Contrary to popular wisdom, buybacks don't create value by raising earnings per share. But they do indeed create value, and in two very different ways. First, a buyback sends signals about the company's prospects to the market--hopefully, that prospects are so good that the best investment managers can make right now is in their own company. But investors won't see it that way if other, negative, signals are coming from the company, and it's rarely a good idea for companies in high-growth industries, where investors expect that money to be spent pursuing new opportunities. Second, when financed as a debt issue, a buyback is essentially an exchange of equity for debt, conferring the traditional benefits of leverage--a tax shield and a discipline for managers. For such a buyback to make sense, a company would need to have taxable profits in need of shielding, of course, and be able to predict its future cash flows fairly accurately. Justin Pettit has found that managers routinely underestimate how many shares they need to buy to send a credible signal to the markets, and he offers a way to calculate that number. He also goes through the iterative steps involved in working out how many shares must be purchased to reach a target level of debt. Then he takes a look at the advantages and disadvantages of the three most common ways that companies make the actual purchases--open-market purchases, fixed-price tender offers, and auction-based tender offers. When a company's performance is lagging, a share buyback can look attractive. Unfortunately, a buyback can backfire--unless executives understand why, when, and how to use this powerful and risky tool.
Baumann, Laura; Clinton, Heather; Berntsson, Rob; Williams, Susan; Rovella, James C; Shapiro, David; Thaker, Shefali; Borrup, Kevin; Lapidus, Garry; Campbell, Brendan T
Gun buyback programs aim to remove unwanted firearms from the community with the goal of preventing firearm injury and death. Buyback programs are held in many communities, but evidence demonstrating their effectiveness is lacking. The purpose of this study is to compare firearms collected at buyback events to crime guns and firearms used in homicides and suicides. Detailed firearm and case data was obtained from the Hartford Police Department and the CDC's National Violent Death Reporting System from January through December of 2015. Information was reviewed for guns collected at buyback events, crime guns confiscated by police, and for weapons associated with firearm fatalities. Detailed firearm data included type, manufacturer, model, and caliber (SMALL ≤ .32 caliber, MEDIUM = .357 caliber to 9 millimeter, LARGE ≥ .40 caliber). Chi-square analyses were used for comparisons between groups. In 2015, 224 crime guns were seized by the Hartford Police, 169 guns were collected at four community buyback events, and there were 187 firearm-related deaths statewide (105 suicides, 81 homicides, 1 legal intervention). Comparisons between buyback, crime and fatality-related firearms are shown in the table below. Medium caliber handguns account for the majority of crime guns and fatalities, and buyback programs collected smaller caliber handguns. The demographics of individuals who turn in guns at buyback events and commit suicide are similar: age (buyback=63±11, suicide=52±18, homicide=34±12 years), sex (buyback=81%, suicide=91%, homicide=84% male), and race (buyback=80%, suicide=97%, homicide=47% white). Handguns account for the majority of crime guns and firearm-related fatalities in Connecticut. Buyback programs are both an opportunity to remove unwanted handguns from the community, and to remove firearms from the homes of individuals at increased risk of suicide. Epidemiologic study, level III.
Kuhn, E M; Nie, C L; O'Brien, M E; Withers, R L; Wintemute, G J; Hargarten, S W
To determine whether the firearms recovered in buyback programs in a large urban community are the types most closely associated with firearm fatalities in the same geographic area. The type, caliber, and manufacturer of 941 handguns recovered in Milwaukee County 1994-96 buyback programs were compared with 369 homicide related and 125 suicide related handguns used in Milwaukee during 1994-97. Buyback handguns differed substantially from those used in homicide and suicide. One third of buyback handguns were semiautomatic pistols versus two thirds of homicide related handguns (phomicide and 32% of suicide handguns (phomicides and suicides. Although buyback programs may increase awareness of firearm violence, limited resources for firearm injury prevention may be better spent in other ways.
Kuhn, E M; Nie, C L; O'Brien, M E; Withers, R L; Wintemute, G J; Hargarten, S W
.... The type, caliber, and manufacturer of 941 handguns recovered in Milwaukee County 1994-96 buyback programs were compared with 369 homicide related and 125 suicide related handguns used in Milwaukee during 1994-97...
