WorldWideScience

Sample records for capital cost comparison

  1. Transmission line capital costs

    International Nuclear Information System (INIS)

    The displacement or deferral of conventional AC transmission line installation is a key benefit associated with several technologies being developed with the support of the U.S. Department of Energy's Office of Energy Management (OEM). Previous benefits assessments conducted within OEM have been based on significantly different assumptions for the average cost per mile of AC transmission line. In response to this uncertainty, an investigation of transmission line capital cost data was initiated. The objective of this study was to develop a database for preparing preliminary estimates of transmission line costs. An extensive search of potential data sources identified databases maintained by the Bonneville Power Administration (BPA) and the Western Area Power Administration (WAPA) as superior sources of transmission line cost data. The BPA and WAPA data were adjusted to a common basis and combined together. The composite database covers voltage levels from 13.8 to 765 W, with cost estimates for a given voltage level varying depending on conductor size, tower material type, tower frame type, and number of circuits. Reported transmission line costs vary significantly, even for a given voltage level. This can usually be explained by variation in the design factors noted above and variation in environmental and land (right-of-way) costs, which are extremely site-specific. Cost estimates prepared from the composite database were compared to cost data collected by the Federal Energy Regulatory Commission (FERC) for investor-owned utilities from across the United States. The comparison was hampered because the only design specifications included with the FERC data were voltage level and line length. Working within this limitation, the FERC data were not found to differ significantly from the composite database. Therefore, the composite database was judged to be a reasonable proxy for estimating national average costs

  2. Capital cost estimate

    Science.gov (United States)

    1975-01-01

    The capital cost estimate for the nuclear process heat source (NPHS) plant was made by: (1) using costs from the current commercial HTGR for electricity production as a base for items that are essentially the same and (2) development of new estimates for modified or new equipment that is specifically for the process heat application. Results are given in tabular form and cover the total investment required for each process temperature studied.

  3. Capital cost evaluation of liquid metal reactor by plant type - comparison of modular type with monolithic type -

    International Nuclear Information System (INIS)

    A preliminary economic comparison study was performed for KALIMER(Korea Advanced LIquid MEtal Reactor)between a modular plant type with 8 150MWe modules and a 1200MWe monolithic plant type. In both cases of FOAK (First-Of-A-Kind) Plant and NOAK (Nth-Of-A-Kind) Plant, the result says that the economics of monolithic plant is superior to its modular plant. In case of NOAK plant comparison, however, the cost difference is not significant. It means that modular plant can compete with monolithic plant in capital cost if it makes efforts of cost reduction and technical progress on the assumption that the same type of NOAK plant will be constructed continuously

  4. Profitable capitation requires accurate costing.

    Science.gov (United States)

    West, D A; Hicks, L L; Balas, E A; West, T D

    1996-01-01

    In the name of costing accuracy, nurses are asked to track inventory use on per treatment basis when more significant costs, such as general overhead and nursing salaries, are usually allocated to patients or treatments on an average cost basis. Accurate treatment costing and financial viability require analysis of all resources actually consumed in treatment delivery, including nursing services and inventory. More precise costing information enables more profitable decisions as is demonstrated by comparing the ratio-of-cost-to-treatment method (aggregate costing) with alternative activity-based costing methods (ABC). Nurses must participate in this costing process to assure that capitation bids are based upon accurate costs rather than simple averages. PMID:8788799

  5. The Opportunity Cost of Capital

    Directory of Open Access Journals (Sweden)

    Ayman Chit PhD

    2015-04-01

    Full Text Available The opportunity cost of the capital invested in pharmaceutical research and development (R&D to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.

  6. Cost comparisons

    CERN Multimedia

    CERN Bulletin

    2010-01-01

    How much does the LHC cost? And how much does this represent in other currencies? Below we present a table showing some comparisons with the cost of other projects. Looking at the figures, you will see that the cost of the LHC can be likened to that of three skyscrapers, or two seasons of Formula 1 racing! One year's budget of a single large F1 team is comparable to the entire materials cost of the ATLAS or CMS experiments.   Please note that all the figures are rounded for ease of reading.    CHF € $   LHC 4.6 billions 3 billions  4 billions   Space Shuttle Endeavour (NASA) 1.9 billion 1.3 billion 1.7 billion   Hubble Space Telescope (cost at launch – NASA/...

  7. Toward A Reliable Cost of Capital

    OpenAIRE

    Jeremiah U. Idialu; Amos O. Arowoshegbe

    2013-01-01

    This is study is designed to provide basis for determining a reliable cost of capital. Corporate finance textbooks typically devote several chapters to the problems of capital budgeting, cash flow estimation and the determination of a firm’s cost of capital. However, it can be difficult in practice to obtain reliable estimates of the inputs required to perform capital budgeting as recommended by the textbooks. Also, the Weighted Average Cost of Capital (WACC) is commonly presented in a way th...

  8. Systematic methodology for estimating direct capital costs for blanket tritium processing systems

    International Nuclear Information System (INIS)

    This paper describes the methodology developed for estimating the relative capital costs of blanket processing systems. The capital costs of the nine blanket concepts selected in the Blanket Comparison and Selection Study are presented and compared

  9. Information, Diversification, and Cost of Capital

    OpenAIRE

    Hughes, John S.; Liu, Jing; Liu, Jun

    2005-01-01

    We investigate the effects of information and diversification on cost of capital in a noisy rational expectations model. Assuming a factor structure for risky asset payoffs and two classes of investors, informed and uninformed, we show that in large economies the APT (Ross, 1976) holds and i) information from private signals about idiosyncratic shocks has no effect on cost of capital and ii) information from private signals about systematic factors affects cost of capital only through factor ...

  10. Toward A Reliable Cost of Capital

    Directory of Open Access Journals (Sweden)

    Jeremiah U. Idialu

    2013-07-01

    Full Text Available This is study is designed to provide basis for determining a reliable cost of capital. Corporate finance textbooks typically devote several chapters to the problems of capital budgeting, cash flow estimation and the determination of a firm’s cost of capital. However, it can be difficult in practice to obtain reliable estimates of the inputs required to perform capital budgeting as recommended by the textbooks. Also, the Weighted Average Cost of Capital (WACC is commonly presented in a way that creates difficulties in calculating the estimate. The most cumbersome component of WACC estimation is the cost of capital. Practitioners therefore have to rely on more abstract and indirect methods to estimate cost of capital. In the study, we reviewed alternative methods of deriving reliable estimates of cash flow and cost of capital. Our review of relevant literature reveals procedures that will lead to methods that are less intensive in terms of the time and computations required to calculate a WACC estimate. We also establish methods that require fewer inputs and/or calculations that are based on subjective judgments of the analyst or the firm’s management.

  11. Agency Costs, Risk Management, and Capital Structure.

    OpenAIRE

    Hayne E. Leland

    1998-01-01

    The joint determination of capital structure and investment risk is examined. Optimal capital structure reflects both the tax advantages of debt less default costs (Modigliani-Miller), and the agency costs resulting from asset substitution (Jensen-Meckling). Agency costs restrict leverage and debt maturity and increase yield spreads, but their importance is relatively small for the range of environments considered. Risk management is also examined. Hedging permits greater leverage. Even when ...

  12. Capital Account Liberalization, The Cost of Capital, and Economic Growth

    OpenAIRE

    2003-01-01

    Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per worker rises by 2.3 percentage points per year. Since the cost of capital falls, investment booms, and the growth rate of output per worker increases when countries liberalize the stock market, the incr...

  13. Capital cost: gas cooled fast reactor plant

    International Nuclear Information System (INIS)

    The results of an investment cost study for a 900 MW(e) GCFR central station power plant are presented. The capital cost estimate arrived at is based on 1976 prices and a conceptual design only, not a mature reactor design

  14. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

    Full Text Available In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the quality of the economic-financial information, information available for this estimation. The discount rate for an investment project (kinv with a risk equal to the risk undertaken by the enterprise and financed within the firm’s capital structure itself (having the same leverage is equal to the (weighted average cost of capital in the respective risk class (k. Under these circumstances, it is interesting to find out this opportunity cost of capital invested in a medium-sized enterprise: a with investments in rebuilding the productive capacity, all equity financed; b with investments in rebuilding the productive capacity, financed both by equity and debt; c with new investments, all equity financed; d with new investments, financed both by equity and debt. Under these conditions, we estimate the effect of both the leverage and economic growth over the cost of capital (kec and kc to be able to determine in the end the discount rate of the analyzed investment (kinv: for enterprises with only maintaining investments (g = 0, unlevered (U and levered (L; for enterprises with growing investments (g > 0, unlevered (U and levered (L.

  15. Market structure and the cost of capital

    OpenAIRE

    Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; Sova, Anamaria

    2013-01-01

    We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a sample of firms from developed and emerging countries.

  16. LIFE Cost of Electricity, Capital and Operating Costs

    International Nuclear Information System (INIS)

    Successful commercialization of fusion energy requires economic viability as well as technical and scientific feasibility. To assess economic viability, we have conducted a pre-conceptual level evaluation of LIFE economics. Unit costs are estimated from a combination of bottom-up costs estimates, working with representative vendors, and scaled results from previous studies of fission and fusion plants. An integrated process model of a LIFE power plant was developed to integrate and optimize unit costs and calculate top level metrics such as cost of electricity and power plant capital cost. The scope of this activity was the entire power plant site. Separately, a development program to deliver the required specialized equipment has been assembled. Results show that LIFE power plant cost of electricity and plant capital cost compare favorably to estimates for new-build LWR's, coal and gas - particularly if indicative costs of carbon capture and sequestration are accounted for.

  17. Nuclear and coal-fired power plant capital costs 1978 -June 1981

    International Nuclear Information System (INIS)

    This bibliography covers 16 papers dealing with the economics of power generation - mainly comparisons between the capital costs of nuclear and coal fired plants. Some of the papers additionally discuss fuel, operating and maintenance costs, and performance. (U.K.)

  18. Cost of Capital when Dividends are Deductible

    Directory of Open Access Journals (Sweden)

    Ignacio Velez-Pareja

    2011-09-01

    Full Text Available Tax savings and the discount rate we use to calculate their value are involved in the calculation of cost of capital. Based on previous findings, we derive a general approach to cash flow valuation that take into account any kind of tax shields related to the financing decision of a firm and any date when they are earned. They can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. This paper develops the formulations for the cost of capital when dividends, interest on equity or monetary correction of equity are deductible as it happens in Brazil. It shows that when properly done most known valuation methods are consistent and give identical results. Also, the paper argues that when dividends are tax deductible, optimal leverage is lower and equity value is higher.

  19. Intellectual Capital: Comparison and Contrast.

    Science.gov (United States)

    Madsen, Susan R.

    2001-01-01

    Suggests that one of the most important keys for improving individual and organizational performance is in developing and strengthening intellectual capital (IC) and explores the similarities and differences between the concepts of intellectual capital, human capital, and knowledge management. Presents four IC characteristics and addresses the…

  20. 75 FR 16894 - Railroad Cost of Capital-2009

    Science.gov (United States)

    2010-04-02

    ... current cost of debt capital; (2) the railroads' 2009 current cost of preferred equity capital (if any... Surface Transportation Board Railroad Cost of Capital--2009 AGENCY: Surface Transportation Board, DOT. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2009 cost...

  1. 78 FR 13933 - Railroad Cost of Capital-2012

    Science.gov (United States)

    2013-03-01

    ... cost of debt capital; (2) the railroads' 2012 current cost of preferred equity capital (if any); (3... Surface Transportation Board Railroad Cost of Capital--2012 AGENCY: Surface Transportation Board, DOT. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2012 cost...

  2. 77 FR 6625 - Railroad Cost of Capital-2011

    Science.gov (United States)

    2012-02-08

    ... cost of debt capital; (2) the railroads' 2011 current cost of preferred equity capital (if any); (3... Surface Transportation Board Railroad Cost of Capital--2011 AGENCY: Surface Transportation Board. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2011 cost of...

  3. Capital costs of light water reactors: the USA

    International Nuclear Information System (INIS)

    The cost of building a modern nuclear power plant is greater than that of almost any other single civilian project - costs of individual plants are reckoned in hundreds of millions of pounds in the UK, and up to a billion dollars or more in the USA. Hence, depending on the size of nuclear programmes and their funding, escalation of nuclear capital costs may have important economic and social consequences through its effects on overall resource allocation. It is therefore important to analyse the extent and, as far as possible, the sources of cost increases and escalation, in order to see if the experience yields implications for technology policy. The USA has much the greatest experience in nuclear construction: it also has by far the largest amount of published information on the subject of capital costs. As all other countries lack either sufficient experience and/or adequate published cost information, it is impossible to conduct a genuine international comparison, and this paper is confined to an examination of US experience. This paper therefore assembles and evaluates currently available data on light water reactor (PWR and BWR) capital costs in the USA. (author)

  4. Information Environment and The Cost of Capital

    OpenAIRE

    Orie Barron; Xuguang Sheng; Maya Thevenot

    2013-01-01

    In empirical tests guided by recent theory (e.g., Hughes, Liu and Liu 2007; and Lambert, Leuz and Verrecchia 2012), we examine the joint effects of information asymmetry and information precision on the cost of capital and how these effects vary based on the amount and quality of available information and the level of market competition. Consistent with theory, we find that average information precision is an important factor that may alter the relation between information asymmetry and the c...

  5. When Does Information Asymmetry Affect the Cost of Capital?

    OpenAIRE

    Armstrong, Christopher S.; Core, John E.; Taylor, Daniel J.; Robert E Verrecchia

    2009-01-01

    This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms’ cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms’ cost of capital in excess of standard risk fact...

  6. 76 FR 10430 - Railroad Cost of Capital-2010

    Science.gov (United States)

    2011-02-24

    ... 2010. The decision solicits comments on the following issues: (1) The railroads' 2010 current cost of debt capital; (2) the railroads' 2010 current cost of preferred equity capital (if any); (3) the... Surface Transportation Board Railroad Cost of Capital--2010 AGENCY: Surface Transportation Board....

  7. APPLICATION OF COST OF CAPITAL FOR CAPITAL STRUCTURING IN CROATIAN FIRMS

    Directory of Open Access Journals (Sweden)

    Silvije Orsag

    2014-12-01

    Full Text Available This paper show result of empirical analysis application of cost of capital for capital structuring in Croatian firms. Intensity of this applications is highly unrespectable because Croatian firms usually calculated cost of capital in their capital budgeting process. Analysis also show low inconsistency of Croatian firm’s capital structures with peaking order theory. The paper shows that Croatian firm’s employ debt in their capital structure close to the debt equity ratio 1:1, with the significant portion of trade credit and short term bank credits. This short term liabilities are greater than 60% of total used debt in analyzing firms. Finally, paper shows that with degree of using the cost of capital in capital structuring rise profitability of analyzing firms.

  8. The impact of intellectual capital disclosure on cost of equity capital: A case of French firms

    Directory of Open Access Journals (Sweden)

    Mohamed Ali Boujelbene

    2013-06-01

    Full Text Available The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC on cost of Equity capital. The empirical research is based on companies listed in the French SBF 120 stock market index. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components (human capital, structural and the cost of equity. However, the negative impact of the relational capital disclosure is not validated. The results in this paper are of considerable importance to both policy makers and firms. In fact, the understanding of the impact of Intellectual capital disclosure on cost of equity capital helps policy makers in the evaluation of the costs and benefits of disclosure. Moreover, with regard to managers of firms, the results show the benefit of enhanced IC disclosure regarding the reduction in their cost of capital. This study is one of the very first to provide empirical evidence of the association between Cost of equity capital and the level of disclosure in the three individual intellectual capital categories (human; structural and relational capital.

  9. Information and the Cost of Capital: An Ex Ante Perspective

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; de la Rosa, Leonidas Enrique; Feltham, Gerald A.

    2010-01-01

    of capital is offset by an equal increase in the cost of capital for the period leading up to the release of the information (the preposterior cost of capital). Thus, within the class of models framing the recent discussion, there is no impact on the ex ante cost of capital covering the full time span...... of the firm. The extent to which information is made publicly or privately available affects the timing of the resolution of uncertainty and when the information is reflected in equilibrium prices, but there is no impact on initial equilibrium prices. Within a noisy rational expectations equilibrium, rational...

  10. Real Capital Input in OECD Agriculture: A Multinational Comparison

    OpenAIRE

    Nehring, Richard; Butault, Jean-Pierre; Ball, V. Eldon; San Juan Mesonada, Carlos

    2015-01-01

    This paper provides a farm sector comparison of relative levels of capital input for seventeen OECD countries for the period 1973-2011. The starting point for construction of a measure of capital input is the measurement of capital stock. Estimates of depreciable capital are derived by representing capital stock at each point of time as a weighted sum of past investments. The weights correspond to the relative efficiencies of capital goods of different ages, so that the weighted components of...

  11. Teaching Human Capital by Calculating the True Costs of Education.

    Science.gov (United States)

    Shaffer, Leigh S.

    1998-01-01

    Presents an approach to calculating the costs of college education to maximize students' human capital. When considering college expenses, students often overlook the opportunity costs of income foregone while pursuing degrees. A true-cost calculation worksheet and a strategy for making true costs salient to students (projecting the number of…

  12. Reducing the cost of health care capital.

    Science.gov (United States)

    Silberman, R

    1984-08-01

    Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.

  13. The opportunity cost of capital: development of new pharmaceuticals.

    Science.gov (United States)

    Chit, Ayman; Chit, Ahmad; Papadimitropoulos, Manny; Krahn, Murray; Parker, Jayson; Grootendorst, Paul

    2015-01-01

    The opportunity cost of the capital invested in pharmaceutical research and development (R&D) to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this "hidden" cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D. PMID:25933615

  14. Cost of Capital and Bursa Malaysia Listed Company

    OpenAIRE

    Lim, Ru Po

    2005-01-01

    This study estimates the cost of capital of 226 securities listed in the Bursa Malaysia. The study's sample covers the period from January 1992 to August 2005. The cost of capital using Ordinary Least Squares Regression is first obtained. Next, the cost of capital using the 3 techniques which are the Scholes-Williams, the Dimson and Fowler-Rorke beta estimators for correction for nonsynchronous bias due to thin trading is applied. This study differs from the previous studies as this extends b...

  15. 42 CFR 412.302 - Introduction to capital costs.

    Science.gov (United States)

    2010-10-01

    ... capital costs. (A) The intermediary determines whether the applicable criteria are met for recognition of...) of this section. (viii) Multi-phase project. If the hospital has a multi-phase capital project, the... project. (2) Lengthy certificate-of-need process. (i) If a hospital does not meet the criteria...

  16. The Treatment of Capital Costs in Educational Projects

    Science.gov (United States)

    Bezeau, Lawrence

    1975-01-01

    Failure to account for the cost and depreciation of capital leads to suboptimal investments in education, specifically to excessively capital intensive instructional technologies. This type of error, which is particularly serious when planning for developing countries, can be easily avoided. (Author)

  17. Identifying costs for capitation in psychiatric case management.

    Science.gov (United States)

    Baker, J J; Chiverton, P; Hines, V

    1998-01-01

    This article presents an example of how one hospital identified costs for capitation in psychiatric case management. An 18-month postacute case management pilot project collected data on a nurse-specific and patient-specific basis. Costs were identified using activity-based costing methodology. PMID:9502055

  18. The Cost of Capital of Cross-Listed Firms

    OpenAIRE

    Koedijk, Kees; Dijk, Mathijs

    2002-01-01

    textabstractThis paper analyzes the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross-listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1983) and Sercu (1980) including both the global market portfolio and exchange rate risk premia, and (ii) the single factor domestic CAPM. We test for the significance of...

  19. The Federal Reserve banks' imputed cost of equity capital

    OpenAIRE

    Green, Edward J.; Lopez, Jose A.; Zhenyu Wang

    2001-01-01

    According to the Monetary Control Act of 1980, the Federal Reserve Banks must establish fees for their priced services to recover all operating costs as well as imputed costs of capital and taxes that would be incurred by a profit-making firm. The calculations required to establish these imputed costs are referred to collectively as the Private Sector Adjustment Factor (PSAF). In this paper, we propose a new approach for calculating the cost of equity capital used in the PSAF. The proposed ap...

  20. Equity markets, transaction costs, and capital accumulation

    OpenAIRE

    Valerie R. Bencivenga; Bruce D. Smith; Starr, Ross M.

    1995-01-01

    There is a close, if imperfect, relationship between the effectiveness of an economy's capital markets and its level (or rate of growth) of real development. This may be because financial markets provide liquidity, promote the sharing of information, or permit agents to specialize. There is literature about how these functions help increase real activity, but surprisingly little literature predicting how the volume of activity in financial markets relates to the level or efficiency of an econ...

  1. The importance of capital cost reduction in improving nuclear economics

    International Nuclear Information System (INIS)

    In the developed countries having existing nuclear programs, the situation necessitates lower total power generation cost. The restructuring of utility industry due to the deregulation causes to reorganize the ownership of some nuclear plants, and the overall economics of nuclear plants in relation to their local competition is reexamined. The reluctance to make any new long term capital cost commitment arises, and it makes new plant construction less likely in near future, and plant upgrading and improvement to be put to intense scrutiny. The capital cost recovery in existing nuclear plants in USA is discussed. It is important to recognize that there is very little that can be done to affect already expended capital, and only that can be done is to improve plant capacity factors, besides write-off. The roles of architects and engineers in improved plant economics are now evaluated by the various organizations which are interested in the participation in new nuclear industry reorganization and restructuring. The reduction of operation and maintenance costs and capital investment, and the improvement of capacity factor are reported. In new ALWR construction program, architects and engineers can significantly support the control of plant capital costs by the selection of the plant design and the sites, and the strategies of procurement and contract, construction schedule and others. (K.I.)

  2. Client capital as a source of enterprise cost

    Directory of Open Access Journals (Sweden)

    Verba Veronika A.

    2014-01-01

    Full Text Available The article presents the authors’ vision of the essence of the client capital and its influence upon the enterprise cost. The goal of the article is explanation of the role of the client capital in the process of enterprise capitalisation with the help of the business cost capitalisation model: investments into assets – cash flow generation – enterprise capitalisation. The result of the study is the authors’ position regarding the essence and structuring the client capital, which gives a possibility to detect financial and managerial instruments of capitalisation of the client capital. The conducted analysis of dynamics of financial parameters of the world leaders of IT industry, car building, clothes manufacture and beverages production allows detection of interconnection of the enterprise cost with the volume of assets and profit and identification of influence of the client capital upon capitalisation of enterprises of various spheres of activity. The article develops a model of capitalisation of the client capital on the basis of detection of cash flows, caused by formation of enterprises of B2C and B2B types.

  3. The Influence of Company's Capital Cost on Investment Decision

    Directory of Open Access Journals (Sweden)

    Dorina Emilia TOMA

    2014-08-01

    Full Text Available This paper is aimed at highlighting the importance of the cost of capital as a discount rate of investment in making an investment decision in the ROMNAV Braila company. This study carefully puts forward the existence of four possible cases to which companies may belong: unlevered and investments to maintain the productive capacity will be made; indebted and investments to maintain the productive capacity will be made; unlevered and new investments will be undertaken and indebted and new investments will be undertaken. The results of the study show that the average cost of capital is higher when the company turns to debt; the market value of the company is higher when it is indebted and new investments will be made and the cost of capital can be used as a discount rate of the company assessment.

  4. Cooling systems addendum: capital and total generating cost studies

    International Nuclear Information System (INIS)

    These studies present the capital and total generating costs for alternate cooling systems designed for six power plants--1200 MWe (pressurized water reactor, boiling water reactor, high sulfur coal-fired, low sulfur coal-fired) plants and 800 MWe (low-sulfur coal-fired and high-sulfur coal-fired) plants. In these base-capital cost studies, all of the plants are designed using mechanical-draft evaporate towers. Alternate cooling systems evaluated include: once-through, fan-assisted natural-draft towers, and natural-draft towers. These alternative cooling systems represent viable designs from both an economic and engineering standpoint. The estimated total base construction costs for the six plants incorporating the alternate cooling systems are summarized. Capital cost and fuel cost vary with each cooling system as compared to the base case; i.e., mechanical-draft evaporative towers. The once-through cooling systems have the lowest capital cost of the alternate systems evaluated

  5. Breckinridge Project, initial effort. Report VIII. Capital cost estimate

    Energy Technology Data Exchange (ETDEWEB)

    None

    1982-01-01

    The major objective of the Initial Effort for the Breckinridge Project is to develop engineering to the point where realistic economics for the construction and operation of the plant can be made. The plant is designed to process 23,000 tons per day of run-of-mine coal to produce a nominal 50,000 barrels per day of liquid products using the H-COAL and standard industry technology. The plant will be located in Breckinridge County, Kentucky. Considerable preliminary engineering has been performed for this estimate. This work uses a single-point design based on the Process Demonstration Unit (PDU) data from run 5, period 29 of the pilot plant. The design basis is discussed in Volume II of this report. Many aspects of plant construction and cost have been considered that were not taken into account in the past studies. Ashland and Bechtel believe the accuracy of the capital estimate to be +19%, -17%. This accuracy is postulated on January 1981 dollars, the as-spent dollar amount naturally depending upon the inflation rate through the construction period. Considerable attention has been devoted to reliability of operation, and redundant equipment has been used where it was deemed necessary to assure reasonable onstream time. This equipment is included in the capital estimate. The capital is summarized by total plant cost on Table 1. The subtotal plant cost, excluding contingency, fee, and adjustment is $2,710,940,000. Adding the contingency, fee and adjustment, the total depreciable cost of the plant is $3,167,430,000. Adding the working capital to the total plant cost results in total capital requirements of $3,258,430,000 as shown on the individual plant cost summary Table 2.

  6. Relationship between cost of equity capital and voluntary corporate disclosures

    NARCIS (Netherlands)

    E. Petrova; G. Georgakopoulos; I. Sotiropoulos; K.Z. Vasileiou

    2012-01-01

    The relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the i

  7. Fuel cells in shipping : higher capital costs and reduced flexibility

    OpenAIRE

    Sødal, Sigbjørn

    2003-01-01

    This paper discusses some main economic characteristics of fuel cell power production technology applied to shipping. Whenever competitive fuel cell systems enter the market, they are likely to have higher capital costs and lower operating costs than systems based on traditional combustion technology. Implications of the difference are investigated with respect to investment flexibility by the use of a real options model of ship investment, lay-up and scrapping decisions under freight rate un...

  8. Return on Capital and Cost of Capital: How does their Relation Affect Firm Value?

    OpenAIRE

    Halil D. Kaya; Julia S. Kwok; Elizabeth C. Rabe

    2015-01-01

    The Great Recession of 2008-2009 hurt almost all of the companies’ stock values in the United States. Interestingly, for Starbucks, the deterioration started a few years before the recession. From 2005 to 2007, the company’s stock price declined by approximately 40%. This case encourages students to examine the company’s return on capital, compare it to its cost of capital, and then relate this to the decline in the company’s stock price. First, they will establish a single formula for return...

  9. Capital-Account Liberalization, the Cost of Capital, and Economic Growth

    OpenAIRE

    Peter Blair Henry

    2003-01-01

    Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per worker rises by 2.3 percentage points per year. Since the cost of capital falls, investment booms, and the growth rate of output per worker increases when countries liberalize the stock market, the incr...

  10. Depreciation cost for the capital investment of a pyroprocess facility

    Energy Technology Data Exchange (ETDEWEB)

    Kim, S. K.; Lee, S. H.; Ko, W. I. [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2015-10-15

    The pyroprocess produces U/TRU metal ingots using four important processes, pretreatment, electrochemical reduction, electrorefining and electrowinning, in order to recycle spent fuel. KAPF+'s capacity is shown the cost that is injected into the KAPF+. The pyroprocess unit cost is data that are essential for inputting to calculate the pyroprocess-Sodiumcooled Fast Reactor (SFR) nuclear fuel cycle cost. Moreover, since the pyroprocess facility's depreciation cost is included in the manufacturing indirect cost of the pyroprocess cost, it can become an important element for judging the pyroprocess' economic viability. Since the pyroprocess unit cost calculates the sum of the costs that are incurred each year by dividing with the total amount of U/TRU ingot produced, the pyroprocess unit cost uncertainty increases as well when the uncertainty of the costs incurred by each year increases. KAPF+, which is a commercialization facility, was set as the cost object, and the existing methods (straightline method and fixed percentage of declining-balance method) used today and the depreciation cost of the ADDM were subjected to a comparative analysis. The results are as follows. First, in case of the straight-line method that calculated the durable period as 40 years, and in case of ADDM that factored in a 5% deceleration rate, the difference in the depreciation costs of $65.26/kgHM and $119.05/kgHM resulted during the first and last years, respectively. Accordingly, it was analyzed that there is a significant difference in terms of the cost of the capital investment every year depending on the depreciation method. Secondly, since the depreciation cost is a component of the manufacturing indirect cost, it is necessary to maintain a trend that is similar to that of the direct labor cost in addition to the direct material cost.

  11. Relationship between information asymmetry and cost of capital

    OpenAIRE

    Fateme Rahmani; Hosein Kazemi

    2013-01-01

    Shareholders expected return is normally impacted by informational risk and informational asymmetry, on the other hand, creates informational risk. Thus, investors demand greater risk premium in the case of informational asymmetry and in turn corporate expenditures increase. In this study, we determine the relationship between informational asymmetry and capital cost. The study uses information of 109 companies listed in Tehran Securities Exchange over the period of 2005-2010 and the results ...

  12. 48 CFR 52.215-17 - Waiver of Facilities Capital Cost of Money.

    Science.gov (United States)

    2010-10-01

    ... Capital Cost of Money. 52.215-17 Section 52.215-17 Federal Acquisition Regulations System FEDERAL... Provisions and Clauses 52.215-17 Waiver of Facilities Capital Cost of Money. As prescribed in 15.408(i), insert the following clause: Waiver of Facilities Capital Cost of Money (OCT 1997) The Contractor did...

  13. 48 CFR 52.215-16 - Facilities Capital Cost of Money.

    Science.gov (United States)

    2010-10-01

    ... Money. 52.215-16 Section 52.215-16 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION....215-16 Facilities Capital Cost of Money. As prescribed in 15.408(h), insert the following provision: Facilities Capital Cost of Money (JUN 2003) (a) Facilities capital cost of money will be an allowable...

  14. Minimum Cost Design of Distributed Energy Resources with Studying the Effect of Capital Cost and Replacement Cost

    Directory of Open Access Journals (Sweden)

    Mehdi Nafar

    2012-02-01

    Full Text Available This study presents an optimized design of HPS in a distribution system including sources like, photovoltaic array, Diesel generator and battery bank.In this research, an algorithm has been developed for evaluation and cost optimization HPS. The costs include capital cost, replacement cost, operation and maintenance cost, fuel cost and production cost for HPS and DG power during different load profile. Then an objective function with aim to minimizing of total costs has been considered. A genetic algorithm approach is employed to obtain the best cost value of HPS construction. This study tested on case study network on Mardasht city in Iran.

  15. Trends in the capital costs of CANDU generating stations

    International Nuclear Information System (INIS)

    This paper consolidates the actual cost experience gained by Atomic Energy of Canada Limited, Ontario Hydro, and other Canadian electric utlities in the planning, design and construction of CANDU-PHWR (CANada Deuterium Uranium-Pressurized Heavy Water Reactor) generating stations over the past 30 years. For each of the major CANDU-PHWR generating stations in operation and under construction in Canada, an analysis is made to trace the evolution of the capital cost estimates. Major technical, economic and other parameters that affect the cost trends of CANDU-PHWR generating stations are identified and their impacts assessed. An analysis of the real cost of CANDU generating stations is made by eliminating interest during construction and escalation, and the effects of planned deferment of in-service dates. An historical trend in the increase in the real cost of CANDU power plants is established. Based on the cost experience gained in the design and construction of CANDU-PHWR units in Canada, as well as on the assessment of parameters that influence the costs of such projects, the future costs of CANDU-PHWRs are presented

  16. Multicriteria Estimated Cost of Equity Capital Estimación multicriterio del costo de capital patrimonial

    Directory of Open Access Journals (Sweden)

    Juan Carlos Gutiérrez Betancur

    2009-12-01

    Full Text Available The estimation of the cost of equity capital is a key input to the capital budgeting  process when the firm uses internal financing. Financial analyst and managers usually utilize the CAPM to estimate the cost of equity which requires both measurement of  the market risk premium and estimation of beta. For publicly traded firms, calculating the cost of equity is entirely based on information from the financial markets. Non traded firms and small businesses do not have sufficient market based information. This article proposes a multicriteria model to determine the cost of equity for non traded firms. The Analytic Hierarchy Process developed by Thomas Saaty is the proposed methodology for deriving relative priorities of tangible and intangible corporate risk factors. The model requires business managers to identify the relevant information sources for the required input data. The inconsistencies checking mechanism within the AHP model allows management to identify inconsistencies, to revise prior judgments and to synthesize coherently.ResumenLa estimación del costo del capital propio es un elemento clave en el proceso de presupuestación de capital. Analistas y gerentes financieros utilizan el CAPM para estimar el costo del patrimonio, el cual requiere tanto la medición de la prima de riesgo del mercado como la estimación de beta. En el caso de compañías públicamente cotizadas y bursátiles, el cálculo del costo del patrimonio se basa totalmente en la información disponible en los mercados financieros. Las firmas no transadas en bolsa no cuentan con suficiente información de mercado que permita construir un comparable exactamente válido. Este artículo propone un modelo multicriterio para determinar el costo del capital propio de compañías no transadas en bolsa. El Proceso Analítico de Jerarquías desarrollado por Thomas Saaty soporta la metodología propuesta para derivar prioridades relativas de factores de riesgo corporativos

  17. The cost of capital in the effectiveness assessment of financial management in a company

    OpenAIRE

    Aneta Michalak

    2015-01-01

    Financial management in a company is a decision process subject to achievement of the main goal of the company, that is its value maximization. Estimation of the cost of capital is of great significance in this area. The cost of capital affects the key decisions of the board concerning the scale of investment undertakings, determination of the target, demanded amount and pace of capital growth, shaping of optimal capital structure and other areas of financial management in a company such as c...

  18. Cost of Capital-The Effect to Firm Value and Profitability Performance in Malaysia

    OpenAIRE

    Nor Edi Azhar Binti Mohamad; Noriza Binti Mohd Saad

    2012-01-01

    Firm's cost of capital is determined in the capital markets and is closely related to the degree of risk associated with new investments, existing assets, and the firm's capital structure. It is an overall return that a corporation must earn on its accessible assets and business operations in order to augment or preserve the value of its current stock. Thus a careful approximation of a firm's specific financing and weighted-average cost of capital (WACC) is essential for a good financial mana...

  19. An analysis of the estimated capital cost of a fusion reactor

    International Nuclear Information System (INIS)

    The cost of building a fusion reactor similar to the Culham Conceptual Tokamak reactor Mark IIB is assessed and compared with other published capital costs of fusion and fission reactors. It is concluded that capital-investment and structure-renewal costs for a typical fusion reactor as presently conceived are likely to be higher than for thermal-fission reactors. (author)

  20. Standardization of PWR power plants: Impact of capital investment cost

    International Nuclear Information System (INIS)

    The French program is certainly specific to the French context but it is a large and a real experiment of standardized series of units from which we can abstract the main ideas and ranges available in different contexts. It was estimated that the standardized part could reach more than 60% of the capital cost and this percentage does not take into account a regionalized part which also could have been standardized. The main condition is a large program which could be issued from a country or a partnership between different countries. That means, common terms of reference, lists of standardized equipment, same design documents. With a levelized rhythm of erection, beneficial effects of the series could be expected. The scale effect is fairly well known, also we can wonder for instance about the choice between five units of 600 MW and three units of 1000 MW. The answer is depending on the number of units and on the discount rate. (author)

  1. Accessing Low-Cost Capital Through Securitization (Poster)

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.

    2014-10-01

    Poster for Solar Power International conference presents information on NREL's effort to open capital markets through securitization via Solar Access to Public Capital (SAPC) working group's efforts.

  2. Commerical electric power cost studies. Capital cost addendum multi-unit coal and nuclear stations

    International Nuclear Information System (INIS)

    This report is the culmination of a study performed to develop designs and associated capital cost estimates for multi-unit nuclear and coal commercial electric power stations, and to determine the distribution of these costs among the individual units. This report addresses six different types of 2400 MWe (nominal) multi-unit stations as follows: Two Unit PWR Station-1139 MWe Each, Two Unit BWR Station-1190 MWe Each, Two Unit High Sulfur Coal-Fired Station-1232 MWe Each, Two Unit Low Sulfur Coal-Fired Station-1243 MWe Each, Three Unit High Sulfur Coal-Fired Station-794 MWe Each, Three Unit Low Sulfur Coal-Fired Station-801 MWe Each. Recent capital cost studies performed for ERDA/NRC of single unit nuclear and coal stations are used as the basis for developing the designs and costs of the multi-unit stations. This report includes the major study groundrules, a summary of single and multi-unit stations total base cost estimates, details of cost estimates at the three digit account level and plot plan drawings for each multi-unit station identified

  3. Understanding the cost of capital of logistics service providers: an empirical investigation of multiple contingency variables

    OpenAIRE

    Lampe, Kerstin; Hofmann, Erik

    2014-01-01

    The article analyzes the influence of company-, industry- and market-related variables on the cost of capital of logistics service providers, as well as on their systematic risk. Financial information has become more and more important in strategic decision making (especially in the international context); in addition of being a measure of performance, the cost of capital is an important variable for logistics service providers in decisions about investing capital and developing the appropria...

  4. Impact of power purchases from nonutilities on the utility cost of capital

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Stoft, S.; Belden, T. [Lawrence Berkeley Lab., CA (United States). Energy and Environment Div.

    1994-03-01

    This report studies the debt-equivalence debate empirically. The topics of the study include a review of the literature on the cost of equity capital for regulated utilities, a formulation of the debate on NUGs and the utility`s cost of capital, a review of variable definitions and data sources, and a discussion of statistical issues and results.

  5. Impact of power purchases from nonutilities on the utility cost of capital

    International Nuclear Information System (INIS)

    This report studies the debt-equivalence debate empirically. The topics of the study include a review of the literature on the cost of equity capital for regulated utilities, a formulation of the debate on NUGs and the utility's cost of capital, a review of variable definitions and data sources, and a discussion of statistical issues and results

  6. 48 CFR 9904.409 - Cost accounting standard-depreciation of tangible capital assets.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting standard-depreciation of tangible capital assets. 9904.409 Section 9904.409 Federal Acquisition Regulations System COST...—depreciation of tangible capital assets....

  7. The Irish Aviation Authority's cost of capital : report to the Commission for Aviation Regulation

    OpenAIRE

    Hutson, Elaine; Kearney, Colm

    2007-01-01

    The weighted average cost of capital (WACC) approach is used to estimate the IAA's cost of capital. To implement this approach, it is necessary to estimate the IAA's cost of equity, its cost of debt and its gearing ratio. Following a brief financial summary, the cost of equity is discussed in Section 3, the cost of debt is discussed in Section 4, the IAA's gearing is discussed in Section 5, and Section 6 brings these together in the WACC calculations to derive the estimate of the IAA's cost o...

  8. Power plant capital investment cost estimates: current trends and sensitivity to economic parameters

    International Nuclear Information System (INIS)

    This report describes power plant capital investment cost studies that were carried out as part of the activities of the Plans and Analysis Division, Office of Nuclear Energy Programs, US Department of Energy. The activities include investment cost studies prepared by an architect-engineer, including trends, effects of environmental and safety requirements, and construction schedules. A computer code used to prepare capital investment cost estimates under varying economic conditions is described, and application of this code is demonstrated by sensitivity studies

  9. Measuring human capital cost through benchmarking in health care environment.

    Science.gov (United States)

    Kocakülâh, Mehmet C; Harris, Donna

    2002-01-01

    Each organization should seek to maximize its human capital investments, which ultimately lead to increased profits and asset efficiency. Service companies utilize less capital equipment and more human productivity, customer service, and/or delivery of service as the product. With the measurement of human capital, one can understand what is happening, exercise some degree of control, and make positive changes. Senior management lives or dies by the numbers and if Human Resources (HR) really wants to be a strategic business partner, HR must be judged by the same standards as everyone else in the health care organization. PMID:12462657

  10. 36 CFR 51.57 - How does a concessioner request arbitration of the construction cost of a capital improvement?

    Science.gov (United States)

    2010-07-01

    ... request arbitration of the construction cost of a capital improvement? 51.57 Section 51.57 Parks, Forests... Surrender Interest § 51.57 How does a concessioner request arbitration of the construction cost of a capital improvement? If a concessioner requests arbitration of the construction cost of a capital...

  11. Human capital demand in Brazil: The effects of adjustment cost, economic growth, exports and imports

    Directory of Open Access Journals (Sweden)

    Joilson Dias

    2015-01-01

    Full Text Available The objective of this paper is to learn about the effects of the adjustment costs, economic growth, imports and exports on human capital labor demand. The dynamic model proposed by Sargent (1978 was adjusted to consider three types of human capital: (a one with fundamental education (1–8 years of schooling; (b one with secondary education level (9–11 years of education; (c and one with tertiary education level (12 years or more of schooling. Using state level panel data, the dynamic econometrics estimates showed the following results: (i the labor market adjustment costs are very higher; (ii the adjustment cost for the human capital with intermediary education level is the highest one compared to the others; (iii the states’ economic growth favor those with superior education; (iv the imports seems to favor the demand for those with intermediate education levels; (v the degree of openness does show some weak effect on the demand for human capitals with intermediate education. In sum, the growing demand for human capital with some superior education seems to be more associated to its lower adjustment cost and economic growth; the non-significance of real wage elasticity and high adjustment cost seems to indicate that the human capital with intermediate knowledge is in short supply; hence, economic education policy that increases supply of such human capital are in need.

  12. Game theory approach to optimal capital cost allocation in pollution control

    Institute of Scientific and Technical Information of China (English)

    1998-01-01

    This paper tries to integrate game theory, a very usefultool to resolve conflict phenomena, with optimal capital costallocation issue in total emission control. First the necessity ofallocating optimal capital costs fairly and reasonably amongpolluters in total emission control is analyzed. Then thepossibility of applying game theory to the issue of the optimalcapital cost allocation is expounded. Next the cooperative N-person game model of the optimal capital cost allocation and itssolution ways including method based on Shapley value, least coremethod, weak least core methods, proportional least core method,CGA method, MCRS method and so on are delineated. Finally throughapplication of these methods it is concluded that to apply gamethory in the optimal capital cost allocation issue is helpful toimplement the total emission control planning schemes successfully,to control pollution effectively, and to ensure sustainable development.

  13. Cost of Capital in Price-regulated Companies: the Case of Estonia

    Directory of Open Access Journals (Sweden)

    Priit Sander

    2013-01-01

    Full Text Available In case of price-regulated companies it is the role of appropriate government agencies to introduce clear, internally consistent, theoretically sound, and unambiguous methodology for finding the regulative cost of capital. The aim of the paper is to describe and analyze the cost of capital estimation methodology for regulated companies in Estonia and discuss some issues arising in applying this methodology. The current paper focuses on two topical issues associated with the estimation of regulative cost of capital in Estonia: estimation of market risk premium and inclusion of currency risk premium into the cost of capital. Current turmoil in financial markets has increased investors’ risk aversion as well as level of risks.

  14. Costs comparison of electric energy in Brazil

    International Nuclear Information System (INIS)

    A cost comparison study of various sources of electric energy generation was performed using uniform analysis criteria. The results indicate higher costs for coal, followed by nuclear and hidro. It was verified that presently, large hidro-power plants can only be located far from the load centers, with increasing costs of hidro-power energy in Brazil. These costs become higher than the nuclear plant if the hidro plant is located at distances exceeding 1000 Km. (Author)

  15. 47 CFR 65.305 - Calculation of the weighted average cost of capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Calculation of the weighted average cost of... Carriers § 65.305 Calculation of the weighted average cost of capital. (a) The composite weighted average... Commission determines to the contrary in a prescription proceeding, the composite weighted average cost...

  16. 47 CFR 65.300 - Calculations of the components and weights of the cost of capital.

    Science.gov (United States)

    2010-10-01

    ... shall determine, where applicable, a composite cost of debt, a composite cost of preferred stock, and a... Commission in FCC Report 43-02. (See 47 CFR 43.21). The results of the calculations shall be used in the... the cost of capital. 65.300 Section 65.300 Telecommunication FEDERAL COMMUNICATIONS...

  17. Can we replace CAPM and the Three-Factor model with Implied Cost of Capital?

    OpenAIRE

    Löthman, Robert; Pettersson, Eric

    2014-01-01

    Researchers criticize predominant expected return models for being imprecise and based on fundamentally flawed assumptions. This dissertation evaluates Implied Cost of Capital, CAPM and the Three-Factor model abilities to estimate returns. We study each models expected return association to realized return and test for abnormal returns. Our sample covers the period 2000 to 2012 and includes 2916 US firms. We find that Implied Cost of Capital has a stronger association with realized returns th...

  18. Capital cost reimbursement to community hospitals under Federal health insurance programs.

    Science.gov (United States)

    Kinney, E D; Lefkowitz, B

    1982-01-01

    Issues in current capital cost reimbursement to community hospitals by Medicare and Medicaid are described, and options for change analyzed. Major reforms in the way the federal government pays for capital costs--in particular substitution of other methods of payment for existing depreciation reimbursement--could have significant impact on the structure of the health care system and on government expenditures. While such reforms are likely to engender substantial political opposition, they may be facilitated by broader changes in the reimbursement system.

  19. Default Rate and Price of Capital in a Costly External Finance Model

    Directory of Open Access Journals (Sweden)

    Juan Pablo Medina

    2006-03-01

    Full Text Available Financial frictions have been used to enrich mechanisms transmission in macroeconomics. However, the predictions of real business cycle models of costly external finance imply a procyclical default rate, external premium and relative price of capital which seems at odds with the data. In this article, we include technology shocks that affect the average productivity and idiosyncratic risk of capital producers in a standard costly external finance model. These elements enhance the model to deliver a countercyclical default rate, external finance and relative price of capital premium which are more consistent with the data and contrary to the results obtained with a sector-neutral productivity shock. Intuitively, if the entrepreneurs’ investment projects become more productive in average, the relative price of capital and the default rate fall while investment and output increase. Using data on the relative price of capital, we perform a calibration of this type of shocks which highlights its business-cycle relevance.

  20. Capital

    OpenAIRE

    Coulangeon, Philippe

    2013-01-01

    Empruntée à l’appareil conceptuel de l’économie, la notion de capital désigne en première analyse l’ensemble des ressources dont disposent les individus et les groupes et qui affectent leurs trajectoires, notamment dans les domaines scolaire, professionnel, matrimonial et familial. La sociologie contemporaine se saisit le plus souvent du concept pour en souligner les différentes espèces : capital économique, capital culturel et capital social, principalement. Si le capital économique désigne ...

  1. The integrated supplier: key to cost management and multi-franchise capitation contracting.

    Science.gov (United States)

    Schuweiler, R C

    1996-05-01

    Capitation...most healthcare providers do not work under it, comprehend it, or even want it, yet supply capitation contracting seminars are popping up everywhere creating the feeling that the bandwagon is leaving, and it might be time to get on board. Not true. Supply capitation is not for all organizations. Capitation contracting is not easy and there are not many successful models to help the uninitiated. If a panacea is sought for reducing supply costs, capitation is only one component of a systematic strategy to reduce materiel costs. This article suggests a direction using the Group Health Materiel Management (Group Health Cooperative of Puget Sound, WA) experience as a point of reference. It advocates a systematic approach that focuses on expense reduction in: cost of goods, holding cost of inventory, labor cost associated with all materiel processes, distribution cost (transportation and par stock pick, pack, and replenishment), product utilization, variation in product standards, and waste stream byproducts. At Group Health (GH) these issues are primarily addressed through the use of: information systems, supplier certification/selection processes, group purchasing compliance, supply channel management, supply capitation contracting programs, standardization, and utilization management. Because of managed care organizational structure, Group Health Cooperative supply capitation contracting, as performed at GH, is discussed not as a quick fix solution but in the spirit of sharing our experience with others who may be considering it as a cost savings tactic in the context of a broad-based materiel management strategy. This article highlights the experiences of GH beginning with materiel management's business process assumptions toward multiple-franchise supply capitation. PMID:10158185

  2. The impact of activity based cost accounting on health care capital investment decisions.

    Science.gov (United States)

    Greene, J K; Metwalli, A

    2001-01-01

    For the future survival of the rural hospitals in the U.S., there is a need to make sound financial decisions. The Activity Based Cost Accounting (ABC) provides more accurate and detailed cost information to make an informed capital investment decision taking into consideration all the costs and revenue reimbursement from third party payors. The paper analyzes, evaluates and compares two scenarios of acquiring capital equipment and attempts to show the importance of utilizing the ABC method in making a sound financial decision as compared to the traditional cost method. PMID:11794757

  3. Capital Cost: Pressurized Water Reactor Plant Volume 1

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-01

    The investment cost study for the 1139-MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume includes in addition to the foreword and summary, the plant description and the detailed cost estimate.

