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. MODELS OF CAPITAL COSTS QUANTIFICATION

    OpenAIRE

    Tomáš KLIEŠTIK; Katarína VALÁŠKOVÁ

    2013-01-01

    The present contribution deals with the quantification of capital costs. The contribution is written on a theoretical basis. The costs will be particularly quantified in financing only by equity and only by debt capital and particularly in the so-called mixed financing in which weighted average costs of capital will be quantified. The cost of capital can be seen from three different perspectives: in the assets part of a company, in the liability part of a company and in the part of potential ...

  5. 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/...

  6. Cost of capital to the hospital sector.

    Science.gov (United States)

    Sloan, F A; Valvona, J; Hassan, M; Morrisey, M A

    1988-03-01

    This paper provides estimates of the cost of equity and debt capital to for-profit and non-profit hospitals in the U.S. for the years 1972-83. The cost of equity is estimated using, alternatively, the Capital Asset Pricing Model and Arbitrage Pricing Theory. We find that the cost of equity capital, using either model, substantially exceeded anticipated inflation. The cost of debt capital was much lower. Accounting for the corporate tax shield on debt and capital paybacks by cost-based insurers lowered the net cost of capital to hospitals. PMID:10302653

  7. The Cost of Capital: Some Issues

    OpenAIRE

    Nigel Dews

    1988-01-01

    The cost of capital is a potentially important determinant of business investment, yet there have been few attempts to provide an adequate measure of it. In this paper the importance of the cost of capital and weaknesses inherent in existing measures are discussed. A new series for the cost of capital is then constructed according to the methodology developed by Carmichael and Stebbing (1981). The measure of the cost of capital developed in this paper incorporates the cost of both debt and eq...

  8. 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...

  9. Insurance and the corporate cost of capital

    OpenAIRE

    Monika Wieczorek-Kosmala

    2012-01-01

    The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC) and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC). The paper explains the idea of insurance...

  10. INSURANCE AND THE CORPORATE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Monika Wieczorek-Kosmala

    2012-04-01

    Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.

  11. 42 CFR 412.302 - Introduction to capital costs.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Introduction to capital costs. 412.302 Section 412... Inpatient Hospital Capital Costs General Provisions § 412.302 Introduction to capital costs. (a) New capital costs. New capital costs are allowable Medicare inpatient hospital capital-related costs under subpart...

  12. 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

  13. Price Regulation and the Cost of Capital

    OpenAIRE

    Fernando T. Camacho; Flavio M. Menezes

    2010-01-01

    This paper investigates how price regulation under moral hazard can affect a regulated firm’s cost of capital. We consider stylised versions of the two most typical regulatory frameworks that have been applied over the last decades by regulators: Price Cap and Cost of Service. We show that there is a trade-off between lower operational costs and a higher cost of capital under Price Cap regulation and higher operational costs and lower cost of capital under Cost of Service regulation. As a r...

  14. Information, Diversification, and Cost of Capital

    OpenAIRE

    Hughes, John S; Jing LIU; 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 ...

  15. Crude Carrier Consolidation and Capital Cost

    OpenAIRE

    T T Gilje; J Dinwoodie; J Challacombe

    2002-01-01

    This paper investigates the role of consolidation strategies amongst crude carrier operators anxious to reduce costs and attract institutional capital. Could consolidation combat erratic tonnage demand, mounting regulatory pressure to provide quality service at reduced costs, rising costs of finance and unpredictable long-term returns that deter institutional capital? A questionnaire survey of capital providers' and charterers' attitudes towards consolidation found that long-term vessel emplo...

  16. An introduction to the cost of capital

    OpenAIRE

    Ignacio Velez-Pareja; Joseph Tham

    2010-01-01

    This chapter is devoted to the definition and application of the cost of capital"concept to the valuation of cash flows from different points of view. We present an approach to estimate the cost of debt and general formulations for the cost of equity and the traditional weighted average cost of capital WACC, for the free cash flow, FCF and the non-traditional capital cash flow, CCF. We explain in detail the traditional textbook formula for the WACC with respect to the CCF and FCF. We demonstr...

  17. Funding Cost and a New Capital Model

    OpenAIRE

    Hannah, Lincoln

    2013-01-01

    In asset and derivative pricing, funding costs and capital costs are usually considered separately. A derivative will be funded at a given rate such as OIS, LIBOR or the bank’s cost of borrowing, and a cost of capital will be added separately. This paper presents a model that combines the two, using funding attributions from a capital model based on the bank’s Expected Loss (EL) rather than the market standard Probability of Default (PD). The basic idea is: A bank could fund a new asse...

  18. 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.

  19. Capitals Cost and the Investments Actualisation Rate

    OpenAIRE

    Ion Stancu

    2006-01-01

    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 ...

  20. Implications of the method of capital cost payment on the weighted average cost of capital.

    OpenAIRE

    Boles, K E

    1986-01-01

    The author develops a theoretical and mathematical model, based on published financial management literature, to describe the cost of capital structure for health care delivery entities. This model is then used to generate the implications of changing the capital cost reimbursement mechanism from a cost basis to a prospective basis. The implications are that the cost of capital is increased substantially, the use of debt must be restricted, interest rates for borrowed funds will increase, and...

  1. 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...

  2. Capital cost: gas cooled fast reactor plant

    Energy Technology Data Exchange (ETDEWEB)

    1977-09-01

    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.

  3. 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

  4. 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.

  5. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

    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.

  6. 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.

  7. TRANSACTION COSTS: EFFICIENCY OF RESOURCES ON CAPITAL MARKET

    OpenAIRE

    Serov, M.

    2011-01-01

    The paper considers transaction costs on the capital market. The author identifies direct dependence between transaction costs on the capital market and inflow of foreign capital to economy. The typology of administrative barriers as phenomenon of transaction costs on the capital market is presented.

  8. 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.

  9. 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.)

  10. 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.

  11. 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…

  12. 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

    Recent articles have demonstrated that increased public disclosure can decrease firms' cost of capital. The focus has been on the impact of information on the cost of capital subsequent to the release of the information (the ex post cost of capital). We show that the reduction in the ex post cost...

  13. Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    2013-01-01

    Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital markets, reducing banks' leverage reduces the risk and cost of equity but leaves the overall weighted average cost of capital unchanged. We test these two predictions using U.S. data. We confirm that the equity of better-capital...

  14. 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)

  15. 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...

  16. 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...

  17. 77 FR 6625 - Railroad Cost of Capital-2011

    Science.gov (United States)

    2012-02-08

    ... 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 capital. SUMMARY: The Board is instituting a proceeding to determine the railroad industry's cost of capital...

  18. 76 FR 10430 - Railroad Cost of Capital-2010

    Science.gov (United States)

    2011-02-24

    ... Surface Transportation Board Railroad Cost of Capital--2010 AGENCY: Surface Transportation Board. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2010 cost of capital. SUMMARY: The Board is instituting a proceeding to determine the railroad industry's cost of capital...

  19. Cost of capital when dividens are deductible

    OpenAIRE

    Ignacio Velez-Pareja; Julian Benavides Franco

    2009-01-01

    When calculating Tax Savings, TS, we are confronted with a strange mix of accounting accrual and market value when involving TS in the calculation of the Weighted Average Cost of Capital, WACC, or the Cost of Equity, Ke. Firms earn the right to TS once they accrue the interest expense and they actually earn the TS when taxes are paid. Tax savings and the discount rate (y) we use to calculate their value are involved in the calculation of WACC and Ke. Textbook WACC formulation is a very specia...

  20. LEVERAGE AND COST OF CAPITAL: EVIDENCE FROM NSE

    Directory of Open Access Journals (Sweden)

    Saeid Fereidouni

    2014-06-01

    Full Text Available This paper examines the relationship between leverage and cost of capital due to the importance of both in firm maximizing. Rising in leverage, decreases the cost of capital till the optimum point (according to traditional trade off theory, this reduction in cost of capital increases profitability leading to increasing firm value. Sample of the study includes 79 firms from 9 different sectors of National Stock Exchange.Data analysis is done using SPSS software and other statistical methods of hypothesis testing including regression and correlation analysis. Debt to equity ratio has been used as a proxy for leverage, for cost of capital WACC (Weighted Average Cost of Capital has been applied. According to the results as the leverage increases the cost of capital decreases and as the leverage reduces the cost of capital rises up, this consequence is consistent with traditional trade off theory.

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

    Science.gov (United States)

    2013-03-01

    ... Surface Transportation Board Railroad Cost of Capital--2012 AGENCY: Surface Transportation Board, DOT... capital. SUMMARY: The Board is instituting a proceeding to determine the railroad industry's cost of capital for 2012. The decision solicits comments on the following issues: (1) The railroads' 2012...

  2. 75 FR 16894 - Railroad Cost of Capital-2009

    Science.gov (United States)

    2010-04-02

    ... Surface Transportation Board Railroad Cost of Capital--2009 AGENCY: Surface Transportation Board, DOT... capital. SUMMARY: The Board is instituting a proceeding to determine the railroad ] industry's cost of capital for 2009. The decision solicits comments on the following narrow issues: (1) The railroads'...

  3. Capital Costs: A Conceptual Framework for Colleges and Universities

    Science.gov (United States)

    Cash, Samuel G.

    2004-01-01

    The increased attention to costs in recent years at colleges and universities draws attention to the matter of whether all costs are reflected and accounted for in the institution's internal and external financial reports. One category--capital costs--is thought by some to be overlooked at times. The possible neglect of capital costs in…

  4. Market and Industry Structure and Corporate Cost of Capital.

    OpenAIRE

    Sudarsanam, Puliyur S

    1992-01-01

    The impact of the structural attributes of industries on the cost of capital to constituent firms is examined within the framework of the capital asset pricing model. The relationship between industry structure and systematic risk that the capital asset pricing model posits as the sole determinant of security returns is investigated using regression methodology. The results show that industry characteristics, such as capital intensity and the capital to labor ratio, and entry barriers, such a...

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

    OpenAIRE

    Boujelbene, Mohamed

    2013-01-01

    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 cap...

  6. Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure and the Low Risk Anomaly

    OpenAIRE

    Malcolm P. Baker; Wurgler, Jeffrey

    2015-01-01

    Traditional capital structure theory predicts that reducing banks' leverage reduces the risk and cost of equity but does not change the weighted average cost of capital, and thus the rates for borrowers. We confirm that the equity of better-capitalized banks has lower beta and idiosyncratic risk. However, over the last 40 years, lower-risk banks have not had lower costs of equity (lower stock returns), consistent with a stock market anomaly previously documented in other samples. A calibratio...

  7. What's your real cost of capital?

    Science.gov (United States)

    McNulty, James J; Yeh, Tony D; Schulze, William S; Lubatkin, Michael H

    2002-10-01

    In valuing any investment project or corporate acquisition, executives must decide what discount rate to use in their estimates of future cash flows. The traditional approach is to apply the capital asset pricing model (CAPM), which has remained fundamentally unchanged for 40 years. But the formula--in particular, its beta element--has long been a source of frustration. In fact, corporate executives and investment bankers routinely fudge their CAPM estimates, say the authors, because experience and intuition tell them the model produces inappropriate discount rates. CAPM has three main problems: First, beta is a measure of both a stock's correlation and its volatility; second, beta is based on historical data; and third, CAPM rates don't take into account the term of the investment. These factors together result in discount rates that defy common sense. As an alternative to CAPM and its beta element, the authors developed a forward-looking approach to calculating a company's cost of capital, the market-derived capital pricing model (MCPM). It does not incorporate any measure of historical stock-to-market correlation, relying instead on estimates of future volatility derived from the options market. This is helpful since investor expectations from the options market are built into a company's current stock price. Using GE as an example, the authors give step-by-step instructions for how to calculate discount rates with MCPM. They also offer evidence from a range of industries to show that MCPM's discount rates are more realistic--especially from the corporate investor's perspective--than are CAPM's. PMID:12389465

  8. 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.

  9. Cost of Borrowing, Institutional Quality, and Capital Openness

    OpenAIRE

    Gabriel Martinez

    2010-01-01

    Does improving institutional quality lower borrowing costs or raise them? Better institutions the marginal productivity of capital, the demand for funds and the interest rate. They may also lending risks, raising the supply of funds and lowering the cost of capital. Using data from 100 this paper shows that the impact of institutional quality on borrowing costs depends on whether country has favored improving financial institutions, which is proxied by its openness to capital flows, controlli...

  10. LEVERAGE AND COST OF CAPITAL: EVIDENCE FROM NSE

    OpenAIRE

    Saeid Fereidouni; S. J. Manjunath

    2014-01-01

    This paper examines the relationship between leverage and cost of capital due to the importance of both in firm maximizing. Rising in leverage, decreases the cost of capital till the optimum point (according to traditional trade off theory), this reduction in cost of capital increases profitability leading to increasing firm value. Sample of the study includes 79 firms from 9 different sectors of National Stock Exchange.Data analysis is done using SPSS software and other stati...

  11. 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.

  12. 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...

  13. Cost of Capital Indicator for EU Member States - Methodology

    OpenAIRE

    GUILLEME MORENO David

    2008-01-01

    The actions taken in the framework of the Lisbon Strategy are intended to improve the competitiveness of the EU's economy. To properly monitor the progress resulting from those actions, some indicators have been identified. One of those indicators is on ¿cost of capital¿. The ¿cost of capital¿ is a key concept as it reflects the corporation¿s cost of investment funding. The purpose of this document is to outline the methodology recommended to develop a cost of capital indicator for EU n...

  14. Relationship between information asymmetry and cost of capital

    Directory of Open Access Journals (Sweden)

    Fateme Rahmani

    2013-01-01

    Full Text Available 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 suggest a positive and significant relationship between informational asymmetry and capital cost. In addition, the results from present research indicate that when capital markets are competitive, there is not a significant relationship between informational asymmetry and capital cost. But when markets are partially competitive there is a significant relationship between informational asymmetry and capital cost.

  15. Investment, protection, ownership, and the cost of capital

    OpenAIRE

    Himmelberg, Charles P.; R. Glenn Hubbard; Inessa Love

    2002-01-01

    We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor protection. In equilibrium, the marginal cost of capital is a weighted average of terms reflecting both idiosyncratic and systematic risk, and weaker investor protection increases the weight on idiosyncratic...

  16. 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

  17. 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...

  18. Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia

    OpenAIRE

    Giang Truong; Graham Partington; Maurice Peat

    2008-01-01

    We use a sample survey to analyse the capital-budgeting practices of Australian listed companies. We find that NPV, IRR and Payback are the most popular evaluation techniques. Real options techniques have gained a toehold in capital budgeting but are not yet part of the mainstream. Discounting is typically by the weighted average cost of capital, assumed constant for the life of the project, and with the same discount rate across divisions. The WACC is usually based on target weights for debt...

  19. Capital Structure and Cost-of-Capital for the Multinational Firm

    OpenAIRE

    Marjorie Thines Stanley

    1981-01-01

    This paper reviews recent developments in models dealing with capital structure and cost of capital for the multinational firm. A number of issues which bear upon the financing decisions of the multinational corporation are addressed, and related to underlying theoretical and empirical questions with regard to the degree of segmentation or integration of international money and capital markets and the efficiency of the foreign exchange market. Data problems, areas of conflict, and topics for ...

  20. Europeans strive to reduce fast breeder capital costs

    International Nuclear Information System (INIS)

    Measures taken to reduce capital costs which are common to most national and international research programmes are listed. The design features of Superphenix 1 and 2, SNR-2, and CDFR are summarised. Future trends are also noted. (U.K.)

  1. 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

  2. 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...

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

    OpenAIRE

    Elena Petrova; Georgios Georgakopoulos; Ioannis Sotiropoulos; Konstantinos 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 investors’ estimation risk, arising from uncertainty about future returns and payout distributions. Utilizing the Residual Income Valuation Model, the implied cost of capital is estimated for a samp...

  4. The relation between excess control and cost of capital

    OpenAIRE

    Yves Bozec; Claude Laurin; Iwan Meier

    2014-01-01

    Purpose – The purpose of this study is to investigate the relationship between dominant shareholders, whose voting rights exceed cash flow rights (excess control), and firms’ cost of capital, including both equity capital and debt. Design/methodology/approach – This research is conducted in Canada over a four-year period from 2002 to 2005 and uses panel data of 155 S&P/TSX firms. The weighted average cost of capital is regressed on excess control using fixed-effect regressions in a two-stage ...

  5. 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...

  6. Does graph disclosure bias reduce the cost of equity capital?

    OpenAIRE

    Flora Mui¤o V zquez; Marco Trombetta

    2007-01-01

    Research on disclosure and capital markets focuses primarily on the amount of information provided but pays little attention to the presentation format of this information. This paper examines the impact of graph utilization and graph quality (distortion) on the cost of equity capital, controlling for the interaction between disclosure and graph distortion. Despite the advantages of graphs in communicating information, our results show that graphutilization does not have a significant impact ...

  7. 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.)

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

    Energy Technology Data Exchange (ETDEWEB)

    Langmo, A. [Overseas Bechtel Incorporated, Tokyo (Japan); Braun, C.

    1996-10-01

    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.)

  9. 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.

  10. 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.

  11. 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

  12. 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

  13. 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...

