WorldWideScience

Sample records for capital fund financial

  1. Independent Review of the DFAS FY 2012 Working Capital Fund Financial Statement Audit

    Science.gov (United States)

    2015-03-12

    Independent Review of the DFAS FY 2012 Working Capital Fund Financial Statement Audit M A R C H 1 2 , 2 0 1 5 Report No. DODIG‑2015‑091 Report...REPORT TYPE 3. DATES COVERED 00-00-2015 to 00-00-2015 4. TITLE AND SUBTITLE Independent Review of the DFAS FY 2012 Working Capital Fund Financial...Independent Review of the DFAS FY 2012 Working Capital Fund Financial Statement Audit (Report No: DODIG‑2015‑091) We are providing this report for your

  2. 75 FR 75376 - Capital Magnet Fund

    Science.gov (United States)

    2010-12-03

    ... capacity of financial institutions to provide capital, credit and financial services in underserved markets... Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet Fund AGENCY: Community Development Financial Institutions Fund, Department of the Treasury. ACTION: Interim rule...

  3. Compilation of the FY 1997 Army Working Capital Fund Financial Statements.

    Science.gov (United States)

    1998-09-29

    Obsolete, and Unserviceable Operating Materials and Supplies to the net realizable value . Statement of Federal Accounting Standard No. 3, and DoD...Financial Management Regulation 7000.14R, volume 6, Form and Content require the excess materials to be valued at net realizable value . The AAA auditors...However, when DFAS made the adjustment, it did not properly calculate the journal vouchers to record net realizable value . As a result, the net realizable

  4. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through narrat...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

  5. The Audit Opinion of the DISA FY 2011 Working Capital Fund Financial Statements Was Not Adequately Supported

    Science.gov (United States)

    2013-04-26

    President’s Council on Integrity and Efficiency MD&A Management Discussion and Analysis MFR Memorandum for Record NoF Notification of...memorandums for record ( MFRs ) would have a material impact on the financial statements and ultimately Acuity’s opinion, • perform adequate completeness...the deficiencies identified by DISA in its FBWT MFRs would impact the reliability of the financial statements and ultimately Acuity’s opinion

  6. Hedge funds and financial stability.

    OpenAIRE

    Draghi, J M.

    2007-01-01

    Much has been achieved to date in containing the financial stability risks that hedge funds could pose, while avoiding unnecessary restrictions that would distort market forces and prevent hedge funds from continuing to play their role in today’s markets. But in a continuously changing financial market environment, sustained attention is required by market participants and supervisory authorities to assess ongoing market developments and address any weaknesses in counterparty risk management ...

  7. Financial potential of migrants’ capital in Ukraine

    Directory of Open Access Journals (Sweden)

    I.М. Krupka

    2015-06-01

    Full Text Available In today’s globalized world, labor migration is an important source of remittances and other transfers of migrants to their homeland, which expands the country’s capacity for the development of the national economy and financial markets in particular. Due to the transformational changes in the domestic economy in the 1990th many citizens became migrant workers and their remittances now exceed foreign direct investment in the country. Until 2013 remittances in Ukraine were mainly coming through the banking system, but recently the dominant role is being played by international payment systems, as well as quite a significant amount is incoming by informal channels. In order to increase the role of formal financial market infrastructure in providing capital inflows of migrants first of all the cost of transfer must be reduced.Unfortunately, the capital of Ukrainian migrant workers is directed primarily at the consumer market, real estate market, as well as the shadow economy. The investment focus has actually only investments in real estate and private business (own entrepreneurship. Migrant workers invest in those areas of the economy that are the least compliant to investment and bank lending standards. At the same time, migrants almost do not use capital to purchase shares and bonds, but use it actively to invest in such financial market tool as deposits. Regardless of significant efforts by the Government of Ukraine to attract funds in the state budget by selling different variations of bonds a notable success in modern conditions was not achieved. Nowadays remittances have enabled us to soften financial instability, balance of payments deficit; to strengthen the exchange rate of the national currency and they also have the positive impact on international credit ratings of Ukraine. However, the effectiveness of government policy to direct remittances into investment is very low, and it actualizes the search of effective tools to realize

  8. Alternative Investment Funds Implications for Financial Stability in Lithuania

    Directory of Open Access Journals (Sweden)

    Gytis Jarašius

    2014-12-01

    Full Text Available The rapid growth of the AIF assets under management and increasing relative share of these assets in the overall investment fund assets, indicate that AIF successfully established their position in the Lithuanian investment funds market. Due to the specific investment activity AIF are different from other investment funds, they also could be associated with additional threats to the economy and financial system. Private equity and real estate funds invest in the real sector and their impact on the financial system are more indirect, through linkages to the financial market participants. Hedge funds are actively involved in the capital markets, therefore they might have not only indirect but also direct impact on the financial system due to the use of leverage, derivatives or potential occur of crowded trades. Research results has shown that due to the still relatively small volumes of assets under management and high engagement in foreign capital markets (especially hedge funds case, AIF connections with other financial market participants are very low. AIF do not use excess leverage and trading in derivatives is not widespread – only hedge funds use such financial instruments. The high pairwise correlations between hedge funds returns suggest that there is a potential threat to the Lithuanian financial market stability. However because of the small relative share of the hedge funds and their concentration in foreign capital markets, such a threat is only theoretical. Moreover, high level of pairwise correlation coefficients between hedge funds and other investment funds do not determine the growth of the weighted average correlation. It could be added, that AIF in general did not increase values of the weighted average correlation, which could reflect potential crowding in the investment funds market. Bearing in mind small size of the AIF assets under management and fairly conservative type of their activities, it could be concluded, that

  9. The Inventory Revaluation Method and General Ledger Accounting Treatment Used in Compiling the FY 1997 Air Force Working Capital Fund Financial Statements.

    Science.gov (United States)

    1998-09-28

    stratification reports are prepared semiannually, data from the latest available report will be used until a new report is received. Net Realizable Value . On...Working Capital Funds (DCWF) Supply Management Inventory Values." The memorandum stated that the net realizable value of inventory identified as EOBR...Regulation states that the difference between the value of the inventory before identification as EOBR and its expected net realizable value after

  10. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  11. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  12. EFFECTS OF RAISING CAPITAL ON FINANCIAL INDICATORS OF THE COMPANY

    OpenAIRE

    Gheorghe NEGOESCU

    2014-01-01

    The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.

  13. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  14. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  15. FINANCIAL COMMUNICATION AND INTELLECTUAL CAPITAL REPORTING PRACTICES

    Directory of Open Access Journals (Sweden)

    BELENESI (BUMBA MARIOARA

    2014-07-01

    Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of

  16. 76 FR 40407 - Sterling Capital Funds and Sterling Capital Management LLC; Notice of Application

    Science.gov (United States)

    2011-07-08

    ... COMMISSION Sterling Capital Funds and Sterling Capital Management LLC; Notice of Application July 1, 2011.... Applicants: Sterling Capital Funds (the ``Trust'') and Sterling Capital Management LLC (``Sterling'' and... serves as a Sub-Adviser of Sterling Capital International Fund; and Federated Investment...

  17. 76 FR 67021 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2011-10-28

    ... Community Development Financial Institutions Fund Proposed Collection; Comment Request ACTION: Notice and... Financial Institutions Fund (the ``CDFI Fund'') within the Department of the Treasury is soliciting comments... Mia Sowell, Policy and Program Officer, at the Community Development Financial Institutions Fund,...

  18. The Relationship between Financial Flexibility and Capital Structure Decisions

    Directory of Open Access Journals (Sweden)

    Shanaz Forozan

    2013-04-01

    Full Text Available Making decisions about capital structure is one of the most challenging and problematic issues companies face and thereby it is the most crucial decisions companies have to make for their survival. The aim of this study was to investigate the relationship between financial flexibility and capital structure decisions in accepted companies in Tehran Stock Exchange with using Falkner and Wang Model. Results of testing hypothesis which are based on a sample- that is consisted of 82 firms for a period of five years from 2006 to 2011- using multivariate linear regression models as well as panel data method, implied that marginal value of cash is negative in terms of market, i.e. the market is not willing to raise funds and will not evaluate this increase to be positive in funds. Furthermore, findings represent that there is no significant relationship between marginal value of financial flexibility and capital structure decisions of firms and firms would not pay attention to financial flexibility level in their decisions regarding increasing or decreasing debts, which in long term would result in loosing financial flexibility as well as profitable investment opportunities.

  19. EFFECTS OF RAISING CAPITAL ON FINANCIAL INDICATORS OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    Gheorghe NEGOESCU

    2014-06-01

    Full Text Available The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.

  20. 75 FR 12407 - Capital Magnet Fund

    Science.gov (United States)

    2010-03-15

    ... financial statements, wire transfer documents, pro-formas, etc., and will be subject to periodic CDFI Fund... 1995 and assigned OMB Control Number 1559-0036. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number...

  1. 12 CFR 1206.5 - Working capital fund.

    Science.gov (United States)

    2010-01-01

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

  2. 77 FR 37742 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2012-06-22

    ... Investments. Service Activities (12 CFR 1806.103(nn)) include Deposit Liabilities, Financial Services, Community Services, Targeted Financial Services, and Targeted Retail Savings/Investment Products. When... Community Development Financial Institutions Fund Funding Opportunity Title: Notice of Funds Availability...

  3. Asian capitalism and the financial crisis

    OpenAIRE

    Singh, Ajit

    1998-01-01

    With the economic crisis in East Asia and a continuing boom in the US, American triumphialism is in the air. The latter is perhaps not unexpected and probably does no harm. But what is more questionable is the view held in the highest circles in the US Government and international financial organisations in Washington which causally links the so-called Asian model of capitalism to the economic and financial crisis which is currently engulfing the hitherto highly successful economies o...

  4. Financial Globalization and the New Capitalism

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-10-01

    Full Text Available Financial globalization, a complex phenomenon that has multiple facets, is directly influenced by some aspects characterizing the current stage of capitalism. In order to decrypt the set of such interferences, the consequences have been emphasized of the excessive trust in the market mechanisms, the role of deregulation and liberalization in promoting a new economic direction, as well as other theses representing the essence of neo-liberal revolution. The realities specific to the last three decays of the 20th century generated enhanced criticism regarding the myth of pure and perfect transparency, the market inability of self-regulation and the illusion of perfect information.The excesses of neo-liberalism imposed the need for a new paradigm, concretized in the mutations in the nature and mechanisms of capitalism, the domination of finances and knowledge, a paradigm in which market globalization and financial profitability logic are becoming priorities.In the second part of the article the conditions are analyzed that favored the occurrence and expansion of financial globalization, as well as the multiple implications of such over the micro and macro-economical mechanisms. A particular focus is on describing the characteristics of financial globalization in the current phase: the occurrence of new financial players (institutional investors and tools, markets de-localization and un-intermediated financial operations. As a conclusion, the tendencies are noticed of the financial world economy to become fragile, of fading connections between the financial and the real economy, of enhanced risk for financial accidents to propagate. Based on these observations, the extent is emphasized to which financial globalization provides the possibility of the financial crises to occur and expand.

  5. Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Daniel Karl Detzer

    2015-03-01

    Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

  6. Analysis of Intellectual Capital Effect Toward Financial Performance and Growth

    OpenAIRE

    Sasya Sabrina

    2015-01-01

    The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM) is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). The indicators for financial performance are Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), and R...

  7. IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?

    Directory of Open Access Journals (Sweden)

    Anamarija Delić

    2016-06-01

    Full Text Available The importance of financial market development for the economic development and competitiveness of a country is reflected in channelling of capital towards those investments that have the highest returns, thus ensuring liquidity and efficient grouping of enterprises, that is, risk-taking. Efficient risk-taking is primarily reflected in the availability of a large number of sources of funding, which allow enterprises freedom when forming their capital structure. Enterprises that do not have a large number of sources of funding at their disposal have to resort to debt financing when forming their capital structure, which ultimately means excessive financial vulnerability. Financial vulnerability, especially in times of the financial crisis, when fluctuations in the cost of capital are very high, reduces investment, growth and employment in the long-term. Small and medium-sized enterprises in the Croatian underdeveloped financial market must resort to borrowing, as the most readily available source of funding. Analysing the process of decision-making about capital structure on a sample of 108 small and medium-sized enterprises, it was observed that enterprises whose capital structure is less dependent on debt achieve better financial results and growth. The process of making financial decisions in those companies is in the hands of owners and/or managers and consultants with knowledge about the advantages and disadvantages of individual sources of funding. Financial knowledge is one of the most important determinants of the capital structure that will enable the growth and development of the small and medium-sized enterprise sector, as well as greater competitiveness of enterprises, regardless of size, activity, industry and the form of ownership of these enterprises. T-test and Levene’s test of equality of variances were used to investigate the relationship between the profitability of enterprises and their financial literacy.

  8. Successful implementation effect of insurance services in money and capital financial markets

    Directory of Open Access Journals (Sweden)

    Nemat Tahmasebi

    2016-11-01

    Full Text Available One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring investments and exert corporate governance can facilitate the exchange of goods and services, distribution and risk management, reducing transaction costs and data analysis may lead to better allocation of resources and ultimately economic growth. Insurance companies and generally insurance industry in each country is the most important and active financial institutions operating in the financial market especially capital markets in addition to securing economic activity could have basic role in mobility of financial markets and providing funds to invest in the economic activity through the provision of insurance services. In this study, successful financial services of insurance and investment funds in insurance companies such as Dana, Alborz, and Asia have been studied in Tehran. According to the hypothesis, there is a significant correlation between successful implementation of insurance services and money and capital financial markets. There is a significant correlation between different types of insurance services (institution-building, instrument making, and general insurance policies and money and capital financial markets.

  9. Social capital of venture capitalists and start-up funding

    NARCIS (Netherlands)

    O.T. Alexy (Oliver); J.H. Block (Jörn); P.G. Sandner (Philipp); A.L.J. Ter Wal (Anne)

    2012-01-01

    textabstractHow does the social capital of venture capitalists (VCs) affect the funding of start-ups? By building on the rich social capital literature, we hypothesize a positive effect of VCs' social capital, derived from past syndication, on the amount of money that start-ups receive. Specifically

  10. The Study of the Relationship Between Intellectual Capital and Financial

    Directory of Open Access Journals (Sweden)

    Ali Daneshi

    2013-07-01

    Full Text Available In this current research, the relationship between intellectual capital and some financial ratios of listed companies in Tehran Stock Exchange were studied and wanted to find out whether there is any relationship between intellectual capital and some financial performance such as Return on Assets, Return of Equity, net profit margin ratio to sales and each share price ratio to earning among the listed companies in Tehran Stock Exchange in the first place and which ratio has the more significant relationship to intellectual capital in the second place. Intellectual capital means a part of a company total capital or asset which is knowledgebase and the company is its owner. In an overall classification, intellectual capital includes three parts which are called human capital, structural capital (organizational and customer capital (relationship. In this research, deductive-inductive method was used and library method-Stock Exchange archive-was utilized in order to acquire the needed data for theoretical issues and financial data based on the audited financial statements of under study companies. In order to do this study, the above mentioned ratios were compared with intellectual capital during the research years. By analyzing the acquired data during a 5 year period 2008 to 2012, the results of the study with showed that intellectual capital has got a considerable influence on some financial ratios of the listed companies in Tehran Stock Exchange.

  11. Local financial development and capital accumulations: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Eryiğit Sibel Balı

    2015-01-01

    Full Text Available Despite the unquestionable importance of financial markets in the economy, the factors promoting financial development have just recently begun to be researched intensively. In this context, the aim of the study is to explain the reasons for the financial development gaps among provinces in Turkey on the basis of capital accumulations. According to the results of the spatial panel data model estimates based on indices of 81 provinces in Turkey for the period 2005-2009, it was found that the level of social capital best explained the level of financial development, followed by physical capital and human capital. Additionally, it was found that capital accumulations contributed above average not only to the financial development of that province, but also to that of the surrounding provinces.

  12. Analysis of Intellectual Capital Effect Toward Financial Performance and Growth

    Directory of Open Access Journals (Sweden)

    Sasya Sabrina

    2015-11-01

    Full Text Available The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA, Value Added Human Capital (VAHU, and Structural Capital Value Added (STVA. The indicators for financial performance are Current Ratio (CR, Total Assets Turnover (TATO, Return on Investment (ROI, and Return on Equity (ROE. The indicators for growth are Earnings Growth (EG and Assets Growth (AG. This research uses data drawn from 92 publicly listed manufacturing companies in Indonesian Stock Exchange in 2010, 2011, and 2012. Partial Least Square (PLS is used as the method of data analysis. This research uses SmartPLS 3.2.0 to analyze the data.The results show that: intellectual capital doesn’t influence financial performance and intellectual capital positively influences growth.

  13. Central bank capital, financial strength, and the Bank of Japan

    OpenAIRE

    Thomas F. Cargill

    2006-01-01

    This Economic Letter addresses central bank capital and financial strength in the context of Bank of Japan policy (Cargill 2005). Specifically, it reviews general considerations about central bank capital and financial strength, discusses recent Bank of Japan policy in the context of capital structure, evaluates the Bank of Japan's concern in the context of the broader issue of central bank independence, and draws some lessons from recent Bank of Japan policy.

  14. Working Paper 99 - Capital Flows and Capital Account Liberalisation in the Post-Financial-Crisis Era: Challenges, Opportunities and Policy Responses

    OpenAIRE

    Victor Murinde

    2010-01-01

    This paper invokes a flow-of-funds framework toscope the challenges, opportunities and policyresponses regarding capital flows and capitalaccount liberalisation as Africa emerges fromthe global financial crisis. The framework is usedto highlight the transmission of the financial crisisfrom the foreign sector to the household sector,company sector, banks and capital markets,as well as the government sector. Financialprices, mainly the exchange rate and stockprices, provide the propagation mech...

  15. Capital Freedom, Financial Development and Provincial Economic Growth in China

    OpenAIRE

    Söderlund, Bengt; Gustavsson Tingvall, Patrik

    2014-01-01

    For more than three decades, China has managed to combine rapid economic growth with a heavily regulated financial sector. The discrepancy between economic and financial development has raised the question of whether China might be an exception to the so-called finance-growth nexus. This study examines the relationship between finance and growth at the provincial level in China using a new set of measures of capital freedom and financial development. The results indicate that capital freedom ...

  16. Association of market, operational, and financial factors with nonprofit hospitals' capital investment.

    Science.gov (United States)

    Kim, Tae Hyun; McCue, Michael J

    2008-01-01

    Capital investments in the latest medical equipment and the replacement of aging facilities are critical decisions for sustaining hospitals' financial viability. A recent survey over the period 1997 to 2001 found that hospitals increased their capital expenditures by only 1%. The aim of this study is to gain insight into the changes in market, operational, and financial factors that may have influenced hospital capital investment during this period. The sample consisted of a panel of nonprofit hospitals operating between 1998 and 2001. Capital investment was measured on the basis of capital purchases for buildings, fixtures, and movable equipment during a fiscal year. The results suggest that liquidity-the availability of internal funds-is a critical determinant of capital investment in both urban and rural facilities. From a market perspective, findings indicate that growth in the over-65 population led to increases in the capital investment of rural hospitals. Financially, an increase in cash flow also was strongly related to a change in capital investment among urban facilities. Surprisingly, rural hospitals with aging plants and equipment had declining capital investment.

  17. provider venture capital funds: investing in innovation.

    Science.gov (United States)

    Potter, Mary Jo; Wesslund, Rick

    2016-05-01

    As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.

  18. 77 FR 37079 - Versus Capital Multi-Manager Real Estate Income Fund LLC and Versus Capital Advisors; Notice of...

    Science.gov (United States)

    2012-06-20

    ...; File No. 812-14008] Versus Capital Multi-Manager Real Estate Income Fund LLC and Versus Capital...-Manager Real Estate Income Fund LLC (``Initial Fund'') and Versus Capital Advisors LLC (``Adviser... to achieve its objectives by investing in funds that invest indirectly in real estate and by...

  19. Appropriate Determination of Net Working Capital in Corporate Financial Management

    Directory of Open Access Journals (Sweden)

    Zdeněk Motlíček

    2015-01-01

    Full Text Available Liquidity and working capital management belongs to one of the fundamental tasks of short-term financial management. However, in the context of net working capital, the issue of management of current assets and liabilities significantly overlaps with long-term financial management, in which the effects of various decisions have long-term consequences, with considerable inertia and possibility of high losses. The present study is therefore focused on the determination of appropriate amount of working capital, as an important part of financial decision making process in the company. The paper presents an empirical research aiming to identify the appropriate approach to accurate calculations of net working capital and determining its needs. The main contribution of the study can be found in the verification of calculation method of net working capital needs, which, according to the authors, may be beneficial both for business practice and teaching of financial management at universities.

  20. THE CAPITAL OF THE ENTERPRISE-FUNDING SOURCE WITH STABLE CHARACTER

    Directory of Open Access Journals (Sweden)

    CĂRUNTU GENU ALEXANDRU

    2015-06-01

    Full Text Available The establishment of an economic unit, regardless of the type and its legal form is conditioned by the existence of a capital which it commences, he creates and assumes obligations and dealings with third parties. As an important part of the heritage capital expressed as pecuniary obligation is designed to drive toward those who participate in the formation of capital, whether they are natural or legal persons. Whereas these obligations do not have period due, they are permanent throughout the existence and functioning of the economic unit. Capital represents funding sources used by an enterprise, a permanent and lasting manner. They must fund all amounts fixed and structural part of the amount of Revolving Fund (the circulating assets of mining subsided with the debts. Determining the optimal size of capital is an issue of the utmost importance in the financial management of the company, as a possible insufficiency of resources influences long-term solvency, liquidity and return it. Over the long term, the goal of any business is to get a sufficient return on capital invested. Creating a company, maintaining the market position and its economic growth requires resources to ensure optimal deployment, to development activities. Creation and operation of a society is not possible in the absence of the capital which can be considered a set of resources likely to provide future revenue streams.

  1. Financial Globalisation and Sectoral Reallocation of Capital in South Africa

    OpenAIRE

    Ziv Chinzara; Radhika Lahiri; En Te chen

    2012-01-01

    The study examines the impact of financial globalisation on intra-sector and inter-sector firm level reallocation of capital in South Africa using panel data for the period 1991-2008. The measure of efficient reallocation of capital is based on the variation of firm's marginal returns to capital around the optimal level, while the measure of financial globalisation is constructed by tracing the financial reforms/restrictions that took place in South Africa since the 1970s. We find that financ...

  2. Independent Auditors Report on the Air Force General Fund FY 2015 and FY 2014 Basic Financial Statements for United States Air Force Agency Financial Report 2015

    Science.gov (United States)

    2015-11-09

    reporting were operating effectively, with the exception of 11 General Fund and 8 Working Capital Fund material weaknesses and 2 significant...Position The General Fund continued to report a positive net position on its Consolidated Balance Sheet. Net position is the difference between total...Financial Report Management Discussion and Analysis 18 General Fund Total Liabilities, FY 2015 ($ in Billions) $8.4 $8.7 $5.5 $1.1 Environmental

  3. THE FINANCIAL STABILITY ANALYSIS THROUGH THE WORKING CAPITAL

    Directory of Open Access Journals (Sweden)

    LĂPĂDUŞI MIHAELA LOREDANA

    2012-12-01

    Full Text Available The main goal of any business is to maintain the financial stability not only on the short term but also on medium and long term, in other words to maintain a harmony between financial sources and financial needs, respectively the equality between the assets and liabilities from the balance sheet. On short term, maintaining the financial stability involves correlating the temporary resources with the temporary uses by using the necessary working capital, and on the long-term, the financial stability involves comparing the permanent resources with the permanent uses by working capital indicator. The determination of the financial state of the company at a certain moment represents the key moment in establishing and adopting the economic and financial decisions in the management of the company. Maintaining the financial stability of the company represents one of the main objectives of the financial analysis and management and it also provides the optimum development of the entire economic and financial activity of the company. The analysis of the working capital size is based on the financial statement data and information, and based on this analysis is considered the financial situation of the company, the financial equilibrium state at a certain moment. The purpose of this article is to highlight the fact that the maintenance of the financial stability on medium and long term is subordinated to the “working capital” indicator, its content and interpretation evolving in time and varying differently from one company to another. The results of this research may have broad applicability in the field of the companies’ activity and it materializes in the complex approach of the working capital regarded as a classic indicator, frequently used in the financial analysis and with profound significance in establishing the financial state in general and the equilibrium state in particular.

  4. Chinalco Spent 2 Billion Yuan to Build Financial Capital Platform

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    Following fast-paced preparation spanning three months,Chinalco quickly expanded the territory of its financial business by setting up Chinalco Capital Holdings Co.,Ltd(hereinafter Chinalco Capital)and Chinalco Financing Leasing Co.,Ltd(hereinafter Chinalco Leasing),with which it lifts the status of its

  5. Incentive Contracting For Venture Capital Fund Managers

    Science.gov (United States)

    Leisen, Dietmar P. J.

    2009-09-01

    It is well-known in the VC literature that VCs should provide so-called value-adding activities that nurture their venture companies. This paper presents a model of the VC market that takes account of the so-called carried interest on the choice of the risk level and actions. We determine the optimal actions of the fund managers and what would be the desired actions of the fund's investors. Conflicts of interest between the parties will be documented.

  6. 75 FR 10561 - Request for Public Comment: Community Development Financial Institutions Fund, Community...

    Science.gov (United States)

    2010-03-08

    ... Community Development Financial Institutions Fund Request for Public Comment: Community Development Financial Institutions Fund, Community Development Financial and Technical Assistance Awards, Native Initiatives, and Bank Enterprise Awards AGENCY: Community Development Financial Institutions Fund,...

  7. Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh

    Directory of Open Access Journals (Sweden)

    Changjun Zheng

    2017-04-01

    Full Text Available In response to the recent global financial crisis, the regulatory authorities in many countries have imposed stringent capital requirements in the form of the BASEL III Accord to ensure financial stability. On the other hand, bankers have criticized new regulation on the ground that it would enhance the cost of funds for bank borrowers and deteriorate the bank profitability. In this study, we examine the impact of capital requirements on the cost of financial intermediation and bank profitability using a panel dataset of 32 Bangladeshi banks over the period from 2000 to 2015. By employing a dynamic panel generalized method of moments (GMM estimator, we find robust evidence that higher bank regulatory capital ratios reduce the cost of financial intermediation and increase bank profitability. The results hold when we use equity to total assets ratio as an alternative measure of bank capital. We also observe that switching from BASEL I to BASEL II has no measurable impact on the cost of financial intermediation and bank profitability in Bangladesh. In the empirical analysis, we further observe that higher bank management and cost efficiencies are associated with the lower cost of financial intermediation and higher bank profitability. These results have important implications for bank regulators, academicians, and bankers.

  8. "The Global Financial Crisis and a New Capitalism?"

    OpenAIRE

    Bresser-Pereira,Luiz Carlos

    2010-01-01

    The 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the hegemony of a reactionary ideology-namely, neoliberalism-based on self-regulated and efficient markets. Although laissez-faire capitalism is intrinsically unstable, the lessons of the 1929 stock market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regul...

  9. The global financial crisis and after: a new capitalism?

    OpenAIRE

    Pereira, Luiz C. Bresser

    2009-01-01

    The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on selfregulated and efficient markets. Although capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the...

  10. Supervision Legislation for Foreign Capital Financial Institutions Starting up

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ Supervision over foreign capital banks should reflect the new concept of equalattention paid to the fully open up and prudent supervision. China Banking Regulatory Commission (CBRC) held "2005National Meeting of Regulating Foreign Capital Banks" from April 7 to 8 in Shenzhen. There were 19leaders from local Banking Regulatory Bureaus, who deal with foreign capital regulating business, attended the meeting.At the meeting, Shi Jiliang, Vice-President of CBRC, said that CBRC is going to set up a trans-department statute cleaning up group, and start the revision of"Administrating Statutes for Foreign Capital Financial Institutions" and "Detailed Rules and Regulations in Implementing".

  11. Financial Development,Human Capital and Economic Growth

    Institute of Scientific and Technical Information of China (English)

    Guihong; WAN

    2014-01-01

    Financial development and human capital are the important driving forces of economic and social development in Shandong Province,and the level of them as well as the degree of coordination between the two not only affects the transformation of economic development pattern in Shandong Province,but also affects the implementation of leapfrog development strategy in Shandong Province. Through the study,it is found that there is a long-term stable dynamic equilibrium relationship among economic growth,human capital and financial development;the degree of coordination between financial development and human capital in Shandong Province is constantly improved,evolving from imbalance to balance. Obviously,the coordination between financial development and urbanization construction in Shandong Province continues to improve.

  12. 78 FR 26489 - Consumer Financial Civil Penalty Fund

    Science.gov (United States)

    2013-05-07

    ... From the Federal Register Online via the Government Publishing Office BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1075 RIN 3170-AA38 Consumer Financial Civil Penalty Fund AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule. SUMMARY: The Dodd-Frank Wall Street Reform and Consumer...

  13. Sovereign wealth funds in the globalization of financial markets

    Directory of Open Access Journals (Sweden)

    Djordje Cuzovic

    2012-05-01

    Full Text Available This paper analyses the investment funds with special emphasis on Sovereign Wealth Funds (SWFs, as new participants in the financial market. Considering that financial markets are one of the main carriers of globalization, our goal is to investigate development and the role of these investment funds with reference to contemporary theory and progressive practice of the market of developed countries. Although SWFs emerged in practice more than fifty years ago, they are not sufficiently explored in the theory.

  14. 76 FR 6653 - Public Housing Capital Fund Program

    Science.gov (United States)

    2011-02-07

    ... the private sector within the meaning of UMRA. Environmental Impact A Finding of No Significant Impact... February 7, 2011 Part II Department of Housing and Urban Development 24 CFR Parts 903, 905, 941 et al. Public Housing Capital Fund Program; Proposed Rule #0;#0;Federal Register / Vol. 76, No. 25 /...

  15. Efficiency of Working Capital Management in the System of Financial Safety of Trade Enterprises

    Directory of Open Access Journals (Sweden)

    Krutova Anzhelika S.

    2016-08-01

    Full Text Available The article investigates theoretical and methodological and practical aspects of managing the financial security of enterprises of wholesale and retail trade in Ukraine, summarizes the scientific approaches to assessing enterprise financial security. There justified the influence of the level of efficiency of working capital management on improving the indicators of profitability of financial and economic activity, business activity; increasing financial sustainability and stability of development; ensuring an acceptable level of financial safety of trade enterprises. The main results of financial and economic activities of Ukrainian trade enterprises for the period 2010-2015 that influenced the level of their financial security are analyzed, the negative trends in the dynamics of receiving net profit, low profitability of sales and unprofitableness of using the current assets are highlighted. There revealed a significant disproportion in the structure of capital formation sources, high deficit of own financial resources, trend of financing the current assets entirely from borrowed funds, rapid growth of the level of credit interest rates. There performed an estimation of indicators of financial sustainability by means of the coefficient and aggregate approaches, which indicated the unstable and crisis financial condition of the majority of enterprises of wholesale and retail trade in Ukraine. There determined reserves of increasing financial security with the identification of the key components in the subsystems of financial security, criteria and indicators for an objective assessment of the financial status, taking into account the influence of the external environment, which will allow making sound management decisions regarding the analysis, prevention and neutralization of real and potential threats to trade enterprises.

  16. Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Antoniade-Ciprian ALEXANDRU

    2011-07-01

    Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

  17. Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

    Directory of Open Access Journals (Sweden)

    Marilen Pirtea

    2008-05-01

    Full Text Available Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

  18. Globalization, financial capitalism, and corporate social responsibility: Structural tensions

    Directory of Open Access Journals (Sweden)

    David Barbosa Ramírez

    2014-12-01

    Full Text Available Globalization and financial capitalism keep a synergy in a global context whose problems such as environmental degradation, social inequity, economic crises and corruption are intensified. Corporate Social Responsibility emerges as a mechanism that seeks to mitigate some of these problems, although its effectiveness and impact today are challenged. The system which globalization, financial capitalism and social responsibility are a part of, is currently facing a number of structural tensions that contribute to the analysis, understanding and solving of the mentioned problems. This paper identifies and analyzes four of the aforementioned structural tensions.

  19. Risk, capital and financial crisis: Evidence for GCC banks

    Directory of Open Access Journals (Sweden)

    Saibal Ghosh

    2014-09-01

    Full Text Available Employing data on over 100 GCC banks for 1996–2011, we test the relation between risk and capital. Given the interlinkage between these two variables, the model employs a 3SLS estimation that takes on board this simultaneity. Consistent with the literature, risk is measured by the Z-score, while capital is computed as the ratio of equity to asset. The findings indicate that banks generally increase capital in response to an increase in risk, and not vice versa. Second, there is an uneven impact of regulatory pressure and market discipline on banks attitude toward risk and capital. Additionally, Islamic banks increased their capital as compared to conventional banks. Besides, the evidence testifies to the fact that banks with higher dependence on wholesale funds and less diversified income profile have higher risk.

  20. Knowledge-intensive entrepreneurship and financial capital

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Neergaard, Helle; Ulhøi, John Parm

    2001-01-01

    the survival and preliminary growth of new ventures in high-tech and knowledge-intensive sectors. The paper builds in part upon existing literature on venture capital, theory on risk and trust and network theory. The results document that high variation on several dimensions can be found across the two sectors...... investigated (IT and life sciences). In closing, the paper briefly touches upon implications for policy makers, investors and business managers and for research....

  1. Scientific financial funding in Colombia from 2000 to 2012

    OpenAIRE

    Jorge Mario Rodríguez-Fernández

    2013-01-01

    This study evaluates trends in funding for Science, Technology and Innovation, Research and Development and COLCIENCIAS (Administrative Department for Science, Technology and Innovation) between 2000-2006 and 2007-2012. Available data from the World Bank, OCYT (Colombian observatory of science and technology), DANE (National statistics department), Banco de la República and COLCIENCIAS to evaluate funding source by sector (private, public and international), financial growth rate, financial e...

  2. INSTITUTIONAL PROBLEMS OF FINANCIAL CAPITAL MOBILIZATION IN MODERN RUSSIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Igor Barhatov

    2015-07-01

    Full Text Available This article views the mechanism and modern forms of financial capital mobilization in risky and uncertain conditions of the economic environment. From the perspective of the institutional approach, there is a group of problems typical for two different financial capital mobilization models: the bank loans market and the stock market. It reveals some contradictions of capital mobilization mechanism through bank lending by a critical assessment of subjective and purely subject-object relations; the major participant currently is the State. The features of the process of investing in a portfolio of securities in the current environment of high volatility of systematic and specific nature are defined, which ultimately determine the need to revise the prerequisites of classical portfolio theory and the development of new algorithms for redistribution of capital.Solving the problem of the role of the State in the financial capital mobilization will allow the mechanism to adjust itself in the direction of growth in bank lending instruments. Simultaneously, there is an increase in the growth rate in the real sector of the Russian economy.  The proposed mathematical apparatus of fuzzy set theory, based on uncertainty factors variety of the economic system being considered, is capable of minimizing the portfolio investment risk.

  3. Financial Liberalization and Capital Flight : Evidence from the African Continent

    NARCIS (Netherlands)

    Hermes, Niels; Lensink, Robert

    2015-01-01

    During the past decades, many countries experienced considerable capital flight. Residents moved their wealth abroad, using different ways to accumulate foreign assets. Since the 1990s, several of these countries reformed their domestic financial markets in an attempt to improve the functioning of

  4. Financial liberalization and capital flight : evidence from the African continent

    NARCIS (Netherlands)

    Hermes, Niels; Lensink, Robert

    2014-01-01

    During the past decades, many countries experienced considerable capital flight. Residents moved their wealth abroad, using different ways to accumulate foreign assets. Since the 1990s, several of these countries reformed their domestic financial markets in an attempt to improve the functioning of

  5. Capital Flows and Financial Intermediation: is EMU different?

    NARCIS (Netherlands)

    Samarina, Anna; Bezemer, Dirk

    2014-01-01

    The share of domestic bank credit allocated to non-financial business declined significantly in EMU economies since 1990. This paper examines the impact of capital inflows on domestic credit allocation, taking account of (future) EMU membership. The study utilizes a novel data set on domestic credit

  6. Financial liberalization and capital flight : evidence from the African continent

    NARCIS (Netherlands)

    Hermes, Niels; Lensink, Robert

    2014-01-01

    During the past decades, many countries experienced considerable capital flight. Residents moved their wealth abroad, using different ways to accumulate foreign assets. Since the 1990s, several of these countries reformed their domestic financial markets in an attempt to improve the functioning of t

  7. The Role of Capital Productivity in British Airways' Financial Recovery

    Science.gov (United States)

    Morrell, Peter

    1999-01-01

    British Airways (BA) was privatised in 1987, but its financial recovery occurred a number of years earlier. This recovery was sustained throughout the early 1990s economic recession, a period when few major airlines were operating profitably. This paper examines the role of productivity developments at British Airways from the early 1980s through 1996. The emphasis is on capital productivity and investment, but changes in capital intensity and labour productivity are also evaluated. Various measures are considered for both capital and labour productivity: outputs are measured in available tonne-kms (ATKS) and revenue tonne-kms (RTKs), with the former preferred over the latter two measures, after adjustment for work performed by BA for others. Capital inputs are measured in equivalent lease costs adjusted to constant prices with a different treatment of flight and ground equipment or assets. Labour inputs are derived from total payroll costs deflated by a UK wage price index. The airline made considerable capital investments over the period and at the same time went through two major processes of labour restructuring. This resulted in a gradual increase in capital intensity, relative high labour productivity growth, but poor capital productivity performance. However, capital investment played an important role in the airline's sustained labour and total factor productivity over the whole period.

  8. Financial Disclosure and International Capital Mobility in Latin America

    Directory of Open Access Journals (Sweden)

    Luis Gustavo do Lago Quinteiro

    2008-04-01

    Full Text Available The extant literature provides evidence on the impact of financial disclosure environments on international capital mobility. However, to our knowledge, there are no such studies including Latin-American countries. We aimed to fill this void by assessing the influence of accounting information on international capital mobility in a twenty-two-country sample, including the three largest Latin-American countries: Argentina, Brazil and Mexico. The countries included in the sample represent around 80% of the world’s GDP from 1995 to 2001. Our empirical results show with a 99% confidence level that the degree of disclosure of value-relevant accounting information has positively influenced international capital mobility. We also show, with a 95% confidence level, that countries where financial accounting is less aligned with tax accounting present higher international capital mobility. The three Latin-American countries studied present relatively low levels of disclosure among thesampled countries. However, whereas Argentina and Brazil show low levels of capital mobility, Mexico stands out with a high capital mobility, which we reckon could be accounted for by the country’s trade and investment connections with the US and by its participation in the NAFTA.

  9. THE PRESENTATION OF THE CAPITAL IN FINANCIAL STATEMENTS. THE CONCEPT OF MAINTAINING CAPITAL

    Directory of Open Access Journals (Sweden)

    ANNEE-MARIE GRECEA

    2012-05-01

    Full Text Available The general framework of preparation and presentation of the financial statements as the national legislation, formulates a residual definitionof equity, respectively the right of the shareholders on the assets of anentity after deducting all debts. Thus equity represent the equivalentvalue of inputs which the company must not provide goods or services to a third party. The concept of capital is synonymous with net assets or equity of the company.In the same time, the capital of the company can be addressed through the other two concepts: maintaining financial capital and maintaining physical capital. The selection of one of the two variants has to be realized by the company starting from information users necessities.

  10. 78 FR 26545 - Consumer Financial Civil Penalty Fund

    Science.gov (United States)

    2013-05-07

    ... From the Federal Register Online via the Government Publishing Office BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1075 RIN 3170-AA38 Consumer Financial Civil Penalty Fund AGENCY: Bureau of Consumer... Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) establishes a ``Consumer...

  11. Financial and Social Capital in Marriage

    OpenAIRE

    Jackson, Grace Louise

    2016-01-01

    Popular culture is rife with messages telling couples that they alone have the power to improve their relationship. But couples are embedded in a physical and social context that can also exert both subtle and direct influence. This dissertation serves to enhance our understanding of how two external forces influence marital functioning. The first two papers examine financial resources, and the second two examine social resources. The first paper describes the challenges low-income couples fa...

  12. Knowledge-intensive entrepreneurship and financial capital

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Neergaard, Helle; Ulhøi, John Parm

    2001-01-01

    This paper addresses various financial issues of relevance in the context of knowledge-intensive entrepreneurship. The study can be seen as an empirical test of parts of a theoretical framework previously developed which aims at identifying and explaining some of the key factors affecting...... investigated (IT and life sciences). In closing, the paper briefly touches upon implications for policy makers, investors and business managers and for research....

