WorldWideScience

Sample records for capital investments

  1. 78 FR 1991 - Major Capital Investment Projects

    Science.gov (United States)

    2013-01-09

    ... Capital Investment Projects; Notice of Availability of Proposed New Starts and Small Starts Policy... Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA... implementation of the major capital investment program, primarily by giving the project justification...

  2. 77 FR 3847 - Major Capital Investment Projects

    Science.gov (United States)

    2012-01-25

    ... Capital Investment Projects; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 16 / Wednesday, January... Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA... investments, such as improved water quality or reduced runoff, even though some of these project...

  3. 75 FR 31383 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-03

    ... Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCIES... capital investment projects (``New Starts'' and ``Small Starts'') in support of its funding decisions, and... Federal Transit Administration's (FTA) New Starts and Small Starts project justification criteria....

  4. Investment Problems of China Rural Human Capital

    Institute of Scientific and Technical Information of China (English)

    ZHANG Junxia; YU Jialin; CHEN Ying

    2011-01-01

    The rural human capital refers to the condensation of the physical body, knowledge, skills, and all the abilities that can improve the capacity of the rural labor productivity. The ability is a form of human capital stock and it plays an important role in China's development of rural economy and society, but at present the situation of investment in human capital in rural areas is not optimistic. A lot of problems need to be solved such as the inadequate total investment and the irrational structure, as to these issues, strategies and recommendations were proposed in order to strengthen the human capital investment.

  5. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

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

  6. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank,...

  7. Investment opportunities with YPFB capitalization

    Energy Technology Data Exchange (ETDEWEB)

    Escobar, F. [Yacimientos Petroliferos Fiscales Bolivianos, La Paz (Bolivia)

    1996-10-01

    Investment opportunities with Yacimientos Petroliferos Fiscales Bolivianos (LPFB) in La Paz, Bolivia, were discussed, especially as they may be affected by the new Hydrocarbon Law No. 1689, whose main objective is to encourage investments in Bolivia and to increase production capacity through investors` incorporation. Some of the areas of potential importance examined included reserve development, transportation, upstream consulting, and hydrocarbon development.

  8. Review of capital investment in economic growth cycle

    Science.gov (United States)

    Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

    2016-11-01

    The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

  9. 75 FR 33757 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-15

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Public meetings on ANPRM. SUMMARY: This...

  10. 75 FR 39492 - Major Capital Investment Projects

    Science.gov (United States)

    2010-07-09

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Public meetings on ANPRM. SUMMARY: This...

  11. Investments in Human Capital in Romania

    Directory of Open Access Journals (Sweden)

    Florentina MOISESCU

    2012-12-01

    Full Text Available The human capital represents the most important investment made both by state and companies and also individually for the education and development of skills, knowledge, qualifications and capabilities of individuals, in order to obtain various incomes from certain economic activities. Both the expenses made for education and long term benefits influence the value of the investment in education. The analysis performed on the Romanian economy shows that between the educational level and the income, there is a positive relationship as the one, that numbers are showing with no doubt, between the manpower occupancy and the education period (the amount of investments in human capital. Therefore, the analysis of the Romanian labor market shows that the most affected by unemployment are the individuals with a modest education level while persons with a university degree suffer less from this phenomenon.

  12. 77 FR 5750 - Major Capital Investment Projects (NPRM); Public Meetings

    Science.gov (United States)

    2012-02-06

    ... Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects (NPRM... Major Capital Investment Projects at 49 CFR 611. The docket for comments on the NPRM is open through... Transit Administration (FTA) for its discretionary Major Capital Investments program (``New Starts''...

  13. How to invest in social capital.

    Science.gov (United States)

    Prusak, L; Cohen, D

    2001-06-01

    Business runs better when people within a company have close ties and trust one another. But the relationships that make organizations work effectively are under assault for several reasons. Building such "social capital" is difficult in volatile times. Disruptive technologies spawn new markets daily, and organizations respond with constantly changing structures. The problem is worsened by the virtuality of many of today's workplaces, with employees working off-site or on their own. What's more, few managers know how to invest in such social capital. The authors describe how managers can help their organizations thrive by making effective investments in social capital. For instance, companies that value social capital demonstrate a commitment to retention as a way of limiting workplace volatility. The authors cite SAS's extensive efforts to signal to employees that it sees them as human beings, not just workers. Managers can build trust by showing trust themselves, as well as by rewarding trust and sending clear signals to employees. They can foster cooperation by giving employees a common sense of purpose through good strategic communication and inspirational leadership. Johnson & Johnson's well-known credo, which says the company's first responsibility is to the people who use its products, has helped the company in time of adversity, as in 1982 when cyanide in Tylenol capsules killed seven people. Other methods of fostering cooperation include rewarding the behavior with cash and establishing rules that get people into the habit of cooperating. Social capital, once a given in organizations, is now rare and endangered. By investing in it, companies will be better positioned to seize the opportunities in today's volatile, virtual business environment.