  4. The Optimal Solution of the Model with Physical and Human Capital Adjustment Costs

    Institute of Scientific and Technical Information of China (English)

    RAO Lan-lan; CAI Dong-han

    2004-01-01

    We prove that the model with physical and human capital adjustment costs has optimal solution when the production function is increasing return and the structure of vetor fields of the model changes substantially when the prodution function from decreasing return turns to increasing return.And it is shown that the economy is improved when the coefficients of adjustment costs become small.

  5. Cost of a Ride: The Effects of Densities on Fixed-Guideway Transit Ridership and Capital Costs

    OpenAIRE

    Guerra, Erick; Cervero, Robert

    2010-01-01

    The cost of building rail transit facilities in the United States has skyrocketed in recent decades. Sections of Los Angeles’s Red Line subway cost more than $750 million per mile to build and even less pricey light-rail systems can cost more than $200 million per mile. Soaring capital investment costs are today’s biggest deterrent, both political and financial, to constructing new transit infrastructure. It stands to reason that high-cost transit projects need high ridership levels. With...

  6. Mandatory IFRS adoption and the cost of Equity Capital. Evidence from Spanish Firms

    Directory of Open Access Journals (Sweden)

    David Castillo-Merino

    2014-05-01

    Full Text Available Purpose: The main objective of this paper analyses the effects of mandatory International Financial Reporting Standards (IFRS adoption by Spanish firms in 2005 on the cost of equity capital. Design/methodology: Using a sample of listed Spanish companies during the 1999 to 2009 period and a country-level focused analysis. To achieve our objective we relied on OLS regression analysis and estimate the dependent variable – the cost of equity – by using the proxy suggested in Easton (2004. Findings: We find evidence that, unlike previous studies, Spanish listed companies show a significant reduction in their cost of equity capital after the mandatory adoption of IFRS in 2005, after controlling by a set of firm-risk and market variables. According to our results, increased financial disclosure and enhanced information comparability, along with changes in legal and institutional enforcement, seem to have a joint effect on the cost of capital, leading to a large decrease in expected equity returns. Research limitations: The main limitation of the study is that the sample represents just one country. Practical implications: The findings of the study may have implications for the firms’ management staff, as they reveal what information determines the cost of equity capital. The systematic risk and the leverage affect positively the cost of stocks and therefore their market value. The results are consistent with the financial principle establishing that the higher risk and the higher leverage, the higher cost of capital. Originality/value: As a result of the conducted research, one is able to figure out which stock-return variables should be observed to anticipate the change of a company’s cost of capital.

  7. The Determinants Factors of the Capital Cost � Evidence from 5 EU Countries

    Directory of Open Access Journals (Sweden)

    Georgiana Sterea

    2016-07-01

    Full Text Available The aim of the paper is to highlight the importance and complexity of the company�s capital and its components and the extent to which its cost is influenced by several factors. In order to achieve this goal we have made a study on a sample of 15 companies from Romania and other 4 EU countries: Italy, Spain, France and Finland. All are SME�s and micro-enterprises that acting in the sector of "Growing of spices, aromatic, drug and pharmaceutical crops". For the study of capital cost determinants were selected five variables: return on equity, return on assets, general indebtedness, taxation and firm�s size in order to determine their influence on the cost of capital.

  8. Willingness to pay and cost of illness for changes in health capital depreciation.

    Science.gov (United States)

    Ried, W

    1996-01-01

    The paper investigates the relationship between the willingness to pay and the cost of illness approach with respect to the evaluation of economic burden due to adverse health effects. The basic intertemporal framework is provided by Grossman's pure investment model, while effects on individual morbidity are taken to be generated by marginal changes in the rate of health capital depreciation. More specifically, both the simple example of purely temporary changes and the more general case of persistent variations in health capital depreciation are discussed. The analysis generates two principal findings. First, for a class of identical individuals cost as measured by the cost of illness approach is demonstrated to provide a lower bound on the true welfare cost to the individual, i.e. cost as given by the willingness to pay approach. Moreover, the cost of illness is increasing in the size of the welfare loss. Second, if one takes into account the possible heterogeneity of individuals, a clear relationship between the cost values supplied by the two approaches no longer exists. As an example, the impact of variations in either financial wealth or health capital endowment is discussed. Thus, diversity in individual type turns out to blur the link between cost of illness and the true economic cost.

  9. Conceptual capital-cost estimate and facility design of the Mirror-Fusion Technology Demonstration Facility

    International Nuclear Information System (INIS)

    This report contains contributions by Bechtel Group, Inc. to Lawrence Livermore National Laboratory (LLNL) for the final report on the conceptual design of the Mirror Fusion Technology Demonstration Facility (TDF). Included in this report are the following contributions: (1) conceptual capital cost estimate, (2) structural design, and (3) plot plan and plant arrangement drawings. The conceptual capital cost estimate is prepared in a format suitable for inclusion as a section in the TDF final report. The structural design and drawings are prepared as partial inputs to the TDF final report section on facilities design, which is being prepared by the FEDC

  10. Conceptual capital-cost estimate and facility design of the Mirror-Fusion Technology Demonstration Facility

    Energy Technology Data Exchange (ETDEWEB)

    1982-09-01

    This report contains contributions by Bechtel Group, Inc. to Lawrence Livermore National Laboratory (LLNL) for the final report on the conceptual design of the Mirror Fusion Technology Demonstration Facility (TDF). Included in this report are the following contributions: (1) conceptual capital cost estimate, (2) structural design, and (3) plot plan and plant arrangement drawings. The conceptual capital cost estimate is prepared in a format suitable for inclusion as a section in the TDF final report. The structural design and drawings are prepared as partial inputs to the TDF final report section on facilities design, which is being prepared by the FEDC.

  11. Wind-To-Hydrogen Project: Electrolyzer Capital Cost Study

    Energy Technology Data Exchange (ETDEWEB)

    Saur, G.

    2008-12-01

    This study is being performed as part of the U.S. Department of Energy and Xcel Energy's Wind-to-Hydrogen Project (Wind2H2) at the National Renewable Energy Laboratory. The general aim of the project is to identify areas for improving the production of hydrogen from renewable energy sources. These areas include both technical development and cost analysis of systems that convert renewable energy to hydrogen via water electrolysis. Increased efficiency and reduced cost will bring about greater market penetration for hydrogen production and application. There are different issues for isolated versus grid-connected systems, however, and these issues must be considered. The manner in which hydrogen production is integrated in the larger energy system will determine its cost feasibility and energy efficiency.

  12. CVP ANALYSIS INCORPORATING THE COST OF CAPITAL ON R&D INVESTMENT

    Directory of Open Access Journals (Sweden)

    DIAN PRIHADYANTI

    2011-04-01

    Full Text Available Cost-volume-profit (CVP analysis is a widely used tool for managerial planning. The failure of CVP analysis to incorporate the cost of capital into a product's cost function can lead to underestimating a product's cost, while overstating its profitability. This paper proposes another variation of the CVPanalytical model to include cost of capital on R&D investment and its risk level on strategic decisions. The modified CVP model provides more useful information to management because it focuses on morespecific type of investment which has particular characteristics. The CVP model developed is more complex, because it includes risk and uncertainty for the expected revenue, and specifies the R&D expense as percentage of total sales. However, the model still needs further development.

  13. Rightsizing HVAC Systems to Reduce Capital Costs and Save Energy

    Science.gov (United States)

    Sebesta, James

    2010-01-01

    Nearly every institution is faced with the situation of having to reduce the cost of a construction project from time to time through a process generally referred to as "value engineering." Just the mention of those words, however, gives rise to all types of connotations, thoughts, and memories (usually negative) for those in the facilities…

  14. Human Capital and Cross-Country Comparison of Inequality

    NARCIS (Netherlands)

    J.M.A. Viaene (Jean-Marie); I. Zilcha (Itzhak)

    2002-01-01

    textabstractThe paper studies the effects of cross-country differences in the production process of human capital on income distribution and growth. Our overlapping gen- erations economy has the following features: (1) consumers are heterogenous with respect to parental human capital and wealth; (2)

  15. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  16. Early-Stage Capital Cost Estimation of Biorefinery Processes: A Comparative Study of Heuristic Techniques.

    Science.gov (United States)

    Tsagkari, Mirela; Couturier, Jean-Luc; Kokossis, Antonis; Dubois, Jean-Luc

    2016-09-01

    Biorefineries offer a promising alternative to fossil-based processing industries and have undergone rapid development in recent years. Limited financial resources and stringent company budgets necessitate quick capital estimation of pioneering biorefinery projects at the early stages of their conception to screen process alternatives, decide on project viability, and allocate resources to the most promising cases. Biorefineries are capital-intensive projects that involve state-of-the-art technologies for which there is no prior experience or sufficient historical data. This work reviews existing rapid cost estimation practices, which can be used by researchers with no previous cost estimating experience. It also comprises a comparative study of six cost methods on three well-documented biorefinery processes to evaluate their accuracy and precision. The results illustrate discrepancies among the methods because their extrapolation on biorefinery data often violates inherent assumptions. This study recommends the most appropriate rapid cost methods and urges the development of an improved early-stage capital cost estimation tool suitable for biorefinery processes. PMID:27484398

  17. Factors influencing capital costs of nuclear power plant in Finnish conditions

    International Nuclear Information System (INIS)

    This paper is based on the experience gained in construction and operation of nuclear power plants in Finland. It discusses the various factors influencing the capital costs of nuclear power plants in the Finnish context. It deals with such topics as: 1. Basic plant design features; 2. Main supplier's and owner's involvement; 3. Productivity of implementation; 4. Government influence (taxation policy and energy policy); 5. Experience of the organizations. Tables are given on the factors influencing the costs and the nuclear power costs in Europe

  18. Estimating the capital costs of energy storage technologies for levelling the output of renewable energy sources

    OpenAIRE

    Mignard, Dimitri

    2014-01-01

    In remote areas and islands north and west of Scotland and in many other parts of the world, the high cost of connecting wind farms and other renewable energy converters to the grid may make energy storage an attractive alternative. We estimated the installed capital costs of advanced adiabatic compressed air storage (ACAES), vanadium redox flow cells (VRB) and Li-ion batteries inthe range of 0.5–50 MW and 0.7–30 MWh. These costs were all of the order of £1 million per MWh, confirming that th...

  19. Capital and operating costs for industrial boilers. Final report Apr-Jun 79

    Energy Technology Data Exchange (ETDEWEB)

    Gibbs, L.L.; AbrahaM, J.P.; Noe, N.D.; Forste, D.S.; Kimball, H.T.

    1979-06-01

    The report provides estimates of capital and operating costs for industrial boilers. Costs are related to the type of fuel fired, firing design and rated capacity. Both package and field-erected boilers are evaluated. Fuels considered include coal, residual oil, distillate oil and natural gas. Firing designs for coal include underfeed-stoker, spreader-stoker and pulverized. Rated capacities range from 15(10 to the 6th)Btu/hr for oil and gas to 700(10 to the 6th)Btu/hr for coal. Costs are developed on a study estimate basis. Individual boiler cost estimates were plotted and cost equations developed for total equipment, installation (direct and indirect) and operating costs (variable and fixed).

  20. Effects of Plant Capital Costs on Market Introduction of Advanced Reactors

    International Nuclear Information System (INIS)

    In order to make reasonable forecasts about the future market shares of the different reactor types in the energy market, scenario studies are used. For this purpose, the future nuclear reactor park mix in Europe has been analysed applying an integrated dynamic process modelling technique. Starting point in the analyses is the current nuclear reactor park in the EU27 countries, taken into account the foreseen lifetime of each individual reactor as well as the nuclear fuel cycle infrastructure. Furthermore, an energy demand scenario, which is derived from the World Economic Council and the European DG-TREN, has been applied as input for the analyses. Various market share scenarios for nuclear energy are derived including sub-variants with regard to the intra-nuclear options taken, e.g. introduction date of Gen-III (i.e. EPR) and Gen-IV (i.e. SCWR, HTR, FR) reactors, level of reprocessing, and so forth. Realistic assumptions with respect to introduction dates of advanced reactors, reactor characteristics and fuel cycle facility characteristics were taken attempt-ing to provide an as realistic as possible framework for the assessment of future nuclear energy system scenarios in Europe. The assessment was undertaken using the DANESS code (Dynamic Analysis of Nuclear Energy System Strategies, developed by Argonne National Laboratory) and providing a complete picture of mass-flow and economics of the various nuclear energy system scenarios. The present assessment recognizes the integrated nuclear fuel cycle and foresees the evolution in cost of electricity. For the evaluation of the different future development paths for nuclear energy, reactor, front- and back- end specific cost factors are associated with the mass flow of uranium, plutonium, and minor actinides. The energy costing model covers capital cost, O and M costs and fuel cycle costs and consequently calculates levelized cost of electricity for the given nuclear system. The analyses show that the future

  1. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend, the...... advantage of the disagreements and the differences in con…dence among investors. This leads to a higher growth in the investors’certainty equivalents and, thus, a higher equilibrium interest rate, whereas the ex ante risk premium on the risky asset is unaffected by the informativeness of the public...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting, but they are...

  2. Implied cost of capital investment strategies - evidence from international stock markets

    OpenAIRE

    Esterer, F.; Schröder, David

    2014-01-01

    Investors can generate excess returns by implementing trading strategies based on publicly available equity analyst forecasts. This paper captures the information provided by analysts by the implied cost of capital (ICC), the internal rate of return that equates a firm's share price to the present value of analysts' earnings forecasts. We find that U.S. stocks with a high ICC outperform low ICC stocks on average by 6.0% per year. This spread is significant when controlling the investment r...

  3. Demand of Insurance under the Cost-of-Capital Premium Calculation Principle

    Directory of Open Access Journals (Sweden)

    Michael Merz

    2014-06-01

    Full Text Available We study the optimal insurance design problem. This is a risk sharing problem between an insured and an insurer. The main novelty in this paper is that we study this optimization problem under a risk-adjusted premium calculation principle for the insurance cover. This risk-adjusted premium calculation principle uses the cost-of-capital approach as it is suggested (and used by the regulator and the insurance industry.

  4. The Effect of Cost of Capital and Corporate Governance on the Performance of UK Quoted Companies

    OpenAIRE

    Zhang, Weilin

    2010-01-01

    This study investigates the effect of cost of capital (represented by interest expenses, dividends, interest tax shields, gearing, and Z-score for probability of bankruptcy) and corporate governance characteristics (board size, board composition, role duality, top five largest shareholdings, and management ownership) on corporate performance of 35 UK listed companies during and after the current economic crisis from 2007 to 2009. Management ownership is found to be significantly related to co...

  5. Corporate Social Responsibility and Cost of Equity Capital : A European Perspective

    OpenAIRE

    Sebastian, Kevin Anthone

    2013-01-01

    This paper examines the effect of Corporate Social Responsibility (CSR) on the cost of equity capital (COE) for a sample of companies in the European continent. Contrary to expectation, the initial finding suggests that CSR has a positive relationship with COE. However, a more in-depth analysis reveals that for companies with above average financial performance, there is a negative relationship between CSR and COE. However, in the case of companies with below average financial performance, th...

  6. Interpretation of Debt Capital Individual Capital Cost Calculation%债务资金个别资本成本率计算的讲解

    Institute of Scientific and Technical Information of China (English)

    赵莹

    2014-01-01

    The calculation of individual capital cost rate is an important content of financial management courses. Individual capital cost calculation formulas are various, so students have certain difficulty mastering them. This paper concludes the general formula for calculating the debt capital cost rate, so that students can master the knowledge better.%个别资本成本率的计算是财务管理课程的重要内容之一。计算个别资本成本率的公式较多,学生掌握起来有一定难度,本文归纳出计算债务资金资本成本率的通用公式,以便学生更好掌握相关知识。

  7. Controlling Capital Costs in High Performance Office Buildings: A Review of Best Practices for Overcoming Cost Barriers

    Energy Technology Data Exchange (ETDEWEB)

    Pless, S.; Torcellini, P.

    2012-05-01

    This paper presents a set of 15 best practices for owners, designers, and construction teams of office buildings to reach high performance goals for energy efficiency, while maintaining a competitive budget. They are based on the recent experiences of the owner and design/build team for the Research Support Facility (RSF) on National Renewable Energy Facility's campus in Golden, CO, which show that achieving this outcome requires each key integrated team member to understand their opportunities to control capital costs.

  8. Regional comparison of nuclear and fossil electric power generation costs

    International Nuclear Information System (INIS)

    Nuclear's main disadvantages are its high capital investment cost and uncertainty in schedule compared with alternatives. Nuclear plant costs continue to rise whereas coal plant investment costs are staying relative steady. Based on average experience, nuclear capital investment costs are nearly double those of coal-fired generation plants. The capital investment cost disadvantage of nuclear is balanced by its fuel cost advantages. New base load nuclear power plants were projected to be competitive with coal-fired plants in most regions of the country. Nuclear power costs wre projected to be significantly less (10% or more) than coal-fired power costs in the South Atlantic region. Coal-fired plants were projected to have a significant economic advantage over nuclear plants in the Central and North Central regions. In the remaining seven regions, the levelized cost of power from either option was projected to be within 10%. Uncertainties in future costs of materials, services, and financing affect the relative economics of the nuclear and coal options significantly. 10 figures

  9. Computer programs for capital cost estimation, lifetime economic performance simulation, and computation of cost indexes for laser fusion and other advanced technology facilities

    International Nuclear Information System (INIS)

    Three FORTRAN programs, CAPITAL, VENTURE, and INDEXER, have been developed to automate computations used in assessing the economic viability of proposed or conceptual laser fusion and other advanced-technology facilities, as well as conventional projects. The types of calculations performed by these programs are, respectively, capital cost estimation, lifetime economic performance simulation, and computation of cost indexes. The codes permit these three topics to be addressed with considerable sophistication commensurate with user requirements and available data

  10. Capital cost: pressurized water reactor plant. Commercial electric power cost studies

    International Nuclear Information System (INIS)

    The investment cost study for the 1139 MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume contains the drawings, equipment list and site description

  11. Auditor independence and the cost of capital before and after Sarbanes-Oxley: The case of newly issued public debt

    OpenAIRE

    Guan, Y; Amir, E; Livne, G

    2010-01-01

    An important aim of the Sarbanes-Oxley Act (SOX) was to reduce the cost of capital by enhancing auditor independence. However, prior literature has argued that SOX has been ineffective in meeting this objective. We contribute to this debate by first providing evidence suggesting that auditor independence has increased following SOX. Though we posit an inverse relationship between auditor independence and cost of capital, it is an open question whether this relationship has become stronger or ...

  12. Structural and performance costs of reproduction in a pure capital breeder, the Children's python Antaresia childreni.

    Science.gov (United States)

    Lourdais, Olivier; Lorioux, Sophie; DeNardo, Dale F

    2013-01-01

    Females often manage the high energy demands associated with reproduction by accumulating and storing energy in the form of fat before initiating their reproductive effort. However, fat stores cannot satisfy all reproductive resource demands, which include considerable investment of amino acids (e.g., for the production of yolk proteins or gluconeogenesis). Because capital breeders generally do not eat during reproduction, these amino acids must come from internal resources, typically muscle proteins. Although the energetic costs of reproduction have been fairly well studied, there are limited data on structural and performance costs associated with the muscle degradation required to meet amino acid demands. Thus, we examined structural changes (epaxial muscle width) and performance costs (constriction and strength) over the course of reproduction in a pure capital breeder, the children's python (Antaresia childreni). We found that both egg production (i.e., direct resource allocation) and maternal care (egg brooding) induce muscle catabolism and affect performance of the female. Although epaxial muscle loss was minimal in nonreproductive females, it reached up to 22% (in females after oviposition) and 34% (in females after brooding) of initial muscle width. Interestingly, we found that individuals with higher initial muscular condition allocated more of their muscle into reproduction. The amount of muscle loss was significantly linked to clutch mass, underscoring the role of structural protein in egg production. Egg brooding significantly increased proteolysis and epaxial loss despite no direct allocation to the offspring. Muscle loss was linked to a significant reduction in performance in postreproductive females. Overall, these results demonstrate that capital-breeding females experience dramatic costs that consume structural resources and jeopardize performance.

  13. Developing a Cost Model and Methodology to Estimate Capital Costs for Thermal Energy Storage

    Energy Technology Data Exchange (ETDEWEB)

    Glatzmaier, G.

    2011-12-01

    This report provides an update on the previous cost model for thermal energy storage (TES) systems. The update allows NREL to estimate the costs of such systems that are compatible with the higher operating temperatures associated with advanced power cycles. The goal of the Department of Energy (DOE) Solar Energy Technology Program is to develop solar technologies that can make a significant contribution to the United States domestic energy supply. The recent DOE SunShot Initiative sets a very aggressive cost goal to reach a Levelized Cost of Energy (LCOE) of 6 cents/kWh by 2020 with no incentives or credits for all solar-to-electricity technologies.1 As this goal is reached, the share of utility power generation that is provided by renewable energy sources is expected to increase dramatically. Because Concentrating Solar Power (CSP) is currently the only renewable technology that is capable of integrating cost-effective energy storage, it is positioned to play a key role in providing renewable, dispatchable power to utilities as the share of power generation from renewable sources increases. Because of this role, future CSP plants will likely have as much as 15 hours of Thermal Energy Storage (TES) included in their design and operation. As such, the cost and performance of the TES system is critical to meeting the SunShot goal for solar technologies. The cost of electricity from a CSP plant depends strongly on its overall efficiency, which is a product of two components - the collection and conversion efficiencies. The collection efficiency determines the portion of incident solar energy that is captured as high-temperature thermal energy. The conversion efficiency determines the portion of thermal energy that is converted to electricity. The operating temperature at which the overall efficiency reaches its maximum depends on many factors, including material properties of the CSP plant components. Increasing the operating temperature of the power generation

  14. Credit Constraints and Determinants of the Cost of Capital in Vietnamese Manufacturing

    DEFF Research Database (Denmark)

    Rand, John

    2007-01-01

    This paper examines the extent to which borrowing constraints restrict firm access to credit and identifies individual, firm, and loan characteristics, which determine the cost of capital in Vietnamese manufacturing. Using direct information from a Vietnamese enterprise survey the paper shows tha...... to have the necessary time to go through the many administrative difficulties in the formal credit system if they want to "seize the day". Finally, collateralized loans face larger interest rates, explained by the significant influence of "policy lending" in Vietnamese credit markets...

  15. Commercialising Comparison: Pearson Puts the TLC in Soft Capitalism

    Science.gov (United States)

    Hogan, Anna; Sellar, Sam; Lingard, Bob

    2016-01-01

    This paper provides a critical policy analysis of "The Learning Curve" (TLC) (2012), an initiative developed by the multinational edu-business, Pearson, in conjunction with the Economist Intelligence Unit. "TLC" exemplifies the commercialising of comparison and the efforts of edu-businesses to strategically position themselves…

  16. Disclosure, Conservatism and their Influence on Cost of Capital of the Companies Accepted by Tehran Stock Exchange (TSE

    Directory of Open Access Journals (Sweden)

    R. Zare

    2013-05-01

    Full Text Available This study attempts to examine the relevance of Disclosure, conservatism and their influence on cost of capital of the companies accepted by Tehran Stock Exchange (TSE and Compare the relative information content of them. Based on sampling, 113 firms from Tehran Stock Exchange (TSE were selected and examined during 2003 to 2009. The results support the priority of accounting figures over dividend policy. The results show there is some significant relation between the conservatism rate and cost of capital. The relation between the conservatism and cost of capital is on the basis of the Spence (1973. By virtue of the theory the companies benefit from the conservative accounting policy as a quality sign. When the conservative accounting policy is chosen it indicates a positive qualitative sign. Higher quality indicates the information risk of a company decreases probably; when the information risk of a company decreases the cost of capital decreases, too. Also the results show a significant relation between the disclosure rate and cost of capital namely when the disclosure rate of a company is higher (better the usual shares cost is lower.

  17. Secondary tax and its effect on the cost of capital and shareholder value of South African JSE listed companies

    Directory of Open Access Journals (Sweden)

    J. H.v.H De Wet

    2008-12-01

    Full Text Available Background: The introduction of a secondary tax on companies (STC and the lowering of the normal income tax rate in 1993 constituted a dramatic change in the tax structure of South African organisations. The original intention of these changes was to encourage organisations to re-invest profits to make use of capital investment opportunities. It was also anticipated that these tax changes would lower the cost of capital of organisations. Problem investigated: Announcements during the 2007 budget again raised questions about how the proposed changes in STC would affect the value of organisations. The impact of these tax changes has been the topic of some speculation in the absence of concrete research results to date. Purpose: The purpose of this study was to investigate the effect of these tax changes and all subsequent changes since 1993 on the cost of capital and shareholder value. Approach: A model of a hypothetical company, representing the 'average' listed South African organisation was used to determine the effect of the introduction of STC and the changes to the STC and company tax rate on the cost of capital and the value of the organisation. Findings: The study found that, contrary to expectations, the tax changes actually caused the cost of capital to go up. Overall, the combined effect of the higher cost of capital and the lower company tax rate caused the theoretical value of organisations to increase, constituting an improvement of shareholder value. Value of research: It is the first local study that endeavoured to analyse and quantify the impact of the introduction of STC and the lowering of the company tax rate on the cost of capital and the value of organisations. Conclusion: The introduction of STC in and the lowering of the company tax rate in 1993, as well as changes to these two forms of taxes since then, seem to have been justified in terms of shareholder value creation.

  18. ''Social capitalism'' in renewable energy generation: China and California comparisons

    International Nuclear Information System (INIS)

    With a population of over 1.3 billion people, demand for renewable energy is expected to grow to a USD $12 billion market in the near term. Under Renewable Energy Law (REL) in February 2005 in the People's Republic of China (PRC) passed by the National Congress, renewable energy projects will be able to receive a range of financial incentives starting in 2006, which will more than double the PRC current renewable energy generation from 7% to 15% by 2020. Most of the increase will be in hydroelectric generated power. Nonetheless, the nation and especially the provinces are moving rapidly to develop a wide range of renewable energy generation including solar, wind, geothermal and run of the river. Because China practices ''social capitalism'' as expressed in it's recurrent Five Year National Plans since 1999, the national government and all the provinces have programs, unlike many western and industrialized nations, to ''plan'' and provide for infrastructures. This paper concerns only the energy infrastructure sector and renewable energy generation in particular. The planning process includes financial incentives and investments which are a major part of the Chinese law focused on ''encouraging foreign investment industries''. The key part of the law is to guarantee long-term power purchase agreements with state owned and controlled ''utilities''. In short, China may have gotten the economics of the energy sector correct in its concern for planning and finance. The paper develops these energy infrastructure ideas along with the legal and financial requirements as ''lessons'' learned from the USA and especially California. These lessons now apply to China and allow it to learn from the American mistakes. Empirical data will be drawn from work done in China that examine the renewable energy generation and infrastructures and hence allow the RPC and its Provinces to ''leap frog ''the mistakes of other developed nations. Further lessons will be learned from provinces and

  19. A heat & mass integration approach to reduce capital and operating costs of a distillation configuration

    Energy Technology Data Exchange (ETDEWEB)

    Madenoor Ramapriya, Gautham [Purdue University; Jiang, Zheyu [Purdue University; Tawarmalani, Mohit [Purdue University; Agrawal, Rakesh [Purdue University

    2015-11-11

    We propose a general method to consolidate distillation columns of a distillation configuration using heat and mass integration. The proposed method encompasses all heat and mass integrations known till date, and includes many more. Each heat and mass integration eliminates a distillation column, a condenser, a reboiler and the heat duty associated with a reboiler. Thus, heat and mass integration can potentially offer significant capital and operating cost benefits. In this talk, we will study the various possible heat and mass integrations in detail, and demonstrate their benefits using case studies. This work will lay out a framework to synthesize an entire new class of useful configurations based on heat and mass integration of distillation columns.

  20. GAME THEORY: MINIMISING THE COST OF CAPITAL VS. MAXIMISING THE RETURN OF INVESTORS

    Directory of Open Access Journals (Sweden)

    Mihaela Brindusa Tudose

    2014-12-01

    Full Text Available The application of game theory to financial transactions focuses on two categories of stakeholders: users of financing (firms and providers of financing (investors. The core of game theory consists in the strategy that a partner is able to build starting from the possible decisions of the other partner (each party having opposing interests. In fact, we deal here with a cooperative game in which both opponents seek to maximise their own chances of winning. The article aims to highlight the manner in which mathematical game theory is transposed in the field of corporate finance by balancing the firm’s objectives (maximising market value by minimising the cost of raising capital and the investors’ objectives (maximising returns on investments. The intended novelty of this paper lies in developing a model for optimising a firm’s financial structure and assessing it in terms of investors’ interests.

  1. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing

    International Nuclear Information System (INIS)

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  2. International comparison of cost of illness

    NARCIS (Netherlands)

    Heijink R; Koopmanschap MA; Polder JJ; Erasmus MC, Instituut voor; VTV

    2007-01-01

    All Western countries spent every year a lot of money on health care. Cost of illness (COI) studies describe how health care costs are related to epidemiological and demographic variables. This report compares COI-studies for some European and OECD countries as the Netherlands, Germany, France, Can

  3. The Effect of Intellectual Capital on Cost of Finance and Firm Value

    OpenAIRE

    Mohsen Iranmahd; Mahmoud Moeinaddin; Nasim Shahmoradi; Forough Heyrani

    2014-01-01

    In today's knowledge-based industry, the role of intellectual capitals in creating value for the business units is more effective than financial capitals. The accounting system plays a crucial role in finding appropriate strategies for achieving suitable methods of evaluating intellectual capitals. One of the most significant shortcomings of traditional accounting systems is that it doesn't reflect the intellectual capital value in financial reports of business units. Collecting the data from...

  4. CNSS plant concept, capital cost, and multi-unit station economics

    International Nuclear Information System (INIS)

    United Engineers and Constructors (UE and C) and the Babcock and Wilcox Company (B and W) have performed several studies over the last eight years related to small integral pressurized water reactors. These reactors include the 365 MWt (100 MWe) Consolidated Nuclear Steam Generator (CNSG) and the 1200 MWt Consolidated Nuclear Steam System (CNSS). The studies, mostly performed under contract to the Oak Ridge National Laboratory, have led to a 1250 MWt (400 MWe) Consolidated Nuclear Steam System (CNSS) plant concept, with unique design and cost features. This report contains an update of earlier studies of the CNSS reactor and balance-of-plant concept design, capital costs, and multi-unit plant economics incorporating recent design developments, improvements, and post-TMI-2 upgrades. The economic evaluation compares the total system economic impact of a phased, three stage 400 MWe CNSS implementation program, i.e., a three-unit station, to the installation of a single 1200 MWe Pressurized Water Reactor (PWR) into a typical USA utility system

  5. 26 CFR 1.179B-1T - Deduction for capital costs incurred in complying with Environmental Protection Agency sulfur...

    Science.gov (United States)

    2010-04-01

    ... program (40 CFR part 80, subpart I). (ii) The average daily domestic refinery run for a refinery is the... complying with Environmental Protection Agency sulfur regulations (temporary). 1.179B-1T Section 1.179B-1T... capital costs incurred in complying with Environmental Protection Agency sulfur regulations...

  6. Trends in Opportunity Costs of U.S. Postsecondary Education: A National HRD and Human Capital Theory Analysis

    Science.gov (United States)

    Cornacchione, Edgard; Daugherty, Jenny L.

    2013-01-01

    The purpose of this study was to explore opportunity costs of postsecondary education in the U.S. in the past three decades (1975-2005), as a measure to support investment decisions at national levels and as experienced by individuals deciding on pursuing further education. Based on human capital theory and inspired by a set of studies aiming at…

  7. 10 CFR Appendix I to Part 504 - Procedures for the Computation of the Real Cost of Capital

    Science.gov (United States)

    2010-01-01

    ... (a) The firm's real after-tax weighted average marginal cost of capital (K) is computed with equation... common stock expressed as a fraction. t=Marginal federal income tax rate for the current year. (b...% (B) The “beta” coefficient is computed with regression analysis techniques. The regression...

  8. Hospital Case Cost Estimates Modelling - Algorithm Comparison

    CERN Document Server

    Andru, Peter

    2008-01-01

    Ontario (Canada) Health System stakeholders support the idea and necessity of the integrated source of data that would include both clinical (e.g. diagnosis, intervention, length of stay, case mix group) and financial (e.g. cost per weighted case, cost per diem) characteristics of the Ontario healthcare system activities at the patient-specific level. At present, the actual patient-level case costs in the explicit form are not available in the financial databases for all hospitals. The goal of this research effort is to develop financial models that will assign each clinical case in the patient-specific data warehouse a dollar value, representing the cost incurred by the Ontario health care facility which treated the patient. Five mathematical models have been developed and verified using real dataset. All models can be classified into two groups based on their underlying method: 1. Models based on using relative intensity weights of the cases, and 2. Models based on using cost per diem.

  9. Sustentabilidade empresarial e o impacto no custo de capital próprio das empresas de capital aberto Sustainable development and consequences for equity costs in public companies

    Directory of Open Access Journals (Sweden)

    Lílian Simone Aguiar da Silva

    2006-12-01

    Full Text Available Este trabalho apresenta o impacto no custo de capital próprio para as empresas brasileiras de capital aberto face à adoção dos princípios de sustentabilidade. O conceito de desenvolvimento sustentável tem se aprimorado num processo contínuo de reavaliação da relação existente entre: crescimento econômico, a sociedade civil e o meio ambiente. O triple-bottom-line das dimensões econômica, ambiental e social da sustentabilidade tem emergido como um modelo de interpretação pelas empresas, embora cada uma dessas dimensões represente um grande desafio. O segmento corporativo vem atendendo às demandas cada vez maiores da sociedade frente a essas questões, ficando a dúvida quanto à legitimidade dessas ações e o questionamento relativo ao papel das empresas na economia e na sociedade. Para avaliar o impacto no custo de capital próprio, foi implementado um modelo de decomposição do beta em medidas contábeis de risco, incluindo uma variável referente à sustentabilidade. O resultado confirma a expectativa de que ao aderir aos padrões de sustentabilidade a empresa reduz o risco corporativo medido pelo risco sistemático, determinando a redução do custo de capital e aumento do valor econômico.This article provides an analysis of equity costs in Brazilian public companies regarding the adoption of sustainability principles. The concept of sustainable development has evolved considering the relation among economic growth, the society and the environment. The triple-bottom-line of economic, environmental, and social dimensions has emerged as an interpretation model by companies, although each of these dimensions may present a challenge. The corporate sector has faced an increasing demand from society regarding these sustainability concepts, though the actions and the role to be played by companies within this context are still being questioned. Equity costs were analyzed by a multivariate regression of beta on accounting measures

  10. Indirect costs of disease; an international comparison

    NARCIS (Netherlands)

    L. van Hakkaart-van Roijen (Leona); M.A. Koopmanschap (Marc); F.F.H. Rutten (Frans); P.J. van der Maas (Paul)

    1995-01-01

    textabstractResults of economic evaluations are often strongly influenced by estimates of indirect costs. International comparability of these estimates may contribute to rational decision-making in health care policy. Hence, estimates should be international comparable. Comparability of these resul

  11. Comparison of financing costs for wind turbine and fossil powerplants

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.

    1995-02-01

    This paper compares the financing costs of wind turbine powerplants with those of fossil powerplants. The goal of this examination is to determine the extent to which these costs differ and what the sources of such differences may be. The discussion is organized in the following fashion. Section 2 introduces basic terminology and concepts from finance, as they apply in the powerplant setting. Section 3 reviews available data from a variety of sources to estimate the magnitude of the variables identified in Section 2. In Section 4 we examine the effect of the production tax credit enacted in the Energy Policy Act of 1992 on the financing of wind turbine projects. Conclusions are offered in Section 5. In the past two years there have been only two wind turbine projects that have been financed, so the basis for broad conclusions is limited. Nonetheless, there appears to be a significant advantage in financing costs for conventional projects compared to wind turbines. The two sources of disadvantage to wind power are first, the cost of equity capital is significantly more expensive, and second, the capital structure of wind projects has a much greater fraction of expensive equity than conventional alternatives.

  12. Levelised unit electricity cost comparison of alternate technologies for baseload generation in Ontario

    International Nuclear Information System (INIS)

    This report provides a comparison of the lifetime cost of constructing, operating and decommissioning new generation suitable for supplying baseload power by early in the next decade. New baseload generation options in Ontario are nuclear, coal-fired steam turbines or combined cycle gas turbines (CCGT). Nuclear and coal-fired units are characterised by high capital costs and low operating costs. As such, they are candidates for baseload operation only. Gas-fired generation is characterised by lower capital costs and higher operating costs and thus may meet the requirements for operation as peaking and/or baseload generation. The comparison of baseload generating technologies is made by reference to the estimated levelised unit electricity cost (LUEC). The LUEC can be thought of as a 'supply cost', where the unit cost is the price needed to recover all costs over the period. It is determined by finding the price that sets the sum of all future discounted cash flows (net present value, or NPV) to zero. It can also be thought of as representing the constant real wholesale price of electricity that meets the financing cost, debt repayment, income tax and cash flow constraints associated with the construction operation and decommissioning of a generating plant. Levelised unit cost comparisons are usually made with different sets of financing assumptions. This report considers two base cases, which we describe as 'merchant' and 'public' financing. The term 'merchant plant' is used to refer to ones that are built and operated by private investors. These investors pay for their capital through debt and by raising equity, and thus pay return on equity and interest on debt throughout their lifetime. These projects include income taxes, both provincial and federal. Publicly financed projects typically are not subject to income taxes or to the same constraints on raising finance through issuing debt and equity. However, they are constrained to provide a rate of return. The

  13. Research on Application of Capital Cost in Finacing Decision%资本成本在筹资决策中应用的研究

    Institute of Scientific and Technical Information of China (English)

    郭申友

    2013-01-01

    基于资本成本的基本概念、决定资本成本的主要因素以及资本成本的作用、实质,阐述了资本成本在筹资决策中的具体应用,分析资本成本在筹资决策中存在的问题,提出了解决这些问题的对策。%Based on the basic concept of the cost of capital, determine the main factors of the cost of capital as well as the role of the cost of capital, the essence, the application of capital cost in financing decision, analyses the problems existing in the cost of capital in financing decisions, and puts forward the countermeasures to solve these problems.

  14. Analysis of the role of regulation in the escalation of capital additions costs for nuclear power plants

    International Nuclear Information System (INIS)

    This study examines the role of regulation in the escalation of capital additions costs for nuclear power plants over the past ten years. Unlike previous studies which used a statistical approach to examine the influence of causal factors on the variation in costs, this report is based on actual case studies at four nuclear power plants operated by two utilities. These plants, which are not identified by name, span the entire range of reactor manufacturers. In addition to the evaluation of the role of regulation on capital additions costs, we also examined the contribution of requirements resulting from the accident at Three Mile Island, and where possible, the reasons for utility-initiated backfits. 3 figs., 10 tabs

  15. Cost comparison of 4x500 MW coal-fuelled and 4x850 MW CANDU nuclear generating stations

    International Nuclear Information System (INIS)

    The lifetime costs for a 4x850 MW CANDU generating station are compared to those for 4x500 MW bituminous coal-fuelled generating stations. Two types of coal-fuelled stations are considered; one burning U.S. coal which includes flue gas desulfurization and one burning Western Canadian coal. Current estimates for the capital costs, operation and maintenance costs, fuel costs, decommissioning costs and irradiated fuel management costs are shown. The results show: (1) The accumulated discounted costs of nuclear generation, although initially higher, are lower than coal-fuelled generation after two or three years. (2) Fuel costs provide the major contribution to the total lifetime costs for coal-fuelled stations whereas capital costs are the major item for the nuclear station. (3) The break even lifetime capacity factor between nuclear and U.S. coal-fuelled generation is projected to be 5%; that for nuclear and Canadian coal-fuelled generation is projected to be 9%. (4) Large variations in the costs are required before the cost advantage of nuclear generation is lost. (5) Comparison with previous results shows that the nuclear alternative has a greater cost advantage in the current assessment. (6) The total unit energy cost remains approximately constant throughout the station life for nuclear generation while that for coal-fuelled generation increases significantly due to escalating fuel costs. The 1978 and 1979 actual total unit energy cost to the consumer for several Ontario Hydro stations are detailed, and projected total unit energy costs for several Ontario Hydro stations are shown in terms of escalated dollars and in 1980 constant dollars

  16. Uncertainties in early-stage capital cost estimation of process design – a case study on biorefinery design

    DEFF Research Database (Denmark)

    Cheali, Peam; Gernaey, Krist; Sin, Gürkan

    2015-01-01

    is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is indeed found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable......Capital investment, next to the product demand, sales, and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early-stage design is a challenging task, which......) the Monte Carlo technique as an error propagation method based on expert input when cost data are not available. Four well-known models for early-stage cost estimation are reviewed and analyzed using the methodology. The significance of uncertainties of cost data for early-stage process design...

  17. Wind energy in Brazil. Systemic risks and the cost of the own capital in the context of the cleaning development mechanism; Energia eolica no Brasil. Riscos sistemicos e o custo do capital proprio no contexto do mecanismo de desenvolvimento limpo

    Energy Technology Data Exchange (ETDEWEB)

    Lisboa, Cristines [IBMEC, Rio de Janeiro, RJ (Brazil)], E-mail: cristines.lisboa@gmail.com; Hauser, Philip, E-mail: philipphauser@web.de; Medeiros, Anamelia, E-mail: anameliam@yahoo.com.br

    2010-07-01

    This paper analyses the capital cost of technology based on the CDM rules and the financial practice established and applied by the ANEEL, viewing the establishment of a reference rate for the discussion of financial additional of the projects.

  18. Estimating Firm-Level Effective Marginal Tax Rates and the User Cost of Capital in New Zealand

    OpenAIRE

    Richard Fabling; Norman Gemmell; Richard Kneller; Lynda Sanderson

    2013-01-01

    Effective marginal tax rates (EMTRs) can be very different from the statutory rate and vary across firms, reflecting such factors as the extent and nature of taxable deductions (losses, depreciation), asset and ownership structures, and debt/equity financing. We estimate firm-specific EMTRs and related user cost of capital (UCC) measures allowing for shareholder-level taxation using data for 1999/2000-2010/11 from the Longitudinal Business Database. Examining distributions of various UCC meas...

  19. Increasing the Cruise Range and Reducing the Capital Cost of Electric Vehicles by Integrating Auxiliary Unit with the Traction Drive

    OpenAIRE

    N. Satheesh Kumar

    2016-01-01

    Poor cruise performance of Electric Vehicles (EVs) continues to be the primary reason that impends their market penetration. Adding more battery to extend the cruise range is not a viable solution as it increases the structural weight and capital cost of the EV. Simulations identified that a vehicle spends on average 15% of its total time in braking, signifying an immense potential of the utilization of regenerative braking mechanism. Based on the analysis, a 3 kW auxiliary electrical unit co...

  20. Disclosure, Conservatism and their Influence on Cost of Capital of the Companies Accepted by Tehran Stock Exchange (TSE)

    OpenAIRE

    Zare, R.; Heidari, Z; Salehi, M.; H. Jourkesh

    2013-01-01

    This study attempts to examine the relevance of Disclosure, conservatism and their influence on cost of capital of the companies accepted by Tehran Stock Exchange (TSE) and Compare the relative information content of them. Based on sampling, 113 firms from Tehran Stock Exchange (TSE) were selected and examined during 2003 to 2009. The results support the priority of accounting figures over dividend policy. The results show there is some significant relation between the conservatism rate and c...

  1. Optimal Dividend and Dynamic Reinsurance Strategies with Capital Injections and Proportional Costs

    Institute of Scientific and Technical Information of China (English)

    Yi-dong WU; Jun-yi GUO

    2012-01-01

    We consider an optimization problem of an insurance company in the diffusion setting,which controls the dividends payout as well as the capital injections.To maximize the cumulative expected discounted dividends minus the penalized discounted capital injections until the ruin time,there is a possibility of (cheap or non-cheap) proportional reinsurance.We solve the control problems by constructing two categories of suboptimal models,one without capital injections and one with no bankruptcy by capital injection.Then we derive the explicit solutions for the value function and totally characterize the optimal strategies.Particularly,for cheap reinsurance,they are the same as those in the model of no bankruptcy.

  2. Non-Convex Costs and Capital Utilization: A Study of Production Scheduling at Automobile Assembly Plants

    OpenAIRE

    Hall, George J.

    1997-01-01

    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and week-long shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production...

  3. Measuring Capital

    OpenAIRE

    W. Erwin Diewert

    2003-01-01

    The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...

  4. Uncertainties in Early Stage Capital Cost Estimation of Process Design – A case study on biorefinery design

    Directory of Open Access Journals (Sweden)

    Gurkan eSin

    2015-02-01

    Full Text Available Capital investment, next to the product demand, sales and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early stage design is a challenging task. This is especially important in biorefinery research, where available information and experiences with new technologies is limited. A systematic methodology for uncertainty analysis of cost data is proposed that employs (a Bootstrapping as a regression method when cost data is available and (b the Monte Carlo technique as an error propagation method based on expert input when cost data is not available. Four well-known models for early stage cost estimation are reviewed an analyzed using the methodology. The significance of uncertainties of cost data for early stage process design is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable robust decision making under uncertainties. One of the results using an order-of-magnitude estimate shows that the production of diethyl ether and 1,3-butadiene are the most promising with economic risks of 0.24 MM$/a and 4.6 MM$/a due to uncertainties in cost estimations, respectively.

  5. Investigation of Iterative Algorithms for Evaluation of Capital Structure and Cost

    Directory of Open Access Journals (Sweden)

    Vigen Minasyan

    2014-01-01

    Full Text Available Determination of structure and correct calculation of a company’s capital value is an essential; theoretical and practical problem for corporate finance. The proportion between the company’s equity and borrowed capital determines the risk and profitability of the company and, consequently, the welfare of its owners. The most common recommendation is to evaluate the stricture of capital based on market proportions between indebtedness and equity. However, market proportions most often deviate from values obtained through analytical calculations. This means that weak efficiency of the market brings about inconsistency between the input data and the results, which are calculated from them. Second, not all companies have a representative market quotation. There is a question, then: how can we correctly evaluate capital and its market structure for individual projects and companies in general? The work presented below is dedicated to the iterative method for evaluation of fair structure of capital as suggested in (Limitovsky M.A., Minasyan V.B. 2010, and to the proving of consistency of this method for a very large number of companies.