  13. FINANCIAL RATIOS AND STOCK PRICES ON DEVELOPED CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    BOGDAN DIMA

    2013-03-01

    Full Text Available This study empirically tests for the relevance of a set of financial ratios designed to capture issuers’ financial performance for the dynamics of stock prices, on a dataset of quarterly values for 495 trading quotes from major European capital markets as well as from S&P 500 market covering a time span between 2003/1 and 2011/1. The research hypothesis is that financial ratios reflecting issuers’ financial health matter in the selection of portfolios’ structure. We tested this hypothesis in a GMM methodological framework and found that such relationship holds on long run, even if there appears to be some differences in the reactions of European and United States’ stocks to financial information.

  14. Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

    Directory of Open Access Journals (Sweden)

    Singer Peter A

    2010-12-01

    Full Text Available Abstract Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how

  15. 78 FR 56728 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2013

    Science.gov (United States)

    2013-09-13

    ... PHAs for physical safety and security measures necessary to address crime and drug-related emergencies... agencies for emergency capital needs including safety and security measures necessary to address crime and... FY2013 Awards Name/Address of applicant Amount funded Project description Decatur Housing Authority;...

  16. Global Financial Governance: a Perspective from the International Monetary Fund

    Directory of Open Access Journals (Sweden)

    Ryszard Wilczyński

    2011-03-01

    Full Text Available An environment for the activities of the International Monetary Fund (the IMF has fundamentally changed over the two recent decades. The strong development of financial innovations as well as of financial globalisation was among major forces driving the change and shaping the economic growth worldwide. As some economies were able - with the support from financial markets – to accelerate their growth, other countries suffered from turbulences, which were reinforced and transferred internationally through the volatile financial markets. The process of international financial contagion makes the case for global financial governance, which so far has been left behind the development of markets. The IMF is mandated to play a central role in the global governance designed to ensure financial stability. The article reconsiders the Fund’s role and includes an overview and assessment of its activities, particularly in the context of the global financial crisis in 2007-2010. In the aftermath of this crisis, the international financial stability may, however, again be at risk as several external imbalances in the global economy may be hardly sustainable. It is argued in the paper that, in addition to a gradually improving surveillance and lending as well as to adjusting resources by the Fund, an enhanced credibility of the institution is needed so that its role in the process of the stabilising global financial system is strong and effective.

  17. Gambling on change. Five big systems buy into a venture capital fund to try to reap profits from the transformation of healthcare.

    Science.gov (United States)

    Evans, Melanie

    2011-01-31

    Five healthcare systems have financed a venture-capital fund with hopes for a financial and operational return. Executives say the investment is a way to influence technological developments and evaluate products and software. James Bosscher, chief investment officer at Trinity Health, left, said Heritage fund investments will target health information technology.

  18. 78 FR 64292 - Community Development Financial Institutions Fund Proposed Collection; Comment Request

    Science.gov (United States)

    2013-10-28

    ... Community Development Financial Institutions Fund Proposed Collection; Comment Request ACTION: Notice and... Development Financial Institutions (CDFI) Fund, Department of the Treasury, is soliciting comments concerning... the Community Development Financial Institutions (CDFI) Bond Guarantee Program. DATES: Written...

  19. Policy Recommendations to Prevent Financial Risks Caused by Speculative Capital Flows

    Institute of Scientific and Technical Information of China (English)

    唐旭; 梁猛

    2008-01-01

    There are two inaccuracies to the common belief that hot money flows into China through international trade: "hot money" and "trade channels". First, China’s domestic financial market is still at the initial stage of development, and foreign exchange control has put barriers to entry and exit of overseas capital. Strictly speaking, the short-term highly liquid "hot money" does not exist in China, and is referred to as long-term speculative capital in this paper. Second, such capital does not come from trade alone. International trade is only part of corporate business operations, and a more reasonable and complete description is that "overseas capital flows into China through foreign-funded enterprises". Through analysis of the inflow channels, this paper estimates that the stock of long-term speculative capital between 1999 and 2006 stands at almost US$ 400 billion. The year 2006 saw an increase of US$ 98.09 billion, of which US$ 35.4 billion was formed through international trade, which equals to roughly 20% of trade surplus that year. But this does not mean that 20% of trade surplus is long-term speculative capital.

  20. FINANCIAL MANAGEMENT OF THE COMPANY THROUGH THE CAPITALIZATION OF FINANCIAL-ACCOUNTING INFORMATION

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2014-06-01

    Full Text Available This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.

  1. 76 FR 73748 - Genesis Capital, LLC and Northern Lights Fund Trust; Notice of Application

    Science.gov (United States)

    2011-11-29

    ... COMMISSION Genesis Capital, LLC and Northern Lights Fund Trust; Notice of Application November 21, 2011... approval. Applicants: Genesis Capital, LLC (``Genesis Capital'' or the ``Adviser'') and Northern Lights... Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. Applicants: Genesis Capital, 7191...

  2. 78 FR 77175 - Catalyst Capital Advisors LLC and Mutual Fund Series Trust; Notice of Application

    Science.gov (United States)

    2013-12-20

    ... COMMISSION Catalyst Capital Advisors LLC and Mutual Fund Series Trust; Notice of Application December 16... agreements without shareholder approval. APPLICANTS: Catalyst Capital Advisors LLC (``CCA'' or the ``Adviser'') and Mutual Fund Series Trust (formerly Catalyst Funds) (the ``Trust''). DATES: Filing Dates:...

  3. Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

    CERN Document Server

    2015-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

  4. Navy Working Capital Fund: Budgeting for Carryover at Fleet Readiness Centers Could Be Improved

    Science.gov (United States)

    2015-06-01

    NAVY WORKING CAPITAL FUND Budgeting for Carryover at Fleet Readiness Centers Could Be Improved Report to...00-00-2015 4. TITLE AND SUBTITLE Navy Working Capital Fund: Budgeting for Carryover at Fleet Readiness Centers Could Be Improved 5a. CONTRACT...Accountability Office Highlights of GAO-15-462, a report to congressional requesters June 2015 NAVY WORKING CAPITAL FUND Budgeting for Carryover at

  5. Borrowing of the International Monetary Fund during the global financial and economic crisis

    Directory of Open Access Journals (Sweden)

    Gnjatović Dragana

    2015-01-01

    Full Text Available The paper analyses the rapid growth of borrowing of the International Monetary Fund during the global financial and economic crisis. According to the Articles of Agreement of the IMF, the basis of its financial resources consists of its own funds created from paid-in capital (quotas by the Member States. Only if it appears to be that those resources are not sufficient for its ongoing financial operations, the Fund has a possibility to borrow. However, due to the large growth of demand for the Fund's resources induced by the global financial and economic crisis since 2008, the dominant position in the structure of its financial resources has been overtaken by borrowing on bilateral and multilateral grounds. The aim of this paper is to examine the reasons why borrowing has by far overgrown the role of supplementary source of the IMF resources during the crisis. The paper starts from the hypothesis that the reasons are of institutional nature since the very method of decision making on overall quota increase did not leave any room for a rapid reaction. Namely, the IMF could only respond quickly and effectively to the sharply increased demand of the Member States hit by the crisis by relying on borrowing. The one hundred percent increase in credit potential of the Fund, its scale unprecedented in the seventy-year long history of the IMF operations, would not have been possible had it waited for the realization of the decision on general quotas increase within their, fourteenth in the row, review.

  6. From Socialism to Hedge Fund: The Human Element and the New History of Capitalism

    Directory of Open Access Journals (Sweden)

    David Huyssen

    2015-08-01

    Full Text Available Alfred Winslow Jones was a socialist who founded the first hedge fund in 1949. He had been U.S. Vice Consul in Berlin from 1931 to 1932, Soviet sympathizer and anti-Nazi spy with dissident German communists, humanitarian observer during the Spanish Civil War, acclaimed sociologist of class, and an editor for Fortune magazine. At every stage of his life, Jones occupied positions of advantage, and his invention of the modern hedge fund has had an outsized impact on global capitalism’s contemporary round of financialization. On its face, then, his life would appear to offer ideal material for a “great-man” biography. Yet this “great man” also wrestled with the continual recognition that structural forces were undermining his fondest hopes for social change. Following Georgi Derluguian, Giovanni Arrighi, and Marc Bloch, this article proposes a world-system biography of Jones as a method better suited for mapping the internal dialectics of twentieth-century capitalism, using Jones as a human connection between cyclical and structural transformations of capitalism, and across changes of phase from financial to material expansion—and back again. On another level, it suggests a theoretical reorientation—toward what Bloch called “the human element”—for studies of capitalism’s cultural and material history. It argues that such a reorientation would hold rewards for the “new history of capitalism” field, which until now has pursued its quarry primarily by tracing the movements of commodities, capital, institutions, and ideas.

  7. On Financial Performance and Capital Structure of Romanian Companies

    Directory of Open Access Journals (Sweden)

    Viorela Ligia VĂIDEAN

    2014-11-01

    Full Text Available The purpose of this paper is to validate the theoretical background of the specialized economic literature on financial performance of companies as a function of different capital structure determinants on the Romanian market. As such, the capital structure considered indicators are the short term, long term and total debt ratios, further adding the logarithm of Sales as a proxy for the size of a company. For performance, the paper used the companies’ return on assets and net profit margin, significant results being obtained for the former only. Data were processed with the help of the IBM SPSS 20 software, using the linear regression technique. Basically, the sample points towards a negative weak correlation between total debt and return on assets.

  8. Developing Financial Industry Must Depend on Support of the Capital Market

    Institute of Scientific and Technical Information of China (English)

    Zheng Xinlin

    2007-01-01

    @@ The first issue-the importance and urgency of developing financial industry at present. Through 28 years of reform and opening up, China's industrial capital and economy aggregate have stood in the front row, ranking the fourth in the world. In comparison with industry, financial capital is much less developed. It might even be said that the country is a giant in industry and a dwarf in financial capital.

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

    Directory of Open Access Journals (Sweden)

    Agata Gastecka

    2015-04-01

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

  10. The Impact of Financial Diplomacy and the Effects of Financial Crisis on Norwegian Firms' Capital

    Directory of Open Access Journals (Sweden)

    Dan DUMITRIU

    2015-03-01

    Full Text Available This research focuses on investigating changes in the financial diplomacy of the Norwegian firms’ leverages due to the decrease in banks’ lending as a consequence of the financial crisis shock wave. The research question is whether the leverage ratio measured as debt-to-equity significantly declined as a consequence of the credit crunch. Its purpose is to analyze the relationship between firms, financial diplomacy and banks and find out its implications on the capital structure, answering to the question whether firms whose bank received a large shock after Lehman Brothers’ default changed their capital structure or they found substitutes for bank lending. This paper does not study whether the changes in financial leverage led to a decreased performance of the companies, the research focuses on the relationship between Norwegian financial diplomacy and firms, emphasizing how performance of the banks influences the way in which a company finances its assets and which substitutes does it have when there is a credit crunch.

  11. Mitigating the Erratic Behavior of the Transportation Working Capital Fund Through Accurate Forecasting

    Science.gov (United States)

    2015-06-19

    reference to Statistics for Business and Economics, 11th Edition (McClave et al., 2011). Data and Scope The data used for forecasting was provided by two...MITIGATING THE ERRATIC BEHAVIOR OF THE TRANSPORTATION WORKING CAPITAL FUND THROUGH ACCURATE FORECASTING ...CAPITAL FUND THROUGH ACCURATE FORECASTING GRADUATE RESEARCH PAPER Presented to the Faculty Department of Operational Sciences Air

  12. Stock Picking and Market Timing of the Egyptian Fund Managers: Evidence from the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Mohammad Elmesseary

    2014-10-01

    Full Text Available The findings of over-or-under performance of fund managers across the crisis periods are mixed. By analyzing the data of 35 Egyptian funds, this paper investigates the two skills of market timing and selectivity during-and-post the 2007-2008 financial turmoil; it also examines the comparative performance between the conventionaland Islamic mutual funds. The results show no evidence of these skills even for the overall period or for the crisis one, where Chow – test documents that there are no structural changes either for the regression line or for its coefficients across the two sub-periods. These findings are supported by using a well-known benchmark. Thus, it seems that investors cannot gain superior returns by investing in the mutual funds industry as a whole. Furthermore, the outcomes of the cross-sectional analysis report that investors cannot also attain higher returns by investing in a particular fund group against the other, implying that the ethical screening, which is adopted by the Islamic ones, and which limits their potentials of diversification does not impact their performance.JEL classification: G1; G2Keywords: Capital markets, Islamic mutual funds, performance evaluation, market timing ability,stock picking ability

  13. 20 CFR 418.3420 - How are funds held in financial institution accounts counted?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false How are funds held in financial institution... SUBSIDIES Medicare Part D Subsidies Resources § 418.3420 How are funds held in financial institution accounts counted? (a) Owner of the account. Funds held in a financial institution account (including...

  14. 78 FR 5870 - Community Development Financial Institutions Fund: Proposed Collection; Comment Request

    Science.gov (United States)

    2013-01-28

    ... Community Development Financial Institutions Fund: Proposed Collection; Comment Request ACTION: Notice and... Financial Institutions (CDFI) Fund, an office within the Department of the Treasury, is soliciting comments... Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW...

  15. 77 FR 71035 - Financial Management Service; Proposed Collection of Information: Electronic Funds Transfer (EFT...

    Science.gov (United States)

    2012-11-28

    ... Fiscal Service Financial Management Service; Proposed Collection of Information: Electronic Funds Transfer (EFT) Market Research Study AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management Service, as part of its continuing...

  16. PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Milos Laura Raisa

    2012-12-01

    Full Text Available In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authorities’ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging. It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to

  17. 31 CFR 501.604 - Reports by U.S. financial institutions on rejected funds transfers.

    Science.gov (United States)

    2010-07-01

    ... institution, domestic bank, financial institution or U.S. financial institution, as those terms are defined in... REPORTING, PROCEDURES AND PENALTIES REGULATIONS Reports § 501.604 Reports by U.S. financial institutions on rejected funds transfers. (a) Who must report. Any financial institution that rejects a funds...

  18. TAX PLANNING BY MUTUAL FUNDS: EVIDENCE FROM CHANGES IN THE CAPITAL GAINS TAX RATE

    OpenAIRE

    Chen, Feng; Kraft, Arthur; Weiss, Ira

    2011-01-01

    We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund managers have incentives to consider the tax liability of both current and potential investors. Our analysis spans over 44 years and six major tax changes, allowing us to examine the effects of both tax rate...

  19. The effect of financial liberalization on capital flight in African economies

    NARCIS (Netherlands)

    Lensink, B.W.; Hermes, C.L.M.; Murinde, V.

    In this paper we assess the effects of financial liberalization on capital flight in African economies. A portfolio model, in which capital flight is one of the assets, is estimated on a sample of nine African countries for 1970-91. The estimation results suggest that financial liberalization

  20. The effect of financial liberalization on capital flight in African economies

    NARCIS (Netherlands)

    Lensink, B.W.; Hermes, C.L.M.; Murinde, V.

    1998-01-01

    In this paper we assess the effects of financial liberalization on capital flight in African economies. A portfolio model, in which capital flight is one of the assets, is estimated on a sample of nine African countries for 1970-91. The estimation results suggest that financial liberalization induce

  1. The role of financial market performance in hospital capital investment.

    Science.gov (United States)

    Reiter, Kristin L; Song, Paula H

    2011-01-01

    Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

  2. Stock Picking and Market Timing of the Gulf Fund Managers: Evidence from the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Mohamed Elmesseary

    2014-10-01

    Full Text Available From five Gulf countries over the 2007-2012 period, this paper offers a comprehensive investigation for these managerial skills during and after the Financial Crisis (FC of 2007- 2008; it also inspects the relative differences in performance between equity conventional mutual funds (CMFS and Islamic ones. The results show no evidence of over-or-under performance for the fund managers due to these two skills, where there are no structuralchanges for the regression line across the two sub-periods, but it reveals the superiority of equity CMFS performance in Kuwait in particular along the overall period. Thus, it seemsthat if the investors cannot gain superior returns by investing in the Gulf mutual funds on general, they may attain a comparative advantage by investing in the conventional fundsagainst the Islamic ones especially in Kuwait. It also implies that the ethical screening, which is adopted by the Islamic funds of Kuwait, already limits their diversification  opportunities and then adversely affects their performance.JEL classification: G1; G2Keywords: Capital markets, Islamic mutual funds, performance evaluation, market timing ability, stock picking ability

  3. The Funding Gap and The Role of Financial Return Crowdfunding: Some Evidence From European Platforms

    Directory of Open Access Journals (Sweden)

    GIULIANA BORELLO

    2015-04-01

    Full Text Available Crowdfunding is a relatively new phenomenon. However, its growth rate in recent years has been substantial. Typically, start-ups and small and medium enterprises (SMEs face funding problems and crowdfunding may have become an alternative funding source. We study a sample of financial return crowdfunding platforms active in the European Union. We concentrate on the organizational structure and business model of the platforms for those companies with funding needs to identify whether crowdfunding might be complementary to, or a substitute for traditional funding sources. The analysis evidences an extreme heterogeneity among platforms, partly due to the lack of regulation at both national and European level. Furthermore, it shows that crowdfunding has evolved from pure p2p to p2b and b2b fundraising, even in equity crowdfunding where target companies are mainly represented by start-ups. Also, some characteristics of p2p lending and equity platforms are significant for the future development of crowdfunding as an alternative source of capital. Another critical issue which may impact upon the future development of crowdfunding is regulation. Crowdfunding is largely still an unregulated activity. The ways in which crowdfunding is regulated will seriously affect its capacity to reduce the funding gap for start-ups and SMEs.

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

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

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

  5. Successful implementation effect of insurance services in money and capital financial markets

    OpenAIRE

    Nemat Tahmasebi

    2016-01-01

    One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring...

  6. 78 FR 5320 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Capital Planning

    Science.gov (United States)

    2013-01-25

    ... fundamental resource available to cover unexpected losses and ensure long-term financial flexibility and... cooperatives. III. Need for Enhanced Capital Planning The fundamental purpose of bank capital is to provide a... Currency (OCC)) and the Federal Housing Finance Agency (FHFA) have issued proposed, and in some cases...

  7. 78 FR 65145 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Capital Planning

    Science.gov (United States)

    2013-10-31

    ... economic cycles. The recent global financial crisis underscored the importance of capital adequacy planning... best practices in economic capital modeling, which has advanced considerably since the provisions were... planning horizon. We believe that excessive program asset growth, or the ``accumulation of risks,''...

  8. Field Support System (FS-AID) and Working Capital Fund Tracking System (WCF-TS)

    Data.gov (United States)

    US Agency for International Development — The Field Support System (FS-AID) and Working Capital Fund Tracking System (WCF-TS) are two modules of a single data management system that share common tables and...

  9. THEORETICAL AND METHODOLOGICAL PRINCIPLES OF THE STRATEGIC FINANCIAL ANALYSIS OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Olha KHUDYK

    2016-07-01

    Full Text Available The article is devoted to the theoretical and methodological principles of strategic financial analysis of capital. The necessity of strategic financial analysis of capital as a methodological basis for study strategies is proved in modern conditions of a high level of dynamism, uncertainty and risk. The methodological elements of the strategic financial analysis of capital (the object of investigation, the indicators, the factors, the methods of study, the subjects of analysis, the sources of incoming and outgoing information are justified in the system of financial management, allowing to improve its theoretical foundations. It is proved that the strategic financial analysis of capital is a continuous process, carried out in an appropriate sequence at each stage of capital circulation. The system of indexes is substantiated, based on the needs of the strategic financial analysis. The classification of factors determining the size and structure of company’s capital is grounded. The economic nature of capital of the company is clarified. We consider that capital is a stock of economic resources in the form of cash, tangible and intangible assets accumulated by savings, which is used by its owner as a factor of production and investment resource in the economic process in order to obtain profit, to ensure the growth of owners’ prosperity and to achieve social effect.

  10. 20 CFR 416.1208 - How funds held in financial institution accounts are counted.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false How funds held in financial institution accounts are counted. 416.1208 Section 416.1208 Employees' Benefits SOCIAL SECURITY ADMINISTRATION... held in financial institution accounts are counted. (a) General. Funds held in a financial institution...

  11. In which Financial Markets do Mutual Fund Theorems hold true?

    CERN Document Server

    Schachermayer, Walter; Taflin, Erik

    2007-01-01

    The Mutual Fund Theorem (MFT) is considered in a general semimartingale financial market S with a finite time horizon T, where agents maximize expected utility of terminal wealth. It is established that: 1) Let N be the wealth process of the num\\'eraire portfolio (i.e. the optimal portfolio for the log utility). If any path-independent option with maturity T written on the num\\'eraire portfolio can be replicated by trading \\emph{only} in N, then the (MFT) holds true for general utility functions, and the num\\'eraire portfolio may serve as mutual fund. This generalizes Merton's classical result on Black-Scholes markets. Conversely, under a supplementary weak completeness assumption, we show that the validity of the (MFT) for general utility functions implies the same replicability property for options on the num\\'eraire portfolio described above. 2) If for a given class of utility functions (i.e. investors) the (MFT) holds true in all complete Brownian financial markets S, then all investors use the same utili...

  12. 76 FR 37174 - Capital Investment Program-New Starts and Small Starts Program Funds

    Science.gov (United States)

    2011-06-24

    ... Federal Transit Administration Capital Investment Program--New Starts and Small Starts Program Funds... appropriated for the Capital Investments Grant Account, which includes the New Starts and Small Starts programs... Transportation's (DOT) Federal Transit Administration (FTA) announces the apportionment of the FY 2011...

  13. Islamic Financial Engineering : Comparative Study Agreements in Islamic Capital Market in Malaysia and Indonesia

    Directory of Open Access Journals (Sweden)

    Adhitya Ginanjar

    2014-03-01

    Full Text Available Objective –The objective of this paper is to provide a discussion Islamic Financial Engineering which practice between Indonesian Capital Market and Malaysian capital market. This paper also investigate whether regulator could effectively take a role in materializing demands for Islamic securities and whether regulator declaration is more convincing than sharia compliance declaration between IDX and KLSE.Methods - We use descriptive analytic and literature study to see the background, market response caused by regulatory for Islamic Financial Engineering. We also analyze Islamic capital market regulatory from middle east countries.Results - We find that Islamic Capital Market in KLSE (Malaysian Capital Market more higher growth than IDX (Indonesia Capital Market because of Islamic Capital Regulatory in KLSE much easier to improve Islamic Financial Engineering from conventional schemes.Conclusion - This finding could explain why Islamic Capital Market in KLSE is still growing rapidly and IDX will adjust their Islamic Capital Market Regulatory to compete with regional Islamic Capital Market.Keywords : Islamic Financial Engineering, Risk, Return, Derivative, Hedging, Option, Forward, Hybrid  contract

  14. Raising capital: the role of sovereign wealth funds

    OpenAIRE

    2009-01-01

    This article describes what sovereign wealth funds do, where their funding comes from, and what drives their investment strategies. It also highlights some of the policy issues that their activities raise.

  15. Capital flows to emerging economies during and after the global financial crisis in 2008

    Directory of Open Access Journals (Sweden)

    Dr.Sc. Vesna Georgieva Svrtinov

    2013-06-01

    Full Text Available This paper analyses dynamics of various types of capital flows to emerging economies during and after the global financial crisis. The first part discusses dynamics of various types of international capital flows during the global financial crisis. The second part focuses on the regional distribution of capital inflows to emerging markets economies. The third part raises the issue of the changed pattern of foreign direct investment, observed during and after the global crisis. The fourth part discusses possible policy responses for dealing with volatile capital flows to emerging market economies.

  16. Financial strain, social capital, and perceived health during economic recession: a longitudinal survey in rural Canada.

    Science.gov (United States)

    Frank, Christine; Davis, Christopher G; Elgar, Frank J

    2014-01-01

    Although the health consequences of financial strain are well documented, less is understood about the health-protective role of social capital. Social capital refers to a sense of community embeddedness, which is in part reflected by group membership, civic participation, and perceptions of trust, cohesion, and engagement. We investigated whether perceptions of social capital moderate the relation between financial strain and health, both mental and physical. This longitudinal study surveyed adults in two communities in rural Ontario where significant job losses recently occurred. Data were collected on financial strain, social capital, perceived stress, symptoms of anxiety and depression, and physical health on three occasions over 18 months (N's = 355, 317, and 300). As expected, financial strain positively related to perceived stress, poor physical health and symptoms of anxiety and depression, whereas social capital related to less stress, better physical health, and fewer symptoms of anxiety and depression. Effects of financial strain on perceived stress and depressive symptoms were moderated by social capital such that financial strain related more closely to perceived stress and depressive symptoms when social capital was lower. The findings underscore the health-protective role of community associations among adults during difficult economic times.

  17. 76 FR 16438 - Reallocation of American Recovery and Reinvestment Act Capital Funds-Capital Fund Grant Program...

    Science.gov (United States)

    2011-03-23

    ... housing agencies (PHAs) to carry out capital and management activities, as authorized under section 9 of..., Option 2 of the NOFA Creation of Energy Efficient, Green Communities, consistent with the Department's... capital and management activities as authorized under section 9 of the 1937 Act in accordance with...

  18. Financial capital appraisal in the system of industrial enterprise development management

    Directory of Open Access Journals (Sweden)

    Akhtyamov M.K.

    2017-01-01

    Full Text Available The paper studies an objective appraisal of financial capital value in industrial enterprise development management. The authors draw attention to a limited scope of work in the area of financial management under application of a traditional approach to appraisal of enterprise financial capital value and describe a new advanced approach to this problem solving. The paper focuses on reformation of balance sheet statement, in which economic benefit and reserves of financial capital are included by the authors; the author’s methodology for appraisal of financial capital value and its application sphere are denoted. In accordance with a case study, we confirm possibility of more accurate appraisal of enterprise investment opportunities by taking into account economic benefit from reserve of liquidity and borrowing capacity, which increases financial capital value. The practical approval results affirm that application of proprietary methodology for appraisal of financial capital and its elements has practical utility in solving problems of determination of required amount of attracted foreign investments and problems of determination of fair value of company take of an external investor, which are aimed at minimizing risks of corporate ownership dissemination and improving managerial efficiency of an industrial enterprise.

  19. The Determinants of State Spending on Higher Education: How Capital Project Funding Differs from General Fund Appropriations

    Science.gov (United States)

    Ness, Erik C.; Tandberg, David A.

    2013-01-01

    Our fixed-effects panel data analysis of state spending on higher education fills a near void of studies examining capital expenditures on higher education. In our study, we found that political characteristics (e.g., interest group activity, organizational structure, and formal powers) largely account for differences between general fund and…

  20. 75 FR 77190 - Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150...

    Science.gov (United States)

    2010-12-10

    ... Contents I. Background II. Discussion A. Definition of Venture Capital Fund 1. Qualifying Portfolio... Text of Proposed Rules I. Background On July 21, 2010, President Obama signed into law the Dodd-Frank... enterprises'' (``SMEs'') are defined as non-subsidiary, independent firms employing fewer than the number...

  1. Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

    Directory of Open Access Journals (Sweden)

    Radu CIOBANU

    2011-06-01

    Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

  2. Capital Flight: A Response to Differences in Financial Risks

    OpenAIRE

    Michael P. Dooley

    1988-01-01

    Empirical tests incorporating measures of capital flight from developing countries that are substantially different from those used in existing studies suggest that capital flight can be explained by differences in risk perceived by residents and nonresidents in holding claims on residents of the countries studied. To the extent that capital flight reflects differences among holders in expected yields on claims on residents of capital-flight countries, it may not be related to conventional de...

  3. FUNDS INVESTMENT STRATEGIES ON CAPITAL MARKETS FROM EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    REGEP HORAŢIU DAN

    2015-04-01

    Full Text Available The purpose of this paper is the understanding of how to establish investment strategies of investment funds depending on the area, sector of investment, and time horizon, and the management involvement in investment decisions making. There have been considered funds from Trustnet, investing in Eastern Europe. For each investment fund, the sector and also a set of indicators to measure performance and risks have been analyzed: dynamics, beta, alpha, Sharpe ratio, info ratio and R-Squared.

  4. Steering Capital: Optimizing Financial Support for Innovation in Public Education

    Science.gov (United States)

    Smith, Kim; Petersen, Julie

    2011-01-01

    This paper revisits the central question of how to improve the provision of capital for entrepreneurial change in public education, but emphasizes the innovation ecosystem that surrounds the capital markets. The authors consider capital as one of the most important levers individuals need to align in this innovation ecosystem, but as a force that…

  5. THEORETICAL AND METHODOLOGICAL PRINCIPLES OF THE STRATEGIC FINANCIAL ANALYSIS OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Olha KHUDYK

    2016-07-01

    Full Text Available The article is devoted to the theoretical and methodological principles of strategic financial analysis of capital. The necessity of strategic financial analysis of capital as a methodological basis for study strategies is proved in modern conditions of a high level of dynamism, uncertainty and risk. The methodological elements of the strategic indicators, the factors, the methods of study, the subjects of analysis, the sources of incoming and outgoing information are justified in the system of financial management, allowing to improve its theoretical foundations. It is proved that the strategic financial analysis of capital is a continuous process, carried out in an appropriate sequence at each stage of capital circulation. The system of indexes is substantiated, based on the needs of the strategic financial analysis. The classification of factors determining the size and structure of company’s capital is grounded. The economic nature of capital of the company is clarified. We consider that capital is a stock of economic resources in the form of cash, tangible and intangible assets accumulated by savings, which is used by its owner as a factor of production and investment resource in the economic process in order to obtain profit, to ensure the growth of owners’ prosperity and to achieve social effect.

  6. Capital flows, bazookas and unconventional monetary policy : Essays in international financial stability

    NARCIS (Netherlands)

    Frost, Jonathon Jeffrey

    2015-01-01

    Do international capital flows make countries more or less vulnerable to financial crises? Should countries shield their economies from stress with capital controls? ‎Once a crisis hits, should the public sector launch large-scale support programs ("bazookas")? And if the central bank decides to lau

  7. Capital flows, bazookas and unconventional monetary policy : Essays in international financial stability

    NARCIS (Netherlands)

    Frost, Jonathon Jeffrey

    2015-01-01

    Do international capital flows make countries more or less vulnerable to financial crises? Should countries shield their economies from stress with capital controls? ‎Once a crisis hits, should the public sector launch large-scale support programs ("bazookas")? And if the central bank decides to

  8. Human capital financial results of an enterprise – research on the best employers in poland

    Directory of Open Access Journals (Sweden)

    Anna Bagieńska

    2014-12-01

    Full Text Available In a modern economy human capital is the basic resource, directly influencing production and the financial results of the enterprise. Employee involvement determines their better job performance and the achievement of better financial results. The analysed companies – winners of the contest named Best Employer in Poland demonstrated increasing effectiveness and profitability of their activities which was shown by the calculated coefficients. The human capital coefficients based on the data from financial reports do not reflect the proper analysis of changes in return on investment and human capital productivity dependent on the level of employee involvement. A proper evaluation should concern not only financial results such as sales revenues, but also non-financial results.

  9. Low fertility, human capital, and economic growth: The importance of financial education and job retraining

    Directory of Open Access Journals (Sweden)

    Naohiro Ogawa

    2013-10-01

    Full Text Available Background: International research has shown that workers have a rather low level of financial literacy. Financial literacy is associated with lifetime planning and saving for retirement. This article focuses on the role of financial literacy in the demand for human capital and on-the-job training among older workers in Japan. Workers with higher levels of financial literacy are more likely to demand human capital, plan to enter training programs, and desire to work after retirement. Objective: Does financial literacy affect the demand for additional human capital among older Japanese workers? How does the level of financial literacy affect the age of retirement and plans for working after retirement from a career job in Japan? Methods: This paper analyzes data from a national survey of Japanese employees. We estimate the effect of financial literacy on the demand for additional human capital to remain competitive for promotions and for finding employment after retirement. Results: Higher levels of financial literacy are associated with greater demand for additional human capital and for participation in on-the-job training programs among older workers in Japan. Conclusions: Given the rapid aging of the Japanese population and the decline in the total population, providing employment opportunities for older workers (ages 60 and older is a key to sustaining economic growth and per capita income. The analysis indicates that greater levels of financial literacy are associated with a desire for more training and human capital. Thus, enhancing the level of financial literacy among older workers may be a key to maintaining economic wellbeing.

  10. The Relationship between Financial Freedom, Financial Depth and Mutual Funds: Panel Bounds Testing Approach

    Directory of Open Access Journals (Sweden)

    Gönül YÜCE

    2013-03-01

    Full Text Available The purpose of this study is to investigate the nexus between mutual fund assets, financial freedom, and financial depth in 54 countries from 2000 to 2011 by employing panel ARDL bounds testing approach. To examine this linkage, we use the two-step procedure from ARDL bounds testing model: In first step, we explore the long-term relationship between the variables by using ARDL test of cointegration. Secondly, we employ a dynamic error correction model to explore the short-term relationship between the variables. All results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results. Furthermore, because the error correction term is found negative and statistically significant, it can be said that the variables converge to equilibrium quickly, and short-term imbalances will be overcomed in the long-term.

  11. 24 CFR 891.808 - Capital advance funds.

    Science.gov (United States)

    2010-04-01

    ... agreement letter for a capital advance. In the case of a Section 811 mixed-finance project, the additional... Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities... and regulations of the Section 202 and Section 811 supportive housing programs. For mixed-finance...

  12. THE ROLE OF VENTURE CAPITAL IN THE BRIDGING OF FUNDING GAPS – A REAL OPTIONS REASONING

    Directory of Open Access Journals (Sweden)

    Fazekas Balazs

    2015-07-01

    Full Text Available Funding gaps occur when for a particular group of enterprises there are not enough available funds to finance their growth. Such enterprises are typically young, innovative and technology-oriented startup companies. These companies do not have significant revenues or collaterals; hence they are not suitable for bank financing. On the other hand the information problems decrease their chances to attract investors and also there is high uncertainty involved in these companies. The method of venture capital financing was established to operate in this financing gap and to provide funds for these technology-oriented, young startup enterprises. There is an extensive literature that highlights that venture capitalists are capable and willing to provide financing for these enterprises as a result of their special expertise and business experience and their sophisticated value creation methods. In this article the authors introduce a real options reasoning in order to give an interpretation of venture capital decision-making method and why venture capital is willing to operate in funding gaps and how it is able to bridge them. With the involvement in the operation of the invested companies venture capitalists create options that increase the value of the firm. Also in option-valuation the higher the uncertainty of the asset is, the higher the value of the option is. That is the reason, why other passive funding forms reject the financing of startup enterprises, while venture capital is willing to provide funds for them. In this article we will describe the problem of funding gaps, than we will introduce real options and their effect on investment decision. In the last part of the article we will demonstrate how real options appear and are created in venture capital financing as a result of its special characteristics and how the real options approach can explain the ability of venture capitalist of bridging funding gaps.

  13. The relationship between financial development indicators and human capital in Iran

    Directory of Open Access Journals (Sweden)

    Hamed Adeli Nik

    2013-04-01

    Full Text Available Human capital is considered as one of the major factors to promote economic stability, especially in developing countries. Furthermore, one of the most important factors in developing human capital is taking the advantage of facilities and economic capabilities in the Instruction Sector. Development of financial system provides such abilities for the prospective countries. This paper studies the influence of financial development on human capital in Iran over period 1977-2010 with the application of a VAR model. The results show that the cash flow in Iran has a negative effect on human capital, which could be because of the increase in inflation and ends increase in costs of long-term investment and human capital is taken into account as long term investment. However, the facilities provided by the banking system has negative effect on human capital due to the lack of the best financial resource allocation. However, since most of university graduate students in Iran practically have adequate skills and education, they do not have enough capital to start a business. Providing financial assistance for the private sector can lead to a business in which they can use their skills and education towards promoting production.

  14. An empirical study to measure the impact of financial and macro economical figures on capital adequacy

    Directory of Open Access Journals (Sweden)

    Mohsen Babaei dazghei

    2012-09-01

    Full Text Available Capital adequacy plays an important role for reducing different risk components in banking industry. In this paper, we present an empirical study to measure the impact of financial and macro economical factors on capital adequacy. We gather the necessary information from financial statements and balance sheets of nine Iranian private banks over the period of 2005-2011. The results of analyzing the data based on the implementation of linear regression technique reveal that there are some meaningful relationship between financial figures, including bank size and profitability, and capital adequacy. However, the survey does not show any relationship between macro economical factors, including growth domestic product and inflations, and capital adequacy.

  15. Credit Rating Agencies, Financial Regulations and the Capital Markets

    NARCIS (Netherlands)

    K. Shahzad (Khurram)

    2013-01-01

    textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit

  16. Credit Rating Agencies, Financial Regulations and the Capital Markets

    NARCIS (Netherlands)

    K. Shahzad (Khurram)

    2013-01-01

    textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit r

  17. Financial Sector Assessment : Malaysia

    OpenAIRE

    World Bank

    2013-01-01

    Malaysia, as many of its Asian neighbors, experienced significant macro/financial distress in the late 1990s. The transformed and strengthened financial sector has been able to weather the recent global financial crisis well. Financial market intermediaries reliance on cross-border and interbank funding remains limited. Banking institutions are well capitalized and are expected to be able...

  18. The global financial crisis, neoclassical economics, and the neoliberal years of capitalism

    OpenAIRE

    Bresser-Pereira,Luiz Carlos

    2010-01-01

    The 2008 global financial crisis was the consequence of financialization or the creation of massive fictitious financial wealth, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on the self-regulated and efficient markets.Although laissez faire capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions that led to the “30 glorious years of capitalism”. Ye...

  19. Financial liberalization, growth, productivity and capital accumulation: The case of European integration

    OpenAIRE

    Gehringer, Agnieszka

    2012-01-01

    In the present contribution, we concentrate on the process of financial liberalization in a specific context of European economic and monetary integration. We implement de facto and de jure measures of financial liberalization and find that formal aspects of financial openness generate a strongly positive impact on economic growth and its sources, productivity growth and capital accumulation. Moreover, there is evidence of a positive contribution to the process stemming from the EU membership...

  20. Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

    Directory of Open Access Journals (Sweden)

    Fikret Kartal

    2013-08-01

    Full Text Available Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

  1. The Global Financial Crisis and the Performance of Capital Markets of Developing Economies: Lessons from Nigeria

    Directory of Open Access Journals (Sweden)

    Edirin Jeroh

    2013-04-01

    Full Text Available In recent times, economies worldwide are believed to be interrelated. This led to the interdependence of financial institutions such that developments in any part of the world, affects other parts as well. Thus, this study examines the extent to which the recent global financial crisis influenced the performance of capital markets in developing economies, with emphasis on the Nigerian Capital Market. The cointegration technique with its implied Error Correction Model was adopted. The results of the parsimonious ECM revealed amongst others that the recent global financial crisis does not have a severe negative impact on the performance of the Nigerian capital market. Based on the above, it was recommended amongst others that efforts must be made by the CBN and other regulatory bodies to ensure that reforms are made to reduce the over dependence on foreign borrowing by financial institutions in Nigeria as this will help to cushion the effect of credit crunch in advanced countries on the Nigerian economy.

  2. Helping Community College Students Cope with Financial Emergencies: Lessons from the Dreamkeepers and Angel Fund Emergency Financial Aid Programs

    Science.gov (United States)

    Geckeler, Christian

    2008-01-01

    Lumina Foundation for Education created the Dreamkeepers and Angel Fund Emergency Financial Aid Programs to assist community college students who are at risk of dropping out because of unexpected financial crises. Both programs are multiyear pilot projects that began in 2005 and are administered by Scholarship America and the American Indian…

  3. 75 FR 39391 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

    Science.gov (United States)

    2010-07-08

    ... Administration 12 CFR Part 615 Funding, Fiscal Affairs, Loan Policies and Funding Operations; Proposed Rule #0;#0... ADMINISTRATION 12 CFR Part 615 RIN 3052-AC61 Funding and Fiscal Affairs, Loan Policies and Operations, and... Policy, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090. You may review copies...

  4. DOD Financial Management: Improvements Needed in the Navys Audit Readiness Efforts for Fund Balance with Treasury

    Science.gov (United States)

    2016-08-01

    DOD FINANCIAL MANAGEMENT Improvements Needed in the Navy’s Audit Readiness Efforts for Fund Balance with Treasury...Accountability Office Highlights of GAO-16-47, a report to congressional committees August 2016 DOD FINANCIAL MANAGEMENT Improvements Needed...Guidance to provide a standard methodology for DOD components to follow to improve financial management and achieve audit readiness, and designated

  5. Performance and Persistence of Brazilian Hedge Funds During the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Gustavo Passarelli Giroud Joaquim

    2011-12-01

    Full Text Available This study investigates the performance and persistence of the Brazilian hedge fund market using daily data from September 2007 to February 2011, a period marked by what was characterized by many as the world’s worst financial crisis since the great depression of the 1930s. Despite the financial turmoil, the results indicate the existence of a representative group of funds with abnormal returns and evidence of a joint persistence of funds with time frames of one to three months. Individual evaluations of the funds, however, indicate a reduced number of persistent funds.