  14. Study on Human Capital Valve Quantity Model and Investment Featuers

    Institute of Scientific and Technical Information of China (English)

    Chen Peian; Li Yujiang; Li Zhen

    2005-01-01

    In this paper, human capital is considered a kind of goods in terms of investment. Basic consumption and profit margin are the two important components of human capital goods value. Compared with that of the material capital, the human capital consumption has the following features.The importance of human capital investment determined by the supply-demand mechanism, is growing gradually; The course of investment and return takes a long period of time; Human capital is characterized by strong technicality and weak negotiability; The investment profit margin is changeable and discriminating.

  15. Legal-Ease:Total Investment Capital & Registered Capital Allocations in China

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    With the Chinese Government, on a regional basis, specifying “minimum amounts” for registered capital contributions in order to establish foreign-invested enterprises in China, and with a similar occurrence concerning total invested capital requirements,

  16. 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.

  17. 24 CFR 891.145 - Owner deposit (Minimum Capital Investment).

    Science.gov (United States)

    2010-04-01

    ... General Program Requirements § 891.145 Owner deposit (Minimum Capital Investment). As a Minimum Capital... Investment shall be one-half of one percent (0.5%) of the HUD-approved capital advance, not to exceed $25,000. ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Owner deposit (Minimum...

  18. 76 FR 61769 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2011-10-05

    ... COMMISSION Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application September... for an exemption from section 17(a) of the Act. SUMMARY OF THE APPLICATION: Destra Capital Investments... for an order under section 12(d)(1)(J) of the Investment Company Act of 1940 (``Act'') for...

  19. Venture Capital Investment Base on Grey Relational Theory

    Science.gov (United States)

    Zhang, Xubo

    This paper builds a venture capital investment projects selection evaluation model base on risk-weight investment return using grey relational analysis. The risk and return in venture capital investment projects selection process is analyses. These risk and return mainly constricted in management ability, operation ability, market ability, exit obtain and investment cost. The 18 sub-indicators are the impact factors contributed to these five evaluation aspects. Grey relation analysis is use to evaluate the venture capital investment selection. Get the optimal solution of risk-weight double objective investment selection evaluation model. An example is used to demonstrate the model in this paper.

  20. \\t Capital Planning and Investment Control (CPIC) for the Management of Information Technology Investments

    Science.gov (United States)

    Capital Planning and Investment Control (CPIC) is the Information Technology (IT) governance and management methodology in use at EPA for selecting, controlling and evaluating the performance of EPA IT investments throughout the full lifecycle.

  1. ROLE OF HUMAN CAPITAL INVESTMENT IN A COMPETITIVE ECONOMY

    Directory of Open Access Journals (Sweden)

    Mungiu-Pupăzan Mariana Claudia

    2012-12-01

    Full Text Available This paper wants an analysis of investment in human capital as an important resource in the economy. The paper also seeks to strengthen the argument that this resource plays an important role in a competitive economy. The essence of the idea of human capital investment is made in human resources to improve their productivity. Costs are incurred in the expectation of future benefits, hence the term "investment" in human resources. Like all investments, and there is no question if economically justified. The answer to this question depends on whether or not the benefits outweigh the costs by an amount satisfactory or not they apply standard investment criteria.

  2. 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.

  3. The importance of trust for investment : Evidence from venture capital

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, Marco; Hellmann, T.

    2016-01-01

    We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations positivel

  4. Corruption and the Efficiency of Capital Investment in Developing Countries

    DEFF Research Database (Denmark)

    O’Toole, Conor M.; Tarp, Finn

    2014-01-01

    This paper tests the effect of corruption on the efficiency of capital investment. Using firm-level data from the World Bank Enterprise Surveys, covering 90 developing and transition economies, we consider whether the cost of informal bribe payments distorts the efficient allocation of capital...

  5. Human Capital Investment and an Analysis of Its Progressive Profit

    Institute of Scientific and Technical Information of China (English)

    张德平; 孙诚

    2004-01-01

    Skilled labor force cultivated through putting in funds and time in their education are undoubtedly essential in the operation of sophisticated machines in production, but it is so also in the creation of new ideas and methods in production and other economic activities, and ultimately in the promotion of the progressive increase of material capital. Thus strengthening the investment of human capital and enriching the stock of human capital is of primary importance, especially for China, in the 21st century.