  14. Determinants of Capital Structure: A Cross-Country Comparison

    OpenAIRE

    Martin, James

    2013-01-01

    This paper is a cross-country comparison of capital structure; specifically its firm level determinants and how these fluctuate between both Japan and the United States to test the efficacy of competing capital structure theories within contrasting institutional traditions. The purpose of the study is to bring to light the possible effect of such institutional differences on the capital structure decision for financial managers. I utilize a pre-crisis sample of 292 firms, 147 from Japan and 1...

  15. 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...

  16. 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...

  17. A Note on the Weighted Average Cost of Capital WACC

    OpenAIRE

    Ignacio Velez-Pareja; Joseph Tham

    2000-01-01

    Most finance textbooks (See Benninga and Sarig, 1997, Brealey, Myers and Marcus, 1996, Copeland, Koller and Murrin, 1994, Damodaran, 1996, Gallagher and Andrew, 2000, Van Horne, 1998, Weston and Copeland, 1992) present the Weighted Average Cost of Capital WACC calculation as: WACC = d(1-T)D% + eE% (1) Where d is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, e is the cost of equity and E% is the percentage of equity on total value. All of them p...

  18. Capital and operating costs of irradiated natural uranium reprocessing plants

    International Nuclear Information System (INIS)

    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)

  19. Impact of capital cost and cost recovery options on nuclear economics

    International Nuclear Information System (INIS)

    Nuclear power plants require substantial front end investment in plant construction. On the other hand annual fuel costs over the operating lifetime are relatively small and less subject to real escalation. Thus nuclear generation costs are dominated by a capital cost recovery fraction, which account for 70-78 percent of the total. Several examples of the relative contribution of capital cost recovery to total nuclear generation costs are discussed in this paper. These examples relate to both 'passive' (600 MWe class) advanced light water reactors (ALWRs) and to evolutionary (1200 MWe Class) ALWRs, to be built in East Asia by the turn of this century. Examples include capital cost range for both passive and evolutionary ALWRs, under utility as well as independent power producer (LPP financing). The effects of the plant nuclear annual capital recovery requirements are reviewed. Independent project financing allows greater debt leverage (reduced equity fraction) thus reducing the financial burden on the plant owners. On the other hand the cost of financing nuclear IPP plants is higher as the initial investment is secured only by the expected revenues of the project itself. The interplay between reduced equity fraction and higher return on equity requirements results in higher annual capital cost recovery charges to a nuclear IPP plant as compared with a utility owned plant. Several examples of total generation cost computations for utility vs. IPP financing and for passive as well as evolutionary ALWR projects in East Asia are reviewed in this paper. The breakdown of total generation costs into capital recovery, operating and fuel expenses under utility or IPP financing for both evolutionary and passive East Asia ALWRs is reviewed here. Finally, as a cautionary example, the issue of U.S. nuclear plants stranded investments is discussed in this paper. A method of computing plant by plant stranded or unrecoverable investment is presented. Some numerical examples of

  20. Capital cost escalation and the choice of power stations

    International Nuclear Information System (INIS)

    The UK Energy Commission has endorsed the case for nuclear power at baseload, on the grounds of its reduced vulnerability to fuel price escalation. Yet with a future climate of tighter environmental restrictions and escalating capital costs, nuclear power could be an ominous liability. The increase of AGR construction costs in the UK and LWR costs in the USA and Germany are examined and it is shown that with expanding nuclear power plant material requirements in the last decade costs have risen considerably faster than inflation. Projecting the trend a further decade, as is consistent with US and German estimates, suggests that by 2000 the extra real annual cost of a UK nuclear programme could be Pound2 billion greater than the equivalent coal programme. (author)

  1. 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 ...

  2. Design approaches to achieve competitive LMFBR capital costs

    International Nuclear Information System (INIS)

    Through analysis of the essential functional elements of an LMFBR, numerous ways were found to simplify system design, reduce the size of components and equipment, and eliminate some components and systems. The projected capital cost per net kW of this design is competitive with that of current PWRs. RandD programs and the construction and operation of CRBRP now are needed to prove out the features of this new design

  3. Unionism, Price-Cost Margins, and the Return to Capital

    OpenAIRE

    Richard B. Freeman

    1983-01-01

    This paper examines available industry data on two profitability measures, the price-cost margin and the ratio of quasi-rents to capital, for the purpose of determining the effect of unionism on profits. It finds that unionism reduces profitability and that this effect occurs in highly concentrated industries. The effect of unionism is quite substantial in most calculations, suggesting that the fraction organized in a sector be included in standard Industrial Organization profitability calcul...

  4. 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...

  5. 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...

  6. Dynamic cost-benefit analysis of large projects: The role of capital and investment costs

    OpenAIRE

    Li, Chuan-Zhong; Löfgren, Karl-Gustaf

    2008-01-01

    Based on an ideal index for de.ating after-project prices, we derive a dynamic cost-bene.t rule for evaluating large projects. We show that, in addition to the conventional income and consumer surplus meaures, the rule also entails an extra term involving capital and investment cost changes.

  7. Cost of Capital with Levered Cost of Equity as the Risk of Tax Shields

    OpenAIRE

    Joseph Tham; Ignacio Velez Pareja

    2010-01-01

    We present the derivation of cost of capital under the assumption of risky tax shields discounted with the cost of levered equity. We show that the formulation is consistent and is derived from basic financial principles. This formulation is valid for finite cash flows and non growing perpetuities. In addition, it can be calculated without the circularity between value and discount rate.

  8. 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.

  9. Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study

    OpenAIRE

    Daske, Holger; Maug, Ernst; Halteren, Jörn van

    2010-01-01

    We evaluate accounting-based methods to estimate the implied cost of capital using a simulation approach. We simulate a model economy in which the true cost of capital is known and calibrate it to the CRSP-Compustat universe. We then compare the true cost of capital to the implied cost of capital estimates from ten different methods proposed in the literature in terms of bias, accuracy, and their correlation with the true cost of equity capital. Methods based on the residual income model perf...

  10. 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

  11. Cost of capital adjusted for governance risk through a multiplicative model of expected returns

    OpenAIRE

    Apreda, Rodolfo

    2008-01-01

    This paper sets forth another contribution to the long standing debate over cost of capital, firstly by introducing a multiplicative model that translates the inner structure of the weighted average cost of capital rate and, secondly, adjusting such rate for governance risk. The conventional wisdom states that the cost of capital may be figured out by means of a weighted average of debt and capital. But this is a linear approximation only, which may bring about miscalculations, whereas the mu...

  12. 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

  13. Increase in capital costs for US NPP construction

    International Nuclear Information System (INIS)

    During 15 years (from 1967 to 1981) the US nuclear power engineering development was characterised by constant growth of estimated capital costs and planned terms of NPP construction. In fact, the annual growth of costs indicated in this period made up averagely 25%. Such a high growth became one of the main reasons for excluding in 1972-1983 108 nuclear power units from NPP construction programs, planned by various power supply companies. Sufficient reduction of electric load growth rate from 7% (a stable number typical of the period up to 1973) to 2.7 per a year, forecasted for 1984-1993, can be considered as one of the main reasons for nuclear power growing depression which has begun since the end of 1978. Moreover, experts believe, that hardening the requirements to NPP operation safety, development of an excessively large number of norms and specifications concerning environmental protection, delay in terms of NPP construction and sufficient growth of capital costs for their construction, also played an important role

  14. 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...

  15. 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)

  16. 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)

  17. Analysis of the effects of ESOP adoption on the company cost of capital

    OpenAIRE

    Stoyu I. Ivanov; Zaima, Janis K

    2011-01-01

    Purpose – The purpose of this study is to examine whether employee stock ownership plans (ESOPs) add or destroy value from a new perspective by examining the relation of the adoption of ESOP and the company cost of capital. Design/methodology/approach – The capital asset pricing model is used to estimate the company's cost of equity capital, and the cost of debt is estimated using bond yield spreads. The weighted average cost of capital (WACC) is calculated as the weighted percentage of the f...

  18. From Modigliani–Miller To General Theory Of Capital Cost And Capital Structure Of The Company

    OpenAIRE

    Peter Brusov; Tatiana Filatova; Natali Orehova; Pavel Brusov; Nastia Brusova

    2013-01-01

    One of the serious limitations of the Modigliani–Miller theoryis the suggestion about perpetuity of the companies. We liftup this limitation and show, that the accounting of the finitelifetime of the company leads to change of the equity cost,k  as  well  as  of the  weighted  average  cost  of  capital,WACC,  in  the  presence  of  corporative  taxes. We  give  arigorous  proof  of  the  Brusov–Filatova  theorem,  that  in  the absence  of  corporative  taxes  cost  of  company  equity, , as...

  19. 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.

  20. 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

  1. Cost of Equity Capital: An Example of Evaluation for Selected Slovene Joint-Stock Companies

    OpenAIRE

    Igor Stubelj

    2009-01-01

    The article sheds light on the evaluation of cost of equity, which is important as it determines the minimum yield the investors require on the invested capital. We use the cost of equity as a discount rate to calculate the present value of the expected free cash flows which belongs to the owners of equity capital. In the article, the methodological solutions for the evaluation of the equity capital cost with the CAPM on the Slovene financial market are shown. The Slovene capital market is a ...

  2. 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...

  3. Computer, Computer, on the Wall, Which Cost of Capital is Fairest, of Them All?

    OpenAIRE

    Joseph Tham; Ignacio Velez-Pareja

    2002-01-01

    For the practitioner, making sense of the bewildering number of theories on the cost of capital must be a truly challenging and daunting task. In a perfect world without taxes, the cost of capital formula for a finite stream of free cash flows, with debt and equity financing, is elegant, simple and eminently sensible. The cost of capital is a weighted average of the cost of debt and the cost of equity, where the weights are the market values of debt and equity as percentages of the levered ma...

  4. 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

  5. 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.

  6. Analysis of the influence factors on the capital cost

    OpenAIRE

    Popescu, Eleodor

    2011-01-01

    The capital structure refers to the long-term financing types used by the enterprises (for example, reinvested profit, long-term shares and debts) and the way they are financed by a combination of the own capital and debts. An optimal structure of the capital involves making some important decisions regarding the maximization of the enterprise value by their managers. But these decisions are not important only for maximizing the enterprise value, but also for the impact they have on the en...

  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. 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...

  9. Comparison of output costs for conventional and nuclear power plants

    International Nuclear Information System (INIS)

    Within a comparison of output costs per 1 MWh (consisting of fuel costs, operating and maintenance costs and depreciation costs) from conventional and nuclear power plants in Czechoslovakia, the values are reported of the costs, and their development is discussed over the years 1979-1984. The comparison is favourable for the nuclear power plants. For instance, in 1984 the output costs in the nuclear power plants were 124 CKR/MWh, in conventional steam fired power plants 275 CKR/MWh and in hydros 251 CKR/MWh. This in spite of the adverse effect of the start-up of the V-2 nuclear power plant at Jaslovske Bohunice in the same year when the availability of the plant was naturally very low. The output costs of the V-1 nuclear power plant in that year were 130 CKR/MWh. It can be expected that in future, the figures will be even more favourable for the nuclear power plants in view of the fact that coal-fired conventional power plants will have to be provided with sulfur separators, which will further increase the production costs per MWh delivered. It is estimated that specific capital costs in the construction of a new conventional power plant provided with the separator will probably approach those for a nuclear power plant. (Z.M.) 2 figs., 6 tabs., 6 refs

  10. 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

  11. Projected cost comparison of nuclear electricity

    International Nuclear Information System (INIS)

    Comparison of electricity generation costs has been done in the late years through a large co-operation between several organisations. The studies are aiming to provide reliable comparison of electricity generating costs of nuclear and conventional base load power plants. This paper includes the result of the joint IAEA/OECD study published in 1997. (author)

  12. CAPM for Estimating the Cost of Equity Capital: Interpreting the Empirical Evidence

    OpenAIRE

    Zhi Da; Re-Jin Guo; Ravi Jagannathan

    2009-01-01

    We argue that the empirical evidence against the Capital Asset Pricing Model (CAPM) based on stock returns does not invalidate its use for estimating the cost of capital for projects in making capital budgeting decisions. Since stocks are backed not only by projects in place, but also the options to modify current projects and undertake new ones, the expected returns on stocks need not satisfy the CAPM even when expected returns of projects do. We provide empirical support for our arguments b...

  13. Analysis of the Financial Structure Influence on the Cost of Capital in Multinational Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2012-11-01

    Full Text Available The main problems identified in determination of financial structure are referred to identifying the source of relevant funds, evaluation of risks generated by using some funds and their costs in order to ensure the autonomy of the enterprise. The objective of any company is to achieve optimal capital structure, which is approached by minimizing costs of capital employed and maximizing the market value of the company. Thus, this paper aims to study the influence of financial structure on the cost of capital in the case of two multinational companies, in order to identify optimal financial structure, and the differences between them.

  14. 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...

  15. Rejecting Capital-Skill Complementarity at all Costs

    OpenAIRE

    Frondel, Manuel; Schmidt, Christoph M.

    2001-01-01

    Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification – this is also the approach used by numerous studies analyzing the relative capital-skill complementarity hypothesis formulated by GRILICHES (1969). According to this hypothesis, the degree of substitutability between skilled labor and capital is lower than that for unskilled labor and capita...

  16. Internal Capital Markets Inside Financial Firms : Rent-Seeking Behavior Versus Cost of Capital

    OpenAIRE

    Idriss Ghodbane, Mohamed

    2002-01-01

    In this paper we build a two-tiered agency model of a financial firm that incorporates rent-seeking behavior from division managers, risk aversion from outside investors in a context of incomplete market and imperfect competition. We find no evidence for any socialislm inside internal capital markets. Indeed we establish that divisions with better investment opportunities and high risk levels are allocated more capital relatively to other divisions. Divisions with poor investment opportunit...

  17. 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.

  18. 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.

  19. 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.

  20. 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)

  1. An Application of Fuzzy Set Theory to the Weighted Average Cost of Capital and Capital Structure Decision

    OpenAIRE

    Chih-Chiang Hwang; Shin-Yun Wang

    2010-01-01

    The purpose of this paper is to present the use of fuzzy logic to improve the calculation of weighted average cost of capital (WACC). The fuzzy WACC approach not only allows the pre-tax cost of debt, the effective tax rate, the tax benefit, and cost of equity to be treated as fuzzy numbers, it also offers ranking means to find the optimal debt ratio. This paper contributes to the literature by offering alternative methods to calculate the WACC and the optimal debt ratio for firms under uncert...

  2. 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...

  3. 47 CFR 65.305 - Calculation of the weighted average cost of capital.

    Science.gov (United States)

    2010-10-01

    ... 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 of debt and cost of preferred stock is the composite weight computed in accordance with §...

  4. 42 CFR 413.130 - Introduction to capital-related costs.

    Science.gov (United States)

    2010-10-01

    ... costs of jointly owned assets among the owners must be on a basis that reflects the relative use by each... costs of ownership). This limitation applies both on an annual basis and over the useful life of the... considered a deferred charge and is capitalized as part of the historical cost of the asset when the asset...

  5. 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...

  6. Let's talk strategy: the impact of voluntary strategy disclosure on the cost of equity capital

    OpenAIRE

    Sieber, Tom; Weißenberger, Barbara E.; Oberdörster, Tatjana; Baetge, Jörg

    2014-01-01

    This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital. Such an impact is not obvious, as investors might consider strategy information as 'cheap talk' and therefore ignore it. We analyze a sample of 100 German listed firms from 2002 to 2008, measuring strategy disclosure levels using hand-collected strategy disclosure scores. We find that higher disclosure levels are, on average, associated with lower cost of equity capital even ...

  7. Consistent Valuation and Cost of Capital Expressions with Corporate and Personal TAxes

    OpenAIRE

    Robert A. Taggart, Jr.

    1989-01-01

    This paper examines three valuation methods, each of which should lead to the same value for a given asset. These are the Adjusted Present Value, Adjusted Discount Rate and Flows to Equity methods. To achieve identical valuations, however, the different methods must be implemented with cost of capital expressions that embody a consistent set of assumptions about (1) the tax regime and (2) the time pattern and riskiness of debt tax shields. Valuation and cost of capital expressions that have b...

  8. Meta-analytic review of disclosure level and cost of equity capital

    OpenAIRE

    Mohsen Souissi; Hichem Khlif

    2012-01-01

    Purpose – The purpose of this paper is to meta-analyze the results of 22 empirical studies that examine the relationship between voluntary disclosure and cost of equity capital. The authors examine whether differences in results are attributable to moderating effects related to disclosure environment, the measurement of the disclosure score and the proxy used to measure the cost of equity capital. Design/methodology/approach – The approach used is the meta-analysis statistic technique develop...

  9. The effect of non-financial risk information on the evaluation of implied cost of capitals

    OpenAIRE

    Norio Kitagawa; Hyonok Kim; Masatoshi Goto

    2011-01-01

    The purpose of this paper is to examine the effect of voluntary disclosure of `business risk' information (hereafter referred to as `risk information' ), which is a significant determinant of the information environment, on estimating the cost of capital. Recently, some studies indicate that the reliability of the cost of capital estimation differs according to the accounting standards and the information environment of the firm (e.g. Chen et al., 2004; Easton and Monahan, 2005). On the basis...