  6. An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

    Directory of Open Access Journals (Sweden)

    Victor Dragota

    2008-10-01

    Full Text Available This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual moments.

  7. THE IMPACT OF CAPITAL STRUCTURE ON THE ENTERPRISE FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    A. V. Ivanyshcheva

    2009-06-01

    Full Text Available Functioning of production enterprises in the conditions of continuous change of market environment require a special attention of management system to providing their activities. The enterprise financial stability management is one of integral parts of the management system. The increased or insufficient financial stability adversely affects the enterprise competition ability that leads to decreasing the profitability and worsening the financial results of its activities.

  8. Taxation Of Financial Assets: Implications For Capital Market ...

    African Journals Online (AJOL)

    Open Access DOWNLOAD FULL TEXT ... Effective operation of the capital market depends on a proper environment provided for by good and ... to enhance awareness to ordinary Tanzanians on the workings and benefits of the stock market.

  9. An Empirical Study of Economic Growth,Human Capital and Financial Development in Qingdao City

    Institute of Scientific and Technical Information of China (English)

    Liping; KE

    2015-01-01

    Human capital and finance can boost economic growth,and this paper performs an empirical test of economic growth,human capital and financial level,and finds that there is a long-term stable dynamic equilibrium relationship between the three.Results show that the finance and human capital in Qingdao City go through six stages( " imbalance-on the verge of imbalance-narrow coordination-primary coordination-intermediate coordination-well coordination"),and during the coordination process,human capital significantly lags behind.Therefore,it is necessary to increase human capital,accelerate the coordination between finance and human capital,and further promote the development of economic level.

  10. STUDY ON FINANCIAL OFFSHORE CENTRES, THE RISKS AND DEREGULATION OF THE INTERNATIONAL FINANCIAL SYSTEM, CAPITAL LAUNDERING AND TERRORISM FINANCING

    Directory of Open Access Journals (Sweden)

    MĂDĂLINA ANTOANETA RĂDOI

    2013-05-01

    Full Text Available After the end of the 90’s crisis, the settlement of the international financial system has taken an important place within the international organizations. There are important debates regarding the need of a compulsory reform to prevent crises. Means of preventing crises, especially within the field of foreign vulnerability assessment regard: transparency, following the international regulations and codes, refoundation of the financial compartments, liberalization of the capital movements. In addition, a set of work program is needed regarding the crises settlement and sovereign debt restructuring. Serious matters are requested regarding the adoption of fight tools against money laundering and terrorism finance. Offshore financial centers assessment is placed in the field of activity by refinancing of the financial sector, it is one of the health balance sheet elements achieved by the IMF and by the World Bank within the financial compartment assessment program.

  11. Regional tendencies of business capitalization in the conditions of growth of financial instability

    Directory of Open Access Journals (Sweden)

    Mikhail Ivanovich Maslennikov

    2014-06-01

    Full Text Available In the article, the regional tendencies of business capitalization in various regions of the world in the conditions of raising financial instability as a reaction of the shift of accents in the business activity from production to activity of the scientific and technological, information and innovative fields are analyzed. The contribution of various components of the economy to the development of capitalization is revealed. The indicators displaying the level of capitalization of the business and companies in various sectors of economy, its interrelation with gross domestic product indicators are analyzed. Alternative options of development, expenses and benefits from the increase of the level of the business capitalization as a whole and companies issuers in particular are revealed. The interrelation of the levels, dynamics and tendencies of the economy development in the world, Russia, and regions with indicators of business capitalization is investigated. The reasons of the low indicators of the firms’ capitalization, which are quoted at the Moscow exchange are found out; the measures for its development, saturation of the financial market by additional tools are offered. The mechanism and tools of the development stimulation of capitalization in the regions are investigated. The internal and external factors influencing the capitalization development on developed, and developing markets, with reflection of multidirectional tendencies in the activity of leading companies in the various regions of the world are analyzed.

  12. 76 FR 10053 - Changes to the Public Housing Assessment System (PHAS): Capital Fund Scoring Notice

    Science.gov (United States)

    2011-02-23

    ..., Office of Public and Indian Housing, Real Estate Assessment Center (REAC), 550 12th Street, SW., Suite... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Changes to the Public Housing Assessment System (PHAS): Capital Fund Scoring...

  13. 78 FR 21623 - Public Housing Assessment System (PHAS): Capital Fund Final Scoring Notice

    Science.gov (United States)

    2013-04-11

    ... this sub-indicator as a measure of how the PHA is using the Capital Funds to make units available to... performer. HUD considers the occupancy of units as an integral measure of a high performing PHA. Issue.... The award of 5 points is awarded as a temporary measure to address the transition to the scoring...

  14. Linkage of Credit on BI Rate, Funds Rate, Inflation and Government Spending on Capital

    Directory of Open Access Journals (Sweden)

    Mangasa Augustinus Sipahutar

    2017-03-01

    Full Text Available Linkage of credit on BI rate, funds rate, inflation, and government spending on capital provides evidence from Indonesia.  This paper found advance explanation about banks credit as monetary transmission channel and its role on Indonesian economy.  We used credit depth as a ratio of banks credit to GDP nominal, to explain the role of credit in Indonesian economy.  We developed a VAR model to measure the response of credit to BI rate, funds rate and inflation rate, and OLS method to find out how banks credit response to government spending on capital. This paper revealed bi-direction causality between credit and BI rate, credit and funds rate, and credit and inflation.  There is trade-off between credit and BI rate, credit and funds rate, and credit and inflation, but government spending on capital promotes credit depth.  We found that Indonesian banking is bank view, allocated their credit based on their performance, not merely on the monetary policy determined by central bank.  For bank view perspectives, we analyzed the link between LDR as an indicator of credit channel mechanism to NPLs and CAR.  We found that there is no significant effect of CAR to LDR, but has a strong negatively relationship between NPLs to LDR.  This evidence indicates that commercial banks in Indonesia allocated their credit do not related to their capital but merely to the quality of their credit portfolio.

  15. 75 FR 68533 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

    Science.gov (United States)

    2010-11-08

    ... 12 CFR Part 615 RIN 3052-AC25 Funding and Fiscal Affairs, Loan Policies and Operations, and Funding..., Office of Regulatory Policy, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090... Internet spam. FOR FURTHER INFORMATION CONTACT: Laurie Rea, Associate Director, Office of Regulatory Policy...

  16. The protection of financial services users: The case of insurance companies and investment funds

    Directory of Open Access Journals (Sweden)

    Njegomir Vladimir

    2012-01-01

    Full Text Available The users of financial services generally do not have the required expertise that they need to process the available financial information when they make financial and investment decisions, and as such they represent a sensitive category of financial market participants, which may intentionally or unintentionally be exposed to manipulation. If the beneficiaries do not have relevant and accurate information, the relationship between the provider and the service user is characterized with information asymmetry, and because of these reasons adequate regulatory instruments are necessary in order to protect the interests of financial services users. In the financial services sector, the development of a long-term successful relationship between providers and users of services should be based on mutual trust and users' feel that they have received a value for the price paid. The aim of the paper is to highlight the modern ways of improving the protection of the interests of consumers of financial services provided by insurance companies and investment funds. The paper analyses the reasons for protection of consumers of financial services, specifics of insurance as financial service, the importance of trust as a key factor for the attraction of service users and the basic principles of operation of investment funds in the developed and the domestic financial market are compared. The particular attention is given to insurance companies and investment funds in terms of regulatory and other mechanisms of governments that are related to the protection of insureds and investment funds investors.

  17. Finance capitalism: A look at the European financial accounts

    Directory of Open Access Journals (Sweden)

    Cingolani Massimo

    2013-01-01

    Full Text Available The paper explores the financial accounts database of Eurostat, a rich set of data that is largely unexploited. It describes the main financial developments at EU level during the 1990-2010 period, both in terms of institutional agents and financial products. The paper provides evidence on the consequences of asset price inflation for wealth distribution between institutional agents and argues that the conceptual scheme of the “double monetary circuit” of existing and recycled savings helps in describing and explaining the observed patterns of financialisation.

  18. Islamic Financial Engineering : Comparative Study Agreements in Islamic Capital Market in Malaysia and Indonesia

    OpenAIRE

    Adhitya Ginanjar

    2014-01-01

    Objective –The objective of this paper is to provide a discussion Islamic Financial Engineering which practice between Indonesian Capital Market and Malaysian capital market. This paper also investigate whether regulator could effectively take a role in materializing demands for Islamic securities and whether regulator declaration is more convincing than sharia compliance declaration between IDX and KLSE.Methods - We use descriptive analytic and literature study to see the background, market ...

  19. Considerations on the Financial Reporting of Intangible Capital in Romania, Spain, and France

    OpenAIRE

    Cristina-Ionela Fadur

    2013-01-01

    We have studied a series of criteria of intangible capital, made up of human, relational and structural capital, in order to identify the extent to which the Romanian, French and Spanish accounting environments meet the challenges concerning the acknowledgement of intangible elements.We have analyzed the annual financial statements corresponding to the fiscal year closed on 12.31.2011, drawn according to IAS/IFRS provisions, for 19 companies listed in the Bucharest Stock Exchange, 27 Spanish ...

  20. THE GLOBAL FINANCIAL CRISIS: IMPLICATIONS FOR CAPITAL TO AGRIBUSINESS

    OpenAIRE

    Ahrendsen, Bruce L.

    2012-01-01

    The global economy has continued to experience lingering effects of the global financial crisis that began in 2007. Although attention was initially given to the liquidity crisis and survival of some the world’s largest corporations and institutions, the financial crisis is likely to have long-lasting implications for agribusiness. As the world slowly recovers from the crisis, another round of problems are emerging as governments and international institutions attempt to unwind the position...

  1. Exploring the Relationship between Human Capital Investment and Corporate Financial Performance of Jordanian Industrial Sectors

    Directory of Open Access Journals (Sweden)

    Faris Nasif ALSHUBIRI

    2013-12-01

    Full Text Available The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI, and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.

  2. DETERMINANTS OF CAPITAL STRUCTURE OF CROATIAN ENTERPRISES BEFORE AND DURING THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Ena Mostarac

    2013-06-01

    Full Text Available This paper analysis capital structure determinants of Croatian enterprises based on a cross-sectional data for pre-recession 2007 and recession 2010 comprising about 10,000 firms. Determinants are selected with reference to the relevant capital structure theories and include asset tangibility, profitability, firm size and business risk. The results indicate highly positive significant impact of tangibility and negative significant impact of profitability on financial leverage in both observed years. Firm size seems to be statistically significant at higher level in crisis period, but at the same time no relationship can be found between business risk and financial leverage that is of economic significance.

  3. Financial Inclusion & Social Capital A Case Study of SGSY Beneficiaries in Kashmir Valley

    Directory of Open Access Journals (Sweden)

    Audil Rashid Khaki

    2016-12-01

    Full Text Available Poverty alleviation has remained on the agenda of policy makers throughout the world, more so in developing countries with higher incidence of poverty. The paradigm shift in understanding of poverty has evolved to include various dimensions of deprivations instead of one-dimensional income poverty.  Policy makers around the world as a part of long term strategy in eradicating poverty, however, consider access to financial resources as the most important constituent of the multi-pronged strategy. Further, the various socio-political dimensions and economic dimensions of poverty are believed to interact with each other and manifest itself in an intertwined relationship. Financial inclusion is believed to encourage micro entrepreneur to take on profitable activities which in turn provide an enabling environment for him to gather access to social networks which may be beneficial to him in terms of access to raw material, marketing support and business ties. Whereas financial inclusion is believed to have a positive impact on social capital, the reverse is also true; the amount and quality of social capital provides a micro-entrepreneur with easy access to diverse sources of finance. Microfinance Institutions around the world heavily rely on group financing mechanism by leveraging on social collateral as a replacement to financial collateral in financing micro-entrepreneurs. Obviously they perceive lending to micro-entrepreneurs having rich social capital as less riskier and thus his/her social capital substitutes for the financial collateral in gaining access to credit. The present study is an attempt in this direction to understand the relationship between financial inclusion and social capital. The study attempts to evaluate the impact of access to finance on socio-political empowerment of the beneficiaries of Swarnjayanti Gram Swarozgar Yojana (SGSY, now known as National Rural Livelihood Mission (NRLM. Results indicate that access to finance

  4. The effects of intellectual capital on financial performance: A case study of petrochemical and pharmaceutical firms

    Directory of Open Access Journals (Sweden)

    Naser Azad

    2012-04-01

    Full Text Available There is no doubt that traditional accounting does not provide actual value of assets since they only measure tangible assets. Intellectual capital provides a new concept for measuring actual value of the assets and we can calculate future values of the firm. In this paper, we first calculate intellectual capital based on the ratio of market value/book value for three years period. Then we investigate the relationship between intellectual capital and growth rate of intellectual capital as well as financial performance of some publicly traded petrochemical and pharmaceutical firms. The results of our survey indicate that there is a positive relationship between intellectual capital and equity growth with EVA and return of assets. However, there is no meaningful relationship between intellectual assets with net earnings.

  5. Market entry and exit by biotech and device companies funded by venture capital.

    Science.gov (United States)

    Burns, Lawton R; Housman, Michael G; Robinson, Charles A

    2009-01-01

    Start-up companies in the biotechnology and medical device sectors are important sources of health care innovation. This paper describes the role of venture capital in supporting these companies and charts the growth in venture capital financial support. The paper then uses longitudinal data to describe market entry and exit by these companies. Similar factors are associated with entry and exit in the two sectors. Entries and exits in one sector also appear to influence entry in the other. These findings have important implications for developing innovative technologies and ensuring competitive markets in the life sciences.

  6. Analysis of the Dynamic Relationship among Financial Fund for Agriculture, Agricultural Output Value and Farmers’ income

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    By using the methods of co-integration, impulse response function and variance decomposition, I conduct the empirical research on the dynamic relationship among China’s financial fund for agriculture, agricultural output value, and farmers’ income from the year 1978 to the year 2009. The results indicate that the government’s financial fund for agriculture plays the significant role in promoting agricultural output value and farmers’ income in the long run, but this role of promoting is not prominent in the short run; in the mean time, agricultural output value plays insignificant role in promoting farmers’ income and the government’s financial fund for agriculture; farmers’ income plays the significant role in promoting agricultural output value and the government’s financial fund for agriculture.

  7. Fundo público e políticas sociais na crise do capitalismo Public fund and social policies in the crisis of capitalism

    Directory of Open Access Journals (Sweden)

    Evilasio Salvador

    2010-12-01

    Full Text Available A característica comum a todas as crises financeiras dos últimos trinta anos é o comparecimento do fundo público para socorrer instituições financeiras falidas durante as crises bancárias, à custa dos impostos pagos pelos cidadãos. Com a financeirização da riqueza, os mercados financeiros passam a disputar cada vez mais recursos do fundo público, impedindo a expansão dos direitos sociais. Este artigo tem por objetivo discutir a crise do capital a partir do papel exercido pelo fundo público e seus rebatimentos no financiamento da seguridade social no Brasil.The characteristic that has been common to all financial crises in the last 30 years is the appearance of the public fund to bail out bankrupt financial institutions during the banking crises, at the expense of taxes paid by the citizens. Financing wealth, financial markets dispute resources from the public fund more and more, which impedes the expansion of social rights. This article aims to discuss the crisis of the capital from the role played by public funds and their impact on the financing of social security in Brazil.

  8. Allocating risk capital for a brownfields redevelopment project under hydrogeological and financial uncertainty.

    Science.gov (United States)

    Yu, Soonyoung; Unger, Andre J A; Parker, Beth; Kim, Taehee

    2012-06-15

    In this study, we defined risk capital as the contingency fee or insurance premium that a brownfields redeveloper needs to set aside from the sale of each house in case they need to repurchase it at a later date because the indoor air has been detrimentally affected by subsurface contamination. The likelihood that indoor air concentrations will exceed a regulatory level subject to subsurface heterogeneity and source zone location uncertainty is simulated by a physics-based hydrogeological model using Monte Carlo realizations, yielding the probability of failure. The cost of failure is the future value of the house indexed to the stochastic US National Housing index. The risk capital is essentially the probability of failure times the cost of failure with a surcharge to compensate the developer against hydrogeological and financial uncertainty, with the surcharge acting as safety loading reflecting the developers' level of risk aversion. We review five methodologies taken from the actuarial and financial literature to price the risk capital for a highly stylized brownfield redevelopment project, with each method specifically adapted to accommodate our notion of the probability of failure. The objective of this paper is to develop an actuarially consistent approach for combining the hydrogeological and financial uncertainty into a contingency fee that the brownfields developer should reserve (i.e. the risk capital) in order to hedge their risk exposure during the project. Results indicate that the price of the risk capital is much more sensitive to hydrogeological rather than financial uncertainty. We use the Capital Asset Pricing Model to estimate the risk-adjusted discount rate to depreciate all costs to present value for the brownfield redevelopment project. A key outcome of this work is that the presentation of our risk capital valuation methodology is sufficiently generalized for application to a wide variety of engineering projects. Copyright © 2012 Elsevier

  9. OWNERSHIP AND CAPITAL STRUCTURE OF PAKISTANI NON-FINANCIAL FIRMS

    Directory of Open Access Journals (Sweden)

    Khan Shoaib

    2016-07-01

    Full Text Available Existi ng literature has not yet defi ned a clear-cut relati onship between ownership structure and capital structure. This study aims to contribute to this controversial argument by examining the impact of internal (managerial ownership and external ownership on fi nancing preferences using the case of non-fi nancial fi rms listed on Karachi stock exchange during the period of 2008-2012. Our results suggest that the external ownership has a signifi cant eff ect on capital structure in accordance with the presence of blockholders. In contrast, the internal ownership has a complicated eff ect; it shows signifi cant positi ve and negati ve relati onship to leverage at lower and certain higher proporti on of managerial shareholding respecti vely. Besides, the combined analyses suggest that the presence of blockholders negates the impact of managerial ownership on capital structure. This implies that the presence of large and dominant shareholders in Pakistani fi rms may have caused a bias for debt fi nancing to protect their voti ng power and returns.

  10. The Norwegian financial elite : elite configurations in present-day financialized capitalism

    OpenAIRE

    Toft, Maren

    2013-01-01

    The recent accentuation of elites in public and scholarly debate originates in the growth of the financial sector in the economy since the late 1970s. Linking trends of financial expansion to increasing economic inequalities, the concept of financialization has taken center stage in global media, while only incipiently in sociology. By subdividing the economic upper class, this study presents the first sociological contribution to the structuring of the Norwegian financial elite. Based on pop...

  11. Financial Crisis, Capital Outflows, and Policy Responses: Examples from East Asia

    Science.gov (United States)

    Rajan, Ramkishen S.

    2007-01-01

    Financial crises seem to have become the norm rather than the exception since 1992. The author examines the impact of a crisis of confidence and resultant capital outflows from a small and open economy and the possible policy options in response to such outflows, using simple tools and definitions that will be familiar to any money and banking or…

  12. Determining Relevant Financial Statement Ratios in Department of Defense Service Component General Fund Financial Statements

    Science.gov (United States)

    2014-06-01

    users of corporate financial statements are included in Table 1. 11 Lenders Investors Managers Suppliers Customers Employees Competitors The... financial statements . For example, lenders and investors may use financial statements to achieve their profit or interest objectives by predicting...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA JOINT APPLIED PROJECT DETERMINING RELEVANT FINANCIAL STATEMENT RATIOS IN

  13. Implications of Project-Based Funding of Research on Budgeting and Financial Management in Public Universities

    Science.gov (United States)

    Raudla, Ringa; Karo, Erkki; Valdmaa, Kaija; Kattel, Rainer

    2015-01-01

    The main goal of the paper is to explore--both theoretically and empirically--the implications of project-based research funding for budgeting and financial management at public universities. The theoretical contribution of the paper is to provide a synthesized discussion of the possible impacts of project-based funding on university financial…

  14. Implications of Project-Based Funding of Research on Budgeting and Financial Management in Public Universities

    Science.gov (United States)

    Raudla, Ringa; Karo, Erkki; Valdmaa, Kaija; Kattel, Rainer

    2015-01-01

    The main goal of the paper is to explore--both theoretically and empirically--the implications of project-based research funding for budgeting and financial management at public universities. The theoretical contribution of the paper is to provide a synthesized discussion of the possible impacts of project-based funding on university financial…

  15. Do the Firm-level Variables and Human Capital Impact Capital Structure Decisions? A Study of Non-financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2014-12-01

    Full Text Available In this study firm’s capital structure decisions have been tried to examine theoretically and empirically. By testing the determinants of capital structure, i.e., size, tangibility, profitability, growth, non-debt tax shield, business risk and liquidity on firm’s leverage (capital structure decisions have been tried to determine. Size, profitability, non-debt tax shield, liquidity and human capital have been found significant and negatively related to capital structure decisions. Our analysis consists of 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003-2012.

  16. Report by the External Auditors on the Accounts of the CERN Pension Fund for the Financial Year 2005 Comments by the Administration of the Fund

    CERN Document Server

    2006-01-01

    The report on the audit of the accounts of the Pension Fund for the 2005 financial year is given in document CERN/FC/5046 CERN/2671. This document contains the comments of the Administration of the Fund.

  17. Report by the external auditors on the accounts of the CERN Pension Fund for the financial year 2003 - Comments by the Administration of the Fund

    CERN Document Server

    2004-01-01

    The report on the audit of the accounts of the Pension Fund for the 2003 financial year is given in document CERN/FC/4813 CERN/2562. This document contains the comments of the Administration of the Fund.

  18. Report by the External Auditors on the Accounts of the CERN Pension Fund for the Financial Year 2004 - Comments by the Administration of the Fund

    CERN Document Server

    2005-01-01

    The report on the audit of the accounts of the Pension Fund for the 2004 financial year is given in document CERN/FC/4926-CERN/2612. This document contains the comments of the Administration of the Fund.

  19. Financial management of non-state pension fund forms and methods

    Directory of Open Access Journals (Sweden)

    Iureva Irina Anatolevna

    2014-04-01

    Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.

  20. The impact of certification on the natural and financial capitals of Ghanaian cocoa farmers

    DEFF Research Database (Denmark)

    Fenger, Nina Astrid; Bosselmann, Aske Skovmand; Richard, Asare

    2017-01-01

    the financial and the natural capitals of the farmers. Across two villages, certified farmers were compared to conventional farmers, using both qualitative and quantitative data collected through farmer and key informant interviews and participatory rural appraisals. A combination of the Sustainable Livelihood...... Framework and the Input-Output-Outcome-Impact Framework was used for the analysis. Results indicate that the RA certification scheme has a positive influence on the certified farmers in terms of cocoa production, yield, income and farmers’ perception of changes in their natural and financial capitals....... The positive influence is a result of inputs from the RA certification, including financial support, information and knowledge, technical assistance, and increased access to farm inputs and credit. However, these positive impacts are conditioned by the presence of active farmer organizations and access...

  1. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

  2. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

  3. Funding Cyberspace: The Case for an Air Force Venture Capital Initiative

    Science.gov (United States)

    2013-08-01

    Additionally, an Air Force– branded VCI would likely attract additional private capital for technological advancement. The service can in fact innovate...previously caught in the valley between basic R&D funding and an acquisition program of record. Recognition of the Air Force brand , combined with VC business...Innovation,” Intel Corporation, accessed 4 April 2013, http:// www.intel.com/content/www/us/en/history/ museum -gordon-moore-law.html. 3. Capt Michael E

  4. Designing a Forex Trading and Equity Investment Strategy for the New-State Capital Hedge Fund

    OpenAIRE

    Malik, Rizvan

    2008-01-01

    Construct the investment strategy for the New-State Capital Hedge Fund. Identify profit making opportunities in Foreign Exchange (Forex) & Equities using both conventional and non-conventional indicators. The author is to articulate and document his current knowledge in the chosen area in order to stimuate ideas in creating potential investment strategies. Justify knowledge with actual results in a genuine live investment. Critique and evluate the effectiveness of the proposed investment ...

  5. VERIFICATION PROCEDURE EUROPEAN FUNDED PROJECTS THROUGH FINANCIAL AUDITS

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2014-06-01

    Full Text Available The work developed by the authors assumes a definite need for reflection on funding mechanisms and macroeconomic management at all levels of budget deficit, amid the economic crisis unprecedented in the recent history of Romania and the whole of Europe. In this direction, this paper attempts to highlight issues that arise in terms of absorption of European funds for economic development based on this absorption emphasizing the role of grants in the economy and the need to audit projects.

  6. Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies

    Directory of Open Access Journals (Sweden)

    Márcio Telles Portal

    2012-04-01

    Full Text Available The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms. The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010, who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

  7. Interconnectedness of capital markets during the financial crisis

    OpenAIRE

    Kocholová, Soňa

    2016-01-01

    We study the interconnectedness between the United States and thirty three international stock markets during the period of January 2003 to December 2012, with an emphasis on the global financial crisis of autumn 2008. By applying the DCC-GARCH model, our results show evidence of the increase in correlation during the period of crisis. The largest increase was reported for Argentina and India. The average increase was 0.164. Within the sample period, the US stock market was found to be the mo...

  8. THE IMPACT OF THE FOREIGN CAPITAL BANKS ON ENSURING FINANCIAL STABILITY ON LONG TERM

    Directory of Open Access Journals (Sweden)

    Isac\tBORS

    2015-06-01

    Full Text Available The present study is focusing on analysing the role played by the foreign banks within the national and international banking system as well the impact the foreign banks have on the autochthon banking system, on the financial activity, on the real economy and on the financial stability on long terms. The research conducted highlights the fact that along the positive impact on the banking system and on the economy of the host country, generated by their quality as vectors of mobilizing and directioning the international financial flows towards the host country, there can also be considered a negative impact. The study shows that the impact of the negative effects, that have as main cause the reversibility of the international financial flows, depends, on a great extent, on the specific conditions of the host country, on the characteristics of the foreign banks, but mostly, by the share held by the foreign countries within the framework of the host banking system. Starting from the role played by the capitalization of the banking system to ensure financial stability, the research made on Romania’s case shows both, the positive effects generated by the presence of the foreign banks and also, their vulnerability in front of this excessive dependence on the foreign capital induced by this presence. The solution to reduce this dependence can only come from the autochthon capital direction whose mobilization may countervail the gap made by the foreign banks and, by surceasing the process of financial disintermediation, to ensure the maintenance of the financial stability on long term.

  9. 76 FR 52363 - Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Capital Advisors, L.L.C.; Notice...

    Science.gov (United States)

    2011-08-22

    ... those dividends contain an element of capital gain. 7. Applicants assert that the application of rule... disclosure required by condition 2.a.ii. above, as an exhibit to its next filed Form N-CSR; c. The Fund...

  10. Contested financialization? New investement funds in the Netherlands

    NARCIS (Netherlands)

    Engelen, E.; Gospel, H.; Pedleton, A.; Vitols, S.

    2014-01-01

    Due to the hybrid nature of the Dutch political economy, a ‘compartmentalized’ mode of financialization is hypothesized, characterized by an intermediate level of NIF penetration and low NIF impact on labour outcomes. These expectations are largely borne out by the evidence. The Netherlands is hospi

  11. Contested financialization? New investement funds in the Netherlands

    NARCIS (Netherlands)

    Engelen, E.; Gospel, H.; Pedleton, A.; Vitols, S.

    2014-01-01

    Due to the hybrid nature of the Dutch political economy, a ‘compartmentalized’ mode of financialization is hypothesized, characterized by an intermediate level of NIF penetration and low NIF impact on labour outcomes. These expectations are largely borne out by the evidence. The Netherlands is

  12. Contested financialization? New investement funds in the Netherlands

    NARCIS (Netherlands)

    Engelen, E.; Gospel, H.; Pedleton, A.; Vitols, S.

    2014-01-01

    Due to the hybrid nature of the Dutch political economy, a ‘compartmentalized’ mode of financialization is hypothesized, characterized by an intermediate level of NIF penetration and low NIF impact on labour outcomes. These expectations are largely borne out by the evidence. The Netherlands is hospi

  13. Credit Enhancements and Capital Markets to Fund Solar Deployment: Leveraging Public Funds to Open Private Sector Investment

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Urdanick, Marley [National Renewable Energy Lab. (NREL), Golden, CO (United States); Joshi, John [Capital Fusion Markets, London (United Kingdom)

    2015-02-01

    Credit enhancements represent a variety of financial support structures that are designed to reduce risk to those holding the debt, including debt raised via a securitization process, and thus lower the required yield associated with the security. The purpose of all forms of credit enhancement is to increase the collateral against which notes are secured (Lin,1999). The following section evaluates is not guaranteed. Perceived risks of the solar asset class--including those related to technology, offtaker creditworthiness, and regulatory policy--can increase the required yield, increase probability of investor loss of interest and/or principal, or both. In many cases, this is a cyclical phenomenon: risk perception is fed by lack of historical knowledge, which is in turn fed by risk perception. Therefore, successful access to capital market investment in order to spur low-cost solar deployment depends on the success of this initial fledgling period.

  14. 12 CFR 221.116 - Bank loans to replenish working capital used to purchase mutual fund shares.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Bank loans to replenish working capital used to... Bank loans to replenish working capital used to purchase mutual fund shares. (a) In a situation... period of time the result would be the same. Accordingly, the Board concluded that bank loans made...

  15. 77 FR 76606 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2012-12-28

    ... Regulations allow an Insured Credit Union to use retained earnings to serve as matching funds for a FA award in an amount equal to: (i) the increase in retained earnings that has occurred over the Applicant's...'s three most recent fiscal years; or (iii) the entire retained earnings that have been accumulated...

  16. 77 FR 76614 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2012-12-28

    ... Credit Unions: The Regulations allow an Insured Credit Union to use retained earnings to serve as matching funds for a FA award in an amount equal to: (i) The increase in retained earnings that has... occurred over the Applicant's three most recent fiscal years; or (iii) the entire retained earnings that...

  17. Report: State of Washington Water Pollution Control State Revolving Fund Financial Statements with Independent Auditor's Report, June 30, 2003

    Science.gov (United States)

    Report #2004-1-00067, May 26, 2004. The financial statements referred to in the first paragraph present fairly the financial position of the Washington Department of Ecology Water Pollution Control State Revolving Fund as of June 30, 2003.

  18. Fiscal Year 2014: Military Retirement Fund Audited Financial Report

    Science.gov (United States)

    2014-11-07

    PAGE unclassified Standard Form 298 (Rev. 8-98) Prescribed by ANSI Std Z39-18 i Table of Contents Management’s Discussion and Analysis ...Management’s Discussion and Analysis Summary of the Military Retirement System For the Years Ended September 30, 2014 and 2013 REPORTING ENTITY The...funds to finance, on an actuarial basis, the liabilities of DoD under military retirement and survivor benefit programs. Within DoD, the

  19. Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

    Science.gov (United States)

    Cadoni, Marinella; Melis, Roberta; Trudda, Alessandro

    2015-01-01

    It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t) which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

  20. Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

    Directory of Open Access Journals (Sweden)

    Marinella Cadoni

    Full Text Available It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

  1. Comparative Models of Capitalism in the Areas of Financial System and Corporate Governance – the Diversity of Capitalism Approach Perspective

    Directory of Open Access Journals (Sweden)

    Pisany Paweł

    2016-12-01

    Full Text Available This article presents and assesses the methodology and results of a comparative analysis conducted by Bruno Amable in financial systems and corporate governance in the context of current policy and regulatory challenges. The article, which is based on a literature review and game theory examples, first describes and evaluates the methodology and final classification given by Amable. The role of Amable’s core concept; namely, institutional complementarity, is underlined. A game theory application in comparative institutional studies is then presented, including the author’s own “institutional game.” Finally, we assess Amable’s achievements in financial systems and corporate governance, concluding that they are valuable, innovative and useful despite some (perhaps justified criticisms of the framework Amable used. In particular, the value of introducing institutional complementarity into comparative studies should not be underestimated. The analysis presented here suggests that Amable’s methodology may also be applicable when designing current financial reforms in the EU, especially European Capital Markets Union (CMU, because it can broaden policy maker’s horizons and promote consistent solutions.

  2. A RESEARCH ABOUT CAPITAL MOVEMENTS TOWARDS TURKEY IN THE AXIS OF FINANCIAL GLOBALIZATION

    Directory of Open Access Journals (Sweden)

    Mehmet ŞENTÜRK

    2012-06-01

    Full Text Available The foundation of the globalization process was laid with the effect of politic and economic institutions that came out after Second World War. Besides, it can be said that this process actually started after 1980 with various politic and economic precautions taken and it gained acceleration after 1990’s. At this point, the European Union policies for the establishment of a politic and economic union have important effect. Besides, under the scope of the policies started to be applied in the world and in our country which depends on market economy, the role of taken precautions regarding free circulation of goods, service and capital and especially increasing international capital flow on this development cannot be neglected. In this study, financial globalization and theoretical approaches in that field was examined and in the process of liberalization, the capital movements towards Turkey were discussed with their reasons and effects.

  3. Risk management, financial evaluation and funding for wastewater and stormwater reuse projects.

    Science.gov (United States)

    Furlong, Casey; De Silva, Saman; Gan, Kein; Guthrie, Lachlan; Considine, Robert

    2017-01-12

    This paper has considered risk management, financial evaluation and funding in seven Australian wastewater and stormwater reuse projects. From the investigated case studies it can be seen that responsible parties have generally been well equipped to identify potential risks. In relation to financial evaluation methods some serious discrepancies, such as time periods for analysis, and how stormwater benefits are valued, have been identified. Most of the projects have required external, often National Government, funding to proceed. As National funding is likely to become less common in the future, future reuse projects may need to be funded internally by the water industry. In order to enable this the authors propose that the industry requires (1) a standard project evaluation process, and (2) an infrastructure funders' forum (or committee) with representation from both utilities and regulators, in order to compare and prioritise future reuse projects against each other.

  4. Financial Management Regulation. Volume 13. Nonappropriated Funds Policy and Procedures.

    Science.gov (United States)

    1994-08-22

    shown with the check number for each employee paid. If the net 10. Caja de Seguro Social de pay for a person is part of a composite check, the Panama...Receivables CR 243 - Annual Leave Payable J. Caia de Seguro Social de Panama Feeder Report. This report is used only by A-56 DoD Financial Management...Panamanian citizen in the Caja de Seguro Social installation code, intermittent days or weeks de Panama System), employee name, gross pay, worked, base hours

  5. The Effect of the Amendments to the Tax Laws of Financial Leasing on Capital Budgeting Decisions

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2011-09-01

    Full Text Available With an amendment to the Tax Law in 2003 in Turkey, there have emerged some important tax implementations in financial leasing operations. Before the amendment, the whole financial leasing payment was regarded expense in terms of the leasing firm, on the other hand, the lease-holder was not able to allocate amortization since the property of the goods does not belong to the lease holder. Along with the amendment in the Tax Law, the lease-holder is now able to allocate amortization for the goods leased and not able to charge the goods leased as expense, only the interest fees are regarded as expense naturally, this affects the decision of the capital budgeting for the firms. The main objective of this study is to examine the extent to which this affects the capital budgeting decisions. In this paper, we examine the effect of before and after the amendment of the tax procedural law on the capital budgeting decisions, using the free cash flow to equity, to what extent this affect the net present value of the project with a sample investment project. The results obtained suggest that the net present value of a Project to be financed through financial leasing before the amendment to the tax laws might be lower after the amendment to the tax law.

  6. [Financial capital versus medical-industrial complex: challenges for the regulatory agencies].

    Science.gov (United States)

    Iriart, Celia

    2008-01-01

    This article presents the structural processes that consolidated under the hegemony of the financial capital in the 90s; the dispute between the financial capital operating in the health sector and the medical-industrial complex; the strategies used by the medical-industrial complex for regaining positions; and the challenges all these processes pose for the regulatory agencies. The problems the regulatory agencies are facing lie in two central processes: 1) the hegemony the financial capital reached in the 90s in the health sector through reforms aimed at deregulating the sector in order to facilitate its entrance; and 2) the repositioning of the medical-industrial complex since the mid 90s by radicalizing medicalization. This article is based on several studies conducted by the author using qualitative methods and quantitative secondary data for understanding the historical-situational context. The theoretical approach was based on Marx, Gramsci, Benasayag, Badiou, Testa and Merhy. The analyses of the most recent reforms induced by the medical-industrial complex were the result of a bibliographic and document review.

  7. Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Punitharaja NADARAJA

    2011-06-01

    Full Text Available Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.

  8. THE USE EFFICIENCY OF FINANCIAL LEASING FOR THE RENEWAL OF FIXED CAPITAL OF THE RAILWAY INDUSTRY ENTERPRISES

    Directory of Open Access Journals (Sweden)

    V. I. Strilets

    2009-12-01

    Full Text Available In the article the dynamics of development and global structure of the leasing market are analyzed, the advantages of using the financial leasing for upgrading the fixed capital of railway industry are formulated.

  9. Cross-national comparison of capitation funding: the American, British and Dutch experience.

    Science.gov (United States)

    Persaud, D; Narine, L

    1999-05-01

    In this paper we review the performance of the capitation payment systems of three countries--the Adjusted Average Per Capita Cost (AAPCC) system used in the United States to reimburse Health Maintenance Organizations (HMOs) for insuring Medicare recipients, a somewhat similar system in the Netherlands which reimburses third-party payers for insuring the entire population and a weighted system utilized in Britain for regional funding. Our review revealed significant problems with the current version of the AAPCC formula as there is evidence of the biased selection of beneficiaries and actual losses to Medicare through its use. Furthermore, several studies show that the demographic adjusters utilized in the AAPCC formula are extremely poor predictors of future healthcare utilization relative to the potential of direct and indirect health status measures. The Dutch experience with capitated funding has been similar to that of the United States. While Dutch researchers have built on the work of their American counterparts they acknowledge that further work is needed before a fully functional system is implemented. Britain's weighted system has fulfilled its original mandate to redistribute healthcare resources based on population need but recent changes giving increased influence to age weighting could reverse some of these gains. A number of proposed improvements to these risk adjustment problems were reviewed including the development of diagnostic cost groups, the coexisting hierarchical conditions model and the use of community-rated high-risk pooling. The findings from this study can help others narrow the alternatives they need to consider when thinking of introducing capitation funding or refining already existing systems.

  10. Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

    Institute of Scientific and Technical Information of China (English)

    张明

    2008-01-01

    In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

  11. Defense Working Capital Fund Pricing in the Defense Finance Accounting Service: A Useful, but Limited, Tool

    Science.gov (United States)

    2015-01-01

    nization at least partially dependent on payments from other govern- 1 The nomenclature fixed cost does not mean that a cost cannot be cut. Rather, the...term refers to cost levels that are unrelated, at least in the short run, to the firm’s level of produc- tion or sales . For example, a firm’s...expenditures on corporate management are unlikely to be changed based on a short-run change in sales levels. 2 Defense Working Capital Fund Pricing in the

  12. The Accounting Reform in the Brussels-capital Region: New Tool for Financial Analysis

    Institute of Scientific and Technical Information of China (English)

    2014-01-01

    In the last 20 years, public administrations in Belgium have completely reformed their accounting systems. The new system consists in combining double-entry general accounting with budgetary accounting, which is traditional in the public sector. The accounting reform of 2003 marks a turning point in the history of accounting of the federal State and federated entities (regions and communities). The Brussels-capital region is the first federated entity to embark on the adventure and implement the new accounting system in 2006. The aim of this article is to introduce the legislative framework and the different implementation steps of the accounting reform in the Brussels-capital region and to provide a financial analysis of the region. The objective is to see if the region has a good financial situation. To do this, this paper analyses the data from the balance sheet and the income statements from 2008 to 2011. On one hand, it analyzes the evolution of the region's different results; and on the other hand, it presents different financial ratios. It also analyzes the evolution of the regional debt. This paper concludes that, although expenses and the debt are increasing, the situation of the region is not worrying, because of good budgetary performances, sophisticated financial management, and law loans rates. Even if the results of the analysis don't have to be interpreted as the same way as for a private company, the annual accounts provide interesting information that can be used to improve public finance.

  13. 76 FR 55953 - American Capital Partners Limited, Inc., American Educators Financial Corp. (n/k/a Asia Ventures...