  6. Education - an investment in human capital

    Directory of Open Access Journals (Sweden)

    Daniela Neamţu

    2012-12-01

    Full Text Available Formal education, personal abilities and the health state play an important role in this paper. Those are all essential constituent elements of the human capital. In the present paper we intend to present briefly the fundamental concepts of the human capital, with an emphasis on education and abilities. We also mark out the importance of the human capital development in the purpose of maintaining the development and the motivation of the human resources, which are the main premises organizations need to capitalize. The higher education has a determinant role in the attainment of this desideratum.

  7. 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

  8. 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.

  9. Accounting information quality, governance efficiency and capital investment choice

    Directory of Open Access Journals (Sweden)

    Jinbu Zhai

    2016-12-01

    Full Text Available This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information’s governance function. Measuring capital investment choice as the correlation of growth of operating income between company and industry, this paper investigates whether and to what extent companies focus on their core business. The results show that the higher the quality of publicly listed firms’ accounting information, the stronger that correlation, particularly when the corporate governance of the listed company is poor. The findings imply that accounting information quality can thus optimize the capital investment choice, which complements and strengthens the functioning of corporate governance. Hence, regulators should pay more attention to the market’s power to supervise the behavior of listed firms, improve the governance functions of accounting information and increase the efficiency of capital allocation.

  10. Higher Objectives of Islamic Investment Products: Islamizing Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Andri Soemitra

    2016-09-01

    Full Text Available Indonesian capital market regulators have already accommodated Islamic products as one of Indonesian capital market products. Theoretically, Islamic investment promises three main benefits i.e. spiritual, financial, and social benefits. Realizing Islamic investment in the sense of those three main benefits needs serious effort. This paper discusses the perception of capital market investors. This study suggests that their opinion as to whether or not sharī‘ah capital market products had fulfilled their expectations of Islamic comprehensive objectives. Islamic capital market instruments are part of Islamic instruments. The Islamization of financial institutions and instruments in the modern era has emerged not only to meet Muslims’ need for financial activities but also as the medium to realize the higher objectives of Islam, i.e. maqāṣid al-sharī‘ah in economic and financial activities.DOI: 10.15408/sdi.v23i2.2408

  11. Investments and capital market imperfections, identification issues: a survey

    Directory of Open Access Journals (Sweden)

    Bruno Ćorić

    2010-12-01

    Full Text Available If financial markets are perfect, the choice of the sources of finance does not influence investment decisions. However, financial markets are considered to be far from perfect. This review concentrates on the role of information asymmetry in determining real investment decisions. Despite the theoretical plausibility of a relationship between capital market imperfections and real investments, the empirical literature has found it difficult to identify this channel. Overall, more research is needed to identify a method that will not be subject to criticisms related to the use of cash-flow in the investment equation and will be based on the data that are relatively available across countries and over time.

  12. Human capital, stock, investment and other estimates

    OpenAIRE

    Giraldez, Roxana; Quiñonez, María del Carmen

    2014-01-01

    En el presente trabajo se realiza una cuantificación del capital humano en el Perú expresado en unidades monetarias. Se estiman el stock y la inversión en capital humano así como las tasas de rentabilidad de esta inversión. La principal variable considerada es el nivel de educación. Se trabaja sobre la base de información del ingreso laboral según sexo, edad y nivel de educación, de acuerdo al censo de 1981. A partir de ello se construye el Ingreso Laboral Esperado de por Vida para cada grupo...

  13. Venture Capital Investment Selection Decision-making Base on Fuzzy Theory

    Science.gov (United States)

    Zhang, Xubo

    Venture capital investment decision-making is the most important issue in venture capital investment selection. There are higher uncertainty and complexity in venture capital investment decision-making process. This paper analysis these uncertain risk in venture capital investment decision-making base the previous studies. Attributed the venture capital candidate firms' select to fuzzy optimal decision-making. Build a risk-weight fuzzy optimal return model to avoid the decision-making risk. Get the optimal solution set.

  14. Determinants of Success in Private Equity-Venture Capital Investments

    Directory of Open Access Journals (Sweden)

    Antonio Gledson de Carvalho

    2011-06-01

    Full Text Available This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1 a limit to the ability of managers or 2 that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.

  15. Characteristics and drivers of venture capital investment activity in Romania

    Directory of Open Access Journals (Sweden)

    Mihaela DIACONU

    2012-07-01

    Full Text Available The present paper aims at characterising the venture capital market and identifying factors affecting the venture capital investments activity in Romania in the period 2000-2010. With a view to assessing the intensity of manifestation of various factors on the supply and demand of venture capital we use an econometric model of macroeconomic variables already tested in the literature. We consider, however, that we bring contributions to the approach, by analysing the features of the venture capital market in Romania and impact factors, our work being, at the same time, support in assessing the types of decisions to be adopted by policymakers to the formation of an authentic market and stimulating innovation. Our results indicate that the total R&D intensity is the main determinant of the venture capitals invested in this period in the two phases (for early stages and expansion. A significant incidence, mainly on the supply side, also shows the annual long term real interest rate, while the market capitalisation, the effective marginal tax rate on corporate income, the annual inflation or unemployment rate do not impact on the venture capital. Our recommendations, in terms of formation and development of the venture capital market, look as a priority, strengthening the demand for resources, respectively encouraging of enterprises to innovate, creating of conditions for the supply to be manifested in the seed and start-up stages and the compatibilization of the need for resources with prudential rules by adapting regulations for institutional investors.