  6. Paired cost comparison, a benchmarking technique for identifying areas of cost improvement in environmental restoration projects and waste management activities

    International Nuclear Information System (INIS)

    This paper provides an overview of benchmarking and how the Department of Energy's Office of Environmental Restoration and Waste Management used benchmarking techniques, specifically the Paired Cost Comparison, to identify cost disparities and their causes. The paper includes a discussion of the project categories selected for comparison and the criteria used to select the projects. Results are presented and factors that contribute to cost differences are discussed. Also, conclusions and the application of the Paired Cost Comparison are presented

  7. Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-12-01

    Full Text Available Most finance textbooks present the Weighted Average Cost of Capital (WACC calculation as: WACC = Kd×(1-T×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

  8. National waste terminal storage repository in a bedded salt formation for spent unreprocessed fuel. Special study No. 1. Twenty-five-year retrievability capital equipment cost estimate

    International Nuclear Information System (INIS)

    This estimate covers capital equipment costs of facilities for the receipt, handling, and storage in bedded salt, of canistered spent fuel assemblies from both BWR and PWR commercial power plants. The estimate includes all capital equipment and replacement costs for a repository constructed in accordance with the design shown in the Conceptual Design Report (CDR), and Special Study No. 1, KE Report No. 78-60-RE for 25-year retrievability

  9. Cost accounting in plateletpheresis: comparison of two techniques.

    Science.gov (United States)

    Strauss, R A; Gloster, E S; Pindyck, J

    1980-01-01

    Cost comparison of two comparably effective techniques of plateletpheresis, a manual method and an automated discontinuous flow centrifugation technique, is presented using a hypothetical model. The former procedure costs $62.48 per pheresis for disposables and labour as opposed to $78.32 per pheresis for disposables and labour for the latter. The annual volume of plateletpheresis at which the accumulated costs equal the total charges, i.e. the 'break-even' point, is calculated and found to be 63.7 for the automated technique and 10.9 for the manual method, if the charge for each is $200.00. For the manual method at a current charge of $80.00, the break even point is 85.8. The assumptions underlying this hypothetical model are examined, and the effects of deviation from these assumptions are analyzed in terms of the break even point. Cost accounting of plateletpheresis is shown to be dependent upon the choice of approach to allocation of costs, the assumptions of the cost accounting model, and the selection of an appropriate charge. PMID:7379466

  10. THE RELATIONSHIP BETWEEN THE COST OF EDUCATION AND THE HUMAN CAPITAL. THE ALIGNEMENT OF ROMANIA TO THE EUROPEAN STANDARDS

    Directory of Open Access Journals (Sweden)

    IOANA-JULIETA JOSAN

    2012-05-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value, which is a quality variable of human resources and the main determinant of economic growth. The famed economists have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. Human capital approach allows also estimating the costs of education in schools and higher education, as well as the profits that comes out of it. Thus, the human capital theory is primarily focused on the demand for education. Moreover, the objective function of the state, in terms of education, contains itself two contradictory arguments: the state, theoretically, is a representative and guarantor of the collective good and its organizer; the state will seek to maximize individual education on the one hand and on the other hand will search for the optimization of the relationship between professional training and formal education. Also, in the context of recent years, the budgetary constraints are raising the problem of optimal allocation of the resources, as well as the funding of the performance of the educational services. The particularities, in terms of flexibility and cumulative distribution of the investment levels in the human factors, are translated into a practical action in the sense that global competition, from which Romania cannot decouple. In the long run, there are winning and resisting only those with academic flexible formation and the intelligent persons. Considering the above arguments, the purpose of this paper is to analyze the main characteristics of funding mechanisms for education systems, the volume of spending on education and ways of managing the resources allocated to the education. The cost allocation for education in Romania is investigated in terms of government policies, but also in terms of human capital theory

  11. THE RELATIONSHIP BETWEEN THE COST OF EDUCATION AND THE HUMAN CAPITAL. THE ALIGNEMENT OF ROMANIA TO THE EUROPEAN STANDARDS

    Directory of Open Access Journals (Sweden)

    Ioana-Julieta JOSAN

    2012-11-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value, which is a quality variable of human resources and the main determinant of economic growth.The famed economists have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. Human capital approach allows also estimating the costs of education in schools and higher education, as well as the profits that comes out of it. Thus, the human capital theory is primarily focused on the demand for education. Moreover, the objective function of the state, in terms of education, contains itself two contradictory arguments: the state, theoretically, is a representative and guarantor of the collective good and its organizer; the state will seek to maximize individual education on the one hand and on the other hand will search for the optimization of the relationship between professional training and formal education. Also, in the context of recent years, the budgetary constraints are raising the problem of optimal allocation of the resources, as well as the funding of the performance of the educational services. The particularities, in terms of flexibility and cumulative distribution of the investment levels in the human factors, are translated into a practical action in the sense that global competition, from which Romania cannot decouple. In the long run, there are winning and resisting only those with academic flexible formation and the intelligent persons. Considering the above arguments, the purpose of this paper is to analyze the main characteristics of funding mechanisms for education systems, the volume of spending on education and ways of managing the resources allocated to the education. The cost allocation for education in Romania is investigated in terms of government policies, but also in terms of human capital theory

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

    Science.gov (United States)

    Senyel, Muzeyyen Anil

    Investments in the urban energy infrastructure for distributing electricity and natural gas are analyzed using (1) property data measuring distribution plant value at the local/tax district level, and (2) system outputs such as sectoral numbers of customers and energy sales, input prices, company-specific characteristics such as average wages and load factor. Socio-economic and site-specific urban and geographic variables, however, often been neglected in past studies. The purpose of this research is to incorporate these site-specific characteristics of electricity and natural gas distribution into investment cost model estimations. These local characteristics include (1) socio-economic variables, such as income and wealth; (2) urban-related variables, such as density, land-use, street pattern, housing pattern; (3) geographic and environmental variables, such as soil, topography, and weather, and (4) company-specific characteristics such as average wages, and load factor. The classical output variables include residential and commercial-industrial customers and sales. In contrast to most previous research, only capital investments at the local level are considered. In addition to aggregate cost modeling, the analysis focuses on the investment costs for the system components: overhead conductors, underground conductors, conduits, poles, transformers, services, street lighting, and station equipment for electricity distribution; and mains, services, regular and industrial measurement and regulation stations for natural gas distribution. The Box-Cox, log-log and additive models are compared to determine the best fitting cost functions. The Box-Cox form turns out to be superior to the other forms at the aggregate level and for network components. However, a linear additive form provides a better fit for end-user related components. The results show that, in addition to output variables and company-specific variables, various site-specific variables are statistically

  13. A comparison of NEAR actual spacecraft costs with three parametric cost models

    Science.gov (United States)

    Mosher, Todd J.; Lao, Norman Y.; Davalos, Evelyn T.; Bearden, David A.

    1999-11-01

    Costs for modern (post-1990) U.S.-built small planetary spacecraft have been shown to exhibit significantly different trends from those of larger spacecraft. These differences cannot be accounted for simply by the change in size alone. Some have attributed this departure to NASA's "faster, better, cheaper" design approach embodied by the efficiency of smaller teams, reduced government oversight, increased focus on cost, and short development periods. With the Discovery, Mars Surveyor and New Millennium programs representing the new approach to planetary exploration, it is important to understand these current cost trends and to be able to estimate costs of future proposed missions. To address this issue, The Aerospace Corporation (hereafter referred to as Aerospace) performed a study to compare the actual costs of the Near Earth Asteroid Rendezvous (NEAR) spacecraft bus (instruments were not estimated) using three different cost models; the U.S. Air Force Unmanned Spacecraft Cost Model, Version 7 (USCM-7), the Science Applications International Corporation (SAIC) NASA/Air Force Cost Model 1996 (NAFCOM96) and The Aerospace Corporation's Small Satellite Cost Model 1998 (SSCM98). The NEAR spacecraft was chosen for comparison because it was the first Discovery mission launched, and recently recognized with a Laurel award by Aviation Week and Space Technology as a benchmark for NASA's Discovery program [North, 1997]. It was also selected because the cost data has been released into the public domain [Hemmings, 1996]which makes it easy to discuss in a public forum. This paper summarizes the NEAR program, provides a short synopsis of each of the three cost models, and demonstrates how they were applied for this study.

  14. Firm-Specific Human Capital, Organizational Incentives, and Agency Costs: Evidence from Retail Banking

    OpenAIRE

    Frank Jr. , Douglas H.; Obloj , Tomasz

    2013-01-01

    This paper explores conflicting implications of firm-specific human capital (FSHC) for firm performance. Existing theory predicts a productivity effect that can be enhanced with strong incentives. We propose an offsetting agency effect: FSHC may facilitate more sophisticated “gaming” of incentives, to the detriment of firm performance. Using a unique dataset from a multiunit retail bank, we document both effects and estimate their net impact. Managers with superior FSHC are more productive in...

  15. Time Horizon, Costs of Equity Capital and Generic Investment Strategies of Firms

    OpenAIRE

    Zellweger, Thomas

    2007-01-01

    Recent literature (McNulty, Yeh, Schulze, & Lubatkin, 2002) states that the assumptions behind the capital asset pricing model, in particular the irrelevance of time horizon, do not correspond to the characteristics of firms that prefer long-term investment horizons. I show that family firms display a longer time horizon than most of their nonfamily counterparts, since (1) family firms display a longer CEO tenure, (2) this type of firm strives for long-term independence and succession within ...

  16. Reducing the company weighted cost-of-capital by use of Management Commentary transparency in SMEs

    DEFF Research Database (Denmark)

    Schøler, Finn

    the cost of financing through credit institutions or improve the supplier accepted creditworthiness. This paper demonstrates empirically that there is a strong relationship between corporate transparency through use of an extensive management commentary and partly the financial costs, partly creditor...

  17. The cost of ethanol production from lignocellulosic biomass -- A comparison of selected alternative processes. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Grethlein, H.E.; Dill, T.

    1993-04-30

    The purpose of this report is to compare the cost of selected alternative processes for the conversion of lignocellulosic biomass to ethanol. In turn, this information will be used by the ARS/USDA to guide the management of research and development programs in biomass conversion. The report will identify where the cost leverages are for the selected alternatives and what performance parameters need to be achieved to improve the economics. The process alternatives considered here are not exhaustive, but are selected on the basis of having a reasonable potential in improving the economics of producing ethanol from biomass. When other alternatives come under consideration, they should be evaluated by the same methodology used in this report to give fair comparisons of opportunities. A generic plant design is developed for an annual production of 25 million gallons of anhydrous ethanol using corn stover as the model substrate at $30/dry ton. Standard chemical engineering techniques are used to give first order estimates of the capital and operating costs. Following the format of the corn to ethanol plant, there are nine sections to the plant; feed preparation, pretreatment, hydrolysis, fermentation, distillation and dehydration, stillage evaporation, storage and denaturation, utilities, and enzyme production. There are three pretreatment alternatives considered: the AFEX process, the modified AFEX process (which is abbreviated as MAFEX), and the STAKETECH process. These all use enzymatic hydrolysis and so an enzyme production section is included in the plant. The STAKETECH is the only commercially available process among the alternative processes.

  18. The validity of the implied cost of capital method: Mechanical earnings forecasts and the incorporation of clean earnings and total dividend figures

    OpenAIRE

    Montag, Andreas

    2013-01-01

    Researchers, investors and managers need a measure that accurately predicts a firm's cost of equity capital, respectively its future expected returns. Therefore, these estimates are a fundamental part of the finance and accounting literature. Among the most recog-nized are the Capital Asset Pricing Model (CAPM) or the Fama French Three-Factor-Model. Irrespective of the great efforts to develop such models the resulting estimates are not satisfactory. A major critique resides in the models dep...

  19. A Comparison of Traditional and Newly Emerging Forms of Cooperative Capitalization

    OpenAIRE

    Barton, David G.

    2004-01-01

    This paper compares the traditional forms of capitalization used by American co-ops to newly emerging forms. It is based on an in-depth review of several case co-ops. A broad framework is provided that may be beneficial in more extensive studies of capitalization practices of cooperatives and similar organizations. It is divided into three parts. Part One outlines the alternative capitalization forms being used by cooperatives and their antecedents, where conversions to other structures and f...

  20. 公司现金流与资本成本研究%On Corporate, Cash Flow and Capital Cost

    Institute of Scientific and Technical Information of China (English)

    马克林

    2015-01-01

    The investment formed capital over a period of time gives the company a sustainable cash flow , and cash flow to a discount rate that is used to meet the total risk of the company is the market value of the company . Meanwhile , the cash flow generated by the company ’ s assets can basically be divided into pay interest , taxes and shareholders income , and the three are discounted by different discount rate and the total value may also mean the company’s market value.This indicates that the company ’s market value has nothing to do with the proportion of the interest , taxes and the shareholders ’ income in the company ’ s total cash flow , and the company ’ s weighted cost of capital has nothing to do with the interest , taxes, and shareholders’ income value ratio.Therefore, it is be-lieved that there are no connections between corporate value , capital cost and capital structure .%公司投资而形成的资本经过一段时间会给公司带来一个持续的现金流,将该现金流用一个与公司总风险相适应的折现率折现而求得的价值即是公司的市场价值。同时,公司资产产生的现金流基本上可以分解为支付利息、税收和股东所得,三者分别按不同的折现率进行折现后所得的现价值之和也表示公司的市场价值。这表明公司的市场价值与利息、税收、股东所得在公司总现金流中的比例无关,而公司的加权资本成本与利息、税收、股东所得三者现价值比例也没有关系。因此,可以认为,资本结构同资本成本与公司价值无关。

  1. CONSTANT LEVERAGE AND CONSTANT COST OF CAPITAL: A COMMON KNOWLEDGE HALF-TRUTH

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2008-01-01

    Full Text Available Un enfoque típico para valorar flujos de caja finitos es suponer que el endeudamiento es constante (generalmente como un endeudamiento objetivo o deseado y que por tanto, el costo del patrimonio, Ke y el costo promedio ponderado de capital CPPC, también son constantes. Para los flujos de caja perpetuos, y con el costo de la deuda, Kd como la tasa de descuento para el ahorro en impuestos o escudo fiscal, Ke y el CPPC aplicado al flujo de caja libre FCL son constantes si el endeudamiento es constante. Sin embargo esto no es verdad para los flujos de caja finitos. En este documento mostramos que para flujos de caja finitos, Ke y por lo tanto el CPPC dependen de la tasa de descuento que se utiliza para valorar el ahorro en impuestos, AI y según lo esperado, Ke y el CPPC no son constantes con Kd como la tasa de descuento para el ahorro en impuestos, aunque el endeudamiento sea constante. Ilustramos esta situación con un ejemplo simple. Analizamos cinco métodos: el flujo de caja descontado, FCD, usando APV, el FCD y la formulación tradicional y general del CPPC, el valor presente del flujo de caja del accionista, FCA más deuda y el flujo de caja de capital, FCC.

  2. Incidence and direct hospitalisation costs of hip fractures in Vilnius, capital of Lithuania, in 2010

    Science.gov (United States)

    2012-01-01

    Background Few epidemiological data on hip fractures were previously available in Lithuania. The aim of this study was to estimate the incidence and hospital costs of hip fractures in Vilnius in 2010. Methods Data were collected from the medical charts of all patients admitted to hospitals in Vilnius (population, 548,835) due to new low-energy trauma hip fracture, during 2010. The estimated costs included ambulance transportation and continuous hospitalisation immediately after a fracture, which are covered by the Lithuanian healthcare system. Results The incidence of new low-energy trauma hip fractures was 252 (308 women and 160 men) per 100,000 inhabitants of Vilnius aged 50-years or more. There was an exponential increase in the incidence with increasing age. The overall estimated cost of hip fractures in Vilnius was 1,114,292 EUR for the year 2010. The greatest part of the expenditure was accounted for by fractures in individuals aged 65-years and over. The mean cost per case was 2,526.74 EUR, and cost varied depending on the treatment type. Hip replacement did not affect the overall mean costs of hip fracture. The majority of costs were incurred for acute (53%) and long-term care (35%) hospital stays, while medical rehabilitation accounted for only 12% of the overall cost. The costs of hip fracture were somewhat lower than those found in other European countries. Conclusion The data on incidence and costs of hip fractures will help to assess the importance of interventions to reduce the number of fractures and associated costs. PMID:22747915

  3. Incidence and direct hospitalisation costs of hip fractures in Vilnius, capital of Lithuania, in 2010

    Directory of Open Access Journals (Sweden)

    Tamulaitiene Marija

    2012-07-01

    Full Text Available Abstract Background Few epidemiological data on hip fractures were previously available in Lithuania. The aim of this study was to estimate the incidence and hospital costs of hip fractures in Vilnius in 2010. Methods Data were collected from the medical charts of all patients admitted to hospitals in Vilnius (population, 548,835 due to new low-energy trauma hip fracture, during 2010. The estimated costs included ambulance transportation and continuous hospitalisation immediately after a fracture, which are covered by the Lithuanian healthcare system. Results The incidence of new low-energy trauma hip fractures was 252 (308 women and 160 men per 100,000 inhabitants of Vilnius aged 50-years or more. There was an exponential increase in the incidence with increasing age. The overall estimated cost of hip fractures in Vilnius was 1,114,292 EUR for the year 2010. The greatest part of the expenditure was accounted for by fractures in individuals aged 65-years and over. The mean cost per case was 2,526.74 EUR, and cost varied depending on the treatment type. Hip replacement did not affect the overall mean costs of hip fracture. The majority of costs were incurred for acute (53% and long-term care (35% hospital stays, while medical rehabilitation accounted for only 12% of the overall cost. The costs of hip fracture were somewhat lower than those found in other European countries. Conclusion The data on incidence and costs of hip fractures will help to assess the importance of interventions to reduce the number of fractures and associated costs.

  4. 48 CFR 9904.414 - Cost accounting standard-cost of money as an element of the cost of facilities capital.

    Science.gov (United States)

    2010-10-01

    ... Acquisition Regulations System COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting...

  5. Comparison of Cloud backup performance and costs in Oracle database

    Directory of Open Access Journals (Sweden)

    Aljaž Zrnec

    2011-06-01

    Full Text Available Normal 0 21 false false false SL X-NONE X-NONE Current practice of backing up data is based on using backup tapes and remote locations for storing data. Nowadays, with the advent of cloud computing a new concept of database backup emerges. The paper presents the possibility of making backup copies of data in the cloud. We are mainly focused on performance and economic issues of making backups in the cloud in comparison to traditional backups. We tested the performance and overall costs of making backup copies of data in Oracle database using Amazon S3 and EC2 cloud services. The costs estimation was performed on the basis of the prices published on Amazon S3 and Amazon EC2 sites.

  6. Financial development and the cost of equity capital:Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Jeong-Bon; Kim; Mary; L.Z.Ma; Haiping; Wang

    2015-01-01

    This study examines the relation between province-level financial development and the cost of equity in China.Our main findings are that(1)stock market development reduces the cost of equity in general,but the effect diminishes significantly in state-owned enterprises(SOEs)and firms with high growth potential or innovation intensity and(2)banking development only marginally lowers the cost of equity,but the effect is stronger in non-SOEs.Further analysis reveals that stock market development substitutes for such institutional factors as accounting quality,law enforcement,stock market integration and the split-share structure reform in lowering the cost of equity.We also find that lack of banking competition and banking marketization and under-development of the non-state economy partially account for the weak effect of banking development on the cost of equity.

  7. EXPERT ELICITATION OF ACROSS-TECHNOLOGY CORRELATIONS FOR REACTOR CAPITAL COSTS

    Energy Technology Data Exchange (ETDEWEB)

    Brent Dixon; Various

    2014-06-01

    Calculations of the uncertainty in the Levelized Cost at Equilibrium (LCAE) of generating nuclear electricity typically assume that the costs of the system component, notably reactors, are uncorrelated. Partial cancellation of independent errors thus gives rise to unrealistically small cost uncertainties for fuel cycles that incorporate multiple reactor technologies. This summary describes an expert elicitation of correlations between overnight reactor construction costs. It also defines a method for combining the elicitations into a single, consistent correlation matrix suitable for use in Monte Carlo LCAE calculations. Both the elicitation and uncertainty propagation methods are demonstrated through a pilot study where cost correlations between eight reactor technologies were elicited from experts in the US DOE Fuel Cycle Research

  8. Aagesta-BR3 Decommissioning Cost. Comparison and Benchmarking Analysis

    International Nuclear Information System (INIS)

    This report presents the results of decommissioning cost analyses focusing on discrete working packages within the decommissioning program of the BR3 reactor in Mol, Belgium and comparison of them with cost estimate data for the Aagesta research reactor in Sweden. The specific BR3 work packages analysed were: Primary coolant piping decontamination; Primary coolant piping dismantling; Vulcain reactor internals dismantling; Westinghouse reactor internals dismantling; Reactor vessel dismantling. The main conclusions to be drawn from the analyses are that: The fixed costs related to decontamination and dismantling activities generally are a very important part of the overall resources needed to execute the work, with the Reactor Pressure Vessel (RPV) seemingly being significantly more demanding than other major components. Cutting activities tend to need something like 150 to 200 labour hours per m2 of reactor equipment dismantled. Fixed investment costs to set up the equipment needed to cut up major vessels or internals appear to be in the range of MSEK 4 to 8. Consumables costs vary according to the nature of the equipment being dismantled. The thicker the metal being cut, the higher the attrition rate for things such as cutting blades. The range of consumables costs at BR3 have been in the range of MSEK 0.1 to 0.2/m2 dismantled. The extent of detailed information available in the 1996 Aagesta estimate is not sufficient to enable a full comparison with the BR3 decommissioning results. A global first comparison has been attempted by summing the resources expended on the BR3 work packages described in this report with the combined dismantling data presented in the 1996 Aagesta cost estimate report. Very broadly the cost of decontamination plus dismantling of the main process equipment at Aagesta appears to be in the order of MSEK 70, of which MSEK 4 is labour on preparatory/planning work, MSEK 40 is labour on actual decontamination and dismantling and MSEK 25 is

  9. A Geometric Comparison of the Transformation Loci with Specific and Mobile Capital

    Science.gov (United States)

    Colander, David; Gilbert, John; Oladi, Reza

    2008-01-01

    The authors show how the transformation loci in the specific factors model (capital specificity) and the Heckscher-Ohlin-Samuelson model (capital mobility) can be rigorously derived and easily compared by using geometric techniques on the basis of Savosnick geometry. The approach shows directly that the transformation locus with capital…

  10. Effects of the cost of capital for companies financing decisions%资金成本对企业筹资决策的影响研究

    Institute of Scientific and Technical Information of China (English)

    薛冰峰

    2015-01-01

    决定企业发展的根本因素就是企业的资金成本,而且资金成本对企业筹资决策还起到了非常重要的作用,筹资是企业扩大规模的一种方式,怎样在筹资决策中调整资本结构受到了业界的普遍重视。本文将对资金成本在筹资决策中的作用进行分析阐述,并分析选择适合的筹资方式来降低资金成本的方法。%The fundamental factors that determine the development of enterprises is the company's cost of capital, and the cost of capital for corporate financing decisions also played a very important role in corporate financing is a way to expand the scale and how to adjust the capital structure of the financing decisions by the industry universal attention. This paper will effect the cost of capital in the financing decisions were analyzed and discussed and analyzed to choose the financing method to reduce the cost of capital.

  11. Capitalism and justification

    OpenAIRE

    Birešev Ana

    2009-01-01

    Weber's thesis that the spirit of capitalism was preexistent to the rise of capitalism itself inspired many sociologist to search for the cultural background of contemporary forms of capitalism. In this paper, the author focuses on and makes comparisons of three approaches of such kind. The one approach draws from Luc Boltanski and Ève Chiapello who examine the development of 'new spirit of capitalism' by focusing on the interrelation of two macroactors - capitalism and critique; the other on...

  12. Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

    Directory of Open Access Journals (Sweden)

    Li Li

    2015-01-01

    Full Text Available Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation?and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China. Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.

  13. A proposal for evaluation of the owner capital cost for the Brazilian electric power sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the owner capital cost of the brazilian electric sector, according to three methods: Comparable Accounting Earnings, that uses historical values in its measuring and Discounted Cash Flow (DCF) and the Capital Asset Pricing Model (CAPM), elaborated from the expected values. The obtained results by using the CAE method showed that the Brazilian electric sector has not been rewarded in its real necessity of maintenance and expansion. From this observation, it was considered appropriated not to take this method in the methodology presently proposed, which will be using only the single average of the CAPM and DCF models. The use of the results single average of this model presents the advantage of selecting specific characteristics of each one, and diluting the effects of occasional peak values. The owner capital cost obtained from this work was the average value of 19.73% for the studied period - 1995/2003 (17.12% for 2003), proximate to the obtained result by ANEEL - brazilian agency of electric power - for investments in energy distribution in Brazil, 17.47%, while Minardi and Sanvicente (2003) obtained 36.06% for the owner capital cost of CEMIG in 2002, specifically.

  14. Capitalism and human flourishing?

    OpenAIRE

    Gasper, D.R.

    2009-01-01

    What interpretation of human flourishing, what ideas of value does capitalism in practice embody and promote? To address this question the paper clarifies first that "capitalism" must be understood as more than merely a system of private property and markets. It contains "the prerogative of capital", in which surplus remains with the owners of capital, and "the perspective of capital", in which hired work is defined as a cost. The question must also be distinguished from more conventional one...

  15. 26 CFR 1.263A-1 - Uniform capitalization of costs.

    Science.gov (United States)

    2010-04-01

    ... for certain home construction contracts described in section 460(e)(1), section 263A does not apply to... automation or changes in operation or prices, is not a change in method of accounting under section 446(e). A... standard costs that merely reflects current operating conditions, such as increases in automation...

  16. Capital and Operating Costs of Small Arsenic Removal Adsorptive Media Systems

    Science.gov (United States)

    The U.S. Environmental Protection Agency (EPA) conducted 50 full-scale demonstration projects on treatment systems removing arsenic from drinking water in 26 states throughout the U.S. The projects were conducted to evaluate the performance, reliability, and cost of arsenic remo...

  17. Cost-Sharing of General and Specific Training with Depreciation of Human Capital.

    Science.gov (United States)

    Pichler, Eva

    1993-01-01

    Investigates why employers (particularly those valuing technical progress as important for performance) share general training costs and returns. Workers stay with a firm paying a wage below their opportunity wage if it continually provides additional training so that the prospect of future wages outweighs the short-run gain from quitting and…

  18. Neighborhood social capital and crime victimization: comparison of spatial regression analysis and hierarchical regression analysis.

    Science.gov (United States)

    Takagi, Daisuke; Ikeda, Ken'ichi; Kawachi, Ichiro

    2012-11-01

    Crime is an important determinant of public health outcomes, including quality of life, mental well-being, and health behavior. A body of research has documented the association between community social capital and crime victimization. The association between social capital and crime victimization has been examined at multiple levels of spatial aggregation, ranging from entire countries, to states, metropolitan areas, counties, and neighborhoods. In multilevel analysis, the spatial boundaries at level 2 are most often drawn from administrative boundaries (e.g., Census tracts in the U.S.). One problem with adopting administrative definitions of neighborhoods is that it ignores spatial spillover. We conducted a study of social capital and crime victimization in one ward of Tokyo city, using a spatial Durbin model with an inverse-distance weighting matrix that assigned each respondent a unique level of "exposure" to social capital based on all other residents' perceptions. The study is based on a postal questionnaire sent to 20-69 years old residents of Arakawa Ward, Tokyo. The response rate was 43.7%. We examined the contextual influence of generalized trust, perceptions of reciprocity, two types of social network variables, as well as two principal components of social capital (constructed from the above four variables). Our outcome measure was self-reported crime victimization in the last five years. In the spatial Durbin model, we found that neighborhood generalized trust, reciprocity, supportive networks and two principal components of social capital were each inversely associated with crime victimization. By contrast, a multilevel regression performed with the same data (using administrative neighborhood boundaries) found generally null associations between neighborhood social capital and crime. Spatial regression methods may be more appropriate for investigating the contextual influence of social capital in homogeneous cultural settings such as Japan.

  19. Linking national contexts with intellectual capital: a comparison between Spain and Morocco.

    Science.gov (United States)

    Cegarra-Navarro, Juan-Gabriel; Sánchez-Polo, Maria Teresa

    2010-05-01

    The 'national environment', which includes belief and value systems, shapes the way individuals, groups and organisations perceive the world around them and determines how they react to ongoing changes. This paper analyses the role of different context's effects on intellectual capital by means of an empirical investigation of 112 Small to Medium sized Enterprises (SMEs) in the Spanish and Moroccan telecommunication industries. Within the investigation, repeated ANOVA were used, which were validated by factor analysis. Results support that Spanish SMEs are more positively associated with higher levels of human, structural and relational capital. The meaningful differences are clearly found in the 'structural capital'. Our findings open avenues for further research to explore how governments can facilitate learning and unlearning environments in SME communities. These findings have important implications for general intellectual capital theories, as they suggest that there is no guarantee that intellectual capital theories developed within the cultural context of one particular country can be applied in another with good effect. National contexts provide the environment for learning, which in turn may have the effect of adequately improving intellectual capital. PMID:20480700

  20. Impact on the steam electric power industry of deleting Section 316(a) of the Clean Water Act: Capital costs

    International Nuclear Information System (INIS)

    Many power plants discharge large volumes of cooling water. In some cases, the temperature of the discharge exceeds state thermal requirements. Section 316(a) of the Clean Water Act (CWA) allows a thermal discharger to demonstrate that less stringent thermal effluent limitations would still protect aquatic life. About 32% of total US steam electric generating capacity operates under Section 316(a) variances. In 1991, the US Senate proposed legislation that would delete Section 316(a) from the CWA. This study, presented in two companion reports, examines how this legislation would affect the steam electric power industry. This report describes alternatives available to nuclear and coal-fired plants currently operating under variances. Data from 38 plants representing 14 companies are used to estimate the national cost of implementing such alternatives. Although there are other alternatives, most affected plants would be retrofitted with cooling towers. Assuming that all plants currently operating under variances would install cooling towers, the national capital cost estimate for these retrofits ranges from $22.7 billion to $24.4 billion (in 1992 dollars). The second report quantitatively and qualitatively evaluates the energy and environmental impacts of deleting the variance. Little justification has been found for removing the Section 316(a) variance from the CWA

  1. Increasing the Cruise Range and Reducing the Capital Cost of Electric Vehicles by Integrating Auxiliary Unit with the Traction Drive

    Directory of Open Access Journals (Sweden)

    N. Satheesh Kumar

    2016-01-01

    Full Text Available Poor cruise performance of Electric Vehicles (EVs continues to be the primary reason that impends their market penetration. Adding more battery to extend the cruise range is not a viable solution as it increases the structural weight and capital cost of the EV. Simulations identified that a vehicle spends on average 15% of its total time in braking, signifying an immense potential of the utilization of regenerative braking mechanism. Based on the analysis, a 3 kW auxiliary electrical unit coupled with the traction drive during braking events increases the recoverable energy by 8.4%. In addition, the simulation revealed that, on average, the energy drawn from the battery is reduced by 3.2% when traction drive is integrated with the air-conditioning compressor (an auxiliary electrical load. A practical design solution of the integrated unit is also included in the paper. Based on the findings, it is evident that the integration of an auxiliary unit with the traction drive results in enhancing the energy capturing capacity of the regenerative braking mechanism and decreases the power consumed from the battery. Further, the integrated unit boosts other advantages such as reduced material cost, improved reliability, and a compact and lightweight design.

  2. The Effect of Capital Structure When Expected Agency Costs are Extreme

    OpenAIRE

    Harvey, Campbell R.; Karl V. Lins; Andrew H. Roper

    2001-01-01

    We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures provides an acute separation of management cash flow rights and control rights. Second, we argue that not all debt is the same. Using new data on global debt issuance, we find that the type of debt tha...

  3. Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa

    Directory of Open Access Journals (Sweden)

    Jennifer Martínez Ferrero

    2014-07-01

    Los resultados tras aplicar una metodología para datos de panel confirman cómo las prácticas de sostenibilidad son valoradas positivamente por los inversores y otros stakeholders, generando un efecto positivo en la reputación empresarial y un menor coste de capital.

  4. NCHEMS Costing and Data Management System and the Purdue University Cost Study: A Comparison of Narrowly Defined Direct Costs.

    Science.gov (United States)

    Eikenberry, F. L.; Gleason, W. M.

    One critical aspect of costing system methodologies is examined: the effects of average costing by course level on program unit cost. The direct costing methodologies used in two costing systems are compared. One is the internally developed Purdue University Cost Study; the other, the NCHEMS Costing and Data Management System. The comparison…

  5. KVA: Capital Valuation Adjustment

    OpenAIRE

    Andrew Green; Chris Kenyon

    2014-01-01

    Credit (CVA), Debit (DVA) and Funding Valuation Adjustments (FVA) are now familiar valuation adjustments made to the value of a portfolio of derivatives to account for credit risks and funding costs. However, recent changes in the regulatory regime and the increases in regulatory capital requirements has led many banks to include the cost of capital in derivative pricing. This paper formalises the addition of cost of capital by extending the Burgard-Kjaer (2013) semi-replication approach to C...

  6. Health Care Capital Financing Agencies: The Intergovernmental Roles of Quasi-Government Authorities and the Impact on the Cost of Capital

    OpenAIRE

    Alec Ian Gershberg; Michael Grossman; Fred Goldman

    1999-01-01

    During the decade 1983-1992, approximately 1.4 trillion dollars of municipal bonds were sold in 87 thousand separate issues, primarily to finance capital projects for education, electric power, transportation, health care, housing and other public and private purpose activities. Approximately two-thirds of these financings were originated by financing authorities, quasi-government agencies which are the creation of state legislatures. Despite the growing role played by quasi-public authoritie...

  7. The pitfalls of capital budgeting : when costs correlate to oil price. Is the real-options approach superior to traditional valuation?

    International Nuclear Information System (INIS)

    Due to increased demand for drilling rigs, specialized labor force and other resources, the costs of exploration, appraisal, development and production have significantly risen over the last five years. The change in costs has mostly been attributed to the increased activity in the oil and gas exploration and production (EP) industry, as a result of the increase in oil prices. It was hypothesized that operating costs in the EP industry were strongly correlated to the price of oil. However, the correlation between prices and costs has traditionally been overlooked in the capital budgeting process. This paper investigated the economic relationship between oil price and the operating costs in the EP industry. It also explored its implications for the capital budgeting process and decision-making. The paper demonstrated the evaluation of projects under traditional net present value (NPV) and real-option approaches. Empirical evidence was also provided on how costs correlated to oil prices. The differences between project valuation when cost-price correlation was taken into account or not was also discussed. Last, findings, conclusions and general implications of the results obtained for the decision-making process were identified. It was concluded that there was a positive correlation between price and operating costs, and that overlooking this relationship would have significant implications on the valuation of investment projects, both using a traditional NPV methodology, which resulted in undervalued projects, and under real option analysis, which resulted in overvaluing projects. 6 refs., 2 tabs., 5 figs

  8. Building and destroying social capital: The case of cooperative movements in Denmark and Poland

    DEFF Research Database (Denmark)

    Chloupkova, Jarka; Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    linking social capital to rural development and comparing the cases of agricultural cooperative movements in Denmark and Poland, this paper identifies possible roots of building social capital and suggests that social capital was built through a lengthy process in both countries during the 19th century......Social capital, measured as the level of trust among people, may be regarded as a new production factor alongside the traditional ones of human and physical capital. With appropriate levels of social capital, monitoring and transaction costs can be saved and thus economic growth stimulated. Via....... However, the comparison of the present level of social capital indicates that the level of social capital is significantly higher in Denmark than in Poland. The paper concludes that the reason for this difference is due to the fact that the original accumulation of social capital in Poland was destroyed...

  9. Capital and operating cost estimates. Volume I. Preliminary design and assessment of a 12,500 BPD coal-to-methanol-to-gasoline plant. [Grace C-M-G Plant, Henderson County, Kentucky

    Energy Technology Data Exchange (ETDEWEB)

    1982-08-01

    This Deliverable No. 18b - Capital and Operating Cost Estimates includes a detailed presentation of the 12,500 BPD coal-to-methanol-to-gasoline plant from the standpoint of capital, preoperations, start-up and operations cost estimation. The base capital cost estimate in June 1982 dollars was prepared by the Ralph M. Parsons Company under the direction of Grace. The escalated capital cost estimate as well as separate estimates for preoperations, startup and operations activities were developed by Grace. The deliverable consists of four volumes. Volume I contains details of methodology used in developing the capital cost estimate, summary information on a base June 1982 capital cost, details of the escalated capital cost estimate and separate sections devoted to preoperations, start-up, and operations cost. The base estimate is supported by detailed information in Volumes II, III and IV. The degree of detail for some units was constrained due to proprietary data. Attempts have been made to exhibit the estimating methodology by including data on individual equipment pricing. Proprietary details are available for inspection upon execution of nondisclosure and/or secrecy agreements with the licensors to whom the data is proprietary. Details of factoring certain pieces of equipment and/or entire modules or units from the 50,000 BPD capital estimate are also included. In the case of the escalated capital estimate, Grace has chosen to include a sensitivity analysis which allows for ready assessment of impacts of escalation rates (inflation), contingency allowances and the construction interest financing rates on the escalated capital cost. Each of the estimates associated with bringing the plant to commercial production rates has as a basis the schedule and engineering documentation found in Deliverable No. 14b - Process Engineering and Mechanical Design Report, No. 28b - Staffing Plans, No. 31b - Construction Plan, and No. 33b - Startup and Operation Plan.

  10. 企业产权、社会责任与权益资本成本%Corporate Social Responsibility,Ownership and the Cost of Equity Capital

    Institute of Scientific and Technical Information of China (English)

    徐珊; 黄健柏

    2015-01-01

    企业社会责任是否是企业为社会利益而牺牲自身利润的行为一直是学术界争论的焦点,文章尝试从资本市场参与者的角度出发,通过考察我国上市公司的社会责任履行情况对权益资本成本的影响来回答这个问题。研究发现:(1)良好的社会责任表现确实能显著降低企业的权益资本成本,其中改善企业对投资者的责任起到的作用最为突出;(2)与非国有企业相比,目前国有企业的社会责任履行情况更好且权益资本成本更低,但是积极的社会责任行为在非国有样本中更能发挥降低权益资本成本的作用。%Recently,whether corporate social responsibility (CSR)is priced by capital markets has become an important issue,especially for China where institutional settings are quite different from other parts of the world. This study examines the effect of CSR towards primary stakeholders on the cost of equity capital of Chinese listed firms,and divides the sample into state -owned enterprises (SOEs)and non-state-owned enterprises (NSOEs)to compare. We construct a set of CSR index system to measure the quality of the CSR practices and use several approaches to estimate firms’ex ante cost of equity capital. The results show that firms with higher CSR scores enjoy significantly lower cost of equity capital. In particular,we also find that investment in improving CSR towards investors make the greatest contribution to reducing firms’equity financing costs. In addition,SOEs have better CSR and lower cost of equity capital than NSOEs,but the effect of CSR in reducing the cost of equity capital will be greater for NSOEs than for SOEs. Findings suggest that CSR toward primary stakeholders can be profitable and beneficial to Chinese firms.

  11. Cost comparison of re-usable and single-use fibrescopes in a large English teaching hospital.

    Science.gov (United States)

    McCahon, R A; Whynes, D K

    2015-06-01

    A number of studies in the U.S.A. and mainland Europe have described the costs of fibreoptic tracheal intubation. However, no such data from the UK appear available. We performed a cost assessment of fibreoptic intubation, using re-usable (various devices from Olympus, Acutronic and Karl Storz) and single-use (Ambu aScope) fibrescopes, at the Queens Medical Centre, Nottingham, U.K., between 1 January 2009 and 31 March 2014. The total annual cost of fibreoptic intubation with re-usable fibrescopes was £46,385. Based on 141 fibreoptic intubations per year, this equated to £329 per use, an average dominated by repair/maintenance costs (43%) and capital depreciation costs (42%). In comparison, the total annual cost of using single-use fibrescopes for the same work would have been around £200 per use. The analysis enabled us to develop a generic model, wherein we were able to describe the relationship between total cost of use vs number of uses for a fibrescope. An 'isopleth' was identified for this relationship: a line that joined all the points where the cost of re-usable vs single-use fibrescopes was equal. It appears cheaper to use single-use fibrescopes at up to 200 fibreoptic intubations per year (a range commensurate with normal practice) even when the repair rate for re-usable fibrescopes is low. Any centre, knowing its fibrescope use and repair rate, can plot its data similarly to help ascertain which of the re-usable or single-use fibrescope represents better value. PMID:25644476

  12. Comparison of the Navy Working Capital Fund and mission funding as applied to Navy shipyards

    OpenAIRE

    Cain, Andrew M.

    2006-01-01

    The dramatic political and economic events, both globally and within the United States, during the early 1990s led to significant changes to the Navy shipyard organizational structure. As part of the Navy maintenance regionalization and consolidation program, the financial management system used to manage these commands has been changed. Specifically, the Navy has shifted two of its four shipyards, with authorization to shift the other two in FY07, from the Navy Working Capital Fund to missio...

  13. Before and after the Global Financial Crisis: capital structure comparison of European property companies

    OpenAIRE

    Morri, G.; Artegiani, A

    2014-01-01

    Real estate is an industry that deserves some attentions to capital structure due to its own peculiarities. As a consequence, existing relevant literature and research is abundant of analyses that are focused on this industry as well. However, such studies have been centered mainly in the more developed USA market and, because the Global Financial Crisis of late 2000s is a relatively a recent event, research has not yet much considered how this phenomenon has impacted on corporate financing d...

  14. Real Activities Earnings Management and Cost of Equity Capital%真实活动盈余管理与权益资本成本

    Institute of Scientific and Technical Information of China (English)

    王亮亮

    2013-01-01

    盈余质量的经济后果是资本市场会计研究的核心问题,囿于变量测度和模型估计等问题,学术界还较少关注真实活动盈余管理与隐含权益资本成本之间的关系。基于 Roy-chowdhury 行业-年度预测模型估计真实活动盈余管理程度,基于 GLS、OJN、GGM 和 CT 等估计模型通过矩阵运算得到隐含权益资本成本,运用1999年至2011年中国上市公司样本,检验真实活动盈余管理对隐含权益资本成本的影响。研究结果表明,销售操控、生产操控和酌量性费用操控3类真实活动盈余管理的幅度都与权益资本成本正相关,基于3类真实活动盈余管理构建的综合指标与权益资本成本正相关,在控制应计项目盈余管理因素的影响下,真实活动盈余管理与权益资本成本之间的关系依旧存在。研究结论为探讨隐含权益资本成本影响因素提供了经验证据。%The economic consequences of earnings management are essential questions in the field of capital market accounting . However , due to problems in variable measures and model estimates , there are few empirical evidences on the link between real earnings management and implied cost of equity capital .Employing industry-year estimation model developed by Roychowdhury to estimate the degree of real earnings management and estimation models such as GLS , OJN, GGM and CT to perform matrix calculation to estimate implied cost of equity capital , this study investigates how real earnings management affects implied cost of equity capital based on data from the Chinese listed companies from 1999 to 2011.The results suggest that:①three types of real earnings management , sales control , production control and cost control , are positively related to cost of equity capital;②com-prehensive indicators based on three types of real earnings management is positively related to cost of equity capital ;and③when the effects of accrual

  15. A Danish cost-effectiveness model of escitalopram in comparison with citalopram and venlafaxine as first-line treatments for major depressive disorder in primary care

    DEFF Research Database (Denmark)

    Sørensen, Jan; Stage, Kurt B; Damsbo, Niels;

    2007-01-01

    The objective of this study was to model the cost-effectiveness of escitalopram in comparison with generic citalopram and venlafaxine in primary care treatment of major depressive disorder (baseline scores 22-40 on the Montgomery-Asberg Depression Rating Scale, MADRS) in Denmark. A three......-path decision analytic model with a 6-month horizon was used. All patients started at the primary care path and were referred to outpatient or inpatient secondary care in the case of insufficient response to treatment. Model inputs included drug-specific probabilities derived from systematic literature review......, ad-hoc survey and expert opinion. Main outcome measures were remission defined as MADRS treatment costs. Analyses were conducted from healthcare system and societal perspectives. The human capital approach was used to estimate societal cost of lost productivity. Costs were reported...

  16. Non-financial stakeholder relationship costs as determinant of capital structure: Empirical evidence from first-time business start-ups.

    OpenAIRE

    Franck, Tom; Huyghebaert, Nancy

    2006-01-01

    Titman (1984) is the first to argue that non-financial stakeholders (customers, suppliers and employees) pass on their expected liquidation costs to the firm. In his framework, firms can influence the probability of liquidation by choosing an appropriate capital structure. Other studies have reasoned that the bargaining power of non-financial stakeholders (NFS) may also impact on financing decisions. This paper investigates these ideas in a sample of first-time business start-ups, where ex-an...

  17. Capital structure: a comparison between market-based and bank-based financial systems

    OpenAIRE

    Ρεκαντζή, Αδαμαντία Δ.

    2014-01-01

    This thesis explores the equity market timing effect on capital structure decisions in the U.K. which is considered a Market-based financial system and Germany which is regarded as a Bank-based financial system. In contrast with previous studies, we find no evidence supporting Market timing Theory in both countries. No significant and conclusive results are found to indicate that in the U.K. firms tend to issue equity when their market values are high whereas in Germany firms tend to have hig...

  18. Non-convex costs and capital utilization: a study of production and inventories at automobile assembly plants

    OpenAIRE

    Hall, George J.

    1996-01-01

    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and weeklong shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production ...

  19. 我国企业资本成本估算及其估算值的合理界域:2000-2009%Research on the Cost of Capital Estimation in Chinese Listed Firms and the Reasonable Boundaries of Cost of Capital:2000-2009

    Institute of Scientific and Technical Information of China (English)

    汪平; 袁光华; 李阳阳

    2012-01-01

    Estimating cost of capital is a major difficult problem in the modern financial theory.After decades of evolution,it has not yet been reached a consensus.Before significant progress in estimating cost of capital has achieved,many corporate finance behaviors and the corresponding macro-control behaviors related to reasonable estimation of cost of capital,such as to determine the proportion of profit-sharing in State-owned enterprise in China,to determine the discount rate in economic value added(EVA) evaluation,to determine the cost of capital in performance evaluation based on value creation etc,lack basic support because of unreasonable estimation of cost of capital.Respective corporate finance behaviors and the macro-control measures are inadequate and inefficient.In this paper,we analyze major cost of capital calculating techniques and models,and make a preliminary proof on the reasonable boundaries of cost of capital.%资本成本估算是现代财务理论中的一大难题,虽经数十年的发展演变,但至今仍没有达成广泛的共识。在资本成本估算技术没有取得重大进展之前,尤其是资本成本概念还没有引起人们的高度关注之前,公司理财行为以及相应的宏观管制比如我国国有企业的利润分红比例的确定、经济附加值(EVA)考核中折现率的确定、管理层基于价值创造绩效考核中资本成本的确定等,均会由于资本成本合理估算值的阙如而缺乏一个重要基准的支持。没有资本成本基准约束的公司理财行为以及宏观管制措施必将是非理性的、低效的。本文将对股权资本成本估算的主要技术和模型进行分析,并对各种估算技术的估算结果的合理界域问题进行初步的论证。

  20. Study on the Internal Control and the Cost of Equity Capital%内部控制与权益资本成本的关系研究

    Institute of Scientific and Technical Information of China (English)

    张月

    2016-01-01

    从信号传递理论的角度分析了内部控制质量、实际控制人性质与权益资本成本之间的关系,采用PEG模型计算权益资本成本,以沪深两市A股非金融类上市公司2011年的数据为样本进行实证研究,结果表明:对于内部控制质量高的企业,投资者认为其经营风险小,企业价值高,进而降低权益资本成本,同时实际控制人性质能够为内部控制质量提供保证,使得这种负向关系在国有控股企业中表现得更为显著,即国有控股的企业权益资本成本比非国有控股的企业权益资本成本更低。这一结论对企业进一步完善内部控制制度具有重要的参考意义。%From the perspective of signaling theory ,the relationship among the quality of internal control , actual control of nature and the cost of equity capital were analyzed in this paper ,and the cost of equity capital was calculated by using the PEG model .Shanghai and Shenzhen A-share non-financial listed com-panies in 2011 of data sample were empirical studied ,and the results showed that for the high quality of internal control of the enterprise ,investors believe that it has low business risk and high enterprise value , thereby reducing the cost of equity capital ,while the actual control of the nature of internal control can provide quality assurance ,making this more significant negative relationship between the performance of state-owned holding enterprises ,corporate cost of equity capital that is lower than the state-owned holding companies equity capital cost of non-state-controlled.This conclusion has important reference for compa-nies to further improve their internal control system .

  1. Industrial Features of Firms'Cost of Equity Capital%权益资本成本的行业特征研究

    Institute of Scientific and Technical Information of China (English)

    张军华

    2014-01-01

    以2004~2011年沪深 A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现:行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。%Using a total of 2 5 5 2 firm-year balanced panel data of China's A-share listed compa-nies during the period of 2004 to 2011,this paper investigates the cost of equity capital's industri-al differences and industrial features.The results show that there are significant differences in the costs of equity capital in different industries and in manufacturing sub-categories,and such differ-ences are relatively stable over time;the degree of industrial competition and the fluctuation of in-dustrial profits have significantly positive effect on the costs of equity capital,which reflects the effect of the idiosyncratic risk of product market competition;the fluctuation of the return of an industry and the industrial growth have significantly negative and positive effects respectively on the cost of equity capital;and the reform of accounting standards strengthens the industrial factor 'effect on the cost of equity capital.

  2. Comparison of fuel production costs for future transportation

    DEFF Research Database (Denmark)

    Ridjan, Iva; Mathiesen, Brian Vad; Connolly, David

    The purpose of this poster is to provide an overview of fuel production costs for two types of synthetic fuels – methanol and methane, along with comparable costs for first and second generation biodiesel, two types of second generation bioethanol, and biogas. The model analysed is a 100% renewab...