Gillnet and trammel net ban and buyback in St. Croix, USVI: This dataset contains data fishermen and other stakeholders views about the performance of the gillnet and trammel net buyback and ban in St. Croix, USVI (CRCP)
National Oceanic and Atmospheric Administration, Department of Commerce — Data contains information on demographics and fishermens perceptions about the efficacy of St. Croix gillnet ban and buyback
Green, Jonathan; Damle, Rachelle N; Kasper, Rebecca E; Violano, Pina; Manno, Mariann; Nazarey, Pradeep P; Aidlen, Jeremy T; Hirsh, Michael P
Gun violence remains a leading cause of death in the United States. Community gun buyback programs provide an opportunity to dispose of extraneous firearms. The purpose of this study was to understand the demographics, motivation, child access to firearms, and household mental illness of buyback participants in hopes of improving the program's effectiveness. A 2015 Injury Free Coalition for Kids gun buyback program which collaborated with local police departments was studied. We administered a 23-item questionnaire survey to gun buyback participants assessing demographic characteristics, motivation for relinquishing firearms, child firearm accessibility, and mental illness/domestic violence history. A total of 186 individuals from Central/Western Massachusetts turned in 339 weapons. Participants received between US $25 and US $75 in gift cards dependent on what type of gun was turned in, with an average cost of $41/gun. A total of 109 (59%) participants completed the survey. Respondents were mostly white (99%), men (90%) and first-time participants in the program (85.2%). Among survey respondents, 54% turned in firearms "for safety reasons." Respondents reported no longer needing/wanting their weapons (47%) and approximately one in eight participants were concerned the firearm(s) were accessible to children. Most respondents (87%) felt the program encouraged neighborhood awareness of firearm safety. Three of every five participants reported that guns still remained in their homes; additionally, 21% where children could potentially access them and 14% with a history of mental illness/suicide/domestic violence in the home. Gun buybacks can provide a low-cost means of removing unwanted firearms from the community. Most participants felt their homes were safer after turning in the firearm(s). In homes still possessing guns, emphasis on secure gun storage should continue, increasing the safety of children and families. The results of this survey also provided new
Full Text Available Purpose: The main propose of this study is to investigate how exchange rate risk affects the buy-back and revenue-sharing contracts in the global supply chain, hence to improve the performance of global supply chain. Design/methodology/approach: Based on a two-echelon global supply chain, with the model equilibrium, this paper studies the difference between the buy-back contract and the revenue-sharing contract. By the transmitting of the exchange rate risk, it discusses the node-enterprises’ optimal strategies. Findings: The result shows that: (1 Both these two contracts can diminish the inefficiency caused by demand risk, but none of them can manage the exchange rate risk. (2 No matter which currency is used to settle the payment, both these two contracts will lead to the transmitting of exchange rate risk from one node-enterprise to another. (3 When the currency of the supplier’s country in the relatively appreciating, it is better to use the buy-back contract; when the currency of the supplier’s country in the relatively depreciating, the revenue-sharing contract will lead to a better result. Research limitations/implications: Though this study analyzes how the exchange rate risk affects these two contracts, it based on the assumption that node-enterprises’ goal is maximizing theirs expected profit. In fact, many firms not only focus on maximizing theirs expected profit; the risk-taking is also an important concern. For future researches, how firms’ risk-preferences affects theirs decisions in the global supply chain will be an interesting question. Also, will there be any difference if consider the node-enterprises’ utility functions instead of the expected profit. Originality/value: Existing literature about the global supply chain mainly focus on the exchange rate risk management, few of them considers the double marginalization effect caused by the demand risk. Therefore, with the exchange rate fluctuation, we discuss the
Violano, Pina; Driscoll, Cassandra; Chaudhary, Neil K; Schuster, Kevin M; Davis, Kimberly A; Borer, Esther; Winters, Jane K; Hirsh, Michael P
The United States has a high rate of death due to firearms, and gun buyback programs may mitigate these high death rates. Understanding the demographics, motivation, and geographic region of participants may improve program efficacy. Three Injury Free Coalition for Kids gun buyback programs, in collaboration with the local police, were studied: Phoenix, Arizona; Worcester, Massachusetts; and New Haven, Connecticut. Participants were defined as those who relinquished a firearm. A self-administered, anonymous, paper survey elicited information from participants regarding demographic data, formal training on the use of the firearm, how the firearm was acquired, potential child access, knowledge of others injured by a firearm, whether the firearm was stored unlocked, factors motivating the surrender of the firearm, and other factors. Survey results were entered into a composite database and analyzed for differences in location, race, sex, and other factors. Participants (n = 301) were predominantly male (73.5%), white (80.9%), and older than 55 years (59.0%). They lived an average of 19.0 miles from the event by zip codes and had an average median household income of $65,731. More than half (54.5%) did not purchase the firearm, acquiring it through inheritance, gift, or random find. Most (74.8%) had previous firearms training and were relinquishing for safety reasons (68.3%). Those relinquishing firearms for safety reasons were less likely to have purchased the firearm (odds ratio [OR], 2.46, p gun lock (OR, 0.15; p gun-wielding criminal acts were burglarized from the home of legal gun owners that had failed to secure them properly. The gun buyback program is solely one prong of a multipronged approach in reducing firearm-based interpersonal violence. Additional research is necessary to determine effective methods to target individuals who would have the greatest impact on gun violence if they relinquished their weapons. Through the forging of relationships and
Full Text Available Purpose: The purpose of this paper is to set up the coordinating mechanism for a decentralized distribution system consisting of a manufacturer and multiple independent retailers by means of contracts. It is in the two-stage supply chain system that all retailers sell an identical product made by the manufacturer and determine their order quantities which directly affect the expected profit of the supply chain with random demand. Design/methodology/approach: First comparison of the optimal order quantities in the centralized and decentralized system shows that the supply chain needs coordination. Then the coordination model is given based on buyback cost and compensation benefit. Finally the coordination mechanism is set up in which the manufacturer as the leader uses a buyback policy to incentive these retailers and the retailers pay profit returns to compensate the manufacturer. Findings: The results of a numerical example show that the perfect supply chain coordination and the flexible allocation of the profit can be achieved in the multi-retailer supply chain by the buyback and compensation contracts. Research limitations: The results based on assumptions might not completely hold in practice and the paper only focuses on studying a single product in two-stage supply chain. Practical implications: The coordination mechanism is applicable to a realistic supply chain under a private information setting and the research results is the foundation of further developing the coordination mechanism for a realistic multi-stage supply chain system with more products. Originality/value: This paper focused on studying the coordination mechanism for a decentralized multi-retailer supply chain by the joint application of the buyback and compensation contracts. Furthermore the perfect supply chain coordination and the flexible allocation of the profit are achieved.