  10. On the relation between expected returns and implied cost of capital

    OpenAIRE

    Hughes, John; Liu, Jing; Liu, Jun

    2009-01-01

    We examine the relation between implied cost of capital and expected returns under an assumption that expected returns are stochastic, a property supported by theory and empirical evidence. We demonstrate that implied cost of capital differs from expected return, on average, by a function encompassing volatilities of, as well as correlation between, expected returns and cash flows, growth in cash flows, and leverage. These results provide alternative explanations for findings from empirical s...

  11. 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

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting standard-cost of money as an element of the cost of facilities capital. 9904.414 Section 9904.414 Federal Acquisition Regulations System COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET...

  12. 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.

  13. A cost comparison of traditional drainage and SUDS in Scotland.

    Science.gov (United States)

    Duffy, A; Jefferies, C; Waddell, G; Shanks, G; Blackwood, D; Watkins, A

    2008-01-01

    The Dunfermline Eastern Expansion (DEX) is a 350 ha mixed development which commenced in 1996. Downstream water quality and flooding issues necessitated a holistic approach to drainage planning and the site has become a European showcase for the application of Sustainable Urban Drainage Systems (SUDS). However, there is minimal data available regarding the real costs of operating and maintaining SUDS to ensure they continue to perform as per their design function. This remains one of the primary barriers to the uptake and adoption of SUDS. This paper reports on what is understood to be the only study in the UK where actual costs of constructing and maintaining SUDS have been compared to an equivalent traditional drainage solution. To compare SUDS costs with traditional drainage, capital and maintenance costs of underground storage chambers of analogous storage volumes were estimated. A whole life costing methodology was then applied to data gathered. The main objective was to produce a reliable and robust cost comparison between SUDS and traditional drainage. The cost analysis is supportive of SUDS and indicates that well designed and maintained SUDS are more cost effective to construct, and cost less to maintain than traditional drainage solutions which are unable to meet the environmental requirements of current legislation. PMID:18496012

  14. 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 ...

  15. Reducing capital and operating costs in gas processing, liquefaction, and storage

    International Nuclear Information System (INIS)

    The LNG industry is unanimous that capital costs must be reduced throughout the chain, and especially at the liquefaction facility including associated gas processing and LNG storage. The Ken ai LNG plant provides an example of how both reduced capital and operating costs were attained. This paper will cover cost production strategies that can be applied to liquefaction processes in general, and will than focus on their realization in the Phillips Optimized Cascade LNG process. The paper concludes that reduced LNG plant costs are attainable. (Author)

  16. 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

  17. Debt and tax losses: the effect of tax asymmetries on the cost of capital and capital structure

    OpenAIRE

    MATT KRZEPKOWSKI

    2013-01-01

    Firms with positive income pay corporate taxes on profits and reduce their total tax burden by claiming various credits and deductions. Firms with negative income and no past profits only claim tax offsets to lower future taxes payable, realising both taxes on production and investment incentives when they become profitable. This paper looks at the effect of this asymmetric system of partially offsetting losses on the cost of capital. I find changes in marginal effective tax rates depend on t...

  18. Agency costs of stakeholders and capital structure: international evidence

    OpenAIRE

    Bing Yu

    2012-01-01

    Purpose - This paper examines relationship between bargaining powers of creditors as well as employees and financial leverage across countries. The purpose of this paper is to explore roles of creditors and employees in capital structure decisions under different legal and political regimes across countries. Design/methodology/approach - Using country-level creditor rights index and labor rights index as a proxy for bargaining powers of creditors and employees, respectively, the author addres...

  19. Internal Capital Markets inside Financial Firms : Rent-Seeking Behavior Versus Cost of Capital

    OpenAIRE

    M. Idriss GHODBANE

    2002-01-01

    In this paper we build a two-tiered agency model of a financial firm that incorporates rent-seeking behavior from division managers, risk aversion from outside investors in a context of incomplete market and imperfect competition. We find no evidence for any socialism inside internal capital markets. Indeed we establish that divisions with better investment opportunities and high risk levels are allocated more capiral relatively to other divisions. Divisions with poor investment opportunities...

  20. Impact of power purchases from non-utilities on the utility cost of capital

    International Nuclear Information System (INIS)

    The bond rating agencies in the USA have asserted that long-term power purchase contracts between non-utility generators and utilities are the equivalent of debt to the utilities, and therefore raise the cost of capital to the purchaser. Non-Utility generators claim that these contracts reduce risk to the utilities. This debate is reflected in the 1992 Energy Policy Act. This paper investigates this controversy from the perspective of the equity markets. Using a CAPM framework, various specifications of the cost of equity capital are estimated, to shed light on this question. No evidence is found for the hypothesis that non-utility generation contracts raise the cost of capital. There does appear to be a slight increase in this cost for those utilities seeking to build their own generation capacity as opposed to purchasing it from non-utility suppliers. (author)

  1. 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.

  2. 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.

  3. A Note on Estimating the Cost of Capital for the Undiversified Business Owner

    OpenAIRE

    Hickman, Kent A.; Barnes, Clarence; Byrd, John

    1995-01-01

    About 70 percent of businesses are organized as sole proprietorships, and many business owners are not well-diversified, yet the finance discipline is largely silent regarding how to estimate the opportunity cost of capital for undiversified investors. In this paper, the Capital Market Line (CML) is presented as the appropriate vehicle for estimating such an investor’s return requirement. Recognizing the applicability of the CML allows the undiversified investor’s exposure to an investment’s ...

  4. Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?

    OpenAIRE

    Chongyang Chen; Zhonglan Dai; Douglas Shackelford; Harold Zhang

    2012-01-01

    We show that firms with the least elastic demand for equity capital should benefit the most from reductions in shareholder taxes. Consistent with this prediction, we find that, following 1997 and 2003 cuts in U.S. individual shareholder taxes, financially constrained firms, and particularly those with disproportionate ownership by U.S. individuals, enjoyed larger reductions in their cost of equity capital than did other firms. The results are consistent with the incidence of the tax reduction...

  5. 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

  6. 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.

  7. Cost-Benefit analysis of the chosen capital project

    OpenAIRE

    Havelka, Tomáš

    2011-01-01

    Cost-benefit analysis (CBA) is considered as well known and valuable analytical tool providing information for coherent decision making process. Project or policy is assessed through the procedures within CBA framework and decision makers make judgments whether undertake project or policy or not upon calculated socio economic indicators.

  8. 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 that...

  9. 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

  10. National HRD and Investment in Human Capital: Opportunity Costs of U.S. Postsecondary Education

    Science.gov (United States)

    Cornachione, Edgard; Daugherty, Jenny

    2008-01-01

    This study explores opportunity costs of postsecondary education in the U.S. in the past three decades. Based on human capital theory, data from the U.S. Census, along with parameters for high education achievement (involving bachelors and advanced degrees), were fed into a forecasting model developed for this purpose. Beyond descriptive…

  11. Asset management and the calculation of capital costs for mains-usage fees

    International Nuclear Information System (INIS)

    This article discusses the requirements stipulated in the Swiss Electricity Supply Law that capital costs for all mains-levels must be declared on a yearly basis. The costs are calculated from current market value and depreciation according to technical lifetime. The authors examine the requirements placed on the declaration of capital costs and how they are calculated. The detailed book-keeping needed is discussed as is the large volume of data involved. The role of existing mains information systems is looked at, as are methods of assessing current assets. Experience gained in practice is discussed: This is taken as the basis for future processes. Utilities participating in the project and a number of solutions available are noted

  12. The Financial Structure Influence on the Cost of Capital and Enterprise Value

    Directory of Open Access Journals (Sweden)

    Nicoleta BĂRBUŢĂ-MIŞU

    2009-01-01

    Full Text Available All enterprises seek to maximise the value of the assets and minimize the costs.Thus, they will explore the weighting of each way of financing (own funds ordebt in total financing, i.e. optimize the financial structure of the enterprise andmaximising its value. On the other hand, they are trying to determine theweighting of each way of financing, that leads to maximising of the enterprisevalue and to minimise the cost of capital. So, the paper present the arbitrageused by an investor into an enterprise without debts and into an enterpriseindebt, using the model Modigliani and Miller, relating to the financing policyneutrality towards the average cost of capital and the value of the enterprise.

  13. 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

  14. 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...

  15. 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

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

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    advantage of the disagreements and the differences in confidence 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......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...... Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

  17. 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...

  18. Capital cost: pressurized water reactor plant. Commerical 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 includes in addition to the foreword and summary, the plant description and the detailed cost estimate

  19. 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...

  20. Investment, Taxes and the Cost of Capital: An Euler Equation Specification Test

    OpenAIRE

    Huntley Schaller

    2010-01-01

    Problem statement: Previous studies (primarily employing goodness-of-fit tests) have found it difficult to provide clear and direct evidence that taxes and the interest rate have a strong influence on investment. Approach: The objective of this study was to test whether the cost of capital, which includes taxes and the interest rate, affects investment. This study used the Euler equation for investment, the Generalized Method of Moments estimator and the associated test of overidentifying res...

  1. THE RELATIONSHIP BETWEEN INCOMES, FARM CHARACTERISTICS, COST EFFICIENCES, AND RATE OF RETURN TO CAPITAL MANAGED

    OpenAIRE

    Dunn, Jerry W.; Williams, Jeffery R.

    2001-01-01

    Farm-level, cross-section and panel data were used with econometric methods to examine relationships between variability in the rate of return to capital managed and explanatory variables including government payments per crop acre, gross crop income, gross livestock income, costs, efficiency measures, and other socioeconomic characteristics. Quantifying the impacts of socioeconomic factors on variability of the rate of return was difficult. Increasing the standard deviation of gross revenue ...

  2. Price Caps, Rate-of-Return Regulation, and the Cost of Capital

    OpenAIRE

    Alexander, Ian; Irwin, Timothy

    1997-01-01

    This Note compares the effects of price cap and rate-of-return regulation on the risk borne by regulated utilities. It present evidence that price cap regulation subjects firms to greater risks and therefore raises their cost of capital. This result has one clear implication: firms regulated by price caps must be permitted to earn higher returns. If they are not, they will be unable to at...

  3. 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...

  4. 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.

  5. Idiosyncratic risk and the cost of capital - The case of electricity networks

    OpenAIRE

    Schober, Dominik; Schäffler, Stephan; Weber, Christoph

    2014-01-01

    We analyze the treatment and impact of idiosyncratic or firm-specific risk in regulation. Regulatory authorities regularly ignore firm-specific characteristics, such as size or asset ages, implying different risk exposure in incentive regulation. In contrast, it is common to apply only a single benchmark, the weighted average cost of capital (WACC), uniformly to all firms. This will lead to implicit discrimination. We combine models of firm-specific risk, liquidity management and regulatory r...

  6. Return to basics: cost of capital depends on free cash flow

    OpenAIRE

    Ignacio Velez-Pareja

    2008-01-01

    Most popular corporate finance textbooks and practitioners present the Weighted Average Cost of Capital WACC calculation as independent from the Free Cash Flow. It is a common use that practitioners calculate a WACC a priori and use it independently from the firm value (this is, from FCF). In this note we show that FCF affects WACC and that this interrelationship creates circularity, but we show how it can be solved in a very easy way. There are two appendixes: one explaining the circularity ...

  7. The Weighted Average Cost of Capital (WACC) for firm valuation calculations: A reply

    OpenAIRE

    Ignacio Velez-Pareja

    2009-01-01

    Llano-Ferro (2009) proposes a solution to avoid "significant errors" when the Weighted Average Cost of Capital (WACC) "obtained by the standard formula leads to significant errors in Net Present Value of the Firm calculations; particularly in those that apply to perpetual cash flow series. In this paper we show that there are not "significant errors" but a wrong use of the formula and improper calculations of values.

  8. The weighted average cost of capital (WACC) of listed property companies

    OpenAIRE

    M. Eder; M. Becker

    2004-01-01

    The Weighted Average Cost of Capital (ACC) has been established as an important figure to determine the hurdle rate for investments and the discount rate for company valuation. Therefore. the identification of their specific WACC is crucial for every listed property company. Based on theoretical discussions on the methodology of calculating the WACC this paper assesses the suitability of the application of WACC/CAPM to property companies. Thus. WACCs of more than 50 European property companie...

  9. Cost of capital, returns and leverage: empirical evidence from the S&P 500

    OpenAIRE

    Bace, Edward

    2016-01-01

    Expected Returns, Actual Returns, and Leverage: Empirical Analysis of the S&P 500, 2006-2015 Edward Bace, Middlesex University Business School, ABSTRACT Purpose The theoretical construct of the weighted average cost of capital (WACC), which uses an expected equity return, suggests that lower WACC, often facilitated by use of debt, should result in commensurate returns to shareholders, and higher shareholder value, that is if management is adept at investing in ...

  10. 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...

  11. Development of an activity-based costing model for implementing capitation at Naval Medical Center San Diego

    OpenAIRE

    Jones, Ives C.

    1996-01-01

    The purpose of this research is to develop a financial model for Naval Medical Center San Diego for the calculation of an appropriate capitation rate under capitation budgeting. The current cost accounting system at Naval Medical Center San Diego and records of the Military Expense and Reporting System and the Uniform Management Report were analyzed to determine their usefulness in providing the information for and implementing capitation budgeting. An accounting model based on the principles...

  12. Comparison of initial capital investment requirements for new domestic energy supplies: 1980 update

    International Nuclear Information System (INIS)

    A.G.A.'s update of its 1978 analysis comparing the initial capital investments required for several domestic sources of alternative energy (coal conversion, oil shale, unconventional natural gas, Alaskan gas, nuclear power, and solar energy) concludes that US energy-supply and utilization systems based on gaseous fuels need substantially less initial capital investment than do equivalent nuclear, coal, and solar electric systems or synthetic-liquids systems. The capital estimates include the costs of resource extraction, processing and conversion, transmission and distribution, and end-use equipment. The cost advantages shown for the three end-use applications compared - residential and small-commercial space heating, premium industrial usage, and large industrial boilers - reflect both the lower capital requirements and higher energy efficiencies of the gaseous systems

  13. International comparison of construction economics of nuclear power plants using the referred investment cost method

    International Nuclear Information System (INIS)

    The described method of referred capital investment costs helps to increase the reliability of international comparison of the economics of constructing large capital investment plants with particular orientation to nuclear power stations. The method is based on utility functions which assess the level of material consumption and labor necessary for constructing nuclear power stations, expressed in indicators for the power stations compared and referenced. The resulting technical level of the design project and its components form the basis for referencing the expended investment costs (or prices) and for computing the comparison coefficient. The coefficient is a synthetic expression of the ratio of the given type of material component consumption and necessary labor for constructing a power station, its technical standard, the technical standard of its components and the value relations between the compared and the reference power stations. (author). 2 figs., 3 refs

  14. 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.

  15. The impact of hospital regulatory programs on per capita costs, utilization, and capital investment.

    Science.gov (United States)

    Ashby, J L

    1984-01-01

    Regulatory programs are widely used to exert disciplinary force on rising health care costs. This study assessed the impact of three widely used regulatory schemes in the hospital sector between 1971 and 1977: prospective rate setting, certificate of need, and professional standards review organizations. Strong evidence was found that neither voluntary rate setting nor CON review exerted any constraining effect on costs per capita, utilization, and capital investment. A negative but statistically insignificant influence on costs was documented for mandatory rate setting. A substantial cost moderating effect was, however, documented for PSROs. Utilization review may thus be a useful mechanism to counterbalance the incentive of per case rate setting to increase admissions. PMID:6232216

  16. 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

  17. 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

  18. Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

    International Nuclear Information System (INIS)

    The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

  19. 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 ...

  20. 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

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

    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 contains the drawings, equipment list and site description.

  2. The relation between thermodynamic losses and capital costs for a modern coal-fired electrical generating station

    International Nuclear Information System (INIS)

    In this paper the relations are examined between thermodynamic (energy and exergy) losses and capital costs for devices in a modern coal-fired electrical generating station, and possible generalizations in the relations are discussed. The analysis considers the overall station, and the following station devices: turbine generators, steam generators, preheating devices and condensers. The data suggest that an important parameter is the ratio of thermodynamic loss rate to capital cost. The relative spread in ratio values for different devices is seen to be large when based on energy loss, and small when based on exergy loss. The results suggest that a systematic correlation exists for capital cost and exergy loss, but not for capital cost and energy loss. The results further suggest that devices in modern coal-fired electrical generating stations approximately conform to a particular ratio value (based on exergy loss), which reflects the appropriate trade-off between exergy losses and capital costs that is practiced in successful plant designs. The author feels that further research is justified on the relations between thermodynamic losses and capital costs, in general, and on the extension of the present results to different technologies, in particular

  3. Statistical analysis of regional capital and operating costs for electric power generation

    Energy Technology Data Exchange (ETDEWEB)

    Sanchez, L.R.; Myers, M.G.; Herrman, J.A.; Provanizano, A.J.