  3. Capital Construction Cost Internal Audit Inquiry%高校基建内部工程造价审计探究

    Institute of Scientific and Technical Information of China (English)

    陈淳慧

    2011-01-01

    As China's economic development and higher education reform, the capital investment of university is increasing. The implementation of project cost audit is a means of cost control and corrosion monitoring. By analyzing the contents of cost audit in every construction project stages, the article presents some methods and techniques of cost audit.%随着我国经济发展和高等教育改革的推进,高校的规模在不断扩大,基本建设投入越来越大,实施工程造价审计是造价控制和防腐监督的手段.文章通过分析高校基建工程各阶段工程造价的审计内容,提出审计的方法与技巧.

  4. Impression management as symbolic capital: an intercultural comparison of presentations by CEOs on social network sites

    Directory of Open Access Journals (Sweden)

    Klarissa Lueg

    2015-05-01

    Full Text Available Social Network Sites (SNS play an increasingly important role in the European business world, especially with respect to cross-cultural impression management. Departing from the Bourdieusian concept of “capital,” this paper analyzes the differences in the use of two popular business SNS: XING in Germany and LinkedIn in Denmark. We summarize those differences and relate them to different cultural contexts and impression management practices. Our sample consists of Danish Higher Executives (HEs/managers (e.g., CEOs and companies that have profiles on both SNS, thus reaching out to both the German and the Danish markets. It is apparent that even business experts operating in both markets could better adapt to the standards and possibilities offered by the German SNS with respect to impression management. We introduce a set of recommendations to foster SNS-related and culture-sensitive impression management.

  5. Backup Power Cost of Ownership Analysis and Incumbent Technology Comparison

    Energy Technology Data Exchange (ETDEWEB)

    Kurtz, J.; Saur, G.; Sprik, S.; Ainscough, C.

    2014-09-01

    This cost of ownership analysis identifies the factors impacting the value proposition for fuel cell backup power and presents the estimated annualized cost of ownership for fuel cell backup power systems compared with the incumbent technologies of battery and diesel generator systems. The analysis compares three different backup power technologies (diesel, battery, and fuel cell) operating in similar circumstances in four run time scenarios (8, 52, 72, and 176 hours).

  6. A Comparison of Benefit Cost and Cost Utility Analysis in Practice: Divergent Policies in Sweden

    OpenAIRE

    Hultkrantz, Lars; Svensson, Mikael

    2012-01-01

    We compare state-of-the-art implementation of Benefit Cost Analysis (BCA) and Cost Utility Analysis (CUA) as tools for making priorities in allocation of national public funds in the transport sector and health sector, respectively, in Sweden. While the principal distinctions between these methods are well known, less notice has been given to a number of other differences that have emerged as national and international practices have evolved over time along separate lines. We compare cost and...

  7. Human Capital,Training Cost and Transnational Service Outsourcing%人力资本、培训成本与跨国服务外包

    Institute of Scientific and Technical Information of China (English)

    任志成; 孙文远

    2012-01-01

    The teamwork based on the difference of human capitals is the typical feature of international service outsourcing.The article analyzes the effect of training cost and the level of human capital on service outsourcing team's cooperative decision and benefit.The research suggests that transnational team's training cost is an important factor influencing the international outsourcing decision.Meanwhile,the effect of training cost on employer's income varies in different team cooperation cost.The higher the level of human capital of the employer's country is,the more income and the more incentive to do service outsourcing the employer's country gain.%基于人力资本差异而形成的团队合作是国际服务外包的典型特征。运用简单的两国模型分析培训成本及人力资本水平对服务外包团队合作决策和收益的影响,研究结果表明:跨国团队的培训成本是国际外包决策的重要影响因素;团队协作成本不同的条件下,培训成本对发包方的收入影响不同;接包国的人力资本水平越高,发包国获得的收入越高,越有动力实施服务外包。

  8. Greater flamingos Phoenicopterus roseus are partial capital breeders

    OpenAIRE

    Rendón-Martos, Manuel; Rendón, Miguel A.; Garrido, Araceli; Amat, Juan A.

    2011-01-01

    Capital breeding refers to a strategy in which birds use body stores for egg formation, whereas income breeders obtain all resources for egg formation at breeding sites. Capital breeding should occur more in large-bodied species because the relative cost of carrying stores for egg formation becomes smaller with increasing body size. Based on a comparison between stable isotopes of carbon and nitrogen in potential prey at wintering sites and eggs, we examined whether greater flamingos use nutr...

  9. From capital to capital

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  10. A Comparison Of Hospital Administrative Costs In Eight Nations: US Costs Exceed All Others By Far

    NARCIS (Netherlands)

    Himmelstein, D.U.; Jun, M.; Busse, R.; Chevreul, K.; Geissler, A.; Jeurissen, P.P.T.; Thomson, S.; Vinet, M.A.; Woolhandler, S.

    2014-01-01

    A few studies have noted the outsize administrative costs of US hospitals, but no research has compared these costs across multiple nations with various types of health care systems. We assembled a team of international health policy experts to conduct just such a challenging analysis of hospital ad

  11. Comparison of costs of integrating working level devices

    International Nuclear Information System (INIS)

    For the purpose of deciding upon the method for making routine field measurements of radon and radon daughter products there are primarily two factors to be taken into consideration: how well the various methods measure the parameter of interest and how much they cost. For the purpose of measuring the annual average working level within a structure there are available basically two devices: the integrating air sampler and track etch film. The cost and manpower requirements for each of these two devices are discussed

  12. Varieties of Capitalism, Varieties of Innovation? A Comparison of Old and New EU Member States

    Directory of Open Access Journals (Sweden)

    Matthew M. C. Allen

    2009-12-01

    Full Text Available This article seeks, firstly, to shed light on the main claim of the Varieties of Capitalism (VoC framework that socio-economic institutions can help to shape comparative advantage, and, secondly, to complement existing assessments that have relied predominantly on qualitative data and that have tended to focus on a few economic sectors. It examines the distribution of export success in a number of economic sectors, in which competitiveness is said to be characterised by either radical or incremental innovation, as well as exports in knowledge-intensive service sectors. Unlike previous studies it applies the framework to some of the new member states of the European Union in Central and Eastern Europe. This is an important area to examine the contentions of the VoC framework, because, if those arguments are correct, they should be applicable to the new member states. Moreover, it draws on the latest available data; for indicators measuring export success this is done at the lowest level of aggregation. In contrast to previous studies, a more appropriate measure of trade specialisation, revealed symmetric comparative advantage, is used. Whilst some of the evidence supports the VoC framework, much of it does not. This raises important conceptual and methodological issues that should be addressed by future research.

  13. Comparison construction costs conventional rubblemound breakwaters/bermbreakwater

    NARCIS (Netherlands)

    Hauer, M.; Op den Velde, W.; Vrijling, J.K.; D' Angremond, K.

    1995-01-01

    Given a harbour location and a wave-climate, two different types of rubble-mound breakwaters were designed. Using realistic quarry yield curves and prices for production, transport and constmction, the total costs of the conventional statically stable and dynamically stable bermbreakwater designs we

  14. COMPARISON OF WEST GERMAN AND U.S. FLUE GAS DESULFURIZATION AND SELECTIVE CATALYTIC REDUCTION COSTS

    Science.gov (United States)

    The report documents a comparison of the actual cost retrofitting flue gas desulfurization (FGD) and selective catalytic reduction (SCR) on Federal Republic of German (FRG) boilers to cost estimating procedures used in the U.S. to estimate the retrofit of these controls on U.S. b...

  15. Ritalin vs. Response Cost in the Control of Hyperactive Children: A Within-Subject Comparison.

    Science.gov (United States)

    Rapport, Mark D.; And Others

    1982-01-01

    A comparison of the effects of methylphenidate (Ritalin) and response cost in reducing the offtask behavior of two boys (7 and 8 years old) with attentional deficit disorders and hyperactivity revealed that response cost (with free time as the reinforcer) was superior to Ritalin in increasing ontask behavior and improving academic performance.…

  16. 新会计准则、盈余透明度与资本成本%China's New Accounting Standards,Earnings Transparency and Cost of Capital

    Institute of Scientific and Technical Information of China (English)

    郑伟光; 高洁; 陆强

    2014-01-01

    In this paper,a new measurement method has been adopted to measure the transparency of accounting earn-ings and examine the relationship between the cost of equity capital and earnings transparency.The impact of China's new accounting standards has also been studied on earnings transparency from the perspective of consolidated financial state-ment theory and fair value.The empirical results show that:the cost of equity capital is negatively associated with earnings transparency;due to new accounting standards,changes of accounting treatment for minority interest income and introduc-tion of fair value increase earnings transparency significantly.It is also found that the new accounting standards weaken the relationship between the cost of capital and earnings transparency.%本文采用一种新的计量方法衡量会计盈余透明度,并研究盈余透明度与股权资本成本的关系,在此基础上从合并报表理论变革和公允价值的视角研究新会计准则对盈余透明度的影响。结果显示:盈余透明度与股权资本成本负相关,新会计准则对少数股东损益计量方法的变更与公允价值的引入显著增加了盈余透明度,同时,研究发现新会计准则的实施削弱了盈余透明度与资本成本的关系。

  17. Cost Comparison Model: Blended eLearning versus traditional training of community health workers

    OpenAIRE

    Sissine, Mysha; Segan, Robert; Taylor, Mathew,; Jefferson, Bobby; Borrelli, Alice; Koehler, Mohandas; Chelvayohan, Meena

    2014-01-01

    Objectives: Another one million community healthcare workers are needed to address the growing global population and increasing demand of health care services. This paper describes a cost comparison between two training approaches to better understand costs implications of training community health workers (CHWs) in Sub-Saharan Africa. Methods: Our team created a prospective model to forecast and compare the costs of two training methods as described in the Dalburge Report - (1) a traditional...

  18. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

    Full Text Available Setting up business capital is made from different sources and their use coordinates its policy aims, issues that affect the overall efficiency and thus differentiate companies with the same profile of activity and a similar level of capital advanced in the economic cycle. Thus financial structure, the average cost of capital used in the mechanism how the financial management of the company, of particular importance for this.

  19. Lab-Scale Fiber Spinning Experimental Design Cost Comparison

    Directory of Open Access Journals (Sweden)

    Jeffrey C. Moreland

    2010-03-01

    Full Text Available Many statistical experimental designs are too costlyor require too much raw material to be feasible forlab-scale fiber spinning experiments. In this study afour-factor response surface design is presented tostudy the fiber spinning process in detail at the labscale. The time, cost, and amount of raw materialrequired to execute the proposed design are comparedto the typical completely randomized 24 factorialdesign used in fiber spinning experiments and also toa standard four-factor response surface design.Sample fiber data as well as analysis from a typicalstatistical software package is provided to furtherdemonstrate the differences between each design. Bydesignating some treatment factors in the design ashard-to-change, split-plotting is used to reduce thetime, cost, and amount of raw material required tocomplete the experiment. The proposed split-plotdesign is faster and less expensive than a typicalfactorial design and has the advantage of fitting amore complex second-order model to the system.When compared to a standard response surfacedesign, the proposed split-plot design provides thesame second-order modeling capabilities but reducesthe cost of the experiment by 53%, the total time by36%, and the amount of polymer required by 24%.Thus, a split-plot response surface design based onhard-to-change factors is recommended in lab-scalespinning.

  20. Retail Infrastructure Costs Comparison for Hydrogen and Electricity for Light-Duty Vehicles: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Melaina, M.; Sun, Y.; Bush, B.

    2014-08-01

    Both hydrogen and plug-in electric vehicles offer significant social benefits to enhance energy security and reduce criteria and greenhouse gas emissions from the transportation sector. However, the rollout of electric vehicle supply equipment (EVSE) and hydrogen retail stations (HRS) requires substantial investments with high risks due to many uncertainties. We compare retail infrastructure costs on a common basis - cost per mile, assuming fueling service to 10% of all light-duty vehicles in a typical 1.5 million person city in 2025. Our analysis considers three HRS sizes, four distinct types of EVSE and two distinct EVSE scenarios. EVSE station costs, including equipment and installation, are assumed to be 15% less than today's costs. We find that levelized retail capital costs per mile are essentially indistinguishable given the uncertainty and variability around input assumptions. Total fuel costs per mile for battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV) are, respectively, 21% lower and 13% lower than that for hydrogen fuel cell electric vehicle (FCEV) under the home-dominant scenario. Including fuel economies and vehicle costs makes FCEVs and BEVs comparable in terms of costs per mile, and PHEVs are about 10% less than FCEVs and BEVs. To account for geographic variability in energy prices and hydrogen delivery costs, we use the Scenario Evaluation, Regionalization and Analysis (SERA) model and confirm the aforementioned estimate of cost per mile, nationally averaged, but see a 15% variability in regional costs of FCEVs and a 5% variability in regional costs for BEVs.

  1. Capital disadvantage: America's failing capital investment system.

    Science.gov (United States)

    Porter, M E

    1992-01-01

    The U.S. system of allocating investment capital is failing, putting American companies at a serious disadvantage and threatening the long-term growth of the nation's economy. The problem, says Michael Porter, goes beyond the usual formulation of the issue: accusations of "short-termism" by U.S. managers, ineffective corporate governance by directors, or a high cost of capital. The problem involves the external capital allocation system by which capital is provided to companies, as well as the system by which companies allocate capital internally. America's system is marked by fluid capital and a financial focus. Other countries--notably Japan and Germany--have systems with dedicated capital and a focus on corporate position. In global competition, where investment increasingly determines a company's capacity to upgrade and innovate, the U.S. system does not measure up. These conclusions come out of a two-year research project sponsored by the Harvard Business School and the Council on Competitiveness. Porter recommends five far-reaching reforms to make the U.S. system superior to Japan's and Germany's: 1. Improve the present macroeconomic environment. 2. Expand true ownership throughout the system so that directors, managers, employees, and even customers and suppliers hold positions as owners. 3. Align the goals of capital providers, corporations, directors, managers, employees, customers, suppliers, and society. 4. Improve the information used in decision making. 5. Foster more productive modes of interaction and influence among capital providers, corporations, and business units. PMID:10121317

  2. ''Social capitalism'' in renewable energy generation: China and California comparisons

    Energy Technology Data Exchange (ETDEWEB)

    Clark, Woodrow W. II.; Li, Xing [Clark Strategic Partners, PO Box 17975, Beverly Hills, CA 90210 (United States)

    2010-03-15

    With a population of over 1.3 billion people, demand for renewable energy is expected to grow to a USD $12 billion market in the near term. Under Renewable Energy Law (REL) in February 2005 in the People's Republic of China (PRC) passed by the National Congress, renewable energy projects will be able to receive a range of financial incentives starting in 2006, which will more than double the PRC current renewable energy generation from 7% to 15% by 2020. Most of the increase will be in hydroelectric generated power. Nonetheless, the nation and especially the provinces are moving rapidly to develop a wide range of renewable energy generation including solar, wind, geothermal and run of the river. Because China practices ''social capitalism'' as expressed in it's recurrent Five Year National Plans since 1999, the national government and all the provinces have programs, unlike many western and industrialized nations, to ''plan'' and provide for infrastructures. This paper concerns only the energy infrastructure sector and renewable energy generation in particular. The planning process includes financial incentives and investments which are a major part of the Chinese law focused on ''encouraging foreign investment industries''. The key part of the law is to guarantee long-term power purchase agreements with state owned and controlled ''utilities''. In short, China may have gotten the economics of the energy sector correct in its concern for planning and finance. The paper develops these energy infrastructure ideas along with the legal and financial requirements as ''lessons'' learned from the USA and especially California. These lessons now apply to China and allow it to learn from the American mistakes. Empirical data will be drawn from work done in China that examine the renewable energy generation and infrastructures and hence allow the RPC and its

  3. RE-COST: Cost and Business Comparisons of Renewable vs. Non-renewable Technologies

    Energy Technology Data Exchange (ETDEWEB)

    Mostajo Veiga, Mercedes; Farina Alvarez, Pablo; Fernandez-Montes Moraleda, Manuel; Kleinsorge, Anne

    2012-07-15

    Based on real plant data, the RE-COST project concludes that in many OECD energy markets, new renewable energy technologies (RET) are close to be competitive with non-RET electricity plants. RET costs are decreasing rapidly, while conventional power plants are affected by lower utilisation rates, volatile coal and gas prices, CO2 pricing, and lower electricity demand than expected. If energy prices would account for air pollution and climate change, renewables would already be the most beneficial for society and business.

  4. A proposal of cost evaluation of own capital for the Brazilian electric sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the own capital cost of the Brazilian electric sector, by using three methodologies: Comparable Accounting Results (CAR), using historical values for measurement, Discounted Cash Flow (DCF) and the CAPM, elaborated from expected values.The obtained results by using the CAR method indicated that the Brazilian electric power sector is not receiving remuneration according to the real maintenance and expansion necessities. Based on this observation, it was considered appropriated to discard the CAR method in the proposed methodology, therefore using the simply average of the CAPM e DCF models. By using the simply average of the models presents the advantage of capturing specific characteristics of each model, and to dilute effects of eventual extreme values.

  5. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

    This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

  6. The Analyses of the Influence of Business Cost on Capital Gathering and Geographical Choose%商务成本对资本聚集及区位选择的影响分析

    Institute of Scientific and Technical Information of China (English)

    黄志启

    2012-01-01

    Business cost and the changes impact on capital geographical choose,capital selection system will promote the project level of economic and development of the economy.Capital geographical selection has reduced the cost of transaction costs and other business costs,the business cost reduction further attracting capital choice,then strengthening the mechanism of the business cost and capital choose.%一个地区的商务成本构成及其变动影响资本区位选择,资本区位选择等级体系则促进了集聚经济的形成和发展;集聚经济在强化资本区位选择的同时,还降低了该地区要素成本和交易成本等商务成本,这进一步吸引了资本的区位选择,从而形成了商务成本、资本集聚的自加强机制。

  7. Health and Economic Impacts of Air Pollution in China: A Comparison of the General Equilibrium Approach and Human Capital Approach

    Institute of Scientific and Technical Information of China (English)

    YUE WAN; HONG-WEI YANG; TOSHIHIKO MASUI

    2005-01-01

    In China, combustion of fossil fuels and biomass has produced serious air pollution that does harm to human health. Based on dose-response relationships derived from epidemiological studies, the authors calculated the number of deaths and people with health problems which were thought to be attributable to China's air pollution in the year of 2000. In order to estimate the corresponding economic impacts from the national point of view, the general equilibrium approach was selected as an analysis tool for this study. A computable general equilibrium (CGE) model was constructed involving 39 sectors and 32 commodities.The human capital approach (HCA) was also used for comparison. The economic burden of disease for people estimated by HCA was equivalent to 1.26‰ (ranging from 0.44‰ to 1.84‰) of China's gross domestic product (GDP). China's GDP loss estimated by the general equilibrium approach reached 0.38‰ (ranging from 0.16‰ to 0.51‰). The difference between the two approaches and the implications of the results were discussed.

  8. Erotic Capital

    OpenAIRE

    Jensen, Natalie Madeleine; Jensen, Benjamin; Engstrøm, Emma; Maas, Jannik; Majchrzak, Izabela

    2016-01-01

    This project “Erotic Capital” concerns the topic and theory of Erotic Capital, coined by Catherine Hakim. The idea of Erotic Capital derives from Pierre Bourdieu’s theory of Personal Capitals – in this, Erotic Capital is discussed as an additional Personal Capital. In connection to the investigation of the theory Erotic Capital, certain theories of Feminism, Masculinity, Femininity, Gender and Cultural Differences are explored and examined. This is done in order to study how these theories...

  9. On the Comparison of Psychological Capital and Metacognitive Beliefs between Drug-Dependent Students and Normal Students

    Directory of Open Access Journals (Sweden)

    davoud akbarzadeh

    2015-02-01

    Full Text Available Objective: This study aimed to compare psychological capital and metacognitive beliefs between drug-dependent students and normal students. Method: The present study was of a causal-comparative nature. The students of Azad University of Tabriz in 2013 constituted the study population. Then, two groups of 50 drug-dependent and normal students were selected through convenience and clustering sampling methods, respectively. Cartwright-Hatton and Wells’ Metacognitions Questionnaire (MCQ-30 and Luthans’ Psychological Capital Questionnaire (PCQ-24 were used for data collection purposes. Results: The results showed that there was a statistically significant difference between the two groups in terms of psychological capital and metacognitive beliefs. This means that drug-dependent students suffer lower psychological capital and impaired metacognitive beliefs. Conclusion: According to the obtained results, it is feasible to wane students’ tendency to drug use with the growth of psychological capital and the implementation of programs on metacognitive beliefs.

  10. Contingent Capital with a Capital-Ratio Trigger

    OpenAIRE

    Paul Glasserman; Behzad Nouri

    2012-01-01

    Contingent capital in the form of debt that converts to equity when a bank faces financial distress has been proposed as a mechanism to enhance financial stability and avoid costly government rescues. Specific proposals vary in their choice of conversion trigger and conversion mechanism. We analyze the case of contingent capital with a capital-ratio trigger and partial and ongoing conversion. The capital ratio we use is based on accounting or book values to approximate the regulatory ratios t...

  11. Comparison between Low-cost and Traditional Airlines. Case study: easyJet and British Airways

    OpenAIRE

    Fedosova, Aleksandra

    2016-01-01

    This thesis work is conducted with purpose to make an analysis of the financial results of traditional and low cost airlines and compare them. The comparison is done through analysis of the representatives of traditional and low cost airlines – British Airways and easyJet. In addition, the investigation provides an overview of the airline industry as a whole. Researcher applies fundamental analysis, which includes four components: business strategy analysis, accounting analysis, financia...

  12. Electricity and fluid fuels from biomass and coal using advanced technologies: a cost comparison for developing country applications

    International Nuclear Information System (INIS)

    Recent analyses of alternative global energy supply strategies, such as the forthcoming report of the Intergovernmental Panel on Climate Change (IPCC), to be published in 1996, have drawn attention to the possibility that biomass modernized with advanced technologies could play an important role in meeting global energy needs in the next century. This paper discusses two promising classes of advanced technologies that offer the potential for providing modem energy carriers (electricity and fluid fuels) from biomass at competitive costs within one or two decades. These technologies offer significantly more efficient use of land than currently commercial technologies for producing electricity and fluid fuels from biomass, as well as substantially improved energy balances. Electricity is Rely to be the first large market for modernized biomass, but the potential market for fluid fuel production is likely to be much larger. As coal is likely to present a more serious competitive challenge to biomass in the long run, we present an economic comparison with coal-based electricity and fluid fuels. A meaningful economic comparison between coal and biomass is possible because these feedstocks are sufficiently alike in their physical characteristics that similar conversion technologies may well be used for producing electricity and fluid fuels from them. When similar conversion technologies are used for both feedstocks, the relative costs of electricity or fluid fuels will be determined by the distinguishing technical characteristics of the feedstocks (sulphur content, moisture content and reactivity) and by the relative feedstock prices. Electric power generation from biomass and coal are compared here using an advanced integrated gasifier/gas turbine cycle that offers the potential for achieving high efficiency, low unit capital cost and low local pollutant emissions: the steam-injected gas turbine coupled to an air-blown gasifier. For both feedstocks, generation costs are

  13. CAPITAL STRUCTURE, COST OF DEBT AND DIVIDEND PAYOUT OF FIRMS IN NEW YORK AND SHANGHAI STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Jun Jiang

    2013-01-01

    Full Text Available The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds.

  14. The environmental sustainability. The physical cost of replacement of mineral reserves; La sostenibilidad ambiental a escala planetaria. El coste fisico de reposicion del Capital Mineral de la Tierra

    Energy Technology Data Exchange (ETDEWEB)

    Valero, A.; Martinez, A.; Botero, E.

    2003-07-01

    In order to evaluate the physical value of mineral and water reserves, the concept of Exergy Replacement Cost has been defined as the energy required by the best available technologies to return a resource to the same conditions as it was delivered by the ecosystem. In the case of fossil fuel reserves, a new concept called exergy abatement cost has been proposed as a physical way of measuring the exergy cost of the best available technology for avoiding the environmental externalities associated with the use of fossil fuels. According to the results obtained, the physical value of mineral reserves is 15.4% of oil reserves. In the case of water reserves, 0,4 to 6,4 times the fossil energy consumed would be needed each year to supply only a part of the functions of the hydrological cycle. The global exegetic abatement costs would be 11,3% of the proven world exegetic reserves in fossil fuels. (Author)

  15. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...

  16. The Cost of PLATO in a University Environment.

    Science.gov (United States)

    Hofstetter, Fred T.

    1983-01-01

    This analysis of the cost-effectiveness of the University of Delaware's own PLATO system discusses the initial expense of acquiring the system, decreases in unit cost as number of users increased, capital investment in hardware, expenditures and funding sources, comparisons of actual and projected costs, and benefits of individualized instruction.…

  17. Solar power. [comparison of costs to wind, nuclear, coal, oil and gas

    Science.gov (United States)

    Walton, A. L.; Hall, Darwin C.

    1990-01-01

    This paper describes categories of solar technologies and identifies those that are economic. It compares the private costs of power from solar, wind, nuclear, coal, oil, and gas generators. In the southern United States, the private costs of building and generating electricity from new solar and wind power plants are less than the private cost of electricity from a new nuclear power plant. Solar power is more valuable than nuclear power since all solar power is available during peak and midpeak periods. Half of the power from nuclear generators is off-peak power and therefore is less valuable. Reliability is important in determining the value of wind and nuclear power. Damage from air pollution, when factored into the cost of power from fossil fuels, alters the cost comparison in favor of solar and wind power. Some policies are more effective at encouraging alternative energy technologies that pollute less and improve national security.

  18. Comparisons of Two Commercial and Two Low-cost Interfaces for Virtual Skiing

    DEFF Research Database (Denmark)

    Nilsson, Niels Chr.; Serafin, Stefania; Nordahl, Rolf

    2015-01-01

    In this paper we present two comparisons of two novel physical interface for interacting with a virtual environment in the form of a skiing game. The interfaces were compared through two separate within-subjects studies. In the first study we compared a wobble board augmented with a low-cost 3D...

  19. Adjusting Teacher Salaries for the Cost of Living: The Effect on Salary Comparisons and Policy Conclusions

    Science.gov (United States)

    Stoddard, C.

    2005-01-01

    Teaching salaries are commonly adjusted for the cost of living, but this incorrectly accounts for welfare differences across states. Adjusting for area amenities and opportunities, however, produces more accurate salary comparisons. Amenities and opportunities can be measured by the wage premium other workers in a state face. The two methods…

  20. Improved cost of energy comparison of permanent magnet generators for large offshore wind turbines

    NARCIS (Netherlands)

    Hart, K.; McDonald, A.; Polinder, H.; Corr, E.; Carroll, J.

    2014-01-01

    This paper investigates geared and direct-drive permanent magnet generators for a typical offshore wind turbine, providing a detailed comparison of various wind turbine drivetrain configurations in order to minimise the Cost of Energy. The permanent magnet generator topologies considered include a d

  1. Aqueous nitrate waste treatment: Technology comparison, cost/benefit, and market analysis

    International Nuclear Information System (INIS)

    The purpose of this analysis is to provide information necessary for the Department of Energy (DOE) to evaluate the practical utility of the Nitrate to Ammonia and Ceramic or Glass (NAC/NAG/NAX) process, which is under development in the Oak Ridge National Laboratory. The NAC/NACx/NAX process can convert aqueous radioactive nitrate-laden waste to a glass, ceramic, or grout solid waste form. The tasks include, but are not limited to, the following: Identify current commercial technologies to meet hazardous and radiological waste disposal requirements. The technologies may be thermal or non-thermal but must be all inclusive (i.e., must convert a radionuclide-containing nitrate waste with a pH around 12 to a stable form that can be disposed at permitted facilities); evaluate and compare DOE-sponsored vitrification, grouting, and minimum additive waste stabilization projects for life-cycle costs; compare the technologies above with respect to material costs, capital equipment costs, operating costs, and operating efficiencies. For the NAC/NAG/NAX process, assume aluminum reactant is government furnished and ammonia gas may be marketed; compare the identified technologies with respect to frequency of use within DOE for environmental management applications with appropriate rationale for use; Assess the potential size of the DOE market for the NAC/NAG/NAX process; assess and off-gas issues; and compare with international technologies, including life-cycle estimates

  2. Aqueous nitrate waste treatment: Technology comparison, cost/benefit, and market analysis

    Energy Technology Data Exchange (ETDEWEB)

    1994-01-01

    The purpose of this analysis is to provide information necessary for the Department of Energy (DOE) to evaluate the practical utility of the Nitrate to Ammonia and Ceramic or Glass (NAC/NAG/NAX) process, which is under development in the Oak Ridge National Laboratory. The NAC/NACx/NAX process can convert aqueous radioactive nitrate-laden waste to a glass, ceramic, or grout solid waste form. The tasks include, but are not limited to, the following: Identify current commercial technologies to meet hazardous and radiological waste disposal requirements. The technologies may be thermal or non-thermal but must be all inclusive (i.e., must convert a radionuclide-containing nitrate waste with a pH around 12 to a stable form that can be disposed at permitted facilities); evaluate and compare DOE-sponsored vitrification, grouting, and minimum additive waste stabilization projects for life-cycle costs; compare the technologies above with respect to material costs, capital equipment costs, operating costs, and operating efficiencies. For the NAC/NAG/NAX process, assume aluminum reactant is government furnished and ammonia gas may be marketed; compare the identified technologies with respect to frequency of use within DOE for environmental management applications with appropriate rationale for use; Assess the potential size of the DOE market for the NAC/NAG/NAX process; assess and off-gas issues; and compare with international technologies, including life-cycle estimates.

  3. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing; Atomrueckstellungen fuer Stilllegung, Rueckbau und Entsorgung. Kostenrisiken und Reformvorschlaege fuer eine verursachergerechte Finanzierung

    Energy Technology Data Exchange (ETDEWEB)

    Kuechler, Swantje; Meyer, Bettina; Wronski, Rupert

    2014-10-10

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  4. Portfolio Risk Management and Capital asset Pricing Model : Case: The comparison among the portfolio in the same and different regions

    OpenAIRE

    Liem Nguyen, Thanh

    2015-01-01

    The objective of this thesis is to figure out the profitability in stock investment through portfolio risk management and the practical application of Capital Asset Pricing Model (CAPM) in specific empirical study. In this paper, readers will have the overall information about different aspects of portfolio risk management, the role of diversification in investment, general knowledge about Capital Asset Pricing Model as well as its contribution in investment evaluation. Additionally, the stud...

  5. 房地产上市公司多元化战略与资本成本关系研究%The Relationship between Diversification Strategy and the Cost of Capital in Listed Real Estate Companies

    Institute of Scientific and Technical Information of China (English)

    张红; 陈嘉伟; 李林峻

    2015-01-01

    This paper uses the econometric model to have empirical analysis on the diversification strategy and the weighted average cost of capital , which includes 59 listed real estate companies in Shanghai and Shenzhen A stock markets from 2003 to 2013.The result of our paper shows a negative relation between the degree of diversifi-cation and the cost of equity capital.The degree of diversification also shows a positive correlation with the cost of debt capital , a negative correlation with the ratio of debt capital , and a positive correlation with the weighted aver-age cost of capital.This result means that when listed real estate companies have diversification strategy , their weighted average cost of capital will increase.%通过面板数据计量经济学模型,对2003~2013年我国沪深A股中59家房地产上市公司多元化经营战略及其加权平均资本成本进行实证分析。结果表明,多元化经营程度与普通股资本成本负相关,与债务资本成本正相关,与负债占资本比例负相关,与加权平均资本成本显著正相关。这意味着当房地产上市公司实行多元化战略时,该公司的加权平均资本成本也会相应提高。

  6. 47 CFR 65.304 - Capital structure.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital structure. 65.304 Section 65.304... OF RETURN PRESCRIPTION PROCEDURES AND METHODOLOGIES Exchange Carriers § 65.304 Capital structure. The proportion of each cost of capital component in the capital structure is equal to: Proportion in the...

  7. International comparisons of cost and productivity in construction: a bad example

    Directory of Open Access Journals (Sweden)

    Rick Best

    2012-09-01

    Full Text Available In a report published in June 2012 the Business Council of Australia (BCA reported that it costs considerably more to build a variety of types of infrastructure in Australia than it does in the US. Airports (90% more costly and hospitals (62% were quoted as the worst cases with other projects ranging from 26% to 43% more. They used these figures to conclude that Australia is a high cost, low productivity environment for building infrastructure projects. These claims were based on cost/m2 figures published by a major international construction consultancy. The method used by the BCA is flawed in two ways: one is the in the use of costs that are recognised as giving only the broadest of indications of probable costs and the second is the use of exchange rates to convert Australian construction costs to US dollars. Careful analysis of the methodology used, supported by a series of other comparisons based on other data sources and other conversion factors (purchasing power parities or PPPs, suggests that in real terms it probably costs no more to build in Australia than it does in the US and that it may well be cheaper to build in Australia than it is in the US.

  8. Day labourers in Pretoria, Windhoek and the United States - a comparison of two capitals and a different world

    Directory of Open Access Journals (Sweden)

    C. J. Schenck

    2008-12-01

    Full Text Available Purpose: The aim of this paper is to compare the economic dynamics of day labouring in two Southern African capital cities, namely Windhoek and Pretoria, against the background of the experiences of day labourers in a developed country such as the United States. Problem investigated: People waiting at the side of the road, hoping to obtain a piece job for the day, is a typical phenomenon in a situation where people are forced to venture into the informal sector to generate an income. Day labour is a national and international phenomenon that seems to be on the increase. Literature on the similarities and differences across different geographical areas and levels of economic development is limited, however. Approach: For the purpose of this study, day labourers in Pretoria were the subject of a case study which was compared with studies done in Windhoek and the United States during the same period, namely 2003 to 2004. The general demographics of day labourers in these two cities were investigated, as well as their employment history and the income earned. Findings and implications: Day labourers in Pretoria and Windhoek were mainly male, fairly young, generally low skilled, earning low and uncertain levels of income and working under harsh conditions. This corresponds to the demographic characteristics of day labourers in the United States. In both the United States and Southern Africa, day labour pays poorly. It was found that day labourers seldom earn more than the subsistence level of income for the respective countries discussed in this paper. A significant portion of day labourers in Pretoria, Windhoek and the United States previously held formal sector jobs. The biggest difference is to be found in the future prospects of day labourers. The opportunity for day labourers in the United States to make the transition into the formal sector of the economy is far better than for their counterparts in Southern Africa.Value of the research: The

  9. Tax Competition and Foreign Direct Investment: assessing the role of market potential and trade costs in a "Footloose Capital" framework

    OpenAIRE

    Vincent Delbecque

    2008-01-01

    This paper investigates the impact of the corporate income tax on the geographical distribution of French firms Foreign Direct Investment port- folio across 26 European countries. The empirical assessment is based on Baldwin (1999) new economic geography model in which we focus on the location of firms with respect to level of taxation. In this model, the magnitude of the impact of taxation on location decision partly depends on the market size and the level of trade costs. Indeed, firms may ...

  10. Comparison of SUREPAK life cycle costs to other methods of low-level radioactive waste management

    International Nuclear Information System (INIS)

    Comparisons of costs of low-level radioactive waste management techniques invariably degenerate into parochial arguments over differences in commercial objectives. The purpose of this paper is to establish a common basis for comparing technologies and then to examine the result as a complete cycle instead of a snapshot view taken at an arbitrary point in the progression. One objective is to portray cost sensitivity in terms of the options available for waste management. A second, perhaps less obvious, point is the definition of cost factors hidden from the short-term view. The final objective is to show the cumulative effects of costs externally imposed without reference to the technology employed (e.g., legislated surcharges based on arbitrary parameters)

  11. Comparison and cost analysis of drinking water quality monitoring requirements versus practice in seven developing countries.

    Science.gov (United States)

    Crocker, Jonny; Bartram, Jamie

    2014-07-01

    Drinking water quality monitoring programs aim to support provision of safe drinking water by informing water quality management. Little evidence or guidance exists on best monitoring practices for low resource settings. Lack of financial, human, and technological resources reduce a country's ability to monitor water supply. Monitoring activities were characterized in Cambodia, Colombia, India (three states), Jordan, Peru, South Africa, and Uganda according to water sector responsibilities, monitoring approaches, and marginal cost. The seven study countries were selected to represent a range of low resource settings. The focus was on monitoring of microbiological parameters, such as E. coli, coliforms, and H2S-producing microorganisms. Data collection involved qualitative and quantitative methods. Across seven study countries, few distinct approaches to monitoring were observed, and in all but one country all monitoring relied on fixed laboratories for sample analysis. Compliance with monitoring requirements was highest for operational monitoring of large water supplies in urban areas. Sample transport and labor for sample collection and analysis together constitute approximately 75% of marginal costs, which exclude capital costs. There is potential for substantive optimization of monitoring programs by considering field-based testing and by fundamentally reconsidering monitoring approaches for non-piped supplies. This is the first study to look quantitatively at water quality monitoring practices in multiple developing countries. PMID:25046632

  12. Comparison and Cost Analysis of Drinking Water Quality Monitoring Requirements versus Practice in Seven Developing Countries

    Directory of Open Access Journals (Sweden)

    Jonny Crocker

    2014-07-01

    Full Text Available Drinking water quality monitoring programs aim to support provision of safe drinking water by informing water quality management. Little evidence or guidance exists on best monitoring practices for low resource settings. Lack of financial, human, and technological resources reduce a country’s ability to monitor water supply. Monitoring activities were characterized in Cambodia, Colombia, India (three states, Jordan, Peru, South Africa, and Uganda according to water sector responsibilities, monitoring approaches, and marginal cost. The seven study countries were selected to represent a range of low resource settings. The focus was on monitoring of microbiological parameters, such as E. coli, coliforms, and H2S-producing microorganisms. Data collection involved qualitative and quantitative methods. Across seven study countries, few distinct approaches to monitoring were observed, and in all but one country all monitoring relied on fixed laboratories for sample analysis. Compliance with monitoring requirements was highest for operational monitoring of large water supplies in urban areas. Sample transport and labor for sample collection and analysis together constitute approximately 75% of marginal costs, which exclude capital costs. There is potential for substantive optimization of monitoring programs by considering field-based testing and by fundamentally reconsidering monitoring approaches for non-piped supplies. This is the first study to look quantitatively at water quality monitoring practices in multiple developing countries.

  13. Cultural heritage: A fusion of human skill capital and social capital

    OpenAIRE

    M.N. Murthy; Sucheta Murthy

    2002-01-01

    This paper attempts to show that the cultural heritage is a capital good and it is a fusion of human skill capital and social capital. While the role of human skill capital in economic development is well known, the definition and the role of social capital has not yet clearly understood. Heritage capital consisting of performing and visual arts has public good characteristics. In addition the visual arts are subjected to cost disadvantage in the free market because of rigid input output rela...

  14. Ritalin vs. response cost in the control of hyperactive children: a within-subject comparison.

    OpenAIRE

    Rapport, M D; Murphy, H. A.; Bailey, J S

    1982-01-01

    A within-subject comparison was made of the effects of methylphenidate (Ritalin) and response cost in reducing the off-task behavior of two boys, 7 and 8 years of age, who had been diagnosed as having an attentional deficit disorder with hyperactivity, Several dosages of Ritalin (5 to 20 mg/day) were evaluated with the results indicating varying effects of the drug for both children. Response cost (with free-time as the reinforcer) was superior to Ritalin in raising levels of on-task behavior...

  15. Displaced Capital

    OpenAIRE

    Valerie A. Ramey; SHAPIRO, MATTHEW D

    1998-01-01

    This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the thinness of the market and the discount factor of the firm. It then provides empirical evidence on the sectoral mobility of capital based on equipment-level data from aerospace industry auctions. These ...

  16. Socio-economic research on fusion. SERF 1997-98. Macro Tast E2: External costs and benefits. Task 2: Comparison of external costs

    International Nuclear Information System (INIS)

    This report is part of the SERF (Socio-Economic Research on Fusion) project, Macro Task E2, which covers External Costs and Benefits. The report is the documentation of Task 2, Comparison of External Costs. The aim of Task 2 Comparison of External Costs, has been to compare the external costs of the fusion energy with those from other alternative energy generation technologies. In this task identification and quantification of the external costs for wind energy and photovoltaic have been performed by Risoe, while identification and quantification of the external cost for nuclear fission and fossil fuels have been discussed by VTT. The methodology used for the assessment of the externalities of the fuel cycles selected has been the one developed within the ExternE Project. First estimates for the externalities of fusion energy have been under examination in Macrotask E2. Externalities of fossil fuels and nuclear fission have already been evaluated in the ExternE project and a vast amount of material for different sites in various countries is available. This material is used in comparison. In the case of renewable wind energy and photovoltaic are assessed separately. External costs of the various alternatives may change as new technologies are developed and costs can to a high extent be avoided (e.g. acidifying impacts but also global warming due to carbon dioxide emissions). Also fusion technology can experience major progress and some important cost components probably can be avoided already by 2050. (EG)

  17. Socio-economic research on fusion. SERF 1997-98. Macro Tast E2: External costs and benefits. Task 2: Comparison of external costs

    Energy Technology Data Exchange (ETDEWEB)

    Schleisner, Lotte; Korhonen, Riitta

    1998-12-01

    This report is part of the SERF (Socio-Economic Research on Fusion) project, Macro Task E2, which covers External Costs and Benefits. The report is the documentation of Task 2, Comparison of External Costs. The aim of Task 2 Comparison of External Costs, has been to compare the external costs of the fusion energy with those from other alternative energy generation technologies. In this task identification and quantification of the external costs for wind energy and photovoltaic have been performed by Risoe, while identification and quantification of the external cost for nuclear fission and fossil fuels have been discussed by VTT. The methodology used for the assessment of the externalities of the fuel cycles selected has been the one developed within the ExternE Project. First estimates for the externalities of fusion energy have been under examination in Macrotask E2. Externalities of fossil fuels and nuclear fission have already been evaluated in the ExternE project and a vast amount of material for different sites in various countries is available. This material is used in comparison. In the case of renewable wind energy and photovoltaic are assessed separately. External costs of the various alternatives may change as new technologies are developed and costs can to a high extent be avoided (e.g. acidifying impacts but also global warming due to carbon dioxide emissions). Also fusion technology can experience major progress and some important cost components probably can be avoided already by 2050. (EG) 36 refs.

  18. Methodologies and Decision Criteria for Demonstrating Competitiveness of Small and Medium Sized Reactors - Present Value Capital Cost Model. Annex VIII

    International Nuclear Information System (INIS)

    Smaller size reactors are required to fulfil the growing energy needs of developing countries and emerging markets, as well as niche markets in developed countries. Grid appropriate reactors have been identified within the United States Department of Energy Global Nuclear Energy Partnership initiative as one of the key elements required to enable worldwide expansion of the peaceful use of nuclear power. In a speech at a conference in Algiers on 9 January 2007, the former IAEA Director General, Mohamed El Baradei, discussed the interest in new small and medium-size reactor designs which allow a more incremental investment than is required for a big reactor, and provide a better match to grid capacity in many developing countries'. Smaller size reactors (IAEA defines as 'small' those reactors with a power <300 MW(e) and 'medium' with a power <700 MW(e)) are the logical choice for smaller countries or those with a limited electrical grid. In fact, smaller reactors are now in different stages of development throughout the world, and interest in their deployment has also been expressed. With regards to decisions on the addition of power plant capacity, small reactors have many attractive characteristics, namely size, simplicity, enhanced safety, cost savings and lower financial resource requirements. On the downside, the specific costs of some components and systems of small and medium sized reactors (SMRs) may be higher as a result of economy of scale effects. This annex explores some of the factors affecting decisions on power plant capacity addition in world markets, focusing particularly on many of the characteristics of SMRs

  19. Procedures for estimating nuclear fuel cycle costs

    International Nuclear Information System (INIS)

    Standard procedures for estimating capital and operating costs for the Environmental Control Technology Project are presented in this report. Two different procedures were used for estimating capital costs: (1) general order-of-magnitude estimates for those facilities which are invariant among environmental control technologies, and (2) detailed estimating procedures for those facilities and control systems expected to vary among comparisons of environmental control methods. The general approaches and procedures of NUS-531 (Guide for Economic Evaluation of Nuclear Reactor Plant Designs, NUS Corporation, Rockville, MD, January 1969) were used for detailed capital cost estimates. Detailed procedures are presented for operating cost estimates. These include estimating worksheets and specific procedures for each of the components of the operating costs. These also were based on the approach of NUS-531

  20. Cost-effective IMTA: a comparison of the production efficiencies of mussels and seaweed

    DEFF Research Database (Denmark)

    Holdt, Susan Løvstad; Edwards, Maeve D.

    2014-01-01

    This paper compares the biofilter capacity and cost-effectiveness of blue mussels (Mytilus edulis) and seaweed for use in integrated multi-trophic aquaculture (IMTA) based on experiences in Ireland and Denmark. This comparison shows that weight for weight, mussels are a better biofilter than...... seaweed with regard to the amount of nitrogen assimilated. Furthermore, in optimized systems, areal requirement for mussels is similar to the cultivation of the same tonnage (1,000 t) of seaweed (approximately 8 ha). The cost-effectiveness of a mussel biofilter is €11–30 kg−1 nitrogen (N) removed based......–38 kg−1 N removed. These up-scaled and commercial figures make the seaweed cost competitive to mussels for removal of nitrogen. Disadvantages such as predators (e.g. eider ducks) and biofouling should also be taken into account before choice of biofilter is made. These drawbacks can reduce overall...

  1. Cost-effective IMTA: a comparison of the production efficiencies of mussels and seaweed

    DEFF Research Database (Denmark)

    Holdt, Susan Løvstad; Edwards, M. D.

    This paper compares the biofilter capacity and cost-effectiveness of blue mussels (Mytilus edulis) and seaweed for use in integrated multi-trophic aquaculture (IMTA) based on experiences in Ireland and Denmark. This comparison shows that weight for weight, mussels are a better biofilter than...... seaweed with regard to the amount of nitrogen assimilated. Furthermore, in optimised systems, areal requirement for mussels is similar to the cultivation of the same tonnage (1,000 t) of seaweed (approx. 8 ha). The cost-effectiveness of a mussel biofilter is €11.4-19.2 kg-1 N removed based on modeled...... N removed. This up-scaled and commercial figure makes the seaweed cost competitive to mussels for removal of nitrogen. Disadvantages such as predators (e.g. eider ducks) and bio-fouling should also be taken into account before choice of biofilter is made. These drawbacks can reduce overall biofilter...

  2. A bottleneck capital model of development

    OpenAIRE

    Jordan Rappaport

    2002-01-01

    A convex marginal adjustment cost allows the neoclassical growth model to match observed transition paths for output growth, savings, investment, the real interest rate, and the shadow value of installed capital. Such an adjustment cost need apply only to one of two complementary capital inputs with minimal factor income share. The interaction of complementary capital inputs blurs the distinction between capital accumulation and productivity growth.

  3. Capital structure dynamics in private business groups

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2010-01-01

    Dynamic models of capital structure assume that companies trade-off the advantages of a leverage adjustment to its costs. Private companies are expected to have more restricted access to capital markets and are therefore likely to adjust their capital structure less frequently than public ones. However, private companies that are part of a business group have access to both internal and external capital markets and may face lower adjustment costs. We find significant differences in the levera...

  4. Deployment of Low-Cost, Carbon Dioxide Sensors throughout the Washington Metropolitan Area - The Capital Climate Initiative

    Science.gov (United States)

    Caine, Kristen M.; Bailey, D. Michelle; Houston Miller, J.