    Science.gov (United States)

    2011-09-09

    ... COMMISSION American Capital Partners Limited, Inc., American Educators Financial Corp. (n/k/a Asia Ventures... securities of American Capital Partners Limited, Inc. because it has not filed any periodic reports since the.... (n/k/a Asia Ventures Corp.) because it has not filed any periodic reports since the period...

  14. Financial liquidity analysis of CSR based Capital Group Żywiec SA

    Directory of Open Access Journals (Sweden)

    Aleksandra Gąsior

    2013-11-01

    Full Text Available The article presents the Capital Group Grupa Żywiec plc. as an enterprise operating in food industry which has received a "Golden Leaf Award for CSR” (Pichola, Rudzki, 2013 and has been ranked among the top ten companies in the aforementioned sector. It is a beer producer, i.e. a good which is controversial in the opinion of society. In order to change the attitude of the public toward the Capital Group and show concern for ecological aspects, the company has made attempts to create and implement CSR strategy in formal terms. It should be emphasized that major shareholder (Heineken company has already been following the strategy of sustainable development referred to as Brewing a Better Future (Social Report, 2013. However, the period during which the aforementioned actions were taken arouses a number of doubts, e.g. if the enterprise is able to continue its activity having achieved a certain level of liquidity. In times of great financial crisis, which started at the turn of 2007 and 2008, maintaining adequate liquidity was the main problem. It was then that enterprises ought to pay special attention to this aspect (Gorczyńska, 2011; Raport, 2010. Having the above in mind, the paper discusses issues relating to financial liquidity of the Capital Group Żywiec plc. in times of economic crisis and at the initial stage of CSR strategy implementation. Case study is the main method employed to verify the hypothesis formulated at the beginning of the article. Selected financial ratios are used in order to compare the liquidity of the Capital Group with the liquidity of the entire sector.

  15. Recession, Retrenchment, and Recovery: State Higher Education Funding & Student Financial Aid. Volume II: State Profiles

    Science.gov (United States)

    Ambrose, Allison S.; Hines, Edward R.; Hodel, Ross A.; Kelly, Kathleen F.; Mushrush, Christopher E., Pruden, Sheila J.; Vogt, W. Paul

    2006-01-01

    This report is a companion to "Recession, Retrenchment and Recovery: Higher Education Funding and Student Financial Aid" (ED502180). It provides profiles of individual states and their performance on a variety of measures used in the economic and fiscal analysis of the Recession, Retrenchment and Recovery project. The profiles describe the results…

  16. Bridging the financial gap through providing contract services: a model for publicly funded clinical biobanks.

    Science.gov (United States)

    Kozlakidis, Zisis; Mant, Christine; Cason, John

    2012-08-01

    Biobanks offer translational researchers a novel method of obtaining clinical research materials, patient data, and relevant ethical and legal permissions. However, such tissue collections are expensive to establish and maintain. Current opinion is that such initiatives can only survive with core funding from Government or major funding bodies. Given the present climate of financial austerity, funding agencies may be tempted to invest in fast-return research projects rather than in maintaining tissue collections, whose benefits will only become apparent in much longer timescales. Thus, securing additional funding for biobanks could provide a valuable boost enabling an extension of core services. Here we suggest that using biobank expertise to offer contract services to clinicians and industry may be an alternative approach to obtaining such extra funding.

  17. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

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

    2015-01-01

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

  18. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

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

    2015-01-01

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

  19. 49 CFR 611.11 - Local financial commitment criteria.

    Science.gov (United States)

    2010-10-01

    ... ADMINISTRATION, DEPARTMENT OF TRANSPORTATION MAJOR CAPITAL INVESTMENT PROJECTS § 611.11 Local financial... following measures: (a) The proposed share of project capital costs to be met using funds from sources other... and any additional capital funding (“overmatch”), and the degree to which planning and...

  20. 76 FR 54770 - Public Meeting: Notification by Capital One Financial Corporation, McLean, VA, To Acquire ING...

    Science.gov (United States)

    2011-09-02

    ... Public Meeting: Notification by Capital One Financial Corporation, McLean, VA, To Acquire ING Bank, FSB, Wilmington, DE, and Indirectly To Acquire Shares of Sharebuilder Advisors, LLC and ING Direct Investing, Inc... Financial Corporation, McLean, Virginia, to acquire ING Bank, FSB, Wilmington, Delaware, and indirectly...

  1. Influence of Outflow of Rural Funds on Financial Support for Agriculture

    Institute of Scientific and Technical Information of China (English)

    Jinqian; DENG; Wenkai; LUO

    2013-01-01

    Since the reform and opening-up,rural finance has made enormous contribution to rural economic development.However,with commercialization reform of financial institutions,the conflict between outflow of large funds and shortage of funds for rural economic development becomes prominent,leading to serious degradation of agricultural support function of rural finance.From the perspective of outflow of rural funds,this paper analyzes the problem of"deviation from agriculture"of rural financial business,and derives the conclusion that it is necessary and urgent to restore agricultural support function of rural finance.Then,it discusses restoration path for agricultural support function of rural finance.Finally,it comes up with some effective paths in accordance with existing problems in agricultural support function of rural finance.

  2. Quantifying a Financially Sustainable Strategy of Public Transport: Private Capital Investment Considering Passenger Value

    Directory of Open Access Journals (Sweden)

    Yunqiang Xue

    2017-02-01

    Full Text Available Releaving traffic congestion by developing public transport as an alternative mode of travel is a common practice all over the world. However, the increasing public transport subsidies have created a financial burden for governments. Encouragingly, private capital supplies an opportunity for public transport in sustainable finance. Previous research mainly focuses on qualitative analysis and money-for-value (MFV analysis. In this paper, a new investment model is proposed based on the concept ‘passenger value’, and a bi-level programming model (BLPM is constructed as a quantitative analysis tool. The upper target of BLPM is the total surplus (including the value of time (VOT of passengers of the public transport system and the upper constraint is the ticket price. The lower target of BLPM is passenger’s surplus, the lower constraints are service capability and the lowest return rate of the private sector. The public transport of Jinan City, China is taken as a case to quantify the impacts of private capital investment in public transport. Results show that the proposed investment model considering passenger value is superior to the traditional one, and effective private capital investment could increase the total societal benefit of the transportation system. The proposed investment strategy satisfies economic viability and is a financially sustainability strategy. Additionally, travelers should be encouraged to use public transport through improving the service quality and passenger returns. Only in this way can the success rate of the private sector investment in public transport be improved efficiently.

  3. On capital flows and macroeconomic performance: Evidence before and after the financial crisis in Turkey

    Directory of Open Access Journals (Sweden)

    Magda Kandil

    2015-12-01

    Full Text Available The paper sheds light on the Turkish experience of capital account liberalization and its effect on key macroeconomic variables, using quarterly data in a multivariate VAR model. We also take into consideration the crisis breakpoint in 2001 and estimate the effect of shocks attributed to capital flows, using quarterly data during the sub-periods 1989:01–2001:01 and 2001:02–2009:03. The findings indicate that capital flows have varying effects on the Turkish economy before and after the crisis in 2001 and the evidence supports significant effects of liberalizing financial flows on macroeconomic performance, especially during the post-crisis period (2001:02–2009:03. Moreover, this latter period exhibited evidence of sterilization policy that has helped mopping up excess liquidity and containing inflationary pressures. These factors seem to signal deliberate efforts by the Central Bank of Turkey to stem the risk of appreciation of the real exchange rate and preserve export competitiveness during periods of high financial inflows, a trend that has been reversed recently by the surge in outflows and currency depreciation in many emerging markets in anticipation of imminent normalization of monetary policy in the United States.

  4. Should We Use a Capital Framework to Understand Culture? Applying Cultural Capital to Communities of Color

    Science.gov (United States)

    Hinton, Kip Austin

    2015-01-01

    Social science research on communities of color has long been shaped by theories of social and cultural capital. This article is a hermeneutic reading of metaphorical capital frameworks, including community cultural wealth and funds of knowledge. Financial capital, the basis of these frameworks, is premised on unequal exchange. Money only becomes…

  5. Should We Use a Capital Framework to Understand Culture? Applying Cultural Capital to Communities of Color

    Science.gov (United States)

    Hinton, Kip Austin

    2015-01-01

    Social science research on communities of color has long been shaped by theories of social and cultural capital. This article is a hermeneutic reading of metaphorical capital frameworks, including community cultural wealth and funds of knowledge. Financial capital, the basis of these frameworks, is premised on unequal exchange. Money only becomes…

  6. Transaction of the Derivated Financial Products on the Romanian Capital Market. Advantages and Risks

    Directory of Open Access Journals (Sweden)

    Dalia Simion

    2007-12-01

    Full Text Available The volatility and the uncertainty are extended in the global world, being favorised of the vast proportion of the internet and by the IT development. The volatility and the uncertainty are contributing to the apperance of the speculative movements that increase the posibilities of the price overestimation of some financial actives on the new markets. The overestimated and optimistic foretell on the flow of some stock exchange deeds, on the new markets, lead to the collapse of the flow and to the fast migration of the capital on the other markets, reason for which the economy of some countries or big areas could be destroied. Taking all this into account the development of the opperations with derivated financial instruments have offerd for the market participants bothe the posibility of hedging and a way of speculation. There are advantages and also disadvantages resulted from the derivated use. The derivated market, similar with the financial markets, either creates welfare, or destroies it, because provides a way to transfer the risk. The derivated help the financial markets to become more eficient and also offers better opportunities for the risk management. There is the posibility that the failure of some big transactions with derivates to lead at the appearance of a systemic risk that could spread inside the financial system.

  7. Capital Market, Financial Deepening and Nigeria’s Economic Growth: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Raymond Osi Alenoghena

    2014-08-01

    Full Text Available This study investigates the contributions of capital market and financially deepening to economic growth in Nigeria over the period of 1981 to 2012.  The analysis involves examining the stochastic characteristics of each time series variable by testing their stationarity using Augmented Dickey-Fuller (ADF test and estimates the error correction mechanism model. The study revealed that Stock Market Capitalization, Narrow Money Diversification (involving credit to the private sector and Interest Rate significantly impacted the promotion of economic growth of the country during the period of study. Though, other measures of liquidity represented by Financial Development (FID and Monetization Ratio (MTR were not significant in explaining the trend in economic growth, they exhibited very strong coefficients in the process. The study recommends that Government and other stakeholders in the economy should take measures further to improve the liquidity of the financial market to enhance overall economic efficiency in the country. In addition to proper monetary policy management, the study further recommends that concrete steps be taken to improve the activities of the Nigerian stock market.

  8. Financial Development, Capital Allocation Efficiency and Export Performance An Empirical Study based on Cross-Provincial Industrial Panel Data

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    With China's cross-provincial panel data of 27 industries from 2003 to 2009 as sample, this paper uses Wurgler (2002) model to estimate that the average capital allocation efficiency of China's 30 regions is 0.517. It also finds out that capital allocation efficiency of the coastal areas is higher than that of the inland, and capital allocation efficiency of the eastern areas is obviously higher than that of the central and western areas. Using the System GMM method, we finds out that financial development and capital allocation efficiency are positively related to the export and export growth, and verified that financial development has positive effects on export performance through the channel of capital allocation efficiency.

  9. Intellectual capital in mergers and acquisitions: a case study in a world-class financial institution

    Directory of Open Access Journals (Sweden)

    Ricardo Vinícius Dias Jordão

    Full Text Available Abstract The objective of the research described in this paper was to analyse the implications of the merger between Itaú and Unibanco banks on the Intellectual Capital (IC of the Itaú Unibanco S/A Bank. The methodology comprised a qualitative and quantitative case study, in a descriptive approach, based on interviews (formal and informal and questionnaires applied to 225 top managers (directors, superintendents, regional managers and commercial general managers originated from these two banks. The research was complemented with direct observation and documental analysis. The following results were found after the merger: (i improvements were noted in all analysed indicators on the constituent elements of the IC (human capital, structural capital and relational capital, (ii Itaú Unibanco S/A Bank created, developed and acquired knowledge and know-how, and (iii these factors influenced corporative IC, supporting improvements in processes, systems, technology, brands, products and mainly in people, corporate image and the relationship of the company with the market, promoting significant financial results.

  10. European integration, financial resources and the absorption of European funds in Central and Eastern European Countries

    Directory of Open Access Journals (Sweden)

    Valentin NECULITA

    2013-08-01

    Full Text Available The regional integration has the purpose to enhance the income in the region, which may be achieved through getting higher economic results by using the production factors more efficiently, increasing their mobility and benefiting from the access to a comprehensive knowledge base. This paper aims to provide insights in European integration, financial resources and, absorption of European funds. The paper proposes an analysis of financial framework by means of data and statistics provided by European institution, national statistics institutions and international statistics institutions. The financial framework is a mechanism designed to ensure a strict budgetary discipline of the maximum spending cap for each major area of European Union budget. This mechanism is drawing on the basis of political and economic priorities. One of the main objectives should be the expenditure forecasting, annual budgets, so they be situated under overall cap, knowing that achieving long-term economic growth depends on the financial incentives that the European Union can sustain.

  11. Considerations on the Financial Reporting of Intangible Capital in Romania, Spain, and France

    Directory of Open Access Journals (Sweden)

    Cristina-Ionela Fadur

    2013-07-01

    Full Text Available We have studied a series of criteria of intangible capital, made up of human, relational and structural capital, in order to identify the extent to which the Romanian, French and Spanish accounting environments meet the challenges concerning the acknowledgement of intangible elements.We have analyzed the annual financial statements corresponding to the fiscal year closed on 12.31.2011, drawn according to IAS/IFRS provisions, for 19 companies listed in the Bucharest Stock Exchange, 27 Spanish companies quoted in the Madrid Stock Exchange, components of the IBEX 35 market index and 35 French companies quoted in the Paris Stock Exchange, components of the CAC 40 stock exchange index.

  12. Corporate governance and capital structure in the periods of financial distress. Evidence from Greece

    Directory of Open Access Journals (Sweden)

    George Kyriazopoulos

    2017-05-01

    Full Text Available This study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.

  13. INCREASE IN THE ROLE OF THE FINANCIAL SYNTHESIS REPORTS FOR ACCESSION OF THE EUROPEAN STRUCTURAL FUNDS

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2011-07-01

    Full Text Available European integration is supported through important financial resources in order to sustain the investment effort for aligning the business infrastructure and increase in the business competitiveness in order to fulfill the European Union standards. The financial management, a basic component of the general management, has as scope to realize complex financial analysis in order to substantiate the decisions for investments and financing which should ensure the maximization of results, ensuring also the elaboration of the project budget as an essential document in the identification of the needs for resources and for obtaining the non-reimbursable financial sources. An essential role in the investment decision making, having as support European funding, is realized by the financial-accounting reporting documents such as balance sheet, profit and loss account, table of the treasury flows, which together with a realistic established actualization rate ensures the relevance and efficiency of the financial indicators: Net present Value(NPV, Internal Rate of Return(IRR, the investment recovery period, the benefit/cost ratio. This study has as its goal to realize a critical analysis over the main simulation methods and techniques for forecasting annual return based on its growth rate, which should ensure the success of the implementation and operation of an investment realized through European structural funds respecting also the requirements for minimization of risks. In this research it is shown the importance of proper generation/modeling of the annual turnover in an investment project. Several methods were presented and case study was realized. Since the annual turnover constitutes the basis for the entire financial analysis it is very important that a realistic growth rate is used. Otherwise the provisions within the financial analysis of the investment (including CBA, the project implementation strategy and later the plan for the utilization of

  14. Analysis of Risks and Factors of Formation of the Structure of Financial Capital of Subject of Entrepreneurship

    Directory of Open Access Journals (Sweden)

    Rubaha Mariya V.

    2013-11-01

    Full Text Available The article is devoted to analysis of the structure of sources of financing economic subjects, study of commercial and financial risks of formation of the structure of financial capital of subjects of entrepreneurship. The article pays significant attention to calculation of the weighted average cost of capital, degrees of financial and operational leverages and also to assessment of their mutual influence upon results of financial and economic activity of an enterprise. It studies impact of factors of external environment on the structure of sources of financing subjects of entrepreneurship, these factors include specific features of operational activity, quality and liquidity of assets, concentration of own capital, stages of the life cycle, level of profitability of operational activity, credit history of a borrower and a necessity to ensure the prospective repayment capacity, and financial mentality of owners and managers of an enterprise. The article also analyses factors of external environment of an enterprise (cost of attraction of financing from different sources, commodity and financial markets situations, state regulation and control over business processes, level of taxation of profit of enterprises and also income of physical persons and legal entities – investors from owning securities that influence the possibilities to attract financial capital and, consequently, prospects of efficient functioning of a subject of entrepreneurship in a long-term prospect.

  15. IMPACT OF FINANCIAL CRISIS ON CONSTRUCTION FIRM`S COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Schiau (Macavei Laura Liana

    2010-12-01

    Full Text Available The average cost of debt is negatively related with size, tangibility, firm growth, the leverage ratio, and the ratio of long- to short-term debt and positively to profitability. We find that the recent international crisis did have a significant impact on the set of firms in our sample, but affected the way in which leverage and the interest to debt ratio relate to firm fundamentals. In this article, we want to study the impact of financial crisis on the cost of capital using a sample of construction companies.

  16. STRUCTURAL AND COHESION FUNDS VERSUS THE IMF LOANS: IMPLICATIONS AND CHALLENGES FOR THE ROMANIAN FINANCIAL SYSTEM

    Directory of Open Access Journals (Sweden)

    VASILE COCRIS

    2012-05-01

    Full Text Available The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have significant implications upon the Romanian financial system. This article is a comparative approach structured on five parts as it follows: the second part is a review of the specific literature regarding the theme of our work, the third part is an analysis of the absorption stage of the Structural Funds and the evolution of the stand by agreements between Romania and IMF, the fourth part is a SWOT analysis of the Structural Funds versus the IMF loans and the last section is dedicated to the econometric quantification of the efficiency of the two financing opportunities. The IMF loans ensure the coordinates of the financial stability but the structural funds represent the link between stability and the development that Romania needs. We consider and claim that Romania needs European funds. We do not ask to give up entirely to the IMF loans but we plead for having an equilibrium which could support the economical development.

  17. STRUCTURAL AND COHESION FUNDS VERSUS THE IMF LOANS: IMPLICATIONS AND CHALLENGES FOR THE ROMANIAN FINANCIAL SYSTEM

    OpenAIRE

    VASILE COCRIS; CORINA BERICA; ANCA ELENA NUCU

    2012-01-01

    The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have significant implications upon the Romanian financial system. This article is a comparative approach structured on five parts as it follows: the second part is a review of the specific literature regarding the theme of our work, the third part is an analysis of the absorption stage of the Structural Funds and the evolution of the stand by agreements between Romania and IMF, the fourth part is a SWO...

  18. EUROPEAN MONETARY FUND - BETWEEN ILLUSION AND FUTURE INSTRUMENT FOR EUROPEAN FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    Firtescu Bogdan

    2010-12-01

    Full Text Available The finance crises that culminate with the Greece situation shows that majority of European countries are facing balance-of-payments difficulties and it is clear that actual mechanism couldnt face the situation. This paper wants to highlight some of the proposals related to the development mechanisms, such the creation of the European Monetary Fund or the design of the European Mechanism for Financial Stability (EMFS, which could include the EMF, showing also the actual mechanism of financing through International Monetary Fund (IMF.Some pro and counter arguments are furthermore taken into discussion.

  19. A Positive Theory of Fixed-Rate Funds-Supplying Operations in an Accommodative Financial Environment

    OpenAIRE

    Junnosuke Shino

    2011-01-01

    This paper studies bidding behaviors in fixed-rate funds-supplying auctions using a simple game-theoretic model. While the existing literature argues that such auction schemes are vulnerable to the overbidding problem, the bid-to-cover ratio for the Bank of Japan's current fixed-rate operations has remained stable. We modify the stylized repo game by incorporating the current framework of fixed-rate funds-supplying auctions operated by the Bank of Japan and the accommodative financial environ...

  20. SOVEREIGN WEALTH FUNDS IN CENTRAL AND EASTERN EUROPE: SCOPE AND METHODS OF FINANCIAL PENETRATION

    Directory of Open Access Journals (Sweden)

    Piotr Wiśniewski

    2015-08-01

    Full Text Available The Central and Eastern European (CEE capital markets (of Poland, Lithuania, Latvia, Estonia, the Czech Republic, Slovakia, Hungary, Ukraine and, to a limited extent, Belarus are gradually evolving towards increased breadth (diversity and depth (liquidity, however, they are still exposed to considerable cross-country volatility and interdependence spill-overs – especially in times of capital flight to more established asset classes (“safe havens”. Sovereign Wealth Funds (SWFs have widely been censured for their undesirable political interference and chronic operational opacity. This paper demonstrates that in CEE, contrary to widespread perceptions attributable to developed markets, SWFs can act as natural and powerful risk mitigators (contributing to a more stable capital base and reduced systemic volatility. Such a proposition is premised on several factors specific to SWFs oriented to CEE. They comprise: strategic long-termism and patience in overcoming interim pricing deficiencies, commitments to elements of a broadly interpreted infrastructure, and absence of overt conflicts of interest with the CEE host economies. The paper, besides reviewing the utilitarianism of SWFs in the CEE’s risk mitigation context, highlights regulatory and technical barriers to more SWF funding for CEE. It also recommends policy measures to the CEE economies aimed at luring more host-friendly SWF investment into the region.

  1. DEBUNKING THE RELATIONSHIP BETWEEN LAW AND CAPITALISM: HOW CORPORATE GOVERNANCE FAILURES CONTRIBUTE TO THE FINANCIAL CRISIS IN INDONESIA?

    Directory of Open Access Journals (Sweden)

    Muhammad Yahdi Salampessy

    2016-12-01

    Full Text Available The recent global financial catastrophe has raised questions about the relationship between corporate governance and the crisis. Many scholars attribute the crisis to the corporate failure and the Anglo-Saxon model of capitalism. Much of the literatures, however, tend to focus on examining the issue of financial crisis in the developed economy. Following up this line of literatures, this paper will extend the discussion of the role of corporate governance in financial crisis in the developing world. Using Indonesia as a case study, this paper will look at evidence that has emerged from the recent financial crisis regarding the failures of corporate governance in addressing and preventing the crisis.

  2. The need for liquidity and the capital structure of Swedish Banks following the financial crisis

    Directory of Open Access Journals (Sweden)

    Victor Nilsson

    2014-04-01

    Full Text Available Banks had a large part in the developments taking place in the years after the outbreak of the crisis in 2007, as many banks had an excessively low capital base, involving too much risk in its businesses. In this study, the largest four banks in Sweden have been investigated. The financial crisis affected the banks differently, depending on the markets of expansion. Excessive risk-taking has been found, where one bank expanded aggressively into new markets and did not appreciate the risks on these new markets. CEO compensation and risk seeking boards are factors that might have caused such behaviour. All of the banks have made noticeable changes to their capital structure, increasing it annually, accompanied by a risk-reduction movement in their assets to improve the stability in most of the banks. The new regulation’s focus on both quality and quantity is in accordance with the views that are expressed in the framework. The banks have altered their goals to levels several per cent above the regulations, in contrast to before the crisis when they were often as close as possible. The impact of the new liquidity regulations has been limited, as the banks continue to work with their internal measures. The banks have all changed their view of capital ratio and liquidity, where many of the banks have doubled the amount of these posts and now find these measures to be both beneficial and a way to gain trust and stability. 

  3. Delivering Coordinated, Community-Based Services by Putting Networks into Action: New York City's Change Capital Fund. No. 3

    Science.gov (United States)

    Aceves, Aurelia De La Rosa; Greenberg, David M.; Schell, Sarah

    2016-01-01

    This brief is the third in a series documenting the implementation of an economic mobility initiative supported by New York City's Change Capital Fund (CCF). CCF is a consortium of New York City donors formed to invest in local nonprofits that undertake data-driven antipoverty strategies integrating housing, education, and employment services. CCF…

  4. Effect of working capital and financial decision making management on profitability of listed companies in Tehran’s securities exchange

    OpenAIRE

    SHAHNAZI, Masoomeh; AZADI, Keyhan

    2015-01-01

    Abstract. Working capital management is one important part of financial management, because it directly affects corporate profitability and its goal is to establish a critical equivalence between maintaining liquidity for supporting daily operations and maximization of short- term investment opportunities. So, managers should consider decisions related to finance and effects that these factors have on capital structure up to can acquire enough earnings for securing appropriate return for inve...

  5. New Alternatives for Financing, Funding and Loan sectors not fit for Colombian Financial System

    OpenAIRE

    Jiménez Sánchez, Jorge Iván; Rojas Restrepo, Farley Sary

    2014-01-01

    Many smes are considered by banks “Sectorsunfit forcredit “ , these play a key role in the economic development of the country but have to rely on bank loans, micro entrepreneur and banks must seek new financing alternatives other than the traditional. Colombia is in default of its financial regulatory change to allow access to a cheaper source of finance, such as capital markets and even think of creating an alternative stock market for smes. Organizations such as the World Bank, the Cepal, ...

  6. The analysis of the influence of the intellectual capital on the results of the commercial activity of financial institutions

    Science.gov (United States)

    Shkolik, Oleg; Chirkova, Larisa; Chirkova, Polina

    2016-08-01

    Developing (underdeveloped) countries are territories of slow economic growth (catch-up growth). Perspectives of their economic growth largely depend on developing and introducing financial and technological innovations in the sphere of the financial markets. The level and quality of those innovations should enable provision of faster growth of the financial sector of the national economy by rising stability and effectiveness of the financial institutions. Powerful and stable financial sector is the basic element for attracting investments and upsurge of liquidity in the economic system of a developing country that aims to have developed economy. Intellectual capital is the most important of the fundamental factors of production in the financial sphere. It is a catalytic element of the process of the economic development. From this position, the researchers' collective develops and presents a mathematical model which characterizes the connection between the intellectual capital and financial results of the commercial activity of financial institutions. The model is applied in the analysis of the activity of financial institutions that are part of the EEU.

  7. Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

    Directory of Open Access Journals (Sweden)

    Tomáš Meluzín

    2008-01-01

    Full Text Available Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

  8. Capital Market Effects of the IFRS Adoption for Separate Financial Statements: Evidence from the Italian Stock Market

    OpenAIRE

    Palea Vera

    2013-01-01

    Using a sample of Italian firms, I investigate whet her separate financial statements are useful to capital market investors and IFRS are more value-relevant than domestic GAAP. I find significant differences in value-relevance between Italian GAAP and IFRS, with IFRS being more informative than Italian GAAP. However, while results are robust for book value, they provide mixed evidence on net income. I also investigate the value-relevance of separate financial statements under IFRS relative t...

  9. Influence to the financial situation of hospitals for projects financed from the EU structural funds

    Directory of Open Access Journals (Sweden)

    Aleksandra ŁĘGA

    2015-05-01

    Full Text Available The European Union gives many opportunities for development to member countries, including raising founds for its funds. This money could be sought in many sectors of the economy. One of them is health care. The goal of this study is to assess the impact of the financial situation of hospitals in the Kuyavian-Pomeranian for projects financed by the Structural Funds European Union (EU in programming period 2007-2013. The money from the European Regional Development Fund and European Social Fund provided an opportunity to introduce the latest technology and equipment in medical entities, as well as allowed skilled in the art. Of medicine to acquire knowledge and skills to develop their potential. The paper discusses issues related to the possibilities of support by EU funding to health care. Based on the data contained in the financial statements of an analysis of data from the balance sheet, characterized projects in hospitals as part of financing from the EU and the influence of the material in the therapeutic entities for their implementation through the analyses of correlation. The possibility of providing health services requires appropriate  regulations in law, system and organization. This is necessary in order to achieve the main goal of any entity that is take care of the welfare of the patient. Health and its protection is the highest value for the individual and for society, so Poland and the European Union is committed to the protection of the priority objective through enhanced organizational and legal actions and investments in the health sector.

  10. Tendencies in the Financial Implementation of Structural and Cohesion Funds in the EU

    Directory of Open Access Journals (Sweden)

    Popescu Anca SIMINA

    2015-09-01

    Full Text Available The considerable differences between Member States of the European Union not only creates specific EU cultural diversity, they are also with an economical nature, with local specificities in each region of the Member States. In order to reduce the economic gaps between different EU Member States, each Member State being in turn divided into various regions, European Union grants financial assistance to Member States in the form of structural funds. In context of the efforts aimed at improving the overall competitiveness of the European Union, European cohesion policy is the most important financial instrument to support the Member States under the Convergence objective, namely to promote economic and social cohesion by reducing disparities starting from regional level .

  11. The financial crisis and global health: the International Monetary Fund's (IMF) policy response.

    Science.gov (United States)

    Ruckert, Arne; Labonté, Ronald

    2013-09-01

    In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.

  12. The use of fund accounting and the need for single fund reporting by institutional healthcare providers. Principles and Practices Board Statement No. 8. Healthcare Financial Management Association.

    Science.gov (United States)

    1986-06-01

    For many years, hospitals and other institutional healthcare providers used fund accounting as a basis for presenting their financial statements. Recently, authoritative literature has placed less emphasis on separate fund reporting. This is evidenced by the reduction of fund classifications specified in the literature. This trend seems to follow the recognition that institutional healthcare activities should be reported in a manner comparable to other businesses. The Principles and Practices Board (P&P Board) of the Healthcare Financial management Association believes that general purpose financial statements of institutional healthcare providers should be comparable to reporting by other businesses. That is, all assets, liabilities, and equity are presented in a single aggregated balance sheet without differentiation by fund. This form of presentation, referred to in this statement as single fund reporting, should be used by all institutional healthcare providers including those that are part of HMOs, universities, municipalities, and other larger entities when separate reports of the provider are issued. The P&P Board is studying other significant issues concerning the reporting of revenues and components of equity and changes therein. The conclusion in this statement can be implemented even though conclusions on these related subjects are not yet complete. The P&P Board recognizes that certain circumstances may require detailed records and reports for special purposes. This statement deals only with those general purpose financial statements on which an independent accountant's opinion is expressed.

  13. Financialization, new investment funds, and weakened labour : the case of the UK.

    OpenAIRE

    Pendleton, A.; Gospel, H.

    2014-01-01

    The chapter shows that the UK has the highest levels of PE, HF, and SWF activity in Europe. This is explained primarily by the permissive nature of UK financial and securities regulation and, to a lesser extent, of labour regulation. Fund activity grew significantly up to 2007 and then declined in the case of PE and HFs; since 2010, there has been a recovery in PE and HF activity. It is rare for NIFs to consult with labour before and during the acquisition process. NIF intervention and acquis...

  14. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

  15. The African Health Fund and Nairobi Women's Hospital--a successful model for improving access to capital for health businesses.

    Science.gov (United States)

    Olayo, Bernard

    2012-01-01

    Nairobi Women's Hospital is a private for profit hospital that has been in operation since 2001. Its main target is reaching women and children with affordable high-quality services. Its initial growth plan was stranded by lack of capital. The Africa Health Fund managed by Aureos Capital took a stake in the hospital in December 2009 to provide the needed capital for expansion. The investment has seen the hospital expand rapidly from 57 beds to 226 beds in three campuses. The affiliated nursing school has also opened. Based on its recent successes, NWH is now currently looking at borrowing an additional US$10 million from IFC to expand in the East Africa region.

  16. The International Monetary Fund's effects on global health: before and after the 2008 financial crisis.

    Science.gov (United States)

    Stuckler, David; Basu, Sanjay

    2009-01-01

    In April 2009, the G20 countries committed US $750 billion to the International Monetary Fund (IMF), which has assumed a central role in global economic management. The IMF provides loans to financially ailing countries, but with strict conditions, typically involving a mix of privatization, liberalization, and fiscal austerity programs. These loan conditions have been extremely controversial. In principle, they are designed to help countries balance their books. In practice, they often translate into reductions in social spending, including spending on public health and health care delivery. As more countries are being exposed to IMF policies, there is a need to establish what we know and do not know about the IMF's effects on global health. This article introduces a series in which contributors review the evidence on the relationship between the IMF and public health and discuss potential ways to improve the Fund's effects on health. While more evidence is needed for some regions, there is sufficient evidence to indicate that IMF programs have been significantly associated with weakened health care systems, reduced effectiveness of health-focused development aid, and impeded efforts to control tobacco, infectious diseases, and child and maternal mortality. Reforms are urgently needed to prevent the current wave of IMF programs from further undermining public health in financially ailing countries and limiting progress toward the health Millennium Development Goals.

  17. Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the year ended 31 December 2015 and comments from the CERN Pension Fund Management

    CERN Document Server

    2016-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the year ended 31 December 2015 and comments from the CERN Pension Fund Management

  18. Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the Year Ended 31 December 2016 and Comments from the CERN Pension Fund Management

    CERN Document Server

    2017-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the Year Ended 31 December 2016 and Comments from the CERN Pension Fund Management

  19. EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Muller Victor - Octavian

    2011-07-01

    the capital market, and on the other hand, they question the necessity of publishing parent company financial statements.

  20. THE ROLE OF THE BANKING SYSTEM OF UKRAINE IN FUNDING OF CAPITAL INVESTMENTS INTO NATIONAL ECONOMY

    Directory of Open Access Journals (Sweden)

    N. Shpygotska

    2014-01-01

    Full Text Available The paper studies the capital structure of domestic enterprises by sources, forms and terms of financing. The structure of capital investments financing in the economy of Ukraine are analysed. The role of banking lending in financing of current and investment activity of domestic enterprises are anatomized. The key tools to foster bank lending to stimulate the national economy are developed.

  1. Intellectual Capital (IC Analysis and The Effect to Financial Performance in PT Kalasuba Indonesia (KSI

    Directory of Open Access Journals (Sweden)

    Dwi Ermayanti Susilo

    2016-10-01

    Full Text Available Financial Performance (FP is one of the important things for a company to know the development of the company. One important thing that influences FP is the Intellectual Capital (IC. Research was conducted to get the best IC analysis in order to get success and fulfill the daily human needs which always increases. Therefore, it had research problem ‘how was the components of IC affecting the FP of PT Kalasuba Indonesia (KSI, and the objective is to explore the IC components in affecting the FP. It was interesting to be explored because it had unique characteristics, which consist of spiritual knowledge, attitude, discipline, management knowledge and managerial experience, as well as skill and capabilities, in which the first three points were different from the rest. It used qualitative analysis method as the instrument. It was done by collecting the data through observation and was analyzed using the Robbins theory. It can be concluded that those five IC has important effect in increasing FP of PT KSI and keeping it stable.

  2. The Financial Analysis of the Hungarian Automotive Industry Based on Profitability and Capital Structure Ratios

    Directory of Open Access Journals (Sweden)

    Gabor Szucs

    2015-03-01

    Full Text Available The present study aims to investigate the economic processes taking place in the Hungarian automotive industry primarily by means of descriptive and multivariate statistical models. The purpose of the analysis is to present the performance of the sector via the ratios describing the operation. First the database and the applied methods – which are the factor and cluster analysis – will be described. Statement of the results begins with a descriptive statistical analysis of the financial ratios, where besides market share we get a whole picture of the operation of the determinative companies of the branch and the factors influencing the last six years. The capital structure ratios are examined in a separate chapter, where the changes of the last 10 years can be followed. The multivariate statistical models try to present a complex picture of the characteristics of the economic field and the underlying boundaries by means of the different ratios. On the basis of these findings, the study concludes that the automotive industry, which is named as a driving force of the economy, maintains its unbroken momentum predominantly due to the foreign-owned segment. Despite the given circumstances, the role of the liabilities is not of great importance.

  3. Board Characteristics Best Practices and Financial Performance. Evidence from the European Capital Market

    Directory of Open Access Journals (Sweden)

    Victor-Octavian Müller

    2014-05-01

    Full Text Available This study investigates board characteristics best practices in the particular context of European listed companies. The theoretical grounding of the paper is done by discussing board composition and board compensation related studies, mainly belonging to the corporate governance literature. The main objective of the paper is to contribute to the debate on whether certain board characteristics can be documented to represent best practices. In doing so, we investigate if such board characteristics significantly influence companies’ financial performance. We use econometric regression models in order to assess the impact of a series of corporate governance board related characteristics on the performance of companies (constituents of FTSE100 listed on the largest European capital market (London Stock Exchange, for the 2010-2011 period. An accounting measure of operating performance, namely the operating return on assets (ROA, is used. The profoundness of a potential impact of corporate board characteristics on companies’ performance is investigated by considering both contemporaneous and subsequent operating performance. Results document best practices through the existence of several significant associations between considered board characteristics and firm performance

  4. Lessons learned: Infrastructure development and financial management for large, publicly funded, international trials.

    Science.gov (United States)

    Larson, Gregg S; Carey, Cate; Grarup, Jesper; Hudson, Fleur; Sachi, Karen; Vjecha, Michael J; Gordin, Fred

    2016-04-01

    Randomized clinical trials are widely recognized as essential to address worldwide clinical and public health research questions. However, their size and duration can overwhelm available public and private resources. To remain competitive in international research settings, advocates and practitioners of clinical trials must implement practices that reduce their cost. We identify approaches and practices for large, publicly funded, international trials that reduce cost without compromising data integrity and recommend an approach to cost reporting that permits comparison of clinical trials. We describe the organizational and financial characteristics of The International Network for Strategic Initiatives in Global HIV Trials, an infectious disease research network that conducts multiple, large, long-term, international trials, and examine challenges associated with simple and streamlined governance and an infrastructure and financial management model that is based on performance, transparency, and accountability. It is possible to reduce costs of participants' follow-up and not compromise clinical trial quality or integrity. The International Network for Strategic Initiatives in Global HIV Trials network has successfully completed three large HIV trials using cost-efficient practices that have not adversely affected investigator enthusiasm, accrual rates, loss-to-follow-up, adherence to the protocol, and completion of data collection. This experience is relevant to the conduct of large, publicly funded trials in other disease areas, particularly trials dependent on international collaborations. New approaches, or creative adaption of traditional clinical trial infrastructure and financial management tools, can render large, international clinical trials more cost-efficient by emphasizing structural simplicity, minimal up-front costs, payments for performance, and uniform algorithms and fees-for-service, irrespective of location. However, challenges remain. They

  5. CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT PROJECTS

    OpenAIRE

    Ioan TRENCA; Petria, Nicolae; Laurentiu DROJ

    2012-01-01

    European funding is considered to be one of the hot topics in Romania and all over Eastern Europe since its novelty and its expected capacity to improve the life of the newly integrated European citizens. The linkages between the European Financial Support Programmes, the private financing performed by the banking sector and the private companies which are intending to use the structural funds to finance their investments is obvious. The present paper analyzed these linkages, creates a case s...

  6. Working Capital Management and the Profitability of Non- Financial Firms Listed on the Zimbabwe Stock Exchange (ZSE

    Directory of Open Access Journals (Sweden)

    Walter Gachira

    2014-07-01

    Full Text Available Working capital is essential for the day-to-day operations of a firm. The study examines the impact of working capital management on the profitability of non-financial firms listed on the Zimbabwe Stock Exchange (ZSE. Using panel data methodology, the direction and extent of the impact of working capital management on profitability is scrutinised. The regression analysis is based on a panel sample of 39 non-financial firms listed on the ZSE from 2009 to 2013, the period under which the Zimbabwean economy has been operating under the multicurrency system. It was found that there is a positive relationship between debtors’ days and firm’s profitability, a negative relationship between creditors’ days and profitability and a positive relationship between firm’s cash conversion cycle and its profitability. There is some negative relationship between current ratio and profitability, while inventory turnover days and profitability are positively related. Debt to asset ratio as a control variable has a significant negative relationship with firm value and profitability. The results of the study show that for the companies included in the sample, there are mixed effects of the components of working capital on firm performance. Managers can thus create value for shareholders by taking note of the existence of such relationships and take measures that enhance firm profitability.

  7. 48 CFR 207.471 - Funding requirements.

    Science.gov (United States)

    2010-10-01

    ..., DEPARTMENT OF DEFENSE ACQUISITION PLANNING ACQUISITION PLANNING Equipment Lease or Purchase 207.471 Funding requirements. (a) Fund leases in accordance with DoD Financial Management Regulation (FMR) 7000.14-R, Volume 2A, Chapter 1. (b) DoD leases are either capital leases or operating leases. See FMR 7000.14-R, Volume...

  8. Financial intermediaries, ownership structure and the provision of venture capital to SMEs: Evidence from Japan

    NARCIS (Netherlands)

    Cumming, D.; Fleming, G.; Schwienbacher, A.