    1977-10-01

    This report presents the results of a three and one-half-month study conducted for Brookhaven National Lab. to develop capital and operating cost relationships for seven electric power generating technologies: oil-, coal-, gas-, and nuclear-fired steam-electric plants, hydroelectric plants, and gas-turbine plants. The methodology is based primarily on statistical analysis of Federal Power Commission data for plant construction and annual operating costs. The development of cost-output relationships for electric power generation is emphasized, considering the effects of scale, technology, and location on each of the generating processes investigated. The regional effects on cost are measured at the Census Region level to be consistent with the Brookhaven Multi-Regional Energy and Interindustry Regional Model of the United States. Preliminary cost relationships for system-wide costs - transmission, distribution, and general expenses - were also derived. These preliminary results cover the demand for transmission and distribution capacity and operating and maintenance costs in terms of system-service characteristics. 15 references, 6 figures, 23 tables.

  4. Investment, Taxes and the Cost of Capital: An Euler Equation Specification Test

    Directory of Open Access Journals (Sweden)

    Huntley Schaller

    2010-01-01

    Full Text Available Problem statement: Previous studies (primarily employing goodness-of-fit tests have found it difficult to provide clear and direct evidence that taxes and the interest rate have a strong influence on investment. Approach: The objective of this study was to test whether the cost of capital, which includes taxes and the interest rate, affects investment. This study used the Euler equation for investment, the Generalized Method of Moments estimator and the associated test of overidentifying restrictions (J statistic. Specifications including and excluding components of the tax system were estimated and the resulting J statistics were compared. This study also examined two potential problems with measuring another component of the cost of capital (the interest rate: (1 risk; (2 finance constraints. To examine the second issue, the Euler equation is modified by parameterizing the Lagrange multiplier on the finance constraint. The models with and without finance constraints were compared using a Newey-West test. Results: Including taxes in the investment Euler equation reduced evidence of misspecification. In particular, including the investment tax credit, the corporate tax rate and interest deductibility, respectively, all lead to lower J statistics than omitting these tax considerations. Using a risky interest rate instead of the risk-free interest rate makes little difference. The Newey-West test rejected the model without finance constraints. Parametric estimated of the model with finance constraints suggest that variations in the tightness with which finance constraints bind lead to substantial variation in the effective discount rate. Taxes continue to matter in the model that incorporates finance constraints. Conclusion: The results suggested that the cost of capital (specifically, the tax system influences investment and finance constraints are important.

  5. The impact of higher capital requirements on cost of capital for DNB Bank ASA : will increased capital requirements for Norway’s largest bank increase interest rates charged to consumers?

    OpenAIRE

    Rasch, Sondre L.

    2013-01-01

    The financial crisis of 2007-2008 affected the financial sector worldwide. After the crisis, regulatory bodies and governments implemented stricter capital requirements for banks and financial institutions in order to cushion the impact of similar shocks in the future. In Norway the government aims to impose even stricter regulations than the Basel III-accord require. In opposition to the new rules DNB, Norway’s largest bank, claims the new rules will increase their capital cost and therefore...

  6. 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

  7. The influence of auditor choice on cost of debt capital for listed companies

    OpenAIRE

    Li, S.

    2013-01-01

    Purpose: This study aims to examine the impact of auditor choice on debt pricing for listed companies by using the samples of listed companies in U.S. In this paper, Big 4 audit firms are considered to be “high-quality” auditors and consequently they provide a higher perceived and actual audit quality. Design: The influence of auditor choice on cost of debt capital for listed companies is investigated by the differences in companies’ interest expenses when they hire Big 4/ non-Big 4 audi...

  8. Financial health and the cost of capital of travel agencies before and after the crisis

    OpenAIRE

    Honková, Irena

    2012-01-01

    This Article deals with the evaluation of the economic crisis in the area of travel agencies. The evaluation was based on the Altman Z-score of financial health and the weighted average cost of capital (WACC). Data presented in 2007-2010 financial reports compiled by selected companies were also employed. Using the signed-rank test the hypothesis the impact of the financial crisis on the financial health of selected companies was examined. The same test was applied to the weighted average ...

  9. Incidence and Costs of Pinhole Leak Corrosion and Corporate Cost of Capital Borrowing

    OpenAIRE

    Kleczyk, Ewa Jadwiga

    2008-01-01

    The first part of this doctorate dissertation examines the factors influencing the occurrence and costs of pinhole leak corrosion as well as the household decisions for corrosion prevention and plumbing material selection. Three mail surveys of households were used to elicit the experiences with leaks as well as the optimal corrosion prevention and material choices. Probability modeling (i.e. MNL) and linear regression analysis were used to analyze survey responses. Pinhole leak occurrences...

  10. 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.

  11. 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…

  12. Life-cycle cost comparisons of advanced storage batteries and fuel cells for utility, stand-alone, and electric vehicle applications

    Energy Technology Data Exchange (ETDEWEB)

    Humphreys, K.K.; Brown, D.R.

    1990-01-01

    This report presents a comparison of battery and fuel cell economics for ten different technologies. To develop an equitable economic comparison, the technologies were evaluated on a life-cycle cost (LCC) basis. The LCC comparison involved normalizing source estimates to a standard set of assumptions and preparing a lifetime cost scenario for each technology, including the initial capital cost, replacement costs, operating and maintenance (O M) costs, auxiliary energy costs, costs due to system inefficiencies, the cost of energy stored, and salvage costs or credits. By considering all the costs associated with each technology over its respective lifetime, the technology that is most economical to operate over any given period of time can be determined. An analysis of this type indicates whether paying a high initial capital cost for a technology with low O M costs is more or less economical on a lifetime basis than purchasing a technology with a low initial capital cost and high O M costs. It is important to realize that while minimizing cost is important, the customer will not always purchase the least expensive technology. The customer may identify benefits associated with a more expensive option that make it the more attractive over all (e.g., reduced construction lead times, modularity, environmental benefits, spinning reserve, etc.). The LCC estimates presented in this report represent three end-use applications: utility load-leveling, stand-alone power systems, and electric vehicles.

  13. 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.

  14. ''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

  15. Effect of increased regulation on capital costs and manual labor requirements of nuclear power plants

    International Nuclear Information System (INIS)

    An attempt is made to explain the impact of increasing governmental regulation on capital costs and labor requirements for constructing light water reactor (LWR) electric power plants. The principal factors contributing to these increases are: (1) market conditions and (2) increased regulation. General market conditions include additional costs attributable to price inflation of equipment, material, labor, and the increased cost of money. The central objective of this work is to estimate the impact of increasing regulation on plant costs and, conversely, on output. To do this it is necessary to isolate two opposing sets of forces which have been in operation during the period of major regulatory expansion: learning based upon plant design experience and economies of scale with increasing size (generating capacity) of newer plants. Conceptual models are specified to capture the independent effects of increasing regulation, learning, and economies of scale. Empirical results were obtained by estimating the models on data collected from industry experience during the 1967-1980 period. 23 refs

  16. Superconducting magnetic energy storage: Technical considerations and relative capital cost using high-temperature superconductors

    International Nuclear Information System (INIS)

    Superconducting magnetic energy storage plants could significantly benefit form using high-temperature superconductors. Benefits would include greatly lowered operation and maintenance expenses and modestly reduced capital costs. The project team compared present HTSC capabilities to the minimum requirements for SMES superconductors. Next, they projected potential cost reductions, assuming one-for-one replacement of conventional low-temperature superconductors with HTSC at equal installed cost. The estimated captial-cost savings from substituting HTSC for conventional superconductors in large-scale SMES plants ranged from 7% for 5000 MWh to 10% for 20 MWh. In addition, HTSC used in SMES plants would provide six design benefits -- better stability, lower refrigeration needs, lower thermal shielding needs, easier cooldown, no helium use, and possibly no vacuum system. Partially offsetting these is the need for more support structure, caused by the lower strength of materials at 77 K versus 4 K, and loss of the cryopumping ability of 4 K surfaces. To realize these benefits, the HTSC primary SMES coil conductor must be robust enough to be formed into a coal, and it must superconduct in a magnetic field of at least 3 tesla at a current density of at least 12,000 A/cm2

  17. Cost comparison of PWR and PHWR nuclear power plants in Korea

    International Nuclear Information System (INIS)

    A statistical approach is used to investigate the relative economic advantages of pressurized water reactor (PWR) and pressurized heavy water reactor (PHWR-CANDU) nuclear power plants for hypothetical 900Mwe systems with the throwaway fuel cycle to be built in the Republic of Korea. Power cost is decomposed into the cost conponents related to the plant capital, operation and maintenance, working capital requirements and fuel cycle operation. The calculation of construction cost is performed with the modified version of computer code ORCOST, and the modified POWERCO-50 is used to evaluated the cost components. Most of economic parameters are treated as statistical variables, each being given with a certain range. Through a random sampling procedures, the probability histograms on unit plant construction costs and power generating costs are obtained. The power cost probability histograms of the PWR and the PHWR plants overlap considerably, and the power costs of two systems appear to be almost same with the PHWR power cost being 0.4mi11/kwh lower compared with 39.4 mills/kwh for the PWR plant (July 1986 US-dollars). When a construction period of PHWR plant is longer by one year than that of PWR plant, there is no difference in the unit power cost of two plants. This comparison leads to no definite conclusion on the cost advantages of the PWR plant versus the PHWR plant. We conclude that the selection issue of nuclear power plants in Korea still remains an open question and that future effort to solve this question should be made toward economic quantification of those factors such as technology transfer and localization. (author)

  18. 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.

  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. International comparisons of labor costs in manufacturing

    OpenAIRE

    Peter Hooper; Kathryn A. Larin

    1988-01-01

    This paper presents a comparative study of the level of unit labor costs in the manufacturing sectors of several countries. The paper begins by surveying earlier estimates of relative productivity and unit labor cost levels and evaluating the various methodologies that have been used in previous studies. Empirical estimates of the levels of foreign unit labor costs in dollars are derived based on labor compensation translated into dollars at nominal exchange rates and labor productivity trans...

  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. A note resolving the debate on “The weighted average cost of capital is not quite right”

    OpenAIRE

    Keef, Stephen P; Khaled, Mohammed S; Melvin L. Roush

    2011-01-01

    Miller (2009a) derives a weighted average cost of capital for the special case where the cash flows to equity and the cashflows to debt are annuities. The paper attracts debate. We show that the weighted average cost of capital is redundant in a world where interest paid is not tax deductible. The required rate of return on unlevered equity will consistently and reliably estimate the net present value of any project no matter the idiocyncratic beliefs of the analyst as to the year-by-year lev...

  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. 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…

  6. Preliminary design and estimate of capital and operating costs for a production scale application of laser decontamination technology

    International Nuclear Information System (INIS)

    The application of laser ablation technology to the decontamination of radioactive metals, particularly the surfaces of equipment, is discussed. Included is information related to the design, capital and operating costs, and effectiveness of laser ablation technology, based on commercial excimer and Nd:YAG lasers, for the decontamination of production scale equipment

  7. 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...

  8. A COMPARISON OF BASIC AND EXTENDED MARKOWITZ MODEL ON CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Bruna Škarica

    2012-12-01

    Full Text Available Markowitz' mean - variance model for portfolio selection, first introduced in H.M. Markowitz' 1952 article, is one of the best known models in finance. However, the Markowitz model is based on many assumptions about financial markets and investors, which do not coincide with the real world. One of these assumptions is that there are no taxes or transaction costs, when in reality all financial products are subject to both taxes and transaction costs – such as brokerage fees. In this paper, we consider an extension of the standard portfolio problem which includes transaction costs that arise when constructing an investment portfolio. Finally, we compare both the extension of the Markowitz' model, including transaction costs, and the basic model on the example of the Croatian capital market.

  9. 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.

  10. On the Interaction of Financial Frictions and Fixed Capital Adjustment Costs: Evidence from a Panel of German Firms

    OpenAIRE

    Christian Bayer

    2004-01-01

    This paper analyzes the interaction of financial frictions and non- convex adjustment costs. With non-convex adjustment costs firms infrequently carry out discrete investment projects. Therefore, financial variables may influence investment in two ways. Theoretically, they can alter the frequency at which investment projects are undertaken, or they can influence the size of the stock of capital a company wishes to hold in the long run. Empirically, finance has nearly no long-run influence on ...

  11. Comparison of Life Cycle Costs for LLRW Management in Texas

    Energy Technology Data Exchange (ETDEWEB)

    Baird, R. D.; Rogers, B. C.; Chau, N.; Kerr, Thomas A

    1999-08-01

    This report documents a comparison of life-cycle costs of an assured isolation facility in Texas versus the life-cycle costs for a traditional belowground low-level radioactive waste disposal facility designed for the proposed site near Sierra Blanca, Texas.

  12. 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.

  13. 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

  14. 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

    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 is...... 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 is...... especially relevant in biorefinery research where information about new technologies and experience 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 are available; and, (b) the...

  15. 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

  16. 48 CFR 9904.417 - Cost of money as an element of the cost of capital assets under construction.

    Science.gov (United States)

    2010-10-01

    ... Regulations System COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.417...

  17. 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

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

    OpenAIRE

    Ignacio Vélez-Pareja; Joseph Tham

    2009-01-01

    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 ...

  19. Economic comparison of an improved nuclear filter system considering space, operation, testing, and maintenance costs

    International Nuclear Information System (INIS)

    The development of an all-welded charcoal adsorber design for increased system iodine removal efficiency has provided certain other unique advantages of particular interest to nuclear power plant personnel involved in health/safety, operation, maintenance, testing and space allocation for nuclear filter systems. The design features providing these unique advantages have been refined and tested and are available and installed on operating reactors as the HECA filter system. Health/safety aspects of the system are improved through the use of a unique pneumatic conveying system which eliminates the need for entrance of maintenance personnel into the filter housing during removal and replacement of spent charcoal and; thereby, minimizes radiation exposure of occupational personnel. Operational and maintenance costs, after capital investment, for nuclear filter systems being of particular interest to utility operations management are compared with conventional iodine absorber systems. The material cost savings in charcoal replacement with the system can exceed capital investment costs for given operating conditions. Testing and retest for by-pass leakage location and correction experiences are described and comparisons drawn between the HECA system and conventional designs. Space allocation improvements for actual nuclear filter system installations are described using the HECA system in conjunction with 1500 CFM ''superflow'' absolute filter modules. Features of the separatorless absolute superflow filter that complement the like design features of the all-welded HECA charcoal adsorber are described and operational and test data are presented. (U.S.)

  20. 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.

  1. Coal-fired power-plant-capital-cost estimates. Final report. [Mid-1978 price level; 13 different sites

    Energy Technology Data Exchange (ETDEWEB)

    Holstein, R.A.

    1981-05-01

    Conceptual designs and order-of-magnitude capital cost estimates have been prepared for typical 1000-MW coal-fired power plants. These subcritical plants will provide high efficiency in base load operation without excessive efficiency loss in cycling operation. In addition, an alternative supercritical design and a cost estimate were developed for each of the plants for maximum efficiency at 80 to 100% of design capacity. The power plants will be located in 13 representative regions of the United States and will be fueled by coal typically available in each region. In two locations, alternate coals are available and plants have been designed and estimated for both coals resulting in a total of 15 power plants. The capital cost estimates are at mid-1978 price level with no escalation and are based on the contractor's current construction projects. Conservative estimating parameters have been used to ensure their suitability as planning tools for utility companies. A flue gas desulfurization (FGD) system has been included for each plant to reflect the requirements of the promulgated New Source Performance Standards (NSPS) for sulfur dioxide (SO/sub 2/) emissions. The estimated costs of the FGD facilities range from 74 to 169 $/kW depending on the coal characteristics and the location of the plant. The estimated total capital requirements for twin 500-MW units vary from 8088 $/kW for a southeastern plant burning bituminous Kentucky coal to 990 $/kW for a remote western plant burning subbituminous Wyoming coal.

  2. 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...

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

    OpenAIRE

    Li Li; Yuanhua Yang; Dengli Tang

    2015-01-01

    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 Chi...

  4. 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...

  5. The Firm's Cost of Capital, Its Effective Marginal Tax Rate, and the Value of the Government's Tax Claim

    OpenAIRE

    Rao Ramesh K. S.; Stevens Eric C

    2006-01-01

    This paper develops a theory of the firm's weighted average cost of capital (WACC) and the marginal tax rate with risky debt and potentially redundant depreciation and interest tax shields. The tax shields' risks, the firms borrowing interest rate and its marginal tax rate are intertwined, and they must therefore be determined simultaneously. We capture these interdependencies by determining the borrowing interest rate endogenously, using the single-factor approximate arbitrage pricing theory...

  6. 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.

  7. Costo de Capital para el Sector Vitivinícola Chileno: Una Propuesta Desde el Modelo de Valoración de Activos de Capital (CAPM Cost of Capital for the Chilean Wine Sector: A Proposal Using the Capital Asset Pricing Model (CAPM

    Directory of Open Access Journals (Sweden)

    Pablo Morán V

    2007-09-01

    Full Text Available El costo de capital es un insumo clave para obtener el valor fundamental de un activo o proyecto. En este trabajo se estima el costo de capital del sector vitivinícola chileno a través del Modelo de Valoración de Activos de Capital (CAPM, del inglés Capital Asset Pricing Model. Se discuten brevemente las dificultades que emergen al utilizar este modelo de equilibrio en la práctica, y la literatura empírica reciente sobre la estimación del coeficiente de riesgo sistemático (Beta. Basado en una muestra de empresas del sector vitivinícola chileno, e información histórica y de mercado, se encontró que el costo de capital asociado al giro vitivinícola en Chile asciende a 8,9% real anualThe cost of capital is a key input to obtain the fundamental value of an asset or project. In this paper, the cost of capital for the Chilean wine sector was estimated through the Capital Asset Pricing Model (CAPM. We briefly discuss the difficulties that arise when this equilibrium model is used in practice, and the most recent empirical literature dealing with the estimation of the systematic risk coefficient (Beta. From a sample of Chilean wine enterprises, using historical and market information, we found that the cost of capital for the wine sector activities in Chile was of 8.9% per year in real terms

  8. 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...

