dadashi

    2013-04-01

    Full Text Available The primary objective of this study is to investigate the effect of growth and financial strength variables on the financial leverage for some listed companies in the Tehran Stock Exchange. For this purpose, a sample of 700 firm-years among listed companies in the Tehran Stock Exchange over the period 2006-2010 was examined. In the present study, the growth variables, including asset growth, profit growth and sales growth; and financial strength calculated by the Altman Z-bankruptcy model have been considered as independent variables. In addition, the ratios of long-term debt to total assets, long-term debt to fixed assets, total long-term debt and short-term receivable facilities to equity capital and total long-term debt and short-term receivable facilities to total assets are used as measures of financial leverage and dependent variables. The results indicate that there is a negative and significant relationship between assets growth and some indexes of financial leverage. There is also a positive and significant relationship between the variables of profit growth, sales growth and financial strength with financial leverage measures.

  16. Leveraging Social Capital of Individuals with Intellectual Disabilities through Participation on Facebook.

    Science.gov (United States)

    Shpigelman, Carmit-Noa

    2018-01-01

    Participation in social networking sites has considerable potential to leverage the individual's social capital, including persons with intellectual disabilities, whose real-world social networks are fairly limited. This study aimed to understand how individuals with intellectual disabilities use Facebook to access social capital benefits, if at all. Qualitative interviews and observations were conducted with 20 adult Facebook users with intellectual disabilities. The online participation enhanced their bonding social capital as well as contributed to their psychological well-being through increasing their online visibility, popularity and sense of belonging. At the same time, they experienced stress and frustration due to usage difficulties, which prevented them from enhancing their bridging social capital. Participation in social networking sites may also leverage bridging social capital of persons with intellectual disabilities, but they need a more accessible platform and ongoing support to ensure safe and fruitful participation. © 2016 John Wiley & Sons Ltd.

  17. Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

    Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

  18. Pension funds' herding

    NARCIS (Netherlands)

    Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

    2016-01-01

    This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

  19. 78 FR 76160 - Public Housing Assessment System (PHAS) Capital Fund Interim Scoring Notice: Reinstitution of...

    Science.gov (United States)

    2013-12-16

    ... System (PHAS) Capital Fund Interim Scoring Notice: Reinstitution of Five Points for Occupancy Sub... intended to help lessen the impact of decreases in funding in recent appropriations acts. Adding automatic... to adjust their systems and procedures to the new scoring regime. As a result of automatic across-the...

  20. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  1. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

  2. The Effect of Leverage and Financial Distress on Earnings Management with Good Corporate Governance as the Moderating Variable

    Directory of Open Access Journals (Sweden)

    Anugerah Iman

    2017-12-01

    Full Text Available t Every investor wants his company’s financial statement to be in accordance with the condition of the company. In practice, it often occurs that a company does profit management to attract investors’ interest. The factors which can increase the practice of profit management are leverage and financial distress. The objective of the research was to find out and to analyze the influence of leverage and financial distress on profit management with good corporate governance as moderating variable in banking companies in Indonesia. The research used descriptive explanatory method. The data were gathered by conducting documentary study. The population was 42 banking companies listed in BEI (Indonesia Stock Exchange and the population target was 30 companies. The gathered data were analyzed by using path analysis with E-views 7.0 Software program. The result of the first model showed that leverage and financial distress simultaneously had positive and significant influence on profit management in banking companies in Indonesia at the coefficient determination (R2 of 0.1243 or 12.43%. Partially, leverage had positive and significant influence on profit management, and financial distress had negative but significant influence on profit management in banking companies in Indonesia. The result of the second model showed that institutional ownership as moderating variable could not weaken and strengthen the influence of financial distress on profit management and was considered as potential moderation. The result of the third model showed that managerial ownership as moderating variable could weaken the influence of leverage on profit management and was stated as quasi moderation. It can also weaken the influence of financial distress on profit management and was stated as quasi moderation. The result of the fourth model showed that independent commissioners as moderating variable could not weaken or strengthen the influence of leverage on profit

  3. Funding models in palliative care: Lessons from international experience

    Science.gov (United States)

    Groeneveld, E Iris; Cassel, J Brian; Bausewein, Claudia; Csikós, Ágnes; Krajnik, Malgorzata; Ryan, Karen; Haugen, Dagny Faksvåg; Eychmueller, Steffen; Gudat Keller, Heike; Allan, Simon; Hasselaar, Jeroen; García-Baquero Merino, Teresa; Swetenham, Kate; Piper, Kym; Fürst, Carl Johan; Murtagh, Fliss EM

    2017-01-01

    Background: Funding models influence provision and development of palliative care services. As palliative care integrates into mainstream health care provision, opportunities to develop funding mechanisms arise. However, little has been reported on what funding models exist or how we can learn from them. Aim: To assess national models and methods for financing and reimbursing palliative care. Design: Initial literature scoping yielded limited evidence on the subject as national policy documents are difficult to identify, access and interpret. We undertook expert consultations to appraise national models of palliative care financing in England, Germany, Hungary, Republic of Ireland, New Zealand, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, the United States and Wales. These represent different levels of service development and a variety of funding mechanisms. Results: Funding mechanisms reflect country-specific context and local variations in care provision. Patterns emerging include the following: Provider payment is rarely linked to population need and often perpetuates existing inequitable patterns in service provision. Funding is frequently characterised as a mixed system of charitable, public and private payers. The basis on which providers are paid for services rarely reflects individual care input or patient needs. Conclusion: Funding mechanisms need to be well understood and used with caution to ensure best practice and minimise perverse incentives. Before we can conduct cross-national comparisons of costs and impact of palliative care, we need to understand the funding and policy context for palliative care in each country of interest. PMID:28156188

  4. Funding models in palliative care: Lessons from international experience.

    Science.gov (United States)

    Groeneveld, E Iris; Cassel, J Brian; Bausewein, Claudia; Csikós, Ágnes; Krajnik, Malgorzata; Ryan, Karen; Haugen, Dagny Faksvåg; Eychmueller, Steffen; Gudat Keller, Heike; Allan, Simon; Hasselaar, Jeroen; García-Baquero Merino, Teresa; Swetenham, Kate; Piper, Kym; Fürst, Carl Johan; Murtagh, Fliss Em

    2017-04-01

    Funding models influence provision and development of palliative care services. As palliative care integrates into mainstream health care provision, opportunities to develop funding mechanisms arise. However, little has been reported on what funding models exist or how we can learn from them. To assess national models and methods for financing and reimbursing palliative care. Initial literature scoping yielded limited evidence on the subject as national policy documents are difficult to identify, access and interpret. We undertook expert consultations to appraise national models of palliative care financing in England, Germany, Hungary, Republic of Ireland, New Zealand, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, the United States and Wales. These represent different levels of service development and a variety of funding mechanisms. Funding mechanisms reflect country-specific context and local variations in care provision. Patterns emerging include the following: Provider payment is rarely linked to population need and often perpetuates existing inequitable patterns in service provision. Funding is frequently characterised as a mixed system of charitable, public and private payers. The basis on which providers are paid for services rarely reflects individual care input or patient needs. Funding mechanisms need to be well understood and used with caution to ensure best practice and minimise perverse incentives. Before we can conduct cross-national comparisons of costs and impact of palliative care, we need to understand the funding and policy context for palliative care in each country of interest.

  5. Methane emission reduction: an application of FUND

    NARCIS (Netherlands)

    Tol, R.S.J.; Heintz, R.J.; Lammers, P.E.M.

    2003-01-01

    Methane is, after carbon dioxide, the most important anthropogenic greenhouse gas. Governments plan to abate methane emissions. A crude set of estimates of reduction costs is included in FUND, an integrated assessment model of climate change. In a cost-benefit analysis, methane emission reduction is

  6. Venture funding for science-based African health innovation

    Directory of Open Access Journals (Sweden)

    Daar Abdallah S

    2010-12-01

    Full Text Available Abstract Background While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. Discussion The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Summary Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social

  7. 78 FR 34162 - Notice of Funding Availability (NOFA) Inviting Applications for the FY 2013 Funding Round of the...

    Science.gov (United States)

    2013-06-06

    ... concerns about the Applicant. Furthermore, the CDFI Fund may choose not to approve a BEA Program Award for... recent overall CRA assessment rating is below ``Satisfactory'', or (ii) the Applicant received a going concern opinion on its most recent audit. Applicants may be contacted to provide additional information...

  8. Pension Fund

    CERN Multimedia

    2005-01-01

    Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

  9. Net Stable Funding Ratio: Impact on Funding Value Adjustment

    OpenAIRE

    Siadat, Medya; Hammarlid, Ola

    2017-01-01

    In this paper we investigate the relationship between Funding Value Adjustment (FVA) and Net Stable Funding Ratio (NSFR). FVA is defined in a consistent way with NSFR such that the new framework of FVA monitors the costs due to keeping NSFR at an acceptable level, as well. In addition, the problem of choosing the optimal funding strategy is formulated as a shortest path problem where the proposed FVA framework is applied in the optimization process. The solution provides us with the optimal f...

  10. Natural resource trust funds : a comparison of Alberta and Alaska resource funds

    Energy Technology Data Exchange (ETDEWEB)

    Warrack, A.A.; Keddie, R.R. [Alberta Univ., Edmonton, AB (Canada)

    2002-09-01

    Alberta and Alaska both have an economy based largely on natural resources. The cyclical nature of their economies poses a challenge to stability and sustained prosperity. During the oil crisis of 1973-1974, Alberta and Alaska began receiving oil and gas royalties. The idea of an endowment-type fund began taking shape. This fund would assist in the gradual transition from dependence on non-renewable resources to the responsible management of these resources. Both the Alberta Heritage Savings Trust Fund and the Alaska Permanent Fund were created in 1976. The governments of both jurisdictions set aside revenues from natural resource royalties to provide economic stability. Both jurisdictions followed different policies in terms of management, structure, governance, and objectives. In this paper, the authors compared both funds, examining the policy options which had an impact on their growth and successes. The results showed that in Alaska, monies are paid directly to eligible persons, while allocation decisions in Alberta have been made by the government. The government manages the fund in Alberta, while in Alaska, the fund is managed by a separate entity. The Alaskan fund continues to grow, while the the size of the Alberta fund has remained unchanged for a number of years and is not growing. 21 refs., 5 figs.

  11. EUROPEAN FUNDING - IMPACT ON RESEARCH CAPACITY IN CROATIA

    Directory of Open Access Journals (Sweden)

    Vesna Kotarski

    2016-10-01

    Full Text Available Limited national budgetary resources for R&D in period from 2007 to 2013 imposed a need for Croatian researchers to apply for European research grants. A challenge for effective absorption of European Structural and Investment Funds in the period 2014 to 2020, highlight a need to assess the impact of this external funding on research capacity in Croatia in 2007-2013 period. Qualitative interviews with grant recipients from Ruder Boskovic Institute revealed intangible achievements in terms of research career, enhanced interaction and knowledge transfer to business community, improved research management competences and possibilities for collaboration with internationally recognized research teams. Similar results from studies carried out in other countries indicates the importance of intangible achievements of research grants, which are becoming more and more relevant in the context of public policies (networking, cooperation, strategic planning, knowledge management. The use of EU funds is an extremely complex process which requires a change of approach to the use of public funds and the introduction of the principle of transparency of procedures for all stakeholders in the process, equal access to information and sound financial management. Weaknesses of the Croatian scientific system and absence of will to support excellent research through competitive funding present real threats to successful participation of Croatian researchers in the European framework programs and other external research funding programs. Findings of the study provide valuable insight for national authorities in terms of effective management of national research and innovation programs while maximizing the potential impact of EU funds allocated.

  12. Bridging the Water Policy and Management Silos: An Opportunity for Leveraged Capacity Building

    Science.gov (United States)

    Wegner, D. L.