  16. Variations in Human Capital Investment Activity by Age.

    Science.gov (United States)

    Simpson, Patricia A.; Greller, Martin M.; Stroh, Linda K.

    2002-01-01

    Late-career workers (ages 50-65) were more likely to participate in credentialing programs, targeted job-related courses, and on-the-job computer training than younger adults and received similar employer support. However, participation might be a consequence of support received. Human capital investment thus is more complex than conventional…

  17. Taking Human Capital Investment Seriously: Reflections on Educational Reform

    Science.gov (United States)

    Kang, Trivina

    2004-01-01

    This paper presents the 2002 Junior College/Upper Secondary Review in Singapore in the context of the nation-state's commitment to human capital investment. It discusses how these changes have led to a radically altered upper secondary educational landscape through the implementation of the Integrated Programme, the establishment of Specialized…

  18. 31 CFR 223.7 - Investment of capital and assets.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Investment of capital and assets. 223.7 Section 223.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING...

  19. 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.

  20. 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.

  1. Enhancing SMEs’ Growth by Investing in Organizational Capital

    Directory of Open Access Journals (Sweden)

    Urban Pauli

    2016-09-01

    Full Text Available Objective: The objective of this paper is to verify the relationship between the share of investments in organizational capital (OC within the total amount of investments and key performance indicators of SMEs. Research Design & Methods: Quantitative research based on the author’s theoretical model and was conducted on a group of 180 Polish SMEs with the use of a structured questionnaire. To verify the hypothesis measures of dispersion as well as correlation were used. Findings: The share of investments in OC vary at particular growth stages and the highest is in decline stage. Investigated firms invest mostly in 'brand' and 'IT systems'. Investing in OC seems to be important mostly for SMEs that are in the prime stage. In this stage the share of investments in OC is correlated with almost all performance indicators. It suggests that OC can be treated as a source of competitive advantage and firms’ performance. Implications & Recommendations: The appropriate share of investments in particular resources positively impact the effectiveness of decisions aimed at enhancing SMEs growth. Guidelines in what to invest help managers to plan their activities, especially while operating in a rapidly changing environment. Contribution & Value Added: The study contributes to the stream of research devoted to SME growth factors. Despite the fact that there already are publications on the impact of particular resources on organisations’ success or failure, complex studies, including those concerning Polish SMEs, are much needed.

  2. 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.

  3. THE INVESTMENT IN HUMAN CAPITAL – MORE THAN AN IDEA IN PRESENT AND FUTURE REALITIES

    Directory of Open Access Journals (Sweden)

    BUTA SIMONA

    2014-07-01

    In countries, there is a consensus, that parts of the level of government investment include also the need for investment in educational services, governments undoubtedly playing a central role in directing the formation and development of human capital. We need to invest in human capital, doubly so as that the investment in education is a profitable one, the rate of capitalization of the investment in education ranging from 5-30%, according to OECD statistics.

  4. 26 CFR 1.857-2 - Real estate investment trust taxable income and net capital gain.

    Science.gov (United States)

    2010-04-01

    ... estate investment trust taxable income and net capital gain. (a) Real estate investment trust taxable... paid during the taxable year, and the net capital gain is excluded in computing real estate investment... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Real estate investment trust taxable income...

  5. Investment Capital Flows, Mexican Economics and Electronic Loan Exchange Project

    OpenAIRE

    Tomas Hes

    2007-01-01

    Private capital flows to emerging markets continue at high levels, but concerns are growing about their sustainability. Direct equity investment slows down, as well as lending by bond investors and private creditors. The potentially global impact of a US economy slowdown, global financial imbalances and geopolitical tensions present motives for cautiousness. Situation in Mexico, the world’s ninth largest economy, seems favorable, but confirms written above. Mexico’s FDI rises, but slow down ...

  6. Venture Capital Investment in the Life Sciences in Switzerland.

    Science.gov (United States)

    Hosang, Markus

    2014-12-01

    Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed.

  7. Does social capital affect investment in human capital? Family ties and schooling decisions

    NARCIS (Netherlands)

    Di Falco, Salvatore; Bulte, E.H.