  9. Privatization and the Corporate Cost of Capital in New Zealand: An Application of Fama and French (1999)

    OpenAIRE

    McGraw, Patricia A.

    2005-01-01

    Fama and French’s (1999) internal rate of return method is applied to Datastream data from 1993-2001 for 81 non-financial firms listed on the New Zealand Stock Exchange. The nominal return on value is 7.09%. The real return on value is 5.07%. The nominal return on cost is 11.59%. The real return on cost is 9.48%. The 10 former state-owned enterprises have nominal and real returns significantly higher than the 71other publicly-listed companies and their capital structures and market-to-book ...

  10. 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.

  11. 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.

  12. 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

  13. 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.

  14. The Dynamic Relationship Between Private Domestic Investment, the User Cost of Capital, Public Investment, Foreign Direct Investment and Economic Growth in Malaysia

    OpenAIRE

    2012-01-01

    This study attempts to examine the dynamic relationship between private domestic investment (PDI), the user cost of capital, public investment (PUB), FDI and economic growth in Malaysia over the period of 1970 to 2009. The Johansen cointegration test suggests that PDI, the user cost of capital, public investment, FDI and economic growth are cointegrated in Malaysia. The Granger causality test reveals that there is bi-directional causality between the variables in the long run. Meanwhile, ther...

  15. Estimating the WACC in a Regulatory Setting: An Assessment of Dr Martin Lally's paper 'The Weighted Average Cost of Capital for Electricity Lines Businesses' of 8 September 2005

    OpenAIRE

    Boyle, Glenn; Evans, Lewis; Guthrie, Graeme

    2006-01-01

    In September 2005 the New Zealand Commerce Commission (NZCC) released a document (TheWeighted Average Cost of Capital for Electricity Lines Businesses by Dr Martin Lally referred to as LINES hereafter) that estimates a weighted average cost of capital (WACC) for New Zealand electricity lines businesses and proposes a means for detecting future excess earnings. At about the same time the NZCC also began seeking submissions on another document (Draft Guide- lines: The Commerce Commission's Appr...

  16. 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

  17. 48 CFR 9904.409 - Cost accounting standard-depreciation of tangible capital assets.

    Science.gov (United States)

    2010-10-01

    ... ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.409 Cost accounting standard... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting...

  18. Is Belgium Overshooting in its Policy Support to Cut the Cost of Capital of Renewable Sources of Energy ?

    OpenAIRE

    Estache, Antonio; Steichen, Anne-Sophie

    2015-01-01

    The main purpose of this paper is to document the differences in the cost of capital in Belgium across electricity generation companies, depending on whether they rely on traditional thermal sources or on RES. The average results are quite surprising and in sharp contrast with the results obtained for the UK or Germany by other researchersfor instancer. Comparing 3 main categories (renewable, non renewable and mixed), the Non-Renewable appear to have a lower CoC than the other in contrast to ...

  19. 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

  20. 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

  1. 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.

  2. 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...

  3. 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 ...

  4. 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...

  5. 26 CFR 1.263A-1 - Uniform capitalization of costs.

    Science.gov (United States)

    2010-04-01

    ... method if the market valuation used by the taxpayer generally equals the property's fair market value... identification method traces costs to a cost objective, such as a function, department, activity, or product, on... objective. (3) Burden rate and standard cost meth- ods—(i) Burden rate method—(A) In gen- eral. A...

  6. The capital investment and electricity cost of 2 x 600 MW PWR nuclear power plant in China

    International Nuclear Information System (INIS)

    The capital investment and electricity cost of 2 x 600 MW PWR nuclear power plant in China are studied. If the rate of interest R1 and of escalation R2 are 7.2% and 10.0% respectively for RMB and the rate of interest R1 and of escalation R2 are 6.5% and 2.0% respectively for MK, the total investment is 9270 M RMB Yuan, the Specific investment is 7320 RMB Yuan/kW, the average selling electricity cost is 0.16 RMB Yuan/(kW·h). If the selling electricity price is 0.24 RMB Yuan/(kW·h), the rate of inner return is 7.7%, the dynamic return period is 13 years, the national income is 15800 M RMB Yuan, the profit of nuclear power plant after taxation is 6800 M RMB Yuan

  7. 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.

  8. Why Real Interest Rates, Cost of Capital and Price/Earnings Ratios Vary Across Countries

    OpenAIRE

    Chowdhry, Bhagwan; Titman, Sheridan

    1993-01-01

    This paper examines how productivity changes affect real rates of return and price/earnings ratios in a small open economy. The model provides conditions under which increased productivity in a country’s traded goods sector causes prices of non-traded goods to increase relative to the price of traded goods. Under these conditions, real rates of interest decline and the production of certain non-traded durable goods (such as capital equipment and housing) immediately increase. This ‘overco...

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

    OpenAIRE

    IGNACIO VÉLEZ-PAREJA; RAUF IBRAGIMOV; JOSEPH THAM

    2008-01-01

    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 co...

  10. The Determinants of Capital Structure: Comparison between Before and After Financial Crisis

    OpenAIRE

    Barry Harrison; Theodorus Wisnu Widjaja

    2014-01-01

    The financial crisis of 2008 provides an interesting opportunity to investigate the effect of the crisis on the capital structure decisions of firms. Over the years, capital structure choice has attracted considerable attention in the literature and is important to firms, investors and policy makers. We find that during the 2008 financial crisis, the coefficients of tangibility and market to book (MTB) ratio exert a stronger influence on capital structure choices than prior to 2008. We also f...

  11. Determinants of Capital Structure A Comparison Between UK and Chinese List Companies

    OpenAIRE

    Hu, Zongyao

    2013-01-01

    For a long time, the choice of capital structure is the decision of corporate financing method has been the core issue of corporate governance; it is also the focus of economists as well as practitioners. It affects not only the governance structure of the company but also determines the characteristics of corporate behaviour and firm value. Reasonable capital structure can regulate corporate behaviour and improve enterprise value. However, the distortions of capital structure may cause the d...

  12. 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...

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

    Energy Technology Data Exchange (ETDEWEB)

    Varley, Geoff [NAC International, Henley on Thames (United Kingdom)

    2002-11-01

    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 m{sup 2} 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/m{sup 2} 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

  14. 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...

  15. 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。

  16. 41 CFR 102-117.235 - How do I get a cost comparison?

    Science.gov (United States)

    2010-07-01

    ... MANAGEMENT Shipping Household Goods § 102-117.235 How do I get a cost comparison? (a) You may calculate a cost comparison internally according to 41 CFR 302-8.3. (b) You may request GSA to perform the cost... comparison? 102-117.235 Section 102-117.235 Public Contracts and Property Management Federal...

  17. 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.

  18. 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

  19. 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.

  20. 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.

  1. 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

  2. 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.

  3. 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

  4. 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…

  5. 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.

  6. Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation

    OpenAIRE

    Joshua Aizenman

    1998-01-01

    This paper studies the welfare effects of financial integration in the presence of moral hazard. Entrepreneurs face a trade off between risk and return. Banks may mitigate the resultant excessive risk by costly monitoring, where greater risk reduction requires more resources devoted to risk supervision. Hence, the excessive risk associated with moral hazard is endogenously determined. We show that a drop in banks' cost of funds increases the risk tolerated by banks in a competitive equilibriu...

  7. 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...

  8. Fuel cycle cost uncertainty from nuclear fuel cycle comparison

    International Nuclear Information System (INIS)

    This paper examined the uncertainty in fuel cycle cost (FCC) calculation by considering both model and parameter uncertainty. Four different fuel cycle options were compared in the analysis including the once-through cycle (OT), the DUPIC cycle, the MOX cycle and a closed fuel cycle with fast reactors (FR). The model uncertainty was addressed by using three different FCC modeling approaches with and without the time value of money consideration. The relative ratios of FCC in comparison to OT did not change much by using different modeling approaches. This observation was consistent with the results of the sensitivity study for the discount rate. Two different sets of data with uncertainty range of unit costs were used to address the parameter uncertainty of the FCC calculation. The sensitivity study showed that the dominating contributor to the total variance of FCC is the uranium price. In general, the FCC of OT was found to be the lowest followed by FR, MOX, and DUPIC. But depending on the uranium price, the FR cycle was found to have lower FCC over OT. The reprocessing cost was also found to have a major impact on FCC

  9. 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.

  10. 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.

  11. A Comparison of Social Capital Between Parents in Single and Two Parent Families in Japan

    Directory of Open Access Journals (Sweden)

    BASSANI, Cherylynn

    2007-07-01

    Full Text Available This paper examines differences in social capital that parents in single- and two-parent families in Japan experience. The extant literature has not empirically tested these differences, and thus this research provides a better understanding of the differences in capital that exist between adults in these two family structures. Previous work has suggested that single-parent families in Japan might experience different family contexts than those experienced by single-parent families in western countries (Bassani 2007a. Specifically, it has been noted that single-parent families in Japan might be embedded in a rich family network that leads them to have more capital than their counterparts in two-parent families. Examining the capital that is available to adults in both family structures is a good first step to better understanding this situation. Using the National Survey of Families data, the current study found that in most cases, adults living in two-parent families have slightly more social capital than adults in single-parent families. Although statistically significant, these differences are small. This research raises many questions regarding social capital among adults in single- and two- parent family structures, but also in the measurement of social capital.

  12. 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...

  13. Relevancy of the Cost-of-Capital Rate for the Insurance Companies

    OpenAIRE

    Gatumel, Mathieu

    2008-01-01

    For many assets and liabilities there exist deep and liquid markets so that the market value are reasily observed. However, for non-hedgeable risks, the market value of liabilities must be estimated. The Draft Solvency II Directive suggests in article 75 that the valuation of technical provisions (for non hedgeable risks) shall be the sum of a best estimate and a market value margin measuring the cost of risk. The market value margin is calculated as the present value of the cost of holding t...

  14. 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...

  15. 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. PMID

  16. The Determinants of Capital Structure-The Comparison/Evidence in China

    OpenAIRE

    Wu, Dan

    2011-01-01

    Capital structure theory has been broadly discussed and studied once it is raised by Modigliani and Miller in 1958. This paper attempts to investigate the determinants of capital structure of Chinese listed companies to compare with western countries. China is one of the rapidly emerging markets in the world, while its market environment varies; research results obtained in western countries are not entirely applicable to China’s situation. Among multiple angles economists have studied in, th...

  17. 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

  18. 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

  19. 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.

  20. 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.

  1. 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...

  2. 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...

  3. High-temperature process heat 9500C DC vs. 8500C IDC baseline plant cost comparison

    International Nuclear Information System (INIS)

    This evaluation compares two configurations of the 1170 MWt HTGR-R: the 9500C direct cycle (DC) plant vs. the 8500C indirect cycle (IDC) baseline plant. The subject evaluation is comprised of the following attachments: bases and assumptions for the cost and economic evaluations; capital cost and economic evaluation; major design differences; major technical issues; and drawings, as listed, for both plants. Drawing C-5001 is a composite plot plan which highlights the differences between the two plants

  4. 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...

  5. Optimization of temperature differences in a utilizer in relation to the lowest sum of capital and operating cost

    International Nuclear Information System (INIS)

    Our environment and nature are currently overburdened with the emission of noxious substances. Steam boilers fired with coal are therefore not very popular. Wherever possible, they are being replaced by devices which are less harmful for the environment because they use different fuel. This paper discusses replacing a steam boiler with a gas turbine and an utilizer. A mathematical model for performing the optimization of capital and operating costs is presented. The model optimizes the degree of preheating of the flue gases i.e. the temperature of the entering flue gases. The smallest temperature difference (pinch point) was not estimated by the pinch technology because the presented example is relatively simple and the pinch point temperature difference was chosen according to the values reported in various literature sources. The optimization is supplemented with an analysis of the thermal and exergetical efficiencies of the utilizer under different conditions (average temperature difference between the hot gases and water or steam, exit temperature of the hot gases), which condition the choice of the type of utilizer

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

    Energy Technology Data Exchange (ETDEWEB)

    Schiozer, R.F. [Getulio Vargas Foundation, Sao Paolo (Brazil). School of Administration de Empresas; Costa Lima, G.A.; Suslick, S.B. [Unicamp, Campinas (Brazil). Center of Petroleum Studies

    2007-07-01

    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.

  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. 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.

  9. 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.

  10. Trade Barriers on Capital Goods

    OpenAIRE

    VURAL, Gülfer

    2015-01-01

    Capital goods play a major role in international trade. World production of capital goods and R&D activity are highly concentrated in some developed countries. Most of the countries, especially developing countries import the most of their capital equipment from some leading capital goods exporter countries. Therefore technological advances can be transmitted across borders through trade in capital goods. In international trade countries face trade costs. Trade costs can be in the form of...

  11. The missing technology: an international comparison of human capital investment in healthcare.

    Science.gov (United States)

    Frogner, Bianca K

    2010-01-01

    This article explores human capital investment to understand cross-sectional variation and differences in growth of health spending among the US, Australia and Canada. Using a human capital model developed by Mincer, the article examines how rate of return to schooling and years of schooling impact wage rate levels in healthcare. The model is extended to approximate the probable trajectory of healthcare wage rate growth and thus the impact on health spending. The results suggest that a higher rate of return to schooling and a more educated healthcare workforce in the US may contribute to higher healthcare wage rates and thus contribute to higher health spending levels than in Canada and Australia. The results also suggest that average healthcare wage rates are growing at the rate of potential GDP; healthcare wage rates are not driving the growth of health spending. PMID:21043537

  12. 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

  13. 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...

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

    OpenAIRE

    Morri, G.; A. Artegiani

    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...

  15. Unit labour costs in Malta: Trends and international comparisons

    OpenAIRE

    Grech, Aaron George

    2004-01-01

    Appraisals of international competitiveness are increasingly focusing on unit labour costs. In this paper, a unit labour costs measure is derived for the Maltese economy for the last two decades. In order to take into account structural shifts, separate indices are also derived for the effective cost of labour in the private and Government sectors, and in manufacturing. These series indicate that unit labour costs in the overall economy rose by 2.3% per annum during the twenty years to 2003,...

  16. Pengaruh Inventory Turnover Ratio, Account Payable to Cost of Goods Sold Ratio, Net Working Capital to Total Asset Ratio, dan Debt Ratio Terhadap Gross Profit Margin

    OpenAIRE

    Fransisca, Maria

    2016-01-01

    The purpose of this study was to determine whether the Inventory Turnover Ratio, Accounts Payable to Cost of Goods Sold Ratio, Net Working Capital to Total Assets Ratio, and Debt Ratio influence simultaneously and partially on the gross profit margin in the consumer goods sector of manufacture companies listed on the Indonesia Stock Exchange . This research is a type of associative causal research with research population are the consumer goods sector of manufacture companies listed on...

  17. 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...

  18. 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...

  19. Does Basel III bring anything new? A comparison between capital accords Basel II and Basel III

    OpenAIRE

    Max Kubat

    2014-01-01

    Basel Accords represent the most important documents of banking supervision. Basel II came into force almost at the same time as the financial crisis set in. Relatively soon after this, the work on the new capital accord known as Basel III was initiated. The question is whether the new agreement brings something really principally different from Basel II, or whether it is just a tool to reassure the public and markets with some form of stricter requirements. Basel Committee is based on G-20 c...

  20. 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 ...

  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. External cost of traffic. A comparison of environmental, safety and congestion cost

    International Nuclear Information System (INIS)

    The annual cost of congestion are less high than the annual cost of traffic accidents and the environmental effects. It is therefore not right that the media and politicians pay more attention to congestion than to safety and environmental aspects

  3. 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% renewable...

  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. Comparison of cost estimates of nuclear electricity generation

    International Nuclear Information System (INIS)

    In order to meet future energy needs without emitting carbon dioxide and other pollutants, many countries are now planning to introduce nuclear electricity generation, and many studies have been done to estimate the costs of generating electricity. In this paper we compared some of the papers to find the main factors influencing the generating costs. We found that the crucial factors to determine the cost competitiveness of nuclear electricity generation are the discount rate (rate of return for investment), hydrocarbon prices and the price of carbon dioxide. Especially the discount rate plays a main role because nuclear electricity generation requires high initial costs. In order to introduce nuclear power in many countries in the future, it will be important to give some governmental incentives or international aids to reduce the risks of investment, and effectively reduce the rate of return. (author)

  6. 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).

  7. 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...

  8. 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...

  9. 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。

  10. Cost and prices of electricity. Fossil fuels, nuclear power and renewable energy sources in comparison

    International Nuclear Information System (INIS)

    Consumers of electricity pay for production, transport and distribution as well as for taxes and dues. Electricity rates depend on various influencing factors, e.g. different fuel and capital cost of the power plants and the ratio of supply and demand in the electricity stock markets. End user electricity rats also include taxes and dues as well as the cost of power transmission. The publication presents background information on the formation of electricity rates in Germany. In a second step, the different cost factors of fossil fuels, nuclear power and renewable energy sources are compared. In particular, the external cost is gone into which often tends to be neglected in the electricity markets.