    2008-01-01

    This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture ca

  9. The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

    Directory of Open Access Journals (Sweden)

    David John Lutton

    2008-11-01

    Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

  10. RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patrícia

    2014-07-01

    Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the

  11. A Capital-Financing Plan for School Systems and Local Government

    Science.gov (United States)

    Hodge, Penny

    2012-01-01

    School business officials are best equipped to lead in funding operating and capital needs because they understand the need for a methodical means of funding ongoing costs over time and the benefits of planning for future financial needs rather than letting emergencies dictate spending priorities. A capital-financing plan makes it possible to…

  12. Unpacking the hedonic paradox: A dynamic analysis of the relationships between financial capital, social capital and life satisfaction

    OpenAIRE

    Gleibs, IH; Morton, TA; Rabinovic, A; Haslam, SA; Helliwell, JF

    2011-01-01

    Does money buy happiness? Or is happiness derived from looking outwards towards our social networks? Many researchers have answered these questions by exploring whether the best predictor of well-being is either economic or social (or some fixed combination of the two). This paper argues for a dynamic perspective on the capacity for economic and social factors to predict well-being. In two studies, we show that both money (individual income) and community (social capital) can be the basis for...

  13. Financial planning working capital ventures using software «analyzer bdds» sold on the basis of selection of optimal bond portfolio

    Directory of Open Access Journals (Sweden)

    N.J. Timofeeva

    2011-05-01

    Full Text Available This article examines the financial planning of working capital organizations, in particular presented a software implementation of the algorithm analyzes the budget forecast working capital, identify and take advantage of temporarily free money using a model of a decision on the choice of the optimal bond portfolio, consistent with the free flow of liquidity of the enterprise.

  14. China's Pension Reform and Capital Market Development

    Institute of Scientific and Technical Information of China (English)

    XinWang

    2004-01-01

    The paper analyzes the interaction between the pension system and capital market development, especially the case of China. A funded pension system is most likely to boost the capital market, but in the absence of a supportive financial infrastructure and effective financial regulation, a funded system will not be successful. China's determination to establish a partially funded system is afirst step in the right direction, but without the separation of individual accounts from the social pooling and their replenishment, the working out of the implicit pension debt, and improvements in pension fund management and regulation, the pension system will not be sustainable. The key to capital market development in the process of the pension reform is to enact laws to protect the interests of pensioners, to contract out pension fund management to professional asset managers, and to accelerate the financial opening.

  15. Human and Financial Capital in the Rural Educational Environment: The Effects of Exceeding the Carrying Capacity Threshold on Standardized Test Scores in Rural Indiana.

    Science.gov (United States)

    Peoples, Glenn

    The Rural Educational Environment (REE) is a complex mixture of demographic and economic forces that interact to impact the rural school corporation. The condition of REE financial and human capital indicates REE health and may influence student performance on standardized tests. This paper proposes an ecosystem model of the impact of financial,…

  16. Heterogeneity and Change in European Financial Environments

    OpenAIRE

    Stoneman, Paul

    2001-01-01

    The main aim of this paper is to provide a background for other research relating to the impact of the financial environment on the diffusion of new technology in Europe. The issues addressed are: relative sizes and importance of banks and capital markets in the "financial sector" per se; the roles of banks and capital markets in how savers hold their wealth and how corporations fund their investments; corporate governance structures, comparing insider and outsider controlled governance syste...

  17. Equality and Human Capital: Conflicting Concepts within State-Funded Adult Education in Ireland

    Science.gov (United States)

    Hurley, Kevin

    2015-01-01

    This article offers a critique of the concept of equality as it informs the White Paper on Adult Education: Learning for Life (2000). It also outlines the extent to which human capital theory can be seen to have effectively colonised lifelong learning from the outset of its adoption by the European Union with highly constraining implications for…

  18. 75 FR 65197 - Use of Public Housing Capital Funds for Financing Activities

    Science.gov (United States)

    2010-10-21

    .... 905.705(c)(5) (final Sec. 905.505(c)(4)) has been modified for CFFP use with a mixed-finance project...-finance projects. PHAs that pursue mixed- finance projects have both HUD and investor reporting... preamble. However, for non-mixed-finance projects, quarterly reporting is still necessary. Unlike Capital...

  19. 75 FR 3647 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Risk-Based Capital...

    Science.gov (United States)

    2010-01-22

    ...; Risk-Based Capital Requirements AGENCY: Farm Credit Administration. ACTION: Proposed rule. SUMMARY: The Farm Credit Administration (FCA, Agency, us, or we) proposes to amend our regulations on the Risk-Based... cooperatives as program business. The 2008 Farm Bill further directed FCA to estimate the credit risk on...

  20. Equality and Human Capital: Conflicting Concepts within State-Funded Adult Education in Ireland

    Science.gov (United States)

    Hurley, Kevin

    2015-01-01

    This article offers a critique of the concept of equality as it informs the White Paper on Adult Education: Learning for Life (2000). It also outlines the extent to which human capital theory can be seen to have effectively colonised lifelong learning from the outset of its adoption by the European Union with highly constraining implications for…

  1. The Role of Communication Technologies in an Era of Financialized Capitalism: Mapping the Field of Political Economy of Communication

    Directory of Open Access Journals (Sweden)

    Lea Udovč

    2015-03-01

    Full Text Available The end of Keynesian era, which was supplemented with neoliberalism, generated some fundamental changes of the capitalist system. The power of the financial sector with its innovative financial mechanisms, which contributed to the reorganization of production process, grew. The technological revolution, privatization processes, marketization of all things public, financialization of corporations were also reflected in the media sector, as news organizations became more and more integrated in transnational capital flows. The consequences of these processes in media (as well as other occupations manifested themselves as proletarization and fordization of the labor force, which enabled the pauperization of journalistic work. The upward pressure on wages as an outcome of tendencies towards labor cost reduction resulted in a demand for multiskilling, which paradoxically even brought about a reverse process—the deskilling of workers. Despite the fact that in the era of cognitive work some domains seem exempt from the law of value, general intellect is still constrained by the existence and limitations of the capital form. Production relations remain capitalistic, and since general intellect can only be realized in communism, it may be argued that general intellect at this point cannot yet be fully realized.

  2. 75 FR 11115 - Proposed Information Collection; Comment Request; Interim Capital Construction Fund Agreement and...

    Science.gov (United States)

    2010-03-10

    ... completion of construction/reconstruction, a certificate to that effect must be submitted. II. Method of... vessel's basis for depreciation by the amount withdrawn from the fund for its acquisition,...

  3. Government Funding Privileges in European Financial Law : Making Public Debt Everybody's Favourite?

    NARCIS (Netherlands)

    van Riet, Ad

    2016-01-01

    Since the global financial crisis of 2008 European authorities have set out to strengthen financial governance in order to create a more stable and resilient financial system. As discussed in this paper, the new and updated EU legislation addressed at a wide array of financial markets and institutio

  4. Government Funding Privileges in European Financial Law : Making Public Debt Everybody's Favourite?

    NARCIS (Netherlands)

    van Riet, Ad

    2016-01-01

    Since the global financial crisis of 2008 European authorities have set out to strengthen financial governance in order to create a more stable and resilient financial system. As discussed in this paper, the new and updated EU legislation addressed at a wide array of financial markets and

  5. The financial cost of doctors emigrating from sub-Saharan Africa: human capital analysis.

    Science.gov (United States)

    Mills, Edward J; Kanters, Steve; Hagopian, Amy; Bansback, Nick; Nachega, Jean; Alberton, Mark; Au-Yeung, Christopher G; Mtambo, Andy; Bourgeault, Ivy L; Luboga, Samuel; Hogg, Robert S; Ford, Nathan

    2011-11-23

    To estimate the lost investment of domestically educated doctors migrating from sub-Saharan African countries to Australia, Canada, the United Kingdom, and the United States. Human capital cost analysis using publicly accessible data. Sub-Saharan African countries. Nine sub-Saharan African countries with an HIV prevalence of 5% or greater or with more than one million people with HIV/AIDS and with at least one medical school (Ethiopia, Kenya, Malawi, Nigeria, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe), and data available on the number of doctors practising in destination countries. The financial cost of educating a doctor (through primary, secondary, and medical school), assuming that migration occurred after graduation, using current country specific interest rates for savings converted to US dollars; cost according to the number of source country doctors currently working in the destination countries; and savings to destination countries of receiving trained doctors. In the nine source countries the estimated government subsidised cost of a doctor's education ranged from $21,000 (£13,000; €15,000) in Uganda to $58,700 in South Africa. The overall estimated loss of returns from investment for all doctors currently working in the destination countries was $2.17bn (95% confidence interval 2.13bn to 2.21bn), with costs for each country ranging from $2.16m (1.55m to 2.78m) for Malawi to $1.41bn (1.38bn to 1.44bn) for South Africa. The ratio of the estimated compounded lost investment over gross domestic product showed that Zimbabwe and South Africa had the largest losses. The benefit to destination countries of recruiting trained doctors was largest for the United Kingdom ($2.7bn) and United States ($846m). Among sub-Saharan African countries most affected by HIV/AIDS, lost investment from the emigration of doctors is considerable. Destination countries should consider investing in measurable training for source countries and strengthening of their

  6. THE ACCOUNTING TREATMENT APPLICABLE TO THE STRUCTURAL FUNDS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL STANDARDS –IAS20

    Directory of Open Access Journals (Sweden)

    Breban Ludovica

    2012-01-01

    Full Text Available The European funds, according to the Emergency Ordinance no. 63/1999, are defined as being the financial contributions of the European Union, represented by the amounts of money which are transferred to the Romanian Government by the EU Commission, as a non-refundable financial assistance. The structural funds are post-accession funds financed by the EU budget, having as purpose to support the member states, in fields of interest as: education, research, agriculture, the SMEs’ development, etc. In this context, special attention is brought upon the less-developed regions. In regards to the way of informing the beneficiaries of the Program, these must be aware of the nature of the European funds regarding the implementation of the projects in question. Hence, at the moment when the contract is signed between the contracting authority (It’s an institution (public or private which closes a contract with an inverstor regarding the implementation of an investment program of the aforementioned investor at the moment when the investor doesn’t get involved directly and completely in the organisational activity of granting the finances.and the delegated authority and beneficiary, the category of the offered financial support will be specified explicitly, i.e. from the community budget or the state budget, as the allocated amount, the contribution of each being expressed in percentages or absolute value.

  7. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  8. Unpacking the hedonic paradox: a dynamic analysis of the relationships between financial capital, social capital and life satisfaction.

    Science.gov (United States)

    Gleibs, Ilka H; Morton, Thomas A; Rabinovich, Anna; Haslam, S Alexander; Helliwell, John F

    2013-03-01

    Does money buy happiness? Or is happiness derived from looking outwards towards our social networks? Many researchers have answered these questions by exploring whether the best predictor of well-being is either economic or social (or some fixed combination of the two). This paper argues for a dynamic perspective on the capacity for economic and social factors to predict well-being. In two studies, we show that both money (individual income) and community (social capital) can be the basis for individual happiness. However, the relative influence of each factor depends on the context within which happiness is considered, and how this shapes the way people define the self. Study 1 primes either money or community in the laboratory and demonstrates that such priming shifts individual values (so that they are economic vs. communal) and determines the extent to which income is more (vs. less) predictive of life satisfaction than social relations. Study 2 looks at these same priming processes in the external world (with people travelling to vs. from work). Both studies show that while money can become the basis of happiness when the self is defined in economic terms, the role of community relations in predicting happiness is more stable across contexts. © 2011 The British Psychological Society.

  9. Does Financial Development Induce Economic Growth in UAE? The Role of Foreign Direct Investment and Capitalization

    OpenAIRE

    2015-01-01

    This paper investigates the relationship between financial development and economic growth in case of UAE over the period of 1975Q1-2012Q4. The issue of unit root properties of the variables is solved by employing structural break unit root test. We have employed Bayer-Hanck combined cointegration to test the long run relationship between the variables. Our analysis revealed the existence of cointegration between financial development and economic growth. Financial development induces economi...

  10. The Need for Liquidity and the Capital Structure of Swedish Banks Following the Financial Crisis

    National Research Council Canada - National Science Library

    Victor Nilsson; Joakim Nordström; Krister Bredmar

    2014-01-01

      Banks had a large part in the developments taking place in the years after the outbreak of the crisis in 2007, as many banks had an excessively low capital base, involving too much risk in its businesses...

  11. Reducing the cost of health care capital.

    Science.gov (United States)

    Silberman, R

    1984-08-01

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

  12. 77 FR 39468 - Proposed Information Collection; Comment Request; Capital Construction Fund-Deposit/Withdrawal...

    Science.gov (United States)

    2012-07-03

    .../withdrawal requirements established in program regulations and properly accounting for fund activity on their... 34-82. Type of Review: Regular submission (extension of a current information collection). Affected... Time per Response: 20 minutes. Estimated Total Annual Burden Hours: 667. Estimated Total Annual Cost...

  13. Funding food science and nutrition research: financial conflicts and scientific integrity.

    Science.gov (United States)

    Rowe, Sylvia; Alexander, Nick; Clydesdale, Fergus; Applebaum, Rhona; Atkinson, Stephanie; Black, Richard; Dwyer, Johanna; Hentges, Eric; Higley, Nancy; Lefevre, Michael; Lupton, Joanne; Miller, Sanford; Tancredi, Doris; Weaver, Connie; Woteki, Catherine; Wedral, Elaine

    2009-05-01

    There has been significant public debate about the susceptibility of research to biases of various kinds. The dialogue has extended to the peer-reviewed literature, scientific conferences, the mass media, government advisory bodies, and beyond. While biases can come from myriad sources, the overwhelming focus of the discussion, to date, has been on industry-funded science. Given the critical role that industry has played and will continue to play in the research process, the International Life Sciences Institute (ILSI) North America Working Group on Guiding Principles has, in this paper, set out proposed conflict-of-interest guidelines, regarding industry funding, for protecting the integrity and credibility of the scientific record, particularly with respect to health, nutrition, and food-safety science. Eight principles are enumerated, specifying ground rules for industry-sponsored research. The paper, which issues a challenge to the broader scientific community to address all bias issues, is only a first step; the document is intended to be dynamic, prompting ongoing discussion and refinement. The Guiding Principles are as follows. In the conduct of public/private research relationships, all relevant parties shall: 1) conduct or sponsor research that is factual, transparent, and designed objectively; according to accepted principles of scientific inquiry, the research design will generate an appropriately phrased hypothesis and the research will answer the appropriate questions, rather than favor a particular outcome; 2) require control of both study design and research itself to remain with scientific investigators; 3) not offer or accept remuneration geared to the outcome of a research project; 4) prior to the commencement of studies, ensure that there is a written agreement that the investigative team has the freedom and obligation to attempt to publish the findings within some specified time-frame; 5) require, in publications and conference presentations

  14. Funding food science and nutrition research: financial conflicts and scientific integrity.

    Science.gov (United States)

    Rowe, Sylvia; Alexander, Nick; Clydesdale, Fergus M; Applebaum, Rhona S; Atkinson, Stephanie; Black, Richard M; Dwyer, Johanna T; Hentges, Eric; Higley, Nancy A; Lefevre, Michael; Lupton, Joanne R; Miller, Sanford A; Tancredi, Doris L; Weaver, Connie M; Woteki, Catherine E; Wedral, Elaine

    2009-05-01

    There has been significant public debate about the susceptibility of research to biases of various kinds. The dialogue has extended to the peer-reviewed literature, scientific conferences, the mass media, government advisory bodies, and beyond. Whereas biases can come from myriad sources, the overwhelming focus of the discussion to date has been on industry-funded science. Given the critical role that industry has played and will continue to play in the research process, the International Life Sciences Institute (ILSI) North America Working Group on Guiding Principles has, in this article, proposed conflict-of-interest guidelines regarding industry funding to protect the integrity and credibility of the scientific record, particularly with respect to health, nutrition, and food-safety science. Eight principles are enumerated, which specify the ground rules for industry-sponsored research. This article, which issues a challenge to the broader scientific community to address all bias issues, is only a first step; the document is intended to be dynamic, prompting ongoing discussion and refinement. In the conduct of public/private research relationships, all relevant parties shall 1) conduct or sponsor research that is factual, transparent, and designed objectively, and, according to accepted principles of scientific inquiry, the research design will generate an appropriately phrased hypothesis and the research will answer the appropriate questions, rather than favor a particular outcome; 2) require control of both study design and research itself to remain with scientific investigators; 3) not offer or accept remuneration geared to the outcome of a research project; 4) ensure, before the commencement of studies, that there is a written agreement that the investigative team has the freedom and obligation to attempt to publish the findings within some specified time frame; 5) require, in publications and conference presentations, full signed disclosure of all financial

  15. GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

    Directory of Open Access Journals (Sweden)

    Fazekas Balazs

    2014-07-01

    Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This

  16. The Application of Mathematical Programming to the Productivity Investment Fund Program: A Capital Rationing Problem.

    Science.gov (United States)

    1987-01-01

    for Multiple Objectives." Financial Management 3 (Spring 1974), pp. 58-66. Lenio , E. "The Introduction of Uncertainty Techniques to the Productivity...probability distributions ( Lenio , 1984). Attempting to apply any formal method that requires project means, variances and known distributions (e.g., integer CCP...average of them is also not risk-free. Third, post-audit data on approved PIF projects are not available ( Lenio , 1984; General Management Systems, 1986

  17. FINANCIAL TECHNOLOGY (FINTECH AND ITS IMPLEMENTATION ON THE ROMANIAN NON-BANKING CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ion MICU

    2016-07-01

    Full Text Available This paper presents the particularities of the financial technology industry, how is FinTech defined and how can the financial technology solutions implemented by companies be categorised. Also it approaches FinTech’s appeal to the consumer and the effects, both disruptive and positive, that it had on the financial industry, as well as the growth this industry has seen in recent years. It will also analyse the implementation of FinTech solutions by the financial service providers active on the Bucharest Stock Exchange (BVB, which were determined by the market institutions or by the regulatory framework set by Romanian Financial Supervisory Authority as well as solutions aimed to provide better services to their customers, in the form on online trading platforms.

  18. FINANCIAL TECHNOLOGY (FINTECH AND ITS IMPLEMENTATION ON THE ROMANIAN NON-BANKING CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ion MICU

    2016-07-01

    Full Text Available This paper presents the particularities of the financial technology industry, how is FinTech defined and how can the financial technology solutions implemented by companies be categorised. Also it approaches FinTech’s appeal to the consumer and the effects, both disruptive and positive, that it had on the financial industry, as well as the growth this industry has seen in recent years. It will also analyse the implementation of FinTech solutions by the financial service providers active on the Bucharest Stock Exchange (BVB, which were determined by the market institutions or by the regulatory framework set by Romanian Financial Supervisory Authority as well as solutions aimed to provide better services to their customers, in the form on online trading platforms.

  19. Capitalizing the NHIN: a strategy for funding an integrated nationwide network of community HIEs.

    Science.gov (United States)

    Thornewill, Judah; Esterhay, Robert J

    2007-01-01

    Lack of capital investment is limiting progress towards NHIN goals. A 10-step strategy for engaging new private-sector investment is presented. The vision involves developing an integrated nationwide network of community health record banks that contain costs and improve quality through robust community-wide process improvement efforts. Purchasers, such as employers, Medicare and Medicaid, jump-start the process, beginning with pilots, by making advance commitments of low per-member per-month fees for 10 percent to 30 percent of each community's population. Additional revenue opportunities are identified, includin value-added services for consumers, pharmaceutical manufacturers and providers. Competing for-profit service providers then are offered exclusive multi-year contracts to build and operate the community health record bank using a revenue share contract. After they're selected, service providers invest capital to build record bank technologies, services and infrastructure. Successful service provider gain opportunities to develop record banks nationwide. To achieve success, the private sector, and federal and state purchasers must work together to support robust community-wide pilots.

  20. Perspectives on the Green Climate Fund : Possible compromises on capitalization and balanced allocation

    OpenAIRE

    Fridahl, Mathias; Linnér, Björn-Ola

    2016-01-01

    Finance is at the heart of UN climate diplomacy. Through the long-term finance pledge, developed countries have committed to mobilize USD 100 billion annually from 2020 onwards to support climate action in developing countries. The Green Climate Fund (GCF) is also expected to become a key player in the climate finance landscape. This viewpoint presents the views of representatives of developed and developing countries’ governments on how the annual sum of USD 100 billion should be dispensed b...

  1. The global financial crisis has led to a slowdown in growth of funding to improve health in many developing countries.

    Science.gov (United States)

    Leach-Kemon, Katherine; Chou, David P; Schneider, Matthew T; Tardif, Annette; Dieleman, Joseph L; Brooks, Benjamin P C; Hanlon, Michael; Murray, Christopher J L

    2012-01-01

    How has funding to developing countries for health improvement changed in the wake of the global financial crisis? The question is vital for policy making, planning, and advocacy purposes in donor and recipient countries alike. We measured the total amount of financial and in-kind assistance that flowed from both public and private channels to improve health in developing countries during the period 1990-2011. The data for the years 1990-2009 reflect disbursements, while the numbers for 2010 and 2011 are preliminary estimates. Development assistance for health continued to grow in 2011, but the rate of growth was low. We estimate that assistance for health grew by 4 percent each year from 2009 to 2011, reaching a total of $27.73 billion. This growth was largely driven by the World Bank's International Bank for Reconstruction and Development and appeared to be a deliberate strategy in response to the global economic crisis. Assistance for health from bilateral agencies grew by only 4 percent, or $444.08 million, largely because the United States slowed its development assistance for health. Health funding through UN agencies stagnated, and the Global Fund to Fight AIDS, Tuberculosis, and Malaria announced that it would make no new grants for the next two years because of declines in funding. Given the international community's focus on meeting the Millennium Development Goals by 2015 and persistent economic hardship in donor countries, continued measurement of development assistance for health is essential for policy making.

  2. DO FINANCIAL STATEMENTS PROVIDE ADEQUATE INFORMATION ABOUT THE CAPITALIZATION OF COSTS RELATED TO INTANGIBLE ASSETS?: AN EMPIRICAL RESEARCH ON ITALIAN LISTED COMPANIES

    OpenAIRE

    Vignini, Stefania

    2015-01-01

    The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems) or other information systems are applied to support the measurement proces...

  3. 我国金融资本流动绩效评价%China ’ s Financial Capital Flow Performance Evaluation

    Institute of Scientific and Technical Information of China (English)

    穆玉堂

    2013-01-01

    在现代经济社会中,金融在促进国民经济发展过程中发挥着重要的枢纽作用,已逐渐成为现代经济的核心,而随着社会分工的分化,金融资本已经从产业资本和商业资本中分离出来,成为市场经济中流动较为活跃的资本形式。然而,金融产业发展最显著的特征是负债经营,因此,实现金融资本的有效流动和最大化增值、提升我国金融资本的流动绩效对于金融业乃至整个国民经济的可持续发展具有重要的战略意义。%In the modern economic society , financial in promoting national economic development plays an im-portant role of the hub , has gradually become the core of modern economy , and along with the social division of la-bor, the differentiation of financial capital has from the industrial capital and business capital of separation , become a market economy flow more active capital form.However , the development of financial industry the most striking feature is debt management , thus to realize the effective flow of financial capital and maximize value -added, pro-mote China ’ s financial capital flow performance , for the financial industry and even the entire national economy na-tional economy sustainable development has important strategic significance.

  4. The full financial costs of irrigation services: A discussion on existing ...

    African Journals Online (AJOL)

    2007-01-01

    Jan 1, 2007 ... guidelines developed by ICID for evaluating financial costs of irrigation ..... As to capital costs, there is no repayment of loan involved since the initial funding of .... various investment requirements applying to banks, building.

  5. Financiamento da educação infantil em seis capitais Brasileiras Funding of preschool education in six Brazilian capitals

    Directory of Open Access Journals (Sweden)

    Marcos Edgar Bassi

    2011-04-01

    Full Text Available O artigo apresenta os resultados de estudo sobre o atendimento e o financiamento da educação infantil municipal em seis capitais brasileiras realizado no âmbito da pesquisa Educação infantil no Brasil: avaliação qualitativa e quantitativa, desenvolvida pela Fundação Carlos Chagas em parceria com o Ministério da Educação e o Banco Interamericano de Desenvolvimento. Foram ouvidos gestores e técnicos das Secretarias de Educação dos municípios e analisados documentos sobre o atendimento de educação infantil, assim como relatórios e registros contábeis dos recursos aplicados na educação nos anos de 2007, 2008 e 2009. Complementarmente, foram consultados o Sistema de Informações sobre Orçamentos Públicos em Educação e os dados estatísticos sobre o Fundo de Manutenção e Desenvolvimento da Educação Básica e de Valorização dos Profissionais da Educação, disponíveis na internet na página eletrônica do Fundo Nacional de Desenvolvimento da Educação. Os dados e informações obtidos foram compilados e organizados em tabelas, gráficos e quadros comparativos e em indicadores de gasto por aluno/ano. O estudo evidenciou a diversidade na composição do atendimento e a existência de profundas desigualdades no financiamento da educação infantil nas seis capitaisThis article presents the findings of a study on early childhood education provision and funding in six Brazilian capitals, conducted within the scope of the research Early childhood education in Brazil: qualitative and quantitative assessment, developed by Fundação Carlos Chagas and supported by Ministry of Education and the Interamerican Development Bank. The Municipal Secretary of Education managers and technicians were interviewed, and documents about early childhood education provision as well as reports and accounting records of the expenses on education in 2007, 2008 and 2009 were analyzed. Additionally, the Information System for Public Funds for

  6. Analysis of the Structure Ratios of the Funding Sources

    Directory of Open Access Journals (Sweden)

    Maria Daniela Bondoc

    2014-06-01

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

  7. Writing Resistance: Sleeplessness, Poetry, and the Right to the City under Financial Capitalism

    NARCIS (Netherlands)

    Pape, T.

    2014-01-01

    A review of Berardi, Franco "Bifo." 2012. The Uprising: On Poetry and Finance. Los Angeles/ Cambridge: Semiotext(e)/MIT Press. Crary, Jonathan. 2013. 24/7: Late Capitalism and the Ends of Sleep. London/New York: Verso. Harvey, David. 2013. Rebel Cities: From the Right to the City to the Urban Revolu

  8. Recession, Retrenchment, and Recovery: State Higher Education Funding & Student Financial Aid

    Science.gov (United States)

    Hodel, Ross; Laffey, Maureen; Lingenfelter, Paul

    2006-01-01

    The Recession, Retrenchment, and Recovery Project examined the effects of recessions on financial access to college during the 25-year period 1979-2004, identified states that have been relatively successful in maintaining financial access, and collected policy strategies used by these states. This study examined the similarities and differences…

  9. FDI与我国国际收支资本和金融项目顺差%FDI and China' s Capital and Financial Account Surplus in Balance of Payments

    Institute of Scientific and Technical Information of China (English)

    尹浩华

    2012-01-01

    本文从我国引进FDI的历程及FDI的结构特点入手,深入分析了FDI对我国国际收支资本和金融项目顺差的具体贡献,还从我国利用外资政策导向、受世界经济波动的影响程度、资金转移的便利性、对就业的贡献等方面,探讨了我国国际收支资本和金融项目顺差主要源自FDI的机理,并提出相应的对策建议。%China has maintained double surplus pattern in balance of pay ments for 17 years since 1994 to 2010.This phenomenon is rare in the world. In the double surplus pattern in balance of payments, foreign direct investment (FDI) results in not only China' s surplus of capital and financial account direct ly, but also China' s surplus of current account indirectly through its dominant position in processing trade, so FDI plays an extremely important role in China' s double surpluses in balance of payments. This paper firstly analyzes the cours es of China' s introduction of FDI and the structural characteristics of FDI, and then analyzes the specific contribution of FDI to China' s capital and financial account surplus in balance of payments in depth. Furthermore,the paper research es the mechanism of China' s capital and financial account surplus mainly origi nating from FDI from the aspects of China' s policy concerning foreign invest ment, the influential degree of world economic fluctuations, the convenience of transferring funds and the contribution to employment. In the end, the paper puts forward the corresponding countermeasures.

  10. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    Directory of Open Access Journals (Sweden)

    ömer faruk tan

    2015-10-01

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

  11. 78 FR 65431 - Notice of Funds Availability (NOFA) Inviting Applications for the Community Development Financial...

    Science.gov (United States)

    2013-10-31

    ... and any related shareholder agreement; (iv) retained earnings--audits or call reports from regulating... the total amount of FA the Applicant requested. 6. Retained Earnings: The Regulations allow an Applicant to use retained earnings to serve as matching funds for a FA award. The CDFI Fund will calculate...

  12. Adverse Opinion on the Financial Statements of the Student Loan Insurance Fund for the Fiscal Year Ended September 30, 1980. Report to the Congress.

    Science.gov (United States)

    Comptroller General of the U.S., Washington, DC.

    Results are presented of a General Accounting Office audit of the Student Loan Insurance Fund (SLIF) financial statements for the fiscal year ending September 30, 1980. SLIF finances the Guaranteed Student Loan Program by reimbursing lenders and state guarantee agencies when students default on their loans. The fund, which is managed by the…

  13. THERE IS INFLUENCE IN DEVELOPMENT OF COMPANIES WHICH BUILT STOCK, WITH SUPPORT OF INVESTIMENT FUND PRIVATE EQUITY AND VENTURE CAPITAL? EVIDENCES OF ENTRANT COMPANIES AT BOVESPA

    Directory of Open Access Journals (Sweden)

    Caciano Gianechini

    2013-09-01

    Full Text Available This work seeks to identify the impact of the participation of Private Equity funds and Venture Capital (PE/VC, the performance of companies that owned the contribution prior to the opening of capital (IPO. In a more objective the present study seeks to investigate whether companies that opened capital, financed by PE/VC, have performed better than the other formerly the Brazilian stock market debut. The sample of work consists of 116 companies that made the initial public offering (IPO in the São Paulo Stock Exchange (BOVESPA in the period January 2004 to December 2009. First identified that 41 enterprises debuted at BOVESPA being financed by PE/VC funds. Furthermore, the results indicate that the influence of PE/VC funds tend to improve some indices of profitability and market of companies after the IPO. In summary, the evidence found lead to the conclusion that the organizations of private equity and venture capital influence positively the performance of investee companies.

  14. Development Perspectives of Investment Funds in Republic of Macedonia

    Directory of Open Access Journals (Sweden)

    Dragica Odzaklieska

    2013-11-01

    Full Text Available This paper will discuss the importance of investment funds for the expansion of investment alternatives in the capital market in the Republic of Macedonia, as well as their role in collecting funds from small investors who often do not possess sufficient knowledge and financial resources to achieve satisfactory degree of diversification of their individual portfolio. It will also give a review of perspectives, measures and recommendations to encourage the development of these financial institutions in our country.

  15. Rebalancing the geographies of financial services power : the role of sovereign wealth funds.

    OpenAIRE

    Faulconbridge, James

    2010-01-01

    As part of debates about the causes, consequences and political ramifications of the credit crisis and ensuing recession (for a summary of which see Engelen and Faulconbridge, 2009), questions about the changing geographies of power in the financial services sector have elicited interest both in academic and media circles in recent years. Aalbers (2009, 39) suggests that we are witnessing a change in the powerfulness of incumbent financial centres such as London and New York as a multi-polar ...

  16. PERCEPTION OF THE FINANCIAL MANAGERS OF THE SMALL AND MIDDLE BUSINESS WITH RELATIONSHIP AT THE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Márcio André Veras Machado

    2006-06-01

    Full Text Available This article has as purpose to analyze the degree of the financial managers' perception among small and middle organizations about the capital cost. The data were collected within 27 companies in 10 sections of the Brazilian economy. The method chosen for data collection relies greatly on personal interviews based on route previously elaborated. The interviews demonstrated that most of the interviewees even does not know about the cost of equity. The ones who know about it, in its majority, measure like as the minimum rate of profitability, measured for the cost of lost opportunity. In the regard of the cost of debt, most of them know and were unanimous to confirm that the cost of debt is explicit and it already comes defined by the financial institutions, in its contracts. It was observed that among the managers interviewed which affirmed to know the cost of equity and cost of debt, the great part were in the management position, had college degree in accounting or engineering,, had more than 15 years of experience in these functions, had over 40 years, worked within companies 21 years old and over in the market, and were basically male. Key-words: Cost of Equity, Cost of Debt, Small and Middle Business.

  17. Sovereign wealth funds as special international investors under global financial downfall

    Directory of Open Access Journals (Sweden)

    N. Drozd

    2013-02-01

    Full Text Available An overview of origin, functional orientation and characteristics of sovereign wealth funds is presented. Possibility and necessity of cooperation between Ukraine and such systemic investors is proven.

  18. Report: Nevada Drinking Water State Revolving Fund Financial Statements with Independent Auditor's Report

    Science.gov (United States)

    Examination of the balance sheet of the Nevada Drinking Water State Revolving Fund Program as of June 30, 2001, the related statement of revenues, expenses, and changes in retained earnings, and the statement of 2001 cash flows.

  19. The 2008 financial crisis: government discourses and strategies and pension funds in Brazil

    National Research Council Canada - National Science Library

    Maria Chaves Jardim

    2013-01-01

    ... (as opposed to market self-regulation) and the central role of pension funds during the process, since they partially abandoned government bonds and migrated to productive investment, in alliance with the private equity sector, especially...

  20. THE VALUE RELEVANCE OF THE FINANCIAL STATEMENTS’ BOTTOM LINES IN THE EMERGING EGYPTIAN CAPITAL MARKET

    OpenAIRE

    2015-01-01

    This study aims to examine the value relevance of the bottom lines of the financial statements in the Egyptian context after the inception of the new version of Egyptian Accounting Standards of 2006. Considering the tradition accounting value of conservatism and the firm size, the price and return models are operationalized using a sample of the most actively traded companies on the Egyptian Stock Market in the period from 2007-2009. Three important conclusions captured from th...

  1. Enhancing the Quality of Financial Advice with Web 2.0 - An Approach Considering Social Capital in the Private Asset Allocation

    Science.gov (United States)

    Kundisch, Dennis; Zorzi, Robin

    Although theoretically necessary, social capital is not considered within the process of asset allocation for private investors. Both the lack of appropriate practical valuation concepts and the effort of providing and processing the required information as input for a valuation were obstacles to include social capital in this process. However, first theoretical financial models for the evaluation of social capital recently have become available. Moreover, the fast growth of business community websites and the technological progress in Web 2.0 tools that allow and acquire the active involvement of users, facilitate the provision and processing of valuation relevant information. In this paper we focus on the second aspect and propose a social software-based concept that allows for an integration of social capital in the asset allocation process.

  2. CHARACTERISTICS OF CAPITALISM AND OF STATE IN PORTUGAL: PASSAGE OF ECONOMIC AND FINANCIAL GROUPS DOMINATED BY THE PORTUGUESE CAPITAL FOR GROUPS DOMINATED BY MULTINATIONAL CAPITAL, AND OF A PROTECTOR STATE FOR A SUBSERVIENT STATE

    Directory of Open Access Journals (Sweden)

    Eugénio Rosa

    2014-06-01

    Full Text Available The paper analyzes the capitalism characteristics in the Portuguese social formation, considering economic groups in Portugal before and after of April 25. Detailing the characteristics of these economic groups, the author concludes that the principal shareholders of most economic and financial groups operating in Portugal, are transnational groups, some companies belonging to foreign States and other large economic and financial groups operating on a global scale. Accordingly, the State role, given the fragility towards these groups, is of simple server and executor of policies dictated by these groups directly or, indirectly by international organizations that represent and defend their interests, like the IMF, the Commission European, the World Bank, even the OECD, etc. Argues that given the growing globalization and increased threats of all kinds, one needs in Portugal is a strong State that defend the national sovereignty, able of promote the growth and sustained development of the country, and to defend the Portuguese of threats and constant attacks to a life with a minimum of human dignity.

  3. Hurdles in tissue engineering/regenerative medicine product commercialization: a pilot survey of governmental funding agencies and the financial industry.

    Science.gov (United States)

    Bertram, Timothy A; Tentoff, Edward; Johnson, Peter C; Tawil, Bill; Van Dyke, Mark; Hellman, Kiki B

    2012-11-01

    The Tissue Engineering and Regenerative Medicine International Society of the Americas (TERMIS-AM) Industry Committee conducted a semiquantitative opinion survey in 2010 to delineate potential hurdles to commercialization perceived by the TERMIS constituency groups that participate in the stream of technology commercialization (academia, start-up companies, development-stage companies, and established companies). A significant hurdle identified consistently by each group was access to capital for advancing potential technologies into development pathways leading to commercialization. A follow-on survey was developed by the TERMIS-AM Industry Committee to evaluate the financial industry's perspectives on investing in regenerative medical technologies. The survey, composed of 15 questions, was developed and provided to 37 investment organizations in one of three sectors (governmental, private, and public investors). The survey was anonymous and confidential with sector designation the only identifying feature of each respondent's organization. Approximately 80% of the survey was composed of respondents from the public (n=14) and private (n=15) sectors. Each respondent represents one investment organization with the potential of multiple participants participating to form the organization's response. The remaining organizations represented governmental agencies (n=8). Results from this survey indicate that a high percentage ($2MM into regenerative medical companies at the different stages of a company's life cycle. Investors recognized major hurdles to this emerging industry, including regulatory pathway, clinical translation, and reimbursement of these new products. Investments in regenerative technologies have been cyclical over the past 10-15 years, but investors recognized a 1-5-year investment period before the exit via Merger and Acquisition (M&A). Investors considered musculoskeletal products and their top technology choice with companies in the clinical stage

  4. Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and Capital

    Directory of Open Access Journals (Sweden)

    Teguh Budiman

    2016-12-01

    Full Text Available Islamic Bank is a bank that applies Islamic principles in running the business. Until 2015, there were 12 Islamic Bank in Indonesia; one of them already listed on the stock market. The purpose of this study was to analyze differences in the bank's soundness was assessed using a bank's risk profile, good corporate governance, income, and capital (RGEC between listed Islamic Banks and the unlisted ones. Using the data period 2011-2015 used the independent t-test to test for differences. Statistical tests showed that there is no significant difference in credit risk as measured by NPF and Earning as measured by BOPO that represent cost efficiency between the two groups of companies. Listed Islamic banks have lower credit risk and greater efficiency than the unlisted onesDOI: 10.15408/aiq.v9i1.4011

  5. Voluntary disclosure of Value Chain in Financial Reports of Companies Brazilian Capital Open

    Directory of Open Access Journals (Sweden)

    Leandro da Costa Lopes

    2012-12-01

    Full Text Available Managing the value chain with the aim to achieve competitive advantage in relation to their competitors and in order to reduce costs has become increasingly important for business organizations. The aim of this paper is to analyse whether Brazilian organisations listed on Sao Paulo´s Stock Exchange (BOVESPA publish information relating to value chain management in their financial reports. In addition, this research aims to investigate the potential relationtionship between evidentiation of this information and two independent variables, gross margin and number of pages. Content Analysis was adopted in the management report and report notes of the year 2011. The analysis was based on the strategic cost management framework developed by Wrubel et al. (2010. The sample selected includes the ten largest non financial organizations, according to their total assets. Despite the fact that publishing the value chain management is not compulsory, it was observed that the businesses studied present on average 30 sentences regarding the topic in their reports. The category internal and external value chain activities represents 54.58% of the total sentences found. It has been found that there is a significant positive correlation between the amount of sentences disclosed and page number of reports, however, it was found that the same does not occur when attempted to correlate the gross margin. As a consequence, the hypothesis that gross margin could be a motivation for higher volume of information regarding value chain was not confirmed.

  6. The Global Financial Crisis: The Role of the International Monetary Fund (IMF)

    Science.gov (United States)

    2009-02-04

    dependent on exports to the United States. Increased emerging market default risk can be seen in the dramatic rise of credit default swap (CDS) prices for...emerging market sovereign bonds. Financial markets are currently pricing the risk that Pakistan, Argentina, Ukraine, and Iceland will default on...6 Figure 1. Outstanding IMF Credit (1990-2008, SDR

  7. Fifty Interesting Years: Higher Education Funding and Financial Management 1961-2011

    Science.gov (United States)

    Williams, Gareth

    2012-01-01

    During the half century of the AUA's existence UK universities have experienced the fastest rate of growth and most far-reaching changes in their history. Funding arrangements in particular have changed radically. Since 1961 the finance office has been transformed from a small group of bean counters into a key management group at the heart of all…

  8. Fifty Interesting Years: Higher Education Funding and Financial Management 1961-2011

    Science.gov (United States)

    Williams, Gareth

    2012-01-01

    During the half century of the AUA's existence UK universities have experienced the fastest rate of growth and most far-reaching changes in their history. Funding arrangements in particular have changed radically. Since 1961 the finance office has been transformed from a small group of bean counters into a key management group at the heart of all…

  9. 76 FR 70535 - Notice of Funds Availability (NOFA) Inviting Applications for the Community Development Financial...