McGuire, Margaret; Manno, Mariann; Rook, Allison; Maranda, Louise; Renaud, Elizabeth; DeRoss, Anthony; Hirsh, Michael
US children aged between 5 years and 14 years have a rate of gun-related homicide 17 times higher and a rate of gun-related suicide and unintentional firearm injury 10 times higher than other developed countries. Gun buyback programs have been criticized as ineffective interventions in decreasing violence. The Injury Free Coalition for Kids-Worcester (IFCK-W) Goods for Guns buyback is a multipronged approach to address these concerns and to reduce the number of firearms in the community. The IFCK-W buyback program is funded by corporate sponsors, grants, and individual donations. Citizens are instructed to transport guns, ammunition, and weapons safely to police headquarters on two Saturdays in December. Participants are guaranteed anonymity by the District Attorney's office and receive gift certificates for operable guns. Trained volunteers administer an anonymous survey to willing participants. Individuals who disclose having unsafely stored guns remaining at home receive educational counseling and trigger locks. Guns and ammunition are destroyed at a later time in a gun crushing ceremony. Since 2002, 1,861 guns (444 rifle/shotgun, 738 pistol/revolver, and 679 automatic/semiautomatic) have been collected at a cost of $99,250 (average, $53/gun). Seven hundred ten people have surrendered firearms, 534 surveys have been administered, and ≈ 75 trigger locks have been distributed per year. IFCK-W Goods for Guns is a relatively inexpensive injury prevention model program that removes unwanted firearms from homes, raises community awareness about gun safety, and provides high-risk individuals with trigger locks and educational counseling.
Full Text Available Supply chain sustainability has become significantly important in the fashion industry, and more and more fashion brands have invested in developing sustainable supply chains. We note that dual channel system comprising a brand-owned direct channel and retail outsourcing channel is quite common in the fashion industry, and in the latter, buy-back contract is popular between brands and retailers. Therefore, we build a stylized dual channel model with price competition and demand uncertainty to characterize the main properties of a fashion supply chain. Our foci are the sustainability analysis and the channel coordination mechanism. We first design a buy-back contract with return cost to coordinate the channel. We then study supply chain sustainability and examine the effect of two key influencing factors, i.e., price competition and demand uncertainty. Interestingly, we find that a fiercer price competition will lead to a more sustainable supply chain. From the perspective of supply chain managers, we conclude that (1 if managers care about environmental sustainability, fierce price competition is not a suggested strategy; (2 if managers care about economic sustainability, fierce price competition is an advantageous strategy. We also find that high demand uncertainty results in a less sustainable supply chain, in both an environmental and economic sustainability sense.
Full Text Available This paper studies a single-period supply chain with a buy-back contract under a Stackelberg game model, in which the supplier (leader decides on the wholesale price, and the retailer (follower responds to determine the retail price and the order quantity. We analytically investigate the decentralized retailer’s optimal decision. Our results demonstrate that the retailer has a unique optimal simultaneous decision on the retail price and the order quantity, under a mild restriction on the demand distribution. Moreover, as it can be shown that the decentralized supply chain facing price-sensitive random demand cannot be coordinated with buy-back contract, we propose a scheme for the system to achieve Pareto-improvement. Theoretical analysis suggests that there exists a unique Pareto-equilibrium for the supply chain. In particular, when the Pareto-equilibrium is reached, the supply chain is coordinated. Numerical experiments confirm our results.
Full Text Available This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR, a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and get the expressions of the supplier's optimal repurchase price and the retailer's optimal order quantity which are compared with those under risk neutral case. Finally, a numerical example is applied to simulate that model and prove related conclusions.
Veerandi Läti gaasifirma Latvijas Gaze omanik Itera kavatseb lähiajal lõpule viia üheksa protsendi Läti firma aktsiate müügi ettevõttele Gazprom. Gazprom'i kontrolli all on praegu 25 protsenti, Ruhrgas'il 28,66 ning E.ON Energie AG-l 18,06 protsenti Latvijas Gaze aktsiatest
Mogotsi, Malcolm Lebogang
The City of Johannesburg is facing the simultaneous challenges of an increased generation of solid waste in the City, unemployment and the running out of land to dispose the waste. Of the solid waste that is generated, 50% is recyclable while only 10% is recycled (SOER, 2003: 69). Solid waste recycling is mainly performed through private sector initiatives in the City of Johannesburg. Consequently, there is no proper coordination with government initiatives. In order for South Africa to incre...
Full Text Available After the Asian financial crisis in 1997, firms listed on Bursa Malaysia were allowed to repurchase their shares on the open market. The number of companies engaged in share buyback is increasing and has become a tool to stabilize price by signaling undervaluation of the share. However, studies on share buyback in Malaysia are limited to the price performance surrounding the buyback events. This study aims to fill this gap by examining long-run price performance after the actual share buyback event over a sampling period of 2 years from 2009 to 2010 for Malaysian firms listed on FTSE Bursa Malaysia. There is no evidence to conclude that there exist long-term abnormal returns using the calendar-time portfolio approach that support the inefficient market hypothesis. On the contrary, buy-and-hold method was found to be significant supporting that the Malaysian stock market is semi-strong efficient.
Full Text Available We integrate a retailer's return policy and a supplier's buyback policy within a modeling framework. In this setting, consumers decide whether to buy and then whether to return the product, the retailer sets the retail price, quantity, and refund price, and the supplier chooses the wholesale price and buyback price. Both the demand uncertainty and consumers' valuation uncertainty are considered; consumers realize their valuations only after purchase. We discuss four scenarios for each party in the supply chain that may offer or not offer return policy. We characterize each party's optimal decisions for all scenarios and we show that the supplier's best choice is to provide buyback policy and the retailer's optimal response is to set refund price to be the same as supplier's buyback price.
consolidation, as it pertains to the corporations involved in consolidation activity, and the DoD, acting in its capacity as guardian of the public...Inc $ 5,419.72 6/5/2001 4.9% buyback of Galaxy Aerospace Corp
Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...
Willemann, Søren; Svenstrup, Mikkel
We investigate the effect of adding a distinct feature of the Danish mortgage market to the US market, namely a buyback option, which enables mortgagors to buy back their share of the mortgage-backed security at market price. Extending a standard referenced pricing-model, we find that the introdu...
... capital markets is owned by a concentrated group of mutual funds (collective investment schemes), pension plans, and other institutional investors such as hedge funds and medical aid schemes. Therefore the power to veto or at least control programs of raising dividends, increasing share buybacks, spinning off company ...