  11. 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

  12. Digital and conventional radiology techniques: comparison of dosage and costs

    International Nuclear Information System (INIS)

    To compare the radiation dosage and costs in conventional and digital technologies. The study dealt with transverse sections. The dosage applied with conventional technology was measured in 254 patients who intertwined 402 explorations of 6 anatomic regions in 4 Radiodiagnostic Services. The dosage applied with digital technology was measured in 57 patients who underwent 95 explorations of the same anatomic region in one Radiodiagnostic Service. The costs of the 6 types of conventional and digital explorations performed were calculated for two Radiodiagnostic Service. The doses administered (mGy) using convectional/digital technology were as follows: chest PA 0.2/0.1; chest LAT 0.7/0.3; breast CC 7.0/8.4; breast LAT 7.0/7.8; breast OB 7.0/10.5; cervical spine AP 9.6/9.0; cervical spine LAT 21.9/29.6; pelvis AP 7.3/7.1; plain abdominal 6.5/2.2. The costs incurred (1992 pesetas) with the convectional/digital technologies: chest AP and LAT 1,393/2,973; portable chest 2,027/3,714; mammography 2,357/3,486; phlebography 12,718/14,023; hysterosalpingography 4,876/6,701; bone scientigraphy 1,633/2,839. Compared with conventional technology, digital imaging reduces the radiation doses received by the patients, except in the case of mammography. The costs associated with the use of digital technology are greater than those incurred with conventional technology, mainly due to the costs of amortization. the use of digital technology is more justified when: 1) it is very necessary to reduce the dosage; 2) studies of chest and abdomen predominant; 3) the volume of utilization is high; 4) staff management is flexible , and 5) the cost of purchasing the equipment is lower. (Author) 10 refs

  13. 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

  14. 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.

  15. 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

  16. COMPARISON OF RADIATION SOURCES FOR PLANT GROWING BY LUMINOUS ENERGY UNIT'S COSTS AND ANALOGS

    OpenAIRE

    Kozyreva I. N.; Nikitin V. D.

    2014-01-01

    The article considers the method of comparison of radiation sources for plant growing by photosynthetic energy units or analogs costs, evaluation of critical values photosynthetic active radiation efficiency at which light-emitting diodes comparable by photosynthetic energy unit's costs with the most common alternative sources for irradiation of plants – high pressure sodium lamps

  17. 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.…

  18. 32 CFR Appendix C to Part 169a - Simplified Cost Comparison and Direct Conversion of CAs

    Science.gov (United States)

    2010-07-01

    ... for CA simplified cost comparison decisions are required for Agencies without their own Legislative Affairs (LA) and Public Affairs (PA) offices. Those Agencies shall submit their draft decision brief to... have legislative and public affairs offices). 8. Most Efficient and Cost-Effective Analysis...

  19. 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...

  20. 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.

  1. 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...

  2. Comparison of forest machine cost calculation methods on the case of a cableway

    OpenAIRE

    Klun, Jaka; Košir, Boštjan; Krč, Janez; Medved, Mirko

    2007-01-01

    The paper presents results of a comparison of seven different machine cost calculation methods presently used mainly in forest operations cost calculations. The compared methods have a common basis structure, but differ in methodology and item consideration. From the premise of equal inputs and byconsidering yearly productive time on the case of a cableway, the comparisonshows differences in machine costs and thus lesser comparability of machine economy per product unit. Input data for the co...

  3. 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

  4. Lab-Scale Fiber Spinning Experimental Design Cost Comparison

    OpenAIRE

    Moreland, Jeffrey C.; Julia L. Sharp, Ph.D.; Philip J. Brown, Ph.D.

    2010-01-01

    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 su...

  5. 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.

  6. 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.

  7. ''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

  8. Cost comparison of central electric power generation using coal and nuclear fuels

    International Nuclear Information System (INIS)

    This paper addresses the current and expected future costs of generating electricity with the two available practical modes of power generation, coal and nuclear. It describes the procedures and inputs used to arrive at the conclusion that generation with nuclear fuels will be about 16% more economical than generation with the best coal alternative. Recognizing the uncertainty in long range estimates of this type, various sensitivity checks are developed to determine how much the capital, fuel, and operating costs would have to change to force a change in the ranking of the alternatives. The results are current estimates of the costs of generating electricity in the future in the middle western area of the United States with large nuclear units, and with comparably sized and comparably loaded coal units firing high and low sulfur coals

  9. Capital project cost estimation methodologies. The colombian case study Aproximación a las metodologías de estimación del costo de capital en los proyectos de inversión. El caso colombiano

    Directory of Open Access Journals (Sweden)

    John Díez B

    2011-06-01

    Full Text Available A literature review using databases of the main Colombian universities was made in order to define the theoretical form of capital cost estimation in Colombia. Given a review of global popular methodologies, this article presents an approach to emergent countries, especially Colombia. Up to now, there has not been a general rule or best practice for such estimation; on the contrary, diverse difficulties to be solved exist in an environment where the effects are global and different local situations arise. Academic and pragmatic authors find diverse postures, which makes recommendable to investors or shareholders to permanently evaluate the results. Currently, available models as Capital Asset Pricing are still used and adjust various proposals to its original structure.Con el objetivo de definir la forma de estimar teóricamente el costo de capital enColombia, se llevó a cabo una revisión de la literatura correspondiente en las bases dedatos electrónicas de las principales universidades del país. A partir de una revisiónde las prácticas metodológicas más comunes en el ámbito mundial, se presenta unaaproximación a la situación de los países emergentes y específicamente a la nuestra.Hasta ahora no existe una regla general ni una mejor práctica para dicho cálculo; aún haydificultades por resolver, en un medio donde cada vez son más globales los efectos y haygran diversidad de situaciones locales. Entre los académicos y prácticos encontramosdiversas posturas, razón por la cual es recomendable que los inversionistas o accionistashagan una evaluación permanente de sus resultados. Hoy por hoy se siguen utilizandolos modelos disponibles, entre los cuales el principal es el CAPM (Capital Asset PricingModel, con diversas propuestas de ajuste a su planteamiento tradicional.

  10. A seismic performance and cost comparison of top and bottom supported liquid metal reactor vessels

    International Nuclear Information System (INIS)

    It is the premise of this paper that the revision of a pool LMR from a TSRV configuration to a specific bottom supported reactor vessel (BSRV) configuration can resolve the above TSRV disadvantages related to load path length and diversity, thereby improving seismic performance and simultaneously reducing RV block costs by reducing weights. This paper demonstrates this premise by comparing a reference TSRV block with a specific BSRV block design. Recent capital cost estimates ($/kWe) for U.S. liquid metal reactor (LMR) plant designs reveal that the balance of plant costs could be reduced below that of the balance of plant costs for a comparable light water reactor plant. However, in regions of high seismicity, non-seismically isolated LMR nuclear steam supply system weights are costs per kWe are two to three times the weights and costs of light water reactor nuclear steam supply systems. While all portions of the LMR nuclear steam supply system require examination for potential cost reductions, the focus of this paper is the reactor vessel (RV) block for a large pool plant

  11. 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.

  12. 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…

  13. 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.

  14. Richer in money, poorer in relationship and unhappy? Time series comparisons of social capital and well-being in Luxembourg

    OpenAIRE

    Sarracino, Francesco

    2011-01-01

    The worrying decline of social capital (Putnam, 2000) and the disappointing trends of subjective well-being (Easterlin, 1974) raise urgent questions for modern societies: is the erosion of social capital a general feature of western societies or is it rather a characteristic aspect of the American one? Is there a relationship between the trends of social capital and subjective well-being? The available evidence suggests that two of the richest countries in the world, US and Great Britain, are...

  15. 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.

  16. Health and economic impacts of air pollution in China: a comparison of the general equilibrium approach and human capital approach.

    Science.gov (United States)

    Wan, Yue; Yang, Hong-Wei; Masui, Toshihiko

    2005-12-01

    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 per thousand (ranging from 0.44 per thousand to 1.84 per thousand) of China's gross domestic product (GDP). China's GDP loss estimated by the general equilibrium approach reached 0.38 per thousand (ranging from 0.16 per thousand to 0.51 per thousand). The difference between the two approaches and the implications of the results were discussed. PMID:16544525

  17. 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...

  18. Sand in the Wheels of Capitalism, On the Political Economy of Capital Market Frictions

    OpenAIRE

    Ernst-Ludwig von Thadden; Enrico Perotti; Mario Bersem

    2013-01-01

    We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a f...

  19. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

    Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig

    rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market......We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital, the...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth is...

  20. 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.

  1. 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...

  2. 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...

  3. 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

  4. Capital Mobility and Asset Pricing

    OpenAIRE

    Duffie, Darrell; Strulovici, Bruno

    2009-01-01

    We present a model for the equilibrium movement of capital between asset markets that are distinguished only by the levels of capital invested in each. Investment in that market with the greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off the costs of intermediation against fees that depend on the gain they can offer to investors for moving their capital to the market with the higher mean return. Those fees also depend on the bargaining power of the in...

  5. Cost outlook for the production of biofuels. A cost comparison assessment of the future production of biofuels

    Energy Technology Data Exchange (ETDEWEB)

    Ragettli, M.

    2007-02-15

    In this diploma thesis by Martin Ragettli a cost comparison assessment of the future production of biofuels is presented. The author states that biofuels can make a contribution to the reduction of the effects of fossil fuel depletion and regional and global environmental problems, as well as providing security of supply. The status of biofuels in the context of sustainability efforts and the use of renewable forms of energy are discussed as are the potential and costs of biomass-based energy supply. Various types of biomass for the production of biofuels are reviewed, as are production technologies. The global potential of biomass supplies is examined. The methodology applied and the system components examined are discussed and a regional approach is reviewed. Recommendations for further research are made.

  6. 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.

  7. 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)

  8. FOUR RISK FACTORS RELATED TO THE COST OF EQUITY UNDER ASYMMETRIC INFORMATION: EVIDENCE FROM CHINESE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ming-Feng Hsu

    2015-04-01

    Full Text Available We investigate four risk factors on cost of equity using companies listed in Shanghai and Shenzhen Stock Exchanges. Discretionary accruals and real earnings management are considered the fourth factor besides FamaFrench’s three factors. The empirical findings show that Fama-French’s risk factors have positive impacts yet the earnings risk factor has a negative impact on the cost of equity when the earnings quality is high, no matter how the level of information asymmetry is. These findings indicate that the higher the market risk factor, the size risk factor and the book-to-market risk factor, the higher the cost of equity, while the higher the earnings quality, the lower the cost of equity

  9. How much electricity really costs. Comparison of the state subsidisation and overall social costs of conventional and renewable energy resources

    International Nuclear Information System (INIS)

    This study explains how the costs of electricity are an aggregate of different components. The electricity price paid by the end consumer contains not only the actual costs of energy production, which make up only about a third of the actual price in an average household, but also different surcharges such as network charges, electricity tax, value added tax and the concession levy. It furthermore contains the allocation charge stipulated by the Renewable Energy Law (EEG reallocation charge) as a means of allocating the costs of the subsidisation of electricity from renewable resources to the consumers. On the other hand conventional energy resources such as nuclear energy, hard coal and brown coal have substantially benefited over many decades from state subsidies in the form of financial aids, tax rebates and other promotive measures. The main difference between this and the subsidisation of renewable energy is that the costs of conventional energy resources are largely charged to the state budget rather than being made transparent in the electricity price. Based on an evaluation of the literature, data, interviews and the authors' own methodological deliberations this study makes a systematic comparison of the direct as well as indirect state subsidisation of renewable and conventional energy resources during the period from 1970 until 2012. The annual totals obtained for each energy resources are then set in relation to the share of that resource in overall electricity production, yielding specific subsidisation rates in terms of cents per kWh for each resource. This does not yet take into account the high consequential costs in the form of environmental damage and climate-related damage caused by fossil and nuclear fuels as well as the risks associated with the latter (collectively referred to as ''external costs''), all of which are charged to the polluters only at a small fraction of the true amount. The two cost categories of state

  10. 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…

  11. Comparison of capital structure and financial performance of Brazilian, Argentinean and Chilean companies O comportamento da estrutura de capital e a performance de firmas brasileiras, argentinas e chilenas

    Directory of Open Access Journals (Sweden)

    Rosilene Marcon

    2007-06-01

    Full Text Available Capital structure and financial performance of Brazilian, Argentinean and Chilean companies were compared to identify differences using a multiple cross section study made of 1996 to 2005. Samples were taken from the Economatica® for examination of the variables of debt over PL (ENDV, operational profitability over total assets (ROAOP and profitability over PL (ROE. Variance analysis was used to detect significant differences between companies in these countries and the Scheffé test identified countries differing from the averages. Significant differences were found in average ENDV and ROAOP in five of the ten years and in ROE for seven years of these ten years. Brazilian companies, in general, differed from the Chilean and Argentinean ones; however, no significant differences were noted between the Argentinean and Chilean companies. Descriptive analysis showed that Brazilian companies had a higher ENDV for all the years, lower ROAOP during the first four years and a lower ROE for the period studied.Este trabalho tem como objetivo verificar se a estrutura de capital e o desempenho financeiro diferem entre as empresas brasileiras, argentinas e chilenas. O estudo consiste em um cross section múltiplo que compreendeu o período de 1996 a 2005. A amostra foi extraída do Economática®, tendo como variáveis o endividamento sobre o PL (ENDV, a rentabilidade operacional sobre o ativo total (ROAOP e a rentabilidade sobre o PL (ROE. A fim de apurar se havia diferenças significativas entre as firmas dos três países, utilizou-se a Análise da Variância, e, para identificar em quais países diferem tais médias, utilizou-se o teste Scheffé. Os resultados apontaram diferenças significativas nas médias do ENDV e da ROAOP em cinco dos dez anos pesquisados, e na ROE houve diferenças significativas em sete dos dez anos analisados. Em geral, as empresas brasileiras diferem das chilenas e argentinas; no entanto, os resultados não apontaram diferen

  12. 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.

  13. 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...

  14. 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.

  15. 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

  16. Computerized operating cost model for industrial steam generation

    Energy Technology Data Exchange (ETDEWEB)

    Powers, T.D.

    1983-02-01

    Pending EPA regulations, establishing revised emission levels for industrial boilers are perceived to have an effect on the relative costs of steam production technologies. To aid in the comparison of competitive boiler technologies, the Steam Cost Code was developed which provides levelized steam costs reflecting the effects of a number of key steam cost parameters. The Steam Cost Code is a user interactive FORTRAN program designed to operate on a VAX computer system. The program requires the user to input a number of variables describing the design characteristics, capital costs, and operating conditions for a specific boiler system. Part of the input to the Steam Cost Code is the capital cost of the steam production system. The capital cost is obtained from a program called INDCEPT, developed by Oak Ridge National Laboratory under Department of Energy, Morgantown Energy Technology Center sponsorship.

  17. 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.

  18. 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

  19. The capital budgeting manual

    OpenAIRE

    Segelod, Esbjörn

    1995-01-01

    There has been very many postal surveys of capital budgeting practice, but almost no studies of the written routines that fix the practice of those groups that use a capital budgeting manual. This article fills this vacuum by describing and analysing the capital budgeting manuals used by major Swedish groups, most of whom are multinationals. Changes in the manuals during the last 30 years are studied using hvo earlier Swedish studies of manuals from the 60’s and 70’s. Comparisons are made wit...

  20. 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 ...

  1. 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)

  2. 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.

  3. 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...

  4. An Empirical Study of Comparison Between the Capital Asset Pricing Model and the Fama-French Three Factor Model: Evidence From Taiwan Stock Market

    OpenAIRE

    YEH, YU-JEN

    2006-01-01

    The present study adds to the scarce published Taiwan literature on the size effect, the book-to-market effect and the comparison of explanatory power between the Capital Asset Pricing Model (CAPM) and the Fama and French three-factor model. The current study investigates Taiwan stock market during the time period of July 1999 to June 2005, and finds that the three-factor model provides significantly improved explanatory power over the CAPM, and evidences that the size factor plays an importa...

  5. 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...

  6. 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

    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 on......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...

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

    DEFF Research Database (Denmark)

    Holdt, Susan Løvstad; Edwards, M. D.

    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......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...

  8. 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 ...

  9. Capital budgeting

    OpenAIRE

    Dorel BERCEANU; Costel IONAŞCU

    2009-01-01

    This paper has like objective to present some aspects concerning capital budgeting. So, after a short introduction where we specify necessary conditions for a decision situation and we define investment decision and capital budgeting we made a large presentation of stages of capital budgeting process.

  10. 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

  11. 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.

  12. 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)

  13. 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

  14. 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.

  15. 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...

  16. EUROPEAN VENTURE CAPITAL MARKET CHARACTERIZATION

    OpenAIRE

    Félix, Elisabete Gomes Santana

    2005-01-01

    In this work it was intended to carry through an analysis of the European venture capital market in the last eight years. Also it was done a summary of the venture capital industry history, carrying through a comparison between U.S.A. and Europe. In the European venture capital market analysis it was pointed out aspects about the investment totals, fundraising, investors types and investments types. Among others conclusions, it was found that the banks and pension funds are the main sup...