    Science.gov (United States)

    2011-11-14

    ... Regulations allow an Insured Credit Union to use retained earnings to serve as matching funds for an FA award in an amount equal to: (i) The increase in retained earnings that has occurred over the Applicant's...'s three most recent fiscal years; or (iii) the entire retained earnings that have been accumulated...

  10. 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.

  11. 金融机构处置基金制度研究%Institutional Research on the Resolution Fund of Financial Institutions

    Institute of Scientific and Technical Information of China (English)

    沈梦雅

    2016-01-01

    金融机构处置基金是为处置问题金融机构提供融资支持的公共实体.基金的设立是实现政府与金融机构之间法律责任平衡、金融机构权利与义务统一的必要选择,是完善金融安全网、弥补现行处置融资机制不足的要求.基金以安全、快速、公平、透明为基本原则,以向金融机构征收金融稳定贡献税为主要的融资方式.作为非救助基金,基金的管理和使用由处置当局负责.目前我国已建立了存款保险基金、投资者保护基金等制度,但其侧重点和功能与金融机构处置基金仍有所不同.构建金融机构处置基金是我国建立有效的金融机构处置机制、完善金融安全网的必要选择.%Resolution fund of financial institutions is a public entity that provides financial support for the resolu-tion of the defective financial institutions. The resolution fund is a necessary choice for the legal liability balance be-tween the government and financial institutions, unification of the rights and obligations for financial institutions as well as the improvement of the financial safety net and current resolution financing mechanism. The resolution fund is based on the principles of safety, efficiency, fairness and transparency, and the main financing arrangement for the fund is by taxing the financial institutions with the financial stability contribution. As a non-bail-out fund,it is managed by the specific resolution authority and confined to resolution purposes. Resolution funds of bank, security and insur-ance industries as well as the financial market infrastructures in China are still absent. The establishment of such funds is necessary for the establishment of effective resolution regimes and the improvement of financial safety net of China .

  12. Effects of global financial crisis on funding for health development in nineteen countries of the WHO African Region.

    Science.gov (United States)

    Kirigia, Joses M; Nganda, Benjamin M; Mwikisa, Chris N; Cardoso, Bernardino

    2011-04-13

    There is ample evidence in Asia and Latin America showing that past economic crises resulted in cuts in expenditures on health, lower utilization of health services, and deterioration of child and maternal nutrition and health outcomes. Evidence on the impact of past economic crises on health sector in Africa is lacking. The objectives of this article are to present the findings of a quick survey conducted among countries of the WHO African Region to monitor the effects of global financial crisis on funding for health development; and to discuss the way forward. This is a descriptive study. A questionnaire was prepared and sent by email to all the 46 Member States in the WHO African Region through the WHO Country Office for facilitation and follow up. The questionnaires were completed by directors of policy and planning in ministries of health. The data were entered and analyzed in Excel spreadsheet. The main limitations of this study were that authors did not ask whether other relevant sectors were consulted in the process of completing the survey questionnaire; and that the overall response rate was low. The main findings were as follows: the response rate was 41.3% (19/46 countries); 36.8% (7/19) indicated they had been notified by the Ministry of Finance that the budget for health would be cut; 15.8% (3/19) had been notified by partners of their intention to cut health funding; 61.1% (11/18) indicated that the prices of medicines had increased recently; 83.3% (15/18) indicated that the prices of basic food stuffs had increased recently; 38.8% (7/18) indicated that their local currency had been devalued against the US dollar; 47.1% (8/17) affirmed that the levels of unemployment had increased since the onset of global financial crisis; and 64.7% (11/17) indicated that the ministry of health had taken some measures already, either in reaction to the global financing crisis, or in anticipation. A rapid assessment, like the one reported in this article, of the

  13. Effects of global financial crisis on funding for health development in nineteen countries of the WHO African Region

    Directory of Open Access Journals (Sweden)

    Mwikisa Chris N

    2011-04-01

    Full Text Available Abstract Background There is ample evidence in Asia and Latin America showing that past economic crises resulted in cuts in expenditures on health, lower utilization of health services, and deterioration of child and maternal nutrition and health outcomes. Evidence on the impact of past economic crises on health sector in Africa is lacking. The objectives of this article are to present the findings of a quick survey conducted among countries of the WHO African Region to monitor the effects of global financial crisis on funding for health development; and to discuss the way forward. Methods This is a descriptive study. A questionnaire was prepared and sent by email to all the 46 Member States in the WHO African Region through the WHO Country Office for facilitation and follow up. The questionnaires were completed by directors of policy and planning in ministries of health. The data were entered and analyzed in Excel spreadsheet. The main limitations of this study were that authors did not ask whether other relevant sectors were consulted in the process of completing the survey questionnaire; and that the overall response rate was low. Results The main findings were as follows: the response rate was 41.3% (19/46 countries; 36.8% (7/19 indicated they had been notified by the Ministry of Finance that the budget for health would be cut; 15.8% (3/19 had been notified by partners of their intention to cut health funding; 61.1% (11/18 indicated that the prices of medicines had increased recently; 83.3% (15/18 indicated that the prices of basic food stuffs had increased recently; 38.8% (7/18 indicated that their local currency had been devalued against the US dollar; 47.1% (8/17 affirmed that the levels of unemployment had increased since the onset of global financial crisis; and 64.7% (11/17 indicated that the ministry of health had taken some measures already, either in reaction to the global financing crisis, or in anticipation. Conclusion A rapid

  14. Marx's Virtual Capital Theory and Financial Crisis%马克思虚拟资本理论与金融危机

    Institute of Scientific and Technical Information of China (English)

    顾习龙

    2012-01-01

    Marx's virtual capital theory reveals that capital chases maximal profits so that the economics gradually become virtualization from the perspective of the capital form.Virtual capital gradually becomes a means of achieving dominant over others.Economic operation of the capitalist is to chase and possess virtual currency wealth.Forms and characteristics of the capital are changed,but the basic contradictions of capitalist mode of production are not changed.Virtual capital based on the credit inevitably generates financial crisis in the wake of contradictions of currency payment and economic bubbles.%马克思虚拟资本理论从资本形态的视角揭示出资本追逐利润的最大化,导致经济的逐步虚拟化。虚拟资本渐渐成为一种支配他人的手段,资本主义的经济运行方式就是对虚拟货币财富的追逐和占有。资本形态与特点发生了各种变化,但没有改变资本主义生产方式的基本矛盾。以信用为基础的虚拟资本,随着货币支付矛盾的积累、经济的泡沫化,必然导致金融危机。

  15. The Outlook for the Development of Investments Funds in the Republic of Croatia

    Directory of Open Access Journals (Sweden)

    Dijana Jurić

    2005-12-01

    Full Text Available During the nineties, investment funds recorded rapid development in most developed countries and became important agents on the financial markets. In the developing and transitional countries the investment funds industry, although it too has recorded accelerated rates of growth, is still essential lagging behind that of the developed countries. In Croatia the investment funds started developing with the appearance of the private investment funds; however, they did not, contrary to expectations, make a very significant contribution to the development of institutional investors on the capital market. The market is driven primarily by banking or financial conglomerates, which also dominate the investment fund industry. Today the Croatian investment fund market is a very enterprising and dynamic segment of the financial system and hence the establishment of adequate regulation and supervision as well as the development of the capital market must be the main determinants of its further growth and development.

  16. 75 FR 59893 - Commission Guidance on Presentation of Liquidity and Capital Resources Disclosures in Management...

    Science.gov (United States)

    2010-09-28

    ... banking agency guidance on funding and liquidity risk management, or any policies and practices that... discussion of liquidity and capital resources in Management's Discussion and Analysis of Financial Condition... to improve the presentation of information about funding and liquidity risk.\\1\\ In a...

  17. Preliminary Discussion on Financial Management and Application of Funds in the Hospital%浅谈医院财务管理与资金运用

    Institute of Scientific and Technical Information of China (English)

    刘春岩

    2011-01-01

    医院财务管理以提高医院经济效益为目的,运用资本控制成本,创造合理利润,通过运用一系列专门技术方法,对医院有关的资金筹集、分配、考核等经济活动进行计划、预测、组织、决策、控制、指挥、协调、考核与评价.综合利用医疗资源,强化内部运营和质量管理,增加医院收入,降低医疗成本,减轻患者费用负担,对提高医院管理效益有重大意义,同时也可为医院内部经营决策提供必要的管理会计信息和科学依据,是医院经济关系的重要组成部分.%Hospital financial management apply capital to control costs and create a reasonable profit for the purpose of improving hospital economic benefit. By a series of specialized technical methods, can plan,forecast, organize,decision-make,control,command, coordinate,assess and evaluate some economic activities including hospital-related raise funds,distribution and assessment. To utilize medical resources,to strengthen internal operations and quality management,to increase hospital revenue,to reduce the cost of healthcare, to reduce the cost burden of patients and to improve hospital management efficiency can provide necessary internal management accounting information and scientific basis for operating decisions of hospital. They are important parts of hospital economic relations.

  18. LA CARACTERIZACIÓN FINANCIERA Y CONTABLE DEL CAPITAL SOCIAL A LA LUZ DE LOS PRINCIPIOS COOPERATIVOS/THE FINANCIAL AND COUNTABLE CHARACTERIZATION OF THE SHARE CAPITAL IN THE LIGHT OF THE COOPERATIVE BEGINNING

    Directory of Open Access Journals (Sweden)

    Pilar GOMEZ APARICIO

    2006-09-01

    Full Text Available Las denominadas Normas Internacionales de Contabilidad han reabierto el debate sobre la consideración financiera de las aportaciones de los socios de las sociedades cooperativas. El concepto de capital social va unido a la dimensión jurídica del mismo. Para caracterizar el capital social de las sociedades cooperativas como Patrimonio neto o como pasivo financiero es preciso hacer explícito el enfoque (jurídico, económico, financiero y el criterio utilizado, dado que varios son los posibles. Aunque en la mayoría de los casos los criterios económicos y jurídicos coinciden, no siempre es así. Las características financieras del capital social son las que establece la legislación española en la actualidad pero no son derivadas directamente de los principios cooperativos. Es posible que las leyes permitan una configuración distinta sin atentar contra ellos. Se debe permitir aprovechar, sin más limitaciones que la voluntad de sus socios, las oportunidades que el sistema económico ofrece al resto de las sociedades. /The International Financial Reporting Standars have re-opened the discussion on the financial consideration of the contributions of the partners of the cooperative societies. The concept of share capital is joined to the juridical dimension of the same one. To characterize the share capital of the cooperative societies as equity or as debt it is necessary to make explicit the approach (juridical, economic, financial and the used criterion, provided that several are the possible ones. Though with the majority of the cases the economic and juridical criteria coincide, not always it is like that. The financial characteristics of the share capital are those that the Spanish legislation establishes at present but they are not derived directly of the cooperative principles. It is possible that the laws allow a different configuration without committing an outrage against them. It is necessary to to allow to take advantage, ado

  19. On the Australian Bank Financial Ratio Analysis

    Institute of Scientific and Technical Information of China (English)

    张丽娜

    2011-01-01

    Financial ratios,despite some criticisms,are still used as a basis to evaluate a firm's performance,to make credit risk assessment decisions and classify firms into bankrupt and non-bankrupt groups.There are a great number of financial ratios which can be used for the evaluation of banks performance.Golin (2001) provides a list of over 80 ratios covering the major categories of capital,asset quality,profitability & efficiency,and liquidity & funding provides.

  20. Controls Over Army Real Property Financial Reporting

    Science.gov (United States)

    2008-03-28

    Assistant Secretary of the Army (Financial Management and Comptroller) AWCF Army Working Capital Fund CIP Construction-in-Progress DCD/ DCW DFAS...Warehouse (DCD/ DCW ). The Assistant Secretary of the Army (Financial Management and Comptroller) (ASA[FM&C]) is responsible for the policies, procedures...entity’s information to automatically populate that indicator. As a result, IFS did not send DCD/ DCW correct information for determining the

  1. Surveying the relationship between financial performance, free cash flow, capital structure as well as related or unrelated diversification in Tehran Stock Exchange

    OpenAIRE

    NEMATİ, Zahra; NONAHAL NAHR, Ali Akbar

    2015-01-01

    Abstract. This study, investigate the relationship between financial performances, free cash flow, capital structure and related and unrelated diversification. Test research hypotheses on 90 companies listed in Tehran Stock Exchange during the period 1386 to 1391 using the panel data show that diversification on firm performance by the index Q Tobin measure is effective and positive relationship between these two variables is significant and there are so related and unrelated diversification ...

  2. Risk and Control Measures of Taking Financial Instruments to Enhance Hospital Fund Benefits%运用金融工具提高医院资金效益的风险及控制

    Institute of Scientific and Technical Information of China (English)

    张荣荣

    2015-01-01

    To overcome the idle funds problem caused by the time difference of income and expenditure, public hospitals should improve its internal control system and financial management, revitalize the funds and design and build risk control framework. On the condition of ensuring the safety of funds and controlling the risk, accounting staffs should improve capital efficiency to make up for the inadequacy of government input and promote the preservation appreciation of state-owned assets.%为克服公立医院收入与支出时间差异导致的大量资金闲置问题,文章呼吁公立医院完善内部控制制度,设计并建立资金业务风险控制框架,以提升财务管理水平,盘活存量资金.在保证资金安全、风险可控的前提下,提高资金效益,弥补财政投入不足,促进国有资产保值、增值.

  3. The fight for funding deficits. About the illusion of prosperity and financial depletion of the State

    Directory of Open Access Journals (Sweden)

    Ion-Lucian Catrina

    2012-08-01

    Full Text Available From Ricardo and Smith the deficits were seen as the one of „the most terrible scourges which was ever invented to afflict a nation” as a system which tends to make us less thrifty, to blind us to our real situation. In the twentieth century allowing deficits regardless of their destination opened the wrong door to excessive debt and vulnerable states to the credit markets. This paper aims at showing that currently many European Member States faced not only with high deficits and high stocks of public debt, which under normal conditions could be easier managed, but with the rejection and the lower confidence of investors and financial institution, with higher burden of interests and significant loss of growth perspective.

  4. A Note On the Attitude of Pension Fund Investment Managers toward Mortgage-Backed Securities

    OpenAIRE

    William A. Christiansen; Clarence C. Elebash

    1987-01-01

    Mortgage-backed securities (MBS) have been successful in attracting a broad variety of financial institutions to invest in the mortgage market. By attracting a variety of new types of investors to the mortgage market and by integrating the mortgage market into the more highly developed corporate capital markets, the issuance of mortgage-backed securities resulted in both enlarging and stabilizing the flow of mortgage funds. However, pension funds,the largest source of new long-term capital in...

  5. Adaptation to hydrological extremes through insurance: a financial fund simulation model under changing scenarios

    Science.gov (United States)

    Guzman, Diego; Mohor, Guilherme; Câmara, Clarissa; Mendiondo, Eduardo

    2017-04-01

    Researches from around the world relate global environmental changes with the increase of vulnerability to extreme events, such as heavy and scarce precipitations - floods and droughts. Hydrological disasters have caused increasing losses in recent years. Thus, risk transfer mechanisms, such as insurance, are being implemented to mitigate impacts, finance the recovery of the affected population, and promote the reduction of hydrological risks. However, among the main problems in implementing these strategies, there are: First, the partial knowledge of natural and anthropogenic climate change in terms of intensity and frequency; Second, the efficient risk reduction policies require accurate risk assessment, with careful consideration of costs; Third, the uncertainty associated with numerical models and input data used. The objective of this document is to introduce and discuss the feasibility of the application of Hydrological Risk Transfer Models (HRTMs) as a strategy of adaptation to global climate change. The article shows the development of a methodology for the collective and multi-sectoral vulnerability management, facing the hydrological risk in the long term, under an insurance funds simulator. The methodology estimates the optimized premium as a function of willingness to pay (WTP) and the potential direct loss derived from hydrological risk. The proposed methodology structures the watershed insurance scheme in three analysis modules. First, the hazard module, which characterizes the hydrologic threat from the recorded series input or modelled series under IPCC / RCM's generated scenarios. Second, the vulnerability module calculates the potential economic loss for each sector1 evaluated as a function of the return period "TR". Finally, the finance module determines the value of the optimal aggregate premium by evaluating equiprobable scenarios of water vulnerability; taking into account variables such as the maximum limit of coverage, deductible

  6. [Analysis on funds application of community based organizations involved in HIV/AIDS response and government financial investment in China, 2014].

    Science.gov (United States)

    Zhang, G; Zhu, Y X; Wang, P; Liu, P; Li, J F; Sha, S; Yang, W Z; Li, H

    2017-03-06

    Objective: To understand the government financial investments to community based organizations (CBO) involved in HIV/AIDS Control and Prevention of China and its influencing factors. Methods: Questionnaire of the situation of CBO involved in HIV/AIDS control and prevention were designed, and filled by the staff of Provincial Health Administrative Departments of 31 provinces (autonomous regions and municipalities). The research focused on the fields of CBO involved in HIV/AIDS response in 31 provinces (autonomous regions and municipalities), including intervention on HIV/AIDS high risk population (female sex worker (FSW), man who sex with man (MSM), drug user (DU) and case management and care for people living with HIV/AIDS (PLWH)). 29 valid questionnaires were collecting, with Shanxi Province and Inner Mongolia Autonomous Regions not filled. Questionnaire included financial supports from local governments, transfer payment from central government for CBO involved in HIV/AIDS response in 2014, and unit cost for CBO involved in HIV/AIDS control and prevention. Multivariate analysis was conducted on the project application and financial investment of community based organizations involved in HIV/AIDS control and prevention in 2014. Results: The total amount of CBO to apply for participation in AIDS prevention and control was 64 482 828 Yuan in 2014. The actual total amount of investment was 50 616 367 Yuan, The investment came from the central government funding, the provincial level government funding, the prefecture and county level government funding investment and other sources of funding. 22 of 28 provinces (autonomous regions and municipalities) received the funds from the central government finance, and median of investment funds 500 000 Yuan. 15 provinces (autonomous regions and municipalities) gained the funds from the provincial government finance, and median of investment funds 350 000 Yuan. 12 provinces (autonomous regions and municipalities) got the funds

  7. INDIAN CAPITAL MARKET REVIEW: ISSUES, DIMENSIONS AND PERFORMANCE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Mohd. Shamim Ansari

    2012-12-01

    Full Text Available The purpose of an efficient capital market is to mobilize funds from those who have it and route each them to those who can utilize it in the best possible way. India’s financial market is multi-facet but not balanced. It has state of art equity market but relatively less developed and immature corporate bond market. The Indian capital market in the recent year has undergone a lot of innovation in term regulation and mode of operation. A well developed corporate bond market is also essential for financial system stability, efficiency and overall economic growth. However, If we look at the scenario of capital market in India we find that Indian households have traditionally preferred parking their surpluses in bank deposits, government savings schemes and less than 10% of their investments in financial assets in shares, debentures and mutual funds. The Indian capital market has recently put the worst behind and moved towards strong growth. In this back drop the present paper aims to (i identify various grey points of Indian capital market; (ii Evaluated how it performed during post financial crisis period; and (iii suggests necessary policy reforms for a relatively mature capital market.

  8. Venture capital and private equity investment preferences in selected countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-01-01

    Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

  9. FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME – CASE STUDY OF A ROMANIAN SME

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2010-07-01

    Full Text Available The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme “Increase of Economic Competitiveness”- SOP IEC. This paper will analyze the area of intervention “D1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEs” are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.

  10. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

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

  11. [Modeling of the financial reserves required by the livestock disease compensation fund of Lower Saxony for rebates in the course of disease outbreaks incorporating spatial restriction zones].

    Science.gov (United States)

    Denzin, Nicolai; Gerdes, Ursula

    2015-01-01

    One of the tasks of the livestock disease compensation funds of the federal states in Germany is the financial compensation of livestock holders for livestock losses and costs incurred for disease control measures due to certain diseases. Usually, one half of these services are financed through financial reserves built up with the contributions paid by the owners of the respective animal species. The other half is covered by the federal state itself. But there is hardly any reference to how to calculate aforementioned financial reserves. Basically, following an approach presented recently regarding estimations concerning the compensation fund of the federal state of Saxony-Anhalt, in a stochastic modeling of the required reserves concerning the fund of Lower Saxony the anticipated costs within the spatial restriction zones allocated to outbreaks were incorporated for the first time. The overall costs (including the federal state's stakes), the share of the comnensation fund (required reserves) and the the partial costs for a total of 25 categories and subcategories and subcategories of livestock species making up the latter were estimated. It became evident that overall costs/the share of the fund were particularly determined among the diseases by foot-and-mouth disease and among the cost factors by the costs incurred for the compensation of livestock value within the areas surrounding the outbreaks in which all susceptible animals are killed (culling zone). The 80th, 90 and 95th percentile of the established probability distribution of the overall costs referred to a financial volume of about 312, 409 and 540 million euro, while the respective percentiles of the probability distribution of the required reserves of the compensation fund amounted to 175, 225 and 296 million euro.

  12. 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 ...

  13. 76 FR 48927 - RidgeWorth Funds and RidgeWorth Capital Management, Inc.; Notice of Application

    Science.gov (United States)

    2011-08-09

    ... investment advisory agreement with the Trust (``Advisory Agreement''). The Adviser is a wholly owned... are ``affiliated persons'' (as defined in section 2(a)(3) of the Act) of the Trust, a Fund or of the Adviser (other than by reason of serving as a subadviser to one or more of the Funds)...

  14. Water institutions and governance models for the funding, financing ...

    African Journals Online (AJOL)

    2015-10-05

    Oct 5, 2015 ... sector infrastructure funding models was designed to meet the challenges presented by the current and growing imbalances .... ture asset inventory for many municipalities is incomplete or ... Currently the DWA cannot raise capital finance directly ... Effective financial planning and pricing for the water sector.

  15. EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS

    OpenAIRE

    Muller Victor-Octavian

    2011-01-01

    Financial statements' main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Hence, the following question arises logically - which of the two sets best serves the information needs of investors...

  16. Financial Performance Analysis Of Financial Service Cooperative

    Directory of Open Access Journals (Sweden)

    Eyo Asro Sasmita

    2015-08-01

    Full Text Available This research is aimed to test and identify empirical evidence regarding the effect of capital structure and loan to financial performance of cooperative where the relationship between loan and financial performance is moderated by non-performing loan. The population of this research is 257 Financial Service Cooperative hereinafter referred to as KJK as the abbreviation for Koperasi Jasa Keuangan of Urban Village Community Economic Empowerment hereinafter referred to as PEMK as the abbreviation for Pemberdayaan Ekonomi Masyarakat Kelurahan in Jakarta 2011 to 2013. Sample is determined by using purposive sampling method. The data is secondary data which is obtained from the Revolving Fund Management Unit hereinafter referred to as UPDB as the abbreviation for Unit Pengelola Dana Bergulir Jakarta. Hypothesis is tested by using multiple linear regression analysis with SPSS 20.00. The number of sample used in this research is 120. Research findings explain that 1 Capital Structure hereinafter referred to as SM as the abbreviation for Struktur Modal has positive and significant impact on financial performance hereinafter referred to as KIN as the abbreviation for Kinerja Keuangan because the probability value of 0000 is smaller than amp945 0.05. Calculation shows that if the capital structure rises 1 assuming that the loan and non-performing loan variables remain the same then the financial performance will increase 0.017. 2 Loans hereinafter referred to as PIN as the abbreviation for Pinjaman given has positive and significant impact on KIN because the probability value of 0001 is smaller than amp945 0.05. If the loan rises 1 assuming that the capital structure and non-performing loan variables remain the same then the KIN will increase 0.013. 3 Non-performing loan has negative and significant effect on KIN because the probability value of 0000 is smaller than amp945 0.05. PBR varible increase 1 assuming that the loan and capital structure variables

  17. 金融垄断资本全球扩张的动因和影响%Motives and Influences of Financial Monopoly Capital's Global Expansion

    Institute of Scientific and Technical Information of China (English)

    臧秀玲; 杨帆

    2014-01-01

    金融垄断资本的迅猛扩张既是资本主义内在矛盾发展的结果,也是资本主义试图不断革新、发掘其制度潜力的结果。资本主义生产过剩,资本需要找到新的积累途径是金融垄断资本全球扩张的根本动力;一体化的世界市场拓展了金融垄断资本的活动空间;跨国公司是金融垄断资本全球扩张的载体和有力工具;信息化和因特网的发展是金融垄断资本扩张的技术支撑;新自由主义是金融垄断资本扩张的理论和政策基础;美国主导的世界经济秩序特别是国际货币金融体系是金融资本扩张的制度环境。金融垄断资本的全球扩张改变了资本的形态和运作方式,使金融资本相对独立膨胀,资本主义经济中的资本积累方式、收入分配和消费模式、劳资关系以及世界经济体系等发生了重大且影响深远的变化,使当代资本主义的发展进入一个新阶段---金融垄断资本主义阶段,也给世界经济政治带来巨大的影响和灾难。%Since the 1980s ,the financial monopoly capital of developed countries ,backed by strong economic power and hegemony ,has violently expanded worldwide and shows more influence or control force on global economy . The fast expansion is the inevitable result of the deepening of inherent capitalist contradictions as well as the attempting of constant capitalist renovation . Especially ,due to overproduction ,capital needs to find new ways of accumulation ,which is the fundamental motive of financial monopoly capital's global expansion ;the integrated world market amplifies room for financial monopoly capital's moving ;transnational corporations act as carriers and effective tools of the global expansion ;neo-liberalism is the theory and policy basis of the expansion ;the world economic order especially the international monetary and financial system led by the US provides a system environment for the expansion . In fact

  18. Building a Sustained School Facilities Remedy: Arizona's Innovative Blueprint for Capital Funding. Education, Equity, and the Law. No. 3

    Science.gov (United States)

    Hunter, Molly A.

    2010-01-01

    For over ten years, the State of Arizona has implemented an innovative statewide process for financing and building school facilities and purchasing other capital items for its schools. Spawned by an education quality lawsuit, the 1998 Students FIRST Act established the School Facilities Board, which succeeded in helping rural, suburban, and urban…

  19. 创业投资引导基金参股协议刍议%On the Participation Agreement of the Guiding Fund of Venture Capital

    Institute of Scientific and Technical Information of China (English)

    李红润

    2014-01-01

    The participation agreement is a kind of agreement centering on determining the equity investment matter and civil rights and obligations of the parties,which is signed by the venture capital enterprise having specific qualifications and the Guiding Fund of Venture Capital. The protocol has the characteristics of being public and private,mandatory and discretionary. This agreement is a kind of commission contract in nature,shall be governed by Contract Law and the legislation of Guiding Fund of Venture Capital. The administrative contract theory and the trust contract theory are not correct. The legal basis of participation agreement is the right reciprocity principle,the principle of private autonomy and the principle of proportion of equality.%参股协议是创业投资引导基金与具备特定资质的创业投资企业就参股投资事宜签订的旨在确定双方民事权利义务关系的协议。该协议具有公益性与私益性兼具、强制性与任意性并存的特点。参股协议在性质上属于委托合同,应受合同法和创业投资引导基金立法的双重规范,行政合同论与信托合同论都是不正确的。参股协议的法理基础是权利互惠性原则、私法自治原则和比例平等原则。

  20. The 2008 financial crisis: Changes in social capital and its association with psychological wellbeing in the United Kingdom - A panel study.

    Science.gov (United States)

    Lindström, Martin; Giordano, Giuseppe N

    2016-03-01

    The global financial crisis of 2008 was described by the IMF as the worst recession since the Great Depression. This historic event provided the backdrop to this United Kingdom (UK) longitudinal study of changes in associations between social capital and psychological wellbeing. Past longitudinal studies have reported that the presence of social capital may buffer against adverse mental health outcomes. This study adds to existing literature by employing data from the British Household Panel Survey and tracking the same individuals (N = 11,743) pre- and immediately post-crisis (years 2007-09). With longitudinal, multilevel logistic regression modelling, we aimed to compare the buffering effects of individual-level social capital (generalised trust and social participation) against worse psychological wellbeing (GHQ-12) during and immediately after the 2008 financial crisis. After comparing the same individuals over time, results showed that stocks of social capital (generalised trust) were significantly depleted across the UK during the crisis, from 40% trusting others in 2007 to 32% in 2008. Despite this drop, the buffering effect of trust against worse psychological wellbeing was pronounced in 2008; those not trusting had an increased risk of worse psychological wellbeing in 2008 compared with the previous year in fully adjusted models (OR = 1.49, 95% CI (1.34-1.65). Levels of active participation increased across the timeframe of this study but were not associated with psychological health. From our empirical evidence, decision makers should be made aware of how events such as the crisis (and the measures taken to counter its effects) could negatively impact on a Nation's trust levels. Furthermore, past research implies that the positive effects of trust on psychological wellbeing evident in this study may only be short-term; therefore, decision makers should also prioritise policies that restore trust levels to improve the psychological wellbeing of the

  1. IFRSs for financial instruments, quality of information and capital market’s volatility: an empirical assessment for Eurozone

    OpenAIRE

    Cuzman, Ioan; Dima, Bogdan; Dima(Cristea), Stefana Maria

    2010-01-01

    This study examines the Eurozone stock markets’ reaction to a number of events associated with the post-implementation amendments of the IFRSs regarding financial instruments (IFRS 7, IFRS 9, IAS 32 and IAS 39). The adoption of these IFRSs is probably one of the most important recent changes in financial information environment. However, in order to contribute to an increase in financial stability, it is necessary to ensure an ex post stability of the regulatory framework. Based on this meta-...

  2. 國中身心障礙學生家庭社經地位、社會資本、文化資本、財務資本與學習成果之關係研究 Relationships Among Family Socioeconomic Status, Social Capital, Cultural Capital, Financial Capital, and the Learning Outcomes of Junior High School Students With Disabilities

    Directory of Open Access Journals (Sweden)

    黃瓊儀 Chiung-Yi Huang

    2015-12-01

    Full Text Available 本研究主要目的在探討七年級身心障礙學生家庭社經地位、社會資本、文化資本與財務資本對學習成果之影響。本研究使用特殊教育長期追蹤資料庫(Special Needs Education Longitudinal, SNELS)所蒐集的967 位身心障礙學生資料,透過結構方程模式來檢定家庭社經地位對社會資本、文化資本、財務資本與學習成果的直接效果,以及探討家庭社經地位透過社會資本、文化資本與財務資本而影響學習成果之中介效果。研究結果顯示:家庭社經地位對多面向學習成果皆為負向影響,而家庭社經地位對社會資本、文化資本、財務資本皆有正向顯著影響,且透過社會資本、文化資本及財務資本對多面向學習成果有正向顯著的間接效果。針對前述研究結果,提出相關討論與建議。 The purpose of this study was to explore the relationships among family socioeconomic status (SES, family resources, and students’ learning outcomes. A sample of 967 junior high school students with disabilities was drawn from the surveys of Special Needs Education Longitudinal Study. Based on previous empirical research and theory, the present study developed and verified a causal model of family SES as an exogenous variable and learning outcomes as an endogenous variable by using structural equation modeling. We also evaluated the roles of social capital, cultural capital, and financial capital as mediating variables. The findings showed that SES negatively affected learning outcomes but positively affected social capital, cultural capital, and financial capital. Social capital, cultural capital, and financial capital had significant mediating effects on the relationship between family SES and learning outcomes. This study proposes relevant suggestions based on the findings.

  3. Study on the Relationship between Pension Funds in China and Capital Markets%中国养老基金与资本市场的关系研究

    Institute of Scientific and Technical Information of China (English)

    高洋

    2012-01-01

    发达国家的实践表明,养老制度的变革与创新不断推动资本市场的发展与完善,同时资本市场也为养老基金的保值增值提供了重要载体和途径。本文在论述养老基金与资本市场的相互关系的基础上,分析了中国养老基金在资本市场中存在的一些问题,提出了大力发展和规范资本市场,培育具有良好信誉和较强投资能力的养老基金营运公司,完善养老基金监管的建议,以实现养老基金的增值保值,促进资本市场的健康发展。%The developed country practice indicated that, the pension system reform and innovation continue to promote the development of capital market and the perfection of capital market, but also for the pension fund maintains value rise in value provides an important carder and way. This article discusses the pension funds and capital market on the basis of the interaction, analysis of China's pension funds in the capital market in some of the problems, put forward to develop and regulate the capital market, breed pension funds have a good reputation and strong ability to invest in the operation, perfect company pension fund regulatory proposals, in order to achieve pension fund value, promote the healthy development of capital market.

  4. 31 CFR 586.519 - Release of certain funds held at overseas branches of U.S. financial institutions.

    Science.gov (United States)

    2010-07-01

    ... overseas branches of U.S. financial institutions. 586.519 Section 586.519 Money and Finance: Treasury... of U.S. financial institutions. Specific licenses may be issued on a case-by-case basis to permit the overseas branches of U.S. financial institutions to unblock deposit accounts that were blocked pursuant...

  5. Intervention analysis of time series of heritage and capital flow of socially responsible investment funds of Brazil

    Directory of Open Access Journals (Sweden)

    Luis Ferruz Agudo

    2011-12-01

    Full Text Available The aim of this study is to analyze whether creating an own category for Socially Responsible Investment Funds (FISR in Brazil generates time series changes in heritage and cash flow of these funds. We studied all FISR Brazilians during the period 2001 to 2009. The methodology used was the Box & Jenkins (1970 and interventions. The results reveal interventions in the two variables; however, the interventions take place before the change of category. Another important conclusion is that the category change does not cause alterations in the time series of the two variables considered.

  6. On the Financial Insurance Fund under the Background of Mixed Operation%混业经营背景下金融保险基金的研究

    Institute of Scientific and Technical Information of China (English)

    周莎丽

    2015-01-01

    The first part of this article briefly describes the related theories of the mixed operation and financial insurance fund. And then, this paper analyzes the development situation of financial insurance fund under the mixed operation, it means that the legislative situation under "finance law" promotes the financial insurance funds transform to the comprehensive legislation form. And this paper also discusses that the measures of reasonable ensuring the rights and interests of the investor and promoting the orderly market competition. From the perspective of diversification, the last part expounds the legislative means of the smooth and safe operation of financial insurance fund under the trend of mixed operation.%本文第一部分简略叙述了混业经营和金融保险基金的有关理论,之后解析了混业经营大势下金融保险基金的发展态势,就是说:“金融法”下的立法态势,推动金融保险基金向综合立法形式过渡,并且还谈论了有关合理确保投资人权利和利益,推动市场有序竞争的措施;最后一部分从多元化的视角切入,论述推动混业经营大势下金融保险基金平稳、安全运转的立法手段。

  7. 产业资本向金融资本渗透的路径和影响——基于资本市场“举牌”的研究%The Penetration from Industrial Capital to Financial Capital:A Case Study Based on the Acquisition in Capital Market

    Institute of Scientific and Technical Information of China (English)

    何婧; 徐龙炳

    2012-01-01

    With the further development of financial marketization, the capital market plays an important role in the penetration from industrial capital to financial capital. It takes the micro-cases about the penetration from industrial capital on the basis of acquisition to financial capital and analyzes the penetration routes and consequences through financial market. It indicates that, as for the target firms, the penetration from industrial capital to financial capital leads to their performance improvement and the increase in market share, showing that the performance efficiency of the target firms is effectively raised and the industrial adjustment is realized by industrial capital; and it also verifies that financial tools can effectively support the expansion and structural adjustment of industrial capital and the capital market plays a key role in the transformation of industrial capital and financial capital.%随着金融市场化的进一步推进,资本市场发挥着产业资本向金融资本渗透的重要作用。文章选取以举牌为核心的产业资本向金融资本渗透的微观案例,分析了产业资本通过金融市场向金融资本渗透的途径和结果。研究显示,产业资本渗透金融资本后被举牌公司的经营业绩得到提高,产品市场份额增强,说明通过产业资本对被举牌企业实施经营管理提高了被举牌企业的经营效率,实现了产业调整。这也说明金融手段能够有效支持产业资本的扩张和结构调整,显示了资本市场在两者转换过程中所起到的关键作用。

  8. Rent-seeking and financial capital, reform and revolution : the differences of interpretation on the New Capitalism between Keynes and the marxist tradition of Bukharin, Hilferding and Lenin

    OpenAIRE

    Leandro Ramos Pereira

    2013-01-01

    Resumo:Esta dissertação compara as interpretações sobre o "novo capitalismo" que emerge a partir do final do século XIX entre Keynes e a Tradição Marxista que relaciona o capital financeiro e o Imperialismo (Lênin, Hilferding e Bukhárin), e suas implicações no que se refere às características do Estado Nacional, a natureza da ordem internacional, e as relações políticas. Procuramos demonstrar que a interpretação de Keynes diverge qualitativamente do pensamento desta Tradição Marxista. Enquant...

  9. CONTROLS ON CAPITAL MOVEMENTS

    Directory of Open Access Journals (Sweden)

    Petris Sorina

    2012-12-01

    Full Text Available Until recently, capital mobility was encouraged across national borders, because it was considered that such capital can seek the highest rate of return. However, recent global financial developments have shown that, due to contagion, the mobility of capital flows can cause severe financial imbalances. In the context of globalization, liberalization or maintaining controls on capital flows is a current topic, more debated by economists. This topic is very important, due to the impact of liberalization decision or maintaining controls on capital flows has on the overall macroeconomic framework. The paper analyzes the relationship between capital flows’ control and the income per capita, the degree of central bank independence, democracy country, the foreign exchange regime. Also, it analyzes the effectiveness in time of capital controls, taking account of financial system development and potential risks of instability. Over time, it was observed that a period in which they have imposed restrictions on capital movements was followed by a removal of such restrictions, and vice versa. Cyclic change of capital movements regime corresponds to the cyclic evolution of the global economy. Full capital account liberalization led to the emergence of currency and financial crises, so that the idea of maintaining controls on capital is not rejected by economists. After a full liberalization of capital flows, there is a change in the mentality of an increasing number of economists, who support the maintenance of controls, in a gradual liberalization.

  10. 76 FR 42141 - HighMark Funds and HighMark Capital Management, Inc.; Notice of Application

    Science.gov (United States)

    2011-07-18

    ... applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should.../search.htm or by calling (202) 551-8090. Applicants' Representations 1. HighMark Funds is a registered... substantially equivalent to the role of the individual portfolio managers employed by traditional...

  11. Financial Supervision of Real Estate Investment Fund%房地产投资基金投资项目财务监管问题探讨

    Institute of Scientific and Technical Information of China (English)

    吴春玥

    2011-01-01

    房地产投资基金是投资于房地产业的一种产业投资基金.目前,一般直接投资于房地产开发项目的房地产投资基金在我国还处于发展的初始阶段,必须加强财务监管.本文对房地产投资基金投资项目财务监管的必要性、原则、体系、内容、关键节点等问题展开探讨,并提出适合我国情况的基金财务监管模式.%The real estate investment fund is an industrial investment fund in real estate industry. At the moment, the real estate investment fund in real estate development projects is still in the initial stage in China, so we must strengthen the financial supervision. In this paper, the necessity,principle, system, content, key nodes and other issues of financial supervision are discussed, and the control mode of fund and finance which is suitable for conditions in China is proposed.

  12. Shadow Banking – Developments in Times of Financial Crisis

    Directory of Open Access Journals (Sweden)

    Bogdan Munteanu

    2016-01-01

    The paper considers the following entities and activities, without limitation to or completenessof viewpoints: finance companies, asset backed financial instruments, structured investments,financing vehicles, money market funds, asset managers, credit hedge funds and venture capital,providing characteristics of shadow banking and their economic functions relative to the classicbanking system, as they pose a systemic risk due to asymmetric information and gaps created inmatching liquidity tenures with duration, by using synthetic leverage finance.

  13. Funding, Funding

    Science.gov (United States)

    Altman, Micah

    2009-01-01

    I show herein how to develop fundable proposals to support your research. Although the proposal strategy I discuss is commonly used in successful proposals, most junior faculty (and many senior scholars) in political science and other social sciences seem to be unaware of it. I dispel myths about funding, and discuss how to find funders and target…

  14. Financial sustainability versus access and quality in a challenged health system: an examination of the capitation policy debate in Ghana.