    2017-12-01

    The global community is challenged by increasing demand and decreasing water supplies. Historically nations have focused on local or regional water development projects that meet specific needs, often without consideration of the impact on downstream transboundary water users or the watershed itself. Often these decisions have been based on small sets of project specific data with little assessment on river basin impacts. In the United States this disjointed approach to water has resulted in 26 federal agencies having roles in water management or regulation, 50 states addressing water rights and compliance, and a multitude of tribal and local entities intersecting the water process. This approach often manifests itself in a convoluted, disjointed and time-consuming approach. The last systematic and comprehensive review of nationwide water policy was the 1973 National Water Commission Report. A need exists for capacity building collaborative and integrative leadership and dialogue. NASA's Western Water Applications Office (WWAO) provides a unique opportunity to leverage water and terrain data with water agencies and policy makers. A supported WWAO can provide bridges between federal and state water agencies; provide consistent integrated hydrologic and terrain based data set acquired from multiple earth orbiting satellites and airborne platforms; provide data sets leveraged with academic and research based entities to develop specific integrative predictive tools; and evaluate hydrology information across multiple boundaries. It is the author's conclusion that the Western Water Applications Office can provide a value-added approach that will help translate transboundary water and earth terrain information to national policy decisions through education, increased efficiency, increased connectivity, improved coordination, and increased communication. To be effective the WWAO should embrace five objectives: (1) be technically and scientifically valid; (2

  13. Substance abuse treatment and services by criminal justice and other funding sources.

    Science.gov (United States)

    Arfken, Cynthia L; Kubiak, Sheryl Pimlott

    2009-01-01

    Studies have found funding source, whether public or private, is associated with treatment and services offered in community-based agencies. However, the association of criminal justice funding with community-based treatment and services is unknown. Using a mixed method case study approach with 34 agencies within one state we assessed administrators' perspectives of the most important funding source, treatment and services offered. We found that agencies rely on multiple funding sources and the source rated most important was associated with treatment and services offered in the agency. Those agencies citing a criminal justice entity as the most important funder were more likely to offer specific ancillary services and adopt motivational interviewing than those citing private funds. Although client characteristics or training opportunities may determine these services and practices, the agency's most important funding source may have implications for services offered.

  14. The Analysis on the Sources of Micro-finance Institutions Funding and Financing Level rate%小额信贷机构资金来源及融资杠杆率探析

    Institute of Scientific and Technical Information of China (English)

    高晨红

    2013-01-01

    小额信贷机构在促进经济增长、增加就业、推动科技创新等方面具有不可替代的作用。但较之于国外发展较为成熟的经济体,我国的小额信贷机构尚处于探索阶段,信贷资金来源受限难以满足现金需求,融资杠杆率低制约着其资本收益率,这些都限制着我国小额信贷机构的可持续发展。对比国外成功经验,我国应给予小额信贷机构更多政策扶持,提高其融资杠杆率,拓宽其资金来源。%Micro-finance institutions have an irreplaceable role in promoting economic growth, increasing employment, promoting innovation of science and technology etc.. The petty loan companies in recent years the rapid development of our country. But economies compared with foreign mature, micro-finance institutions of China is still in the exploratory stage, the credit limited sources of funding to meet the demands for cash, leverage ratio is low restricted small loan company capital profit rate, these are restricting the sustainable development of China's micro-finance institutions. Micro-finance institutions compared to the foreign successful funding and financing leverage, China should give more policy support, improve the financing lever small loan rate, broaden the sources of funding of small loan companies.

  15. Globalization of R&D: Leveraging Offshoring for Innovative Capability and Organizational Flexibility

    NARCIS (Netherlands)

    D. Moitra (Deependra)

    2008-01-01

    textabstractWithin the realm of globalization of R&D, offshoring is a relatively recent and still emerging phenomenon. Rooted in the notion of comparative advantage, offshoring of R&D involves disaggregation and global distribution of the firm’s R&D value chain activities to leverage innovation

  16. Private equity leveraged buyout and public values : The bankruptcy of Eircom, Ireland

    NARCIS (Netherlands)

    Lemstra, W.; Groenewegen, J.P.M.

    2012-01-01

    In 2008 the Delft University of Technology was commissioned by the Ministry of Economic Affairs of the Netherlands to investigate the potential impact of private equity leverage buy-out in the telecommunication sector on the public values that the government wished to safeguard. The study provided

  17. SU-E-P-19: A National Collaborative Academic Medical Physics Network: Structure, Activity and Outcomes

    International Nuclear Information System (INIS)

    Thwaites, D

    2015-01-01

    Purpose: A national Australian inter-university medical physics (MP) group was formed in 2011/12, supported by Department of Health Better Access to Radiation Oncology BARO) seed funding. Core membership includes the six universities providing postgraduate MP courses. Objectives include increasing capacity, development and efficiency of national academic MP structures/systems and hence supporting education, clinical training and research, for the MP workforce support. Although the BARO scheme focuses on Radiation Oncology, the group has wider MP interests. Methods: Two further BARO seed grants were achieved: 1) for networked academic activities, including shared-resource teaching, eg using virtual reality systems; MP outreach to schools and undergraduates; developing web-based student and registrar education/resources, etc.; and 2) for conjoint ‘translational research’ posts between universities and partner hospitals, to clinically progress advanced RT technologies and to support students and registrars. Each university received 0.5 FTE post from each grant over 2 years (total: $1.75M) and leveraged local additional partner funds. Results: Total funding: $4–5M. Overall there have been 35 (mainly overseas) postholders bringing specific expertise, beginning in early 2013. Periods in Australia have been from 0.25–2 years (median=1). As well as the education activities, research projects include lung/spine SBRT, 4D RT, FFF beams, technology assessment, complex treatment planning, imaging for radiation oncology, DIR, adaptive breast, datamining, radiomics,etc. Observed positive impacts include: increased interest in MP courses, training support, translational research infrastructure and/or clinical practice in the hospitals involved, plus increased collaboration and effectiveness between the universities. Posts are continuing beyond grant end using leveraged funds, providing the basis for sustainability of some posts. Conclusion: The BARO-funded projects have

  18. SU-E-P-19: A National Collaborative Academic Medical Physics Network: Structure, Activity and Outcomes

    Energy Technology Data Exchange (ETDEWEB)

    Thwaites, D [University of Sydney, Camperdown, Sydney (Australia)

    2015-06-15

    Purpose: A national Australian inter-university medical physics (MP) group was formed in 2011/12, supported by Department of Health Better Access to Radiation Oncology BARO) seed funding. Core membership includes the six universities providing postgraduate MP courses. Objectives include increasing capacity, development and efficiency of national academic MP structures/systems and hence supporting education, clinical training and research, for the MP workforce support. Although the BARO scheme focuses on Radiation Oncology, the group has wider MP interests. Methods: Two further BARO seed grants were achieved: 1) for networked academic activities, including shared-resource teaching, eg using virtual reality systems; MP outreach to schools and undergraduates; developing web-based student and registrar education/resources, etc.; and 2) for conjoint ‘translational research’ posts between universities and partner hospitals, to clinically progress advanced RT technologies and to support students and registrars. Each university received 0.5 FTE post from each grant over 2 years (total: $1.75M) and leveraged local additional partner funds. Results: Total funding: $4–5M. Overall there have been 35 (mainly overseas) postholders bringing specific expertise, beginning in early 2013. Periods in Australia have been from 0.25–2 years (median=1). As well as the education activities, research projects include lung/spine SBRT, 4D RT, FFF beams, technology assessment, complex treatment planning, imaging for radiation oncology, DIR, adaptive breast, datamining, radiomics,etc. Observed positive impacts include: increased interest in MP courses, training support, translational research infrastructure and/or clinical practice in the hospitals involved, plus increased collaboration and effectiveness between the universities. Posts are continuing beyond grant end using leveraged funds, providing the basis for sustainability of some posts. Conclusion: The BARO-funded projects have

  19. ESG Issues among Fund Managers—Factors and Motives

    Directory of Open Access Journals (Sweden)

    Justyna Przychodzen

    2016-10-01

    Full Text Available This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.

  20. IMPACT OF ROMANIAN HIGHER EDUCATION FUNDING POLICY ON UNIVERSITY EFFICIENCY

    Directory of Open Access Journals (Sweden)

    CRETAN Georgiana Camelia

    2015-07-01

    Full Text Available The issues of higher education funding policy and university operating efficiency are hot points on the actual public agenda worldwide as the pressures exercised upon the public resources increased, especially in the aftermath of the last economic crisis. Concerned with the improvement of the funding mechanism through which government allocates the public funds in order to meet the national core objectives within the area of higher education, the policy makers adjusted the funding policy by diversifying the criteria used in distributing the funds to public universities. Thus, the aim of this research is to underline both the impact and the consequences the public funding patterns of higher education have on the relative efficiency of public funded higher education institutions, across time. Moreover, the research conducted aims to determine whether the changes occurred within the Romanian public funding methodology of higher education institutions improved the relative efficiency scores of public funded universities, before and after the economic crisis of 2008. Thus, on one hand we have underlined the changes brought to the Romanian public funding mechanism of higher education during the years of 2007, 2009 and 2010 compared to the year of 2006, using the content analysis, and on the other hand we assessed and compared the relative efficiency scores of each selected public funded university using a multiple input - multiple output linear programming model, by employing the Data Envelopment Analysis technique. The findings of the research undertaken emphasized that a more performance oriented funding mechanism improves the efficiency scores of public universities. The results of the research undertaken could be used either by the policy makers within the area of higher education or by the administrative management of public universities in order to correlate the funding with the results obtained and/or the objectives assumed by both the

  1. Karakteristik Eksekutif Terhadap Tax Avoidance Dengan Leverage Sebagai Variabel Intervening

    OpenAIRE

    Carolina, Verani; Natalia, Maria; Debbianita, Debbianita

    2014-01-01

    This research aimed to examine the influence of the executive characteristic on corporate tax avoidance. Risktaker’s executive tended to be more courageous and aggressive in taking decision related to the tax. On thecontrary, the risk averse executive tended to be carefully (Low, 2006). This research used leverage as interveningvariable. Therefore, there was an assumption that the executive characteristic determined the corporateleverage which then influenced their tax avoidance in the compan...

  2. Leveraging the Customer Base: Creating Competitive Advantage Through Knowledge Management

    OpenAIRE

    Elie Ofek; Miklos Sarvary

    2001-01-01

    Professional services firms (e.g., consultants, accounting firms, or advertising agencies) generate and sell business solutions to their customers. In doing so, they can leverage the cumulative experience gained from serving their customer base to either reduce their variable costs or increase the quality of their products/services. In other words, their "production technology" exhibits some form of increasing returns to scale. Growth and globalization, coupled with recent advances in informa...

  3. Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Wingens, L.

    2013-01-01

    This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

  4. 77 FR 67707 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change...

    Science.gov (United States)

    2012-11-13

    ... used as short-term trading vehicles. The Leveraged Funds with the word ``Bull'' in their name... (collectively, ``Euro Funds'' and, collectively with the Yen Funds and Dollar Funds, ``Currency Funds'') will... currency. As such, the Yen Funds will invest in Japanese Yen futures contracts traded on the CME (``Yen...

  5. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

  6. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

    For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

  7. 50 CFR 270.16 - Deposit of funds.

    Science.gov (United States)

    2010-10-01

    ..., DEPARTMENT OF COMMERCE FISH AND SEAFOOD PROMOTION SPECIES-SPECIFIC SEAFOOD MARKETING COUNCILS § 270.16... approved marketing plan and budget, funds collected through assessments authorized by the Act must be deposited in any interest-bearing account or certificate of deposit of a bank that is a member of the...

  8. As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

    OpenAIRE

    Florian Heider; Alexander Ljungqvist

    2012-01-01

    We use a natural experiment in the form of 121 staggered changes in corporate income tax rates across U.S. states to show that tax considerations are a first-order determinant of firms' capital structure choices. Over the period 1990-2011, firms increase long-term leverage by 104 basis points on average (or $32.5 million in extra debt) in response to an average tax increase of 131 basis points. Contrary to static trade-off theory, the tax sensitivity of leverage is asymmetric: firms do not re...