... specified in paragraph (k) of this section, a report by marketing year on the applicable forms contained in... quantity of outstanding export sales from the previous report by country of destination. (ii) Quantity of... cancelled and quantity of buyback contracts made during the week. (v) Changes in destination during the week...
Full Text Available The sales contract with buyback agreement has existed in the Romanian legislation as it has been instituted by means of the original form of the Civil Code in force. The legislative evolution of the lastcentury has abrogated the provisions referring to this field and has eventually led to a legislative void in this matter. This situation has entailed the validation of all legal deeds in the form of sales contract with buyback agreement, form which used to be prohibited in the past, in certain situations. Noticing such situation andunderstanding the need to reinstate the legal framework for the regulation of social relationships with respect to the sales contract with buyback agreements, the Romanian lawgiver has dedicated it a subsection in the new Civil Code. The future civil regulation resumes a major part of the contents and meanings of the provisions of articles 1371-1387 of the Civil Code, currently abrogated. The different element lies in the institution of the express prohibition of sales with buyback option where the difference between the pricereceived and the price paid exceeds the level of interests set by the specific legislation. In addition, the sales where the seller has the obligation to buy back the good sold without setting the price of the good at the time of undertaking such obligation are also prohibited. Following the entry into force of the new Civil Code, the sale with buyback option shall fit the category of legal deeds affected by a resolutive condition, which shall also affect possible rights transmitted by concluding the contract. Such agreements shall be fully valid as long as the general validity conditions of the legal deeds are complied with and the legal norms passed in the interest matter are not infringed.
Full Text Available Based on two substitute products, we study the inventory and contract coordination strategy of a three-echelon supply chain, which consists of two suppliers, a manufacturer and a retailer, under supply disruption and stochastic demand. We investigate the channel gross profit model of the centralized supply chain and obtain a unique optimal order quantity. Under a decentralized decision, we find that the commonly-used wholesale price contracts cannot coordinate the system. Then, we propose a buy-back contract and prove that this contract can more efficiently coordinate the system than the former. At last, we show that the integrated performance of the decentralized system can be maximized through choosing the buy-back parameter by the manufacturer and reveal that the effects of supply uncertainty and the substitution behavior of customers on the optimal decision by numerical examples.
Xu, Lei; Li, Yongjian; Govindan, Kannan
on consumers' behavior and the pricing and inventory policies of the retailer are systematically investigated. Moreover, based on the analysis of consumer return behavior on a traditional buy-back contract, we present a new differentiated buy-back contract, contingent on return deadline, to coordinate a supply...... chain consisting of an upstream manufacturer and a downstream retailer. Finally, extensions on some specific behavioral factors such as moral hazard, inertia return, and external effect are investigated.......This paper considers returns policies under which consumers' valuation depends on the refund amount they receive and the length of time theymustwait after the item is returned. Consumers face an uncertain valuation before purchase, and the realization of that purchase's value occurs only after...
This report summarises the findings of a project to identify the technical and administrative difficulties experienced by microgenerators in accessing the benefits of Renewables Obligation Certificates (ROCs), Levy Exemption Certificates (LECs) and Renewable Electricity Guarantees of Origin (REGO). These include cost, administrative complexity and financial risk. Changes allowing bulk processing, meter data provision, sell and buyback contracts, and alignment of ROCs, LECs and REGOs are discussed as well as making the schemes more customer friendly. The background to the project is traced, and an overview of the processes associated with gaining ROCs, LECs and REGOs is presented.
Löwe, Roland; Urich, Christian; Sto. Domingo, Niña Donna Farpale
the possibility to systematically test various flood risk adaptation measures ranging from large infrastructure changes over decentralised water management to urban planning policies. We have tested the framework in a case study in Melbourne, Australia considering 9 scenarios for urban development and climate......-off investments. Urban planning policies proved to be an efficient means for the reduction of flood risk, while implementing property buyback and pipe increases in a guideline-oriented manner was too costly. Random variations in location and time point of urban development could have significant impact on flood...
Nelson, S. C.; Ball, D. E.
The Wind Energy Forum for Oklahoma and Texas was held at the Amarillo Quality Inn in Amarillo, Texas on April 2-3, 1981. Its purpose was to bring together the diverse groups involved in wind energy development in the Oklahoma and Texas region to explore the future commercial potential and current barriers to achieving this potential. Major topics of discussion included utility interconnection of wind machines and the buy-back rate for excess power, wind system reliability and maintenance concerns, machine performance standards, and state governmental incentives. A short summary of each presentation is included.
Full Text Available Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi yield obligasi pada in¬dustri perbankan dan industri finansial. Yield obligasi adalah pendapatan atau return yang akan diperoleh dari in¬vestasi obligasi. Data berupa laporan keuangan emiten obligasi pada industri perbankan dan industri finansial, dalam kisaran waktu 1999-2001. Prospektus masing-masing emisi obligasi sebanyak 41 prospektus yang dikeluarkan oleh emiten obligasi sebanyak 19 perusahaan dalam rentang waktu tahun1996-2003.Hasil pada penelitian ini membuktikan bahwa variabel likuiditas berpengaruh terhadap yield obligasi dengan tingkat signifikansi 0,038 dengan αKata kunci: Yield, Inflasi, Rating, Buyback, Sinking Fund, Secure
not be applied as guidelines for judging actions which took place years before the guidelines were issued. 1.5 A bank’s transactions with its own shares to facilitate creation of a market price are not automatically unlawful, even if the transactions are not part of a buy-back programme or stabilization...... (especially Article 3 on insider trading, and Article 5 on market manipulation) shall not apply to the trading in own shares which take place under the buy-back program. 1.7 The concept of safe harbour for such programmes is carried on in MAD’s legal ‘successor’, Regulation No. 596/2014 on market abuse (“MAR...... of the criminal cases in the aftermath of the financial crisis: market manipulation, governed by EEA/EU law, however here in a national context for criminal law purposes, and fraud of agent (umboðssvik, mandatsvig) governed by national criminal law, however in the article compared with the Danish concept...