    2015-01-01

    We analyse whether traditional sharing norms within kinship networks affect education decisions of poor black households in KwaZulu-Natal. Theory predicts that the size of the kinship network ambiguously impacts on the incentive to invest in human capital (due to opposing ‘empathy’ and ‘free-rider’

  8. Does social capital affect investment in human capital? Family ties and schooling decisions

    NARCIS (Netherlands)

    Falco, Di Salvatore; Bulte, Erwin

    2015-01-01

    We analyse whether traditional sharing norms within kinship networks affect education decisions of poor black households in KwaZulu-Natal. Theory predicts that the size of the kinship network ambiguously impacts on the incentive to invest in human capital (due to opposing ‘empathy’ and ‘free-ride

  9. The Investment of Social Capital & Performance Derived from the Institutional Change

    Institute of Scientific and Technical Information of China (English)

    LiHuamin,; ZhaoBaohua; DavidKelly

    2004-01-01

    Investment in social capital refers to the payments--of time, energy and monetary cost—made by individuals in a bid to obtain social capital, and the sustained efforts they make for incessant identification of social relations with other people. The return on investment of social capital is seen in the following:

  10. Dynamic Investment Behavior Taking into Account Ageing of the Capital Good

    NARCIS (Netherlands)

    Feichtinger, G.; Hartl, R.F.; Kort, P.M.; Veliov, V.

    2001-01-01

    In standard capital accumulation models all capital goods are equally productive and produce goods of the same quality.However, due to ageing, in reality it holds most of the time that newer capital goods are more productive. Implications of this feature for the firm's investment policies are invest

  11. The Power of Professional Capital: With an Investment in Collaboration, Teachers Become Nation Builders

    Science.gov (United States)

    Hargreaves, Andrew; Fullan, Michael

    2013-01-01

    This article explores the powerful idea of capital and articulates its importance for professional work, professional capacity, and professional effectiveness. Systems that invest in professional capital recognize that education spending is an investment in developing human capital from early childhood to adulthood, leading to rewards of economic…

  12. 12 CFR 956.4 - Risk-based capital requirement for investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for investments... OFF-BALANCE SHEET ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.4 Risk-based capital requirement for investments. Each Bank shall hold retained earnings plus general allowance for losses as support for...

  13. 77 FR 65025 - Trust for Professional Managers and Collins Capital Investments, LLC; Notice of Application

    Science.gov (United States)

    2012-10-24

    ... COMMISSION Trust for Professional Managers and Collins Capital Investments, LLC; Notice of Application.... Windhorst, Collins Capital Investments, LLC, 806 Douglas Road, Suite 570, Coral Gables, FL 33134. FOR... application under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from...

  14. Improvements in ecosystem services from investments in natural capital.

    Science.gov (United States)

    Ouyang, Zhiyun; Zheng, Hua; Xiao, Yi; Polasky, Stephen; Liu, Jianguo; Xu, Weihua; Wang, Qiao; Zhang, Lu; Xiao, Yang; Rao, Enming; Jiang, Ling; Lu, Fei; Wang, Xiaoke; Yang, Guangbin; Gong, Shihan; Wu, Bingfang; Zeng, Yuan; Yang, Wu; Daily, Gretchen C

    2016-06-17

    In response to ecosystem degradation from rapid economic development, China began investing heavily in protecting and restoring natural capital starting in 2000. We report on China's first national ecosystem assessment (2000-2010), designed to quantify and help manage change in ecosystem services, including food production, carbon sequestration, soil retention, sandstorm prevention, water retention, flood mitigation, and provision of habitat for biodiversity. Overall, ecosystem services improved from 2000 to 2010, apart from habitat provision. China's national conservation policies contributed significantly to the increases in those ecosystem services.

  15. Trends in U.S. Venture Capital Investments Related to Energy: 1980-2007

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2008-10-10

    This report documents trends in U.S. venture capital investments over the period 1980-2008. Particular attention is given to U.S. venture capital investments for “internet-specific”, biotechnology, and energy / industrial sectors over the period 1980-2007. During the early 1980s, U.S. venture capital investments in the energy / industrial area accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy / industrial investments as by 2000 these investments accounted for only 1% of the $119 billion dollars invested that year by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy / industrial investment opportunities. Venture capital investments in 2007 for the energy / industrial sector accounted for $3 billion or slightly more than 10% of all venture capital invested that year.

  16. The Risk-Return Trade-Off in Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

    In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...

  17. Investment in Human Capital through Institutions of Higher Education for the Revival of Kenya's Economy

    Science.gov (United States)

    Wawire, Nelson W.; Nafukho, Fredrick M.