  9. Characteristics of randomized trials published in Latin America and the Caribbean according to funding source.

    Directory of Open Access Journals (Sweden)

    Ludovic Reveiz

    Full Text Available INTRODUCTION: Few studies have assessed the nature and quality of randomized controlled trials (RCTs in Latin America and the Caribbean (LAC. METHODS AND FINDINGS: The aims of this systematic review are to evaluate the characteristics (including the risk of bias assessment of RCT conducted in LAC according to funding source. A review of RCTs published in 2010 in which the author's affiliation was from LAC was performed in PubMed and LILACS. Two reviewers independently extracted data and assessed the risk of bias. The primary outcomes were risk of bias assessment and funding source. A total of 1,695 references were found in PubMed and LILACS databases, of which 526 were RCTs (N = 73.513 participants. English was the dominant publication language (93% and most of the RCTs were published in non-LAC journals (84.2%. Only five of the 19 identified countries accounted for nearly 95% of all RCTs conducted in the region (Brazil 70.9%, Mexico 10.1%, Argentina 5.9%, Colombia 3.8%, and Chile 3.4%. Few RCTs covered priority areas related with Millennium Development Goals like maternal health (6.7% or high priority infectious diseases (3.8%. Regarding children, 3.6% and 0.4% RCT evaluated nutrition and diarrhea interventions respectively but none pneumonia. As a comparison, aesthetic and sport related interventions account for 4.6% of all trials. A random sample of RCTs (n = 358 was assessed for funding source: exclusively public (33.8%; private (e.g. pharmaceutical company (15.3%; other (e.g. mixed, NGO (15.1%; no funding (35.8%. Overall assessments for risk of bias showed no statistically significant differences between RCTs and type of funding source. Statistically significant differences favoring private and others type of funding was found when assessing trial registration and conflict of interest reporting. CONCLUSION: Findings of this study could be used to provide more direction for future research to facilitate innovation, improve health

  10. Characteristics of randomized trials published in Latin America and the Caribbean according to funding source.

    Science.gov (United States)

    Reveiz, Ludovic; Sangalang, Stephanie; Glujovsky, Demian; Pinzon, Carlos E; Asenjo Lobos, Claudia; Cortes, Marcela; Cañón, Martin; Bardach, Ariel; Bonfill, Xavier

    2013-01-01

    Few studies have assessed the nature and quality of randomized controlled trials (RCTs) in Latin America and the Caribbean (LAC). The aims of this systematic review are to evaluate the characteristics (including the risk of bias assessment) of RCT conducted in LAC according to funding source. A review of RCTs published in 2010 in which the author's affiliation was from LAC was performed in PubMed and LILACS. Two reviewers independently extracted data and assessed the risk of bias. The primary outcomes were risk of bias assessment and funding source. A total of 1,695 references were found in PubMed and LILACS databases, of which 526 were RCTs (N = 73.513 participants). English was the dominant publication language (93%) and most of the RCTs were published in non-LAC journals (84.2%). Only five of the 19 identified countries accounted for nearly 95% of all RCTs conducted in the region (Brazil 70.9%, Mexico 10.1%, Argentina 5.9%, Colombia 3.8%, and Chile 3.4%). Few RCTs covered priority areas related with Millennium Development Goals like maternal health (6.7%) or high priority infectious diseases (3.8%). Regarding children, 3.6% and 0.4% RCT evaluated nutrition and diarrhea interventions respectively but none pneumonia. As a comparison, aesthetic and sport related interventions account for 4.6% of all trials. A random sample of RCTs (n = 358) was assessed for funding source: exclusively public (33.8%); private (e.g. pharmaceutical company) (15.3%); other (e.g. mixed, NGO) (15.1%); no funding (35.8%). Overall assessments for risk of bias showed no statistically significant differences between RCTs and type of funding source. Statistically significant differences favoring private and others type of funding was found when assessing trial registration and conflict of interest reporting. Findings of this study could be used to provide more direction for future research to facilitate innovation, improve health outcomes or address priority health problems.

  11. New pricing approaches for bundled payments: Leveraging clinical standards and regional variations to target avoidable utilization.

    Science.gov (United States)

    Hellsten, Erik; Chu, Scally; Crump, R Trafford; Yu, Kevin; Sutherland, Jason M

    2016-03-01

    Develop pricing models for bundled payments that draw inputs from clinician-defined best practice standards and benchmarks set from regional variations in utilization. Health care utilization and claims data for a cohort of incident Ontario ischemic and hemorrhagic stroke episodes. Episodes of care are created by linking incident stroke hospitalizations with subsequent health service utilization across multiple datasets. Costs are estimated for episodes of care and constituent service components using setting-specific case mix methodologies and provincial fee schedules. Costs are estimated for five areas of potentially avoidable utilization, derived from best practice standards set by an expert panel of stroke clinicians. Alternative approaches for setting normative prices for stroke episodes are developed using measures of potentially avoidable utilization and benchmarks established by the best performing regions. There are wide regional variations in the utilization of different health services within episodes of stroke care. Reconciling the best practice standards with regional utilization identifies significant amounts of potentially avoidable utilization. Normative pricing models for stroke episodes result in increasingly aggressive redistributions of funding. Bundled payment pilots to date have been based on the costs of historical service patterns, which effectively 'bake in' unwarranted and inefficient variations in utilization. This study demonstrates the feasibility of novel clinically informed episode pricing approaches that leverage these variations to target reductions in potentially avoidable utilization. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

  12. Pension funds investments in hedge funds-a necessary regulation

    Directory of Open Access Journals (Sweden)

    Daniela Gaftoniuc

    2010-12-01

    Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

  13. The mental health care model in Brazil: analyses of the funding, governance processes, and mechanisms of assessment.

    Science.gov (United States)

    Trapé, Thiago Lavras; Campos, Rosana Onocko

    2017-03-23

    This study aims to analyze the current status of the mental health care model of the Brazilian Unified Health System, according to its funding, governance processes, and mechanisms of assessment. We have carried out a documentary analysis of the ordinances, technical reports, conference reports, normative resolutions, and decrees from 2009 to 2014. This is a time of consolidation of the psychosocial model, with expansion of the health care network and inversion of the funding for community services with a strong emphasis on the area of crack cocaine and other drugs. Mental health is an underfunded area within the chronically underfunded Brazilian Unified Health System. The governance model constrains the progress of essential services, which creates the need for the incorporation of a process of regionalization of the management. The mechanisms of assessment are not incorporated into the health policy in the bureaucratic field. There is a need to expand the global funding of the area of health, specifically mental health, which has been shown to be a successful policy. The current focus of the policy seems to be archaic in relation to the precepts of the psychosocial model. Mechanisms of assessment need to be expanded. Analisar o estágio atual do modelo de atenção à saúde mental do Sistema Único de Saúde, segundo seu financiamento, processos de governança e mecanismos de avaliação. Foi realizada uma análise documental de portarias, informes técnicos, relatórios de conferência, resoluções e decretos de 2009 a 2014. Trata-se de um momento de consolidação do modelo psicossocial, com ampliação da rede assistencial, inversão de financiamento para serviços comunitários com forte ênfase na área de crack e outras drogas. A saúde mental é uma área subfinanciada dentro do subfinanciamento crônico do Sistema Único de Saúde. O modelo de governança constrange o avanço de serviços essenciais, havendo a necessidade da incorporação de um

  14. Chartering Turnaround: Leveraging Public Charter School Autonomy to Address Failure

    Science.gov (United States)

    Corbett, Julie

    2015-01-01

    Persistently low-achieving public schools around the country have received $5.8 billion from the federal School Improvement Grant (SIG) program, in addition to districts and state funds, and other supplementary federal funds. Despite all of these sources of funding, most of the schools receiving them have failed to make a dramatic difference in…

  15. Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds.

    OpenAIRE

    Othman, J.; Asutay, M.; Jamailan, N.

    2018-01-01

    Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approach: By using panel data, the sample of Malaysian domestic managed equity funds are considered comprised of 20 individual funds from IEF a...

  16. Rising to the Challenge: Making the Most of Gifts That Leverage Gifts.

    Science.gov (United States)

    McNay, Linda Wise

    1992-01-01

    Emory University (Georgia) has advanced its fundraising by leveraging a $2 million challenge from the Coca-Cola Foundation. The school publicized the challenge, made the case for an added incentive to give, and integrated advancement functions to get greater results. Challenge grants can come from industry, foundations, and alumni; and careful…

  17. Leveraging Client-Side DNS Failure Patterns to Identify Malicious Behaviors

    Science.gov (United States)

    2015-09-28

    malicious behavior found in our dataset and (ii) to create ground truth to evaluate the system proposed in Section V. We begin by removing those cases that...2011. [10] S. Hao, N. Feamster, and R. Pandrangi, “Monitoring the Initial DNS Behavior of Malicious Domains,” in ACM IMC , 2011. [11] R. Perdisci et...distribution is unlimited. Leveraging Client-Side DNS Failure Patterns to Identify Malicious Behaviors The views, opinions and/or findings contained in

  18. ANALISIS PENGARUH LEVERAGE, PROFITABILITY, DAN FOREIGN OWNERSHIP TERHADAP PENGUNGKAPAN INFORMASI TANGGUNG JAWAB SOSIAL PERUSAHAAN (CORPORATE SOCIAL RESPONSIBILITY

    Directory of Open Access Journals (Sweden)

    Sigit Handoyo

    2017-11-01

    Full Text Available Corporate Social Responsibility is defined as the voluntary activities undertaken by a company to operate in economic, social and environmentally sustainable manner. It's based on Pasal 74 Undang-Undang Perseroan Terbatas No. 40 Tahun 2007. The research aimed to analyze the factors influencing disclosure level of corporate social responsibility at mining sector that listed at Indonesian Stock Exchange (IDX period 2013-2014. In this research caracteristics of the company are consisting of leverage, profitability, and foreign ownership. The population taken in this research was all companies at mining sector that listed in IDX from 2013 to 2014. The method of data analisys was linear regression analisys with SPSS 20. Multiple linear regression analysis technique that used in this research to determine the effect of leverage, profitability and foreign ownership to Corporate Social Responsibility disclosure. Index of corporate social responsibility (CSR is measured with company's indicators disclosed by the number of indicator is set on G4 by Global Reporting Initiative (GRI. Leverage is defined by debt to asset ratio (DAR, profitability is defined by return on assets (ROA, and foreign ownership is defined by the amount of foreign ownership divided by number of outstanding shares. The result of this research showed that leverage and profitability have a positive and significant effect on the CSR disclosure, while the foreign ownership have no effect on CSR disclosure at the mining companies in Indonesia.

  19. Industry funded clinical trials: bias and quality.

    Science.gov (United States)

    Del Parigi, Angelo

    2012-01-01

    The quality of the clinical data supporting the development and ultimately the approval for medical use of new drugs is often challenged. Many share the perception that the business goals of the pharmaceutical industry overrule the best scientific efforts to accrue critical knowledge on a new molecule, in order to inform investment of resources, regulatory approvals and appropriate use by patients. Despite this common belief, few scientists have attempted to assess objectively the quality of industry funded (IF) clinical trials by measuring it and comparing it with non-industry funded (NIF) clinical trials in a data-driven fashion. Overall, the average quality of IF clinical research has been reported to be higher than the quality of NIF clinical research.

  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. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

  2. Leveraging Environmental Correlations: The Thermodynamics of Requisite Variety

    Science.gov (United States)

    Boyd, Alexander B.; Mandal, Dibyendu; Crutchfield, James P.

    2017-06-01

    Key to biological success, the requisite variety that confronts an adaptive organism is the set of detectable, accessible, and controllable states in its environment. We analyze its role in the thermodynamic functioning of information ratchets—a form of autonomous Maxwellian Demon capable of exploiting fluctuations in an external information reservoir to harvest useful work from a thermal bath. This establishes a quantitative paradigm for understanding how adaptive agents leverage structured thermal environments for their own thermodynamic benefit. General ratchets behave as memoryful communication channels, interacting with their environment sequentially and storing results to an output. The bulk of thermal ratchets analyzed to date, however, assume memoryless environments that generate input signals without temporal correlations. Employing computational mechanics and a new information-processing Second Law of Thermodynamics (IPSL) we remove these restrictions, analyzing general finite-state ratchets interacting with structured environments that generate correlated input signals. On the one hand, we demonstrate that a ratchet need not have memory to exploit an uncorrelated environment. On the other, and more appropriate to biological adaptation, we show that a ratchet must have memory to most effectively leverage structure and correlation in its environment. The lesson is that to optimally harvest work a ratchet's memory must reflect the input generator's memory. Finally, we investigate achieving the IPSL bounds on the amount of work a ratchet can extract from its environment, discovering that finite-state, optimal ratchets are unable to reach these bounds. In contrast, we show that infinite-state ratchets can go well beyond these bounds by utilizing their own infinite "negentropy". We conclude with an outline of the collective thermodynamics of information-ratchet swarms.