    2016-04-01

    According to the IPCC from 1995 to 2005, atmospheric carbon dioxide (CO2) concentrations increased by 19 ppm, the highest average growth rate recorded for any decade since measurements began in the 1950s. Due to its ability to influence global climate change, it is imperative to continually monitor carbon dioxide emission levels, particularly in urban areas where some estimate in excess of 75% of total greenhouse gas emissions occur. Although high-precision sensors are commercially available, these are not cost effective for mapping a large spatial area. A goal of this research is to build out a network of sensors that are accurate and precise enough to provide a valuable data tool for accessing carbon emissions from a large, urban area. This publically available greenhouse gas dataset can be used in numerous environmental assessments and as validation for remote sensing products. It will also be a valuable teaching tool for classes at our university and will promote further engagement of K-12 students and their teachers through education and outreach activities. Each of our sensors (referred to as "PiOxides") utilizes a non-dispersive infrared (NDIR) sensor for the detection of carbon dioxide along with a combination pressure/temperature/humidity sensor. The collection of pressure and temperature increases the accuracy and precision of the CO2 measurement. The sensors communicate using a serial interfaces with a Raspberry Pi microcontroller. Each PiOxide is connected to a website that leverages recent developments in open source GIS tools. In this way, data from individual sensors can be followed individually or aggregated to provide real-time, spatially-resolved data of CO2 trends across a broad area. Our goal for the network is to expand across the entire DC/Maryland/Virginia Region through partnerships with private and public schools. We are also designing GHG Bluetooth beacons that may be accessed by mobile phone users in their vicinity. In two additional

  5. Corporate Social Capital and Public Relations : Capital Accumulation by Social Relationship and Rethinking the Definition of Public Relations

    OpenAIRE

    北見, 幸一

    2009-01-01

    This paper discusses Corporate Social Capital and Public Relations. This paper overviewed the Social Capital studies, especially early studies in sociology field, proposed the framework to evaluate Social Capital in a capital. Social Capital has the merit to reduce transaction costs, and should be clearly positioned as a component of capital of corporation. Using the concept of the Corporate Social Capital, to rethink the definition of Public Relations, this paper proposed the following defin...

  6. Return on capital of Brazilian electricity distributors: A comparative analysis

    International Nuclear Information System (INIS)

    This paper analyzes the electricity distribution segment in Brazil from 1998 to 2005-after the conclusion of privatization process-trying to assess whether the return on capital invested was in line with the risk required in the segment. It concludes that the return on equity in Brazil was systematically negative until 2003. Only in 2005 did the distribution segment really begin to recover, showing profitability consistent with the estimated cost of equity. Comparisons with Argentine, Chilean and American companies reveal that firms in the latter two countries, generally managed to reward shareholders according to the opportunity cost of capital. Estimates are that to sustain annual growth of roughly 3.7% for the next decade, the entire electricity sector will demand US$ 7 billion in capital expenditures a year for the next decade, 67% for generation, 16% for transmission and 17% for distribution. In order to stimulate private capital investment, it is fundamental for the regulator, in the tariff revision processes, to consistently assure a rate of return on capital in line with the segment's real opportunity cost and therefore maintain the health of all the three segments without the burden of subsidies

  7. Wood pellet production costs under Austrian and in comparison to Swedish framework conditions

    Energy Technology Data Exchange (ETDEWEB)

    Thek, Gerold [Bios Bioenergiesysteme GmbH, Graz (Austria); Obernberger, Ingwald [Bios Bioenergiesysteme GmbH, Graz (Austria); Graz Univ. of Technology, Inst. for Resource Efficient and Sustainable Systems, Graz (Austria)

    2004-12-01

    Owing to the rapidly increasing importance of pellets as high-quality biomass fuel in Austria and Europe within the last years, many companies, mainly from the wood industry, are thinking of entering this market. The calculation of the production costs before starting a pellet plant is essential for an economic operation. Based on comprehensive investigations within the EU-ALTENER project 'An Integrated European Market for Densified Biomass Fuels', calculations of the pellet production costs loco factory for different framework conditions with basic data based on already realised plants as well as a questionnaire survey of pellet producers in Austria, South Tyrol and Sweden have been performed. The production costs for wood pellets are mainly influenced by the raw material costs and, in the case of using wet raw materials, by the drying costs. Depending on the framework conditions these two parameters can contribute up to one-third of the total pellet production costs. Other important parameters influencing the pellet production costs are the plant utilisation (number of shifts per week) as well as the availability of the plant. For an economic production of wood pellets at least three shifts per day at 5 days per week are necessary. An optimum would be an operation at 7 days per week. A low plant availability also leads to greatly increased pellet production costs. A plant availability of 85-90% should therefore be achieved. The calculations show that a wood pellet production is possible both in small-scale (production rates of some hundred tonnes per year) as well as in large-scale plants (some ten thousand tonnes per year). However, especially for small-scale units it is very important to take care of the specific framework conditions of the producer, because the risk of a non-economic pellet production is considerably higher than for large-scale systems. The direct comparison of typical pellet production costs in Austria and Sweden showed the Swedish

  8. A Cost Comparison of Alternative Approaches to Distance Education in Developing Countries

    Science.gov (United States)

    Ventre, Gerard G.; Kalu, Alex

    1996-01-01

    This paper presents a cost comparison of three approaches to two-way interactive distance learning systems for developing countries. Included are costs for distance learning hardware, terrestrial and satellite communication links, and designing instruction for two-way interactive courses. As part of this project, FSEC is developing a 30-hour course in photovoltaic system design that will be used in a variety of experiments using the Advanced Communications Technology Satellite (ACTS). A primary goal of the project is to develop an instructional design and delivery model that can be used for other education and training programs. Over two-thirds of the world photovoltaics market is in developing countries. One of the objectives of this NASA-sponsored project was to develop new and better energy education programs that take advantage of advances in telecommunications and computer technology. The combination of desktop video systems and the sharing of computer applications software is of special interest. Research is being performed to evaluate the effectiveness of some of these technologies as part of this project. The design of the distance learning origination and receive sites discussed in this paper were influenced by the educational community's growing interest in distance education. The following approach was used to develop comparative costs for delivering interactive distance education to developing countries: (1) Representative target locations for receive sites were chosen. The originating site was assumed to be Cocoa, Florida, where FSEC is located; (2) A range of course development costs were determined; (3) The cost of equipment for three alternative two-way interactive distance learning system configurations was determined or estimated. The types of system configurations ranged from a PC-based system that allows instructors to originate instruction from their office using desktop video and shared application software, to a high cost system that uses a

  9. Bayesian comparison of cost-effectiveness of different clinical approaches to diagnose coronary artery disease.

    Science.gov (United States)

    Patterson, R E; Eng, C; Horowitz, S F; Gorlin, R; Goldstein, S R

    1984-08-01

    The objective of this study was to compare the cost-effectiveness of four clinical policies (policies I to IV) in the diagnosis of the presence or absence of coronary artery disease. A model based on Bayes' theorem and published clinical data was constructed to make these comparisons. Effectiveness was defined as either the number of patients with coronary disease diagnosed or as the number of quality-adjusted life years extended by therapy after the diagnosis of coronary disease. The following conclusions arise strictly from analysis of the model and may not necessarily be applicable to all situations. As prevalence of coronary disease in the population increased, it caused a linear increase in cost per patient tested, but a hyperbolic decrease in cost per effect, that is, increased cost-effectiveness. Thus, cost-effectiveness of all policies (I to IV) was poor in populations with a prevalence of disease below 10%, for example, asymptomatic people with no risk factors. Analysis of the model also indicates that at prevalences less than 80%, exercise thallium scintigraphy alone as a first test (policy II) is a more cost-effective initial test than is exercise electrocardiography alone as a first test (policy I) or exercise electrocardiography first combined with thallium imaging as a second test (policy IV). Exercise electrocardiography before thallium imaging (policy IV) is more cost-effective than exercise electrocardiography alone (policy I) at prevalences less than 80%. 4) Noninvasive exercise testing before angiography (policies I, II and IV) is more cost-effective than using coronary angiography as the first and only test (policy III) at prevalences less than 80%. 5) Above a threshold value of prevalence of 80% (for example patients with typical angina), proceeding to angiography as the first test (policy III) was more cost-effective than initial noninvasive exercise tests (policies I, II and IV). One advantage of this quantitative model is that it estimates a

  10. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the fir

  11. Sensitivity to energy technology costs: A multi-model comparison analysis

    International Nuclear Information System (INIS)

    In the present paper we use the output of multiple expert elicitation surveys on the future cost of key low-carbon technologies and use it as input of three Integrated Assessment models, GCAM, MARKAL-US and WITCH. By means of a large set of simulations we aim to assess the implications of these subjective distributions of technological costs over key model outputs. We are able to detect what sources of technology uncertainty are more influential, how this differs across models, and whether and how results are affected by the time horizon, the metric considered or the stringency of the climate policy. In unconstrained emission scenarios, within the range of future technology performances considered in the present analysis, the cost of nuclear energy is shown to dominate all others in affecting future emissions. Climate-constrained scenarios, stress the relevance, in addition to that of nuclear energy, of biofuels, as they represent the main source of decarbonization of the transportation sector and bioenergy, since the latter can be coupled with Carbon Capture and Storage (CCS) to produce negative emissions. - Highlights: • Results of sensitivity analysis of energy technologies for three energy-economic models. • In-depth analysis of sign of change and key-uncertainty drivers in a multi-model context. • Report on robust findings on what uncertainty sources are key in shaping future emissions. • Use of alternative metrics for sensitivity analysis. • First integrated assessment model comparison to look at extensive sensitivity analysis of technology cost

  12. Comparison of external costs between dry tomb and bioreactor landfills: taking intergenerational effects seriously.

    Science.gov (United States)

    Méry, Jacques; Bayer, Stefan

    2005-12-01

    Dry tomb and bioreactor landfills were analyzed with respect to their external costs in an intergenerational cost-benefit analysis in a partial framework which enabled a sounder comparison to be carried out between these two technologies from a socio-economic viewpoint. Obviously, this approach was only a first step for building a comprehensive basis of any environmental as well as fiscal policy in the field of waste management. All external costs are identified and evaluated in three different scenarios, corresponding to a worst case, a best guess and a best case. Obviously, discounting is crucial with respect to an intergenerational perspective. Generation-adjusted discounting (GAD) was applied to take into account equity as well as efficiency criteria, in order to deal with three different types of uncertainties that are decisive in waste policy decisions: a physical uncertainty is captured by introducing our three different scenarios; a macroeconomic uncertainty is taken into consideration by calculating present values using different real growth rates; and a microeconomic uncertainty is taken into account by considering individual peculiarities reflected in their subjective time preference rate. The findings show, that whenever there is a low real GDP growth of less than 1%, the bioreactor is generally superior to the dry tomb (lower present values of external costs). This statement becomes more valid as the growth rate decreases. However, whenever there are high positive growth rates, it is the dry tomb technology which is superior to the bioreactor system. PMID:16379120

  13. Component-cost and performance based comparison of flow and static batteries

    Science.gov (United States)

    Hopkins, Brandon J.; Smith, Kyle C.; Slocum, Alexander H.; Chiang, Yet-Ming

    2015-10-01

    Flow batteries are a promising grid-storage technology that is scalable, inherently flexible in power/energy ratio, and potentially low cost in comparison to conventional or "static" battery architectures. Recent advances in flow chemistries are enabling significantly higher energy density flow electrodes. When the same battery chemistry can arguably be used in either a flow or static electrode design, the relative merits of either design choice become of interest. Here, we analyze the costs of the electrochemically active stack for both architectures under the constraint of constant energy efficiency and charge and discharge rates, using as case studies the aqueous vanadium-redox chemistry, widely used in conventional flow batteries, and aqueous lithium-iron-phosphate (LFP)/lithium-titanium-phosphate (LTP) suspensions, an example of a higher energy density suspension-based electrode. It is found that although flow batteries always have a cost advantage (kWh-1) at the stack level modeled, the advantage is a strong function of flow electrode energy density. For the LFP/LTP case, the cost advantages decreases from ∼50% to ∼10% over experimentally reasonable ranges of suspension loading. Such results are important input for design choices when both battery architectures are viable options.

  14. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert Karl; Wengström, Erik Roland

    2012-01-01

    Research on social capital routinely relies on survey measures of trust which can be collected in large and heterogeneous samples at low cost. We validate such survey measures in an incentivized public good experiment and show that they are importantly related to cooperation behavior in a large...

  15. Capital gains

    International Nuclear Information System (INIS)

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  16. Celebration Capitalism

    OpenAIRE

    Boykoff, Jules

    2014-01-01

    Capitalism is a nimble shapeshifter. In this talk Jules Boykoff draws from the history of the Olympic Games to offer a theory of “celebration capitalism,” a form of modern-day economics that complements Naomi Klein’s “disaster capitalism” marked by neoliberalism: privatization, deregulation, and free-market rhetoric.

  17. Internal capital markets and capital structure: bank versus internal debt.

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2007-01-01

    Recent empirical evidence has shown that internal capital markets within multinational corporations are used to reduce overall financing costs by optimizing the mix of internal and external debt of affiliates in different countries. We show that this cost saving use of internal capital markets is not limited to multinationals, but that domestic business groups actively optimize the internal/external debt mix across their subsidiaries as well. We use both subsidiary and group level financial s...

  18. 内部控制审计报告、实际控制人性质与权益资本成本%Internal Control Audit Reports, Characteristics of Ultimate Controller and the Cost of Equity Capital

    Institute of Scientific and Technical Information of China (English)

    陈矜; 张月

    2016-01-01

    In this paper, 2011-2012 A-share listed companies in the sample, using the PEG model to test whether the cost of equity capital will be subject to corporate disclosure of the impact of the internal control reporting. Studies have shown that the cost of equity capital disclosure of internal control self-assessment report of the enterprise is not significantly reduced, but when the company disclosed the internal control audit report can serve as a positive signal, can significantly re-duce the cost of equity capital. Meanwhile, the actual control of nature to a certain extent also affected the assessment of corporate financial reporting quality and operational risks investors, provide a guarantee for the quality of internal control dis-closure of information, but also to reduce the cost of equity capital.%以2011—2012年A股上市公司为样本,采用PEG模型检验权益资本成本是否会受企业披露出的内部控制报告的影响.研究表明,披露内部控制自评报告的企业的权益资本成本不会有显著的降低,但是企业披露内部控制审计报告可以作为一个积极的信号,能够明显降低权益资本成本.与此同时,实际控制人性质在一定程度上也影响了投资者对企业的财务报告质量和经营风险的评估,为内部控制信息披露的质量提供保证,降低权益资本成本.

  19. Comparison of the Efficiency and Cost of West Nile Virus Surveillance Methods in California

    Science.gov (United States)

    Healy, Jessica M.; Reisen, William K.; Kramer, Vicki L.; Fischer, Marc; Lindsey, Nicole P.; Nasci, Roger S.; Macedo, Paula A.; White, Gregory; Takahashi, Richard; Khang, La

    2015-01-01

    Abstract Surveillance systems for West Nile virus (WNV) combine several methods to determine the location and timing of viral amplification. The value of each surveillance method must be measured against its efficiency and costs to optimize integrated vector management and suppress WNV transmission to the human population. Here we extend previous comparisons of WNV surveillance methods by equitably comparing the most common methods after standardization on the basis of spatial sampling density and costs, and by estimating optimal levels of sampling effort for mosquito traps and sentinel chicken flocks. In general, testing for evidence of viral RNA in mosquitoes and public-reported dead birds resulted in detection of WNV approximately 2–5 weeks earlier than serological monitoring of sentinel chickens at equal spatial sampling density. For a fixed cost, testing of dead birds reported by the public was found to be the most cost effective of the methods, yielding the highest number of positive results per $1000. Increased spatial density of mosquito trapping was associated with more precise estimates of WNV infection prevalence in mosquitoes. Our findings also suggested that the most common chicken flock size of 10 birds could be reduced to six to seven without substantial reductions in timeliness or sensitivity. We conclude that a surveillance system that uses the testing of dead birds reported by the public complemented by strategically timed mosquito and chicken sampling as agency resources allow would detect viral activity efficiently in terms of effort and costs, so long as susceptible bird species that experience a high mortality rate from infection with WNV, such as corvids, are present in the area. PMID:25700046

  20. Study on the Impact of the Quality of Social Responsibility Information Disclosure Quality on the Cost of Equity Capital and Debt Capital%社会责任信息披露质量对权益和债务资本成本影响的研究

    Institute of Scientific and Technical Information of China (English)

    孟乐之

    2015-01-01

    〔Abstract〕 Recently as the development of social responsibility information disclosure, it plays a more important role. Using a sample of the listed companies which disclosed social responsibility reports from 2009 to 2011, this article makes empirical test on the influence and difference of social responsibility information disclosure quality on the cost of equity and debt capital. The result shows as follows: higher quality of social responsibility information disclosure will reduce the cost of equity and debt capital;Moreover, the impact of social responsibility information disclosure on the cost of equity capital is significantly stronger than that on the cost of debt capital. At last based on the above conclusions, it gives suggestions for enterprises and regulators.%近年来随着社会责任信息披露的发展,其所发挥的作用越来越大。以2009-2011年披露企业社会责任报告的上市公司为样本,实证检验社会责任信息披露质量对权益和债务资本成本的影响及其差异。实证结果表明上市公司社会责任信息披露质量与权益资本成本和债务资本成本成负相关关系;企业社会责任信息披露质量对债务资本成本的影响要小于其对权益资本成本的影响。最后基于得出的结论为企业和监管者提出了几条建议。

  1. Effectiveness and cost-effectiveness of antidepressants in primary care: a multiple treatment comparison meta-analysis and cost-effectiveness model.

    Directory of Open Access Journals (Sweden)

    Joakim Ramsberg

    Full Text Available OBJECTIVE: To determine effectiveness and cost-effectiveness over a one-year time horizon of pharmacological first line treatment in primary care for patients with moderate to severe depression. DESIGN: A multiple treatment comparison meta-analysis was employed to determine the relative efficacy in terms of remission of 10 antidepressants (citalopram, duloxetine escitalopram, fluoxetine, fluvoxamine mirtazapine, paroxetine, reboxetine, sertraline and venlafaxine. The estimated remission rates were then applied in a decision-analytic model in order to estimate costs and quality of life with different treatments at one year. DATA SOURCES: Meta-analyses of remission rates from randomised controlled trials, and cost and quality-of-life data from published sources. RESULTS: The most favourable pharmacological treatment in terms of remission was escitalopram with an 8- to 12-week probability of remission of 0.47. Despite a high acquisition cost, this clinical effectiveness translated into escitalopram being both more effective and having a lower total cost than all other comparators from a societal perspective. From a healthcare perspective, the cost per QALY of escitalopram was €3732 compared with venlafaxine. CONCLUSION: Of the investigated antidepressants, escitalopram has the highest probability of remission and is the most effective and cost-effective pharmacological treatment in a primary care setting, when evaluated over a one year time-horizon. Small differences in remission rates may be important when assessing costs and cost-effectiveness of antidepressants.

  2. Global warming response options in Brazil's forest sector: comparison of project-level costs and benefits

    International Nuclear Information System (INIS)

    A project-level assessment of monetary and carbon costs and benefits for five classes of global warming response options in the forest sector is attempted for typical Brazilian conditions. Options considered are: silvicultural plantations (for pulp, charcoal and sawlogs), sustainable timber management and reduction of deforestation. Comparison of pulpwood and sawlog plantations with the vegetation characteristic of deforested areas indicates of modest carbon benefit. Plantations for charcoal can produce a substantial carbon benefit through fossil fuel substitution, but much of this calculated benefit disappears if discount rates greater than zero are applied to carbon. Sustainable timber management, when compared with existing forest, represents a net carbon loss, accumulation of carbon in wood products being insufficient to compensate for biomass reduction over a 100 year time scale. Reduction of deforestation has great potential as a global warming response option, its per-hectare carbon benefits being approximately four times that of silvicultural plantation establishment for pulp and sawlogs over a 100 year period. The costs of reducing deforestation are difficult to assess, however, due to the importance of government policy changes such as removal of land speculation and land tenure establishment as motives for clearing. Although these changes would not cost money and would have tremendous carbon and other benefits, they have not yet occurred. (Author)

  3. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  4. Capital rewarding of the electric power enterprises: a comparative analysis; Remuneracao de capital das distribuidoras de energia eletrica: uma analise comparativa

    Energy Technology Data Exchange (ETDEWEB)

    Rocha, Katia; Braganca, Gabriel Fiuza de [Instituto de Pesquisa Economica Aplicada (IPEA), Brasilia, DF (Brazil)]. E-mails: katia@ipea.gov.br; gabriel@ipea.gov.br; Camacho, Fernando [Banco Nacional de Desenvolvimento Economico e Social (BNDES), Rio de Janeiro, RJ (Brazil)]. E-mail: camacho@bndes.gov.br

    2006-07-01

    We analyze the electricity distribution segment in Brazil from 1998 to June 2005, trying to assess whether the return on capital invested was in line with the risk and opportunity cost required in the segment. We conclude that the return on capital in this segment in Brazil was systematically negative until 2003. Only in 2005 did the distribution segment really begin to recover, presenting profitability partly consistent with the estimated cost of capital. Comparisons with Argentine, Chilean and American companies reveal that firms in the latter two countries, particularly in Chile, generally managed to reward shareholders according to the opportunity cost of capital. We find evidence of differential effects of regulatory characteristics between the price-cap and cost-plus regimes in the segment's financial profitability, since the return on capital invested was more uniform and predictable in American companies, which are subject to regulation by an internal rate of return or cost-plus mechanism, than in Brazilian firms, subject to price-cap regulation. Among the groups with greater return to profitability after the rationing episode in Brazil in 2002 are EDP Brazil, CPFL Energia, Neoenergia and starting in 2004, Elektro and companies still in government hands. The EDF Group performed the worst in the study period, with negative returns from 1999 onward. (author)

  5. Diagnosis of Meningeoma: A comparison of costs before CT, during CT and after introduction of MR imaging

    Energy Technology Data Exchange (ETDEWEB)

    Laurila, J.; Suramo, I. [Oulu Univ. Central Hospital (Finland). Dept. of Radiology; Brommels, M. [Helsinki Univ. (Finland). Dept. of Public Health; Servo, A.; Kotikangas, J.; Standertskjoeld-Nordenstam, C.G. [Helsinki Univ. Central Hospital (Finland). Dept. of Radiology

    2000-11-01

    To assess whether the capital investment required by advances in radiological technology is offset by savings in the direct costs of diagnostic services. Material and Methods: Meningeoma was used as an indicator case. All meningeoma patients from three study periods were included: Twenty patients in 1976-77 before the introduction of CT, 22 patients in 1984-85 when CT was used and 16 patients in 1992 when MR imaging had replaced CT as the most informative imaging modality. Radiological and other diagnostic investigations, and the hospital stay were identified and cost analyzed. Results: The costs of radiological examinations increased from 293 Euros in 1976/77 to 513 Euros in 1992. The average number of diagnostic examinations per patient decreased from 5.1 in 1976/77 to 2.4 in 1992. The length of hospital stay decreased from 11.5 to 2.7 days and the total costs of the diagnostic work-up decreased to one-third of the original, i.e. from 3423 Euros in 1976-77 to 1282 Euros in 1992. Conclusion: The costs of the radiological examinations rose, but the development of radiological technology simplified the diagnostic practice. The hospital stay drastically decreased. The total costs of diagnostic work-up per patient dropped to one-third of the baseline costs.

  6. Diagnosis of Meningeoma: A comparison of costs before CT, during CT and after introduction of MR imaging

    International Nuclear Information System (INIS)

    To assess whether the capital investment required by advances in radiological technology is offset by savings in the direct costs of diagnostic services. Material and Methods: Meningeoma was used as an indicator case. All meningeoma patients from three study periods were included: Twenty patients in 1976-77 before the introduction of CT, 22 patients in 1984-85 when CT was used and 16 patients in 1992 when MR imaging had replaced CT as the most informative imaging modality. Radiological and other diagnostic investigations, and the hospital stay were identified and cost analyzed. Results: The costs of radiological examinations increased from 293 Euros in 1976/77 to 513 Euros in 1992. The average number of diagnostic examinations per patient decreased from 5.1 in 1976/77 to 2.4 in 1992. The length of hospital stay decreased from 11.5 to 2.7 days and the total costs of the diagnostic work-up decreased to one-third of the original, i.e. from 3423 Euros in 1976-77 to 1282 Euros in 1992. Conclusion: The costs of the radiological examinations rose, but the development of radiological technology simplified the diagnostic practice. The hospital stay drastically decreased. The total costs of diagnostic work-up per patient dropped to one-third of the baseline costs

  7. Factor taxation, income distribution, and capital market integration

    OpenAIRE

    Haufler, Andreas

    1996-01-01

    The paper analyzes the optimal mix of capital and wage taxation when policymakers maximize the political support of workers and capitalists, subject to a fixed revenue requirement. Capital market integration increases the efficiency costs of a tax on capital but simultaneously changes the political equilibrium through its effect on the distribution of factor incomes. These distributional effects are directly opposed in the capital importing and the capital exporting region. While the capital ...

  8. Economic and Regulatory Capital in Banking: What Is the Difference?

    OpenAIRE

    Abel Elizalde; Rafael Repullo

    2007-01-01

    We analyze the determinants of regulatory capital (the minimum required by regulation), economic capital (that chosen by shareholders without regulation), and actual capital (that chosen with regulation) in a dynamic model of a bank with a loan-portfolio return described by the single-risk-factor model of Basel II. We show that variables that only affect economic capital, such as the intermediation margin and the cost of capital, can account for large deviations from regulatory capital. Actua...

  9. The “Public Capital Hypothesis” : The Case of Germany

    OpenAIRE

    Conrad, Klaus; Seitz, Helmut

    1992-01-01

    According to the "public capital hypothesis" public investment crowds in private investment by increasing the rate of return to private capital. The present paper uses an extended cost function with public capital included as an unpaid fixed factor of production to ex- amine the impact public capital has on the private economy. Using a panel of four highly aggregated sectors of the West German Economy, it is shown, that the provision of public capital raises the demand for private capital, as...

  10. Taxation and Venture Capital Backed Entrepreneurship

    OpenAIRE

    Keuschnigg, Christian; Nielsen, Søren Bo

    2004-01-01

    In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important con...

  11. The Determinants of Capital Buffers in CEECs

    OpenAIRE

    D'Arack, Francesco; Levasseur, Sandrine

    2007-01-01

    Banking capital ratios show a steadily decline in almost Central and Eastern European Countries (CEECs) since 2001, despite unchanged capital adequacy rules. Using a dynamic panel-analysis based on country-level data for CEECs, we empirically assess the determinants of capital buffers. Main results are as follows. First, there are large and significant adjustment costs in raising capital. Second, banks behave pro-cyclically, depleting their buffers in upturns to benefit from unanticipated inv...

  12. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    if they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in ways......This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state...... expenditures, political legitimacy and financial markets. Boltanski and Chiapello's analysis of the projective city and connexionist logic captures important elements of capitalism in the era of neo-liberalism. However, as their analysis shows, any such logics require ‘spirit’, legitimacy and justification...

  13. Intellectual Capital

    OpenAIRE

    Mardešič, Jakub

    2011-01-01

    The work is focused on intellectual capital and its reporting of intangible assets. First part of the work defines the basic theoretical principles, which are an essential part of the work for understanding the issue. Literature review discusses the various components of intellectual capital and focuses on their function within organizations. Work also discusses various approaches of literature and the authors developing a complex theoretical basis for this issue. The following practical part...

  14. Capitalizing China

    OpenAIRE

    Joseph Fan; Randall Morck; Bernard Yeung

    2011-01-01

    Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all ...

  15. Comparison of the RAINS Emission Control Cost Curves for Air Pollutants with Emission Control Costs Computed by the GAINS Model

    OpenAIRE

    F. Wagner; Schoepp, W.

    2007-01-01

    This paper compares cost curves of SO2, NOx and PM2.5 emission controls generated with the RAINS (Regional Air Pollution Information and Simulation) model with cost estimates obtained from the GAINS (Greenhouse Gas - Air Pollution Interactions and Synergies) model. Based on the same set of input data, results from both models are very similar, and differences are considered as insignificant.

  16. Measuring Inflation in Public Libraries: A Comparison of Two Approaches, the Input Cost Index and the Cost of Services Index.

    Science.gov (United States)

    Chambers, Jay C.; Vergun, Robert

    1999-01-01

    Presents two approaches to measuring the inflation faced by public libraries: (1) an approach based on a fixed market basket of the prices of library inputs; and (2) an approach based on an econometric model of library services and costs that yields a costs of services index. Discusses uses of both models. (SLD)

  17. Toward the Standardization of Biochar Analysis: The COST Action TD1107 Interlaboratory Comparison.

    Science.gov (United States)

    Bachmann, Hans Jörg; Bucheli, Thomas D; Dieguez-Alonso, Alba; Fabbri, Daniele; Knicker, Heike; Schmidt, Hans-Peter; Ulbricht, Axel; Becker, Roland; Buscaroli, Alessandro; Buerge, Diane; Cross, Andrew; Dickinson, Dane; Enders, Akio; Esteves, Valdemar I; Evangelou, Michael W H; Fellet, Guido; Friedrich, Kevin; Gasco Guerrero, Gabriel; Glaser, Bruno; Hanke, Ulrich M; Hanley, Kelly; Hilber, Isabel; Kalderis, Dimitrios; Leifeld, Jens; Masek, Ondrej; Mumme, Jan; Carmona, Marina Paneque; Calvelo Pereira, Roberto; Rees, Frederic; Rombolà, Alessandro G; de la Rosa, José Maria; Sakrabani, Ruben; Sohi, Saran; Soja, Gerhard; Valagussa, Massimo; Verheijen, Frank; Zehetner, Franz

    2016-01-20

    Biochar produced by pyrolysis of organic residues is increasingly used for soil amendment and many other applications. However, analytical methods for its physical and chemical characterization are yet far from being specifically adapted, optimized, and standardized. Therefore, COST Action TD1107 conducted an interlaboratory comparison in which 22 laboratories from 12 countries analyzed three different types of biochar for 38 physical-chemical parameters (macro- and microelements, heavy metals, polycyclic aromatic hydrocarbons, pH, electrical conductivity, and specific surface area) with their preferential methods. The data were evaluated in detail using professional interlaboratory testing software. Whereas intralaboratory repeatability was generally good or at least acceptable, interlaboratory reproducibility was mostly not (20% < mean reproducibility standard deviation < 460%). This paper contributes to better comparability of biochar data published already and provides recommendations to improve and harmonize specific methods for biochar analysis in the future.

  18. R2/R0-WTR decommissioning cost. Comparison and benchmarking analysis

    International Nuclear Information System (INIS)

    SKI charged NAC International with the task of determining whether or not the decommissioning cost estimates of R2/R0 (hereafter simply referred to as R2) and Aagesta research reactors are reasonable. The associated work was performed in two phases. The objective in Phase I was to make global comparisons of the R2 and Aagesta decommissioning estimates with the estimates/actual costs for the decommissioning of similar research reactors in other countries. This report presents the results of the Phase II investigations. Phase II focused on selected discrete work packages within the decommissioning program of the WTR reactor. To the extent possible a comparison of those tasks with estimates for the R2 reactor has been made, as a basis for providing an opinion on the reasonableness of the R2 estimate. The specific WTR packages include: reactor vessel and internals dismantling; biological shield dismantling; primary coolant piping dismantling; electrical equipment removal; waste packaging; transportation and disposal of radioactive concrete and reactor components; project management, licensing and engineering; and removal of ancillary facilities. The specific tasks were characterised and analysed in terms of fundamental parameters including: task definition; labour hours expended; labour cost; labour productivity; length of work week; working efficiency; working environment and impact on job execution; external costs (contract labour, materials and equipment); total cost; waste volumes; and waste packaging and transport costs. Based on such detailed raw data, normalised unit resources have been derived for selected parts of the decommissioning program, as a first step towards developing benchmarking data for D and D activities at research reactors. Several general conclusions emerged from the WTR decommissioning project. Site characterisation can confirm or negate major assumptions, quantify waste volumes, delineate obstacles to completing work, provide an understanding

  19. Costs of stroke and stroke services: Determinants of patient costs and a comparison of costs of regular care and care organised in stroke services

    Directory of Open Access Journals (Sweden)

    Koopmanschap Marc A

    2003-02-01

    Full Text Available Abstract Background Stroke is a major cause of death and long-term disability in Western societies and constitutes a major claim on health care budgets. Organising stroke care in a stroke service has recently been demonstrated to result in better health effects for patients. This paper discusses patient costs after stroke and compares costs between regular and stroke service care. Methods Costs were calculated within the framework of the evaluation of three experiments with stroke services in the Netherlands. Cost calculations are base on medical consumption data and actual costs. Results 598 patients were consecutively admitted to hospital after stroke. The average total costs of care per patient for the 6 month follow-up are estimated at €16,000. Costs are dominated by institutional and accommodation costs. Patients who die after stroke incur less costs. For patients that survive the acute phase, the most important determinants of costs are disability status and having a partner – as they influence patients' stroke careers. These determinants also interact. The most efficient stroke service experiment was most successful in co-ordinating patient flow from hospital to (nursing home, through capacity planning and efficient discharge procedures. In this region the costs of stroke service care are the same as for regular stroke care. The other experiments suffered from waiting lists for nursing homes and home care, leading to "blocked beds" in hospitals and nursing homes and higher costs of care. Costs of co-ordination are estimated at about 3% of total costs of care. Conclusion This paper demonstrates that by organising care for stroke patients in a stroke service, better health effects can be achieved with the same budget. In addition, it provides insight in need, predisposing and enabling factors that determine costs of care after stroke.

  20. Preference weights for cost-outcome analyses of schizophrenia treatments: comparison of four stakeholder groups.

    Science.gov (United States)

    Shumway, Martha

    2003-01-01

    This study quantified preferences for schizophrenia outcomes in four stakeholder groups, tested the hypotheses that outcomes differ in importance and stakeholder groups have different preferences, and produced preference weights for seven outcomes for cost-outcome analysis. Fifty patients with schizophrenia, 50 clinicians, 41 family members of patients, and 50 members of the general public rated 16 schizophrenia-related health states, yielding preference weights for seven outcomes: positive symptoms, negative symptoms, extrapyramidal symptoms, tardive dyskinesia, social function, independent living, and vocational function. Outcomes differed in importance (F = 23.4, p stakeholders rated positive symptoms and social functioning as more important than negative and extrapyramidal symptoms. Stakeholder groups had different preferences (F = 1.9, p = 0.01). Patients rated extrapyramidal symptoms as more important than did other groups (p important than did patients or family members (p important than did patients and the general public (p important and that stakeholder groups value outcomes differently, demonstrating the importance of incorporating stakeholder preferences in cost-outcome analyses and other treatment comparisons.

  1. Comparison between Different Scheduling Strategies by Using Cost239 Optical Network

    Directory of Open Access Journals (Sweden)

    Pooja Meena, Manish Shrivastava, Sushil Chaturvedi

    2012-12-01

    Full Text Available In this paper we present different demand policies in scheduled lightpath demand (SLDs .SLD is a demand for a set of lightpaths (connections, defined by a tuple (s,d,n,α,ω where s and d are the source and destination nodes of the lightpaths, n is the number of requested lightpaths α, ω and are the set-up and tear-down times of the lightpaths. The objective of this paper to increase resource utilization ratio by using channel reuse. In this paper we works on Cost 239 network by assigning the same channel to several lightpaths, by using different wavelengths which varies according to the time (set-up and tear-down.By comparison of demand policies which also depend upon time(set-up and tear-down every demand policy has own schedule. By using Cost 239 network we found the result which demand policy is effective and scheduled first and we compare each policy by using graphical representation and then find which policy is best for scheduling and increase the resource utilization .

  2. Exploiting the Medium Term Biomass Energy Potentials in Austria. A Comparison of Costs and Macroeconomic Impact

    International Nuclear Information System (INIS)

    The transition to an implicitly solar-based energy system can make use of various specific biomass energy systems. This paper provides economic and environmental indicators for evaluating alternative options. The paper proceeds in three empirical steps. First, an expert survey supplies the primary biomass potentials available for non-food use in Austria and their respective costs. Second, an inquiry into investment, operating and financing costs of 30 different biomass energy use systems allows a standardized comparison among them and their relationship to fossil reference technologies. Third, a computable general equilibrium model of the Austrian economy is employed to quantify the impacts of fostering the use of distinct biomass energy technologies. The results allow us to distinguish between those technologies that tend to lead to an increase in both GDP and employment (e.g., combined heat and power production from sewage sludge biogas), to an increase only in employment, while GDP tends to diminish (e.g., district heating based on agricultural pellets) or to a decline in both (e.g., co-firing based on wood-chips, bark or industrial pellets). Individual technologies could account for up to one third of Austria's Kyoto obligation, while combinations of technologies, triggered by a combined CO2 tax and biomass energy subsidy for example, could almost fully lead to Austrian Kyoto-compliance

  3. Optimal Dividends of Diffusion Model with Capital Injection and Transaction Cost%带注资和交易费用的扩散模型的最优分红

    Institute of Scientific and Technical Information of China (English)

    岳毅蒙; 王欣; 赵锐

    2016-01-01

    Issues about optimal dividends strategies of the model are discussed based on diffusion model with capital injection and transaction cost and by realizing the difference of maximization of value of expec-tation which equals to discounted dividends of shareholders minus punishment discounting capital injection as a target.The corresponding solutions and optimal dividend strategies are deduced through related HJB e-quation built by stochastic control theory.%在带注资和交易费用的扩散模型基础上,以股东的折现分红减去惩罚折现注资的差的期望值最大化为目标,讨论了模型的最优分红策略问题.由随机控制理论建立相应的HJB方程,得到了相应的解及最优分红策略.

  4. Nonfuel OandM costs for laser and heavy-ion fusion power plants

    International Nuclear Information System (INIS)

    Very simple nonfuel operating and maintenance (OandM) cost models have been used in many inertial confinement fusion (ICF) commercial applications studies. Often, ICF OandM costs have been accounted for by adding a small fraction of plant initial capital cost to other annual power production costs. Lack of definition of ICF technology and/or perceptions that OandM costs would be small relative to capital-related costs are some reasons for such simple treatments. This approach does not permit rational treatment of potentially significant differences in OandM costs for ICF plants with different driver, reactor, target, etc., technologies or rational comparisons with conventional technologies. Improved understanding of ICF makes more accurate estimates for some OandM costs appear feasible. More detailed OandM cost models, even if of modest accuracy in some areas, are useful for comparisons

  5. 7 CFR 3560.304 - Initial operating capital.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Initial operating capital. 3560.304 Section 3560.304... capital. (a) Purpose. To provide a source of capital for start-up costs, such as the purchase of equipment... initial operating capital contribution to the general operating account as described in § 3560.64....

  6. Intelligence Capital

    Directory of Open Access Journals (Sweden)

    Maid Pajevic

    2011-08-01

    Full Text Available The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of BiH? Historical context implies greater responsibility of OSA BiH in realising its preventive function of protecting security of BiH and its citizens. Theoretical frame of the intelligence capital implies that the system of security and intelligence of BiH should be able to respond to strategic questions: to know-what, to know – why, to know – how, to know – who.

  7. Social capital and localised learning

    DEFF Research Database (Denmark)

    Lorenzen, Mark

    2007-01-01

      This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...... capital is formed at spatial scales lower than the national or international, because the density of matrices of social relations increases with proximity. The paper also offers a discussion of how national and regional policies may be suited for promoting social capital....

  8. Competition of Different Academic Disciplines in the Academic Field Comparison of the Cultural Capital of Four Disciplines in the University of Isfahan

    Directory of Open Access Journals (Sweden)

    Mahdi Zhianpour

    2013-08-01

    The findings of the present study show that the stock of the accumulated cultural capital (the sum out of combining the ternary dimensions of the variable of cultural capital amounts to 2.18 in sociology, 1.99 in Industrial design, 1.77 in Law, and 1.48 in Medicine. The students of the sociology have a head start on other groups owing to the high score in their objectified cultural capital. These results and the related validity tests indicate that the first hypothesis can be rejected, while the second and the third hypotheses can be accepted and the results can be generalized to the population. As the results show, the cultural capital in the disciplines which are located at the top of the cultural hierarchy is more than the cultural capital in the disciplines which represent the social hierarchy. Finally, based on the results obtained, it can be said that the difference between the mean score of the students’ cultural capital is one of the indicators of the appearance of the cultural hierarchy alongside the pre-existing social hierarchy in Iran academic field. For the sociology and art undergraduates and postgraduates, this stock of the cultural capital plays quite the same role in terms of the partial differential functioning as the role which social status of the Law and medicine plays for their agents. The results also show that this stock of cultural capital is not enough for institutionalized the cultural status. The institutionalized of the cultural status requires: a large stock of the capital in general, a large proportion of the cultural capital in the composition of the capital and transferring this stock and capital composition to the next generation with a rising positive slope in the process of capital path.

  9. Intelligence Capital

    OpenAIRE

    Maid Pajevic

    2011-01-01

    The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of Bi...

  10. Trinidadian capitalism

    OpenAIRE

    Kevin A. Yelvington

    1999-01-01

    [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99) Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95) Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its histor...

  11. Equity Incentive,Executive Overconfidence and the Cost of Equity Capital%股权激励、高管内部薪酬差距与权益资本成本

    Institute of Scientific and Technical Information of China (English)

    雷霆; 周嘉南

    2015-01-01

    基于行为金融的视角,从管理者过度自信角度解释了我国股权激励计划实施效果不佳的困惑。实证结果表明,我国实施股权激励计划会在高管过度自信的条件下对上市公司权益资本成本产生影响:股权激励计划的实施提高了上市公司高管过度自信水平;股权激励与高管过度自信的相互作用使得上市公司权益资本成本显著升高。这意味着从管理者过度自信的角度考察股权激励对企业权益资本成本造成的影响,可能会更好地解释股权激励的价值效应。%Based on the behavioral finance,this paper explained the implementation of equity incentive plan in our country from the point of view of executive overconfidence.The empirical result showed that the implementation of equity incentive plan in our country had an impact on the cost of equity capital under the condition of executive overconfidence.The implementation of equity incentive plan raised the level of executive overconfidence.The interaction of equity incen-tive and executive overconfidence made a significant rise in the cost of equity capital of listed com-panies.This meant that our research on the impact of equity incentive to the cost of equity capital from the perspective of executive overconfidence,better explained the value of the equity incen-tive effect.

  12. Fleet servicing facilities for servicing, maintaining, and testing rail and truck radioactive waste transport systems: functional requirements, technical design concepts and options cost estimates and comparisons

    International Nuclear Information System (INIS)

    This is a resource document which examines feasibility design concepts and feasibility studies of a Fleet Servicing Facility (FSF). Such a facility is intended to be used for routine servicing, preventive maintenance, and for performing requalification license compliance tests and inspections, minor repairs, and decontamination of both the transportation casks and their associated rail cars or tractor-trailers. None of the United States' waste handling plants presently receiving radioactive wastes have an on-site FSF, nor is there an existing third party facility providing these services. This situation has caused the General Accounting Office to express concern regarding the quality of waste transport system maintenance once the system is placed into service. Thus, a need is indicated for FSF's, or their equivalent, at various radioactive materials receiving sites. In this report, three forms of FSF's solely for spent fuel transport systems were examined: independent, integrated, and colocated. The independent concept was already the subject of a detailed report and is extensively referenced in this document so that capital cost comparisons of the three concepts could be made. These facilities probably could service high-level, intermediate-level, low-level, or other waste transportation systems with minor modification, but this study did not include any system other than spent fuel. Both the Integrated and Colocated concepts were assumed to be associated with some radioactive materials handling facility such as an AFR repository

  13. Comparison between locally produced low cost electric machine and wind generator

    Directory of Open Access Journals (Sweden)

    Sarmad Hameed

    2012-07-01

    Full Text Available In Pakistan there is a short fall of electricity. Currently, the total amount of energy produced in Pakistan is about 19,500 MW through various resources such as hydel power, natural gas etc. The energy produces via hydel power is much less in comparison to production of energy through Furnace oil or Natural gas. Hydel power produces only 65,00 MW, while rest of 13,000 MW is produced either using Furnace oil or Natural Gas. Furthermore, nuclear and coal resources also contribute in energy production, but the yield is lower than the hydel power production, which is 450 MW and 150 MW respectively. The shortage of electricity reaches its peak i.e 6,000 MW in summer season and it is expected that this figure is expected to rise with time. Since Pakistan posses abundant wind resources for electricity generation, therefore it is essential to build indigenous low cost wind turbine to utilize these available resources efficiently and economically. This study specifically concerns with development of generator of horizontal axis of wind turbine. In this study, three-phase AC asynchronous induction motor has been converted into a wind turbine generator to produce a robust and economical design. For this purpose, a test rig, consisting of two induction motors, chain sprocket, motor coupling, capacitors, and load bank of 2.3 KWwere used. During experimental trials, high voltage oil based capacitors were used to magnetize the generator coil. As generator motor is rotated slightly above its rated rpm of 2800, capacitors starts magnetizing the coil, which in turns produce potential difference that reverses the motor behavior and it start working as a generator. During the laboratory trials, it has been shown that this approach presents a robust and economical solution for developing wind turbine generators, as these induction motors are easily available at considerably low prices in comparison to DC generators.

  14. Risk management study for the Hanford Site facilities: Risk reduction cost comparison for the retired Hanford Site facilities. Volume 4

    Energy Technology Data Exchange (ETDEWEB)

    Coles, G.A.; Egge, R.G.; Senger, E.; Shultz, M.W.; Taylor, W.E.

    1994-02-01

    This document provides a cost-comparison evaluation for implementing certain risk-reduction measures and their effect on the overall risk of the 100 and 200 Area retired, surplus facilities. The evaluation is based on conditions that existed at the time the risk evaluation team performed facility investigations, and does not acknowledge risk-reduction measures that occurred soon after risk identification. This evaluation is one part of an overall risk management study for these facilities. The retired facilities investigated for this evaluation are located in the 100 and 200 Areas of the 1450-km{sup 2} Hanford Site. The Hanford Site is a semiarid tract of land in southeastern Washington State. The nearest population center is Richland, Washington, (population 32,000) 30 km southeast of the 200 Area. This cost-comparison evaluation (1) determines relative costs for reducing risk to acceptable levels; (2) compares the cost of reducing risk using different risk-reduction options; and (3) compares the cost of reducing risks at different facilities. The result is an identification of the cost effective risk-reduction measures. Supporting information required to develop costs of the various risk-reduction options also is included.

  15. Cost-Effectiveness Comparison of Breast Cancer Screening and Vascular Event Primary Prevention with Aspirin in Wales

    Science.gov (United States)

    Morgan, Gareth

    2011-01-01

    Aim: For the first time, this article presents a cost-effectiveness comparison of a breast cancer screening programme with a possible health education programme with aspirin for vascular event primary prevention. Background: Breast cancer screening is a well established part of cancer control programmes yet recent evidence on this intervention has…

  16. Oligopoly banking and capital accumulation

    OpenAIRE

    Nicola Cetorelli; Pietro F. Peretto

    2000-01-01

    We develop a dynamic general equilibrium model of capital accumulation where credit is intermediated by banks operating in a Cournot oligopoly. The number of banks affects capital accumulation through two channels. First, it affects the quantity of credit available to entrepreneurs. Second, it affects banks' decisions to collect costly information about entrepreneurs, and thus determines the efficiency of the credit market. We show that under plausible conditions, the market structure that ma...

  17. Allergy Capitals

    Science.gov (United States)

    ... McAllen, TX The report looks at 3 important factors: Pollen score Allergy medication usage Availability of Board-certified allergists This year’s report named Jackson, Mississippi, as the top Spring Allergy Capital due to its: Higher than average pollen Higher ...

  18. Capital Gains

    Science.gov (United States)

    Howard, Robert W.

    2004-01-01

    "Social capital" describes the strength of community as measured by the connections and levels of trust among its members. These connections are both formal and informal and the benefits include better health and better academic achievement. In this article, the author proposes two types of experiments to determine whether the relationship between…

  19. Capital Challenge

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    China is on its way to establishing its own venture capital industry Venture capitalists will find no safe haven worldwide as the prospects for the majority of economies to pick up remain dim for the next two years. Still, if some of them have the money and

  20. Taxation and venture capital-backed entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...... assubsidies to start-up costs of new firms affect venture capital-backedentrepreneurship. We also argue that dividend and capital gains taxes onmature firms have important consequences for start-up firms as well.JEL Classification: D82, G24, H24 and H25Keywords: double moral hazard, entrepreneurship, taxes...... and venture capital...

  1. Healthcare Service Use and Costs for Autism Spectrum Disorder: A Comparison between Medicaid and Private Insurance

    Science.gov (United States)

    Wang, Li; Mandell, David S.; Lawer, Lindsay; Cidav, Zuleyha; Leslie, Douglas L.

    2013-01-01

    Healthcare costs and service use for autism spectrum disorder (ASD) were compared between Medicaid and private insurance, using 2003 insurance claims data in 24 states. In terms of costs and service use per child with ASD, Medicaid had higher total healthcare costs (22,653 vs. 5,254), higher ASD-specific costs (7,438 vs. 928), higher psychotropic…

  2. Burn or Bury? A Social Cost Comparison of Final Waste Disposal Methods

    OpenAIRE

    Dijkgraaf, Elbert; Herman R. J. Vollebergh

    2003-01-01

    This paper uses private and environmental cost data for the Netherlands to evaluate the social cost of two final waste disposal methods, landfilling versus incineration using waste-to-energy (WTE) plants. The data only provide some support for the widespread policy preference for incineration over landfilling if the analysis is restricted to environmental costs alone. Private costs, however, are so much higher for incineration, that landfilling is the social cost minimizing option at the marg...