    Science.gov (United States)

    Atuoye, Kilian Nasung; Vercillo, Siera; Antabe, Roger; Galaa, Sylvester Zackaria; Luginaah, Isaac

    2016-11-01

    Policy makers in low and middle-income countries are frequently confronted with challenges of increasing health access for poor populations in a sustainable manner. After several years of trying out different health financing mechanisms, health insurance has recently emerged as a pro-poor health financing policy. Capitation, a fixed fee periodically paid to health service providers for anticipated services, is one of the payment policies in health insurance. This article examines claims and counter-claims made by coalitions and individual stakeholders in a capitation payment policy debate within Ghana's National Health Insurance Scheme. Using content analysis of public and parliamentary proceedings, we situate the debate within policy making and health insurance literature. We found that the ongoing capitation payment debate stems from challenges in implementation of earlier health insurance claims payment systems, which reflect broader systemic challenges facing the health insurance scheme in Ghana. The study illustrates the extent to which various sub-systems in the policy debate advance arguments to legitimize their claims about the contested capitation payment system. In addition, we found that the health of poor communities, women and children are being used as surrogates for political and individual arguments in the policy debate. The article recommends a more holistic and participatory approach through persuasion and negotiation to join interests and core evidence together in the capitation policy making in Ghana and elsewhere with similar contexts. © The Author 2016. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  15. Independent Auditors Report on the Air Force Working Capital Fund FY 2015 and FY 2014 Basic Financial Statements for United States Air Force Agency Financial Report 2015

    Science.gov (United States)

    2015-11-09

    aerial targets/ drones . The DoD Inspector General issued an unqualified examination opinion in June 2012 on these assets recorded in the Reliability and...Operating Materials and Supplies (OM&S) include weapon systems spares, ammunition, tactical missiles, aerial target drones , uninstalled aircraft and...Advanced Technology Development 606 624 582 598 546 Advanced Component Development and Prototypes 1,363 936 1,105 1,179 1,981 System

  16. Capital Investment by Independent and System-Affiliated Hospitals

    Directory of Open Access Journals (Sweden)

    Nathan W. Carroll PhD

    2015-06-01

    Full Text Available Capital expenditures are a critical part of hospitals’ efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals’ ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16 000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  17. Capital Investment by Independent and System-Affiliated Hospitals.

    Science.gov (United States)

    Carroll, Nathan W; Smith, Dean G; Wheeler, John R C

    2015-01-01

    Capital expenditures are a critical part of hospitals' efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals' ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16,000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  18. Reconfiguring the Financial Markets

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-12-01

    Full Text Available The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.

  19. Report: State of Utah Drinking Water State Revolving Fund Financial Statements with Independent Auditor’s Report, June 30, 2002

    Science.gov (United States)

    Report #2003-1-00110, June 3, 2003.Audit of the net assets statement of the Utah Dept of Env Quality Drinking Water State Revolving Fund Prog as of June 30, 2002, and the statements of revenues, expenses and changes in fund net assets, and 2002 cash flows.

  20. To a Question of Research Team’s Human Capital Estimation

    Directory of Open Access Journals (Sweden)

    Sergey A. Aivazyan

    2016-03-01

    Full Text Available The approach based on the concept of stochastic frontier, to assessing of research team’s human capital, performing research with the financial support of the Science Foundation. The relevance of the problem is determined by the expansion of the use of competitive basis funding for research. As an estimate of research team’s human capital accepted the potential size of the financing in terms of effective use of research team’s human capital. Presents an econometric model, allowed to obtain estimates of the efficiency of research team’s human capital, have received financial support fund for scientific research. As a measure of efficiency is considered matching the size of the financial support of his research team characteristics of human capital. Formulated statistical hypothesis, test results which can be used to improve the competitive application forms and expert profiles, used the fund. It is noted, that when checking the hypothesis of no inefficiency of research team’s human capital, should be used the machine of copula functions, expanding the scope of the stochastic frontier methodology at the expense of rejection of the assumption of independence of the random components of the econometric model and allowing a correct estimates of the efficiency in terms of their dependence.

  1. 大生集团早期金融事业的兴衰%Financial Capitalization of Dasheng Group in Its Early Time

    Institute of Scientific and Technical Information of China (English)

    羽离子

    2011-01-01

    近现代中国最大工业集团之一大生集团主要是通过借贷融资、发行股票和建立银行吸储等将民间资金及少量官款转化为工业资本。1920年,大生系工商资本集团创建了淮海实业银行和花纱与股票交易所。银行还印备了钞票,准备占领更大分额的资本市场。但大生集团未能象日本涩泽系企业集团那样在较早的时候就建设好工商活动与金融事业间的良性关系。连同交易所在内的大生系的金融机构在数年后未能承受苏北大水灾等所引发的金融危机。大生集团早期金融业的兴衰为当代中国民营企业的资本积累和运作,提供了值得记取的经验和教训。%In 1920, Dasheng group established Huai Hal Industrial Bank and a stock exchange. The bank gave a good play to the initial capitalization of finance. It even issued different substitutions of money to replaced part of the money system in a quite big area. Comparing with the financial business of Japanese Shibusawa Ei'ichi's enterprises group, Dasheng's financial business was weak and undeveloped. The financial organs of Dasheng suffered heavily from a serious flood in North Jiangsu and were stricken by a financial crisis to bankrupt nearly just after a couple of years. But. on the other hand, Dasheng's experience and lessons from its accumulation and maintain of capital was really valuable contribu- tion to civilian-run enterprises in China.

  2. Venture capital and private equity investment strategies in selected European countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-09-01

    Full Text Available Private equity and venture capital (PE/VC funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a conti nuati on of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.

  3. Human Capital, Financial Plan and Pension%人力资本、理财规划与养老保险

    Institute of Scientific and Technical Information of China (English)

    蔡华

    2009-01-01

    The core issue of individual finance plan is the spreading of the income from the economically productive part of an individual's life over that person's whole life. And traditional advice failed to consider human capital. The best asset that most human beings have, at least when they are young, is their human capital, i.e. the present value of their expected future labor income. Human capital not only interacts with traditional investments through the correlation structure, but also interacts with life insurance and annuities because these assets have payoffs linked to the holders' longevity.%个人理财规划核心问题就是,把生命中富有生产力的阶段所创造的财富,如何有效地在一生中合理分配.传统的理财建议中往往忽略人力资本因素,而对大多数人来说,在年轻时拥有的最大财富是人力资本,它是未来预期劳动力收入的现值.人力资本不仅与传统投资在结构上相互影响,还与人寿保险与养老金安排在收益方面相互作用.

  4. Managing Debt and Capital Investments: A Toolbox for Private Colleges and Universities

    Science.gov (United States)

    Townsley, Michael K.

    2008-01-01

    All private colleges and universities make strategic capital investments and consider the use of debt to fund those investments. From the commonplace purchase of photocopiers to the construction of new academic buildings or dormitories, investment decisions that yield long-term financial benefits must follow on the heels of careful analysis. To…

  5. Managing Debt and Capital Investments: A Toolbox for Private Colleges and Universities

    Science.gov (United States)

    Townsley, Michael K.

    2008-01-01

    All private colleges and universities make strategic capital investments and consider the use of debt to fund those investments. From the commonplace purchase of photocopiers to the construction of new academic buildings or dormitories, investment decisions that yield long-term financial benefits must follow on the heels of careful analysis. To…

  6. Globalization and the financialization of the economy

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2013-12-01

    Full Text Available The defining with profound implications on the economy and society is represented the globalization. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.

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

    Science.gov (United States)

    Newcomer, Adam

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

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

    Science.gov (United States)

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

    2010-12-13

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

  9. 医院财政项目补助资金收支核算%The Revenue and Expenditure Accounting of Hospital Financial Project Subsidy Funds

    Institute of Scientific and Technical Information of China (English)

    凌云; 万晓霞

    2013-01-01

    目的:探讨对医院财政项目补助资金收支的核算。方法:分直接(授权)支付方式,一次(多次)完工建成固定资产的核算处理。结果:清晰地反映了医院财政补助项目资金的来源与支出。结论:全方位地展示了财政项目资金形成医院资产的过程,满足了财政预算资金管理和医院会计核算的需要。%Objective: Discuss the revenue and expenditure accounting of hospital finance project subsidy funds. Methods: The methods can be divided into direct ( authorization) payment, a ( multiple) completed fixed assets accounting processing. Results:Clearly reflect the sources and spending of hospital’s financial aid project funding. Conclusion:An all-round finance process of hospital assets of project funding is presented to meet the budget funds management and the needs of hospital accounting.

  10. 养老金入市的国际经验借鉴与我国的政策选择%International Experience Learnings about Pension Funds into the Capital Markets and Chinese Policy Choice

    Institute of Scientific and Technical Information of China (English)

    刘俊棋

    2012-01-01

    In view of the public concerns about pension funds into the capital markets in China, this paper comparatively analyzes the methods of pension funds into the capital markets in major countries and points out the necessity and feasibility of pension funds into the capital markets in China. Pension funds into the capital markets is an inevitable trend. The point is the policy choice. An independent supervisory authority should be set up as soon as possible. "quantitative limitation regulation" should be relaxed and converted into "prudent person rule". Independent persional pension account should be opened and the freedom of personal choice should be increased. While capital market is still a major investment area, other markets should be explored with discretion.%针对国内各界对我国养老金入市的忧虑问题,本文通过对国际主流国家养老金入市的具体做法进行比较分析,认为我国养老金入市有其必要性,同时也具备一定的可行性,我国养老金入市是大势所趋,重点在于政策方面的选择,应该尽快设置独立的监管机构,放松"数量限制"规则并向"谨慎人"规则转变,推出独立的养老金个人账户,增加个人选择的自由度,并以资本市场为主要的投资领域,谨慎向其他市场拓展。

  11. Rethinking to Non-financial Indicators of BSC--From the Angle of Intelligence Capital Management%对BSC非财务指标的重新思考--基于智力资本管理角度

    Institute of Scientific and Technical Information of China (English)

    曹玉红; 尤建新; 胡伟

    2013-01-01

      BSC以其财务和非财务之间的平衡获得美誉,然而BSC非财务指标的选择原则和方法却一直是管理实践中的难题。文章基于智力资本管理的角度重新审视BSC的非财务指标体系,将智力资本与BSC非财务构面进行整合,解决BSC非财务指标体系难以建立的问题,同时也使组织内部的智力资本管理变得可操作、可监控。%BSC gain its reputation from the balance between financial indicators and non-financial indicators,however the se--lection principle and method of non-financial indicators of BSC is always the problem of management practice.From the per--spective of intellectual capital management,this paper re-examines the system of non-financial indicators of the BSC,inte--grates intellectual capital and non-financial aspect of BSC,and solves the problems of difficult establishment of BSC non-finan--cial indicators system,so the organization of the internal intellectual capital management become operational and monitoring.

  12. Capital financeiro e commodities: um estudo das bolsas de valores de Mumbai, São Paulo e Joanesburgo Capital Financier et commodities: une étude des Bourses de valeurs de Mumbai, São Paulo et Johannesburg Financial capital and commodities : a study of the Stock Exchanges in Mumbai, São Paulo and Johannesburg

    Directory of Open Access Journals (Sweden)

    Margarida Maria C. L. Mattos

    2012-03-01

    Full Text Available Historicamente, as cidades constituíram elemento espacial vital tanto para o desenvolvimento do capitalismo mercantil como para o industrial via formação de mercados nacionais. É aí também que se conforma o capital financeiro, cuja lógica é a dominante no ambiente globalizado, no qual, cada vez mais, estreitam-se as relações entre os mercados, envolvendo aqueles de economias emergentes. Nestas, algumas cidades ganham protagonismo e importância estratégica, incorporando funções que ultrapassam as fronteiras dos países onde se inserem. Toma-se neste artigo três cidades desses países – Mumbai, São Paulo e Joanesburgo – e examina-se a composição e o comportamento dos principais índices das Bolsas de Valores nelas sediadas. Estas instituições, por sua dimensão multiescalar, permitem compreender a lógica, a direção e a intensidade da inserção dos investimentos do país na economia global. O estudo revelou não apenas o peso das commodities correlacionando os três índices como também uma distribuição regionalizada dos investimentos, referida a cada uma das Bolsas.Historiquement, les villes ont joué un rôle décisif dans le développement du capitalisme mercantile aussi bien que dans celui du capitalisme industriel, à travers la formation des marchés nationaux. L’émergence du capitalisme financier, dont la logique domine le monde globalisé, met ce rôle encore une fois en évidence. Dans ce contexte où les rapports entre les marchés nationaux se sont multipliés et ont incorporé les économies émergentes, certaines métropoles sont devenues des pôles de puissance et d’importance stratégique dont l’influence dépasse largement les frontières de leurs pays respectifs. Le présent article examine la composition et le comportement des principaux indices boursiers dans trois villes: Mumbai, São Paulo et Johannesburg. Grâce à leur dimension multiscalaire, les Bourses de valeurs offrent une

  13. Capital Projects Application (CPA)

    Data.gov (United States)

    General Services Administration — Capital Projects application (CPA) provides users with the ability to maintain project related financial data for Budget Activity (BA) 51, 55, 64, 01, 02, 03, 04....

  14. Private equity and venture capital in South Africa: A comparison of project financing decisions

    Directory of Open Access Journals (Sweden)

    David Portmann

    2013-09-01

    Full Text Available This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.

  15. 主权财富基金与海合会金融合作%Financial Cooperation between Sovereign Wealth Fund and GCC

    Institute of Scientific and Technical Information of China (English)

    严荣

    2011-01-01

    As a regional integration organization,Gulf Cooperation Council(GCC)has on the one hand advanced the regional currency and the financial integration,and on the other hand it is the original place of sovereignty wealth fund and the most densely distributed area.Investment from sovereign wealth fund of GCC member states has presented the potential for promoting regional financial cooperation.It invests extensively and has emerged the joint venture in sovereign wealth fund.But,this promoting function also faces many challenges,such as industrial structure convergence leads to single investment variety;the influences of regional powers and barriers of political development.%海合会作为区域一体化组织,一方面推进区域货币和金融一体化,另一方面又是主权财富基金的发源地和分布最密集的区域。海合会成员国主权财富基金在区域内的投资呈现出促进区域金融合作的潜能,它不仅投资广泛,而且出现了合资主权财富基金。但是,这种促进作用也面临诸多挑战,比如产业结构趋同导致投资品种单一、区域大国的影响,以及政治发展的障碍等。

  16. THE ROLE OF THE COMMERCIAL BANKS' CAPITAL IN REALIZATION OF INVESTMENT POTENTIAL OF BANKING SYSTEM OF UKRAINE

    Directory of Open Access Journals (Sweden)

    I. Lyutiy

    2015-03-01

    Full Text Available The article studies modern trends in investment corporate lending in Ukraine and the ultimate role of banking system in context of capital investments funding in Ukraine. The impact of structure and dynamics of commercial banks’ financial resources on realization of investment potential of Ukrainian banking system is analyzed. The role of banks’ capital adequacy as a precondition for expansion of investment corporate lending is determined.

  17. Report: South Carolina Drinking Water State Revolving Fund Program Financial Statements with Independent Auditor’s Report, June 30, 2002

    Science.gov (United States)

    Report #2003-1-00138, September 17, 2003. We have audited the balance sheet of the SCDWSRF Program as of June 30, 2002, the related statement of revenues, expenses, and changes in fund equity, and the statement of cash flows for the year then ended.

  18. Venture funding for science-based African health innovation

    Directory of Open Access Journals (Sweden)

    Daar Abdallah S

    2010-12-01

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

  19. Aggregating economic capital

    NARCIS (Netherlands)

    Dhaene, J.; Goovaerts, M.; Lundin, M.; Vanduffel, S.

    2005-01-01

    In this paper we analyze and evaluate a standard approach financial institutions use to calculate their so-called total economic capital. If we consider a business that faces a total random loss S over a given one-year horizon then economic capital is traditionally defined as the difference between

  20. Institutions and Venture Capital

    OpenAIRE

    Lerner, Josh; Tåg, Joacim

    2012-01-01

    We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an ...

  1. Mutual Funds.

    Science.gov (United States)

    Dessoff, Alan L.

    1993-01-01

    There is good reason for college fund raisers and business officers to collaborate on common financial interests. Communication is a key element of such cooperation. Other needs include agreement on accounting and reporting of institutional finances, agreement on stewardship of gifts (particularly with restrictions or endowments), and common…

  2. Financial Market’s Contribution to Economic Growth in Romania

    Directory of Open Access Journals (Sweden)

    Ioana Andrada MOLDOVAN (GAVRIL

    2015-09-01

    Full Text Available Modern economies are characterized, among other things, by developed financial sectors. This reality has stimulated scientific research on identifying correlations between the level of financial market development and economic growth, especially for emerging countries. Romania is an interesting case to question the correlation between financial markets and economic growth, as it recently acquired the status of a functioning market economy and joined the complex of high economic development given by the EU. Using VECM modelling, as well as Wald and Granger causality tests, this paper analyses the nature and direction of causal relationships between the real economy and the financial sector in Romania, both on the short and long run. This paper is based on the Anglo-Saxon approach of the financial market, according to which it includes money market and capital market, and our econometric analysis takes into account both monetary and capital market components, in identifying correlations with the real economy. The results show that on the long run, between real GDP and credit to the private sector there is a one-way relationship, namely real GDP influences credit, but not vice versa. Also, on the long run, there is no correlation between market capitalization and real GDP. However, on the short run, there is a unidirectional causality from credit to real GDP, and also from real GDP to market capitalization. The results of the econometric analysis show that, in Romania, the financing function is met almost entirely by the banking system, while the capital market is small and does not fulfil yet the function of financing the real economy. Despite these empirical evidences, the author considers that the development of capital market is a sine qua non condition for modernizing the Romanian economy, by increasing funding potential and enhancing competition in the financial market. The author claims the need for government support and recommends economic

  3. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  4. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  5. The effect of capital structure on the profitability of pharmaceutical companies the case of iran.

    Science.gov (United States)

    Mohammadzadeh, Mehdi; Rahimi, Farimah; Rahimi, Forough; Aarabi, Seyed Mohammad; Salamzadeh, Jamshid

    2013-01-01

    Funding combination is the most important issue for the companies while they know the amount of required capital. Companies should be careful regarding the appliance of financial providing methods compatible with the investment strategy of company and profitability. This study seeks to examine the relationship between the capital structure and the profitability of pharmaceutical companies in Iran. For this purpose, top 30 Iranian pharmaceutical companies defined as study samples and their financial data were gathered for the period of 2001-2010. In this study, the net margin profit and debts to asset ratio were used as indicators of profitability and capital structure, respectively and sales growth was used as a control variable. Results showed that there was significant negative relationship between the profitability and the capital structure which means that the pharmaceutical companies have established a Pecking Order Theory and the internal financing has led to more profitability.

  6. Mutual Fund Performance: Evidence From South Africa

    Directory of Open Access Journals (Sweden)

    Ömer Faruk Tan

    2015-11-01

    Full Text Available This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen's alpha (1968 methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966 regression analysis method is applied for market timing ability of fund managers.

  7. THE INSTITUTIONAL INVESTORS’ BEHAVIOUR UNDER THE IMPACT OF THE GLOBAL FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    PIRTEA MARILEN

    2013-02-01

    Full Text Available On the subject of financial globalization a lot of literature has been written, annalyzing all sorts of effects ithad. Still, the changes induced by globalization at the level of the financial markets are not always clear. The veritableflooding of capitals, constantly moving, created a continuous game of investment opportunities, of arbitrationpossibilities and funding sources, made institutional investors adopt various attitudes, the role of institutional investorsin the activation of capital markets being sustained by the financial globalization and the extension of multinationalfinancial groups, on one side, and by the increased performance of the share and bond markets, on the other side.By the present paper, we propose to underline the behaviour of the main institutional investors (mutual funds,pension funds and hedge funds under the impact of the current global financial crisis, the modifications whichintervened in asset assignment and investment relocation, showing that the instability generated in the global financialsystem had immediate effects on all the portfolios of institutional investors, regardless of their classificationcategory.Under conditions of capital flow increase, adjusted by the global financial crisis, the presented analysis andempirical proofs show a tendency of institutional investors’ asset reallocation on developed markets and thewithdrawal from the emergent ones.

  8. Impact of Global Financial Crisis on Banking Sector of India and Jordan

    Directory of Open Access Journals (Sweden)

    Baaeth Atallah Dalaien

    2016-03-01

    Full Text Available This study aims to find out the impact of global financial crisis on banking sector in Jordan and India. the descriptive analytical methodology was used. The study population includes all banks in each country (Jordanian and Indian. The study sample consists of seven banks in Jordan and seven banks in India. The study use variables which includes (Bank Share Price, Bank Capital Adequacy, bank Deposit- lending Ratio, Interest Rates, Nonperforming Assets. The study indicated that global financial crisis have a negative effect on share price of Jordanian banks because share price decrease after global financial crisis. The study also indicated that global financial crisis have a negative effect on capital adequacy, Deposit - Lending Ratio, and Non-Performing Assets because all of these variables was increase after global financial crisis. The study reported that global financial crisis have a positive effect on share price of Indian banks because share price increase after global financial crisis. The study also indicated that global financial crisis have a positive effect on capital adequacy because it increase after global financial crisis, but other indicators which includes Deposit - Lending Ratio, and Non-Performing effect negatively by global financial crisis because all of these variables was increase after global financial crisis. The study reported that performance of Jordanian Banks Sector goes in negative trends after global financial crisis such as; Share prices declining and nonperforming assets increasing, also the study reported that performance of Indian Banks Sector goes in negative trends after global financial crisis such as; Non-performing assets increasing and in positive trends after global financial crisis such as share prices increasing. The study recommended that Central Banks have to issue instructions to raise the minimum capital funds of local banks and continue to oblige banks to apply risk management at the

  9. DOD Financial Management: Significant Efforts Still Needed for Remediating Audit Readiness Deficiencies

    Science.gov (United States)

    2017-02-01

    recommendations reported by external auditors : (1) identify and track them, (2) prioritize them, (3) develop corrective action plans (CAP) to remediate...when the entity is unable to provide sufficient supporting evidence to enable the auditor to express an opinion. In their reports , the IPAs identified...controls, and financial systems. Each military service is organized into two reporting entities: a general fund and a working capital fund.18 A

  10. An Analysis on Balanced Funds and Financial Risk%对冲基金与金融风险浅析

    Institute of Scientific and Technical Information of China (English)

    余鹏辉

    1999-01-01

    @@ 自1997年亚洲金融危险爆发以来,对冲基金(Hedge Fund)受到很多谴责.1998年9月美国对冲基金危机,更是暴露了这类私人投资机构的许多问题,其中最受关注的就是借贷经营、黑箱操作、过度投机等.本文主要就这些问题结合金融风险成因进行一些粗浅的探讨.

  11. 中国金融发展提高了资本产出效率吗?——实证检验与理论解释(1981-2009)%Does Financial Development Promote Capital-output Efficiency in China?——Empirical Test and Theoretical Explanation

    Institute of Scientific and Technical Information of China (English)

    范硕; 李俊江

    2012-01-01

    本文通过哈罗德一多玛均衡增长模型的一个修正模型来阐述金融发展对资产的选择效应,并将经济增长中的数量因素与效率因素分别提炼出来加以区别。实证检验结果显示,我国金融发展促进了投资数量增加,但投资效率却不断下降,利率的金融杠杆作用丧失,金融发展出现了“扭曲”。这种“扭曲”的根源在于我国金融体系的“分割性”,即形成了两种不同性质的借款者,他们面临着完全不同的融资环境,并对应着不同的投资函数:一种是基于新古典主义模型的投资函数;另一种是基于“自我融资”模型的投资函数。我国投资产出效率较低是在这种“分割性”金融体系下,单纯追求GDP高增长的内生结果。因此,政府应当进一步从微观经济活动中退出,特别是要约束政府对于金融系统的控制能力。%This paper revised Harrod-Domar model to explain the financial development's effects for capital-out-put efficiency in China. The financial development's quantity effects and efficiency effects are extracted to be distin- guished. Empirical test results show that the capital-output efficiency play a negative role in China's GDP growth, however, the quantity of investment plays a positive role. The results strongly suggest that the efficiency of China'sinvestment is on the decline and it also shows that China's economic growth relies on the expansion of the volume of investments, rather than improved efficiency. Further analysis we will find that the real interest rate has little effect, indicating that China can not reduce the low efficiency of investment through raising the real interest rates, and also can not lead to the effective allocation of funds, the interest rates' role of financial leverage is Distorted. According to international experience, a country's financial development can promote savings, investment, and thus promote eco

  12. The manager and equipment decisions: the capital budget.

    Science.gov (United States)

    McConnell, Charles R

    2011-01-01

    As part of his or her role in preparing a departmental budget, a manager must often become involved in budgeting for capital expenditures, those purchases that are of a type and sufficient dollar value to be capitalized and depreciated. Depending on the value of a proposed purchase, the department manager may have only a partial voice in the process; some significant purchases will require administrative approval, whereas some major acquisitions will require approval by the board of directors. Planning for possible capital purchases should begin well before the start of the annual budget exercise. Listing a capital item in the department's budget request does not imply approval; often, there are many more "needs" than there are capital funds available. Therefore, there must be a consistent process for identifying the proposed purchases that will be funded, such process necessarily including detailed specification of the need for a particular capital purchase, identification of all reasonable alternatives, consideration of any constraints, detailed financial comparison of alternatives, assessment of intangible factors, and a recommended choice.

  13. 基于金融发展水平的证券市场开放对经济增长的影响%Relationship Between Capital Market Liberalization and Economic Growth Based on Financial Development Stage

    Institute of Scientific and Technical Information of China (English)

    张鹏; 孟宪强

    2011-01-01

    This paper constructs a theoretical model to analyze the growth effect of capital market liberalization,which shows that financial liberalization will lead to faster economic convergence rate than that of financial autarky: financial development will strengthen the growth effect of financial liberalization.Empirical research using BRICS data reveals that coefficients of capital market liberalization measured by AREREA,EW and actual capital flows indicators are significantly positive,indicating that capital market liberalization promotes economic growth:securities market development expands this economic growth effects,whereas the development of the banking system can not significantly promote the growth effect.%本文在索洛—斯旺框架下构建了一个分析证券市场开放对经济增长影响的理论模型,模型显示:金融开放后的经济收敛速度要大于封闭时的经济收敛速度,金融发展水平会促进金融开放带来的经济增长效应。通过金砖国家的数据对理论模型的结论进行实证检验显示:用名义的AREAER指标、实际的EW指标和资本流动指标度量的证券市场开放度的系数均显著为正,说明证券市场开放有利于经济增长;证券市场发展水平会促进该经济增长效应,而银行业发展水平对该经济增长效应的影响不显著。

  14. 高新技术企业人力资本投资对财务绩效的影响分析%Analysis of the Impact of High-Tech Enterprise Human Capital Investment on Financial Performance

    Institute of Scientific and Technical Information of China (English)

    刘叶云; 朱洪慧

    2014-01-01

    This paper focuses on the impact of human capital investment of high-tech enterprise on the finan-cial performance.40 “National Torch Plan” enterprises in eight high-tech fields were selected as samples.Gray correlation analysis method was used to discuss the effects of human capital investment on the financial performance of different high-tech enterprises.The results show that there is a strong positive correlation between the amount of high-tech enterprise human capital investment and its financial performance.Furtheremore, it is revealed that hu-man capital investment has greatest influence on financial performance in new materials technology enterprises.%围绕高新技术企业人力资本投资对财务绩效的影响这一中心,选取八大高新技术领域的40家“国家火炬计划”企业为样本。采用灰色关联分析方法探讨了人力资本投资对不同高新技术企业财务绩效的影响,研究发现高新技术企业人力资本投入额与其财务绩效之间具有较强正相关关系,人力资本投资对新材料技术类企业财务绩效的影响最大。

  15. Universities Venture into Venture Capitalism.

    Science.gov (United States)

    Desruisseaux, Paul

    2000-01-01

    Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

  16. Capital as a main resource of the food industry in the years 2008-2013

    Directory of Open Access Journals (Sweden)

    Joanna PASEK

    2015-05-01

    Full Text Available This paper is an attempt to assess the capital as the main resource of the food industry in Poland in the years 2008-2013. The author describes the changing agro-industrial economic activity, the importance of capital, capital structure and the position of the food industry enterprises listed on the Stock Exchange in Warsaw. The financial condition of the food industry is dependent on the rational management of funds that can be invested in a variety of ways and thus increase the capital. The paper presents that the relatively good situation of the food industry is caused in particular by the fact of production companies having some of the best economic results across the country. The value of production sold is presented; that every year has achieved better results. Capital expenditures also recorded an increase, according to foreign investors the best regions for investment are those located in central and South-West Poland. Analyzed data suggests that the financial condition of food industry companies improves due to better financial liquidity and lower rate of financial liabilities. The potential of food industry companies in Poland is enormous. The article ends with conclusions in regards to the current state of Polish food industry and the forecasted financial results for the coming years.

  17. 医疗风险基金在医院财务管理中的应用%Health Risk Fund in the Financial Management of Hospitals

    Institute of Scientific and Technical Information of China (English)

    武敏

    2011-01-01

    Ubiquitous medical risk is the consensus of the medical profession. Today medical insurance system is not in sound business condition. The hospital increases the risk of hospital prevention and control capacity through the establishment of venture funds and of risk-sharing mechanism. Health risk fund should be combined with hospital financial management, standardized accounting, rational use and implementation of supervision and evaluation mechanisms to ensure the sustainable development of medical risk management system.%医疗风险无处不在已成为医疗界的共识,在当今商业医疗保险制度尚不健全的条件下,医院通过设立医疗风险基金,建立风险共担机制,增加医院主动进行风险预防和控制的能力,医疗风险基金应结合医院财务管理,规范核算、合理运用,并实行监督考核机制,确保医疗风险管理机制得以持续发展.

  18. 企业家社会资本对文化企业财政支持可获性的影响——基于江苏省文化企业调研数据的实证研究%Impacts of Social Capital of Entrepreneurs on Financial Support Availability of Cultural Firms :Empirical Study Based on Cultural Firm Survey in Jiangsu Province

    Institute of Scientific and Technical Information of China (English)

    杨向阳; 胡迪; 童馨乐; 黄莉芳

    2016-01-01

    财政支持是影响文化企业发展的重要政策因素.文章首先将企业家社会资本分为企业家政治关系资本和企业家商业关系资本 ,在此基础上使用178家江苏地区文化企业实地调研数据 ,构建计量经济模型实证检验了企业家社会资本对文化企业财政支持可获性的影响.研究结果发现:企业家政治关系资本对文化企业财政支持可获性具有正向影响 ,但在统计上不显著;企业家商业关系资本对文化企业财政支持可获性具有显著正向影响 ,且企业家商业关系资本的作用明显大于企业家政治关系资本 ,这表明地方政府在决定是否对文化企业给予财政支持时 ,明显淡化了以往侧重于通过行政权力主导补贴资金的传统做法 ,而更多地遵循了通过市场机制来配置公共财政资源的原则.%Financial support is an important policy factor affecting the development of cultural enterprises .First of all ,this paper decomposes social capital of entrepreneurs into political relationship capital and business relationship capital and then establishes an econo-metric model to analyze the impact of social capital of entrepreneurs on financial support a-vailability of cultural firms based on the survey of 178 cultural firms in Jiangsu province . According to the results ,political relationship capital of entrepreneurs has a positive impact on financial support availability of cultural firms ,which is not statistically significant ;busi-ness relationship capital of entrepreneurs has a significantly positive impact on financial support availability of cultural firms ,and the impact of business relationship capital of en-trepreneurs is obviously larger than the one of political relationship capital of entrepre-neurs ,showing that when local governments consider whether to give financial support to culture firms or not ,they obviously weaken the traditional way of allocating subsidy funds mainly by using

  19. POPULATION AGING,PENSION FUNDS AND INTERNATIONAL CAPITAL FLOWS:MECHANISM AND EMPIRICAL RESEARCH%人口老龄化、养老金与国际资本流动:影响机制与实证研究

    Institute of Scientific and Technical Information of China (English)

    吕建兴; 孙文凯

    2015-01-01

    In this paper,we reviewed the impact mechanism of population aging on international cap-ital flows.Based on panel data of 1993-2012 in 98 countries or regions to test this relation,we also veri-fied the impact mechanism of pension funds as mediator.The result showed that capital-labor ratio and current account balances were the main paths of population aging on international capital flows.The higher the degree of population aging,the capital would more incline to outflow,no matter the middle and high income countries or low income countries.With the reform of Pay-As-You-Go (PAYG)pension funds sys-tem,as the capital pool of pension funds,the scale would gradually expand,and it would induce interna-tional capital outflow.%本文详细梳理了人口老龄化对国际资本流动的影响机制,并利用1993—2012年98个国家或地区的面板数据实证分析其相关关系,同时验证了以养老金为中介变量的影响机制。研究发现:人口老龄化主要通过资本—劳动比率和经常账户余额影响国际资本流动;不管是中高收入和中低收入国家,人口老龄化程度越高,资本越倾向流出;随着实行现收现付(PAYG)养老制度国家的深入改革,作为资金池的养老金规模逐渐扩大,其对外投资活动也越活跃。

  20. Human Capital and Optimal Positive Taxation of Capital Income

    OpenAIRE

    Jacobs, B.; Bovenberg, A.L.

    2005-01-01

    This paper analyzes optimal linear taxes on capital and labor incomes in a life-cyclemodel of human capital investment, financial savings, and labor supply with heteroge-nous individuals. A dual income tax with a positive marginal tax rate on not onlylabor income but also capital income is optimal. The positive tax on capital incomeserves to alleviate the distortions of the labor tax on human capital accumulation.The optimal marginal tax rate on capital income is lower than that on labor inco...

  1. Overview: Permanent University Fund (PUF)/Higher Education Fund (HEF)

    Science.gov (United States)

    Texas Higher Education Coordinating Board, 2009

    2009-01-01

    All public institutions of higher education except community colleges and the Texas A&M University System College of Dentistry receive funding for construction and other capital purposes from the Permanent University Fund (PUF) or the Higher Education Fund (HEF) (sometimes referred to as the Higher Education Assistance Fund or HEAF). The…

  2. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

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

  3. MODELLING SOCIAL CAPITAL AND GROWTH

    OpenAIRE

    Chou, Yuan K.

    2002-01-01

    This paper proposes three theoretical growth models incorporating social capital, based on varied expositions on the concept of social capital and the empirical evidence gathered to date. In these models, social capital impacts growth by assisting in the accumulation of human capital, by affecting financial development through its effects on collective trust and social norms, and by facilitating networking between firms that result in the creation and diffusion of business and technological i...

  4. Corporate governance in banks operating in Serbia with the majority foreign capital

    Directory of Open Access Journals (Sweden)

    Obradović Zoran

    2014-01-01

    Full Text Available The importance attached to successful corporate governance in banks derives primarily from the importance that the banks have in the financial and economic system of the country. Namely, banks are the only legally authorized depositing institutions and as such are the main generators of savings and financing for the needs of economy by supplying it with the working capital, in view of a relatively small share that the capital market has in the economic system. During many years of sanctions, isolation and bombardment, our companies have remained without working capital. In addition, the advent of foreign investments often does not imply that the parent companies are providing sufficient working capital, but this capital must be provided from the domestic banks. What derives from such a role of banks is their immediate responsibility for proper allocation of free funds to the economy and their best deployment.

  5. 75 FR 63382 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations; Defining...

    Science.gov (United States)

    2010-10-15

    ... funds within the general definition of ``financial institution'' in regulations implementing the Bank... Regulations; Defining Mutual Funds as Financial Institutions; Extension of Compliance Date AGENCY: Financial... final rule \\1\\ to include mutual funds within the general definition of ``financial institution''...

  6. 12 CFR 615.5200 - Capital planning.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital planning. 615.5200 Section 615.5200 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Capital Adequacy § 615.5200 Capital planning. (a) The Board...

  7. 77 FR 45385 - Capital Research and Management Company, et al.; Notice of Application

    Science.gov (United States)

    2012-07-31

    ... COMMISSION Capital Research and Management Company, et al.; Notice of Application July 25, 2012. AGENCY... of America, Capital Income Builder, Capital World Bond Fund, Capital World Growth and Income Fund Inc..., and Washington Mutual Investors Fund (the ``Investment Companies'') and Capital Research...

  8. VALUE RELEVANCE OF GROUP FINANCIAL STATEMENTS BASED ON ENTITY VERSUS PARENT COMPANY THEORY: EVIDENCE FROM THE LARGEST THREE EUROPEAN CAPITAL MARKETS

    OpenAIRE

    Müller Victor-Octavian

    2012-01-01

    Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories) on which ...

  9. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  10. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  11. 基于委托代理的创业投资引导基金管理模式研究%A Study on the Management Mode of Venture Capital Guidance Fund with Principle Agency Theory

    Institute of Scientific and Technical Information of China (English)

    李朝晖

    2011-01-01

    In the operation of government venture capital guidance fund, there exist triple principal agent problems. Solving the principal agent problem between the government and the guidance fund's management organ is the first key link to implement policy guiding goal successfully. Under asymmetric information, efforts the guidance fund's management organ would make depend on its professional level, the profit function and investment policy. Therefore, it is difficult to form an effective incentive and restraint mechanism while the guidance fund is managed by the public institution or the state-owned enterprise. And under the entrusted management mode, government venture capital guidance fund can attract excellent management team and inspire them working hard with an efficient contract arrangement to reduce the management cost.%政府创业投资引导基金在运作中存在着三重委托代理关系,政府与引导基金管理机构之间委托代理问题的解决是成功实现政策引导目标的首要环节.在不对称信息下,引导基金管理机构的努力与付出受其专业水平、收益函数及投资政策的影响.因此,自设事业单位或国有企业管理,难以实现对引导基金管理机构的有效激励与约束.而在委托管理模式下,可以通过合约设计,吸引专业素质高的管理机构,激励管理机构努力工作,并降低管理成本.

  12. OVERVIEW OF THE COMPANY’S FINANCIAL STRUCTURE

    Directory of Open Access Journals (Sweden)

    Viorica Mirela STEFAN-DUICU

    2012-06-01

    Full Text Available The purpose of the paper is to highlight the fact that the company’s financial structure is, empirically speaking, the parent entity from which starts all the activities that generate the self existence of the company. The company’s financial structure also known as the company’s capital structure conducts directly the organizational and inter-organizational behavior and indirectly the classification on the market of the referred economic agents. This paper aims to describe the factors that influence the company’s financial activity, it’s direct and related sources of funding used to maintain or increase a satisfying turnover and the theories that conduct the company’s capital structure.

  13. Dynamic Approach of Capital Structure of European Shipping Companies

    Directory of Open Access Journals (Sweden)

    Stavros H. Arvanitis

    2012-12-01

    Full Text Available The issue of capital structure of companies is one of the most debated problems of financialmanagement. According to economic theory, capital structure determines the stock market valueof firms and therefore their viability, while one of the most negative result of the crash of 2008 andthe persisting crisis (excess supply in markets of labor and money is their ongoing steep declineof lending by credit institutions and other sources. In this paper, considering the importanceof the issue and motivated by the conflicting results of previous empirical studies, we attemptthe analysis of capital structure of the European Maritime Enterprises (oceanic shipping.We focus on shipping companies, because of the large volume of funding that demands theirmain operation, due to the intensity of the assets held. The objectives of this research are firstlythe identification of factors that affect the capital structure of European oceanic shipping andsecondly to search for the existence of an ideal - target capital structure ratio. The determinantsof capital structure are examined through static (fixed effect method and FGLS and dynamic(GMM Methods econometric models, using data from the financial statements of 32 listedEuropean shipping companies for the period 2005-2010. The results suggest the prevalence ofpecking order theory in our case, while a positive relationship arises between tangible assets andtax benefits (arising from sources other than borrowing against leverage. Moreover, we observea negative relationship between size or profitability and debt. Our findings contribute to a deeperunderstanding of the decisions taken by European shipping on their capital structure.

  14. KNOWLEDGE OF THE POPULATION IN THE PURPOSE OF DEVELOPING INVESTMENT FUNDS IN REPUBLIC OF MACEDONIA

    Directory of Open Access Journals (Sweden)

    Gordana Vitanova

    2014-05-01

    Full Text Available Investment funds are young and efficient non-bank institutions in developed financial markets. These institutions are direct intermediaries between the holders of free financial resources on one hand and the economy i.e. companies as beneficiaries and claimants of free capital on the other. They allow investors diversification of invested assets, minimizing the potential risk and opportunity their securities to convert into cash. These funds are attractive for holders of free financial resources since through them one can achieve a higher rate of return compared to conventional investments of financial resources in banks. There are ten investment funds in the Republic of Macedonia but still they are not significant participants in the capital market. The subject of the research in this paper will be the state of the investment funds in Republic of Macedonia with special emphasis on informing the population about their advantages and the ways of their promotion as a significant factor in the development and greater establishment in the financial market in the country.