  3. Costs of eliminating malaria and the impact of the global fund in 34 countries.

    Directory of Open Access Journals (Sweden)

    Brittany Zelman

    Full Text Available International financing for malaria increased more than 18-fold between 2000 and 2011; the largest source came from The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund. Countries have made substantial progress, but achieving elimination requires sustained finances to interrupt transmission and prevent reintroduction. Since 2011, global financing for malaria has declined, fueling concerns that further progress will be impeded, especially for current malaria-eliminating countries that may face resurgent malaria if programs are disrupted.This study aims to 1 assess past total and Global Fund funding to the 34 current malaria-eliminating countries, and 2 estimate their future funding needs to achieve malaria elimination and prevent reintroduction through 2030.Historical funding is assessed against trends in country-level malaria annual parasite incidences (APIs and income per capita. Following Kizewski et al. (2007, program costs to eliminate malaria and prevent reintroduction through 2030 are estimated using a deterministic model. The cost parameters are tailored to a package of interventions aimed at malaria elimination and prevention of reintroduction.The majority of Global Fund-supported countries experiencing increases in total funding from 2005 to 2010 coincided with reductions in malaria APIs and also overall GNI per capita average annual growth. The total amount of projected funding needed for the current malaria-eliminating countries to achieve elimination and prevent reintroduction through 2030 is approximately US$8.5 billion, or about $1.84 per person at risk per year (PPY (ranging from $2.51 PPY in 2014 to $1.43 PPY in 2030.Although external donor funding, particularly from the Global Fund, has been key for many malaria-eliminating countries, sustained and sufficient financing is critical for furthering global malaria elimination. Projected cost estimates for elimination provide policymakers with an indication of the

  4. Gas tax fund and public transit fund outcomes report

    International Nuclear Information System (INIS)

    2009-01-01

    Federal gas tax and public transit agreements were signed in 2005 by the Government of Canada, the Province of Ontario, the Association of Municipalities of Ontario (AMO) and the City of Toronto in order to address long-term community sustainability and invest in municipal infrastructure. The agreement committed to providing $1.9 billion to Ontario municipalities over a 5-year period. An additional $2.4 billion has been provided for a further 4-year period from 2010 to 2014. The funds are used by communities to invest in capacity building or environmentally sustainable municipal infrastructure projects. This report identified the intermediate and ultimate outcomes of the federal gas tax fund and public transit fund as of December 2008. Outcomes were presented in the categories of community energy systems, public transit, water and wastewater, solid waste, and roads and bridges. Funding highlights and economic spin-offs for the projects were also presented, as well as summaries of ancillary social outcomes. 6 tabs., 4 figs.

  5. KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Cliff Kohardinata

    2017-03-01

    Full Text Available The main purpose of company was to increase company’s value through increased prosperity of owner orshareholders. However, the management often had other objectives that caused conflicts of interest betweenmanagement and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen& Meckling, 1976. To minimize the differences between the interests of owners and managers, the owner couldgive shares to managers or increased stock ownership by institutional in order to monitor managers. If theowner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutionalownership, they will affect corporate leverage policy because managerial ownership and institutional ownershipcould reduce the financial risk that occurred from leverage. This study aimed to analyze the effect ofmanagerial ownership and institutional ownership on leverage policy. This study used the entire populationof companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniquesused was ordinary least squares. The control variables were structure of assets, return on assets, financialdistress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risksof the company. This study found that managers considered risk factors more than growth opportunities, andthe institutional shareholders considered growth opportunities more than company risk

  6. 7 CFR 4290.1230 - Draw-downs by RBIC under Leverage commitment.

    Science.gov (United States)

    2010-01-01

    ... are needed to fund one or more particular Enterprises or to provide liquidity for your operations. If... funds. (1) Within 30 calendar days after the actual closing date of each Financing funded with the...

  7. Economic Justification of Minimisation of Immobilisation Funds Invested Into Engineering Enterprise Materials

    Directory of Open Access Journals (Sweden)

    Boyko Valentyna V.

    2014-03-01

    Full Text Available The article improves the mechanism of minimisation of immobilisation funds invested into enterprise materials. Optimisation of this mechanism is achieved through reduction of the difference between fixed (or advanced and actual funds, invested into materials, with consideration of their differentiation and integration in the course of the enterprise operation cycle. The article justifies the necessity of study of immobilisation funds, invested into materials, for their possible minimisation. It offers methods of calculation of ratios of influence of minimisation of funds, invested into materials, upon alteration of the level of their immobilisation and absolute disengagement. It assesses the possibility of use of the proposed ratios both in relative and absolute indicators of immobilisation funds, invested into materials. It shows calculation of the matrix of minimisation of immobilisation funds, invested into materials, and its practical application at engineering enterprises. It underlines that the proposed methodology of calculation of the above said ratios and matrix of minimisation of immobilisation funds, invested into materials, allows determination of possible disengagement of the engaged money funds by an engineering enterprise depending on specific technical and economic conditions.

  8. Differential effects of public and private funding in the medical device industry.

    Science.gov (United States)

    Kang, Hyunsung D; Ku, David N

    2018-02-01

    Funding for scientific advancement comes from two dominant sources: public funds used to generate knowledge, and private sector funds in the pursuit of commercial products. It is unclear how to compare the outputs of these two financial mechanisms because both sectors are motivated by common goods but are also governed by divergent forces. Employment within a geographic region may be a metric of mutual value that can be applied equally to assess the societal impacts of two financing sources. Areas covered: The authors focused on the medical device industry, which is a robust sector of growth for the U.S. economy. The U.S. NIH and venture capital community are representatives of public and private capital, respectively. Using a longitudinal employment dataset of 247 distinct locations, the authors found that NIH funding tends to create more jobs directly compared to venture capital funding. Moreover, the indirect effect of governmental funding is initially smaller than that of venture capital funding for the first two years, but eventually surpasses that of venture capital funding. Expert commentary: These findings imply that policy decisions regarding financial allocations in the medical device industry should consider the appropriate typology of financial capital and its consequences.

  9. Risk-adjusted capitation funding models for chronic disease in Australia: alternatives to casemix funding.

    Science.gov (United States)

    Antioch, K M; Walsh, M K

    2002-01-01

    Under Australian casemix funding arrangements that use Diagnosis-Related Groups (DRGs) the average price is policy based, not benchmarked. Cost weights are too low for State-wide chronic disease services. Risk-adjusted Capitation Funding Models (RACFM) are feasible alternatives. A RACFM was developed for public patients with cystic fibrosis treated by an Australian Health Maintenance Organization (AHMO). Adverse selection is of limited concern since patients pay solidarity contributions via Medicare levy with no premium contributions to the AHMO. Sponsors paying premium subsidies are the State of Victoria and the Federal Government. Cost per patient is the dependent variable in the multiple regression. Data on DRG 173 (cystic fibrosis) patients were assessed for heteroskedasticity, multicollinearity, structural stability and functional form. Stepwise linear regression excluded non-significant variables. Significant variables were 'emergency' (1276.9), 'outlier' (6377.1), 'complexity' (3043.5), 'procedures' (317.4) and the constant (4492.7) (R(2)=0.21, SE=3598.3, F=14.39, Probpayment (constant). The model explained 21% of the variance in cost per patient. The payment rate is adjusted by a best practice annual admission rate per patient. The model is a blended RACFM for in-patient, out-patient, Hospital In The Home, Fee-For-Service Federal payments for drugs and medical services; lump sum lung transplant payments and risk sharing through cost (loss) outlier payments. State and Federally funded home and palliative services are 'carved out'. The model, which has national application via Coordinated Care Trials and by Australian States for RACFMs may be instructive for Germany, which plans to use Australian DRGs for casemix funding. The capitation alternative for chronic disease can improve equity, allocative efficiency and distributional justice. The use of Diagnostic Cost Groups (DCGs) is a promising alternative classification system for capitation arrangements.

  10. The Impact of Debt Policy on Financial Performance of Romanian Listed Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2014-08-01

    Full Text Available The purpose of this paper is to study the impact of listed companies’ indebtedness on their financial performance. Theoretical research was relied on the specialty literature concerning the analysis of the capital structure and financial structure of the company based on calculation of the financial structure ratio and financial leverage. This paper focuses on the analysis of debt policy impact on companies’ financial performance using the financial leverage method. The financial leverage method reflects the influence of debt policy on company’s return on equity, as well as the ways it engages loans to finance operating assets so it can get higher return on equity. The main aim of this paper is to investigate and analyze the determinants of leverage effect and financial structure of companies that are operating in Romanian food industry, namely manufacturing of dairy products. The conclusion that emerges in this study is the importance of choosing and establishing funding sources by an enterprise, according to funding costs, in order to obtain the optimal combination between external financing resources and internal funding.

  11. Assessment of Costs for a Global Climate Fund Against Public Sector Disaster Risks

    Science.gov (United States)

    Hochrainer-Stigler, Stefan; Mechler, Reinhard; Pflug, Georg; Williges, Keith

    2013-04-01

    National governments are key actors in managing climate variability and change, yet, many countries, faced with exhausted tax bases, high levels of indebtedness and limited donor assistance, have been unable to raise sufficient and timely capital to replace or repair damaged assets and restore livelihoods following major disasters exacerbating the impacts of disaster shocks on poverty and development. For weather extremes, which form a subset of the adaptation challenge and are supposed to increase in intensity and frequency with a changing climate, we conduct an assessment of the costs of managing and financing today's public sector risks on a global scale for more than 180 countries. A countries financial vulnerability is defined as a function of its financial resilience and its exposure to disaster risk. While disaster risk is estimated in terms of asset loss distributions based on catastrophe modeling approaches, financial resilience is operationalized as the public sector's ability to pay for relief to the affected population and support the reconstruction of affected assets and infrastructure for a given event. We consider governments financially vulnerable to disasters if they cannot access sufficient funding after a disaster to cover their liabilities. We operationalize this concept by the term resource gap, which we define the net loss associated with a disaster event after exhausting all possible ex-post and ex ante financing sources. Extending this approach for all possible disaster events, the risk that a resource gap will occur over a given time-span can be calculated for each country individually and dependent on the risk level different risk instruments may have to be applied. Furthermore, our estimates may inform decisions pertaining to a "climate insurance fund" absorbing "high level" country risks exceeding the ability of any given country to pay in the case of an extreme event. Our estimates relate to today's climate, yet we suggest that

  12. ELECTIONS PENSION FUND

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

  13. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

  14. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

  15. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

  16. Analysis of the mutual funds and pension funds in Spain: evolution and performance

    Directory of Open Access Journals (Sweden)

    Mercedes Alda García

    2012-06-01

    Full Text Available Mutual funds and pension funds are the most important investment products in Spain. Nonetheless, it should not be confused with each other, or take them as equivalent; since the latter have also the characteristic of a long-term savings product, in order to obtain additional funds for retirement. These differences may influence the investor when deciding on one of these instruments, but also the manager, developing different management strategies.Therefore, on this paper we examine the main magnitudes of both markets in Spain. Moreover, we analyze the performance of two Spanish fund samples (one with global equity mutual funds and another with global equity pension funds with the purpose of showing if their performance is efficient, and if there are differences on their management.