  17. The generation cost of a nuclear power station in the eighties and its comparison to other electricity generating plants

    International Nuclear Information System (INIS)

    The various factors which are significant to the capital cost of a nuclear power plant are being reviewed. An example is given of the calculation of the power generation cost for a 600 MW nuclear power plant, which was assumed to become operational in 1985. The calculation was based on the contributions from capital cost, fuel cost and the cost for operation and maintenance. A similar calculation was carried out for a coal-generation and an oil-generation plant of the same size (600 MW) which are becoming operational in the same year (1985). The generation cost for the Saguling Hydro Project, which will be completed in 1982, is also given. This 1982 figure has been subsequently extrapolated to 1985 in order to include the effect of escalation. The result of the study could be considered as a confirmation of the Nuclear Power Planning Study for Java Island, which has been carried out at the IAEA Head-quarters in Vienna in the beginning of 1975. (author)

  18. Perceptions of social capital and cost-related non-adherence to medication among the elderly Percepções de capital social e subutilização de medicamentos por motivos financeiros entre idosos

    Directory of Open Access Journals (Sweden)

    Tatiana Chama Borges Luz

    2011-02-01

    Full Text Available The aim of this study was to examine the association between social capital and cost-related non-adherence (CRN in an elderly population, using data from 1,134 respondents to the Greater Metropolitan Belo Horizonte Health Survey. CRN was lower for those elderly with a better perception of attachment to their neighbourhoods (PR = 0.68; 95%CI: 0.50-0.94, with more social contacts (one to five, PR = 0.49; 95%CI: 0.30-0.80 and more than five, PR = 0.42; 95%CI: 0.26-0.67, and with private health insurance coverage (PR = 0.64; 95%CI: 0.45-0.93. Meanwhile, CRN was significantly higher for those with fair to poor self-rated health (PR =1.66; 95%CI: 0.95-2.90 and PR = 2.62; 95%CI: 1.46-4.71 respectively, with multiple comorbidities (two, PR = 3.45; 95%CI: 1.38-8.62 and three or more, PR = 4.42; 95%CI: 1.74-11.25, and with a lower frequency of physician-patient dialogue about health/treatment (rarely/never, PR = 1.91; 95%CI: 1.16-3.13. These findings highlight the need to take into account the social context in future research on CRN.Para investigar a associação entre percepções de capital social e subutilização de medicamentos por motivos financeiros entre idosos, foram analisados dados de 1.134 participantes do Inquérito de Saúde dos Adultos na Região Metropolitana de Belo Horizonte, Minas Gerais, Brasil. A subutilização foi menor para idosos com maior coesão ao bairro de moradia (RP = 0,68; IC95%: 0,50-0,94 e com cobertura pela medicina suplementar (RP = 0,64; IC95%: 0,45-0,93. Por outro lado, essa prevalência foi significativamente maior para idosos com pior autopercepção de saúde (razoável, RP = 1,66; IC95%: 0,95-2,90; e ruim/muito ruim, RP = 2,62; IC95%: 1,46-4,71, com múltiplas condições crônicas (duas, RP = 3,45; IC95%: 1,38-8,62; e três ou mais, RP = 4,42; IC95%: 1,74-11,25 e para aqueles que raramente ou nunca obtêm do profissional de saúde esclarecimentos sobre sua saúde/tratamento (RP = 1,91; IC95%: 1,16-3,13. Os

  19. 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

  20. Venture Capital and Innovation Strategies

    OpenAIRE

    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 first to examine the association of venture capital funding with a company’s choice of innovation strategies. We employ a unique dataset of over 10,000 innovative Dutch companies, some of which receiv...

  1. 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

  2. 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 it...... forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  3. 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

  4. 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

  5. Electricity production and a comparison of costs between coal-powered and atomic power stations

    International Nuclear Information System (INIS)

    The report aims to give an up-to-date account of a subject frequently dealt with in the past, taking the changed energy and economic situation into account. Following an explanation of typical problems and methods used to aid decision, relevant procedures for calculating investments are discussed. An abstract dynamic investment calculation is given preference. Following this a discussion and compilation of the necessary prerequisites and initial data for a comparison of costs is given. Finally the results are depicted and evaluated. (UA)

  6. 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.

  7. 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

  8. 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 and...

  9. Costo de Capital en Segmentos Industriales: Una Estimación Robusta

    OpenAIRE

    Michael Basch; Gonzalo García-Huidobro

    1997-01-01

    Generally, financial economics recommends using the Sharpe-Lintner capital asset pricing model to arrive at a methodology for determining the cost of capital on an investment project. This cost of capital depends crucially on the project's systematic risk

  10. 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)

  11. 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.

  12. 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...

  13. Methodology of correcting strategy for the formation of a holding intellectual capital

    Directory of Open Access Journals (Sweden)

    Liliya R. Iksanova

    2014-01-01

    Full Text Available Objective to rationalize the strategy and management of the holding intellectual capital. Methods in this work we have applied the methods of analysis synthesis comparison induction and deduction. Results a phased methodology of correcting strategy for the intellectual capital formation in a holding is developed. Basing on the analysis of economicstatistical functions the impact of the intellectual capital reproduction costs on innovative activity is estimated. For each of the received options recommendations are given for the rationalisation strategies and systems of intellectual capital management. the developed technique is tested on the specific example of a holding. Scientific novelty a method is proposed to correct the strategy for the intellectual capital formation in a holding. The basis of the method is the analysis of the influence functions of the intellectual capital reproduction cost on innovative activity where the innovative products works services share in the total structure of the enterprise production should be used as one of the most common indicators of innovation activity of a holding. Practical value an opportunity to detect the most and the least effective holding enterprises from the point of view of intellectual capital and to develop a system of measures for the specification of the provisions of the new development strategy of the intellectual capital of a holding thereby contributing to the development of competitive advantages of a holding.

  14. A COMPARISON OF THE QUALITY OF ACCOUNTING INFORMATION BETWEEN THE MIXED-CAPITAL COMPANIES AND PRIVATE CONTROL IN BRAZIL

    Directory of Open Access Journals (Sweden)

    Angelo Antonio Davis de Oliveira Nunes e Rodrigues

    2016-03-01

    Full Text Available This paper aims to compare and analyze the accounting data of Brazilian public mixed capital companies with private capital ones. The methodology consists of the approach from a quantitative research question, and for a descriptive purpose. The documentary analysis is arranged by the method of data attainment by means of an index developed by Gabriel (2011: twelve questions assess the quality of accounting data. The statistical sample has nine public companies and nine private ones. The sampling error is 5%. The descriptive analysis of data presents the statistical nonparametric test by Mann-Whitney. Conclusion: there is no significant difference in the quality of accounting information between the two types of company. The public accounting data quality is lower, because their reports are not clean of audit; besides, their financial statements are not republished, accounting data are done in international standard, publication out of legal time, revaluation of fixed assets and publication of Cash Flow Statement and higher adoption to companies with private control in the disclosure practices of the Statement of Value Added, executive compensation and measure of economic profit.

  15. Cost comparison of second-line treatment options for late stage non-small-cell lung cancer: cost analysis for Italy

    Directory of Open Access Journals (Sweden)

    Schwander B

    2012-09-01

    Full Text Available Bjoern Schwander,1 Simona Ravera,2 Giovanni Giuliani,2 Mark Nuijten,3 Stefan Walzer11Assessment-in-Medicine (AiM GmbH, Loerrach, Germany; 2Roche SpA, Monza, Italy; 3Ars Accessus Medica, Amsterdam (Jisp, NetherlandsBackground: Lung cancer is the leading cause of cancer deaths worldwide (1.38 million cancer deaths, 18.2% of the total and of cancer morbidity (1.61 million new cases, 12.7% of all new cancers. Currently only three second-line non-small-cell lung cancer (NSCLC pharmacotherapies are licensed in the European Union: the chemotherapies pemetrexed and docetaxel and the epidermal growth factor receptor tyrosine kinase inhibitor erlotinib. These therapy alternatives have shown a comparable efficacy (survival benefit. In the past, cost comparisons showed that erlotinib was less costly compared to docetaxel, which in turn is cheaper than pemetrexed. Nowadays erlotinib (and docetaxel are still less expensive than pemetrexed; but docetaxel lost patent protection (basic compound patent at the end of 2010, so docetaxel drug costs have decreased rapidly and the question remains whether erlotinib is still the least costly therapy alternative in second-line NSCLC.Material and methods: Italy was selected for base case analysis to compare the total therapy costs, estimated by combining country-specific drug costs, administration costs, and adverse event costs of erlotinib and generic docetaxel in second-line NSCLC therapy. Sensitivity analyses on central input parameters have been performed.Results: The total costs of treating one patient with erlotinib therapy of €5121 are lower than the docetaxel costs of €6699 for the Italian health care setting. Although the drug costs of erlotinib are higher than generic docetaxel (incremental €3770: the costs of intravenous chemotherapy administration (incremental -€4510, and the costs of adverse event therapy (incremental -€837 lead to higher total therapy costs for docetaxel compared to the epidermal

  16. Novel, low-cost alternative technologies to tackle practical, industrial conundrums – a case study of batteries

    OpenAIRE

    Chan Victor K. Y.; Leong Sok Lei

    2016-01-01

    Whereas batteries in comparison with most other means of energy storage are more environmentally friendly and economical in their operation, they are beset by low energy replenishment rates, low energy storage density, high capital cost of themselves, and high capital cost of energy replenishment infrastructures. Mainly based on ergonomics, this paper proposes a novel, low-cost alternative technology to practically and industrially make these weaknesses irrelevant to some extent without calli...

  17. 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.

  18. 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。

  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. OVERVIEW OF CAPITAL STRUCTURE THEORY

    OpenAIRE

    Taha, Roshaiza; SANUSI Nur Azura

    2014-01-01

    The aim of this paper is to provide a comprehensive review on two major theories of capital structure; pecking order theory and static-trade off theory in regard with achieving an optimal capital structure. Researchers believed bankruptcy costs, transactions costs, agency conflicts, adverse selection and taxes has been attribute as major explanations of the corporate used of debt financing which has been used as an argument in both theory. To date there is no consensus on the existing of opti...

  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

    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

  6. 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 ...

  7. 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...

  8. 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...

  9. Village versus Market Social Capital: An Approach to Development

    OpenAIRE

    Kumar, Krishna B.; Matsusaka, John G

    2004-01-01

    This paper presents a model of an economy in which traders use social capital to reduce transaction costs. A key assumption is that there are two types of social capital: “village” capital relies on personal networks and repeat play to guarantee contracts; “market” capital relies on third parties such as auditors and courts and is necessary for effective market institutions. Village capital is efficient for localized economies; market capital allows trade between strangers and greater special...

  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. DOSTOYEVSKI'S "CAPITAL"

    OpenAIRE

    GUNAL, E. Zeynep

    2012-01-01

    Dostoyevski who was always in need of money and in debt, wrote two great novels about capital: "Idiot" and "Crime and Punishment". In these novels the writer tries to prove the negative effects of capital on people. This article particularly focuses on "Crime and Punishment". Because crime is discussed as the multi-dimensional factor in this work. Moreover, it is claimed that in the troika of crime which formed of Raskolnikov, Svidrigaylov and Luzhin, Luzhin is the most dangerous character w...

  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. 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...... accelerometer with the Wii Balance Board, and in the second study we compared a step machine augmented with the same accelerometer with the Wii Balance Board. Keyboard and mouse peripherals were included in both studies in order to see how the novel interfaces and the Wii Balance Board would measure up against...... these commonly used input devices. The interfaces were evaluated in terms of performance, perceived ease of use, and enjoyment. The results of the first study show that participants reported the wobble board to be the hardest to control, although their performance was better than using the Wii Balance...

  17. 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

  18. Costs of the electrochemical oxidation of wastewaters: a comparison with ozonation and Fenton oxidation processes.

    Science.gov (United States)

    Cañizares, Pablo; Paz, Rubén; Sáez, Cristina; Rodrigo, Manuel A

    2009-01-01

    In the work described here the technical and economic feasibilities of three Advanced Oxidation Processes (AOPs) have been studied: Conductive-Diamond Electrochemical Oxidation (CDEO), Ozonation and Fenton oxidation. The comparison was made by assessing the three technologies with synthetic wastewaters polluted with different types of organic compounds and also with actual wastes (from olive oil mills and from a fine-chemical manufacturing plant). All three technologies were able to treat the wastes, but very different results were obtained in terms of efficiency and mineralization. Only CDEO could achieve complete mineralization of the pollutants for all the wastes. However, the efficiencies were found to depend on the concentration of pollutant (mass transfer control of the oxidation rate). Results obtained in the oxidation with ozone (at pH 12) or by Fenton's reagent were found to depend on the nature of the pollutants, and significant concentrations of oxidation-refractory compounds were usually accumulated during the treatment. Within the discharge limits that all of the technologies can reach, the economic analysis shows that the operating cost of Fenton oxidation is lower than either CDEO or ozonation, although CD\\EO can compete satisfactorily with the Fenton process in the treatment of several kinds of wastes. Likewise, the investment cost for the ozonation process seems to be higher than either CDEO or Fenton oxidation, regardless of the pollutant treated. PMID:18082930

  19. 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

  20. 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

  1. 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....

  2. Cost effectiveness of CO2 mitigation in transport. An outlook and comparison to cost effectiveness of measures in other sectors

    Energy Technology Data Exchange (ETDEWEB)

    Kampman, B.; De Bruyn, S.; Den Boer, E.

    2006-04-15

    The European Conference of Ministers of Transport (ECMT) is currently writing a report on carbon emission reductions in the transport sector. To support this study, CE Delft was asked to write a background report on cost effectiveness of measures to reduce CO2 emissions in the transport sector. In this report, various technical mitigation options in the transport sector are analyzed: improved fuel economy of cars, biofuels and hydrogen. The report concludes that studies on this topic are not always in agreement. Several studies find that efficiency measures in the transport sector can be more cost effective than measures in other sectors, whereas other studies disagree. Regarding biofuels, the report concludes that biomass use in power stations is more favourable from a cost effectiveness point of view. New biofuels are being developed that are expected to perform better. It is furthermore concluded that there are only very few studies available that address the issue of cost effectiveness of measures across sectors. Even data on the cost effectiveness of measures within the transport sector is scarce.

  3. 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.

  4. 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.

  5. Computerized cost model for pressurized water reactors

    International Nuclear Information System (INIS)

    A computerized cost model has been developed in order to allow utility users to improve their familiarity with pressurized water reactor overnight capital costs and the various factors which influence them. This model organizes its cost data in the standard format of the Energy Economic Data Base (EEDB), and encapsulates simplified relationships between physical plant design information and capital cost information in a computer code. Model calculations are initiated from a base case, which was established using traditional cost calculation techniques. The user enters a set of plant design parameters, selected to allow consideration of plant models throughout the typical three- and four-loop PWR power range, and for plant sites in Japan, Europe, and the United States. Calculation of the new capital cost is then performed in a very brief time. The presentation of the program's output allows comparison of various cases with each other or with separately calculated baseline data. The user can start at a high level summary, and by selecting values of interest on a display grid show progressively more and more detailed information, including links to background information such as individual cost driver accounts and physical plant variables for each case. Graphical presentation of the comparison summaries is provided, and the numerical results may be exported to a spreadsheet for further processing. (author)

  6. 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...

  7. 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...

  8. 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

  9. 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.

  10. 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...

  11. 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...

  12. 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.

  13. 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 ...

  14. Dream capitalism

    OpenAIRE

    Pierson, Christopher

    2015-01-01

    John Tomasi’s Free Market Fairness represents an heroic attempt to bridge the gap between Rawlsian ‘high liberals’ and the advocates of classical liberalism/contemporary libertarianism. I argue that Tomasi’s project fails, above all because it cannot give a compelling account of contemporary (American) capitalism or of its capacity to deliver free market fairness.

  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. 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…

  17. 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

  18. 78 FR 18445 - Historically Black College and University (HBCU) Capital Financing Program; Modification of Terms...

    Science.gov (United States)

    2013-03-26

    ... Black College and University Capital Financing Program Cost Estimates for Modified Gulf Hurricane... Budget Historically Black College and University (HBCU) Capital Financing Program; Modification of Terms... MANAGEMENT AND BUDGET Historically Black College and University (HBCU) Capital Financing...

  19. 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...

  20. 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...

  1. 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 ...

  2. 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…

  3. Cost-benefit comparisons of investments in improved water supply and cholera vaccination programs.

    Science.gov (United States)

    Jeuland, Marc; Whittington, Dale

    2009-05-18

    This paper presents the first cost-benefit comparison of improved water supply investments and cholera vaccination programs. Specifically, we compare two water supply interventions -- deep wells with public hand pumps and biosand filters (an in-house, point-of-use water treatment technology) -- with two types of cholera immunization programs with new-generation vaccines -- general community-based and targeted and school-based programs. In addition to these four stand-alone investments, we also analyze five combinations of water and vaccine interventions: (1) borehole+hand pump and community-based cholera vaccination, (2) borehole+hand pump and school-based cholera vaccination, (3) biosand filter and community-based cholera vaccination, (4) biosand filter and school-based cholera vaccination, and (5) biosand filter and borehole+hand pump. Using recent data applicable to developing country locations for parameters such as disease incidence, the effectiveness of vaccine and water supply interventions against diarrheal diseases, and the value of a statistical life, we construct cost-benefit models for evaluating these interventions. We then employ probabilistic sensitivity analysis to estimate a frequency distribution of benefit-cost ratios for all four interventions, given a wide variety of possible parameter combinations. Our results demonstrate that there are many plausible conditions in developing countries under which these interventions will be attractive, but that the two improved water supply interventions and the targeted cholera vaccination program are much more likely to yield attractive cost-benefit outcomes than a community-based vaccination program. We show that implementing community-based cholera vaccination programs after borehole+hand pump or biosand filters have already been installed will rarely be justified. This is especially true when the biosand filters are already in place, because these achieve substantial cholera risk reductions on their own

  4. 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.