  15. INVESTMENT FUNDS INDUSTRY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Adela Ionescu

    2013-11-01

    Full Text Available Capital market offers those who study it and those who use it as traders or as investors, a feature similar to a paradox. Her specific routine operations are regulated to the level of detail bylaws, instructions, procedures or measures layouts while decisions on investments in securities and portfolio restructuring are taken under perpetual uncertainty. This has a twofold explanation, an objective one and a subjective one.Future prices, as well as successive conditions of stock exchange not necessarily flow from the past, thus one cannot predict their level and over them is hanging the conviction that any selected alternative action is probably the best without having any certainty that that is really correct and rational in an absolute mode.Even if the evaluation of factors influencing prices is a questionable one, there is the likelihood of good choices when doing a basic operation-selling or buying. Factors identified, evaluated and ranked may change in the next period their force of action or even the market structure so that exchange activity is at least difficult to determine.In this category is included the mutual fund industry, whose evolution in Romania was not without risk and has had a tortuous circuit thanks to immature capital markets and market actors but especially due to the permissive legislation during the start phase. A certain progress was recorded in the last 10 years,although the financial crisis made its mark on the capital market and revealed the negative impact of systemic risks.

  16. 危机视角下我国资本项目开放问题研究%Research on China's Capital Account Liberalization on the perspective of Financial Cris

    Institute of Scientific and Technical Information of China (English)

    闫宇闻

    2012-01-01

    By using the M-F model,the paper has studied the relationship between capital account liberalization and financial crisis,and drew a conclusion that the possibility of financial crisis would raise when capital account had been liberalized.The paper also discussed the precondition and sequence of China's capital account liberalization.%本文运用M-F模型,从防范金融危机的角度分析了资本项目开放与金融危机发生的可能性之间的关系,认为一国开放资本项目后,金融危机发生的可能性将大大增加。在此基础上,本文对现阶段我国资本项目开放的条件和次序进行了深入研究并提出相关政策建议。

  17. 12 CFR 615.5220 - Capitalization bylaws.

    Science.gov (United States)

    2010-01-01

    ... retirable at the sole discretion of the board, provided minimum permanent capital adequacy standards... association's funding bank in conjunction with any agreement for a transfer of capital between the...

  18. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  19. Innovative funding solution for special projects: Crowd funding

    Directory of Open Access Journals (Sweden)

    Sentot Imam Wahjono

    2015-06-01

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

  20. 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

  1. 影响资本账户开放策略选择的因素——金融稳定的视角%Impact of Related Factors on the Capital Account Liberalization Strategies, Perspective of Financial Stability

    Institute of Scientific and Technical Information of China (English)

    李巍; 张志超

    2012-01-01

    金融稳定下影响资本账户开放策略选择的关联因素分析是目前国内外文献的研究热点。本文构建一个包含资本账户开放、金融稳定、国内储蓄率、对外债务履约状况、公众对金融体系的信心、金融深化以及消费不均等程度等诸多因素组成的系统分析框架,采用理论模型和实证方法探讨影响新兴市场经济体金融开放的相关因素。综合研究成果表明,资本账户开放在某种程度上会导致金融风险的上升。一国较低的储蓄率以及对外债务状况的恶化则会加剧开放引致的金融风险,而金融深化与消费水平不均等程度的改善以及公众对金融体系信心的提升在一定程度上都会有效增强开放进程中经济体的金融稳定程度,进而实现占优策略均衡。值得注意的是,本文提出了中国存在针对金融开放进程进行重新再思考的现实必要性。%Impacts of related factors on the capital account liberalization strategy related to the financial stability have always been paid close attention in the current literatures. Following by establishing a systematic analysis framework including the capital account liberalization, financial stability, domestic saving rate, external debt, the status of compliance, public confidence on the financial system, financial deepening, as well as the degree of consumption inequality, we try to explore the impact of related factors on financial openness for the emerging markets using the theoretical and empirical models. The comprehensive results show that capital account liberalization will lead to the rise of the financial risk to some extent. The relative low saving rate and the deterioration of the external debt situation will exacerbate the financial risks. Furthermore, the improvement of financial deepening and the reduction of the consumption inequality, as well as the public confidence on the financial system will effectively enhance

  2. COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Tesu Ramona

    2012-12-01

    Full Text Available The present article has as a reserch field theoretical, methodological and practical aspects of the own funds, taking into account the line-up attempts of the romanian banking system to the requirements of the European Union, materialised in the Basel Agreement. The objectives of the research theme, presented in this paper, are mainly oriented towards own funds. We also proposed the following secondary objectives: presenting the concept approaches concerning own funds, emphasysing the tipology of own funds and pointing out their purpose in the banking activity; presenting and analyse the evolution of the own funds in Romania, for a period of 8 years (2004-2011. Even though the actual stage of the research in this field is advanced, in the romanian and foreign literature which dedicate a lot of theoretical and empiric studies concerning own funds. In our study we will use a theoretical and a practical research. The theoretical research describes the laws, reglementations and rules of application in the banking field in our country. In the practical part we will use as a research method the quality-comparative analyse by presenting details regarding bank back-ups. Despite the global financial crisis, the Romanian banking system can be considered as stable as a whole, with levels of capitalization, solvency and liquidity in accordance with consistent with prudential requirements. Tier 1, defined as the core of their sources of credit institutions through the permanent criteria, payment flexibility and capacity to absorb losses continued to overwhelmingly support a total equity. Appropriate quality of own funds is on their structure. The most important component frame our capital plus capital frame attached. The second component in terms is still represented by legal reserves. An important challenge for banks was to maintain a level of own funds accordance, in the conditions witch they were eroded by the current period losses. Tier 2 support rate of

  3. Design and Implementation of a Financial Capital Budgeting Sys tem%财政预算支出管理系统设计与实现

    Institute of Scientific and Technical Information of China (English)

    贾银山; 毕于深; 祖秉复; 贾传荧; 王桂芹

    2001-01-01

    The functions of a financial capital budgeting system has been introd uced. The main functions of this system include management of budget target, man agement of bills, management of detail account books, report outputs and system maintenance. The system architecture, programming method, general utilization , data security have been described and some implementation methods have been de pic ted also. Consideration of general utilization includes data input, report outp ut, budget control. Consideration of data security includes user interface desi gn based on authentication, password modification timely, control of the system administrator's operations, data encryption, data checking, backup and restore a utomatically, recording of user's operations. According to expert's opinion the method of design was advanced, the functions were perfect and the general utili zation is good.%简要介绍了一个预算支出管理系统的功能,主要功能有预算指标管理、拨款单据管理、明细账管理、报表输出及系统维护;详细叙述了在系统结构、程序设计方法、通用性及数据安全性方面的特点,并对部分实现方法进行了描述。通用性方面主要考虑了数据输入、报表输出、拨款控制;数据安全性方面包括基于权限的用户界面设计、用户认证、定期修改密码、系统管理员行为的限制、数据加密、数据校验、自动备份与自动恢复、登记操作记录。经过专家鉴定,认为设计方案先进,功能完善,通用性强。

  4. Path choice of Asian Capital Market Cooperation under the Framework of Asian Regional fund Passport%亚洲地区基金护照(ARFP)背景下的资本市场合作路径选择

    Institute of Scientific and Technical Information of China (English)

    冯婷婷; 徐长春

    2014-01-01

    In accordance with the voluntary principle of APEC , patterns of cooperative agreement are formed . One of Asia's regional capital market cooperation paths is as follows: after the European fund passport , the Asian fund passport is in infancy .But the Asian economies are greatly different from the European economies .The capital market cooperation shoul both care the immediate and long -term interests.In a long run, the Asia-Pacific region should actively yet prudently proceed with ARFP construction .In a short run , opportunities should be seized so as to promote the construction of the Asian Investment Bank of Infrastructure .%按照APEC特有的自愿原则形成合作协议的模式,目前亚洲区域资本市场合作的路径之一---亚洲地区基金护照正继欧洲基金护照之后而在孕育之中。但亚洲经济体与欧洲经济体的实际情况差异巨大,亚太资本市场的合作要兼顾眼前和长远,从长时段看,亚太地区要积极稳妥推进ARFP建设;而从眼前看,要抓住机遇,切实推进亚洲基础设施投资银行建设。

  5. Capital investment as a basis for innovative enterprises’ capacity development

    Directory of Open Access Journals (Sweden)

    V.V. Shekman

    2013-03-01

    Full Text Available The aim of the article. The purpose of the article is to study the matter of investment in fixed capital of Ukraines enterprises as a basis of country innovation development and to determine the role of fixed capital investments in innovative development providing.The results of the analysis. In the article the structure and the volume of foreign investments attracting to the national economy of Ukraine during 2003-2012 are analyzed. It is determined that in spite of annual positive foreign investments volume growth in compare to the previous year the dynamic shows the investment climate deterioration because of the investment runoff. The determined trends show the problem in providing a countrys sunstainable economic development in the innovative aspect. The basis of the countrys innovative development is the investment activation into the enterprises fixed capital. The economic activity of the subjects of economy and the level of their competitiveness in domestic and foreign markets are determined by the essential level of fixed capital funds. They are the basis of the enterprise productive process. According to the analysis Ukrainian enterprises have a high level of fixed capital consumption. The rate of investments aimed to renovate fixed capital is too small. The volumes of fixed capital funds renovation and reproduction financing at the domestic enterprises reduced according to the reduction production volume and joint profits. The main source of fixed capital funds reproduction at the industrial enterprises of Ukraine is the main financial assets of the enterprise. The catastrophic lack of internal and external funds was the reason why heads of enterprises refused to implement new innovative projects and carry out all required actions on calling in accumulated credit obligations to the counteragents.Investment increasing will make it possible to renew enterprises fixed capital funds, to reorganize the coproduction and to balance the

  6. The evolution of sovereign wealth funds and their influence in the global economy. The case of China

    Directory of Open Access Journals (Sweden)

    Ioana-Iulica MIHAI

    2013-05-01

    Full Text Available This paper, through the deductive analysis and the causal explanations, catches the positive and negative character of the Sovereign Wealth Funds development as a relatively new economic tool, but with a strong impact in the global economy, especially in the context of the current financial changes. The benefits brought by them to the global capital market, in terms of increasing liquidity and allotting financial resources, however cannot diminish the fears related to the states holding sovereign funds in the economy of other countries, and in order to give an example we present the case of China.

  7. Social capital

    OpenAIRE

    Landhäußer, Sandra; Ziegler, Holger

    2003-01-01

    This paper surveys research on social capital. We explore the concepts that motivate the social capital literature, efforts to formally model social capital using economic theory, the econometrics of social capital, and empirical studies of the role of social capital in various socioeconomic outcomes. While our focus is primarily on the place of social capital in economics, we do consider its broader social science context. We argue that while the social capital literature has produced many i...

  8. Attitude towards Innovation and Barriers in Capital Access

    Directory of Open Access Journals (Sweden)

    Katarzyna Prędkiewicz

    2017-06-01

    Full Text Available The goal of the study is to verify whether there is a relation between a company’s declared innovation strategy and declared problems with access to capital. The research is based on a survey that covers more than 400 companies operating in Poland. Beside the self-assessment approach to evaluation of financial constraints and level of innovativeness of the company, an analysis of financial data was employed in the study. Chi-squared, Welch’s t-test, ANOVA and the ordered logit model were used to test the hypotheses. It was proved that there is relation between innovation strategy and financial constraints. The firms that are moderate innovators are financially constrained more than strong innovators, which can be linked with their better financial condition. Research confirms also that SMEs are still in a worse position compared to large enterprises in the area of access to different sources of capital. Secondly, innovative companies are exposed to additional difficulties in raising funds successfully, which confirms the validity of the used dedicated tools as a subsidy by authorities.

  9. The Sinkholes of Global Finance: Racialization and Cosmopolitanism among Financial Elites in Malaysia

    Directory of Open Access Journals (Sweden)

    Laura Elder

    2012-04-01

    Full Text Available An ethnographic examination of the day-to-day networking sociality of financial elites in Malaysia, Singapore, and Hong Kong shows that, in line with ethnographic studies of core country elites, the subjectivities inculcated among hedge fund managers show racial and class cleavages, but in fund managers’ work, bridging capital structures takes primacy, while bridging structures of privilege remains unacknowledged and thus provides an advantage to those who display conspicuously cosmopolitan consumption and networking sociality. Simultaneously, fund managers’ pervasive ascription of objectivity to a perspective associated with white masculinity creates a structural disadvantage for women, racialized others, and those lacking training or networking capacity in core countries.

  10. 农村资金互助组织的生发基础思辨--基于社会资本视角%Germinal Basis Analyses of Rural Mutual Funds Organizations:Based on Social Capital Perspective

    Institute of Scientific and Technical Information of China (English)

    商文莉; 郑少锋

    2015-01-01

    Social capital is the interpersonal relationship and network based on trust, reciprocity and social norms.Closed social structure is the condition of social capital working and also the primary cause of the negative function of social capital.The paper introduces in rural social capital to analyze rural social networks, norms and trust which is the foundation of Rural Fund Cooperatives, and it shows that the closed rural social structure is playing a positive role in the early stage of its establishing, but restricts the development and innovation in the long term.%社会资本是以信任、互惠和社会规范为基础的人际关系及关系网络,封闭性的社会结构是社会资本发挥作用的条件,也是社会资本产生消极功能的根本原因。本文通过在农村资金互助组织的生发基础研究中引入农村社会资本,对组织所处的农村社会网络、规范和信任进行分析,发现农村社会结构的相对封闭性在组织设立初期起到积极作用,但它制约组织的长远发展和成员的创新活动。

  11. Alternative solutions for public and private catastrophe funding in Austria

    Directory of Open Access Journals (Sweden)

    M. Gruber

    2008-07-01

    Full Text Available The impacts of natural hazards as well as their frequency of occurrence during the last decades have increased decisively. Therefore, the public as well as the private sector are expected to react to this development by providing sufficient funds, in particular for the improvement of protection measures and an enhanced funding of damage compensation for affected private individuals, corporate and public entities.

    From the public stance, the establishment of an appropriate regulatory environment seems to be indispensable. Structural and legal changes should, on the one hand, renew and improve the current distribution system of public catastrophe funds as well as the profitable investment of these financial resources, and on the other hand, facilitate the application of alternative mechanisms provided by the capital and insurance markets.

    In particular, capital markets have developed alternative risk transfer and financing mechanisms, such as captive insurance companies, risk pooling, contingent capital solutions, multi-trigger products and insurance securitisation for hard insurance market phases. These instruments have already been applied to catastrophic (re-insurance in other countries (mainly the US and off-shore domiciles, and may contribute positively to the insurability of extreme weather events in Austria by enhancing financial capacities. Not only private individuals and corporate entities may use alternative mechanisms in order to retain, thus, to finance certain risks, but also public institutions.

    This contribution aims at analysing potential solutions for an improved risk management of natural hazards in the private and the public sector by considering alternative mechanisms of the capital and insurance markets. Also the establishment of public-private-partnerships, which may contribute to a more efficient cat funding system in Austria, is considered.

  12. Alternative solutions for public and private catastrophe funding in Austria

    Science.gov (United States)

    Gruber, M.

    2008-07-01

    The impacts of natural hazards as well as their frequency of occurrence during the last decades have increased decisively. Therefore, the public as well as the private sector are expected to react to this development by providing sufficient funds, in particular for the improvement of protection measures and an enhanced funding of damage compensation for affected private individuals, corporate and public entities. From the public stance, the establishment of an appropriate regulatory environment seems to be indispensable. Structural and legal changes should, on the one hand, renew and improve the current distribution system of public catastrophe funds as well as the profitable investment of these financial resources, and on the other hand, facilitate the application of alternative mechanisms provided by the capital and insurance markets. In particular, capital markets have developed alternative risk transfer and financing mechanisms, such as captive insurance companies, risk pooling, contingent capital solutions, multi-trigger products and insurance securitisation for hard insurance market phases. These instruments have already been applied to catastrophic (re-)insurance in other countries (mainly the US and off-shore domiciles), and may contribute positively to the insurability of extreme weather events in Austria by enhancing financial capacities. Not only private individuals and corporate entities may use alternative mechanisms in order to retain, thus, to finance certain risks, but also public institutions. This contribution aims at analysing potential solutions for an improved risk management of natural hazards in the private and the public sector by considering alternative mechanisms of the capital and insurance markets. Also the establishment of public-private-partnerships, which may contribute to a more efficient cat funding system in Austria, is considered.

  13. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  14. ANALYSIS OF FINANCIAL AUTONOMY AND INDEBTEDNESS OF MEDICAL DIAGNOSTIC CONSULTATIVE CENTERS IN VARNA

    Directory of Open Access Journals (Sweden)

    Lyubomira Koeva-Dimitrova

    2016-06-01

    Full Text Available In the study are calculated and compared indicators of autonomy and indebtedness, and the relative shares of equity, liabilities and funding in the total capital of the studied hospitals for the analyzed periods. The following important conclusions have been made: 1 half of the analyzed municipal DCCs, 3 out of total 6 (DCC 3, 4 and 5 can be classified as financially independent (the share of attracted capital is around or below 30%, with low level of indebtedness (on average less than 0.6, which indicates a good financial stability of these hospitals. Financially stable is one private DCC, encoded under number 8; 2 two municipal DCC's, analyzed under number 1 and 2, and DCC 7 (a subsidiary of state-run hospital have a relative share of the borrowed capital around and slightly over 60%, and high level of indebtedness - over 1.4 (calculated by method 1 and over 3 (calculated by method 2, suggesting that these hospitals are not financially stable and are dependent on creditors; 3 The analyzed indicators of the municipal DCC, encoded under number 6, and private DCC, encoded under number 9 show that these hospitals are highly financially dependent on creditors with impaired solvency and there is a real risk of insolvency; 4 The amount of the allowances that are associated with the obligations may affect the value of financial ratios of the DCCs, as is the case of DCC 7; 5 when analyzing the capital structure and long-term solvency should be taken into consideration the impact of funding to reduce the financial risk 6 The creation of an online database comprising of average indicators of the financial and property status of Bulgarian companies is essential and necessary condition for improving their competitiveness by providing reliable, accurate and usable information for comparison.

  15. Human capital and optimal positive taxation of capital income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2010-01-01

    textabstractThis paper analyzes optimal linear and non-linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heterogenous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also

  16. The Era of Super Capitalism

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The world has entered the "super capitalism" era when one third of its economic activities are controlled by less than 3 percent of global financial capital. This year,a global economic recession,triggered by the U.S. subprime mortgage crisis,seems unavoidable. To tackle international financial problems,Tao Dong,Chief Economist for Asia at Credit Suisse First Boston in Hong Kong,shared his insights with China Business Journal. Excerpts follow.

  17. 78 FR 62017 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-11

    ... Value Correlation Factor 4. Credit Valuation Adjustments a. Simple Credit Valuation Adjustment Approach... argued that the proposals would have significant negative consequences for the financial services...) portfolio or holding additional regulatory capital solely to mitigate the volatility resulting from...

  18. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

  19. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

  20. Bitter Sweetness For Fund Managers

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management operation

  1. Analysis of Intellectual Capital Effect toward Final Performance and Growt

    OpenAIRE

    Sasya Sabrina

    2015-01-01

    The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM) is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). The indicators for financial performance are Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), and R...

  2. 我国资本账户与金融开放测度研究:1982~2010%Study on the Measurement of the Openness of China's Capital and Financial Account: 1982-2010

    Institute of Scientific and Technical Information of China (English)

    王国松; 曹燕飞

    2012-01-01

    文章通过引入国际资本套汇套利的实际年收益率将汇率因素纳入模型,Helmut&Helene的资本与金融账户开放测度模型进行了修正。经对我国1982~2010年期间的计量估计.得出这一期间我国资本与金融账户的开放度为45.86%。其政策含义是在当前资本与金融账户半开放、汇率制度半浮动及我国经济增长放缓情形下,管理当局在实施适度宽松的货币政策同时,应该实施有益于产业结构调整与升级的扩张性财政支出政策和有益于减轻居民与企业税负的财政收入政策。%By introducing the real annual return rate of international capital arbitrage into the model, the paper corrects the Helmut-Helene's measure model of the openness of capital and financial account so that it includes the factor of exchange rate. Through the econometric estimate by using the corrected model, it finds that the openness of China's capital and financial account is 45.86% during the period from 1982 to 2010. Its policy implication is that in the case of the semi-open capital and financial account, the current semi-floating exchange rate system and China's economic slowdown, the management authority should implement an expansionary fiscal expenditure policy to help the industrial structure adjustment and upgrading, and implement a fiscal revenue policy to reduce the tax burden on the residents and enterprises while implementing a moderately loose monetary policy.

  3. Research on the Functional Architecture of the Platform for Technology and Financial Services Under the Crowd Funding%众筹模式下科技金融服务平台功能架构研究

    Institute of Scientific and Technical Information of China (English)

    束军意

    2016-01-01

    众筹作为一种新崛起的互联网商业模式,为科技型中小企业提供了新的融资模式和渠道.首先,分析了众筹模式的概念及特征;然后,研究了基于众筹模式的科技金融服务平台系统架构,从商业模式构成要素的视角讨论了众筹在科技金融服务平台中的应用方式;接着,分析了众筹模式在科技金融服务平台中应用的利益相关者,构建了相应的服务过程,设计了平台业务处理流程和价值创造过程,提出了平台盈利方式;最后,从科技金融服务平台的视角讨论了众筹模式运用应关注的重点问题.%As a new rising Internet business model ,the crowd funding raised new financing mode and channel for the tech-nology -based small and medium enterprises .In this paper ,w e first analyzed the concept and characteristics of the model of the crow d funding ,then studied the system architecture of the technology financial services platform ,based on crow d funding mode .From the perspective of Constituent elements of business model ,we discussed application ways for crowd funding in the technology financial services platform ,then analyzed the stakeholders of the application for crow d funding in technology financial service platform ,constructed the corresponding service process ,designed the business and value crea-tion process of the platform ,and putted forward the profit mode .Finally ,it was discussed the issues that should focus on the application of the crow d funding mode ,from the perspective of the technology financial services platform .

  4. Analysis of the impact of financial system elements of Ukraine at objects of innovation activity

    Directory of Open Access Journals (Sweden)

    Iryna Fedyshyn

    2015-11-01

    Full Text Available The article considers the influence of the elements of the financial system at objects of innovation activity in Ukraine. The definition of the financing system of innovative activity and characteristics of its basic elements: financing facilities, government institutions and funds at national, regional and local significance and non-state agents are given. The forms of public funding of innovation activities (direct and indirect methods of financial incentives are analyzed. In the article the features of functioning of joint investment institutions and the effectiveness of investments of venture capital funds into innovative activities in Ukraine are viewed. It was found that venture capital is not a basic or sufficient to stimulate high-tech development in Ukraine, since venture capital funds tend to invest in construction, recycling of agricultural production, food processing, retail trade. The analysis of the proportion of funding sources of innovation for 2013-2014 years is made. Proposals for improvement of methods application and means of financing of innovative activity in Ukraine are given.

  5. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  6. Pension Fund

    CERN Document Server

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  7. FINANCIAL INSTABILITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cristian, IONESCU

    2014-11-01

    Full Text Available The aim of this paper is to empirically study the concept of financial stability in Romania, from both a monetary policy perspective and a financial perspective. In this paper, I also compute an aggregate index of financial stability, for the period 2008-2013, explaining the correlations between several extremely important macroeconomic and sectorial variables and financial stability. The article also debates the aspect of policy instruments that aim to promote, highlighting the undertaken measures and also giving some measures recommendations, pointing out the main pillars: crises management; cross-sectoral challenges; banking sector; securities markets and capital markets; insurance sector; pensions sector; access to financial services.

  8. Capital y capital social

    OpenAIRE

    Bolívar Espinoza, Gardy Augusto; Elizalde, Antonio

    2012-01-01

    La perspectiva teórica del Capital, del siglo XIX, aparece alejada del capital social del siglo XXI.  Ambas, con la misma raíz, sin embargo, pareciera que no se tocan, ni teórica ni prácticamente.  Quizás, sería pertinente escudriñar esta relación. Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia ...

  9. INTERCONTINENTAL FINANCIAL STREET BEIJING

    Institute of Scientific and Technical Information of China (English)

    ZHANGCHUNYUE; FENGJIAYUN

    2005-01-01

    InterContinental Financial Street Beijing opened its doors on May 1st, 2005, just days before the world's business leaders flooded into town for the Fortune Global Forum.The first international luxury hotel in the Chinese capital's new and rapidly growing Financial Street business center, the InterContinental Financial Street Beijing is the flagship property of FnterContinental Hotels and Resorts on the Chinese mainland, and as such a pioneer in Beijing's future,

  10. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  11. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  12. The Company Financial Diagnosis Informatic System

    OpenAIRE

    Alin Isac; Claudia Isac

    2005-01-01

    Specialists consider a financial diagnosis necessary for measuring the profitableness of invested capital and for estimating the economic and financial equilibrium, which has a certain influence on the economic, financial, and bankruptcy risk rate. Thus, the main purpose of any financial diagnosis is to point out the financial state of the company in order to identify possible causes and effects. A financial diagnosis starts with determining and interpreting a set of economic- financial indic...

  13. Practical C++ financial programming

    CERN Document Server

    Oliveira, Carlos

    2015-01-01

    Practical C++ Financial Programming is a hands-on book for programmers wanting to apply C++ to programming problems in the financial industry. The book explains those aspects of the language that are more frequently used in writing financial software, including the STL, templates, and various numerical libraries. The book also describes many of the important problems in financial engineering that are part of the day-to-day work of financial programmers in large investment banks and hedge funds. The author has extensive experience in the New York City financial industry that is now distilled in

  14. Does activity mix and funding strategy vary across ownership?

    Directory of Open Access Journals (Sweden)

    Saibal Gosh

    2011-06-01

    Full Text Available Using data on Indian banks during 1996-2007, the paper examines the impact of bank activity and short-term funding for bank returns and risks. The findings indicate that larger, fast growing financial firms tend to have higher fee income shares. In addition, banks with greater reliance on fee income generating activities exhibit higher profitability. On the contrary, the impact of non-deposit funding share on bank profitability is weak. In terms of bank riskiness, the evidence is consistent with the conjecture that big, cost efficient and capitalized banks are less risky. As in case of bank profitability, there is limited evidence on any non-linear relationship between risk and fee incomes as also between risk and non-deposit funding share. Finally, the analysis supports the fact that foreign and de novo private banks exhibit lower risk as compared to old private banks.

  15. More Financial Support for SMEs

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    In 2009, China’s enterprises face grim challenges both from the inside and outside. Amid a sluggish market and plummeting demand, Chinese enterprises are suffering from financial strain and operational difficulties. In order to expand financing channels and establish a financing platform for enterprises, the China Enterprise Development Finance Summit was held on June 27-28 in Beijing. The summit was sponsored by the Research Institute under the Ministry of Commerce in conjunction with other government departments, commercial banks, private equity firms and venture capital funds. In response to the financing difficulties of small and mediumsized enterprises (SMEs), bankers presented their own opinions at the summit. The address of Liu Wenfa from the National Development Bank, Lei Jia from the Cooperative Finance Supervision Department at the China Banking Regulatory Commission (CBRC) and He Ning from Morgan Stanley Bank International (China) Ltd. won wide recognition among the attendees.

  16. THEORETICAL CONSIDERATION OF FINANCIAL RISKS ON INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Vaduva Cecilia-Elena

    2012-03-01

    Full Text Available To be rationally does not mean eliminating risk but adapt at risk. Must pass an approach of the economy in which they seek certainty and removing risks in accepting uncertainties and assuming risks that a defiance of uncertainty and that a philosophy for stimulating progress. The situation in the contemporary world is characterized by complexity, uncertainty and rapid change. Risk depends not only of the factors generals but also cost structure, their behavior the volume of activity. Financial investments are the purchase of shares, debentures or placing of money to financial institutions in order to provide income and capital increase. From the point of view of risk, we distinguish investment risks in: shares and debentures; treasury notes and annuity securities; participation shares issued by investment funds; bank deposits; gold, foreign currency, other properties.

  17. Market Liquidity and Funding Liquidity

    OpenAIRE

    Brunnermeier, Markus K; Lasse Heje Pedersen

    2007-01-01

    We provide a model that links an asset's market liquidity - i.e., the ease with which it is traded - and traders' funding liquidity - i.e., the ease with which they can obtain funding. Traders provide market liquidity, and their ability to do so depends on their availability of funding. Conversely, traders' funding, i.e., their capital and the margins they are charged, depend on the assets' market liquidity. We show that, under certain conditions, margins are destabilizing and market liquidit...

  18. Market Liquidity and Funding Liquidity

    OpenAIRE

    Markus K. Brunnermeier; Lasse Heje Pedersen

    2007-01-01

    We provide a model that links an asset's market liquidity - i.e., the ease with which it is traded - and traders' funding liquidity - i.e., the ease with which they can obtain funding. Traders provide market liquidity, and their ability to do so depends on their availability of funding. Conversely, traders' funding, i.e., their capital and the margins they are charged, depend on the assets' market liquidity. We show that, under certain conditions, margins are destabilizing and market liquidit...

  19. Mexico; Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico

    OpenAIRE

    International Monetary Fund

    2007-01-01

    The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes, competition plays a key role, keeping prices low, a good quality of service, and an effici...

  20. Controlling for the use of extreme weights in bank efficiency assessments during the financial crisis

    DEFF Research Database (Denmark)

    Asmild, Mette; Zhu, Minyan

    2016-01-01

    the financial crisis, we illustrate the impact of the proposed weight restrictions in two different efficiency models; one related to banks’ funding mix and one related to their asset mix. The results show that using a more balanced set of weights tend to reduce the estimated efficiency scores more for those...... banks which were bailed out during the crisis, which confirms the potential bias within standard DEA that does not control for extreme weights applied by highly risky banks. We discuss the use of the proposed method as a regulatory tool to constrain discretion when complying with regulatory capital...... benchmarks such as the Basel regulatory capital ratios....

  1. Capital productivity and the nature of competition

    OpenAIRE

    Börsch-Supan, Axel

    1997-01-01

    This paper measures capital productivity in West Germany, Japan and the United States and links capital productivity to financial performance. We show that West Germany and Japan have significantly lower levels of capital productivity than the United States, mainly due to lower capital utilization but also because less productive capacity was created per unit of physical assets. On a higher level of causality, we show that this mainly comes from less pressure from product market competition a...

  2. CRISIS FOCUS:Alert Over Capital Inflow

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Emerging Asia's capital markets have posted rapid gains as the pace of economic recovery in the region has increased,drawing massive investment from overseas.Governments in emerging Asia should remain vigilant and be ready to act if volatile capital inflows threaten to destabilize the region's financial markets,said the Asia Capital Markets Monitor,Asian Development Bank's annual assessment of the performance and outlook for the region's capital markets released on May18.Edited excerpts follow:

  3. Financial analysis as a financial management instrument

    Directory of Open Access Journals (Sweden)

    Stehlíková Beáta

    2001-12-01

    Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

  4. Regulating financial markets: Costs and trade-offs

    NARCIS (Netherlands)

    Górnicka, L.A.

    2015-01-01

    This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By introduci

  5. FINANCIAL LEASING

    OpenAIRE

    2014-01-01

    This essay deals with the several financial resources an enterprise counts on to purchase assets of the kind real state or chattels. A resource that does not risk solvency is the lease, through the retro-leasing variant that allows to obtain working capital by selling one of its fixed assets without giving its use up. El ensayo, trata sobre las fuentes de fondeo que tiene la empresa para adquirir un activo mueble o inmueble son diversas, una de ellas que no compromete la liquidez es el con...

  6. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2016-01-01

    the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth.......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...

  7. Capital management helps hospitals face hard times.

    Science.gov (United States)

    Harris, J; Pitts, K

    1989-03-01

    Financial officers of healthcare organizations in severe financial distress must map out an effective capital management strategy to help their institutions avoid disaster. An executive's plan of action should include streamlining and restructuring the organization, studying long- and short-term assets to improve cash flow, and investigating ways to refinance debt. Healthcare organizations must develop warning signals for impending financial difficulties and contingency plans that address operating and capital responses to such a crisis. Learning to guide an organization through financial difficulties may be an executive's most important financial skill in the decade to come.

  8. Adjusting the Capital Asset Pricing Model for the Short-Run with Liquidity Proxies, While Accounting for Denials and Deceptions in Financial Markets

    Science.gov (United States)

    2014-03-01

    Order Volume to Peak Size of All Different Iceberg Sell Orders in the Sample (from Esser & Monch, 2005, p.10). ............................. 28! Figure...MILDECc military deception MPT modern portfolio theory NE non-execution OPSEC operations security R-CAPM revised-CAPM Reg NMS regulation national...Much of Sharpe’s theory on the appropriate price for capital assets (i.e., equity) rotates around the notion of risk. Generically, risk is defined as

  9. Contabilidad del capital intelectual

    OpenAIRE

    2007-01-01

    El capital intelectual es un valor intangible que debe incorporarse a los estados financieros, como parte de la generación de valor de todos los trabajadores de una organización. Existen algunos modelos que permiten cuantificarlo, aunque es preciso reconocer que debemos ahondar con más precisión con el objeto de contar con un mayor número de adeptos a esta importante referencia. The intellectual capital is an intangible value that should incorporate to the financial states, like part of t...

  10. VALUE RELEVANCE OF GROUP FINANCIAL STATEMENTS BASED ON ENTITY VERSUS PARENT COMPANY THEORY: EVIDENCE FROM THE LARGEST THREE EUROPEAN CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    Müller Victor-Octavian

    2012-07-01

    Full Text Available Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories on which the preparation of those statements is based, namely, the proprietary theory, the parent company theory, the parent company extension theory and the entity theory (Baxter and Spinney, 1975. Of practical importance are especially the parent company extension perspective and the entity perspective. The IASB and FASB decided (within an ED regarding the Improvement of the Conceptual Framework that consolidated financial statements should be presented from the perspective of the group entity, and not from the perspective of the parent-company. However, this support for the entity theory is to our knowledge not backed by empirical findings in the academic literature. Therefore, in our paper we set to contribute with empirical arguments to finding an actual answer to the question about the superior market value relevance of one of the two concurrent perspectives (theories. We set to carry out an empirical association study on the problem of market value relevance of consolidated financial statements based on the entity theory respectively on the parent company (extension theory, searching for an answer to the above question. In this sense, we pursued an analysis of market value relevance of consolidated accounting information (based on the two perspectives of listed entities between 2003-2008 on the largest three European Stock Exchanges (London, Paris and Frankfurt. The obtained results showed that a n#8222;restrainedn#8221; entity perspective, which would combine

  11. ANALYSIS OF THE CAPITAL MARKET IN CROATIA

    Directory of Open Access Journals (Sweden)

    Maja Buljat

    2015-12-01

    Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

  12. ANCAMAN CAPITAL INFLOW

    Directory of Open Access Journals (Sweden)

    Teguh Sihono

    2011-01-01

    Full Text Available Capital inflow can be interpreted as an increase in the amount of money available from external or foreign sources for the purchase of local capital assets such as securities, houses, buildings, land, machinery. These short-term asset purchase, so if at any time be withdrawn in large quantities, it will endanger the country's economy. The swift flow of foreign funds may be a threat to the country which became the capital inflow in the form of options: pressure of inflation, high cost economy, the defisit Central Bank balance, the economic turbulence, and the threat of economic growth. Improvement of high economic growth accompanied by rising foreign exchange reserves that high also, it turns out is not free from the risk of unbridled inflation and economic cricis, destabilizing the economy during those funds withdrawn by foreign investors. For the avoidance of economic risk, should the government together with the Central Bank made a rule to direct capital inflow into the real sektor. Keywords: capital inflows, global likuiditas

  13. A climate stress-test of the financial system

    Science.gov (United States)

    Battiston, Stefano; Mandel, Antoine; Monasterolo, Irene; Schütze, Franziska; Visentin, Gabriele

    2017-03-01

    The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a network-based climate stress-test methodology and apply it to large Euro Area banks in a `green' and a `brown' scenario. We find that direct and indirect exposures to climate-policy-relevant sectors represent a large portion of investors' equity portfolios, especially for investment and pension funds. Additionally, the portion of banks' loan portfolios exposed to these sectors is comparable to banks' capital. Our results suggest that climate policy timing matters. An early and stable policy framework would allow for smooth asset value adjustments and lead to potential net winners and losers. In contrast, a late and abrupt policy framework could have adverse systemic consequences.

  14. 金融危机对中部地区人力资本流动的影响及对策%Impact and Policies of Financial Crisis on Human Capital Flow in Central Region

    Institute of Scientific and Technical Information of China (English)

    王颖

    2009-01-01

    The American financial crisis under the "butterfly effect" rapidly spmads the whole world,it also affects the develop-ment of Chinese economy.On the basis of the analysis of the current situation of human capital flow in Central Region,the paper puts forward the policies and measures in accordance with the current problems.Pay more attention on the investment of human capital,corn-bining learning with research and production,build the system of educating talents,train surplus labor force in rural areas,change the mode of economic growth.%美国金融危机的爆发,在"蝴蝶效应"下迅速蔓延全球,对中国的经济发展带来一系列的影响.本文分析了中部地区人力资本的现状,探讨了金融危机对中部地区人力资本流动的影响,并提出相应的对策:重视人力资本的投入;通过产学研相结合完善人才培养开发体系;重视农村剩余劳动力的培训;转变经济增长方式.

  15. 金融机构在水库移民直补资金中的金融功能探讨——以江西省黎川县为例%Function of financial institutions in subsidy funds of reservoir immigrants: case study of Lichuan County of Jiangn Province

    Institute of Scientific and Technical Information of China (English)

    张春美; 康卫国

    2012-01-01

    以水库移民直补资金为切入点,描述了当前金融机构在直补资金发放中承担的支付媒介功能,分析了在直补资金发放中金融机构的金融功能受制因素.借助案例得出以下结论:信用贷款存在有效需求,金融机构应为有融资需求且享受直补资金的移民提供融资服务;直补资金转为小额贷款模式能够发挥金融机构的金融功能,提高直补资金的使用效益.%Based on the subsidy funds of reservoir immigrants, the payment function of the current financial institutions in providing the subsidy funds is introduced, and the constraint factors for their Financial function are analyzed. The following conclusions are drawn with the aid of a case study: the credit loan has effective demand, and the financial institutions should provide financial services for immigrants with financial demand and in possession of subsidy funds. The mode of subsidy funds transformed into microcredit loan can enhance the function of financial institutions and improve the utility efficiency of the subsidy funds.

  16. Framework for financial ratio analysis of audited federal financial reports

    OpenAIRE

    Brady, Richard T.

    1999-01-01

    Federal agencies have traditionally prepared financial reports to monitor and report the obligation and expenditure of federal funding. With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations. The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and...

  17. FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ciprian-Dan COSTEA

    2014-12-01

    Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

  18. Financial Market: Sector Strategy (2000)

    OpenAIRE

    2000-01-01

    This Financial Market Development Strategy (GN-1948-3) has been prepared to assist IDB staff in the process of supporting financial market development, as financial markets provide the appropriate environment for capital mobilization to profitable investment opportunities. The IDB must strive for balance with a continued concentration on the establishment of efficient and effective, safe and sound banking systems, while pursuing opportunities to motivate nonbank financial markets, institution...

  19. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

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

  20. Free Lunch:The Case of the Premium of Listed Spilt-capital Funds%免费的午餐:分级基金溢价的案例研究

    Institute of Scientific and Technical Information of China (English)

    黄瑜琴; 成钧; 李心丹

    2012-01-01

    This paper reviews the development of the split-capital funds and classifies them according to their terms and conditions. From their market performance, the authors find that the risk-free arbitrage opportunity does exist in the index split-capital funds with the split/merge function after trading cost deducted. Further research shows that the premium comes from B shares. The more easily the index can be shorted, the larger the premiums are. Thus, the premium cannot be attributed to the lack of hedge strategy. On the contrary, the index split- capital funds B shares provide the market with a kind of new option-like products. Due to the incompleteness of the market, the B shares are therefore priced with a premium. Also, the authors find that the time-variation of the premium is related with the market sentiment index and trading volume, while irrelevant with the underlvinu unit-share oerforrnnneo%本文简单回顾了分级基金的发展历程,并系统梳理了其类型和条款设计。通过对分级基金市场表现的研究,发现在扣除交易成本等因素后,具有配对转换功能的指数型分级基金存在溢价,即子基金价格之和大于母基金净值。而主动管理型分级基金则不存在溢价。进一步研究发现,指数型分级基金溢价来自于其B份额,且标的指数越容易做空,溢价越大。这说明缺乏对冲策略并非是分级基金溢价的来源。相反,有对冲策略的指数型分级基金B份额为市场提供了一个类似于指数期权性质的新产品,由于市场的不完备性,市场愿意为新产品支付溢价。其次,我们对影响价差的因素进行分析,发现子基金溢价随时间的变动与市场情绪指数和交易量相关,而与母基金的业绩表现无关。