  17. The Effects of the Structural Funds on the Romanian Economic Growth

    Directory of Open Access Journals (Sweden)

    Ionica Oncioiu

    2017-04-01

    Full Text Available The European funds are considered an attractive tool for supporting economic growth on short-term and at a macroeconomic level. The impact assessment of structural and cohesion funds on Romania's economic growth is sluggish because of the mismatches between official information at national and regional levels. The role of economic models in quantifying the impact of structural and cohesion funds at a macroeconomic level cannot be minimized. This paper aims to investigate the impact of European funds totally absorbed by Romania on the evolution of total GDP (Gross Domestic Product in the period 2007-2015. Using linear regression in R (lm function, our goal is to explain the relationship between attracted European funds in total, as an independent variable, and the Gross Domestic Product which was considered a dependent variable. For data processing, the authors used the ANOVA software. However, the results shows that the impact of the absorption rate on short-term economic growth does not confirm the theoretical expectations.

  18. An alternative mechanism for international health aid: evaluating a Global Social Protection Fund.

    Science.gov (United States)

    Basu, Sanjay; Stuckler, David; McKee, Martin

    2014-01-01

    Several public health groups have called for the creation of a global fund for 'social protection'-a fund that produces the international equivalent of domestic tax collection and safety net systems to finance care for the ill and disabled and related health costs. All participating countries would pay into a global fund based on a metric of their ability to pay and withdraw from the common pool based on a metric of their need for funds. We assessed how alternative strategies and metrics by which to operate such a fund would affect its size and impact on health system financing. Using a mathematical model, we found that common targets for health funding in low-income countries require higher levels of aid expenditures than presently distributed. Some mechanisms exist that may incentivize reduction of domestic health inequalities, and direct most funds towards the poorest populations. Payments from high-income countries are also likely to decrease over time as middle-income countries' economies grow.

  19. 7 CFR 4290.1700 - Secretary's transfer of interest in a RBIC's Leverage security.

    Science.gov (United States)

    2010-01-01

    ...) RURAL BUSINESS-COOPERATIVE SERVICE AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financial Assistance for RBICs (Leverage) Miscellaneous § 4290.1700... consideration as he or she deems reasonable, the Secretary may sell, assign, transfer, or otherwise dispose of...

  20. Venture Capital and Leveraged Buyout: What Is the Difference in Eastern Europe? – A Cross-Country Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Mihai Precup

    2017-12-01

    Full Text Available The aim of this paper is to compare the determinants of leveraged buyout activity, respectively venture capital activity in Eastern European countries. Additionally, this paper presents the main highlights in terms of evolution of leveraged buyout investments and venture capital investments during the recent crisis in the European emerging countries. The panel data analysis used in this paper will include determinants consecrated in previous studies such as GDP growth, market capitalization or R&D expenditures, as well as new variables such as productivity and corruption index. In order to estimate a panel data model with fixed and random effects, we collected data on leveraged buyout activity, respectively venture capital activity in Eastern European countries over the period 2000-2013. This paper will follow the methodology developed by Gompers and Lerner (1998, Jeng and Wells (2000, Romain and de La Potteria (2004, Félix (2007 and Bernoth and Colavecchio (2014. The present research paper shows that the LBO and the venture capital are differently affected by macroeconomic conditions. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the leveraged buyout and venture capital markets in Eastern Europe. 

  1. The development of funding policies for hospices: is casemix-based funding an option?

    Science.gov (United States)

    Carter, H; MacLeod, R; Hicks, E; Carter, J

    1999-06-25

    The 1993 health reforms, with their emphasis on the purchasing of defined amounts or units of service, have led to the implementation of casemix-based funding for the acute medical and surgical services of the public hospitals. Despite growing interest in New Zealand in casemix-based funding for non-acute services such as palliative care, the nature of this service and the characteristics of its patient population pose particular difficulties for the development and implementation of casemix. This paper examines the feasibility of implementing casemix-based funding for hospice/palliative care services and discusses the development of casemix classification systems for palliative care. Problems associated with implementing casemix-based funding are considered including: the dual funding of hospices, the multi-agency nature of palliative care service provision and the need for the Health Funding Authority to identify and specify the hospice services it is willing to fund. While it is concluded that these problems will impede the introduction of casemix-based funding of hospice care, they highlight important issues that the hospice movement must address if it is to ensure its future within the new health environment.

  2. Leveraging Technological Capabilities across Polarized Cultures: Shanghai Delco Electronics Limited

    OpenAIRE

    Lucy A. Ojode

    2006-01-01

    Rallying its units for an impending spin-off from General Motors, the Delphi Automotive Systems division cleared the Delphi Delco Electronics (Delphi-D) unit to begin planning for entry into China in 1994. Delphi saw China as ideal for leveraging its technological and innovation capabilities as well as the enormous General Motor heritage and reputation from years of experience delivering quality products to the automotive industry. Delphi-D found a perfect partner in Shanghai Changjiang YiBia...

  3. Good news is bad news: Leverage cycles and sudden stops

    OpenAIRE

    Akinci, Ozge; Chahrour, Ryan

    2015-01-01

    We show that a model with imperfectly forecastable changes in future productivity and an occasionally binding collateral constraint can match a set of stylized facts about “sudden stop” events. “Good” news about future productivity raises leverage during times of expansion, increasing the probability that the constraint binds, and a sudden stop occurs, in future periods. The economy exhibits a boom period in the run-up to the sudden stop, with output, consumption, and investment all above tre...

  4. Leveraging Research Partnerships to Co-Produce Actionable Science and Build Institutional Capacity

    Science.gov (United States)

    Fleming, P.; Chinn, A.; Rufo Hill, J.; Edgerly, J.; Garcia, E.

    2017-12-01

    Seattle Public Utilities (SPU) provides high quality drinking water to 1.4 million people in the greater Seattle area and storm, wastewater and solid waste services to the City of Seattle. SPU's engagement on climate change has evolved significantly over the past 20 years. What began in 1997 as an inquiry into how El Nino may affect water supply has evolved into a broad based ongoing exploration that includes extensive in-house knowledge, capacity and expertise. This presentation will describe SPU's evolution from a funder and consumer of climate research to an active contributor to the development of applied research products, highlighted SPU's changing role in three climate impacts assessment studies. It will describe how SPU has leveraged these studies and partnerships to enhance its knowledge base, build its internal institutional capacity and produce actionable science that it is helping to foster incorporation of climate change into various aspects of utility planning and decision making. It will describe the PUMA Project and how the results from that research effort are being factored into SPU's state mandated Water System Plan.

  5. PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

  6. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  7. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  8. 13 CFR 107.1210 - Payment of leverage fee upon receipt of commitment.

    Science.gov (United States)

    2010-01-01

    ... you draw any Leverage under such commitment, you must pay to SBA a non-refundable fee equal to 1...(a). (b) Automatic cancellation of commitment. Unless you pay the fee required under paragraph (a) of this section by 5:00 P.M. Eastern Time on the 30th calendar day following the issuance of SBA's...

  9. Redesigning A Program of Ecosystem Conservation Fund

    Energy Technology Data Exchange (ETDEWEB)

    Kwak, Seung Jun; Yoo, Seung Hoon [Korea University, Seoul (Korea)

    2000-08-01

    A program of ecosystem conservation fund was proposed by the Ministry of Environment in Korea and has been supposed to come into force in early 2001. However, currently the program is withheld because there are strong objections to it for several reasons. The prime purpose of this paper is to analyze the reasons and problems involved in the program, to suggest some guidances to revise the program, and to design a new program by using a multi attribute index based on environmental significance. We found that there are two major problems of the program: first, inequity in choosing those whom the fund are levied on; second, irrationality of the way the fund are imposed. The paper also provides a simulation study to analyze the effects of four scenarios concerning feasible alternatives. We argue that natural resource damages caused by development works cannot be fairly prevented by the existing environmental impact assessment system only and should be used in harmony with the new system. (author). 10 refs., 10 tabs.

  10. Hedging Strategies and the Financing of the 1992 International Oil Pollution Compensation Fund.

    OpenAIRE

    André SCHMITT; Sandrine SPAETER

    2005-01-01

    The maritime oil transport is regulated by the 1992 Civil Liability Convention for Oil Damage and the 1992 Oil Pollution Compensation Fund. In this compensation regime, contributions of oil firms are based on the aggregate risk of the Fund and are assessed each time an oil spill is registered. In this paper, we present the main characteristics of such a compensation regime and we explain why oil firms would benefit from a reorga- nization of the financing of the Fund by introducing appropriat...

  11. Financial Literacy and Mutual Fund Investments : Who Buys Actively Managed Funds?

    OpenAIRE

    Müller, Sebastian; Weber, Martin

    2008-01-01

    Previous research indicates that lacking financial sophistication among private investors might be important in explaining the strong growth in active management over the past. Based on questionnaire data with more than 3,000 mutual fund customers, we therefore construct an objective financial literacy score and analyze the relationship between financial literacy and mutual fund investment behavior. While sophisticated investors are indeed more aware of passive, low cost fund alternatives lik...

  12. Probabilistic assessment of nuclear waste fund fee adequacy

    International Nuclear Information System (INIS)

    Hoskins, R.E.

    1988-01-01

    The Nuclear Waste Policy Act (NWPA) of 1982 establishes a waste fund into which nuclear plant owners pay a fee based on electrical generation intended to recover fully the cost of commercial high level waste disposal. The Department of Energy (DOE) is required to conduct an analysis of the adequacy of the fee each year and to recommend changes that are appropriate. Due to uncertainties, it is difficult to ascertain the adequacy of the fee based on the type of analysis that DOE performs. This study demonstrates the use of decision analysis methods to examine fee adequacy taking into account uncertainty in disposal date, nuclear power outlook, and cost estimates. Fee requirements are examined for parallel site characterization as prescribed by the original NWPA and serial site characterization as required by 1987 NWPA amendments. The study shows that serial site characterization has a high probability of reducing program cost

  13. 75 FR 39391 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

    Science.gov (United States)

    2010-07-08

    ... effective allocation of System capital. II. Summary and List of Questions A. Introduction In October 2007, the FCA published an ANPRM on the risk weighting of assets--the denominator in our risk-based core...-based capital ratios and introduce a non-risk-based leverage ratio that may integrate off-balance sheet...

  14. Capital structure as a bargaining tool : the role of leverage in contract renegotiation

    NARCIS (Netherlands)

    Perotti, E.C.; Spier, K.E.

    1993-01-01

    This paper presents a strategic model of temporarily high leverage. When the repayment of senior claims depends in part upon further investment, shareholders may be able to alter credibly their incentives to invest through an exchange of junior debt for equity and thereby force concessions from

  15. 75 FR 65710 - Current Value of Funds Rate

    Science.gov (United States)

    2010-10-26

    ... percentage rate to be used in assessing interest charges for outstanding debts owed to the Government... DEPARTMENT OF THE TREASURY Fiscal Service Current Value of Funds Rate AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice of rate for use in Federal debt collection and discount...

  16. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  17. Regulating hedge funds.

    OpenAIRE

    Daníelsson, J.; Zigrand, JP.

    2007-01-01

    Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

  18. EUCLID: Leveraging IPM for sustainable production of fruit and vegetable crops in partnership with China

    OpenAIRE

    Nicot , Philippe C.; Bardin , Marc; Leyronas , Christel; Desneux , Nicolas

    2016-01-01

    EUCLID: Leveraging IPM for sustainable production of fruit and vegetable crops in partnership with China. 13. IOBC-WPRS Meeting of the working group "Biological control of fungal and bacterial plant pathogens. .

  19. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio – often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

  20. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio { often referred to as a `flight-to-liquidity.' In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

  1. Importance of the fund management company in the performance of socially responsible mutual funds

    OpenAIRE

    Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

    2017-01-01

    We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the fin...

  2. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Rosselli, R.