  5. Contagious Capitalism

    OpenAIRE

    Peter T. Leeson; Russell S. Sobel

    2006-01-01

    Is capitalism contagious? Since WWI, global foreign policy has treated economic freedom/repression like a virus that spreads between countries. Most recently, the ?domino theory? of freedom has played prominently in U.S. foreign policy toward Asia, Latin America, and the Caribbean during the Cold War, and the Middle East during the War on Terror. This paper investigates the spread of economic freedom between nations. Our analysis considers two potential channels of this spread: geography and ...

  6. 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

  7. 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.

  8. 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...

  9. 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

  10. 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

  11. 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

  12. 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.

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

    International Nuclear Information System (INIS)

    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

  14. 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.

  15. 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

  16. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    activities themselves - the claims that there are forms of emotional, subcultural or national cultural capital at work - The claim about cosmopolitanism or an international orientation as a distinctive feature of the culturally privileged classes The paper responds to the first theme announced in the call......This paper reviews recent European studies to assess whether cultural capital now has the same characteristics – or may be rather the same functions - as when Distinction was written. The paper will examine empirical applications of the concept of cultural capital in leading European studies in...... hence are highly appropriate for direct comparisons with that study. This paper will begin by raising general issues regarding the meaning of the concept, and about how one may make assessments and claims about cultural capital. Here we consider how the legitimacy of certain cultural competencies or...

  17. COST COMPARISONS FOR CARBON DIOXIDE AND MECHANICAL MULTI-TEMPERATURE REFRIGERATION SYSTEMS ON HIGHWAY TRAILERS

    OpenAIRE

    Hoke, K.E.; Buxton, F.K.

    1989-01-01

    Liquid carbon dioxide refrigeration offers a simple, reliable alternative to mechanical transport refrigeration for food delivery trailers operated in an upper midwestern area that could be cost effective when the refrigerant's cost is $87 or less per ton. Operating and ownership costs were compared for both systems. Under the conditions of the study, a carbon dioxide system was more economical than a mechanical refrigeration system when the cost of the liquid carbon dioxide was $87 per ton o...

  18. 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...

  19. Parametric study of potential early commercial power plants Task 3-A MHD cost analysis

    Science.gov (United States)

    1983-01-01

    The development of costs for an MHD Power Plant and the comparison of these costs to a conventional coal fired power plant are reported. The program is divided into three activities: (1) code of accounts review; (2) MHD pulverized coal power plant cost comparison; (3) operating and maintenance cost estimates. The scope of each NASA code of account item was defined to assure that the recently completed Task 3 capital cost estimates are consistent with the code of account scope. Improvement confidence in MHD plant capital cost estimates by identifying comparability with conventional pulverized coal fired (PCF) power plant systems is undertaken. The basis for estimating the MHD plant operating and maintenance costs of electricity is verified.

  20. 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…

  1. A comparison of cost-based pricing rules for natural gas distribution utilities

    International Nuclear Information System (INIS)

    Partial-equilibrium social welfare deadweight losses under uniform Ramsey pricing, a cost allocation pricing method, and the actual average revenues by customer class for two natural gas distribution utilities are calculated and compared. Marginal cost estimates are derived from a multiple-output translog variable cost function and used, along with three sets of demand elasticities, to generate the Ramsey prices and welfare losses. The actual and cost-allocation prices are taken directly from rate case files. The largest social welfare losses are associated with the cost-allocation rule, as high as 10-25% of revenue, despite suggestions in the literature to the contrary. (Author)

  2. Analysis of nursing home capital reimbursement systems

    OpenAIRE

    Boerstler, Heidi; Carlough, Tom; Schlenker, Robert E.

    1991-01-01

    An increasing number of States are using a fair-rental approach for reimbursement of nursing home capital costs. In this study, two variants of the fair-rental capital-reimbursement approach are compared with the traditional cost-based approach in terms of after-tax cash flow to the investor, cost to the State, and rate of return to investor. Simulation models were developed to examine the effects of each capital-reimbursement approach both at specific points in time and over various periods ...

  3. Prescription drug capitation: risk versus reward.

    Science.gov (United States)

    Watt, G T

    1994-07-01

    The unpredictable past and future of the prescription benefit business has resulted in an acute interest by plan sponsors in the concept of capitation. Capitation is effectively an insurance policy, offered by the provider, which will guarantee the cost of the prescription benefit. Such guarantees relative to the cost of the plan are attractive to the sponsor because they minimize risk and facilitate rate setting for HMOs and PPOs--and facilitate budgeting for corporate sponsors. Is capitation a cost-effective win-win alternative to traditional average wholesale price-based arrangements? PMID:10135997

  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. Nuclear power production: The financial costs. Background paper

    International Nuclear Information System (INIS)

    For many years, the Canadian nuclear industry has priced itself on its ability to provide safe, reliable and low-cost electricity to consumers. While nuclear power has indeed proved to be a relatively safe generator of electricity, its performance with respect to reliability and cost has declined noticeably in recent years. This paper documents the deteriorating cost performance of the industry, in comparison with that of its traditional competitor in power generation. It also breaks down the total costs into its component parts, assessing the key factors underlying the trends that are worsening the competitive position of the industry: a rise in initial capital costs, unanticipated technical difficulties resulting in additional capital costs, and the increasing operating expenses associated with poorer-than-expected reactor performance. (author). 8 refs., 2 tabs., 1 fig

  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. Improving the thermal integrity of new single-family detached residential buildings: Documentation for a regional database of capital costs and space conditioning load savings

    International Nuclear Information System (INIS)

    This report summarizes the costs and space-conditioning load savings from improving new single-family building shells. It relies on survey data from the National Association of Home-builders (NAHB) to assess current insulation practices for these new buildings, and NAHB cost data (aggregated to the Federal region level) to estimate the costs of improving new single-family buildings beyond current practice. Space-conditioning load savings are estimated using a database of loads for prototype buildings developed at Lawrence Berkeley Laboratory, adjusted to reflect population-weighted average weather in each of the ten federal regions and for the nation as a whole

  8. Total life cycle cost model for electric power stations

    International Nuclear Information System (INIS)

    The Total Life Cycle Cost (TLCC) model for electric power stations was developed to provide a technology screening model. The TLCC analysis involves normalizing cost estimates with respect to performance standards and financial assumptions and preparing a profile of all costs over the service life of the power station. These costs when levelized present a value in terms of a utility electricity rate. Comparison of cost and the pricing of the electricity for a utility shows if a valid project exists. Cost components include both internal and external costs. Internal costs are direct costs associated with the purchase, and operation of the power station and include initial capital costs, operating and maintenance costs. External costs result from societal and/or environmental impacts that are external to the marketplace and can include air quality impacts due to emissions, infrastructure costs, and other impacts. The cost stream is summed (current dollars) or discounted (constant dollars) to some base year to yield a overall TLCC of each power station technology on a common basis. While minimizing life cycle cost is an important consideration, it may not always be a preferred method for some utilities who may prefer minimizing capital costs. Such consideration does not always result in technology penetration in a marketplace such as the utility sector. Under various regulatory climates, the utility is likely to heavily weigh initial capital costs while giving limited consideration to other costs such as societal costs. Policy makers considering external costs, such as those resulting from environmental impacts, may reach significantly different conclusions about which technologies are most advantageous to society. The TLCC analysis model for power stations was developed to facilitate consideration of all perspectives

  9. 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

  10. 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...

  11. A Comparison of Wind Energy Investment Alternatives Using Interval-Valued Intuitionistic Fuzzy Benefit/Cost Analysis

    Directory of Open Access Journals (Sweden)

    Cengiz Kahraman

    2016-01-01

    Full Text Available One of the tools for maintaining environmental sustainability is transformation from fossil-based energy sources to renewable energy sources in energy consumption. Among renewable energy alternatives, wind energy is the most prominent and reliable energy source for fulfilling energy demand. Traditional investment evaluation techniques based on discounted cash flows are not capable of capturing the uncertainty and vagueness in the data related to the wind energy investment parameters. Fuzzy capital budgeting techniques can capture this vagueness and model the imprecise estimations of parameter values. In this paper, we develop interval-valued intuitionistic fuzzy benefit-cost analysis for the evaluation of wind energy technology investments. The fuzzy benefit-cost analyses are based on both present worth and annual worth analyses. The developed analyses can handle the assessments of multiple experts through aggregation operators. In the proposed economic model, the components of each wind energy investment parameter are incorporated into the equations in detail. A real case study is also presented in this paper.

  12. 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.)

  13. 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.

  14. 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

  15. 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.

  16. The substitutability of nuclear capital for thermal capital and the shadow price in the Korean electric power industry

    International Nuclear Information System (INIS)

    As part of ongoing efforts to reduce CO2 emissions by increasing the proportion of the energy mix relying on nuclear power, it may be useful to substitute nuclear power for thermal power wherever possible, thereby substantially reducing the need to use fossil fuels. In order to evaluate the contribution of nuclear power to potential CO2 reduction, this study examines the substitutability of thermal capital and nuclear capital in the Korean electric power industry by utilizing the input distance function. Additionally, the unit costs of thermal capital and nuclear capital are compared in terms of their shadow prices, which are defined as the opportunity costs inherent to one additional unit of capital increase deriving from a reduction in labor. The empirical results presented herein indicate that nuclear capital is readily substituted for thermal capital, but the substitutability of thermal capital for nuclear capital is relatively low. The shadow price ratio of nuclear capital to thermal capital is estimated to be 15.9, on average, showing an upward trend over the years from 1982 to 2010. - Highlights: ► This paper estimates an input distance function for the Korean power generating sector. ► Nuclear capital is readily substituted for thermal capital, relatively, not vice versa. ► The shadow price ratio of nuclear capital to thermal capital shows an upward trend.

  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. 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...

  19. A comparison of the costs of treating wastes from a radio analytical laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Moore, R. [Dept. of Energy, Idaho Falls, ID (United States). Idaho Field Office; Pole, S.B. [Lockheed Idaho Technologies Co., Idaho Falls, ID (United States)

    1996-04-01

    The Radiological and Environmental Sciences Laboratory (RESL) is a government-owned, government-operated facility at the Idaho National Engineering Laboratory (INEL). RESL`s traditional strengths are in precise radionuclide analysis and dosimetry measurements. RESL generates small quantities of various types of waste. This study identified potential waste management options for a solvent extraction process waste stream and the cost differences resulting from either process changes, improved technology usage, or material substitutions or changes at RESL. Where possible, this report identifies changes that have resulted or may result in waste reduction and cost savings. DOE P2 directs the lab to review processes, evaluate waste practices, and estimate potential reductions in waste volumes and waste management costs. This study focused on selected processes, but the processes are illustrative of potential waste volume reductions and cost minimizations that may be achieved elsewhere at the INEL and throughout the DOE complex. In analyzing a waste disposal process, the authors allocated component costs to functional categories. These categories included the following: (1) operational costs, included waste generation and collection into a storage area; (2) administrative costs, including worker training, routine inspections, and reporting; and (3) disposal costs, including preparing the waste for shipment and disposing of it.

  20. A comparison of the costs of treating wastes from a radio analytical laboratory

    International Nuclear Information System (INIS)

    The Radiological and Environmental Sciences Laboratory (RESL) is a government-owned, government-operated facility at the Idaho National Engineering Laboratory (INEL). RESL's traditional strengths are in precise radionuclide analysis and dosimetry measurements. RESL generates small quantities of various types of waste. This study identified potential waste management options for a solvent extraction process waste stream and the cost differences resulting from either process changes, improved technology usage, or material substitutions or changes at RESL. Where possible, this report identifies changes that have resulted or may result in waste reduction and cost savings. DOE P2 directs the lab to review processes, evaluate waste practices, and estimate potential reductions in waste volumes and waste management costs. This study focused on selected processes, but the processes are illustrative of potential waste volume reductions and cost minimizations that may be achieved elsewhere at the INEL and throughout the DOE complex. In analyzing a waste disposal process, the authors allocated component costs to functional categories. These categories included the following: (1) operational costs, included waste generation and collection into a storage area; (2) administrative costs, including worker training, routine inspections, and reporting; and (3) disposal costs, including preparing the waste for shipment and disposing of it

  1. 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.

  2. A Comparison of Mixed-Integer Programming Models for Nonconvex Piecewise Linear Cost Minimization Problems

    OpenAIRE

    Keely L. Croxton; Bernard Gendron; Thomas L. Magnanti

    2003-01-01

    We study a generic minimization problem with separable nonconvex piecewise linear costs, showing that the linear programming (LP) relaxation of three textbook mixed-integer programming formulations each approximates the cost function by its lower convex envelope. We also show a relationship between this result and classical Lagrangian duality theory.

  3. 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

  4. 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...

  5. Comparison of cost effectiveness of risk reduction among different energy systems: French case studies. Final report of the co-ordinated research programme

    International Nuclear Information System (INIS)

    This report presents the three French case studies performed in the framework of the coordinated research program 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 exposures in underground uranium mines; Cost-effectiveness of safety measures to reduce public risk associated with the transportation of UF6 by truck and trains

  6. 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. PMID:23678696

  7. Flexible Capitalism

    DEFF Research Database (Denmark)

    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 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...... 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...

  8. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    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 that increasingly depend on a static, immobile group who are poorly paid, whose employment rights have been undermined and whose political voice is increasingly ignored. The chapter shows how Boltanski's pragmatist approach to critique as emergent from the experience of the actors themselves...... rather than being imposed by the analyst provides the basis for an understanding of how social and artistic critiques emerge. Whilst recognizing that New Spirits inevitably bears the marks of its origins in the particular context of France in the late 1990s, the chapter argues that there are key aspects...

  9. 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.

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

    International Nuclear Information System (INIS)

    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

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

    International Nuclear Information System (INIS)

    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)

  12. Cost comparison of laboratory methods and four field screening technologies for uranium-contaminated soil

    International Nuclear Information System (INIS)

    To address the problem of characterizing uranium-contaminated surface soil at federal facilities, the Department of Energy has the development of four uranium field screening technologies, under the direction of the Uranium-in-Soils Integrated Demonstration (USID) Program. These four technologies include: a long-range alpha detector a beta scintillation detector, an in situ gamma detector, and a mobile laser ablation-inductively coupled plasma/atomic emission spectrometry (LA-ICP/AES) laboratory. As part of the performance assessment for these field screening technologies, cost estimates for the development and operation of each technology were created. A cost study was conducted to compare three of the USID field screening technologies to the use of traditional field surveying equipment to adequately characterize surface soils of a one-acre site. The results indicate that the use of traditional equipment costs more than the in situ gamma detector, but less than the beta scintillation detector and LRAD. The use of traditional field surveying equipment results in cost savings of 4% and 34% over the use of the beta scintillation and LRAD technologies, respectively. A study of single-point surface soil sampling and laboratory analysis costs was also conducted. Operational costs of the mobile LA-ICP/AES laboratory were compared with operational costs of traditional sampling and analysis, which consists of collecting soil samples and conducting analysis in a radiochemical laboratory. The cost study indicates that the use of the mobile LA-ICP/AES laboratory results in cost savings of 23% and 40% over traditional field sampling and laboratory analysis conducted by characterization groups at two DOE facilities

  13. 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

  14. 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 ...

  15. 78 FR 62017 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-11

    ... industry. According to the commenters, by requiring banking organizations to hold more capital and increase..., because banking organizations would need to spread compliance costs among a larger customer base; and..., members of the Federal Farm Credit System, and entities in the shadow banking industry, would not...

  16. 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

  17. 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...

  18. Comparison of the actual costs during removal of concrete layer by high-speed water jets

    Czech Academy of Sciences Publication Activity Database

    Hela, R.; Bodnárová, L.; Novotný, M.; Sitek, Libor; Klich, Jiří; Wolf, I.; Foldyna, Josef

    2012-01-01

    Roč. 13, č. 4 (2012), s. 763-775. ISSN 1611-1699 R&D Projects: GA MŠk ED2.1.00/03.0082 Grant ostatní: GA TA ČR(CZ) TA01010948; GA MPO(CZ) FR-TI1/387 Institutional support: RVO:68145535 Keywords : computation model * total technological costs * total fixed costs * total variable costs * Triple helix model Subject RIV: JQ - Machines ; Tools Impact factor: 1.881, year: 2012 http://www.tandfonline.com/doi/pdf/10.3846/16111699.2011.645866

  19. Multiplying financing choices through capital markets

    OpenAIRE

    Carmen CORDUNEANU; Iovu, Laura Raisa

    2008-01-01

    Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...

  20. 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...