Full Text Available This paper explores a coordination model for a three-echelon supply chain including two different manufacturers, one distributer and one retailer via the combined option and back contracts. And one manufacturer provides the high wholesale price with low supply disruption risk and the other is completely the opposite. This differs from the previous supply chain coordination model. Firstly, supply disruption is added to the three-echelon supply chain. Secondly, considering the coordination of the supply chain, we deploy the combined option and back contracts which are seldom used in the previous study. Furthermore, it is interesting that supply disruption risk and buyback factor do not affect the distributor’s order quantity from the manufacturer who has low product price and unreliable operating ability, while the order quantity increases with the rise of option premium and option strike price. The distributor’s order quantity from the manufacturer, which has high product price and reliable operating ability, increases with the rise of supply disruption risk but decreases when the buyback factor, option premium, and option strike price decrease.
Roehner, Bertrand M.
We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.
Full Text Available A mix of public and private funding is employed worldwide to enable the construction of large public projects and even, in some cases, the work of public services. In this study, the selected methods of financing of participatory projects of water and water wastes were studied and prioritized. Questionnaires and comments of experts were used along with AHP decision-making and Expert Choice software. Different financing methods include: BOT and BOO and its types, the publication of bonds, foreign direct investment, the method of buyback, internal financing, current financing, development banks, Barter transactions, new tax resources and foreign financing. Results are shown and discussed and a final ranking is provided.
You, Shi; Træholt, Chresten; Poulsen, Bjarne
when the electricity buyback price is given at a value equalizing the dynamic spot price. A muCHP system is modeled with optimized generation, and the marginal price of electricity export for such system is explained. A sensitivity analysis of several key factors, e.g. fuel price, heat to power ratio......When a number of muCHP systems are aggregated as a virtual power plant (VPP), they will be able to participate in the electricity wholesale market with no discrimination compared to conventional large power plants. Hence, this paper investigates the electricity export capability of the muCHP system...... of the muCHP unit, which influence the export capability of muCHP system, is firstly carried out in the intraday case study, followed by the annual case study which explores the annual system performance. The results show that the electricity export capability of a muCHP system is closely related to its...
A small, abandoned hydropower plant on the Assabet River in Acton, Massachusetts, first sparked Bob King's interest in renewable energy when he was 11 years old. King and his family discovered the plant while taking their traditional after-dinner Thanksgiving Day walk. Thirteen years later after graduating from Cornell University with a degree in mechanical engineering, King set out to find an abandoned hydro plant suitable for reconstruction. Today, King owns and operates the Nashaway Plant, a 275-kW run-of-river hydro project on the French River in Thompson, Connecticut. King sells the electricity generated at the plant-about 1 gigawatt-hour a year-to Connecticut Light Power Co. The plant requires only minor maintenance, and operating costs are low. Based on current buyback rates, King estimates the plant grosses $35,000 annually.
Full Text Available Adopting digital materials such as eTextbooks and e-coursepacks is a potential strategy to address textbook affordability in the United States. However, university business relationships with bookstore vendors implicitly structure which instructional resources are available and in what manner. In this study, a document analysis was conducted on the bookstore contracts for the universities included in the State University System of Florida. Namely, issues of textbook affordability, digital material terminology and seller exclusivity were investigated. It was found that textbook affordability was generally conceived in terms of print rental textbooks and buyback programs, and that eTextbooks were priced higher than print textbooks (25% to 30% markup. Implications and recommendations for change are shared. DOI: 10.18870/hlrc.v5i4.284
Byung Duk Song
Full Text Available In the green manufacturing system that pursues the reuse of used products, the residual value of collected used products (CUP hugely affects a variety of managerial decisions to construct profitable and environmental remanufacturing plans. This paper deals with a closed-loop green manufacturing system for companies which perform both manufacturing with raw materials and remanufacturing with collected used products (CUP. The amount of CUP is assumed as a function of buy-back cost while the quality level of CUP, which means the residual value, follows a known distribution. In addition, the remanufacturing cost can differ according to the quality of the CUP. Moreover, nowadays companies are subject to existing environment-related laws such as Extended Producer Responsibility (EPR. Therefore, a company should collect more used products than its obligatory take-back quota or face fines from the government for not meeting its quota. Through the development of mathematical models, two kinds of inspection policies are examined to validate the efficiency of two different operation processes. To find a managerial solution, a genetic algorithm is proposed and tested with numerical examples.
Doubs Electricity. Hydroelectric use of water from the sewage treatment plant and the street drains of the city of La Chaux-de-Fonds. Technical report; Courant Doubs. Turbinage des eaux epurees de la ville de La Chaux-de-Fonds. Rapport technique
The exploitation of municipal purified sewage and drain waters of the city of La Chaux-de-Fonds for energy production requires complex and varied developments, in the domains of both civil engineering, and hydraulic equipment; this explains why, beyond some generic investigations, this source of energy has not been exploited so far. In fact, the purified water must first be pumped uphill over a little summit, before its hydraulic energy can be exploited downhill to the Doubs River. A number of engineering works in sequence must be achieved, beyond installing the electro-mechanic turbine device. The key data in this project are the following: (i) nominal electric power: 1532 kW (excluding pumping power requirement of about 400 kW); (ii) net hydraulic head: 380 m (excluding preliminary pumping height of 65 m); (iii) annual production: 4,178,830 kWh/yr (net of energy requirement for pumping); (iv) cost price: 0.13 CHF/kWh. The planned exploitation mode gives priority to the exploitation at the times of peak electricity demand, by the construction of a retention basin. This cost price is significantly lower in comparison to the other renewable energy technologies available in Switzerland. Chances of achievement are excellent; one electric utility has already expressed its interest in project buyback, in view of a short-term execution.