    1984-01-01

    The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

  3. Poland - Electricity and gas marked development study and practical guidelines for using EU funds. Practical guidelines for using EU funds for energy projects

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-12-01

    The present report is prepared as part of the project 'Poland - Electricity and gas market development study and practical guidelines for using EU - funds'. The EU structural and cohesion funds are presently considered the most relevant funds concerning support to energy projects. In general, the Polish administration of the EU structural funds is strongly decentralized. The eligible project types to be supported from the various structural funds are described in a number of sector programmes. The sector programmes are described in vertical view, meaning that it is difficult to assess what kind of energy projects are eligible for support and, if eligible, then under which programme. This report presents a horizontal view of the various programmes in order to give an overview of the possibilities of support to energy related projects. The background for this report is a study of the following sector programmes: 1. Improvement of the competitiveness of enterprises. 2. Human resources development. 3. Restructuring and modernization of food sector and rural development. 4. Fisheries and fish processing. 5. Transport - maritime economy. 6. Integrated regional operational programme. 7. Technical assistance. Based on this review, it can be stated that energy projects in general have a low priority but can be supported under various measures within the programmes. (BA)

  4. The clinical relevance and newsworthiness of NIHR HTA-funded research: a cohort study.

    Science.gov (United States)

    Wright, D; Young, A; Iserman, E; Maeso, R; Turner, S; Haynes, R B; Milne, R

    2014-05-07

    To assess the clinical relevance and newsworthiness of the UK National Institute for Health Research (NIHR) Health Technology Assessment (HTA) Programme funded reports. Retrospective cohort study. The cohort included 311 NIHR HTA Programme funded reports publishing in HTA in the period 1 January 2007-31 December 2012. The McMaster Online Rating of Evidence (MORE) system independently identified the clinical relevance and newsworthiness of NIHR HTA publications and non-NIHR HTA publications. The MORE system involves over 4000 physicians rating publications on a scale of relevance (the extent to which articles are relevant to practice) and a scale of newsworthiness (the extent to which articles contain news or something clinicians are unlikely to know). The proportion of reports published in HTA meeting MORE inclusion criteria and mean average relevance and newsworthiness ratings were calculated and compared with publications from the same studies publishing outside HTA and non-NIHR HTA funded publications. 286/311 (92.0%) of NIHR HTA reports were assessed by MORE, of which 192 (67.1%) passed MORE criteria. The average clinical relevance rating for NIHR HTA reports was 5.48, statistically higher than the 5.32 rating for non-NIHR HTA publications (mean difference=0.16, 95% CI 0.04 to 0.29, p=0.01). Average newsworthiness ratings were similar between NIHR HTA reports and non-NIHR HTA publications (4.75 and 4.70, respectively; mean difference=0.05, 95% CI -0.18 to 0.07, p=0.402). NIHR HTA-funded original research reports were statistically higher for newsworthiness than reviews (5.05 compared with 4.64) (mean difference=0.41, 95% CI 0.18 to 0.64, p=0.001). Funding research of clinical relevance is important in maximising the value of research investment. The NIHR HTA Programme is successful in funding projects that generate outputs of clinical relevance.

  5. Leveraging Human Resource Development Expertise to Improve Supply Chain Managers' Skills and Competencies

    Science.gov (United States)

    Ellinger, Alexander E.; Ellinger, Andrea D.

    2014-01-01

    Purpose: There is an ongoing shortage of talented supply chain managers with the necessary skills and business-related competencies to manage increasingly complex and strategically important supply chain processes. The purpose of this paper is to propose that organizations can create and maintain competitive advantage by leveraging the expertise…

  6. Leveraging Faculty Reflective Practice to Understand Active Learning Spaces: Flashbacks and Re-Captures

    Science.gov (United States)

    Ramsay, Crystal M.; Guo, Xiuyan; Pursel, Barton K.

    2017-01-01

    Although learning spaces research is not new, research approaches that target the specific teaching and learning experiences of faculty and students who occupy active learning classrooms (ALCs) is nascent. We report on two novels data collection approaches: Flashbacks and Re-Captures. Both leverage faculty reflective practice and provide windows…

  7. Performance measurement of the gas tax and public transit funds : final report

    International Nuclear Information System (INIS)

    2007-01-01

    Federal funding for the gas tax fund and public transit fund are provided through Infrastructure Canada for municipal infrastructure across Canada in a broad range of municipal service projects. In order to identify appropriate outcomes that would meet reporting requirements for the gas tax fund and public transit fund, this report outlined a performance measurement approach that would allow for the reporting of projects under both funds and provide a structured methodology for multiple year analysis of benefits. The report discussed the performance measures process review and outcomes approach logic model. It also provided an outline of information sourcing strategies including an overview of the project types and expenditures; information sourcing strategy; typical municipal information sources by project type; performance measurement framework assumptions and limitations; and modeling of outcomes from outputs. Conclusions and recommendations were also offered. It was concluded that based on a comprehensive review of ancillary benefits and outcomes of various historic funding programs, there are 3 foundational outcomes that should be considered to assess all initial program outcomes. These include cleaner air, cleaner water and reduced greenhouse gas emissions. tabs., figs

  8. Principles for consistent value assessment and sustainable funding of orphan drugs in Europe.

    Science.gov (United States)

    Gutierrez, Laura; Patris, Julien; Hutchings, Adam; Cowell, Warren

    2015-05-03

    The European Orphan Medicinal Products (OMP) Regulation has successfully encouraged research to develop treatments for rare diseases resulting in the authorisation of new OMPs in Europe. While decisions on OMP designation and marketing authorisation are made at the European Union level, reimbursement decisions are made at the national level. OMP value and affordability are high priority issues for policymakers and decisions regarding their pricing and funding are highly complex. There is currently no European consensus on how OMP value should be assessed and inequalities of access to OMPs have previously been observed. Against this background, policy makers in many countries are considering reforms to improve access to OMPs. This paper proposes ten principles to be considered when undertaking such reforms, from the perspective of an OMP manufacturer. We recommend the continued prioritisation of rare diseases by policymakers, an increased alignment between payer and regulatory frameworks, pricing centred on OMP value, and mechanisms to ensure long-term financial sustainability allowing a continuous and virtuous development of OMPs. Our recommendations support the development of more consistent frameworks and encourage collaboration between all stakeholders, including research-based industry, payers, clinicians, and patients.

  9. Analisis Pengaruh Moderating Investment Opportunity Set dengan Kebijakan Dividend serta Moderating Investment Opportunity Set dengan Arus Kas Bebas terhadap Tingkat Leverage Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2003-2007

    Directory of Open Access Journals (Sweden)

    Masruroh Masruroh

    2011-09-01

    Full Text Available This research aims to examine whether there is any influence of investment opportunity set (IOS on the affiliation between dividend policy and free cash flow to leverage enterprise-level. By using 42 samples of food and beverage companies listed on Indonesia Stock Exchange from 2003 to 2007, it is concluded that the dividend policy does not affect the company's leverage. However, the dividend policy together with investment opportunity set affect the level of corporate leverage. Free cash flow affects the level of corporate leverage. In the meantime, free cash flow to the investment opportunity set (IOS also influences the level of corporate leverage, the dividend policy and free cash flow effect on the level of corporate leverage. Meanwhile, the dividend policy, free cash flow, investment opportunity set simultaneously affect the level of corporate leverage.

  10. EFFICIENCY OF INDONESIA’S MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA

    Directory of Open Access Journals (Sweden)

    Riko Hendrawan

    2017-03-01

    Full Text Available The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA. The study found that based on the average score in during 2007 – 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.

  11. Leverage effect in financial markets: the retarded volatility model.

    Science.gov (United States)

    Bouchaud, J P; Matacz, A; Potters, M

    2001-11-26

    We investigate quantitatively the so-called "leverage effect," which corresponds to a negative correlation between past returns and future volatility. For individual stocks this correlation is moderate and decays over 50 days, while for stock indices it is much stronger but decays faster. For individual stocks the magnitude of this correlation has a universal value that can be rationalized in terms of a new "retarded" model which interpolates between a purely additive and a purely multiplicative stochastic process. For stock indices a specific amplification phenomenon seems to be necessary to account for the observed amplitude of the effect.

  12. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  13. An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

    OpenAIRE

    Lu, Daofen

    2007-01-01

    The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

  14. Performance-Based Funding Brief

    Science.gov (United States)

    Washington Higher Education Coordinating Board, 2011

    2011-01-01

    A number of states have made progress in implementing performance-based funding (PFB) and accountability. This policy brief summarizes main features of performance-based funding systems in three states: Tennessee, Ohio, and Indiana. The brief also identifies key issues that states considering performance-based funding must address, as well as…

  15. Systematic analysis of funding awarded for antimicrobial resistance research to institutions in the UK, 19972010

    OpenAIRE

    Head, Michael G.; Fitchett, Joseph R.; Cooke, Mary K.; Wurie, Fatima B.; Atun, Rifat; Hayward, Andrew C.; Holmes, Alison; Johnson, Alan P.; Woodford, Neil

    2014-01-01

    Objectives: To assess the level of research funding awarded to UK institutions specifically for antimicrobial resistance-related research and how closely the topics funded relate to the clinical and public health burden of resistance.Methods: Databases and web sites were systematically searched for information on how infectious disease research studies were funded for the period 1997–2010. Studies specifically related to antimicrobial resistance, including bacteriology, virology, mycology and...

  16. 24 CFR 214.311 - Funding.

    Science.gov (United States)

    2010-04-01

    ... Internet or other electronic media. (b) Local funding sources. HUD recommends that approved agencies seek and secure funding from funding sources that may include local and state governments, private... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Funding. 214.311 Section 214.311...

  17. The VIDA Framework as an Education Tool: Leveraging Volcanology Data for Educational Purposes

    Science.gov (United States)

    Faied, D.; Sanchez, A.

    2009-04-01

    The VIDA Framework as an Education Tool: Leveraging Volcanology Data for Educational Purposes Dohy Faied, Aurora Sanchez (on behalf of SSP08 VAPOR Project Team) While numerous global initiatives exist to address the potential hazards posed by volcanic eruption events and assess impacts from a civil security viewpoint, there does not yet exist a single, unified, international system of early warning and hazard tracking for eruptions. Numerous gaps exist in the risk reduction cycle, from data collection, to data processing, and finally dissemination of salient information to relevant parties. As part of the 2008 International Space University's Space Studies Program, a detailed gap analysis of the state of volcano disaster risk reduction was undertaken, and this paper presents the principal results. This gap analysis considered current sensor technologies, data processing algorithms, and utilization of data products by various international organizations. Recommendations for strategies to minimize or eliminate certain gaps are also provided. In the effort to address the gaps, a framework evolved at system level. This framework, known as VIDA, is a tool to develop user requirements for civil security in hazardous contexts, and a candidate system concept for a detailed design phase. While the basic intention of VIDA is to support disaster risk reduction efforts, there are several methods of leveraging raw science data to support education across a wide demographic. Basic geophysical data could be used to educate school children about the characteristics of volcanoes, satellite mappings could support informed growth and development of societies in at-risk areas, and raw sensor data could contribute to a wide range of university-level research projects. Satellite maps, basic geophysical data, and raw sensor data are combined and accessible in a way that allows the relationships between these data types to be explored and used in a training environment. Such a resource

  18. The risk level of Vietnam non-banking investment and financial services industry under financial leverage during and after the global crisis 2007-2011

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2013-09-01

    Full Text Available This paper estimates the impacts of external financing on market risk for the listed firms in the Viet nam non-banking financial services industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Vietnam non-banking financial services industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down, we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var if the leverage decreases down to 20%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

  19. The development of the portfolio management for the unit investment funds

    OpenAIRE

    Sergeeva, Irina; Nikiforova, Vera

    2012-01-01

    The paper analyses common Russian practice of assessment of the effectiveness of the unit investment fund portfolio management based on the risk/return tradeoff. The paper identifies characteristics, advantages and disadvantages of various portfolio risk measures, and introduces the approach to risk assessment based on the analytical coefficient calculations.