    2006-01-01

    Despite economic theory postulating that increases in investment in human capital and physical capital leads to increase in economic growth, in the Kenyan case, this has not been true. This paper empirically examines the contribution of human capital and physical capital to economic growth in Kenya. Measures to be undertaken by higher education…

  18. Foreign Direct Investments and Human Capital Development in Subsaharan Africa

    Directory of Open Access Journals (Sweden)

    Luc NEMBOT NDEFFO

    2010-12-01

    Full Text Available The objective of the present study is to estimate the impact of foreign direct investments on human capital development in 32 Subsaharan African countries over the period 1980 – 2005. Human capital is captured by the percentage of children in full-time education in primary and secondary schools. Panel data regressions are used for the estimations. The results show a correlation not only between FDI and the percentage of children in full-time education in primary school but also between the FDI and the percentage of children in full-time education in secondary school. These results are not significant for that. This shows that FDI directed towards Sub-Saharan Africa still remain insufficient. That is why a lot of effort should be made in order to favour the attraction of FDI in this part of the continent. The other variables which have a positive and significant impact on the percentage of children in full-time education are: the domestic investment rate, public sector expenditures, life expectancy at birth and the growth rate of the gross domestic product per capita.

  19. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments.

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-06-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

  20. Investment Capital Flows, Mexican Economics and Electronic Loan Exchange Project

    Directory of Open Access Journals (Sweden)

    Tomas Hes

    2007-04-01

    Full Text Available Private capital flows to emerging markets continue at high levels, but concerns are growing about their sustainability. Direct equity investment slows down, as well as lending by bond investors and private creditors. The potentially global impact of a US economy slowdown, global financial imbalances and geopolitical tensions present motives for cautiousness. Situation in Mexico, the world’s ninth largest economy, seems favorable, but confirms written above. Mexico’s FDI rises, but slow down is expected: and with more than 40% of the population living below official poverty line, the inequality continues rampant. Fortunately, there are innovations unseen ever before promising ways how to tackle the lack of investment. Electronic Loan Exchange Network, ELEN Project in development between group of Czech elite bankers, IT specialists and FIPS, prime Mexican microfinance institution. Goal of this ambitious endeavor is to enable tens of millions of small European and US investors to lend for attractive interest rate to poor micro-borrowers in marginalized regions on a massive scale, thus creating an alternative for savings accounts and stock market investments.

  1. Dynamics of investment in fixed capital in the economy of the Northern regions

    Directory of Open Access Journals (Sweden)

    Yusif Alimovich Gadzhiev

    2015-03-01

    Full Text Available The article describes characteristics and trends of investment in fixed capital of the Northern regions. It singles out phases of rapid pre-crisis growth, crisis, post-crisis growth and stagnation. Stagnation and decline in recent years are caused by completed major investment projects, reduced own funds of enterprises, limited availability of investment resources and increased capital outflow. The article reveals that the growth of investment in fixed capital of the North in the post-crisis period is provided by the regions, carrying out major investment in oil and gas pipeline transport, oil extraction, production and distribution of electricity, gas and water. The changes in the sectoral structure of investment in fixed capital of the Northern regions are barely visible; the share of investment in the traded sector is still high, especially in mining, due to the Northern regions’ specialization in the extractive industries. The share of investment in the public sector and social services remains low. The specific structure of investment in fixed capital has changed: the share of investment in buildings (excluding housing and structures has increased greatly; the share of investment in machinery, equipment, vehicles has decreased due to insufficient investment in mining enterprises and financial shortages in manufacturing. In most regions the structure of investment in fixed capital by directions is characterized by the increase in the share of investment in machinery, equipment, vehicles in new construction, investment in buildings and structures and the decline in the proportion of investment in machinery, equipment, vehicles modernization and reconstruction and acquisition of new fixed assets. The dynamics and the inefficient structure of investment in fixed assets and directions testify the shortage of investment in innovation in the Northern regions

  2. INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2010-01-01

    Full Text Available Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.

  3. Equilibrium points for Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of equilibrium points, namely the stationary solutions to the closed loop equation, of an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. Sufficient conditions for existence of equilibrium points in the general case are given and later applied to the economic problem of optimal investment with vintage capital. Explicit computation of equilibria for the economic problem in some relevant examples is also provided. Indeed the challenging issue here is showing that a theoretical machinery, such as optimal control in infinite dimension, may be effectively used to compute solutions explicitly and easily, and that the same computation may be straightforwardly repeated in examples yielding the same abstract structure. No stability result is instead provided: the work here contained has to be considered as a first step in the direction of studying the behavior of optimal controls and trajectories in the long run.

  4. 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.

  5. 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.

  6. 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...

  7. AACP Special Taskforce on Diversifying Our Investment in Human Capital Interim Update.

    Science.gov (United States)

    White, Carla; Adams, Jennifer

    2016-09-25

    The 2015-2017 AACP Special Taskforce on Diversifying our Investment in Human Capital was appointed for a two-year term, therefore the interim update from the Taskforce. A full report will be provided in 2017 in the form of a white paper for academic pharmacy on diversifying our investment in human capital.