Li, Liying; Wang, Yong
This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights.
You, Kui; Bian, Yongning; Ma, Caihua; Chi, Xupeng; Liu, Zhiqiang; Zhang, Yuyu
Jellyfish fishing is a special type of fishery that mainly exists in some countries of East and Southeast Asia. China has the largest jellyfish fishery yield in the world with an annual harvest of around 300 thousand tons. Liaodong Bay is the most important jellyfish fishery ground in China. However, due to the high benefits of jellyfish fishery, which leads to illegal and out-of-season jellyfish fishing occurring each year in Liaodong Bay. Illegal jellyfish fishery in Liaodong Bay is a typical example of the tragedy of the commons. The key problem is that fishermen seek to an illegally initiate jellyfish fishing as early as possible. In this paper, basing on the data of edible jellyfish's biology and ecology, we mainly analyzed the history of jellyfish fishery in China, especially in Liaodong bay, and then we calculated the carry capacity of edible jellyfish in Liaodong Bay which is about 300 thousand tons one year. This number is equal to the recent annual yield of edible jellyfish in China. Furthermore, basing on the carry capacity and reasonable quotas price analysis, we set up a Jellyfish fishing quotas and deficit quotas buyback system which could be a suitable and effective solution for jellyfish fishery management and development in Liaodong Bay at the underlying roots. Although China is the first country with edible jellyfish aquaculture, the annual yield of jellyfish aquaculture is only one fifth of jellyfish fishing. So, there is a very bright developing prospect about edible jellyfish aquaculture in China.
Löwe, Roland; Urich, Christian; Sto. Domingo, Nina; Mark, Ole; Deletic, Ana; Arnbjerg-Nielsen, Karsten
We present a new framework for flexible testing of flood risk adaptation strategies in a variety of urban development and climate scenarios. This framework couples the 1D-2D hydrodynamic simulation package MIKE FLOOD with the agent-based urban development model DAnCE4Water and provides the possibility to systematically test various flood risk adaptation measures ranging from large infrastructure changes over decentralised water management to urban planning policies. We have tested the framework in a case study in Melbourne, Australia considering 9 scenarios for urban development and climate and 32 potential combinations of flood adaptation measures. We found that the performance of adaptation measures strongly depended on the considered climate and urban development scenario and the other implementation measures implemented, suggesting that adaptive strategies are preferable over one-off investments. Urban planning policies proved to be an efficient means for the reduction of flood risk, while implementing property buyback and pipe increases in a guideline-oriented manner was too costly. Random variations in location and time point of urban development could have significant impact on flood risk and would in some cases outweigh the benefits of less efficient adaptation strategies. The results of our setup can serve as an input for robust decision making frameworks and thus support the identification of flood risk adaptation measures that are economically efficient and robust to variations of climate and urban layout.
Alanne, Kari; Saari, Arto; Ugursal, V. Ismet; Good, Joel
In the near future, fuel cell-based residential micro-CHP systems will compete with traditional methods of energy supply. A micro-CHP system may be considered viable if its incremental capital cost compared to its competitors equals to cumulated savings during a given period of time. A simplified model is developed in this study to estimate the operation of a residential solid oxide fuel cell (SOFC) system. A comparative assessment of the SOFC system vis-à-vis heating systems based on gas, oil and electricity is conducted using the simplified model for a single-family house located in Ottawa and Vancouver. The energy consumption of the house is estimated using the HOT2000 building simulation program. A financial analysis is carried out to evaluate the sensitivity of the maximum allowable capital cost with respect to system sizing, acceptable payback period, energy price and the electricity buyback strategy of an energy utility. Based on the financial analysis, small (1-2 kW e) SOFC systems seem to be feasible in the considered case. The present study shows also that an SOFC system is especially an alternative to heating systems based on oil and electrical furnaces.
The Effect Of Atributes Product’s Analysis, Halal Certification, And Product Innovation To The Interest Of Consumer Buying-Back Through The Advantage Competitive Of Micro Small And Medium Business (MSMB) In Medan
This research is done to know and analyzing the effect of attribute, halal certification product, and product innovation on the competitiveness of Micro Small and Medium Business in Medan, knowing and analyzing the effect of product attribute, halal certification, and product innovation to consumer buying surge. The type of research used is explanatory research with quantitative approach. The population in this study is the community as consumers who are in the area of Medan province of North Sumatera. Total sample of 150 people. Sampling method which use an accidental sampling is the technique of determining samples by chance, example: consumers whomeets with researcher coincidentally can be sampled if the consumer is appropriate or suitable as a source of data. This research uses the method of Structural Equation Modeling analysis. The mainting of this research is showed that product attributes, halal certification, and product innovation had a positive and significant impact on competitive advantage which impact on consumer buy-back (surge) interest. The advantage competitive has affects consumer buying surge interest positively. Keywords: Product attributes, halal certification, product innovation, competitive advantage, consumer buying interest
Full Text Available Firms engaged in remanufacturing activities generally adopt more than one recycling channel to collect more used products and gain more profits. This paper explores the optimal strategies for a retailer-dominated closed-loop supply chain (CLSC with a triple recycling channel in the construction machinery remanufacturing context. In this special system, the retailer is the leader and authorized by the original equipment manufacturer (OEM to remanufacture. Moreover, the OEM, the retailer, and the secondary market all take part in the used products collection activities. Considering the differentiation of the OEM, the retailer, and the secondary market in collecting the used construction machinery, a mathematical model of the CLSC system based on reasonable assumptions is built, the closed-form optimal pricing decisions are derived, and the optimal collection efforts allocation strategies are explored within the framework of the game theory. In addition, the impacts of the reverse logistics cost coefficient, the competing coefficient, and the buy-back price coefficient on the supply chain performance are elaborately analyzed. These achievements provide decision makers with managerial insights and offer efficient guidelines for the construction machinery remanufacturing firms to solve similar puzzles.