  20. Leveraging e-learning in medical education.

    Science.gov (United States)

    Lewis, Kadriye O; Cidon, Michal J; Seto, Teresa L; Chen, Haiqin; Mahan, John D

    2014-07-01

    e-Learning has become a popular medium for delivering instruction in medical education. This innovative method of teaching offers unique learning opportunities for medical trainees. The purpose of this article is to define the present state of e-learning in pediatrics and how to best leverage e-learning for educational effectiveness and change in medical education. Through addressing under-examined and neglected areas in implementation strategies for e-learning, its usefulness in medical education can be expanded. This study used a systematic database review of published studies in the field of e-learning in pediatric training between 2003 and 2013. The search was conducted using educational and health databases: Scopus, ERIC, PubMed, and search engines Google and Hakia. A total of 72 reference articles were suitable for analysis. This review is supplemented by the use of "e-Learning Design Screening Questions" to define e-learning design and development in 10 randomly selected articles. Data analysis used template-based coding themes and counting of the categories using descriptive statistics.Our search for pediatric e-learning (using Google and Hakia) resulted in six well-defined resources designed to support the professional development of doctors, residents, and medical students. The majority of studies focused on instructional effectiveness and satisfaction. There were few studies about e-learning development, implementation, and needs assessments used to identify the institutional and learners' needs. Reviewed studies used various study designs, measurement tools, instructional time, and materials for e-learning interventions. e-Learning is a viable solution for medical educators faced with many challenges, including (1) promoting self-directed learning, (2) providing flexible learning opportunities that would offer continuous (24h/day/7 days a week) availability for learners, and (3) engaging learners through collaborative learning communities to gain

  1. Hedge Fund Contagion and Liquidity

    OpenAIRE

    Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

    2008-01-01

    Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

  2. Macroeconomic Scenario Building for Strategic National Defense Planning

    Science.gov (United States)

    2001-12-01

    can be disastrous. The rapid destruction of the hedge fund Long Term Capital Management in the fall of 1998 is a case in point. This fund traded...extensively in derivatives and arbitrage with use of heavy leverage. Their use of computer models developed by the crème of academia, including Nobel...historical norms of arbitrage trading and bond yields broke down. In five weeks the Long Term Capital’s portfolio imploded under the weight of its leverage

  3. Understaning the "funding effect"

    Science.gov (United States)

    Oreskes, N.

    2016-12-01

    There is a long history of industry funding of scientific and engineering research in the USA. Much of this work has been of high quality. Research demonstrates, however, that corporate funding can represent a threat to scientific independence and integrity. Studies show that sponsors' interests can affect research results, particularly when sponsors have a strong interest in a particular research outcome. The effects may occur through the impact of subconscious bias on sampling, study design, data interpretation, and/or reporting of results. Corporate funding can also skew research toward investigating certain questions at the expense of others, downplaying the significance of adverse findings, and/or failing to report adverse results. Gifts can affect behavior, even when they are unrelated to research activities. These impacts that are so substantial that they have a name: "the funding effect."[i] Evidence shows that scientists who strive to be objective and fair-minded may nonetheless fall prey to the funding effect. In many cases, the challenges of corporate gifts and funding can be addressed through education and improved self-awareness, agreements that protect researchers' freedom to publish without sponsor approval, sensible disclosure policies, and reasonable sanctions for failures of disclosure. However, in some cases, it may be appropriate for researchers and scientific societies to decline funding.

  4. Management of Existing Funding Systems in Switzerland

    International Nuclear Information System (INIS)

    Maxeiner, H.

    2006-01-01

    ), Periodical determination of estimated D and D and WM costs, Assessment of owners contributions, Stipulation of investment policy. Investment committee: 6 members (4 operators), Investment strategy and guidelines -> Management committee, Implement investment strategy and guidelines, Selection procedures for asset managers, auditors..., Supervision of payment transactions. Cost committee: 7 members (3 operators and regulator), Calculate costs and specify annual contributions, Deal with non-budgeted expenses. 3 - Investments and reporting: Investment concept: Mixed asset management mandates with identical start-up, investments and guidelines given to 3 (former 4) banks for Decommissioning fund and 10 banks, Invest in CHF and non-CHF bonds, CHF and non-CHF equities and real estate, Investments and compliance with guidelines monitored by Investment Committee und external experts. Transparent Reporting: (Detailed) Annual reports

  5. An assessment of the Brazilian REDD+ governance system. A case study of the Amazon Fund

    OpenAIRE

    Dalene, Elisabeth

    2011-01-01

    REDD+ has become a hot issue in the climate change policy. It is seen as one way to reduce global GHG emissions by slowing and potentially reversing deforestation and forest degradation. The Amazon Fund is today seen as the only full REDD+ governance structure in the world. Thus, I was interested in doing a deeper study of this governance structure in order to learn about the strengths and weaknesses of the Fund as a REDD+ governance structure. In order to answer this objective four research ...

  6. Leveraging Gaming Technology to Deliver Effective Training

    Science.gov (United States)

    Cimino, James D.

    2011-01-01

    The best way to engage a soldier is to present them with training content consistent with their learning preference. Blended Interactive Multimedia Instruction (IMI) can be used to leach soldiers what they need to do, how to do each step, and utilize a COTS game engine to actually practices the skills learned. Blended IMI provides an enjoyable experience for the soldier, thereby increasing retention rates and motivation while decreasing the time to subject mastery. And now mobile devices have emerged as an exciting new platform, literally placing the training into the soldier's hands. In this paper, we will discuss how we leveraged commercial game engine technology, tightly integrated with the Blended IMI, to train soldiers on both laptops and mobile devices. We will provide a recent case study of how this training is being utilized, benefits and student/instructor feedback.

  7. A model to compare a defined benefit pension fund with a defined contribution provident fund

    Directory of Open Access Journals (Sweden)

    J.M. Nevin

    2003-12-01

    Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

  8. Pension Fund

    CERN Multimedia

    2004-01-01

    Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

  9. Assessing the adequacy of contribution rates towards employees' provident fund in Malaysia

    Science.gov (United States)

    Saidi, Nurul Athirah Nabila; Yusuf, Mazlynda Md; Basah, Mohamad Yazis Ali

    2017-04-01

    The vital role of Malaysian Employees' Provident Fund (EPF) is to provide financial support for its participants during retirement years. However, the issues of inadequacy have risen and EPF has been through various improvements in order to cope with current living situations, including making adjustment in the contribution rates. This study intends to provide the projection of EPF accumulations for three different types of contribution rates namely contribution rates at current fixed rate, increasing and decreasing proportion. Then, the replacement ratio is calculated and is used as an indicator to determine the adequacy of retirement income delivered by EPF. The ideal replacement ratio recommended by financial advisors is at 70%. Based on the findings in this study, contribution rates following a decreasing proportion gives replacement ratio that exceeds or nearest to the ideal replacement ratio, while contribution rates at current fixed rate gives replacement rates that fall far from 70%. Therefore, this study shows that the accumulated amount in the fund with contribution rates following a decreasing proportion gives higher replacement ratio and is recommended to be applied by the Malaysian EPF.

  10. Leveraging mobile smart devices to improve interprofessional communications in inpatient practice setting: A literature review.

    Science.gov (United States)

    Aungst, Timothy Dy; Belliveau, Paul

    2015-01-01

    As mobile smart device use has increased in society, the healthcare community has begun using these devices for communication among professionals in practice settings. The purpose of this review is to describe primary literature which reports on the experiences with interprofessional healthcare communication via mobile smart devices. Based on these findings, this review also addresses how these devices may be utilized to facilitate interprofessional education (IPE) in health professions education programs. The literature search revealed limited assessments of mobile smart device use in clinical practice settings. In available reports, communication with mobile smart devices was perceived as more effective and faster among interdisciplinary members. Notable drawbacks included discrepancies in the urgency labeling of messages, increased interruptions associated with constant accessibility to team members, and professionalism breakdowns. Recently developed interprofessional competencies include an emphasis on ensuring that health profession students can effectively communicate on interprofessional teams. With the increasing reliance on mobile smart devices in the absence of robust benefit and risk assessments on their use in clinical practice settings, use of these devices may be leveraged to facilitate IPE activities in health education professions programs while simultaneously educating students on their proper use in patient care settings.

  11. Funding strategies for wilderness management

    Science.gov (United States)

    Carolyn Alkire

    2000-01-01

    Funding wilderness protection will continue to be a challenge for public land managers. With continuing competition for federal funds and balanced budget goals, other sources of funds may be necessary to supplement annual federal appropriations. This paper identifies and evaluates five potential funding strategies and provides examples of each that are currently in use...

  12. Funding Mechanisms, Cost Drivers, and the Distribution of Education Funds in Alberta: A Case Study.

    Science.gov (United States)

    Neu, Dean; Taylor, Alison

    2000-01-01

    Critical analysis of historical financial data of the Calgary Board of Education (CBE) examined the impact of Alberta's 1994 funding changes on the CBE and the distribution of Alberta's education funding. Findings illustrate how funding mechanisms are used to govern from a distance and how seemingly neutral accounting/funding techniques function…

  13. Leveraging Social Networks to Support Reproductive Health and Economic Wellbeing among Guatemalan Maya Women

    Science.gov (United States)

    Prescott, Alexandra S.; Luippold-Roge, Genevieve P.; Gurman, Tilly A.

    2016-01-01

    Objective: Maya women in Guatemala are disproportionately affected by poverty and negative reproductive health outcomes. Although social networks are valued in many Indigenous cultures, few studies have explored whether health education programmes can leverage these networks to improve reproductive health and economic wellbeing. Design: This…

  14. Funding Us Higher Education: Policy Making Theories Reviewed

    Science.gov (United States)

    Cooley, Asya

    2015-01-01

    Higher education policy and politics in the United States (US) has been an issue of studies for several decades. Since the 1960s, researchers have been attempting to understand, explain and extrapolate on the relationships between higher education funding and political institutions. This review attempts to assess recent studies concerned with US…

  15. Sources of funding for community schemes

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-11-01

    There is an increasing level of interest amongst community groups in the UK to become involved in the development of renewable energy schemes. Often however these community groups have only limited funds of their own, so any additional funds that can be identified to help fund their renewable energy scheme can be very useful. There are a range of funding sources available that provide grants or loans for which community groups are eligible to apply. Few of these funding sources are targeted towards renewable energy specifically, nevertheless the funds may be applicable to renewable energy schemes under appropriate circumstances. To date, however, few of these funds have been accessed by community groups for renewable energy initiatives. One of the reasons for this low take-up of funds on offer could be that the funding sources may be difficult and time-consuming to identify, especially where the energy component of the fund is not readily apparent. This directory draws together details about many of the principal funding sources available in the UK that may consider providing funds to community groups wanting to develop a renewable energy scheme. (author)

  16. Risk analytics for hedge funds

    Science.gov (United States)

    Pareek, Ankur

    2005-05-01

    The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

  17. 25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

    Science.gov (United States)

    2010-04-01

    ... EDUCATION UNIFORM DIRECT FUNDING AND SUPPORT FOR BUREAU-OPERATED SCHOOLS § 47.11 Can these funds be used as matching funds for other Federal programs? A Bureau-operated school may use funds that it receives under...

  18. The National Security Education Trust Fund Financial Statements for FY 1994

    National Research Council Canada - National Science Library

    Gimble, Thomas

    1995-01-01

    .... We evaluated the management control structure established for the Trust Fund, and we assessed compliance with applicable laws and regulations that could have a material effect on the financial statements...

  19. Public Funding of Political Parties

    DEFF Research Database (Denmark)

    Ortuno-Ortin, Ignacio; Schultz, Christian

    This paper concerns public funding of parties. Parteis receive public funds depending on their vote share. Funds finance electoral campaigns. Two cases are investigated. In the first, some voters are policy motivated and some are ?impressionable? ? their vote depends directly on campaign...... expenditures. In the second, campaigning is informative and all voters are policy motivated. Public funds increase policy convergence in both cases. The effect is larger, the more funding depends on vote shares. When campaigns are informative, there may be multiple euqilibria. Intuitively, a large party can...

  20. Optimal distribution of science funding

    Science.gov (United States)

    Huang, Ding-wei

    2018-07-01

    We propose a new model to investigate the theoretical implications of a novel funding system. We introduce new parameters to model the accumulated advantage. We assume that all scientists are equal and follow the same regulations. The model presents three distinct regimes. In regime (I), the fluidity of funding is significant. The funding distribution is continuous. The concentration of funding is effectively suppressed. In both regimes (II) and (III), a small group of scientists emerges as a circle of elites. Large funding is acquired by a small number of scientists.