  3. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  4. Natural capital in ecology and economics: an overview.

    Science.gov (United States)

    Fenech, Adam; Foster, Jay; Hamilton, Kirk; Hansell, Roger

    2003-01-01

    The Brundtland Commission report, Our Common Future, defined sustainable development as development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Although the idea of sustainable development has been widely accepted, it has proved difficult to identify and implement policies and practices that promote sustainable economic growth. Some economists, environmental scientists and policy analysts believe that they can transform the consensus about sustainability into manageable practices. They propose to accomplish this feat with a set of new ideas about the relationships between the economy and the environment offered under the banner of 'natural capital'. An ideal account of natural capital would be one or more standard measures or models that would allow the direct comparison of environmental goods, like forests, fresh water and clean air, with economic goods, like money, capital and productivity. By bringing economic science and environmental science to an objective common ground, a natural capital model has the potential to provide a concrete means of comparing the economic and ecological costs and benefits of particular policies and programmes. This paper offers a survey and analysis of several new contributions to the formation of the natural capital concept from economists, ecologists, policy analysts, biometricians, foresters and a philosopher. The paper concludes that existing microeconomic theory may be 'ungreenable', if it is not reformulated. While macroeconomic approaches to natural capital have beenmore successful, they share the limitation that ecosystems and species are valued solely in monetary terms. These problems are taken to suggest that the development of a successful natural capital model may require economic theory to be recast to include non-monetary social preferences and values.

  5. The Mechanism between Internal Control Information Disclosure and Cost of Capital Equity%论内控信息披露与股权融资成本关系的作用机理

    Institute of Scientific and Technical Information of China (English)

    熊伟; 张艳

    2015-01-01

    随着我国资本市场的不断发展,上市公司的内部控制信息披露和股权融资成本表现出重要的关系。委托代理理论、信息不对称理论、信号传递理论都说明了上市公司主动且详细地披露内控信息的上市公司,其发展潜力巨大。投资者预期风险和股票流动性是内控信息披露质量与股权融资成本的关系的间接因素,内控信息披露质量越高,投资者对未来预期的风险就越小,股权融资成本就越低,同时,内控信息披露质量越高,股票流动性就越高,从而可以降低股权融资成本。%With the rapid development of our capital market, the internal control information disclosure and cost of capital equity of listed companies have been closely related. Principal-agency theory, information asymmetry theory and signaling theory have all demonstrated that listed companies will enjoy huge development potentials if they take the initiative to disclose their internal control information at great lengths. Investor expectation of risk and stock liquidity can, to some extent, affect the relationship between the two. The better the internal control information disclosure is, the lower the investor expectation of risk will be. In addition, the better internal control information dis-closure can also speed up stock exchange and thus bring down the cost of capital equity.

  6. Understanding International Differences in Trade and Capital Market Integration

    OpenAIRE

    Sebastián Claro

    2005-01-01

    International integration in capital markets raises the cost of capital in technology-backward countries, pushing them toward specialization in labor-intensive industries. To avoid specialization and to sustain production of capital-intensive industries, governments either impose tari.s or limit the degree of capital market integration. The idea that trade and capital market distortions are substitutes is apparently contradicted by the empirical evidence, that shows that countries with more o...

  7. The Development of Local Capital Markets; Rationale and Challenges

    OpenAIRE

    Luc Laeven

    2014-01-01

    Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of ...

  8. Comparison and Association of Intellectual Capital: An Investigation and Measurement of the Value of Intellectual Capital Assets and Their Contribution to Stakeholder Perception within the Framework of Higher Education

    Science.gov (United States)

    Helm Stevens, Roxanne

    2011-01-01

    PROBLEM: Many of the preliminary approaches to strategic management of intellectual capital or knowledge assets have not been attempted in the not-for-profit arena. Additionally, because there is no marketplace value for not-for-profit firms or a valuation system for intangible assets, the identification and measurement necessary for efficient and…

  9. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  10. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital....... The hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....

  11. Equity Incentive, Executive Inner Pay Gap and the Cost of Equity Capital%股权激励、高管内部薪酬差距与权益资本成本

    Institute of Scientific and Technical Information of China (English)

    雷霆; 周嘉南

    2014-01-01

    高管薪酬激励已成为现代公司治理的重要内容,伴随着中国股权激励机制的推行,上市公司高管薪酬结构随之发生变化,最终可能影响上市公司权益资本成本。利用基于真实数据的混合截面模型预测公司盈余,在此基础上通过GLS模型、OJN模型和GGM模型估算权益资本成本,以股权分置改革后2007年至2012年上市公司为样本,探究股改后中国上市公司股权激励对高管内部薪酬差距的影响,在这种影响下公司权益资本成本的变化。研究结果表明,股权激励计划的实施已成为高管内部薪酬差距扩大的主要因素;在股权激励作用下,高管内部薪酬差距的扩大增加企业权益资本成本;与非国有控股企业相比,国有控股企业中股权激励与高管内部薪酬差距的相互作用与权益资本成本敏感性更高。研究结论为高管薪酬激励制度的完善提供重要启示,也为投资者识别股权激励计划的实施效果提供经验证据。%Executive compensation incentive has become an important part of modern corporate governance, along with the imple-mentation of equity incentive mechanism, the structure of executive pay in listed companies will change and these changes would affect the cost of equity capital of listed companies.Using the cross-sectional model that based on real data to forecast earnings, and then estimate the cost of equity capital through the GLS model, OJN model and GGM model, this study takes samples of lis-ted companies from 2007 to 2012 after the state share reform to explore the influence of China′s listed company equity incentive on executive internal pay gap, and discuss the changes of the cost of equity capital under this influence.The results show that the implementation of equity incentive plan has been the key factor to intensify executive internal pay gap;due to the influence of eq-uity incentive, internal executive pay gap increases

  12. Validity and cost comparison of "carbon urea breath test for diagnosis of H Pylori in dyspeptic patients

    Institute of Scientific and Technical Information of China (English)

    Shahid Rasool; Shahab Abid; Wasim Jafri

    2007-01-01

    AIM: To validate and compare the cost of microdose 14C urea breath test (UBT) with histology and rapid urease test for the diagnosis of H Pylori.METHODS: Ninety-four consecutive patients with dyspeptic symptoms undergoing gastroscopy were enrolled. Gastric biopsies were taken for histology and rapid urease test. UBT was performed after gastroscopy by microdose "C urea capsules. Sensitivity, specificity and accuracy of UBT were calculated and compared with histology and rapid urease test. Cost comparison of these tests was also performed.RESULTS: H pylori was diagnosed by histology and rapid urease test in 66 (70%) and 61 (65%) patients, while 14C UBT detected infection in 63 (67%). Accuracy of UBT was 93% in comparison with histology while its positive and negative predictive values were 97% and 84%, respectively. Comparison of 14C UBT with rapid urease test gives an accuracy of 96%, with positive and negative predictive values of 95% and 97%, respectively. These results were highly reproducible with a Kappa test (P value < 0.001). Cost of histology or rapid urease test with gastroscopy was 110 USD or 95 USD respectively while the cost of UBT was 15 USD.CONCLUSION: Microdose 14C UBT was comparable to histology and rapid urease test. 14C UBT is an economical, self sufficient and suitable test to diagnose active Hpylori infection in less developed countries.

  13. Technology, safety and costs of decommissioning a reference boiling water reactor power station: Comparison of two decommissioning cost estimates developed for the same commercial nuclear reactor power station

    International Nuclear Information System (INIS)

    This study presents the results of a comparison of a previous decommissioning cost study by Pacific Northwest Laboratory (PNL) and a recent decommissioning cost study of TLG Engineering, Inc., for the same commercial nuclear power reactor station. The purpose of this comparative analysis on the same plant is to determine the reasons why subsequent estimates for similar plants by others were significantly higher in cost and external occupational radiation exposure (ORE) than the PNL study. The primary purpose of the original study by PNL (NUREG/CR-0672) was to provide information on the available technology, the safety considerations, and the probable costs and ORE for the decommissioning of a large boiling water reactor (BWR) power station at the end of its operating life. This information was intended for use as background data and bases in the modification of existing regulations and in the development of new regulations pertaining to decommissioning activities. It was also intended for use by utilities in planning for the decommissioning of their nuclear power stations. The TLG study, initiated in 1987 and completed in 1989, was for the same plant, Washington Public Supply System's Unit 2 (WNP-2), that PNL used as its reference plant in its 1980 decommissioning study. Areas of agreement and disagreement are identified, and reasons for the areas of disagreement are discussed. 31 refs., 3 figs., 22 tabs

  14. The bank capital requirement and information asymmetry

    OpenAIRE

    Sangkyun Park

    1994-01-01

    This paper recognizes two main factors that cause the capital requirement to affect the weighted average cost of capital and hence the investment behavior of banks: underpriced debt resulting from the deposit insurance and information asymmetry between managers and the stock market. For a bank enjoying a low cost of debt (deposits), an increased proportion of equity financing raises the weighted average cost ofcapital. When the stock market underestimates the value of a bank due to informatio...

  15. SLUDGE TREATMENT PROJECT COST COMPARISON BETWEEN HYDRAULIC LOADING AND SMALL CANISTER LOADING CONCEPTS

    Energy Technology Data Exchange (ETDEWEB)

    GEUTHER J; CONRAD EA; RHOADARMER D

    2009-08-24

    The Sludge Treatment Project (STP) is considering two different concepts for the retrieval, loading, transport and interim storage of the K Basin sludge. The two design concepts under consideration are: (1) Hydraulic Loading Concept - In the hydraulic loading concept, the sludge is retrieved from the Engineered Containers directly into the Sludge Transport and Storage Container (STSC) while located in the STS cask in the modified KW Basin Annex. The sludge is loaded via a series of transfer, settle, decant, and filtration return steps until the STSC sludge transportation limits are met. The STSC is then transported to T Plant and placed in storage arrays in the T Plant canyon cells for interim storage. (2) Small Canister Concept - In the small canister concept, the sludge is transferred from the Engineered Containers (ECs) into a settling vessel. After settling and decanting, the sludge is loaded underwater into small canisters. The small canisters are then transferred to the existing Fuel Transport System (FTS) where they are loaded underwater into the FTS Shielded Transfer Cask (STC). The STC is raised from the basin and placed into the Cask Transfer Overpack (CTO), loaded onto the trailer in the KW Basin Annex for transport to T Plant. At T Plant, the CTO is removed from the transport trailer and placed on the canyon deck. The CTO and STC are opened and the small canisters are removed using the canyon crane and placed into an STSC. The STSC is closed, and placed in storage arrays in the T Plant canyon cells for interim storage. The purpose of the cost estimate is to provide a comparison of the two concepts described.

  16. 3D RECONSTRUCTION OF AN UNDERWATER ARCHAELOGICAL SITE: COMPARISON BETWEEN LOW COST CAMERAS

    Directory of Open Access Journals (Sweden)

    A. Capra

    2015-04-01

    Full Text Available The 3D reconstruction with a metric content of a submerged area, where objects and structures of archaeological interest are found, could play an important role in the research and study activities and even in the digitization of the cultural heritage. The reconstruction of 3D object, of interest for archaeologists, constitutes a starting point in the classification and description of object in digital format and for successive fruition by user after delivering through several media. The starting point is a metric evaluation of the site obtained with photogrammetric surveying and appropriate 3D restitution. The authors have been applying the underwater photogrammetric technique since several years using underwater digital cameras and, in this paper, digital low cost cameras (off-the-shelf. Results of tests made on submerged objects with three cameras are presented: © Canon Power Shot G12, © Intova Sport HD e © GoPro HERO 2. The experimentation had the goal to evaluate the precision in self-calibration procedures, essential for multimedia underwater photogrammetry, and to analyze the quality of 3D restitution. Precisions obtained in the calibration and orientation procedures was assessed by using three cameras, and an homogeneous set control points. Data were processed with © Agisoft Photoscan. Successively, 3D models were created and the comparison of the models derived from the use of different cameras was performed. Different potentialities of the used cameras are reported in the discussion section. The 3D restitution of objects and structures was integrated with sea bottom floor morphology in order to achieve a comprehensive description of the site. A possible methodology of survey and representation of submerged objects is therefore illustrated, considering an automatic and a semi-automatic approach.

  17. The Effect of Institutional Investors on Cost of Capital under the Investment Behavior Heterogeneity:An Evidence from China' s Capital Market%异质机构投资者持股对资本成本的影响研究——基于沪深 A 股上市公司的数据

    Institute of Scientific and Technical Information of China (English)

    霍晓萍

    2015-01-01

    Take A-share companies listed in the stock market in 2005~2012 as a sample, from the perspec-tive of investment behavior heterogeneity of institutional investors, the paper uses an Ordinary Least Squares regres-sion and the fixed effect model method to verify the effect of institutional investors on the cost of capital.The result from all samples is that institutional investors have a negative effect on cost of capital and they have played a posi-tive role in the listing corporate management.The results from sub-samples further show that institutional investors holding a large number of its shares can effectively reduce the cost of capital.Institutional investors holding a small number of its shares have a negative impact on corporate governance.Holding period of institutional investors has a significant effect on the decrease degree of cost of capital, and institutional investors with longer holding period can more effectively reduce the cost of capital and enhance the level of corporate governance.The paper makes a contri-bution to the institutional investors' role in corporate governance, and also casts a light on how to further promote the reform of China' s securities market.%基于机构投资者投资行为异质的视角,利用我国沪深A股上市公司2005~2012年的数据,运用多元回归和固定效应模型等方法,从机构投资者持股与否、持股高低和持股期限等多个方面实证检验机构投资者对上市公司资本成本的影响. 研究结果显示:机构投资者持股比例与资本成本之间显著负相关;持股比例较高时机构投资者能有效降低资本成本,提升上市公司治理水平;持股比例较低时机构投资者对公司治理产生负面影响,不利于改善公司治理水平;机构投资者的持股期限影响其降低资本成本的程度,持股期限越长,降低资本成本的作用越显著. 对机构投资者异质投资行为的研究为理解机构投资者的治理角色提供了新

  18. Cost-optimal analysis and technical comparison between standard and high efficient mono-residential buildings in a warm climate

    International Nuclear Information System (INIS)

    The recast of EU (European Union) Directive on EPBD (Energy Performance of Buildings) requires nZEBs (nearly zero energy buildings) as the building target from 2018 onwards and the establishment of cost-optimal levels of minimum energy performance requirements in buildings. This paper presents the results of the application of a methodology to identify cost-optimal levels in new residential buildings located in a warm climate. Mono-residential buildings have been considered as virtual reference buildings in this study. Different energy efficiency measures have been selected for the envelope and the systems. A combination of technical variants has been then applied to the reference case in order to obtain several configurations to be compared in terms of primary energy consumption and global costs. The cost-optimal solution is identified assessing technical features and energy performance. Standard and high efficiency buildings are analysed to show how the selected configuration allows a decrease of primary energy consumption and CO2 emissions at the lowest cost. Results are useful for comparison with other climates and building types. They also show the feasibility of the methodology to comply with EU requirements and to support the choice of economically efficient nZEBs solutions at the design stage. - Highlights: • A methodology is applied to obtain cost-optimal levels in mono-residential reference buildings. • A conventional baseline reference building located in a warm climate is described. • Energy performance is assessed for different packages of energy efficiency technical measures. • Global costs are evaluated to identify the cost-optimal solution. • A comparison between standard and high performance buildings is given at the design level

  19. Exposing the true risks of capitation financed healthcare.

    Science.gov (United States)

    Cox, Thomas

    2011-01-01

    Many healthcare finance mechanisms involve transferring uncertain costs to healthcare providers in lieu of fixed payments or global capitation. Global capitation violates basic principles of risk management through insurance. Risk-theoretic analysis of capitation shows that risk disaggregation forces efficient providers to become inefficient insurers. Risk-assuming providers face lower profitability and increased exposure to operating losses, and must reduce patient benefits. Global capitation causes inefficiency, increases healthcare costs, and threatens patient-provider relationships. PMID:21506200

  20. Cost-Effectiveness of Nutrient Management and Buffers: Comparisons of Two Spatial Scenarios

    OpenAIRE

    Bonham, John G.; Bosch, Darrell J.; Pease, James W.

    2006-01-01

    Farmers and taxpayers would benefit from more cost-effective agricultural nutrient pollution control measures. The objectives of our study are (1) to assess compliance costs and reductions in phosphorus loadings from implementation of nutrient management and riparian buffers; and (2) to estimate how the spatial scenario, which is the method of representing farms within the watershed, affects estimated compliance costs and reductions in phosphorus deliveries. Estimated compliance costs are qui...

  1. Accounting for Health and Safety costs:Review and comparison of selected methods

    OpenAIRE

    Rikhardsson, Pall M.

    2005-01-01

    A part of the emerging sustainability management accounting is corporate health and safety performance. One performance dimension is the costs of occupational accidents in companies. The underlying logic for calculating these costs is that if occupational accidents are prevented then these costs could be avoided. This chapter presents and discusses selected methods for calculating the costs of occupational accidents. The focus is on presenting the characteristics of each method and disclosing...

  2. Is Social Capital an Effective Smoke Condenser?

    DEFF Research Database (Denmark)

    Paldam, M.; Svendsen, Gert Tinggaard

    1999-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must...... be added to human and physical capital, or it might enter as a reduction in either transaction or monitoring costs. A direct and an indirect way to measure social capital are discussed. The crucial question is if social capital can be changed. That is, if self enforcement can replace third party...... enforcement, and it is discussed how much harm totalitarian regimes do to social capital, when they expand their area of central control....

  3. Class Size Reduction or Rapid Formative Assessment?: A Comparison of Cost-Effectiveness

    Science.gov (United States)

    Yeh, Stuart S.

    2009-01-01

    The cost-effectiveness of class size reduction (CSR) was compared with the cost-effectiveness of rapid formative assessment, a promising alternative for raising student achievement. Drawing upon existing meta-analyses of the effects of student-teacher ratio, evaluations of CSR in Tennessee, California, and Wisconsin, and RAND cost estimates, CSR…

  4. Human Capital Development: Comparative Analysis of BRICs

    Science.gov (United States)

    Ardichvili, Alexandre; Zavyalova, Elena; Minina, Vera

    2012-01-01

    Purpose: The goal of this article is to conduct macro-level analysis of human capital (HC) development strategies, pursued by four countries commonly referred to as BRICs (Brazil, Russia, India, and China). Design/methodology/approach: This analysis is based on comparisons of macro indices of human capital and innovativeness of the economy and a…

  5. Capitation payments based on prior hospitalizations.

    Science.gov (United States)

    van Vliet, R C; van de Ven, W P

    1993-07-01

    In many countries the concept of capitating health care insurers is receiving increasing attention. In a competitive environment, capitation should induce insurers to concentrate more on cost containment instead of indulging in risk selection. The necessary premium-replacing capitation payments should account for predictable variations in annual per-person health care expenditures as far as these are related to health status. Various studies have shown that crude capitation models based on e.g. age, sex and place of residence, do not reflect expected costs accurately. This implies inefficient pricing possibly leading to risk selection and windfall profits or losses for insurers, thereby undermining the objectives of a capitation system. Using Dutch micro data on some 200,000 individuals, this article stimulates various alternative capitation models based on, among others, diagnostic information from previous hospitalizations. Results suggest that the problems of both risk selection and windfall profits/losses may be mitigated substantially by using this type of information together with data on prior costs. These results are not only relevant for situations where competing insurers are capitated, as intended in the Netherlands, but also when providers are capitated, as in the UK, or when HMOs are capitated, as in the US.

  6. Competition of Different Academic Disciplines in the Academic Field Comparison of the Cultural Capital of Four Disciplines in the University of Isfahan)

    OpenAIRE

    Mahdi Zhianpour; Arash Hasanpour; Alireza Nili

    2013-01-01

    Introduction Using Pierre Bourdieu’s theory about existence of various hierarchies in the academic field, this study attempts to investigate the development of cultural hierarchy in Iran’s academic field around cultural capital, assuming the existence of the social-economic hierarchy. To this end, the ternary dimensions of the cultural capital have been compared in the students of four academic disciplines including: Medicine, Law, Industrial design, and Sociology. Of course, this article ...

  7. Cost-comparison of different management policies for tuberculosis patients in Italy. AIPO TB Study Group.

    OpenAIRE

    Migliori, G. B.; Ambrosetti, M.; Besozzi, G.; Farris, B.; Nutini, S.; Saini, L; Casali, L.; Nardini, S; Bugiani, M; Neri, M.; Raviglione, M C

    1999-01-01

    Although in developing countries the treatment of tuberculosis (TB) cases is among the most cost-effective health interventions, few studies have evaluated the cost-effectiveness of TB control in low-prevalence countries. The aim of the present study was to carry out an economic analysis in Italy that takes into account both the perspective of the resource-allocating authority (i.e. the Ministry of Health) and the broader social perspective, including a cost description based on current outco...

  8. International comparison of economic and technical indexes of nuclear power plant construction

    International Nuclear Information System (INIS)

    The comparison of capital costs of the construction of nuclear power plants takes into consideration the following aspects: the delineation of the installation, the determination of costs and their break-down, the impact of the time factor, the conversion of the costs to a comparable unit. Power plants are always compared with roughly the same power capacity, this even when conditions for construction are not fully comparable. Construction costs may be divided into, e.g., pre-construction costs, direct capital costs, indirect capital costs, interest during construction. The time factor is manifest in the duration of construction and in the concrete year of construction for which the comparison is being made. The inflationary rise in prices and interests are increasing capital costs by roughly 5 - 8% per annum. The comparison of costs expressed in different currencies is made either by conversion using the rate of exchange or by comparing the time expended for the construction of the power plant. Various methods of comparison are discussed. (J.B.). 7 refs

  9. Cost comparison of low temperature heat production and supply to the industrial and domestic sector by means of nuclear energy

    International Nuclear Information System (INIS)

    The production costs of district heating with coal-fired single-purpose plant and different kinds of nuclear power plants are estimated and compared. Due to the development of the high temperature reactor it will be possible to substitute or complement crude oil and natural gas with coal and nuclear fuels, whereby high temperature heat is used to cover low temperature heat requirement. The market potential for SNG (synthetic natural gas) and NLE (nuclear long distance energy) is shown. The result of cost calculations carried out for different gasification process in the first year of operation and the input data for the cost calculation are given. A comparison of nuclear district heating and SNG is made and competitiveness of the nuclear alternative is expected. (M.S.)

  10. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted... Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition...

  11. The external costs of electricity generation: a comparison of generation technologies

    International Nuclear Information System (INIS)

    Electricity generation, like any economic activity, leads to costs that can be grouped in two categories: (a) private or internal and (b) external. Private costs are those paid by the buyers and sellers of energy within the market system. The external costs, however, are not included in the market price mechanism as they accrue to third parties other than the buyer and the seller. External costs include environmental external costs and non-environmental external costs. There are two conditions for the existence of external costs: (a) market failure, or the inability of markets to account for the cost of environmental impacts of energy generation and the market structure and (b) government or policy failure, or the policies that cause private generators to pay either higher or lower costs than they would if these interventions did not exist. A third reason can be added for the existence of non-environmental externalities: energy security, or certain costs faced by society as a result of over-reliance on imported energy. Section A introduces the concept of external costs and benefits. Section B looks at the environmental externalities of energy generation. The procedure is to develop the methodology to estimate what are known as externality adders, i.e. a monetary value for the environmental costs and benefits associated with selected generation technologies, expressed in pence per kilowatt-hour. The result is an 'adder' because, in principle, the sum can be added to the private cost of generating electricity to obtain a measure of the 'full' or 'social' cost. The selected generation technologies are conventional coal, wind power, small-scale hydro, energy crops, incineration of municipal solid waste and energy recovery from landfill. The data reported are based on the application of the technologies in Scotland, but the methodology can be applied anywhere. Section C takes a brief look at the non-environmental externalities including the general theory and evidence

  12. Cost of treating chronic hepatitis B: Comparison of current treatment guidelines

    Institute of Scientific and Technical Information of China (English)

    Monica Robotin; Yumi Patton; Melanie Kansil; Andrew Penman; Jacob George

    2012-01-01

    AIM:To compare program costs of chronic hepatitis B (CHB) screening and treatment using Australian and other published CHB treatment guidelines.METHODS:Economic modeling demonstrated that in Australia a strategy of hepatocellular cancer (HCC)prevention in patients with CHB is more cost-effective than current standard care,or HCC screening.Based upon this model,we developed the B positive program to optimize CHB management of Australians born in countries of high CHB prevalence.We estimated CHB program costs using the B positive program algorithm and compared them to estimated costs of using the CHB treatment guidelines published by the AsianPacific,American and European Associations for the Study of Liver Disease (APASL,AASLD,EASL) and those suggested by an independent United States hepatology panel.We used a Markov model that factored in the costs of CHB screening and treatment,individualized by viral load and alanine aminotransferase levels,and calculated the relative costs of program components.Costs were discounted by 5% and calculated in Australian dollars (AUD).RESULTS:Using the B positive algorithm,total program costs amount to 13 979 224 AUD,or 9634 AUD per patient.The least costly strategy is based upon using the AASLD guidelines,which would cost 34% less than our B positive algorithm.Using the EASL and the United States Expert Group guidelines would increase program costs by 46%.The largest expenditure relates to the cost of drug treatment (66.9% of total program costs).The contribution of CHB surveillance (20.2%)and HCC screening and surveillance (6.6%) is small -and together they represent only approximately a quarter of the total program costs.CONCLUSION:The significant cost variations in CHB screening and treatment using different guidelines are relevant for clinicians and policy makers involved in designing population-based disease control programs.(C) 2012 Baishideng.All rights reserved.

  13. Activity-Based Costing for Pathology Examinations and Comparison with the Current Pricing System in Turkey

    Directory of Open Access Journals (Sweden)

    Ferda AK ERGÜN

    2013-01-01

    Full Text Available Objective: To demonstrate the real cost data of the pathology examinations by using the activity-based costing method and to contribute to the financial planning of the departments, health managers and also the social security institution.Material and Method: Forty-four examinations selected from the Healthcare Implementation Notification system list and performed at the Ankara University Faculty of Medicine Pathology Department during September 2010 were studied. The analysis and the real cost calculations were done according to the duration of the procedures. Calculated costs were compared with the Healthcare Implementation Notification system and Medicare price lists.Results: The costs of the pathology tests listed within the same pricing levels in the Healthcare Implementation Notification system list showed great differences. The minimum and maximum costs in level 1, 2, 3, and 4 were 15,98-80,15 TL, 15,95-258,59 TL, 42,38- 236,87 TL, and 124,42-406,76 TL, respectively. Medicare price levels were more consistent with the real costs of the examinations compared to the Healthcare Implementation Notification system price list.Conclusion: The prices of the pathology examination listed at different levels in the Healthcare Implementation Notification system lists do not cover the real costs of the work done. The principal parameters of Activity-Based Costing system are more suitable for making the most realistic cost categorization. Although the prices could differ between countries, the Medicare system categories are more realistic than the Healthcare Implementation Notification system. The Healthcare Implementation Notification system list needs to be revised in order to reflect the real costs of the pathology examinations.

  14. 42 CFR 412.84 - Payment for extraordinarily high-cost cases (cost outliers).

    Science.gov (United States)

    2010-10-01

    ... obtains accurate data with which to calculate either an operating or capital cost-to-charge ratio (or both... operating and capital costs of the discharge on the billed charges for covered inpatient services adjusted by the cost to charge ratios applicable to operating and capital costs, respectively, as described...

  15. Production cost comparisons of hydrogen from fossil and nuclear fuel and water decomposition

    Science.gov (United States)

    Ekman, K. R.

    1981-01-01

    The comparative costs entailed in producing hydrogen by major technologies that rely on petroleum, natural gas, coal, thermochemical cycles, and electrolysis are examined. Techniques were developed for comparing these processes by formulating the process data and economic assessments on a uniform and consistent basis. These data were normalized to permit a meaningful comparative analysis of product costs of these processes.

  16. Estimating dietary costs of low-income women in California: A comparison of two approaches

    Science.gov (United States)

    Objective: Compare two approaches for estimating individual daily diet costs in a population of low-income women in California. Design: Cost estimates based on time-intensive Method 1 (three 24-h recalls and associated food prices on receipts) were compared with estimates using a lesser intensive M...

  17. An adjustment cost model of distributional dynamics.

    OpenAIRE

    Getachew, Yoseph; Basu, Parantap

    2012-01-01

    We analyze the distributional e¤ects of adjustment cost in an environment with incomplete capital market. We find that a higher adjustment cost for human capital acquisition slows down the intergenerational mobility and results in a persistent inequality across generations. A low depreciation cost of human capital contributes to longer life of the capital which could elevate this adjustment cost and hence contribute to this inequality persistence. A lower total factor productivity could hurt...

  18. The cost of nuclear electricity: France after Fukushima

    International Nuclear Information System (INIS)

    The Fukushima disaster has lead the French government to release novel cost information relative to its nuclear electricity program allowing us to compute a levelized cost. We identify a modest escalation of capital cost and a larger than expected operational cost. Under the best scenario, the cost of French nuclear power over the last four decades is 59€/MWh (at 2010 prices) while in the worst case it is 83€/MWh. On the basis of these findings, we estimate the future cost of nuclear power in France to be at least 76€/MWh and possibly 117€/MWh. A comparison with the US confirms that French nuclear electricity nevertheless remains cheaper. Comparisons with coal, natural gas and wind power are carried out to find the advantage of these. - Highlights: • We compute the levelized cost of French nuclear power over 40 years using a novel court of audit report. • We include R and D, technology development, fissile fuel, financing cost, decommissioning and the back-end cycle. • We find a mild capital cost escalation and a high operation cost driven by a low fleet availability. • The levelized cost ranges between 59 and 83€/MWh (at 2010 prices) and compares favorably to the US. • A tentative cost for future nuclear power ranges between 76 and 117€/MWh and compares unfavorably against alternative fuels

  19. 新准则借款费用资本化会计处理的思考%Some Issues About Capitalization of Borrowing Costs Under New Standards

    Institute of Scientific and Technical Information of China (English)

    叶丹

    2012-01-01

    The Enterprise Accounting Standards,which was issued in February 2006,completed the borrowing costs and formulated the Enterprise Accounting Standards No. 17 - Borrowing Costs,which had a greater impact on corporate accounting. This article,based on the relevant provisions under the new borrowing cost standards,simply analyzed the changes between the old and new standards and the problems in the implementation process of new borrowing cost standards,and then came up with some suggestions on how to improve the borrowing costs guidelines.%财政部颁布的《企业会计准则》对借款费用部分进行了修整,制定了《企业会计准则第17号——借款费用》,这对企业的会计核算产生了较大影响。文章立足新《借款费用准则》中的相关规定,简单分析了新旧准则的变化,对新《借款费用准则》在执行过程中所存在的问题进行的分析,进而就如何完善《借款费用准则》提出了相应的建议。

  20. Social and Symbolic Capital in Firm Clusters

    DEFF Research Database (Denmark)

    Gretzinger, Susanne; Royer, Susanne

    Based on a relational perspective this paper analyses the case of the “Mechatronics Cluster” in Southern Jutland, Denmark. We found that cluster managers are not aware of the importance of social and symbolic capital. Cluster managers could have access to both but they are not aware...... of this resource and they don´t have any knowledge how to manage social and symbolic capital. Just to integrate social-capital-supporting initiatives in the day to day business would help to develop and to foster social and symbolic capital on a low cost level. And in our example just to integrate successful sub...

  1. Flexible Capitalism

    DEFF Research Database (Denmark)

    the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified......Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... flexible commoditization that more commonly is touted as tearing social relations apart. By interrogating a keenly debated contemporary work regime through an approach to sociality rooted in a rich and distinct anthropological legacy, the volume also makes a novel contribution to the anthropological...

  2. Financing strategic healthcare facilities: the growing attraction of alternative capital.

    Science.gov (United States)

    Zismer, Daniel K; Fox, James; Torgerson, Paul

    2013-05-01

    Community health system leaders often dismiss use of alternative capital to finance strategic facilities as being too expensive and less strategically useful, preferring to follow historical precedent and use tax-exempt bonding to finance such facilities. Proposed changes in accounting rules should cause third-party-financed facility lease arrangements to be treated similarly to tax-exempt debt financings with respect to the income statement and balance sheet, increasing their appeal to community health systems. An in-depth comparison of the total costs associated with each financing approach can help inform the choice of financing approaches by illuminating their respective advantages and disadvantages.

  3. Uterine artery embolization - inpatient and outpatient therapy: a comparison of cost, safety, and patient satisfaction

    Energy Technology Data Exchange (ETDEWEB)

    Baerlocher, M.O.; Asch, M.R.; Hayeems, E.Z.; Rajan, D.K. [Univ. of Toronto, Radiology Residency Training Program, Toronto, Ontario (Canada)]. E-mail: mark.baerlocher@utoronto.ca

    2006-04-15

    To determine whether uterine artery embolization (UAE) can be safely performed as an outpatient procedure without increased complications and readmission rates or decreased patient satisfaction rates and to determine the Canadian cost difference between performing UAE as an outpatient, compared with inpatient, procedure. We performed a retrospective chart review and patient survey of 2 groups of patients, 132 patients who underwent inpatient UAE and 20 patients who underwent outpatient UAE. Of these, 82 and 18, respectively, were successfully surveyed by telephone. Variables examined included presenting complaints, postprocedural symptoms, patient satisfaction, and readmission or complication rates. We also performed a detailed Canadian cost analysis comparing inpatient with outpatient UAE. We did not find any statistically significant difference between inpatient and outpatient UAE on any of the patient variables measured, including presenting complaints, postprocedural symptoms, patient satisfaction, and readmission or complication rates. We also found that outpatient UAE costs significantly less than inpatient UAE, primarily owing to decreased hospital overhead costs for overnight admission. In Ontario, inpatient UAE costs per patient totalled $3216.22, whereas outpatient costs totalled $2194.53 - a saving of $1021.69, which represents a 31.8% cost reduction. Given these results, we recommend that centres consider performing UAE as an outpatient procedure. A key enabling factor is the ability to have several hours of close nursing supervision of the patient postprocedure, prior to discharge. (author)

  4. A comparison of costs associated with utility management options for dry active waste

    Energy Technology Data Exchange (ETDEWEB)

    Hornibrook, C. [EPRI, Palo Alto, CA (United States)

    1995-12-31

    The economics of low level waste management is receiving more attention today than ever before. This is due to four factors: (1) the increases in the cost of processing of these wastes; (2) increases in the cost of disposal; (3) the addition of storage costs for those without access to disposal; and (4) the increasing competitive nature of the electric generation industry. These pressures are forcing the industry to update it`s evaluation of the mix of processing that will afford it the best long term economics and minimize it`s risks for unforeseen costs. Whether disposal is available or not, all utilities face the same challenge of minimizing the costs associated with the management of these wastes. There are a number of variables that will impact how a utility manages their wastes but the problem is the uncertainty of what will actually happen, i.e., will disposal be available, when and at what cost. Using the EPRI-developed WASTECOST: DAW code, this paper explores a variety of LLW management options available to utilities. Along with providing the costs and benefits, other technical considerations which play an important part in the management of these wastes are also addressed.

  5. Costs of gunshot and cut/stab wounds in the United States, with some Canadian comparisons.

    Science.gov (United States)

    Miller, T R; Cohen, M A

    1997-05-01

    This article estimates the costs of U.S. gunshot and cut/stab wound by intent. It also compares U.S. to Canadian gunshot experience. Incidence data are from published sources, the National Hospital Ambulatory Medical Care Survey (NHAMCS), and cause-coded emergency department discharge and hospital discharge data systems. Medical care payments and lost earnings per case come from National Crime Survey data, a literature review, and weighting of costs by diagnosis from Databook on Nonfatal Injury-Incidence. Costs, and Consequences by Miller et al. (The Urban Institute Press, Washington, DC. 1995) with the diagnosis distribution of penetrating injuries from the discharge data systems. Quality of life losses are estimated primarily from jury awards to penetrating injury victims. In 1992, gunshots killed 37,776 Americans; cut/stab wounds killed 4095. Another 134,000 gunshot survivors and 3,100,000 cut/stab wound survivors received medical treatment. Annually, gunshot wounds cost an estimated U.S. $126 billion. Cut/stab wounds cost another U.S. $51 billion. The gunshot and cut/stab totals include U.S. $40 billion and U.S. $13 billion respectively in medical, public services, and work-loss costs. Across medically treated cases, costs average U.S. $154,000 per gunshot survivor and U.S. $12,000 per cut/stab survivor. Gunshot wounds are more than three times as common in the U.S. than in Canada, which has strict handgun control. With the same quality of life loss per victim, gunshot costs per capita are an estimated U.S. $495 in the U.S. vs U.S. $180 in Canada. Per gun, however, the costs are higher in Canada, Gunshot wound rates rise linearly with gun ownership. PMID:9183471

  6. Life cycle assessment of mobility options using wood based fuels--comparison of selected environmental effects and costs.

    Science.gov (United States)

    Weinberg, Jana; Kaltschmitt, Martin

    2013-12-01

    An environmental assessment and a cost analysis were conducted for mobility options using electricity, hydrogen, ethanol, Fischer-Tropsch diesel and methane derived from wood. Therefore, the overall life cycle with regard to greenhouse gas emissions, acidifying emissions and fossil energy demand as well as costs is analysed. The investigation is carried out for mobility options in 2010 and gives an outlook to the year 2030. Results show that methane utilization in the car is beneficial with regard to environmental impacts (e.g. 58.5 g CO2-eq./km) and costs (23.1 €-ct./km) in 2010, especially in comparison to hydrogen usage (132.4 g CO2-eq./km and 63.9 €-ct./km). The electric vehicle construction has high environmental impacts and costs compared to conventional vehicles today, but with technical improvements and further market penetration, battery electric vehicles can reach the level of concepts with combustion engines in future applications (e.g. cost decrease from 38.7 to 23.4 €-ct./km). PMID:24012134

  7. Efficiency Comparison of Various Parking Charge Schemes Considering Daily Travel Cost in a Linear City

    OpenAIRE

    Zhang, X.; Van Wee, G.P.

    2011-01-01

    In this paper, we introduce a new duration dependent parking fee regime based on the travel cost for an entire day, rather than a single commute trip. Commuters are assumed to reside at one end of a linear city and work in a business center at the other end. A two-stage differential method is used to derive user equilibrium travel patterns for both morning and evening rush hour commutes. Both individual travel cost and system travel cost are derived as functions of travel demand. We then comp...

  8. Placing social capital

    OpenAIRE

    G Mohan; J Mohan

    2002-01-01

    Metadata only record This paper looks at the relevance and contributions of social capital analysis to human geography and vise versa. The authors start by defining social capital and clarifying and distinguishing concepts, and critiques of Putnam's work. Social capital is simultaneously an economic, sociological, political, and geographical concept, but it must be distinguished from human capital, cultural capital, and networks. Social capital can be relevant to human geographers because ...

  9. Endogenous Growth, Capital Utilization and Depreciation

    OpenAIRE

    Aznar-Márquez, J.; Ruiz-Tamarit, Jose

    2001-01-01

    We study an extended version of the one-sector AK growth model introducing adjustment and maintenance costs. Agents are allowed to under-use the installed capital and to vary the depreciation rate. The model is analyzed using particular functional forms and is solved in closed-form. We find that adjustment and maintenance costs (e?- ciency) reduce (increases) investment, depreciation, capital utilization and the rate of growth; impatience reduces the rate of growth but increases depreciation ...

  10. Comparison of External Cost of Nuclear Power Chain and Coal Power Chain in China

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    <正>The use of energy causes damage to a wide range of receptors, including human health, crops, forests, materials and natural ecosystems. Such damages are referred to as external costs or externalities, which

  11. Project on Alternative Systems Study - PASS. Cost comparison of repository systems

    International Nuclear Information System (INIS)

    The development of alternative repository systems and different canister alternatives is being studied by SKB within the frame of the 'Project on Alternative Systems Study, PASS', with the objective of presenting a ranking of systems being currently studied. The rankings is primarily made for three different headings: technology, long-term performance and safety, and costs. The ranking for each of these headings are eventually to be merged into one ranking. The present report presents the basis for the ranking regarding costs. The following four systems have been studied and are presented in order of cost (the less expensive first): Medium Long Holes (MLH), KBS-3 (Modified Plan 92 system), Very Long Holes (VLH), and Very Deep Holes (VDH). A significant outcome of the study was the clear difference in cost between the very expensive system VDH and the other three

  12. Organizational Capital of the Enterprise

    Directory of Open Access Journals (Sweden)

    Vladimir Nikiforovich Belkin

    2016-09-01

    Full Text Available In the article, the main theoretical questions of the organizational capital of the enterprise are considered. The concept of «organizational capital of the enterprise» as a system consisting of three subsystems (organization of production, labour organization and management is introduced. It is shown that the organizational capital forms the labour relations system at the enterprise consisting of the cooperation, technological, economic, moral labour relations and the relations of workers’ responsibility. The model of cyclic evolution of crisis at the enterprise caused by shortcomings of the organizational capital is revealed. It is shown that the organizational capital is a basis for the realization of the human capital, which creates value added. A considerable attention is paid to the experience of the creation and functioning of the organizational capital at the enterprises of the Japanese corporation «Toyota». The Russian economic literature on crisis management quite often considers only the financial aspects of diagnostics, proposing the optimization of cash flows, elimination of excess stocks, transition to the medium-term budgeting and others. However, the deep reasons of crisis need to be found not only in financial streams, but also in the system of the work relationships. The shortcomings in the development of technological, cooperation, economic, moral labour relations and the relations of responsibility directly reflects the shortcomings in the development of the elements of the organizational capital as they «are adjusted» by these elements. In turn, organizational problems affect the product quality leading to the customer attrition and decrease in the enterprise’s financial performance. The lack of financial resources cause the need to save costs (first of all, on personnel, that was brightly shown by the economic crisis of 2009 that even more weakens the enterprise and system of labour relations. Finally, the

  13. Parasite control in Canadian companion animal shelters and a cost-comparison of anthelmintics

    OpenAIRE

    Schurer, Janna M.; McKenzie, Christina; Dowling, Patricia M.; Bouchard, Emilie; Jenkins, Emily J.

    2015-01-01

    Animal shelters have limited resources and must accommodate large numbers of animals at unpredictable intake rates. These dogs and cats are often parasitized, which can adversely affect the health of animals and expose shelter workers and adoptive owners to zoonoses. We analyzed survey responses from rural (n = 32) and urban (n = 50) companion animal shelters across Canada, and compared the wholesale cost of commercially available anthelmintics to identify cost-effective methods of managing p...

  14. Activity-Based Costing for Pathology Examinations and Comparison with the Current Pricing System in Turkey

    OpenAIRE

    Ferda AK ERGÜN; AĞIRBAŞ, İsmail; Işınsu KUZU

    2013-01-01

    Objective: To demonstrate the real cost data of the pathology examinations by using the activity-based costing method and to contribute to the financial planning of the departments, health managers and also the social security institution.Material and Method: Forty-four examinations selected from the Healthcare Implementation Notification system list and performed at the Ankara University Faculty of Medicine Pathology Department during September 2010 were studied. The analysis and the real co...

  15. Transportation Costs of Fresh Flowers: A Comparison across Major Exporting Countries

    OpenAIRE

    Henry Vega

    2008-01-01

    Exporting fresh flowers is one of very few successful efforts by producers in low-income countries to compete in international markets of high-value agricultural goods. While this success results from producers' ability to take advantage of their geographic location and access to low labor costs, it may not be sustainable in the long run due to unreliable supply chains and high transportation costs. Using a case study approach of Ecuador's supply chain, complemented by an empirical analysis o...

  16. Comparison of leaf construction costs between three invasive species and three native species in South China

    OpenAIRE

    Liying Song; Changlian Peng; Shaolin Peng

    2009-01-01

    Construction cost is a quantifiable measure of energy demand for biomass production, and reflects specific growth strategies. Low construction cost is hypothesized to give plant invaders a growth advantage through efficient energy utilization. In this study, three invasive alien species (Mikania micrantha, Wedelia trilobata and Ipomoea cairica) and their co-occurring or phylogenetically related native species (Paederia scandens, Wedelia chinensis and Ipomoea pescaprae) in South China were use...

  17. Cost comparison of three kinds of compression therapy in venous ulcer*

    Science.gov (United States)

    Pereira, Bruno Emmanuel de Medeiros; de Sousa, Alana Tamar Oliveira; França, Jael Rúbia Figueiredo de Sá; Soares, Maria Júlia Guimarães Oliveira

    2016-01-01

    Evolution and cost of three types of compression therapy (single layer, multilayer and Unna boot) in patients with venous ulceration were compared. The evaluation lasted two months and used photographic records and instrument based on pressure ulcer scale for healing (PUSH). Treatment with monolayer compression therapy presented the lowest cost and more efficacy of the three types, with 82% savings compared with the multilayer therapy. PMID:27579760

  18. The Health and Visibility Cost of Air Pollution: A Comparison of Estimation Methods

    OpenAIRE

    Delucchi, Mark; Murphy, James; McCubbin, Donald

    2002-01-01

    Abstract Air pollution from motor vehicles, electricity-generating plants, industry, and other sources can harm human health, injure crops and forests, damage building materials, and impair visibility. Economists sometimes analyze the social cost of these impacts, in order to illuminate tradeoffs, compare alternatives, and promote efficient use of scarce resource. In this paper, we compare estimates of the health and visibility costs of air pollution derived from a meta-hedonic price analys...

  19. MRI-guided and CT-guided cervical nerve root infiltration therapy. A cost comparison

    Energy Technology Data Exchange (ETDEWEB)

    Maurer, M.H.; Froeling, V.; Roettgen, R.; Bucourt, M. de; Hamm, B.; Streitparth, F. [Charite University Medicine Berlin (Germany). Dept. of Diagnostic and Interventional Radiology; Bretschneider, T. [Magdeburg Univ. (Germany). Dept. of Radiology and Nuclear Medicine; Hartwig, T.; Disch, A.C. [Charite University Medicine Berlin (Germany). Center for Musculoskeletal Surgery

    2014-06-15

    Purpose: To evaluate and compare the costs of MRI-guided and CT-guided cervical nerve root infiltration for the minimally invasive treatment of radicular neck pain. Materials and Methods: Between September 2009 and April 2012, 22 patients (9 men, 13 women; mean age: 48.2 years) underwent MRI-guided (1.0 Tesla, Panorama HFO, Philips) single-site periradicular cervical nerve root infiltration with 40 mg triamcinolone acetonide. A further 64 patients (34 men, 30 women; mean age: 50.3 years) were treated under CT fluoroscopic guidance (Somatom Definition 64, Siemens). The mean overall costs were calculated as the sum of the prorated costs of equipment use (purchase, depreciation, maintenance, and energy costs), personnel costs and expenditure for disposables that were identified for MRI- and CT-guided procedures. Additionally, the cost of ultrasound guidance was calculated. Results: The mean intervention time was 24.9 min. (range: 12-36 min.) for MRI-guided infiltration and 19.7 min. (range: 5-54 min.) for CT-guided infiltration. The average total costs per patient were EUR 240 for MRI-guided interventions and EUR 124 for CT-guided interventions. These were (MRI/CT guidance) EUR 150/60 for equipment use, EUR 46/40 for personnel, and EUR 44/25 for disposables. The mean overall cost of ultrasound guidance was EUR 76. Conclusion: Cervical nerve root infiltration using MRI guidance is still about twice as expensive as infiltration using CT guidance. However, since it does not involve radiation exposure for patients and personnel, MRI-guided nerve root infiltration may become a promising alternative to the CT-guided procedure, especially since a further price decrease is expected for MRI devices and MR-compatible disposables. In contrast, ultrasound remains the less expensive method for nerve root infiltration guidance. (orig.)

  20. Cost-Effectiveness Analysis and Comparison of Xeric vs. Turf Lawns in San Angelo, Texas

    OpenAIRE

    Musick, Darcy J.

    2013-01-01

    Throughout the past decade, the city of San Angelo, Texas and surrounding areas have experienced extreme drought levels and consequent water shortages that have caused homeowners and businesses to go to great lengths in order to conserve water. This project used cost-effectiveness analysis to compare the economic efficiency of a water conservation method called xeriscaping to the efficiency of traditional turf landscaping. It compares the initial fixed costs, such as materials and installatio...