This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights. PMID:25197696
Chapman, Simon; Alpers, Philip; Jones, Michael
Rapid-fire weapons are often used by perpetrators in mass shooting incidents. In 1996 Australia introduced major gun law reforms that included a ban on semiautomatic rifles and pump-action shotguns and rifles and also initiated a program for buyback of firearms. To determine whether enactment of the 1996 gun laws and buyback program were followed by changes in the incidence of mass firearm homicides and total firearm deaths. Observational study using Australian government statistics on deaths caused by firearms (1979-2013) and news reports of mass shootings in Australia (1979-May 2016). Changes in intentional firearm death rates were analyzed with negative binomial regression, and data on firearm-related mass killings were compared. Implementation of major national gun law reforms. Changes in mass fatal shooting incidents (defined as ≥5 victims, not including the perpetrator) and in trends of rates of total firearm deaths, firearm homicides and suicides, and total homicides and suicides per 100,000 population. From 1979-1996 (before gun law reforms), 13 fatal mass shootings occurred in Australia, whereas from 1997 through May 2016 (after gun law reforms), no fatal mass shootings occurred. There was also significant change in the preexisting downward trends for rates of total firearm deaths prior to vs after gun law reform. From 1979-1996, the mean rate of total firearm deaths was 3.6 (95% CI, 3.3-3.9) per 100,000 population (average decline of 3% per year; annual trend, 0.970; 95% CI, 0.963-0.976), whereas from 1997-2013 (after gun law reforms), the mean rate of total firearm deaths was 1.2 (95% CI, 1.0-1.4) per 100,000 population (average decline of 4.9% per year; annual trend, 0.951; 95% CI, 0.940-0.962), with a ratio of trends in annual death rates of 0.981 (95% CI, 0.968-0.993). There was a statistically significant acceleration in the preexisting downward trend for firearm suicide (ratio of trends, 0.981; 95% CI, 0.970-0.993), but this was not statistically
Full Text Available The importance of the medicinal plants sector can be gauged from the fact that herbal medicines serve the healthcare needs of about 80 per cent of the world's population. India, with approximately eight percent of world's biodiversity including plant genetic diversity with medicinal properties, has the potential of becoming a major global player in market for medicinal plants-based herbal formulations and products. However, prior to establishment of Medicinal Plants Board, there was no nodal agency to look into medicinal plants as an economic 'sector' and different organisations dealt with different aspects of medicinal plants without any clear cut focus and coordination. This lack of co-ordination led to critical research gaps relating to socio-economic and policy aspects of medicinal plants. At the same time, absence of formal marketing linkages and effective buy-back arrangements hindered the development of medicinal plants sector. Developing appropriate varieties for cultivation which could ensure uniform quality and continuous supply of raw material for processing industry would not only meet the industry demand but also halt the degradation of natural resource base. To capitalize on expanding opportunities in the international market, we need to focus on scientific methods of cultivation, harvesting, processing, grading, transport, storage, labeling and marketing practices involved in the entire supply chain for medicinal plants. Policy and institutional issues particularly related to co-ordination among various stake holders are one of the major constraints faced by this sector. Species- specific and socio-economic environment specific research would be helpful for identification of an optimal institutional framework to take care of needs of various stakeholders and also cater to social needs without adverse implications for equity and environment.
Full Text Available As a result of the high levels of unemployment in South Africa, many unskilled people are forced to resort to a variety of income-generating activities in the informal economy. The activity of collecting and selling recyclables presents virtually no barriers to entry, making it a viable option. Very little research focusing on street-waste pickers has been undertaken, and, when it has been conducted, it has mostly taken the form of case studies. This paper reports the results of the first countrywide research into the potential barriers that prevent street-waste pickers from improving their socio-economic circumstances. The study used a mixedmethod approach. Structured interviews were conducted between April 2011 and June 2012 with 914 streetwaste pickers and 69 buy-back centres in 13 major cities across all nine provinces in South Africa. Low levels of schooling, limited language proficiency, uncertain and low levels of income, as well as limited access to basic social needs make it difficult for waste pickers to move upwards in the hierarchy of the informal economy. The unique set of socio-economic circumstances in which street-waste pickers operate in the various cities and towns in South Africa make the design of any possible policy interventions a complex one. Policymakers will have to take note of the interdependence of the barriers identified in this research. Failing to do so may cause policies that are aimed at supporting street-waste pickers to achieve the exact opposite, and, ironically, deprive these pickers of their livelihood.
Executives have developed tunnel vision in their pursuit of shareholder value, focusing on short-term performance at the expense of investing in long-term growth. It's time to broaden that perspective and begin shaping business strategies in light of the competitive landscape, not the shareholder list. In this article, Alfred Rappaport offers ten basic principles to help executives create lasting shareholder value. For starters, companies should not manage earnings or provide earnings guidance; those that fail to embrace this first principle of shareholder value will almost certainly be unable to follow the rest. Additionally, leaders should make strategic decisions and acquisitions and carry assets that maximize expected value, even if near-term earnings are negatively affected as a result. During times when there are no credible value-creating opportunities to invest in the business, companies should avoid using excess cash to make investments that look good on the surface but might end up destroying value, such as ill-advised, overpriced acquisitions. It would be better to return the cash to shareholders in the form of dividends and buybacks. Rappaport also offers guidelines for establishing effective pay incentives at every level of management; emphasizes that senior executives need to lay their wealth on the line just as shareholders do; and urges companies to embrace full disclosure, an antidote to short-term earnings obsession that serves to lessen investor uncertainty, which could reduce the cost of capital and increase the share price. The author notes that a few types of companies--high-tech start-ups, for example, and severely capital-constrained organizations--cannot afford to ignore market pressures for short-term performance. Most companies with a sound, well-executed business model, however, could better realize their potential for creating shareholder value by adopting the ten principles.