  1. Protein leverage effects of beef protein on energy intake in humans.

    Science.gov (United States)

    Martens, Eveline A; Tan, Sze-Yen; Dunlop, Mandy V; Mattes, Richard D; Westerterp-Plantenga, Margriet S

    2014-06-01

    The protein leverage hypothesis requires specific evidence that protein intake is regulated more strongly than energy intake. The objective was to determine ad libitum energy intake, body weight changes, appetite profile, and nitrogen balance in response to 3 diets with different protein-to-carbohydrate + fat ratios over 12 consecutive days, with beef as a source of protein. A 3-arm, 12-d randomized crossover study was performed in 30 men and 28 women [mean ± SD age: 33 ± 16 y; body mass index (in kg/m²): 24.4 ± 4.0] with the use of diets containing 5%, 15%, and 30% of energy (En%) from protein, predominantly from beef. Energy intake was significantly lower in the 30En%-protein condition (8.73 ± 1.93 MJ/d) than in the 5En%-protein (9.48 ± 1.67 MJ/d) and 15En%-protein (9.30 ± 1.62 MJ/d) conditions (P = 0.001), stemming largely from lower energy intake during meals (P = 0.001). Hunger (P = 0.001) and desire to eat (P = 0.001) ratings were higher and fullness ratings were lower (P = 0.001) in the 5En%-protein condition than in the 15En%-protein and 30En%-protein conditions. Nitrogen excretion was lower in the 5En%-protein condition (4.7 ± 1.5 g/24 h; P = 0.001) and was higher in the 30En%-protein condition (15.3 ± 8.7 g/24 h; P = 0.001) compared with the 15En%-protein condition (10.0 ± 5.2 g/24 h). Nitrogen balance was maintained in the 5En%-protein condition and was positive in the 15En%- and 30En%-protein conditions (P = 0.001). Complete protein leverage did not occur because subjects did not consume to a common protein amount at the expense of energy balance. Individuals did underconsume relative to energy requirements from high-protein diets. The lack of support for protein leverage effects on a low-protein diet may stem from the fact that protein intake was sufficient to maintain nitrogen balance over the 12-d trial. © 2014 American Society for Nutrition.

  2. Economic costs of extratropical storms under climate change: An application of FUND

    NARCIS (Netherlands)

    Narita, D.; Anthoff, D.; Tol, R.S.J.

    2010-01-01

    Extratropical cyclones have attracted some attention in climate policy circles as a possible significant damage factor of climate change. This study conducts an assessment of economic impacts of increased storm activities under climate change with the integrated assessment model FUND 3.5. In the

  3. Impact of time-inhomogeneous jumps and leverage type effects on returns and realised variances

    DEFF Research Database (Denmark)

    Veraart, Almut

    This paper studies the effect of time-inhomogeneous jumps and leverage type effects on realised variance calculations when the logarithmic asset price is given by a Lévy-driven stochastic volatility model. In such a model, the realised variance is an inconsistent estimator of the integrated...

  4. The Effect of Financial Leverage, Employee Stock Ownership Program and Firm Size on Firm Performance of Companies Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Nurainun Bangun

    2017-07-01

    Full Text Available The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER, Firm Size and Employee Stock Ownership Program (ESOP. Dependent variables in this research are Return on Assets (ROA and Return On Equity (ROE. The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP did not Affect to ROA and ROE.

  5. ANALYSIS OF COMPANY SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY AND ITS EFFECT TO CSR DISCLOSURE

    Directory of Open Access Journals (Sweden)

    Suskim Riantani

    2015-09-01

    Full Text Available This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD. The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. Multiple linear regression and correlation analysis using t test and F test were applied as a technique of analysis. The test of the classical assumption such as the normality, multicollinearity, heteroscedasticity, and autocorrelation applied before the multiple linear regression. The result shows that the company size had positive and significant effect to the CSR disclosure, financial leverage does not show significant effect to the CSR disclosure, profitability does not have significant effect to the CSR disclosure during the investigation.

  6. INDEXING AND INDEX FUNDS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

    Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

  7. Allocating organisational level funding on the basis of Research Performance Based assessments, a comparative analysis of the EU Member States in international perspective

    Energy Technology Data Exchange (ETDEWEB)

    Jonkers, K.; Zacharewicz, T.; Lepori, B.; Reale, E.

    2016-07-01

    The paper analyses the extent to which RPBF allocation mechanisms are being implemented in Europe. To do so, this study builds on a novel set of data on project and organisational level funding developed for the European Commission, which identifies funding allocation mechanisms in each of the EU-28 Member States. This approach allows to compare the scope of RPBF systems across European countries.Further, the paper build on an in-depth analysis of RPBF implementation in 28 European countries, which comes to a classification of different types of RPBF implementation around three characteristics, i.e. a) the way research performance is measured and b) the type of link between performance assessment and allocation of resources. The analysis furthermore identifies a number of good practices while highlighting the potential for adverse effects of RPBF systems in research systems at different stages of development. (Author)

  8. 12 CFR 615.5010 - Funding Corporation.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 615.5010 Section 615.5010... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Funding § 615.5010 Funding Corporation. (a) The Funding Corporation shall issue, market, and handle the obligations of the banks issued under section 4.2(b) through...

  9. The effect of leverage and/or influential on structure-activity relationships.

    Science.gov (United States)

    Bolboacă, Sorana D; Jäntschi, Lorentz

    2013-05-01

    In the spirit of reporting valid and reliable Quantitative Structure-Activity Relationship (QSAR) models, the aim of our research was to assess how the leverage (analysis with Hat matrix, h(i)) and the influential (analysis with Cook's distance, D(i)) of QSAR models may reflect the models reliability and their characteristics. The datasets included in this research were collected from previously published papers. Seven datasets which accomplished the imposed inclusion criteria were analyzed. Three models were obtained for each dataset (full-model, h(i)-model and D(i)-model) and several statistical validation criteria were applied to the models. In 5 out of 7 sets the correlation coefficient increased when compounds with either h(i) or D(i) higher than the threshold were removed. Withdrawn compounds varied from 2 to 4 for h(i)-models and from 1 to 13 for D(i)-models. Validation statistics showed that D(i)-models possess systematically better agreement than both full-models and h(i)-models. Removal of influential compounds from training set significantly improves the model and is recommended to be conducted in the process of quantitative structure-activity relationships developing. Cook's distance approach should be combined with hat matrix analysis in order to identify the compounds candidates for removal.

  10. Leveraging the national cyberinfrastructure for biomedical research.

    Science.gov (United States)

    LeDuc, Richard; Vaughn, Matthew; Fonner, John M; Sullivan, Michael; Williams, James G; Blood, Philip D; Taylor, James; Barnett, William

    2014-01-01

    In the USA, the national cyberinfrastructure refers to a system of research supercomputer and other IT facilities and the high speed networks that connect them. These resources have been heavily leveraged by scientists in disciplines such as high energy physics, astronomy, and climatology, but until recently they have been little used by biomedical researchers. We suggest that many of the 'Big Data' challenges facing the medical informatics community can be efficiently handled using national-scale cyberinfrastructure. Resources such as the Extreme Science and Discovery Environment, the Open Science Grid, and Internet2 provide economical and proven infrastructures for Big Data challenges, but these resources can be difficult to approach. Specialized web portals, support centers, and virtual organizations can be constructed on these resources to meet defined computational challenges, specifically for genomics. We provide examples of how this has been done in basic biology as an illustration for the biomedical informatics community.

  11. Activity Fund Accounting.

    Science.gov (United States)

    Cool, David W.

    1983-01-01

    Addresses the need of school districts in many states to decide on an appropriate mingling of centralization and decentralization in the operation of activity funds. Argues for analysis of activity fund operation through a breakdown into such major components as policy, the accounting system, and reporting and auditing. (JBM)

  12. The Adoption of Open Access Funds Among Canadian Academic Research Libraries, 2008-2012

    Directory of Open Access Journals (Sweden)

    Crystal Hampson

    2014-11-01

    Full Text Available As a result of changes in scholarly communication created by the open access movement, some academic libraries established open access (OA publishing funds. OA funds are monies set aside at an institution to fund open access publishing of the results of scholarly research. OA funds are a recent innovation in the type of services offered by academic libraries. Adoption of an innovation can be examined in the light of established theories of innovation adoption among social systems. To examine academic libraries’ responses to OA publishing charges, this article explores the adoption of OA funds among Canadian academic research libraries from 2008 to 2012 by analyzing results from a series of previously published surveys. The findings are then examined in light of Everett Rogers’ Innovation Diffusion Theory (IDT to consider the question of whether or not OA funds are becoming a standard service in Canadian academic research institutions. Adoption in Canada is briefly compared to that in the United States and United Kingdom. The paper concludes that, as of 2012, OA funds were becoming common but were not a standard service in Canadian academic research libraries and that libraries were actively participating in the development of OA funding models. Given the current Canadian context, the need of researchers for OA publishing support is likely to create pressure for continued adoption of OA funds among Canadian academic research institutions. However, assessment of existing OA funds is needed.

  13. Western Michigan University: Quasi-Revolving Fund. Green Revolving Funds in Action: Case Study Series

    Science.gov (United States)

    Billingsley, Christina

    2011-01-01

    Western Michigan University has designed an innovative "Quasi-Revolving Fund" model that demonstrates the institution's full commitment to incorporating sustainability into campus operations. The Quasi-Revolving Fund recaptures money from cost-savings, similar to a typical green revolving fund, but it also sources capital from the…

  14. A Case Study: Leadership Style and Practice Leveraging Knowledge Management in Multigenerational Professional Learning Communities

    Science.gov (United States)

    Giles-Weeks, Veda

    2014-01-01

    Age related demographic changes, within public school organizations are resulting in leadership challenges in leveraging organizational knowledge across four unique generational cohorts. Competitive success within schools has linkages to organizational cohesiveness and knowledge management (KM). Generational cohorts maintain values affecting…

  15. Leveraging BLE and LoRa in IoT Network for Wildlife Monitoring System (WMS)

    NARCIS (Netherlands)

    Ayele, Eyuel Debebe; Das, Kallol; Meratnia, Nirvana; Havinga, Paul J.M.

    2018-01-01

    In this paper we propose a new dual radio IoT network architecture for wildlife monitoring system (WMS). WMS leverages bluetooth low energy (BLE) in low power wide area networks (LPWANs) by dynamically changing the operating radio based on the proximity among herd of wild animals. This approach will

  16. Leveraging BLE and LoRa in IoT Network for Wildlife Monitoring System (WMS)

    NARCIS (Netherlands)

    Ayele, Eyuel Debebe; Das, Kallol; Meratnia, Nirvana; Havinga, Paul J.M.

    2016-01-01

    In this paper we propose a new dual radio IoT network architecture for wildlife monitoring system (WMS). WMS leverages bluetooth low energy (BLE) in low power wide area networks (LPWANs) by dynamically changing the operating radio based on the proximity among herd of wild animals. This approach will

  17. 13 CFR 107.1150 - Maximum amount of Leverage for a Section 301(c) Licensee.

    Science.gov (United States)

    2010-01-01

    ... up-to-date business plan that reflects continuation of the Licensee's successful investment strategy... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Maximum amount of Leverage for a Section 301(c) Licensee. 107.1150 Section 107.1150 Business Credit and Assistance SMALL BUSINESS...

  18. The Risk-Return Tradeoff and Leverage Effect in a Stochastic Volatility-in-Mean Model

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Posedel, Petra

    We study the risk premium and leverage effect in the S&P500 market using the stochastic volatility-in-mean model of Barndor¤-Nielsen & Shephard (2001). The Merton (1973, 1980) equilibrium asset pricing condition linking the conditional mean and conditional variance of discrete time returns is rei...

  19. NREL Funding Reductions

    Science.gov (United States)

    Energy Laboratory (NREL) announced today that it will further reduce its work force as a result of million. Recent indications, however, are that NREL's funding will be lowered by an additional $27 million employees. NREL Director Charles F. Gay said the additional funding cuts are a result of lower than expected

  20. Managerial multitasking in the mutual fund industry

    OpenAIRE

    Agarwal, Vikas; Ma, Linlin; Mullally, Kevin

    2015-01-01

    We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the acquired funds improves. Multitasking increases the assets of fund companies but results in a wealth transfer from shareholders ...