  1. 38 CFR 61.16 - Matching funds for capital grants.

    Science.gov (United States)

    2010-07-01

    ... capital grants. 61.16 Section 61.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.16 Matching funds for capital grants. The amount of a capital grant may not exceed 65 percent of the total cost of the project for which...

  2. Increasing Returns to Education and the Impact on Social Capital

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

    The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

  3. Capital as a factor of production in OECD agriculture : measurement and data

    OpenAIRE

    Ball, V. Eldon; Lindamood, W. A.; Nehring, Richard F.; Mesonada, Carlos San Juan

    2008-01-01

    This article provides a farm sector comparison of levels of capital input for fourteen OECD countries for the period 1973 to 2002. The starting point for construction of a measure of capital input is the measurement of capital stock. Estimates of depreciable capital are derived by representing capital stock at each point of time as a weighted sum of past investments. The weights correspond to the relative efficiencies of capital goods of different ages, so that the weighted ...

  4. Comparison of human growth hormone products' cost in pediatric and adult patients. A budgetary impact model.

    Science.gov (United States)

    Bazalo, Gary R; Joshi, Ashish V; Germak, John

    2007-09-01

    We assessed the economic impact to the United States payer of recombinant human growth hormone (rhGH) utilization, comparing the relative dosage efficiency of marketed pen-based and vial-based products in a pediatric and in an adult population. A budgetary impact model calculated drug costs based on product waste and cost. Waste was the difference between prescribed dose, based on patient weight, and actual delivered dose, based on dosing increments and maximum deliverable dose for pens and a fixed-percent waste as derived from the literature for vials. Annual wholesale acquisition costs were calculated based upon total milligrams delivered, using a daily dose of 0.03 mg/kg for pediatric patients and 0.016 mg/kg for adults. Total annual drug costs were compared for two scenarios: 1) a product mix based on national market share and 2) restricting use to the product with lowest waste. Based on the literature, waste for each vial product was 23 percent. Among individual pens, waste was highest for Humatrope 24 mg (19.5 percent pediatric, 14.3 percent adult) and lowest for Norditropin Nordi-Flex 5 mg (1.1 percent pediatric, 1 percent adult). Restricting use to the brand with least waste (Norditropin), compared to national product share mix, resulted in a 10.2 percent reduction in annual pediatric patient cost from $19,026 to $17,089 and an 8 percent reduction in annual adult patient cost from $24,099 to $22,161. We concluded that pen delivery systems result in less waste than vial and syringe. Considering all approved delivery systems, Norditropin resulted in the least product waste and lower annual patient cost for both pediatric and adult populations.

  5. Single-Incision Laparoscopic Cholecystectomy - can we Afford that? Cost Comparison of Different Surgical Techniques

    Directory of Open Access Journals (Sweden)

    Matyja Maciej

    2014-04-01

    Full Text Available One of the most commonly performed surgeries in general surgery wards with laparoscopic technique as a method of choice is gall-bladder excision. In addition to -the commonly used conventional laparoscopic cholecystectomy single incision laparoscopic cholecystectomy is getting more and more attention. Despite many works and studies comparing these methods, there is still a shortage of results assessing efficiency of this new surgical technique. The aim of the study was to evaluate cost-effectiveness of this method in Polish financial reality. We have analyzed costs of three different surgical techniques: conventional (multi- incision laparoscopic cholecystectomy, SILC and ‘no -port’ SILC. Material and methods. We conducted a retrospective study that compared three groups of patients who underwent treatment with conventional laparoscopic cholecystectomy (n=20, SILC (n=20 and no-port SILC (n=20. These groups were matched by age, sex and BMI. Following parameters were analyzed: complication rate, operative time, operative costs, length of hospital stay, hospitalization costs. The SILC cases were performed with one of the three-trocar SILC ports available on the market. The ‘no- port’ SILC cases were performed by single skin incision in the umbilicus, insertion of one 10 mm trocar for the operating instrument, another instrument and scope were inserted directly thorough small incisions in the aponeurosis without a dedicated port Results. The average operative cost was significantly higher in the SILC group comparing to the conventional laparoscopy group and the no-port SILC group. There was no significant difference in complication rate, operative time, length of hospital stay, or hospitalization costs between the three groups Conclusions. Currently the cost of the dedicated SILC port does not allow a regular use of this procedure in Polish financial reality. According to our experience improved cosmesis is the only advantage of the single

  6. The individual level cost of pregnancy termination in Zambia: a comparison of safe and unsafe abortion.

    Science.gov (United States)

    Leone, Tiziana; Coast, Ernestina; Parmar, Divya; Vwalika, Bellington

    2016-09-01

    Zambia has one of the most liberal abortion laws in sub-Saharan Africa. However, rates of unsafe abortion remain high with negative health and economic consequences. Little is known about the economic burden on women of abortion care-seeking in low income countries. The majority of studies focus on direct costs (e.g. hospital fees). This article estimates the individual-level economic burden of safe and unsafe abortion care-seeking in Zambia, incorporating all indirect and direct costs. It uses data collected in 2013 from a tertiary hospital in Lusaka, (n = 112) with women who had an abortion. Three treatment routes are identified: (1) safe abortion at the hospital, (2) unsafe clandestine medical abortion initiated elsewhere with post-abortion care at the hospital and (3) unsafe abortion initiated elsewhere with post-abortion care at the hospital. Based on these three typologies, we use descriptive analysis and linear regression to estimate the costs for women of seeking safe and unsafe abortion and to establish whether the burden of abortion care-seeking costs is equally distributed across the sample. Around 39% of women had an unsafe abortion, incurring substantial economic costs before seeking post-abortion care. Adolescents and poorer women are more likely to use unsafe abortion. Unsafe abortion requiring post-abortion care costs women 27% more than a safe abortion. When accounting for uncertainty this figure increases dramatically. For safe and unsafe abortions, unofficial provider payments represent a major cost to women.This study demonstrates that despite a liberal legislation, Zambia still needs better dissemination of the law to women and providers and resources to ensure abortion service access. The policy implications of this study include: the role of pharmacists and mid-level providers in the provision of medical abortion services; increased access to contraception, especially for adolescents; and elimination of demands for unofficial provider

  7. Benchmarking a Transition Economy Capital Market

    Directory of Open Access Journals (Sweden)

    A. Keller

    2007-09-01

    Full Text Available As the centrally planned communist nations of Central Europe lacked liquid and efficient capital markets,financial systems architecture became instrumental to their transition into market economies. Now, afteralmost 17 years of operations, it is time to take a snapshot of one of these economies and compare it to a welldeveloped capital market. This study is the first to provide a quantifiable comparison of the quality of thecapital markets of a fully developed and a transition economy; namely Euronext France [Euronext] and theWarsaw Stock Exchange [WSE]. Using intraday data for the Euronext market and the WSE it is shown thatwhile overall liquidity is certainly much greater in Euronext, range based intra-day volatility is significantlylower in the WSE. For stocks with the highest market capitalisation the WSE has lower transaction costs inthe first [largest] decile than Euronext. These results indicate that while the established market is significantlymore liquid in terms of average trade size and trade numbers it does not always offer lower transaction costsor volatility. This is a new result as most contributions to the literature argue that an emerging market within atransition economy will suffer from excess volatility.

  8. 产权性质、债务融资成本与资本结构%Ownership Type,Debt Financing Cost and Capital Structure

    Institute of Scientific and Technical Information of China (English)

    于欢

    2015-01-01

    From the perspective of the debt financing cost impact on the debt ratio,this paper investigates financing discrimination on listed private corporation. It finds that the way that debt financing cost influent on the debt ratio is U-shaped,and the influence between state-owned and private listed corporation have significant differences. The pri-vate listed corporations have lower inflection point than the state-owned listed corporations. When the debt financing cost and debt rate is negative,the leverage of private listed corporation changes in response to debt financing cost more than the state-owned listed corporation.%经济结构的转型升级是我国经济的重要任务,而金融资源分配不合理成为重要的阻碍因素,民营企业面临的信贷歧视就是这种不合理的重要体现。从债务融资成本对负债率影响的角度研究民营上市公司的信贷歧视问题,发现债务融资成本对负债率的影响呈U型,且这种影响在国有和民营上市公司之间有显著差异。表现在民营上市公司比国有上市公司有更低的U型关系拐点,当债务融资成本与负债率负相关时,民营上市公司负债率对债务融资成本变化的反应小于国有上市公司。

  9. Orthotopic heart transplant versus left ventricular assist device: A national comparison of cost and survival

    Science.gov (United States)

    Mulloy, Daniel P.; Bhamidipati, Castigliano M.; Stone, Matthew L.; Ailawadi, Gorav; Kron, Irving L.; Kern, John A.

    2012-01-01

    Objectives Orthotopic heart transplantation is the standard of care for end-stage heart disease. Left ventricular assist device implantation offers an alternative treatment approach. Left ventricular assist device practice has changed dramatically since the 2008 Food and Drug Administration approval of the HeartMate II (Thoratec, Pleasanton, Calif), but at what societal cost? The present study examined the cost and efficacy of both treatments over time. Methods All patients who underwent either orthotopic heart transplantation (n = 9369) or placement of an implantable left ventricular assist device (n = 6414) from 2005 to 2009 in the Nationwide Inpatient Sample were selected. The trends in treatment use, mortality, and cost were analyzed. Results The incidence of orthotopic heart transplantation increased marginally within a 5-year period. In contrast, the annual left ventricular assist device implantation rates nearly tripled. In-hospital mortality from left ventricular assist device implantation decreased precipitously, from 42% to 17%. In-hospital mortality for orthotopic heart transplantation remained relatively stable (range, 3.8%–6.5%). The mean cost per patient increased for both orthotopic heart transplantation and left ventricular assist device placement (40% and 17%, respectively). With the observed increase in both device usage and cost per patient, the cumulative Left ventricular assist device cost increased 232% within 5 years (from $143 million to $479 million). By 2009, Medicare and Medicaid were the primary payers for nearly one half of all patients (orthotopic heart transplantation, 45%; left ventricular assist device, 51%). Conclusions Since Food and Drug Administration approval of the HeartMate II, mortality after left ventricular assist device implantation has decreased rapidly, yet has remained greater than that after orthotopic heart transplantation. The left ventricular assist device costs have continued to increase and have been

  10. Comparison of total costs of administering calcium polycarbophil and psyllium mucilloid in an institutional setting.

    Science.gov (United States)

    Mamtani, R; Cimino, J A; Cooperman, J M; Kugel, R

    1990-01-01

    The total cost of administering calcium polycarbophil per unit dose (two tablets) was compared with that of administering psyllium mucilloid (one packet dissolved in 8 oz of water) in 20 elderly nursing-home residents. Times for printing labels, checking and initialing labels, gathering materials needed, and preparing and administering the medications were recorded during at least 50 observations in each treatment group. Total cost included nurses' and pharmacists' time, materials, and medications. Calcium polycarbophil doses were prepared and administered more quickly (mean, 49.5 sec) than psyllium mucilloid (105.3 sec). The mean cost of preparing and administering a unit dose was 28.2 for calcium polycarbophil tablets and 59.9 for psyllium mucilloid. The results suggest that the use of calcium polycarbophil tablets would save time and money in institutions in which laxatives are frequently administered.

  11. Performance and fuel cycle cost comparisons with HEU and LEU fuels

    International Nuclear Information System (INIS)

    The objective of this study is a consistent analysis of the performance and fuel cycle costs with HEU 93%) fuel and the various LEU 20%) fuels that are under development, undergoing irradiation testing of small samples, or in the demonstration phase. All calculations were performed using the generic 10 MW reactor that has been studied extensively by a number of laboratories in the IAEA Guidebook. The conclusion of this study is that there are excellent opportunities for reducing fuel cycle costs in conversions from HEU to LEU if the LEU fuels that are being developed and tested are successful and if all safety considerations allow. The cost reductions described here are the direct result of the longer cycle lengths that can be obtained with increased 235-U loadings. Each reactor is an individual case and fuel cycle economics should, along with safety considerations, be an integral part of choosing the optimal fuel and fuel element design for conversion to LEU

  12. Performance and fuel-cycle cost comparisons with HEU and LEU fuels

    Energy Technology Data Exchange (ETDEWEB)

    Matos, J.E.; Daly, T.A.

    1980-01-01

    The objective of this study is a consistent analysis of the performance and fuel cycle costs with HEU (93%) fuel and the various LEU (<20%) fuels that are under development, undergoing irradiation testing of small samples, or in the demonstration phase. All calculations were performed using the generic 10 MW reactor that has been studied extensively by a number of laboratories in the IAEA Guidebook. The conclusion of this study is that there are excellent opportunities for reducing fuel cycle costs in conversions from HEU to LEU if the LEU fuels that are being developed and tested are successful and if all safety considerations allow. The cost reductions described here are the direct result of the longer cycle lengths that can be obtained with increased /sup 235/U loadings. Each reactor is an individual case and fuel cycle economics should, along with safety considerations, be an integral part of choosing the optimal fuel and fuel element design for conversion to LEU.

  13. Cost-effectiveness analysis of nebivolol and metoprolol in essential hypertension: A pharmacoeconomic comparison of antihypertensive efficacy of beta blockers

    Directory of Open Access Journals (Sweden)

    Rachna S Patel

    2014-01-01

    Full Text Available Objective: To estimate and compare the cost-effectiveness and safety of nebivolol with sustained-release metoprolol in reducing blood pressure by 1 mm of Hg per day in hypertensive patients. Materials and Methods: This was a prospective, randomized, open label, observational analysis of cost-effectiveness, in a questionnaire-based fashion to compare the cost of nebivolol (2.5 mg, 5 mg, 10 mg and sustained released metoprolol succinate (25 mg, 50 mg, 100 mg in hypertensive patients using either of the two drugs. A total of 60 newly detected drug naïve hypertensive patients were considered for the comparison, of which 30 patients were prescribed nebivolol and the other 30 were prescribed metoprolol succinate as per the recommended dosage. Based on the data, statistical analysis was carried out using GraphPad Prism 5 and MS Excel Spreadsheet 2007. Result: The cost of reducing 1 mm of Hg blood pressure per day with nebivolol was 0.60, 0.70, and 1.06 INR, whereas that of metoprolol succinate was 0.93, 1.18, and 1.25 INR at their respective equivalent doses, hence significantly lower with the nebivolol group as compared to the metoprolol group (P < 0.05. Conclusion: This pharmacoeconomic analysis shows that nebivolol is more cost-effective as compared to metoprolol when the cost per reduction in blood pressure per day is considered. This may affect the patients economically during their long-term use of these molecules for the treatment of hypertension.

  14. Direct costs of asthma in Brazil: a comparison between controlled and uncontrolled asthmatic patients

    Directory of Open Access Journals (Sweden)

    L.A. Santos

    2007-07-01

    Full Text Available Asthma is a common chronic illness that imposes a heavy burden on all aspects of the patient's life, including personal and health care cost expenditures. To analyze the direct cost associated to uncontrolled asthma patients, a cross-sectional study was conducted to determine costs related to patients with uncontrolled and controlled asthma. Uncontrolled patient was defined by daytime symptoms more than twice a week or nocturnal symptoms during two consecutive nights or any limitations of activities, or need for relief rescue medication more than twice a week, and an ACQ score less than 2 points. A questionnaire about direct cost stratification in health services, including emergency room visits, hospitalization, ambulatory visits, and asthma medications prescribed, was applied. Ninety asthma patients were enrolled (45 uncontrolled/45 controlled. Uncontrolled asthmatics accounted for higher health care expenditures than controlled patients, US$125.45 and US$15.58, respectively [emergency room visits (US$39.15 vs US$2.70 and hospitalization (US$86.30 vs US$12.88], per patient over 6 months. The costs with medications in the last month for patients with mild, moderate and severe asthma were US$1.60, 9.60, and 25.00 in the uncontrolled patients, respectively, and US$6.50, 19.00 and 49.00 in the controlled patients. In view of the small proportion of uncontrolled subjects receiving regular maintenance medication (22.2% and their lack of resources, providing free medication for uncontrolled patients might be a cost-effective strategy for the public health system.

  15. Comparison of Outcomes and Costs of Ranibizumab and Aflibercept Treatment in Real-Life.

    Directory of Open Access Journals (Sweden)

    Martin K Schmid

    Full Text Available Treatment efficacy and costs of anti-VEGF drugs have not been studied in clinical routine.To compare treatment costs and clinical outcomes of the medications when adjusting for patients' characteristics and clinical status.Comparative study.The largest public ophthalmologic clinic in Switzerland.Health care claims data of patients with age-related macular degeneration, diabetic macula edema and retinal vein occlusion were matched to clinical and outcome data.Patients' underlying condition, gender, age, visual acuity and retinal thickness at baseline and after completing the loading phase, the total number of injections per treatment, the visual outcome and vital status was secured.We included 315 patients (19595 claims with a follow-up time of 1 to 99 months (mean 32.7, SD 25.8 covering the years 2006-2014. Mean age was 78 years (SD 9.3 and 200 (63.5% were female. At baseline, the mean number of letters was 55.6 (SD 16.3 and the central retinal thickness was 400.1 μm (SD 110.1. Patients received a mean number of 15.1 injections (SD 13.7; range 1 to 85. Compared to AMD, adjusted cost per month were significantly higher (+2174.88 CHF, 95%CI: 1094.50-3255.27; p<0.001 for patients with DME, while cost per month for RVO were slightly but not significantly higher. (+284.71 CHF, 95% CI: -866.73-1436.15; p = 0.627.Patients with DME are almost twice as expensive as AMD and RVO patients. Cost excess occurs with non-ophthalmologic interventions. The currently licensed anti-VEGF medications did not differ in costs, injection frequency and clinical outcomes. Linking health care claims to clinical data is a useful tool to examine routine clinical care.

  16. Residential heating costs: a comparison of geothermal, solar and conventional resources

    Energy Technology Data Exchange (ETDEWEB)

    Bloomster, C.H.; Garrett-Price, B.A.; Fassbender, L.L.

    1980-08-01

    The costs of residential heating throughout the United States using conventional, solar, and geothermal energy were determined under current and projected conditions. These costs are very sensitive to location - being dependent on the local prices of conventional energy supplies, local solar insolation, cimate, and the proximity and temperature of potential geothermal resources. The sharp price increases in imported fuels during 1979 and the planned decontrol of domestic oil and natural gas prices have set the stage for geothermal and solar market penetration in the 1980's.

  17. Interjurisdictional tax competition for domestic and foreign capital

    OpenAIRE

    Li-Chen Hsu

    2011-01-01

    This paper examines the efficient provision of local public goods when jurisdictions compete for both domestic and foreign capital. Capital is freely mobile between jurisdictions in the home country, but capital owners will incur migration costs if investing abroad. Since the supply of foreign capital is not completely elastic, the traditional result of under-provision of local public goods found in the literature on tax competition may not hold. Furthermore, the less mobile that foreign capi...

  18. Displaced Capital: A Study of Aerospace Plant Closings

    OpenAIRE

    Valerie A. Ramey; Shapiro, Matthew D.

    2001-01-01

    Using equipment-level data from aerospace plants that closed during the 1990s, this paper studies the process of moving installed physical capital to a new use. The analysis yields three results that suggest significant sectoral specificity of physical capital and substantial costs of redeploying the capital. First, other aerospace companies are overrepresented among buyers of the used capital relative to their representation in the market for new investment goods. Second, even after age-rela...

  19. Quality and cost of healthcare : A cross-national comparison of American and Dutch attitudes

    NARCIS (Netherlands)

    Lindenthal, J.J.; Lako, C.J.; van der Waal, M.A.E.; Tijmstra, T.; Andela, M.; Schneider, M.

    1999-01-01

    Objective: To compare attitudes of consumers in America and Holland toward the quality and cost of healthcare. Study Design: Data were derived from one American (n = 466) and two Dutch (n = 260, n = 1629) surveys. Patients and Methods: Questionnaires were completed by respondents. Pairwise compariso

  20. Comparison of stray light in spectrometer systems using a low cost monochromatic light source

    DEFF Research Database (Denmark)

    Thorseth, Anders; Lindén, Johannes; Dam-Hansen, Carsten

    2014-01-01

    We present an experimental setup that is under development for automated stray light characterization of spectrometers. The setup uses a tuneable monochromator which enables this characterization on relatively cost low equipment. We present the measured line spread functions for two spectrometers...

  1. Comparison of sampling methodologies for nutrient monitoring in streams: uncertainties, costs and implications for mitigation

    Directory of Open Access Journals (Sweden)

    J. Audet

    2014-07-01

    Full Text Available Eutrophication of aquatic ecosystems caused by excess concentrations of nitrogen and phosphorus may have harmful consequences for biodiversity and poses a health risk to humans via the water supplies. Reduction of nitrogen and phosphorus losses to aquatic ecosystems involves implementation of costly measures, and reliable monitoring methods are therefore essential to select appropriate mitigation strategies and to evaluate their effects. Here, we compare the performances and costs of three methodologies for the monitoring of nutrients in rivers: grab sampling, time-proportional sampling and passive sampling using flow proportional samplers. Assuming time-proportional sampling to be the best estimate of the "true" nutrient load, our results showed that the risk of obtaining wrong total nutrient load estimates by passive samplers is high despite similar costs as the time-proportional sampling. Our conclusion is that for passive samplers to provide a reliable monitoring alternative, further development is needed. Grab sampling was the cheapest of the three methods and was more precise and accurate than passive sampling. We conclude that although monitoring employing time-proportional sampling is costly, its reliability precludes unnecessarily high implementation expenses.

  2. Comparison of laparoscopic and percutaneous cryoablation of renal tumors: a cost analysis.

    Science.gov (United States)

    Badwan, Khalid; Maxwell, Keegan; Venkatesh, Ramakrishna; Figenshau, Robert S; Brown, Dan; Chen, Cathy; Bhayani, Sam B

    2008-06-01

    Cryoablation of renal masses is an evolving in situ ablative technique for the management of localized renal masses and can be performed in a laparoscopic or percutaneous manner. Its usefulness is increasing and correlates with the increasing frequency of incidentally diagnosed renal lesions. At present, this technique has been applied to patients deemed to be poor surgical candidates for extirpative therapy or those with a strong desire to avoid surgery, at least until long-term data become available to fully evaluate its cancer-control effectiveness. In addition, as costs become an ever more critical factor in healthcare, the costs of various management options for clinically localized kidney cancer will become as important as clinical outcomes in deciding appropriate treatment. We compare laparoscopic and percutaneous renal cryoablation from a cost perspective. Our findings indicate that percutaneous renal cryoablation may have distinct cost advantages over its laparoscopic counterpart. It remains to be seen whether these differences will translate into an overall increase in reliance on the percutaneous approach for renal cryoablation. PMID:18578660

  3. Comparison of energy consumption and costs of different HEVs and PHEVs in European and American context

    OpenAIRE

    Redelbach, Martin; Friedrich, Horst E.; Le Berr, F.; A. Rousseau(MSSL, Surrey, United Kingdom); Badin, F.; Kim, N.; Da Costa, A; Santini, D

    2012-01-01

    This paper will analyse on the one hand the potential of Plug in Hybrid electric Vehicles to significantly reduce fuel consumption and displace it torward various primary energies thanks to the electricity sector. On the other hand the total cost of ownership of two different PHEV architectures will be compared to a conventional cehicle and a HEV without external charging.

  4. Cost effectiveness of ulcerative colitis treatment in Germany: a comparison of two oral formulations of mesalazine

    Directory of Open Access Journals (Sweden)

    Mittendorf Thomas

    2011-07-01

    Full Text Available Abstract Background The treatment of ulcerative colitis (UC can place a substantial financial burden on healthcare systems. The anti-inflammatory compound 5-aminosalicylic acid (5-ASA; mesalazine is the recommended first-line treatment for patients with UC. In this analysis, the incremental cost effectiveness ratio (ICER of two oral formulations of 5-ASA (Mezavant® and Asacol® is examined in the treatment of patients with mild-to-moderate, active UC in Germany. Methods A Markov cohort model was developed to assess the cost effectiveness of Mezavant compared with Asacol over a 5-year period in the German Statutory Health Insurance (SHI. Drug pricing details for 2009 were applied throughout the model, and overall resource use was determined and also fitted to 2009 from published results of a large cross sectional study of German SHI patients. Cost per quality adjusted life year (QALY was the primary endpoint for this study. Remission rates were obtained using data from a randomised, phase III trial of Mezavant with an active Asacol reference arm and a long-term, open label, safety and tolerability trial of Mezavant. Uncertainty in the study model was assessed using one-way and probabilistic sensitivity analyses applying a Monte Carlo simulation. Results Over a 5-year period, healthcare costs for patients receiving Mezavant were 624 Euro lower than for patients receiving Asacol. Additionally, patients receiving Mezavant gained 0.011 QALYs or 18 more days in remission compared with Asacol. One-way sensitivity analyses suggest that these results are driven by both differences in the acquisition cost between mesalazine formulations and differences in treatment efficacy. Furthermore, sensitivity analyses suggest a probability of 76% for cost savings and higher QALYs with Mezavant compared with Asacol. If adherence and its influence on the remission rates and the risk of developing colorectal cancer were included in the model, the results might have

  5. National accounting and capital

    OpenAIRE

    John M. Hartwick

    2012-01-01

    National Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices.

  6. Comparison of costs for three hypothetical alternative kitchen waste management systems.

    Science.gov (United States)

    Schiettecatte, Wim; Tize, Ronald; De Wever, Heleen

    2014-11-01

    Urban water and waste management continues to be a major challenge, with the Earth's population projected to rise to 9 billion by 2050, with 70% of this population expected to live in cities. A combined treatment of wastewater and the organic fraction of municipal solid waste offers opportunities for improved environmental protection and energy recovery, but the collection and transport of organic wastes must be cost effective. This study compares three alternative kitchen waste collection and transportation systems for a virtual modern urban area with 300,000 residents and a population density of 10,000 persons per square kilometre. Door-to-door collection, being the standard practice in modern urban centres, remains the most economically advantageous at a cost of 263 euros per tonne of kitchen waste. Important drawbacks are the difficult logistics, increased city traffic, air and noise pollution. The quieter, cleaner and more hygienic vacuum transport of kitchen waste comes with a higher cost of 367 euros per tonne, mainly resulting from a higher initial investment cost for the system installation. The third option includes the well-known use of under-sink food waste disposers (often called garbage grinders) that are connected to the kitchen's wastewater piping system, with a total yearly cost of 392 euros per tonne. Important advantages with this system are the clean operation and the current availability of a city-wide sewage conveyance pipeline system. Further research is recommended, for instance the application of a life cycle assessment approach, to more fully compare the advantages and disadvantages of each option. PMID:25341873

  7. A cost comparison study of open pit mining vs. in situ assisted gravity drainage

    International Nuclear Information System (INIS)

    The twin-well steam assisted gravity drainage (SAGD) process has resulted in breakthrough technology to access previously uneconomical deep-seated oil sands reserves in Alberta, and to provide a very cost-effective and environmentally acceptable method for extracting bitumen from reserves having a minimum of 30 m overburden. In the evaluation of new or improved bitumen recovery technologies for its new North Mine, Syncrude Canada has recognized that SAGD was a potential alternate to the current open pit mining and hot water extraction process. A study was conducted to compare and evaluate bitumen recovery by the two schemes at the North Mine site, scheduled to begin operations in 1996, for the reserves under Syncrude's tailings pond, and at a new grassroots area. Study description and analysis of results are presented for the grassroots case. The assumptions and mining/recovery processes used for the mining or SAGD method are detailed and the advantages and drawbacks of each scheme are noted. Results show that the SAGD unit supply costs are projected to be proportionately lower than the corresponding open pit mining/hot water extraction (OP/X) cost, using a 20-y project life. A sensitivity analysis indicates that the SAGD process is more sensitive to natural gas costs, while the OP/X scheme is more sensitive to power costs. The SAGD process is much less labor-intensive than OP/X and has obvious advantages in terms of tailings disposal and post-mining reclamation. In addition, the underground nature of SAGD operation eliminates adverse effects of the weather on working conditions. 11 figs

  8. 高校基本建设项目设计阶段造价控制%University Capital Construction Project Design Stage Cost Control

    Institute of Scientific and Technical Information of China (English)

    许斌

    2014-01-01

    设计工作对整个工程造价的影响达75%,为加强工程审计中的设计审计工作,控制工程造价,针对高校基建工程在地质条件、结构形式基本相似的特点,本文从构建高校内部审计机构独立的校园工程概算定额库,基于类似工程预算法对设计方案进行审计的角度,对设计阶段的审计工作进行了探讨。%Impact of the project cost on the overall design is up to 75%, in order to strengthen the engineering design audit, control project cost for infrastructure projects at universities geological conditions, structure substantially similar character-istics, this article from the College independent internal audit campus project budget quota library, based on similar projects in the budget law to audit the design point of view, the design phase of the audit were discussed.

  9. Cost comparison of the satellite power system and six alternative technologies

    Energy Technology Data Exchange (ETDEWEB)

    Wolsko, T.; Samsa, M.

    1981-04-01

    A framework is described for comparing the Satellite Power System (SPS) with various projected alternative energy sources on the basis of technical possibility, economic viability, and social and environmental acceptability. Each of the following energy sources is briefly described: conventional coal, light water reactor, coal gasification/combined cycle, liquid-metal fast-breeder reactor, central station terrestrial photovoltaic, fusion, and the SPS. The analysis consists of comparison of characterizations, side-by-side analysis, and alternative futures analysis. (LEW)

  10. Is Capitalism Ethical?

    OpenAIRE

    Suciu T.

    2009-01-01

    The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist soc...

  11. Methanol and ethanol from lignocellulosic Swedish wood fuels. Appendices. Comparison of the costs of alcohols from biomass

    International Nuclear Information System (INIS)

    Swedish wood fuel has a considerable volume and, apart from the utilization today, its use in year 2010 is estimated to amount to 75 TWh/year. Wood fuel can be converted to the alcohols methanol or ethanol and, as such, can be utilized as fuels or components capable of replacing petrol or diesel. This comparison of costs in producing methanol or ethanol from 250 000 tonnes DM of wood fuel using technology available today, or similar levels of technology, shows that methanol can be produced for about 2 SEK/1 (about 450 SEK/MWh) and ethanol for about 4,85 SEK/1 (825 SEK/MWh). The world market price today is around 1 SEK/1 for methanol and 2.60-2.80 SEK/1 for ethanol. Investment and production costs for the two types of production plants do not differ to any particular extent. The investment cost in the methanol plant is about 20 per cent higher, whereas production and maintenance costs are more than 20 per cent higher for ethanol. The explanation of considerable difference in production costs is, instead, primarily the difference in alcohol yield and secondarily the difference in the total efficiency. The valuation of secondary products, particularly lignin fuel from the ethanol process, is also important. The alcohols can be used as propellant fuels in several different ways as admixture components or as pure fuels. It is concluded that there are quality differences between the alcohols that can influence the driving capacity, emissions and which also affect the value of the alcohols. Among the uncertainties that particularly require more penetrating studies are questions dealing with health aspects related to the higher emissions of formaldehyde when used as an engine fuel, total environmental and health influence of ethanol emission, and the contents of polluting substances in lignin fuel that affect its range of use and its value

  12. Sensitivity of Nursing Home Cost Comparisons to Method of Dementia Diagnosis Ascertainment

    Directory of Open Access Journals (Sweden)

    Ann L. Gruber-Baldini

    2009-01-01

    Subjects were 2050 new admissions to 59 Maryland NHs, from 1992 to 1995 followed longitudinally for 2 years. Dementia was ascertained at admission from charts, Medicare claims, and expert panel. Overall 59.5% of the sample had some indicator of dementia. The expert panel found a higher prevalence of dementia (48.0% than chart review (36.9% or Medicare claims (38.6%. Dementia cases had lower relative average per patient monthly costs, but longer NH length of stay compared to nondementia cases across all methods. The prevalence of dementia varied widely by method of ascertainment, and there was only moderate agreement across methods. However, lower costs for dementia among NH admissions are a robust finding across these methods.

  13. Bottom-up comparisons of CO2 storage and costs in forestry and biomass energy projects

    International Nuclear Information System (INIS)

    In order to include forestry and biomass energy projects in a possible CO2 emission reduction regime, and to compare the costs of individual projects or national programs, it is necessary to determine the rate of equivalency between carbon in fossil fuel emissions and carbon stored in different types of forestry, biomass and renewable energy projects. This paper presents a comprehensive and consistent methodology to account for the costs and carbon flows of different categories of forestry and biomass energy projects and describes the application of the methodology to several sets of projects in Latin America. The results suggest that both biomass energy development and forestry measures including reforestation and forest protection can contribute significantly to the reduction of global CO2 emissions, and that local land-use capacity must determine the type of project that is appropriate in specific cases. No single approach alone is sufficient as either a national or global strategy for sustainable land use or carbon emission reduction

  14. The case for implementing activity based costing.

    Science.gov (United States)

    Monge, Paul H; Bolinger-Perez, Nicole; Boysen, Kent

    2012-01-01

    ABC identifies profitable volumes to give managers information to better manage volumes. Managers must balance the demand for service while maintaining a reasonable profit margin. Disparate systems work extremely well for their intended purposes, but they do not communicate with one another. The strength of the data they hold individually may be leveraged when implementing ABC methodology. Mayo Clinic in Rochester, Minnesota implemented a pilot of ABC to evaluate CT services where there is a high volume, multiple service location for cost comparison, variety of patient acuity and service mix, and large capital investments.The goal was to reveal the actual cost of CT services at the procedural level. PMID:23270120

  15. High dose intravitreal ganciclovir for CMV retinitis: a shelf life and cost comparison study.

    OpenAIRE

    Morlet, N; Young, S; Naidoo, D; Fong, T.; Coroneo, M T

    1995-01-01

    BACKGROUND--It was previously found that high dose intravitreal ganciclovir provided superior treatment of cytomegalovirus retinitis compared with intravenous treatment. This study examined the stability and solubility of the ganciclovir solution to determine the shelf life of prepared solution, and compared the cost of intravitreal with intravenous therapy. METHODS--For the solubility studies high performance liquid chromatography was used to determine the ganciclovir concentration in variou...

  16. Engineering and cost comparison of three different all-dry cooling systems

    Energy Technology Data Exchange (ETDEWEB)

    Fryer, B.C.; Braun, D.J.; Braun, D.J.; Faletti, D.W.; Wiles, L.E.

    1976-09-01

    Results of a detailed engineering and cost study of three different all-dry cooling systems to assess the potential for reducing the cost of all-dry cooling for steam electric power plants are described. The three types of cooling systems considered were: state-of-the-art (SOA) dry cooling system; with a conventional surface condenser, and water used to condense the steam is passed through an induced mechanical draft, metal finned tube cooling tower; an advanced dry cooling system (PLASTIC) utilizing heat exchangers made of bare plastic tubes in the cooling tower; and an advanced dry cooling system utilizing ammonia as the coolant (NH/sub 3/). The NH/sub 3/ system differs from the SOA system in that ammonia is substituted for water as the intermediate fluid. Steam from the turbine is condensed by boiling ammonia in a condenser/reboiler; the ammonia vapor is condensed in an induced draft, metal finned tube heat exchanger and returned to the condenser/reboiler. The major conclusions drawn from this study are that: SOA systems offered by vendors are so near optimum in terms of heat exchanger unit geometry and configuration that there is little, if any, cost advantage to be gained by further study of SOA systems using wrap-on or extruded finned tubes other than in the selection of tube materials, materials compatibility, water quality control, or fin manufacturing methods; significant savings (34 percent) in incremental power production costs appear to be obtainable using NH/sub 3/ systems; and considerable savings (22 percent) can also be obtained with PLASTIC systems.

  17. A comparison of estimates of cost-effectiveness of alternative fuels and vehicles for reducing emissions

    Energy Technology Data Exchange (ETDEWEB)

    Hadder, G.R.

    1995-11-01

    The cost-effectiveness ratio (CER) is a measure of the monetary value of resources expended to obtain reductions in emissions of air pollutants. The CER can lead to selection of the most effective sequence of pollution reduction options. Derived with different methodologies and technical assumptions, CER estimates for alternative fuel vehicles (AFVs) have varied widely among pervious studies. In one of several explanations of LCER differences, this report uses a consistent basis for fuel price to re-estimate CERs for AFVs in reduction of emissions of criteria pollutants, toxics, and greenhouse gases. The re-estimated CERs for a given fuel type have considerable differences due to non-fuel costs and emissions reductions, but the CERs do provide an ordinal sense of cost-effectiveness. The category with CER less than $5,000 per ton includes compressed natural gas and ed Petroleum gas vehicles; and E85 flexible-fueled vehicles (with fuel mixture of 85 percent cellulose-derived ethanol in gasoline). The E85 system would be much less attractive if corn-derived ethanol were used. The CER for E85 (corn-derived) is higher with higher values placed on the reduction of gas emissions. CER estimates are relative to conventional vehicles fueled with Phase 1 California reformulated gasoline (RFG). The California Phase 2 RFG program will be implemented before significant market penetration by AFVs. CERs could be substantially greater if they are calculated incremental to the Phase 2 RFG program. Regression analysis suggests that different assumptions across studies can sometimes have predictable effects on the CER estimate of a particular AFV type. The relative differences in cost and emissions reduction assumptions can be large, and the effect of these differences on the CER estimate is often not predictable. Decomposition of CERs suggests that methodological differences can make large contributions to CER differences among studies.

  18. Sensitivity to Energy Technology Costs: A Multi-model comparison analysis

    Energy Technology Data Exchange (ETDEWEB)

    Bosetti, Valentina; Marangoni, Giacomo; Borgonovo, Emanuele; Anadon, Laura Diaz; Barron, Robert W.; McJeon, Haewon C.; Politis, Savvas; Friley, Paul

    2015-05-01

    In the present paper we use the output of multiple expert elicitation surveys on the future cost of key low-carbon technologies and use it as input of three Integrated Assessment models, GCAM, MARKAL_US and WITCH. By means of a large set of simulations we aim to assess the implications of these subjective distributions of technological costs over key model outputs. We are able to detect what sources of technology uncertainty are more influential, how this differs across models, and whether and how results are affected by the time horizon, the metric considered or the stringency of the climate policy. In unconstrained emission scenarios, within the range of future technology performances considered in the present analysis, the cost of nuclear energy is shown to dominate all others in affecting future emissions. Climate-constrained scenarios, stress the relevance, in addition to that of nuclear energy, of biofuels, as they represent the main source of decarbonization of the transportation sector and bioenergy, since the latter can be coupled with CCS to produce negative emissions.

  19. Comparison of efficacy, tolerability, and cost of newer with conventional oral iron preparation

    Directory of Open Access Journals (Sweden)

    S.S. Patil

    2013-01-01

    Full Text Available Background: Iron deficiency anaemia in women of reproductive age group is a major health problem in India. Objective: The present study was designed to compare the efficacy, tolerability, and cost, of three oral iron preparations among the anaemic pregnant women (n=6o of gestation (12-24 weeks. Methodology: The patients were divided into 3 groups (n=20 and treated with ferrous fumarate(100mg, ferrous bisglycinate (100mg,and carbonyl iron(100mg respectively. Follow-up was done for 3 months. Haemoglobin gm%, mean corpuscular volume and reticulocyte count were assessed at 0,1,2,3 months and serum ferritin at 0 and 3 months. Adverse effects were monitored and cost analysis was done at end of three months. Results: Significant increase in Hb was seen in all three groups (p<0.001 but, no significant difference was found between three treatments in relation to increase in Hb. Increase in ferritin with ferrous fumarate was significantly more than other treatments (p<0.05. Nausea, vomiting, epigastric pain was significantly more with ferrous fumarate but patient compliance was not affected due to them. Ferrous fumarate was the cheapest amongst all three treatments. Conclusion: It can be concluded that, ferrous fumarate still can be considered best cost effective medication with tolerable side effects for treatment as well as prevention of iron deficiency anaemia in pregnancy.

  20. Behavioral response and cost comparison of manual versus pharmacologic restraint protocols in healthy dogs.

    Science.gov (United States)

    Barletta, Michele; Raffe, Marc

    2016-03-01

    Although sedatives are routinely administered to dogs for diagnostic and minimally invasive procedures, manual restraint is often used. The study compared intra-procedural behavioral response, scored on a 100-point, visual analog scale, and cost of restraint in healthy dogs given 1 of 5 treatments: manual restraint, dexmedetomidine at 125 μg/m(2) (Dex 125) or 375 μg/m(2) (Dex 375), Dex 125 plus butorphanol at 0.4 mg/kg (Dex 125 + Bu), or Dex 375 plus butorphanol at 0.4 mg/kg (Dex 375 + Bu). Mean behavioral response scores in dogs declined from baseline in the manual restraint group and improved in a linear fashion in the group order Dex 125, Dex 375, Dex 125 + Bu, and Dex 375 + Bu. Dexmedetomidine at 375 μg/m(2) or at 125 μg/m(2) or at 375 μg/m(2) in combination with butorphanol produced the best intra-procedural behavioral response. The cost of sedative drugs was offset by the opportunity cost of diverting personnel from revenue-generating activity to manual restraint. PMID:26933261

  1. Cost comparison of microscopy vs. empiric treatment for malaria in southwestern nigeria: a prospective study

    Directory of Open Access Journals (Sweden)

    Davidson Mario

    2010-12-01

    Full Text Available Abstract Background Presumptive treatment for malaria is common in resource-limited settings, yet controversial given the imprecision of clinical diagnosis. The researchers compared costs of diagnosis and drugs for two strategies: (1 empirical treatment of malaria via clinical diagnosis; and (2 empirical diagnosis followed by treatment only with Giemsa smear confirmation. Methods Patients with a diagnosis of clinical malaria were recruited from a mission/university teaching hospital in southwestern Nigeria. The patients underwent free Giemsa thick (diagnosis and thin (differentiation smears, but paid for all anti-malarial drugs. Clinical diagnosis was made on clinicians' judgments based on symptoms, including fever, diarrhoea, headache, and body aches. The paediatric regimen was artesunate (6-9 tablets of 3 mg/kg on day one and 1.5 mg/kg for the next four days plus amodiaquine (10 mg/kg day 1-2 and 5 mg/kg on day three in suspension. Adults were given two treatment options: option one (four and one-half 50 mg artesunate tablets on day one and nine tablets for the next four days, plus three 500 mg sulphadoxine/25 mg pyrimethamine tablets and option two (same artesunate regimen plus nine 200 mg tablets of amodiaquine at 10 mg/kg day 1-2 and 5 mg/kg on day three. The researchers calculated the costs of smears/drugs from standard hospital charges. Results Doctors diagnosed 304 patients (170 adults ages >16 years and 134 pediatric with clinical malaria, prescribing antimalarial drugs to all. Giemsa thick smears were positive in 115/304 (38%. The typical patient cost for a Giemsa smear was 550 Naira (US$3.74 in 2009. For children, the cost of testing all, but treating only Giemsa positives was N888 ($6.04/child; the cost of empiric treatment of all who were clinically diagnosed was lower, N660 ($4.49/child. For adults, the cost of testing all, but treating only Giemsa positives was N711 ($4.84/adult for treatment option one (artesunate and

  2. Capital and operating costs of irradiated natural uranium reprocessing plants; Couts d'investissement et d'exploitation des usines de retraitement de l'uranium naturel irradie

    Energy Technology Data Exchange (ETDEWEB)

    Thiriet, L.; Jouannaud, C.; Couture, J.; Duboz, J. [Commissariat a l' Energie Atomique (France). Centre d' Etudes Nucleaires; Oger, C. [Saint Gobain Nucleaire (France)

    1966-07-01

    This paper presents first a method of analysing natural uranium reprocessing plants investment costs (method similar to LANG and BACH well known in the fuel oil industry) and their operating costs (analysed according to their economic type). This method helps establishing standard cost structures for these plants, allowing thus comparisons between existing or planned industrial facilities. It also helps evaluating the foreseeable consequences of technical progress. Some results obtained are given, concerning: the investment costs sensitivity to the various technical parameters defining the fuel and their comparison according to the country or the economic area taken into account. Finally, the influence of the plants size on their investment costs is shown. (author) [French] La communication expose d'abord une methode d'analyse des couts d'investissement des usines de retraitement de l'uranium naturel irradie (inspiree de celles de LANG et de BACH, bien connues dans l'industrie petroliere) et de leurs couts d'exploitation (selon leur nature economique). Cette methode permet d'etablir des structures types de couts de ces usines et de comparer les realisations industrielles et les projets. Elle facilite l'exploration des consequences previsibles du progres technique. On indique un certain nombre de resultats obtenus, concernant la sensibilite des couts d'investissement de ces usines aux differents parametres techniques definissant le combustible et leur confrontation selon les pays ou aires economiques envisages. On montre enfin comment doit pouvoir s'exprimer l'influence de la taille des usines sur leur cout d'investissement. (auteur)

  3. The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison with other Oil-Exporting Countries

    Directory of Open Access Journals (Sweden)

    Marga PEETERS

    2011-12-01

    Full Text Available This study provides an overview of the pattern of the gross capital flows of the current and capital accounts of the balance of payments of the group of six Gulf Cooperation Council countries during the last decade that includes the global crisis years. As a comprehensive overview is lacking in the literature, while this country group has gained in importance in the global economy in particular in the years before the global crisis, this study tries to fill this gap. It benchmarks the GCC countries with the other oil-exporting OPEC countries that have a comparable size of natural resources. The GCC countries’ high investments in the world economy financed by their abundant income from oil revenues, showed their remarkably high degree of trade and financial integration in the world economy. Thanks to policies geared towards opening up borders, the GCC countries have imparted a significant stimulus to the world economy, to a much greater extent than other oil exporting countries in similar conditions. Aspects of globalization, trade and financial integration,such as the dependence on oil, “Dutch disease”, regional integration, foreign direct investment and cross-border assets and loans are addressed. The results show that the impact of the crisis has reverted international capital flows of the GCC, in particular cross-border bank loans, deposits and foreign direct investment. Current and future global policymaking needs however moretimely and consistent statistical information.

  4. Analysis of cost data in a cluster-randomized, controlled trial: comparison of methods

    DEFF Research Database (Denmark)

    Sokolowski, Ineta; Ørnbøl, Eva; Rosendal, Marianne;

    in clusters of general practices.   There have been suggestions to apply different methods, e.g., the non-parametric bootstrap, to highly skewed data from pragmatic randomized trials without clusters, but there is very little information about how to analyse skewed data from cluster-randomized trials. Many...... studies have used non-valid analysis of skewed data. We propose two different methods to compare mean cost in two groups. Firstly, we use a non-parametric bootstrap method where the re-sampling takes place on two levels in order to take into account the cluster effect. Secondly, we proceed with a log...

  5. Comparison of efficacy, tolerability, and cost of newer with conventional oral iron preparation

    OpenAIRE

    S S Patil; C.C. Khanwelkar; Patil, S.K.; V.M. Thorat; Mr. S. A. Jadhav; A.V. Sontakke

    2013-01-01

    Background: Iron deficiency anaemia in women of reproductive age group is a major health problem in India. Objective: The present study was designed to compare the efficacy, tolerability, and cost, of three oral iron preparations among the anaemic pregnant women (n=6o) of gestation (12-24 weeks). Methodology: The patients were divided into 3 groups (n=20) and treated with ferrous fumarate(100mg), ferrous bisglycinate (100mg),and carbonyl iron(100mg) respectively. Follow-up was done for 3 mont...

  6. Human Capital a Part of Social Capital

    OpenAIRE

    Inna Fedoryshina

    2014-01-01

    The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...

  7. Comparison of Veteran experiences of low-cost, home-based diet and exercise interventions

    Directory of Open Access Journals (Sweden)

    Bree Holtz, PhD

    2014-03-01

    Full Text Available Obesity is a significant health problem among Veterans who receive care from the Department of Veterans Affairs, as it is for so many other Americans. Veterans from Operation Enduring Freedom (OEF and Operation Iraqi Freedom (OIF experience a myriad of chronic conditions, which can make it difficult to maintain a physically active lifestyle. This pilot study tested the feasibility and user satisfaction with three low-cost, home-based diet and exercise programs, as well as point-of-decision prompts among these Veterans. The three programs target mechanisms that have been shown to improve healthy behavior change, including (1 online mediated social support, (2 objective monitoring of physical activity, and (3 structured high-intensity workouts. This was a randomized crossover trial; each participant used two of the three programs, and all used the point-of-decision prompts. Our qualitative results identified five overall themes related to social support, objective monitoring, structured activity, awareness and understanding, and the point-of-decision prompts. In general, participants were satisfied with and lost weight with each of the interventions. This study demonstrated that these low-cost interventions could be successful with the OIF/OEF Veteran population. A larger and longer study is planned to further investigate the effectiveness of these interventions.