Wu, Hao; Wan, Zhong
In this paper, a multiobjective mixed-integer piecewise nonlinear programming model (MOMIPNLP) is built to formulate the management problem of urban mining system, where the decision variables are associated with buy-back pricing, choices of sites, transportation planning, and adjustment of production capacity. Different from the existing approaches, the social negative effect, generated from structural optimization of the recycling system, is minimized in our model, as well as the total recycling profit and utility from environmental improvement are jointly maximized. For solving the problem, the MOMIPNLP model is first transformed into an ordinary mixed-integer nonlinear programming model by variable substitution such that the piecewise feature of the model is removed. Then, based on technique of orthogonal design, a hybrid heuristic algorithm is developed to find an approximate Pareto-optimal solution, where genetic algorithm is used to optimize the structure of search neighborhood, and both local branching algorithm and relaxation-induced neighborhood search algorithm are employed to cut the searching branches and reduce the number of variables in each branch. Numerical experiments indicate that this algorithm spends less CPU (central processing unit) time in solving large-scale regional urban mining management problems, especially in comparison with the similar ones available in literature. By case study and sensitivity analysis, a number of practical managerial implications are revealed from the model. Since the metal stocks in society are reliable overground mineral sources, urban mining has been paid great attention as emerging strategic resources in an era of resource shortage. By mathematical modeling and development of efficient algorithms, this paper provides decision makers with useful suggestions on the optimal design of recycling system in urban mining. For example, this paper can answer how to encourage enterprises to join the recycling activities
Plumbemia em trabalhadores da indústria de reciclagem de baterias automotivas da Grande Porto Alegre, RS Blood lead levels in the battery recycling industry of the metropolitan region of Porto Alegre, RS
Full Text Available A reciclagem de baterias pode contaminar o ar, o solo e a água, não só no lugar de processamento, mas também nas regiões circunvizinhas, sendo que os resíduos permanecem no local mesmo após o término da atividade. No presente artigo descrevemos os resultados da avaliação da plumbemia em 53 operários que trabalhavam com reciclagem de baterias automotivas e em 53 indivíduos sem história de exposição. Os dados obtidos foram comparados e discutidos em relação às normas do Ministério do Trabalho (MT e da Occupational Safety and Health Administration (OSHA. A plumbemia no sangue do grupo controle foi de 2,44±1,15 µg/dl e, no grupo exposto, de 59,43±28,34 µg/dl, sendo que 79,2% dos indivíduos mostraram níveis acima do valor de referência (até 40 µg/dl. Estudos recentes recomendam estratégias para prevenir a intoxicação com chumbo: identificação, eliminação ou controle da fonte, monitoração da exposição e respectivos danos e um programa de recompra de baterias usadas das por parte da indústria de origem.Battery recycling may contaminate soil, air and water not only at the processing site but also in the neighboring areas, inasmuch as the residues remain at the site even after the end of the activity. In the present article, we describe the results of plumbism evaluation in 53 individuals that work with car battery recycling and 53 individuals without history of lead exposure. The obtained data were compared and discussed according to the regulations of Brazilian Ministry of Labor and OSHA (Occupational Safety and Health Administration. Blood lead levels in the control group were 2.44 ± 1.15 µg/dl and 59.43 ± 28.34 µg/dl in the exposed group. 79.2 % of the individuals presented levels above the reference value (40 µg/dl. Recent studies recommend strategies to prevent lead intoxication: source identification, control or elimination, monitoring of environmental exposure and hazards and a buy-back program of used
, Romanian logging companies had given up for good to use cable-cranes; instead they are still using heavy tractors even on steep terrain. The sin of fibbing is the last and the most serious one, illustrated by the big national scam of obsolete car buy-back system, financed by the national fund for environment. According to this scam the vouchers issued for the old cars are bought by national fund for environment but the VAT for the new car goes to the central budget. As the VAT is always greater than the voucher payed for the old car the State gest an income at the expense of the national fund for environment.
Christian, Jeffrey E [ORNL; Bonar, Jacob [ORNL
This report describes a home that uses 40% less energy than the energy-efficient Building America standard - a giant step in the pursuit of affordable near-zero-energy housing through the evolution of five near-zero-energy research houses. This four-bedroom, two-bath, 1232-ft2 house has a Home Energy Rating System (HERS) index of 35 (a HERS rating of 0 is a zero-energy house, a conventional new house would have a HERS rating of 100), which qualifies it for federal energy efficiency and solar incentives. The house is leading to the planned construction of a similar home in Greensburg, Kansas, and 21 staff houses in the Walden Reserve, a 7000-unit "deep green" community in Cookville, Tennessee. Discussions are underway for construction of similar houses in Charleston, South Carolina, Seattle, Washington, Knoxville and Oak Ridge, Tennessee, and upstate New York. This house should lead to a 40% and 50% Gate-3, Mixed-Humid-Climate Joule for the DOE Building America Program. The house is constructed with structurally-insulated-panel walls and roof, raised metal-seam roof with infrared reflective coating, airtight envelope (1.65 air changes per hour at 50 Pascal), supply mechanical ventilation, ducts inside the conditioned space, extensive moisture control package, foundation geothermal space heating and cooling system, ZEHcor wall, solar water heater, and a 2.2 kWp grid-connected photovoltaic (PV) system. The detailed specifications for the envelope and the equipment used in ZEH5 compared to all the houses in this series are shown in Tables 1 and 2. Based on a validated computer simulation of ZEH5 with typical occupancy patterns and energy services for four occupants, energy for this all-electric house is predicted to cost only $0.66/day ($0.86/day counting the hookup charges). By contrast, the benchmark house would require $3.56/day, including hookup charges (these costs are based on a 2006 residential rates of $0.07/kWh and solar buyback at $0.15/kWh). The solar