  8. Performance of the Higher Education Students Loans Board in Human Capital Investment from 2005-2015

    Science.gov (United States)

    Memba, Albert Zephaniah; Feng, Zhao Zun

    2016-01-01

    Many studies conducted on the Higher Education Students Loans Board (HESLB) have mostly concentrated on its success, sustainability and effectiveness on loans issuance and repayment. None had focused on its performance towards human capital investment. This study sought to explain and analyze HESLB's performance in human capital investment, which…

  9. Human Capital Investment and the Value of Risky R&D Projects

    DEFF Research Database (Denmark)

    Dockner, Engelbert; Siyahhan, Baran

    We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can...... consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm...... be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk...

  10. Limited Life Expectancy, Human Capital and Health Investments: Evidence from Huntington Disease

    OpenAIRE

    Emily Oster; Ira Shoulson; Ray Dorsey, E

    2012-01-01

    One of the most basic predictions of human capital theory is that life expectancy should impact human capital investment. Limited exogenous variation in life expectancy makes this difficult to test, especially in the contexts most relevant to the macroeconomic applications. We estimate the relationship between life expectancy and human capital investments using genetic variation in life expectancy driven by Huntington disease (HD), an inherited degenerative neurological disorder with large im...

  11. Education as an Investment in Turkey’s Human Capital: A Work in Progress

    Directory of Open Access Journals (Sweden)

    William A. OWINGS

    2012-11-01

    Full Text Available As a nation, Turkey sees education as an essential component in building its economy to world class levels. Yet school equity and teacher quality issues are preventing Turkey from fully developing its human capital. Authors discuss the concept of education as an investment in human capital, Turkey’s human capital challenges, equity practices which undermine the widespread development of Turkey’s human capital, how improving teacher quality could help remedy the situation, and recommendations to strengthen Turkey’s education as an investment in human capital.

  12. Investing in human and natural capital. An alternative paradigm for sustainable development in Awassa, Ethiopia

    Energy Technology Data Exchange (ETDEWEB)

    Reynolds, Travis W. [Evans School of Public Affairs, University of Washington, Seattle, Washington, 98195 (United States); Farley, Joshua [Gund Institute for Ecological Economics and Department of Community Development and Applied Economics, University of Vermont, Burlington, Vermont, 05405 (United States); Huber, Candice [UVM Agricultural Extension Service, University of Vermont, Burlington, Vermont, 05405 (United States)

    2010-09-15

    Ethiopia remains underdeveloped due to limitations in natural, human, social and built capital. A 2006 scientific atelier conducted in the city of Awassa, Ethiopia investigated investments in human and natural capital as a sustainable development strategy. Local stakeholders identified firewood shortages, degradation of croplands, rising lake levels encroaching on croplands and poor water quality as major impediments to development. They further identified ecological degradation as a key component of these problems, and they acknowledged multiple vicious cycles compounding the environmental and economic threats to the Awassa community. Proposed solutions included investment in natural capital in the form of reforestation activities, investment in human capital in the form of promoting more efficient wood stoves along with increasing public awareness of environmental threats, and investments in social capital in the form of inter-institutional coordination to address environmental problems. All recommended investments rely primarily on national resources, in distinct contrast to the extensive imports required for most built capital investments. Unfortunately, Awassa lacks the surplus necessary for major capital investments of any kind. The atelier therefore helped local participants identify potential funders and write grant proposals for various projects, though none have been funded so far. Reversing the ecological degradation on the scale necessary for sustained economic development in Ethiopia however will require a steady flow of substantial investments, and cannot rely solely on the short term generosity of funders. International payments for carbon sequestration and other ecosystem services could help provide the necessary resources. (author)

  13. Bilevel Programming Model of Private Capital Investment in Urban Public Transportation: Case Study of Jinan City

    Directory of Open Access Journals (Sweden)

    Yunqiang Xue

    2015-01-01

    Full Text Available Increasing public transportation subsidies have created fiscal pressures for governments. To ease this financial pressure, Chinese government strongly encourages private capital investment in public transportation. However, previous private capital investments in public transportation operations have largely failed, mainly due to low ticket fares that cannot support sustainable operations. To address this issue, several previous research projects have developed methods to facilitate private capital investment. The majority of the research focuses on qualitative analysis and value for money analysis. Our research proposed a new method of private capital investment in public transportation operations based on the concept of “passenger value.” The feasibility of the proposed method of private investment was analyzed quantitatively by constructing a bilevel programming model. The model was verified based on a sample analysis of Jinan city traffic. Results showed that effective private capital investment increases the total societal benefit from the public transportation system and additionally that the investment method considering “passenger value” is superior to the traditional one. A quantitative tool was provided by the model to evaluate private capital investment effects, design investment policies, and develop further research.