  8. Approaches of Russian oil companies to optimal capital structure

    Science.gov (United States)

    Ishuk, T.; Ulyanova, O.; Savchitz, V.

    2015-11-01

    Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy.

  9. Discussion on Improving the Turnover Rate of Inventory Drugs and Reducing the Cost of Capital Occupancy%医院提高库存药品周转率降低资金占用成本的探讨

    Institute of Scientific and Technical Information of China (English)

    刘丽娟

    2015-01-01

    Inventory management is an important evaluation index of hospital management. This paper analyzes the factors that affect the turnover rate of inventory management, and puts forward the method of drug classifi-cation management. It can improve the turnover rate of hospital pharmacy inventory and reduce the cost of capital. Is a scientific management method.%药品的库存管理是医院工作的一项重要评佑指标。该研究分析了影响库存药品周转率的因素,提出运用药品分类管理的方法,对该院药房的药品进行分级控制,能够提高医院药房库存药品的周转率,降低资金占用成本。是一种科学的管理方法。

  10. Danish Management Accounting Frameworks - a SWOT Analysis and an Activity Based Costing Comparison

    DEFF Research Database (Denmark)

    Israelsen, Poul; Rohde, Carsten

    2005-01-01

    and in addition a SWOT-like assessment of this tradition vis-à-vis the management accounting research community and practice. An alternative approach in designing management accounting systems is represented by Activity Based Costing (ABC). An unbundling of the nowadays multifaceted ABC brings forward...... similarities to and differences from the Danish frameworks and provides a platform for discussing how the different approaches can benefit from one another. In this respect, the present paper concludes that the mindset in constructing management accounting systems will be improved in seeing the alternative...... frameworks as different levels of data aggregation ranging from disaggregated "purpose neutral" to "multiple task specific calculations", and that this mindset is needed when constructing management accounting systems in an ERP environment....

  11. Does a computerized price comparison module reduce prescribing costs in general practice?

    DEFF Research Database (Denmark)

    Vedsted, Peter; Nielsen, Jørgen Nørskov; Olesen, Frede

    1997-01-01

    OBJECTIVE: We aimed to assess the trends in prescribed defined daily doses (DDD) and drug expenses before and after the introduction of a computerized cost containment module into the computer record system of a defined group of GPs. The GPs' expectations for and experiences with the module were...... comprised 158 practices including 231 GPs in Aarhus County, Denmark. Questionnaires were sent to the 20 intervention practices. The main outcome measures were prescribed DDD, reimbursement for prescribed drugs, and reimbursement per prescribed DDD quarterly during 1992 and 1993. RESULTS: Compared...... with the controls there were no changes in prescribed DDD, reimbursement for prescribed drugs, and reimbursement per prescribed DDD in the intervention group after the introduction of the module. CONCLUSION: Simply giving a random group of GPs computer assistance to choose less expensive drugs did not reduce...

  12. Comparison of cost effectiveness of risk reduction among different energy systems: French case studies. Final report for the period 1 May 1982 - 20 February 1988

    International Nuclear Information System (INIS)

    The report presents the three French case studies performed in the framework of the co-ordinated research programme on ''Comparison of Cost-Effectiveness of Risk Reduction Among Different Energy Systems'': cost-effectiveness of robotics and remote tooling for occupational risk reduction at a nuclear fuel fabrication facility; cost-effectiveness of protection actions to reduce occupational exposure in underground uranium mines; cost effectiveness of safety measures to reduce public risk associated with the transportation of UF6 by truck and trains. Figs and tabs

  13. Treatment of metal-contaminated wastewater: a comparison of low-cost biosorbents.

    Science.gov (United States)

    Akunwa, N K; Muhammad, M N; Akunna, J C

    2014-12-15

    This study aimed to identify some optimum adsorption conditions for the use of low-cost adsorbent, seaweed (Ascophyllum nodosum), sawdust and reed plant (Phragmites australis) root, in the treatment of metal contaminated wastewater for the removal of cadmium, chromium and lead. The effect of pH on the absorption capacity of each of these biosorbents was found to be significant and dependent on the metal being removed. Post-adsorption FTIR analysis showed significant binding activities at the nitro NO groups site in all biosorbents, especially for lead. Competitive metal binding was found to have possibly affected the adsorption capacity for chromium by A. nodosum more than it affected sawdust and P. australis root. Adsorption is believed to take place mainly by ion exchange particularly at low pH values. P. australis root exhibited the highest adsorption for chromium at pH 2, cadmium at pH 10 and lead at pH 7. A. nodosum seaweed species demonstrated the highest adsorption capacity of the three biosorbents used in the study, for cadmium at pH 7 and for lead at pH 2. Sawdust proved to be an efficient biosorbent for lead removal only at pH 7 and 10. No significant effect of temperature on adsorption capacity was observed, particularly for cadmium and lead removal. PMID:25218332

  14. Virtual Reality to Train Diagnostic Skills in Eating Disorders. Comparison of two Low Cost Systems.

    Science.gov (United States)

    Gutiérrez-Maldonado, José; Ferrer-García, Marta; Plasanjuanelo, Joana; Andrés-Pueyo, Antonio; Talarn-Caparrós, Antoni

    2015-01-01

    Enhancing the ability to perform differential diagnosis and psychopathological exploration is important for students who wish to work in the clinical field, as well as for professionals already working in this area. Virtual reality (VR) simulations can immerse students totally in educational experiences in a way that is not possible using other methods. Learning in a VR environment can also be more effective and motivating than usual classroom practices. Traditionally, immersion has been considered central to the quality of a VR system; immersive VR is considered a special and unique experience that cannot achieved by three-dimensional (3D) interactions on desktop PCs. However, some authors have suggested that if the content design is emotionally engaging, immersive systems are not always necessary. The main purpose of this study is to compare the efficacy and usability of two low-cost VR systems, offering different levels of immersion, in order to develop the ability to perform diagnostic interviews in eating disorders by means of simulations of psychopathological explorations. PMID:26799883

  15. Comparison of energy cost of maximal strength and local muscle endurance training in young women

    Directory of Open Access Journals (Sweden)

    Márcio Antonio Gonsalves Sindorf

    2013-04-01

    Full Text Available The aim of this study was to compare the energy cost (EC of two weight training protocols in young women. Twelve women between 18 and 29 years old participated in the study. All the volunteers were under one maximum repetition test (1RM, protocols of maximum strength training (MS, and local muscle endurance training (LME. At rest, during of the training session and 30 minutes of recovery, the measures of the expired air were made through metabolic gases analyzer and module of telemetry. There were not significant differences (p > .05 in EC at rest before MS session  and LME session, the EC in kcal/min was higher (p < .01 during LME  than MS, and the total EC of  MS  was higher (p > .05 than LME session. The energy expenditure returned to resting values before 30 minutes in both sessions. It was concluded that the MS and LME weight training sessions resulted in a low EC.

  16. Determining Wind Turbine Gearbox Model Complexity Using Measurement Validation and Cost Comparison: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    LaCava, W.; Xing, Y.; Guo, Y.; Moan, T.

    2012-04-01

    The Gearbox Reliability Collaborative (GRC) has conducted extensive field and dynamometer test campaigns on two heavily instrumented wind turbine gearboxes. In this paper, data from the planetary stage is used to evaluate the accuracy and computation time of numerical models of the gearbox. First, planet-bearing load and motion data is analyzed to characterize planetary stage behavior in different environments and to derive requirements for gearbox models and life calculations. Second, a set of models are constructed that represent different levels of fidelity. Simulations of the test conditions are compared to the test data and the computational cost of the models are compared. The test data suggests that the planet-bearing life calculations should be made separately for each bearing on a row due to unequal load distribution. It also shows that tilting of the gear axes is related to planet load share. The modeling study concluded that fully flexible models were needed to predict planet-bearing loading in some cases, although less complex models were able to achieve good correlation in the field-loading case. Significant differences in planet load share were found in simulation and were dependent on the scope of the model and the bearing stiffness model used.

  17. Measuring Irish capital

    OpenAIRE

    Keeney, Mary J.

    2007-01-01

    Irish National Income and Expenditure Accounts do not contain information on capital stocks or capital services estimation. Estimates of the national capital stock and the depreciation of its fixed assets are basic macroeconomic aggregates and are integral components for many modelling exercises. This paper will present a detailed asset-level analysis of the stocks and depreciation of Irish fixed assets and the capital formation flows used to derive them. It will apply an improved perpetual i...

  18. Welfare Enhancing Capital Imports

    OpenAIRE

    Masao Oda; Koji Shimomura; Ryuhei Wakasugi

    2007-01-01

    This paper provides a model to consider the conditions under which an acceptance of foreign capital is welfare enhancing in a multi-commodity multi-factor framework. Contrary to the pessimistic conventional wisdom of capital imports and welfare, we provide a justification for the acceptance of foreign capital and the diversification of industrial structure in developing countries. A sufficient condition for the acceptance of foreign capital to be welfare enhancing is that all domestic factors...

  19. Educational Cost Analysis.

    Science.gov (United States)

    Flynn, Donald L.

    Traditional approaches to the cost analysis of educational programs involve examining annual budgets. Such approaches do not properly consider the cost of either new capital expenditures or the current value of previously purchased items. This paper presents the methodology for a new approach to educational cost analysis that identifies the actual…

  20. Four Books on Capitalism

    OpenAIRE

    Streeck, W.

    2009-01-01

    Christoph Deutschmann Kapitalistische Dynamik: Eine gesellschaftstheoretische Perspektive. Wiesbaden, VS Verlag, 2008 Geoffrey Ingham Capitalism. Oxford, Polity, 2008 John McMurtry The Cancer Stage of Capitalism. London, Pluto, 1999 Frederic L. Pryor The Future of U.S. Capitalism. New York, Cambridge University Press, 2002

  1. THE IMPLICATIONS OF LIQUIDITY CRISES IN THE CONTEXT OF EMERGING CAPITAL MARKET

    OpenAIRE

    Felicia Ramona Birău

    2012-01-01

    This article aims to highlight the implications of liquidity crises in the context of emerging capital market. Capital markets, and especially emerging capital market appear to behave notably differently during periods of liquidity crises in comparison with periods of stability. The concept of emerging capital market itself is in obvious antithesis to the idea of financial equilibrium. This particular category of capital markets is characterized in a certain measure by profound institutional,...

  2. [Clinical study using activity-based costing to assess cost-effectiveness of a wound management system utilizing modern dressings in comparison with traditional wound care].

    Science.gov (United States)

    Ohura, Takehiko; Sanada, Hiromi; Mino, Yoshio

    2004-01-01

    In recent years, the concept of cost-effectiveness, including medical delivery and health service fee systems, has become widespread in Japanese health care. In the field of pressure ulcer management, the recent introduction of penalty subtraction in the care fee system emphasizes the need for prevention and cost-effective care of pressure ulcer. Previous cost-effectiveness research on pressure ulcer management tended to focus only on "hardware" costs such as those for pharmaceuticals and medical supplies, while neglecting other cost aspects, particularly those involving the cost of labor. Thus, cost-effectiveness in pressure ulcer care has not yet been fully established. To provide true cost effectiveness data, a comparative prospective study was initiated in patients with stage II and III pressure ulcers. Considering the potential impact of the pressure reduction mattress on clinical outcome, in particular, the same type of pressure reduction mattresses are utilized in all the cases in the study. The cost analysis method used was Activity-Based Costing, which measures material and labor cost aspects on a daily basis. A reduction in the Pressure Sore Status Tool (PSST) score was used to measure clinical effectiveness. Patients were divided into three groups based on the treatment method and on the use of a consistent algorithm of wound care: 1. MC/A group, modern dressings with a treatment algorithm (control cohort). 2. TC/A group, traditional care (ointment and gauze) with a treatment algorithm. 3. TC/NA group, traditional care (ointment and gauze) without a treatment algorithm. The results revealed that MC/A is more cost-effective than both TC/A and TC/NA. This suggests that appropriate utilization of modern dressing materials and a pressure ulcer care algorithm would contribute to reducing health care costs, improved clinical results, and, ultimately, greater cost-effectiveness. PMID:14999922

  3. [Clinical study using activity-based costing to assess cost-effectiveness of a wound management system utilizing modern dressings in comparison with traditional wound care].

    Science.gov (United States)

    Ohura, Takehiko; Sanada, Hiromi; Mino, Yoshio

    2004-01-01

    In recent years, the concept of cost-effectiveness, including medical delivery and health service fee systems, has become widespread in Japanese health care. In the field of pressure ulcer management, the recent introduction of penalty subtraction in the care fee system emphasizes the need for prevention and cost-effective care of pressure ulcer. Previous cost-effectiveness research on pressure ulcer management tended to focus only on "hardware" costs such as those for pharmaceuticals and medical supplies, while neglecting other cost aspects, particularly those involving the cost of labor. Thus, cost-effectiveness in pressure ulcer care has not yet been fully established. To provide true cost effectiveness data, a comparative prospective study was initiated in patients with stage II and III pressure ulcers. Considering the potential impact of the pressure reduction mattress on clinical outcome, in particular, the same type of pressure reduction mattresses are utilized in all the cases in the study. The cost analysis method used was Activity-Based Costing, which measures material and labor cost aspects on a daily basis. A reduction in the Pressure Sore Status Tool (PSST) score was used to measure clinical effectiveness. Patients were divided into three groups based on the treatment method and on the use of a consistent algorithm of wound care: 1. MC/A group, modern dressings with a treatment algorithm (control cohort). 2. TC/A group, traditional care (ointment and gauze) with a treatment algorithm. 3. TC/NA group, traditional care (ointment and gauze) without a treatment algorithm. The results revealed that MC/A is more cost-effective than both TC/A and TC/NA. This suggests that appropriate utilization of modern dressing materials and a pressure ulcer care algorithm would contribute to reducing health care costs, improved clinical results, and, ultimately, greater cost-effectiveness.

  4. Do capital requirements affect bank efficiency? Evidence from China

    OpenAIRE

    Pessarossi, Pierre; Weill, Laurent

    2013-01-01

    This paper contributes to the debate on the effect of capital requirements on bank efficiency. We study the relation between capital ratio and bank efficiency for Chinese banks over the period 2004-2009, taking advantage of the profound regulatory changes in capital requirements that occurred during this period to measure the exogenous impact of an in-crease in the capital ratio on banks’ cost efficiency. We find that such an increase has a positive effect on cost efficiency, the size of whic...

  5. Empirical analysis of Brazilian banks' capital buffers during the period 2001-2011

    Directory of Open Access Journals (Sweden)

    Vinícius Cintra Belém

    2016-04-01

    Full Text Available International literature indicates that the capital buffers held by banks result notably from the trade-off that exists between the cost of holding capital, adjustment costs, and bankruptcy costs, which all have a direct impact on banks' capital structures. The aim of this paper is to study the degree of sensitivity of Brazilian banks' capital buffers to the determining factors established in the literature, by using a sample of 121 banks, covering the period from 2001 to 2011. The empirical analysis that was carried out found that there was a significant cost of adjusting capital buffers for the Brazilian banks. At the same time, bankruptcy cost indicated a positive relationship between risk profile and capital buffers, while the cost of holding capital did not exhibit statistical significance in the analysis.

  6. HOW TO MEASURE HUMAN CAPITAL: A SHORT REVIEW

    Directory of Open Access Journals (Sweden)

    Bálint BALOGH

    2013-06-01

    Full Text Available This paper focuses on the most important estimation approaches of human capital. These approaches can be labeled as either monetary or non-monetary methods of estimation. The three major monetary methods of human capital are the prospective method, the retrospective method and the integrated approach. The income-based approach (prospective method estimates human capital based on the present value of a person’s future income stream. The cost-based approach (retrospective method is centered on the “production” costs of human capital, trying to determine the costs of producing human capital by adding up the education and schooling costs. The integrated approach is a mixture of the prospective and retrospective method. On the other side, the non-monetary measures are essentially education-based indicators, such as the literacy rate, the school enrollment rate or the average years of education.

  7. Optimization of the customer capital management system of the enterprise

    Directory of Open Access Journals (Sweden)

    Ie.O. Golysheva

    2013-12-01

    Full Text Available The aim of the article. The aim of the article is development of methodology of optimization of customer capital management system for enterprises. The results of the analysis. Thу article presents the optimization of customer capital management system which based on author’s methodology of customer capital evaluation. This methodology is based on the definition of integral indexes for resource and potential components of customer capital. The author considers the system of business relationship with economic contractors, information about economic contractors and history of relations with them, the trademarks of the company to the resource part and distribution system, communication system and image of the company – to the potential part of customer capital. Accordingly, the improvement of the state of customer capital management is due to the implementation of complex of strategic actions to switch positions on the matrix «resource-potential». The increase of the resource base and potential of customer capital leads to increased competitive position of the company and increases the efficiency of its activities. However, increasing the level of customer capital is required costs of management actions. Therefore, it is necessity of determine of the optimal value of the result and the necessary costs to produce it. The article presents a graphical interpretation of depending costs of customer capital increasing, results of enterprise activity on the state of its customer capital. Going to the next quadrant of the matrix «resource-potential» is made in the direction of «up and right». It is linked to the achievement of results and additional costs. Their tentative list is given in the article. Each transition is associated with a certain level of results and costs. It is necessary to choose that variant, when the ratio is maximum. Thus, in the paper an algorithm has been developed that takes into account all possible transitions and

  8. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.

  9. Comparison of risk and protective factors for chronic diseases in the population with and without health insurance in the Brazilian capitals, 2011

    Directory of Open Access Journals (Sweden)

    Deborah Carvalho Malta

    2014-01-01

    Full Text Available INTRODUCTION: The article compares the risk and protective factors for Non-communicable Diseases (NCD, referred morbidity and access to preventive examinations in the population with and without health insurance in all Brazilian State capitals. METHODS: The study population consists of adults (≥ 18 years old living in households with landlines in 26 Brazilian State capitals and the Federal District. Estimates of selected variables are presented according to possession of health plans ("Yes" or "No" and sex. A post-stratification was performed according to age, gender and education in both populations, and prevalence ratios were calculated, adjusted for age and sex between people with and without health insurance for the risk and protective factors for NCDs. RESULTS: A total of 54,099 people at the age of 18 or older were evaluated, 47.4% of them were beneficiaries of health plans. The coverage of health insurance tends to increase with age and level of education. Compared to non-beneficiaries of health plans, beneficiaries were more likely to have protective factors, such as healthy eating, physical activity, coverage tests, such as mammography and Pap test, and lower prevalence of risk factors such as smoking, physical inactivity, poor health assessment and hypertension. Alcohol abuse, consumption of excessively fat meats, overweight, obesity and diabetes were not associated with the variable possession of health insurance. When controlled by education, individuals who have health insurance generally have better indicators. CONCLUSION: This information is important to establish measures for reducing differences among people with and without health insurance.

  10. INTERPRETING OVERALL INEQUALITY IN CHINA: THE ROLES OF PHYSICAL CAPITAL, HUMAN CAPITAL AND SOCIAL CAPITAL

    OpenAIRE

    Yuheng LI; Westlund, Hans

    2013-01-01

    This paper investigates the relationship between overall inequality in China and the contributions of physical capital, human capital and social capital. The investment in physical capital tends to enlarge overall inequality while human capital helps to reduce the inequality. Human capital appears to be more influential than physical capital in overall inequality reduction in the research period. Social capital (people's social networks) however, does not seem to exert any impact on overall i...

  11. Earnings manipulation : cost of capital versus tax

    OpenAIRE

    Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode

    1999-01-01

    We show that if taxable income were linked to accounting income, there will exist an automatic safeguard against manipulation of earnings within the analyzed framework. Separating taxable income from accounting income will remove this self-controlled mechanism, and accordingly create a need for separate countermeasures to prevent earnings manipulation.

  12. Human Capital, Bankruptcy and Capital Structure

    OpenAIRE

    Jonathan B. Berk; Richard Stanton; Josef Zechner

    2007-01-01

    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  13. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  14. Optimal dividend payment and capital injection of the compound Poisson risk model with both proportional and fixed costs%复合Poisson模型带比例与固定交易费用的最优分红与注资

    Institute of Scientific and Technical Information of China (English)

    张帅琪; 刘国欣

    2012-01-01

    研究了复合Poisson模型带比例与固定费用的最优分红与注资问题.每次分红与注资时,存在比例及固定的交易费用.通过控制分红与注资的时刻以及分红及注资量,实现破产前分红减注资的折现期望的最大化.由于存在固定交易费用,问题为一个脉冲控制问题.根据问题的参数不同,问题的解可分为两大类.一类解为只进行最优分红不需要注资,而另一类情况需要注资.需要注资时,最优注资策略由最优注资上界以及最优注资下界描述.当赤字小于最优注资下界的绝对值时,进行注资.最后,在理赔为指数分布时明确地给出了两类共七种最优策略以及值函数的形式.从而彻底地解决了该问题.%This paper deals with the optimal dividend payment and capital injection problem for the classical risk model. With each dividend payment and capital injection, there is a proportional cost and a fixed cost. It controls the timing and the amount of both dividends paid out and equity issuance. The objective of the corporation is to maximize the expected discounted dividends payout minus the equity issuance until the time of bankruptcy. Due to the presence of the fixed transaction costs with each dividend payment and capital injection, the problem is formulated as an impulse stochastic control problem. It turns out that the control problem is associated with qualitatively different optimal capital injection strategies, depending on the problem's data. One allows for no capital injection and the other allows for capital injection. We solve this problem explicitly in the case of exponential claim amount distributions. It is shown that there can be essentially seven different solutions depending on the model's parameters and the costs.

  15. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  16. Capital Utilization and Capital Accumulation: Theory and Evidence

    OpenAIRE

    Shapiro, Matthew D.

    1986-01-01

    A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capita accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labor, and their rates of utilization. A direct measure of capital utilization -- the work week of capital -- is incorporated into the theory and estimates. The methodology advocated by Hansen and Singleton (1982) is used to obt...

  17. Human Capital and Knowledge Emergence. Induced Effects of the Global Crisis on Human capital and Innovation

    Directory of Open Access Journals (Sweden)

    Simona Buta

    2014-12-01

    Full Text Available In the global crisis context crossed by organizations and countries in the past six years we assist also at conflicting measures in which regards knowledge, innovation and human capital; for example, countries such as England and France have reduced their costs for education, while Germany and other countries (Australia, Austria, Canada and Norway maintained the same allocations for education. What will be the effects of such measures on human capital in the near future? What are the best human resources policies in companies in the crisis context? Given that the subject of the research is "knowledge and human capital", in this paper we refer to the induced effects of the crisis on human capital and innovation. We will also identify the key steps that can be taken during crisis, and not only, to stimulate human capital.

  18. Comparison of the Ministry of Health’s tariffs with the cost of radiology services using the activity-based costing method

    Science.gov (United States)

    Kalhor, Rohollah; Amini, Saeed; Emami, Majid; Kakasoltani, Keivan; Rhamani, Nasim; Kalhor, Leila

    2016-01-01

    Introduction Efficient use of resources in organizations is one of the most important duties of managers. Appropriate allocation of resources can help managers to do this well. The aim of this study was to determine the cost of radiology services and to compare it with governmental tariffs (introduced by the Ministry of Health in Iran). Methods This was a descriptive and applied study that was conducted using the retrospective approach. First, activity centers were identified on the basis of five main groups of hospital activities. Then, resources and resource drivers, activities, and hospital activity drivers were identified. At the next step, the activities related to the delivery of radiology process were identified. Last, through allocation of activities cost to the cost objects, the cost price of 66 services that were delivered in the radiology department were calculated. The data were collected by making checklists, using the hospital’s information system, observations, and interviews. Finally, the data were analyzed using the non-parametric Wilcoxon test, Microsoft Excel, and SPSS software, version 18. Results The findings showed that from the total cost of wages, materials, and overhead obtained, the unit cost of the 66 cost objects (delivered services) in the Radiology Department were calculated using the ABC method (Price of each unit of Nephrostogram obtained $15.8 and Cystogram obtained $18.4). The Kolmogorov-Smirnov test indicated that the distribution of data of cost price using the ABC method was not normal (p = 0.000). The Wilcoxon test showed that there was a significant difference between the cost of services and the tariff of radiology services (p = 0.000). Conclusions The cost of delivered services in radiology departments was significantly higher than approved tariffs of the Ministry of Health, which can have a negative impact on the quality of services. PMID:27054013

  19. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

    Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

  20. FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ciprian-Dan COSTEA

    2014-12-01

    Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

  1. The Capital Structure of Firms in Central and Eastern Europe

    OpenAIRE

    Cornelli, Francesca; Portes, Richard; Schaffer, Mark E.

    1996-01-01

    According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms’ investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure an...

  2. Functions of Relationship Capital in Rural Public Sports Service

    Institute of Scientific and Technical Information of China (English)

    Wanjing; ZHU

    2014-01-01

    The field survey of two natural villages found that the relationship capital plays an important role in rural public sports service benefiting from the rural elite operation mode. However,negative effect brought by the relationship capital should not be neglected,including distorting the social equity,increasing social transaction cost,and weakening the public trust in government. It is a top priority to effectively evade its negative effect and bring into full play huge potential of the relationship capital.

  3. Cost comparison of individual and mini grid photovoltaic systems for rural electrification; Comparacao de custos entre sistemas fotovoltaicos individuais e minicentrais fotovoltaicas para eletrificacao rural

    Energy Technology Data Exchange (ETDEWEB)

    Soares, Guilherme Fleury Wanderley; Vieira, Leonardo dos Santos Reis; Galdino, Marco Antonio Esteves [Centro de Pesquisas de Energia Eletrica (CEPEL), Rio de Janeiro, RJ (Brazil)], Emails: fleury@cepel.br, lsrv@cepel.br, marcoag@cepel.br; Olivieri, Marta Maria de Almeida; Borges, Eduardo Luis de Paula; Carvalho, Claudio Monteiro de; Lima, Alex Artigiani Neves [Centrais Eletricas Brasileiras S.A. (ELETROBRAS), Rio de Janeiro, RJ (Brazil)], Emails: martaolivieri@eletrobras.com, eduardo_borges@eletrobras.com, claudio.carvalho@eletrobras.com, alex.lima@eletrobras.com

    2010-07-01

    A cost comparison for individual and mini grid photovoltaic systems is made regarding the use of these systems for rural electrification in Northern Brazil. The estimates for maintenance costs were based on existing experience for individual systems already operating in the region. A comparison was also made between modified automotive lead acid batteries commonly used in photovoltaic systems in Brazil and the much more expensive OPzS tubular types. The results of these evaluations show that the maintenance costs are expected to be lower in the case of the mini grids than in individual systems. This is because for a given number of houses to be supplied with electrical energy, they use a smaller number of components subject to failures, like inverters and charge controllers. OPzS batteries are expected to compensate for their higher prices if their predicted operating lifetime can be confirmed under the practical conditions envisaged. (author)

  4. Cost comparison of two systems for eliminating arsenic from drinking water; Comparacion de costes de dos sistemas para la eliminacion de arsenico en aguas potables

    Energy Technology Data Exchange (ETDEWEB)

    Mujal Tasende, F.

    2007-07-01

    Two ways of reducing the arsenic content of drinking water one using iron oxide salts, the other employing bio filtration were compared taking into account the initial investment and the operating costs throughout the useful lifetime of the projects, estimated at 20 years. On the basis of this time scale, the cost of the water obtained is 0.18 Euros/m{sup 3} with the iron oxide salts method and 0.02 Euros/m{sup 3} with bio filtration, which makes the latter the method of choice for installations managed by public or private organisations in which operating costs are of vital importance. (Author) 19 refs.

  5. Regional projections of nuclear and fossil electric power generation costs

    International Nuclear Information System (INIS)

    The total busbar electric generating costs were estimated for locations in ten regions of the United States for base load nuclear and coal-fired power plants with a startup date of January 1995. A complete data set is supplied which specifies each parameter used to obtain the comparative results. When the comparison is based on reference cost parameters, nuclear- and coal-fired generation costs are found to be very close in most regions of the country. Nuclear power is favored in the South Atlantic region where coal must be transported over long distances, while coal-fired generation is favored in the Central and North Central regions where large reserves of cheaply mineable coal exist. The reference data set reflects recent electric utility construction experience. Significantly lower nuclear capital investment costs would result if regulatory reform and improved construction practices were instituted. The electric power generation costs for base load oil- and natural gas-fired plants were also estimated. These plants were found to be noncompetitive in all regions for those scenarios most likely to develop. Generation cost sensitivity to changes in various parameters was examined at a reference location. The sensitivity parameters included capital investment costs, lead times, capacity factors, costs of money, and coal and uranium prices. In addition to the levelized lifetime costs, year-by-year cash flows and revenue requirements are presented. The report concludes with an analysis of the economic merits of recycling spent fuel in light-water reactors

  6. Comparison of costs of percutaneous transluminal coronary angioplasty and coronary bypass surgery for patients with angina pectoris

    NARCIS (Netherlands)

    C. van Halem; F. van den Brink; P.J. de Feyter (Pim); P.W.J.C. Serruys (Patrick); H. Suryapranata (Harry); K.J. Meeter; E. Bos (Egbert); F.J. van Dalen (Frederik); M.J.B.M. van den Brand (Marcel)

    1990-01-01

    textabstractTo determine the costs of a procedure, the total costs of the department that provides the service must be considered and, in addition, the direct cost of the specific procedure. Applying this principle to the cost accounting of angioplasty and bypass surgery results in a direct, i.e. pr

  7. 内源融资能力、资本结构对信贷融资成本的影响--基于中小企业的实证研究%Empirical Analysis on the Impact of Internal Financing Ability, Capital Structure on SMEs' Credit Financing Cost

    Institute of Scientific and Technical Information of China (English)

    马雪彬; 佟美琪

    2015-01-01

    Taking the small and medium-sized listed companies' own internal financing ability, capital structure factors for the observation point, taking the listed SMEs credit financing cost as the research object, selecting the Shenzhen SME board 2007-2013 a total of 7 years of 55 listed corporations as the research sample, this paper studies deeply the impact of internal financing ability, capital structure of the listed SMEs credit financing cost. The result shows the endogenous financing capacity of SMEs is weaker, capital structure is more dependent on debt financing, SMEs credit financing cost is higher; endogenous fi-nancing capacity of SMEs is stronger, the capital structure of dependence on debt financing is weaker, SMEs credit financing cost is lower. Therefore, the small and medium-sized enterprise should constantly improve the internal financing ability of small and medium-sized enterprises, and optimize its capital structure, so as to reduce the small and medium-sized enterprises' own financing cost, and constantly promote the small and medium-sized enterprises' own market competitiveness.%论文以中小上市企业自身内源融资能力、资本结构因素为观察点,以中小上市企业信贷融资成本为研究对象,选择2007-2013年共7年的深市中小板55家上市公司作为研究样本,实证分析了中小企业内源融资能力、资本结构对中小企业信贷融资成本的影响。结果显示中小企业的内源融资能力越强,资本结构对债务融资的依赖性越弱,中小企业的信贷融资成本越低。因此中小企业应提高自身的内源融资能力,优化资本结构,从而降低自身信贷融资成本。

  8. Análise da relação entre gerenciamento de resultados e custo de capital em empresas brasileiras listadas na BM&FBOVESPA = Analysis of the Relationship Between Results-Based Management and Cost of Equity in Brazilian Companies Listed in BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Geovanne Dias de Moura

    2016-04-01

    Full Text Available O estudo objetivou analisar a relação entre o gerenciamento de resultados contábeis e o custo de capital próprio e de terceiros em empresas brasileiras listadas na BM&FBovespa. Para tal, realizou-se pesquisa descritiva, conduzida por meio de análise documental e abordagem quantitativa dos dados referentes ao período de 2010 a 2013 de uma amostra composta de 217 empresas. Os resultados evidenciaram que houve elevação do custo de capital próprio. No que tange ao custo de capital de terceiros, quando analisado por meio da variável Kd, constatou-se que ocorreu uma pequena redução de 31,81% para 28,37%. Ao analisar o custo de capital de terceiros, por meio da variável Ki, constatou-se que houve aumento de 23,94% para 30,13%. Os resultados evidenciaram destaque para os gerenciamentos de baixas proporções, principalmente a partir do ano de 2011. Também entre as empresas analisadas aquelas com menor gerenciamento de resultados não apresentavam menor custo de capital próprio e de terceiros. The study aimed at analyzing the relationship between results-based management and the company's cost of equity and its third party in Brazilian companies listed in BM&FBovespa. To this end, a descriptive research was conducted through documentary analysis and quantitative analysis of the data from 2010 to 2013 from a sample of 217 companies. The results revealed that the cost of equity rose in the period of 2010 to 2013. With respect to the cost of third party, when analyzed by Kd variable, it was found out a slight decrease from 31,81% to 28,37%. When analyzing the cost of third party by Ki variable, it was noticed an increase from 23,94% to 30,13% between 2010 and 2013. As for management, the results showed significance for the low proportion managements, especially since 2011. The results also showed that, among the analyzed companies, those with lower results-based management did not have lower cost of equity and third party.

  9. Costs of urban area retrofit to district heating and cooling systems: north-central cities

    Energy Technology Data Exchange (ETDEWEB)

    Santini, D J; Davis, A A; Marder, S M

    1978-03-01

    This study considers the major urbanized areas of six U.S. cities (Washington, D.C.; St. Louis; Cleveland; Milwaukee; Detroit; Chicago) to arrive at reasonably accurate estimates of costs required to retrofit them with district heating and cooling systems. Only costs associated with heating and hot water are addressed here. Demand estimates and energy-supply analyses are made, and component capital costs are estimated to arrive at annualized system costs. Finally, a comparison of alternative energy-delivery options is made, and estimates of scarce-fuel savings are derived. 39 refs., 12 figs., 14 tables.

  10. Comparison of costs for solidification of high-level radioactive waste solutions: glass monoliths vs metal matrices

    International Nuclear Information System (INIS)

    A comparative economic analysis was made of four solidification processes for liquid high-level radioactive waste. Two processes produced borosilicate glass monoliths and two others produced metal matrix composites of lead and borosilicate glass beads and lead and supercalcine pellets. Within the uncertainties of the cost (1979 dollars) estimates, the cost of the four processes was about the same, with the major cost component being the cost of the primary building structure. Equipment costs and operating and maintenance costs formed only a small portion of the building structure costs for all processes

  11. Human Capital and Retirement

    OpenAIRE

    Alders, P.

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by learning-by-doing. The human capital of an employee is subject to depreciation when knowledge of technologies becomes obsolete. After a shock in technology, the worker depreciates on his human capi...

  12. Capital mobility. An overview

    OpenAIRE

    Arndt, H. W.

    2000-01-01

    The article analyses the problem of international capital mobility which the Asian crisis has highlighted. It points out that the problem of capital mobility ("hot money" panics) has a long history, but globalization, the opening up of national economies and technological advance have increased the risks. The article discusses four policy debated which are being pursued in the large Asian crisis literature: (i) the pros and cons of capital controls; (ii) the choice of exchange rate regime; (i...

  13. Human capital and productivity

    OpenAIRE

    Fuente, Ángel de la

    2011-01-01

    This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

  14. Fukuyama on social capital

    Directory of Open Access Journals (Sweden)

    Ignjatović Suzana

    2008-01-01

    Full Text Available The paper aims to provide a synthesis of Fukuyama's theory of social capital Three different conceptual issues are discussed in the article: definition paradigmatic framework, and methodology. Another aspect of Fukuyama's concept of social capital is discussed from the perspective of Fukuyama's great popularity in public policy since the nineties. The concluding part of the paper deals with Fukuyama's place in academic and policy discourse on social capital.

  15. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all...... the social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital....

  16. Human Capital and Knowledge Emergence. Induced Effects of the Global Crisis on Human capital and Innovation

    OpenAIRE

    Simona Buta

    2014-01-01

    In the global crisis context crossed by organizations and countries in the past six years we assist also at conflicting measures in which regards knowledge, innovation and human capital; for example, countries such as England and France have reduced their costs for education, while Germany and other countries (Australia, Austria, Canada and Norway) maintained the same allocations for education. What will be the effects of such measures on human capital in the near future? What are the best hu...

  17. Piketty’s Capital

    DEFF Research Database (Denmark)

    Larsen, Øjvind

    2016-01-01

    Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...... and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further...

  18. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose...... is to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  19. More Like Ourselves: Indigenous Capitalism through Tourism

    Science.gov (United States)

    Bunten, Alexis Celeste

    2010-01-01

    Through a comparison of Indigenous-owned cultural tourism businesses in southeastern Alaska and New Zealand as well as secondary data examining Indigenous tourism across the Pacific, this article introduces the concept of "Indigenous capitalism" as a distinct strategy to achieve ethical, culturally appropriate, and successful Indigenous…

  20. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    Lack of primary schooling among rural children in developing countries is often attributed to credit constraints and household demand for child labour, implying that direct and indirect costs of schooling are high. Surprisingly few studies have considered the importance of parents' expected returns...... of investing in their childrens human capital, despite the fact that most parents rely on their children for old-age support and subsistence. In this paper, I propose an alternative model for human capital investment based on the household, rather than the individual child, incorporating the fact that parents...... bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether...

  1. 49 CFR 639.25 - Calculation of lease cost.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 7 2010-10-01 2010-10-01 false Calculation of lease cost. 639.25 Section 639.25..., DEPARTMENT OF TRANSPORTATION CAPITAL LEASES Cost-Effectiveness § 639.25 Calculation of lease cost. (a) For purposes of this part, the lease cost of a capital asset is— (1) The cost to lease the asset for the...

  2. Cost-effectiveness of levonorgestrel subdermal implants. Comparison with other contraceptive methods available in the United States.

    Science.gov (United States)

    Ashraf, T; Arnold, S B; Maxfield, M

    1994-10-01

    The objective of this analysis was to evaluate and compare the cost-effectiveness of eight contraceptive methods: condoms, diaphragms, oral contraceptives, intrauterine devices, medroxyprogesterone acetate suspension, levonorgestrel subdermal implants, tubal ligation and vasectomy. Based on a comprehensive review of the literature and various additional data sources, this analysis identified, measured and compared direct costs of the methods, physician visits, treatment of adverse effects and cost of failure (i.e., mean cost for all types of deliveries or first-trimester abortion). Medical benefits (if any) resulting from each contraceptive method were calculated and considered in the analysis as cost savings. The cost of method failure proved to be the greatest influence on cost-effectiveness. Sterilization was identified as the most cost-effective method overall. Of the reversible methods, the intrauterine device was found to be the most cost-effective, followed by levonorgestrel implants. PMID:7837126

  3. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

    between human, organisational, relational and financial capital. Design/methodology/approach – The paper uses a case study of a firm that invests in intellectual capital in order to develop financial capital. It traces the relationship between intellectual capital elements and financial capital via...

  4. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-12-01

    Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

  5. 预期收益研究新方法:隐含资本成本综述%New Methods of Studying Expected Return: Summary of Implied Cost of Capital

    Institute of Scientific and Technical Information of China (English)

    孙会国

    2012-01-01

      Asset pricing models seek to establish the determinants of financial assets’expected rates of return. Classic asset pricing models predict that an asset’s expected return should be positively related to its systematic market risk. However, researchers have to use realized return as a proxy for expected return in tests of these models. Realized return may be not a good proxy for expected return because noise in realized returns is likely to be large and information surprises do not cancel out over the period of study. Now, researchers turn to an ex ante approach from the shareholders’ point of view, and use the implied cost of capital as a measure of expected return on equity. The measurement of expected return combined with corporate finance and accounting is the core of this methods. According to the research context, this paper describes the development of the methods thoroughly and provides the research direction in the future.%  资产定价理论试图寻求金融资产预期收益的决定因素。经典资产定价理论预测资产预期收益与系统市场风险正相关,然而研究者在模型检验中,多使用已实现收益作为预期收益的替代变量,而已实现收益由于噪音、信息冲击等问题,可能不是预期收益的良好替代,有鉴于此,现有研究转向“事前法”,从投资者视角看待预期收益问题,使用隐含资本成本方法替代预期收益。结合公司财务和会计方面对预期收益进行度量则是隐含资本成本方法的核心,根据这一研究脉络,文章全面阐述了隐含资本成本方法及其研究新进展,并提出了未来研究方向

  6. Are Capital Buffers Countercyclical ? An Evidence From Pakistan

    Directory of Open Access Journals (Sweden)

    Romila Qamar

    2016-09-01

    Full Text Available New risk based capital requirement have pro-cyclical effect and causes negative externalities in the economy. During recession, on one side, quality of loan portfolio deteriorates and probability of default increases resulting into increased level of provisions and write off’s and reduced capital level. This causes an increase in capital requirements which becomes more expensive. Weaker banks fail to access new capital and ultimately reduce the credit supply. On the other side, banks are required to maintain the minimum capital which results into credit supply contraction and hits the bank’s profitability leading to a situation called Credit Crunch. This situation may prolong recession. During the crisis, developing countries are more affected than developed countries and this debate is entirely new in Pakistan. This research empirically investigates the pro-cyclical effect of new capital regulation under Basel II using panel data of 47 Pakistani Banks from 2001-2012. Particularly this paper examines the capital management mechanisms using capital buffers, using Generalized Method of Moments (GMM one step and two step estimation techniques on dynamic panel data model. The results gives evidence that capital buffer are counter-cyclical except in case of specialized banks because of difference in operations. The findings also suggest that adjustment costs, cost of raising capital and bankruptcy costs are major determines of holding capital buffer. Analysis confirms too big to fail hypothesis. Form the results, it is concluded that capital buffer are counter-cyclical, consistent with the hypothesis. The findings suggest the banks to adopt Basel III Accord.

  7. Cost effectiveness of total hip arthroplasty in osteoarthritis: comparison of devices with differing bearing surfaces and modes of fixation.

    Science.gov (United States)

    Pulikottil-Jacob, R; Connock, M; Kandala, N-B; Mistry, H; Grove, A; Freeman, K; Costa, M; Sutcliffe, P; Clarke, A

    2015-04-01

    Many different designs of total hip arthroplasty (THA) with varying performance and cost are available. The identification of those which are the most cost-effective could allow significant cost-savings. We used an established Markov model to examine the cost effectiveness of five frequently used categories of THA which differed according to bearing surface and mode of fixation, using data from the National Joint Registry for England and Wales. Kaplan-Meier analyses of rates of revision for men and women were modelled with parametric distributions. Costs of devices were provided by the NHS Supply Chain and associated costs were taken from existing studies. Lifetime costs, lifetime quality-adjusted-life-years (QALYs) and the probability of a device being cost effective at a willingness to pay £20 000/QALY were included in the models. The differences in QALYs between different categories of implant were extremely small (< 0.0039 QALYs for men or women over the patient's lifetime) and differences in cost were also marginal (£2500 to £3000 in the same time period). As a result, the probability of any particular device being the most cost effective was very sensitive to small, plausible changes in quality of life estimates and cost. Our results suggest that available evidence does not support recommending a particular device on cost effectiveness grounds alone. We would recommend that the choice of prosthesis should be determined by the rate of revision, local costs and the preferences of the surgeon and patient. PMID:25820881

  8. Capital-Skill Complementarity: Does capital disaggregation matter?

    OpenAIRE

    Correa, Juan; Lorca, Miguel; Parro, Francisco

    2014-01-01

    Using Chilean manufacturing plants data, we�find: (1) the elasticity of substitution between capital and skilled labor is lower than the elasticity of substitution between capital and unskilled labor, and (2) the higher the technological component of the capital stock the larger the size of complementarity between capital and skilled labor. Our�findings show that capital, as an aggregate input, may under(over) state the complementarity between labor and the type of capital these workers actua...

  9. Capital Flows to Brazil: The Endogeneity of Capital Controls

    OpenAIRE

    Eliane A. Cardoso; Ilan Goldfajn

    1998-01-01

    This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows tha...

  10. Linguistic Capital Pays Dividends

    Science.gov (United States)

    Linse, Caroline

    2013-01-01

    Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…

  11. The Genesis of Capitalism

    DEFF Research Database (Denmark)

    Li, Xing

    2004-01-01

     This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been cha...

  12. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2011-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture ca

  13. Human Capital and Retirement

    NARCIS (Netherlands)

    P. Alders

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by

  14. 78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-12-20

    ..., and 225 Regulations H, Q, and Y RIN 7100-AD 87 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized...-Based Capital Rule, and Market Risk Capital Rule AGENCY: Board of Governors of the Federal...

  15. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping; Redding, Gordon

    2014-01-01

    This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal......, and usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises...

  16. Measuring Social Capital

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Bjørnskov, Christian

    2007-01-01

    How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic...... participation and generalized trust. This measure is then applied by comparing the level of social capital in 25 countries from Western and Eastern Europe. Our nine cluster analysis shows that Switzerland has the highest score, followed by the Netherlands and Scandinavia. At the other end of the continuum we...... find post-communist countries and Southern Italy. The findings for this specific sample suggest that institutions matter for social capital and the relationship between decentralization and social capital emerges as a promising line of inquiry. Thus, the highest scoring countries in the sample may...

  17. The impact of scale, complexity, and service quality on the administrative costs of pension funds: A cross-country comparison

    NARCIS (Netherlands)

    Bikker, J.A.; Steenbeek, O.W.; Torracchi, F.

    2010-01-01

    Administrative costs per participant appear to vary widely across pension funds in different countries. These costs are important because they reduce the rate of return on the investments of pension funds, and consequently raise the cost of retirement security. Using unique data on 90 pension funds

  18. Cost-benefit analysis in occupational health: A comparison of intervention scenarios for occupational asthma and rhinitis among bakery workers

    NARCIS (Netherlands)

    Meijster, T.; Duuren-Stuurman, B. van; Heederik, D.; Houba, R.; Koningsveld, E.; Warren, N.; Tielemans, E.

    2011-01-01

    Objectives: Use of cost-benefit analysis in occupational health increases insight into the intervention strategy that maximises the cost-benefit ratio. This study presents a methodological framework identifying the most important elements of a cost-benefit analysis for occupational health settings.

  19. Comparison of Costs of Surgical Site Infection and Endometritis after Cesarean Section Using Claims and Medical Record Data

    Science.gov (United States)

    Olsen, Margaret A.; Butler, Anne M.; Willers, Denise M.; Gross, Gilad A.; Fraser, Victoria J.

    2012-01-01

    We used administrative and clinical data from a case-control study to calculate the costs of surgical site infection and endometritis after cesarean section. Attributable costs determined by generalized least squares with the two data sources were similar, suggesting that administrative data can be used to calculate infection costs. PMID:20583923

  20. COMPARISON OF DIRECT COSTS OF DABIGATRAN AND WARFARIN THERAPY IN PATIENTS WITH NON-VALVULAR ATRIAL FIBRILLATION DURING PREPARATION FOR ELECTIVE CARDIOVERSION IN THE REAL CLINICAL PRACTICE

    Directory of Open Access Journals (Sweden)

    L. E. Kuvshinova

    2013-01-01

    Full Text Available Aim. To compare direct medical costs of dabigatran and warfarin therapy in patients with non-valvular atrial fibrillation (NVAF during preparation for elective cardioversion. Material and methods. An open non-randomized study was conducted to evaluate direct medical costs (cost of drug, cost of the international normalized ratio (INR adjust- ment in outpatient clinic, cost of visits to cardiologist. Patients (n=62 with persistent NVAF (AF paroxysm duration > 48 hours were enrolled. All of them requested medical as- sistance and were decided to perform an elective cardioversion. The patients received warfarin (n=32 or dabigatran (n=30. The patients of the both groups were similar in the main clinical characteristics and thromboembolic risk levels according to CHA2DS2-VASc scale.Results. Treatment duration before elective cardioversion was 21±2 and 30.5±4.5 days for dabigatran and warfarin groups, respectively (p<0.05. Average costs of visits to cardiologists were 3,720 and 744 RUB in warfarin and dabigatran groups, respectively (p<0.05, and drug costs were 53.63 and 1,172.01 RUB, respectively (p<0.05. The costs of laboratory INR monitoring were 3,058 RUB in warfarin group. Total costs per patient were 6,831.63 and 1,916.01 RUB in warfarin and dabigatran groups, respectively (p<0.05. Conclusion. In the real clinical practice in patients with NVAF dabigatran antithromboembolic therapy substantially reduces direct medical costs in comparison with warfarin ther- apy during preparation for elective cardioversion. Dabigatran therapy reduces time from the decision of elective cardioversion and antithromboembolic therapy start to car- dioversion performance.