  14. 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…

  15. 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.

  16. Human Capital Investment and the Completion of Risky R&D Projects

    DEFF Research Database (Denmark)

    Siyahhan, Baran; Engelbert, Dockner

    2010-01-01

    but can be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if nec- essary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value...... of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs’ based operating leverage determine the risk dynamics. Risk varies non...... and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value...

  17. 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 ...

  18. Capital Mobility: An application of Saving-Investment Link for Tunisia

    Directory of Open Access Journals (Sweden)

    Jauhari Dahalan

    2012-01-01

    Full Text Available The paper examines the degree of capital mobility in Tunisia for 1970 to 2009 period, using Feldstein and Horioka (1980 method of savings and investment comovement. We apply ARDL bound test to assess comovement between savings and investment; and to compute the savings retention ratio with FMOLS and DOLS as complements. The results reveal low capital mobility, in contrary to Maminingi (1997 who note perfect capital immobility in Tunisia. Hence, efforts should be made by authorities in Tunisia to evolve policies that will mobilize international capital into Tunisia

  19. 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.

  20. Empirical Study on the Relationship between Farmers’ Human Capital Investment and Rural Poverty

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Literatures about the relationship between human capital investment and rural poverty are reviewed.According to the time-series data from 1990 to 2007,VAR model and variance decomposition research are used to study the relationship between household human capital investment and rural poverty.Result shows that there is long-run equilibrium relationship between household human capital investment and rural poverty.Educational investment and health investment have significant impacts on the alleviation of rural poverty;while migration investment does not have significant impact on the alleviation of rural poverty.Among the factors causing poverty fluctuations,educational investment has greater impacts on poverty fluctuations than health investment in the short run,but health investment has greater impacts on poverty fluctuations than educational investment in the long run.Based on this,related countermeasures are put forward,such as further increasing the investment in education and health,implementing the compulsory education and social security system,consolidating the rural cooperative medical care,improving the retirement pension system in rural areas,and perfecting the training and technical extension system for rural population under the poverty line.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-10-15

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

  2. DYNAMIC PERSPECTIVE ON THE TRIANGLE FOREIGN DIRECT INVESTMENTS – EXCHANGE RATE – CAPITAL MARKET

    OpenAIRE

    2011-01-01

    This paper focuses on the triangular causal relationship between foreign direct investments, exchange rate and capital market at the level of the CEE countries. For this purpose, we use the weight of market capitalization of listed companies into GDP as proxy for the degree corresponding to the stock market development, the variability of the exchange rate as proxy for the macroeconomic environment and weight of foreign direct investments into GDP as a proxy for the country’s capacity to attr...

  3. The Portfolio Creation Model Developed for the Capital Investment Program Plan Review (CIPPR)

    Science.gov (United States)

    2014-11-12

    Basinger, Director, DCI, CFD Scientific Letter The PORTFOLIO CREATION MODEL developed for the Capital Investment Program Plan Review (CIPPR) To inform...the portfolio creation model that has been developed to produce project portfolios for the Capital Investment Program Plan Review (CIPPR). The portfolio ...creation model is one element of the portfolio approach that has been envisioned for CIPPR in order to enable better decisions concerning the

  4. The Portfolio Approach Developed to Underpin the Capital Investment Program Plan Review (CIPPR)

    Science.gov (United States)

    2014-11-06

    Basinger, Director, DCI, CFD Scientific Letter The PORTFOLIO APPROACH developed to underpin the Capital Investment Program Plan Review (CIPPR) To better...the key concepts about the new analytical approach that has been used to produce alternative project portfolios for consideration within the Capital...Investment Program Plan Review (CIPPR). This approach has come to be known as the portfolio approach. This letter begins with a brief description of

  5. Does Human Capital Investment Impact the Earning Mobility of the Near Poor?

    Science.gov (United States)

    Karasik, Bradley

    2012-01-01

    This secondary analysis of the earning mobility of the near poor examined the impact of human capital investment on the earning mobility of the near poor between 2005 and 2009. The theory framing this study is Human Capital Theory (Shultz, 1961). Other demographic and socioeconomic variables were included in this study to further explore factors…

  6. The Importance of Trust for Investment : Evidence from Venture Capital (Replaced by DP 2010-49)

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, M.; Hellmann, T.

    2009-01-01

    We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.

  7. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ... development corporations. 1.851-6 Section 1.851-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE... Investment Trusts § 1.851-6 Investment companies furnishing capital to development corporations. (a... development corporations, section 851 (e) provides an exception to the rule relating to the diversification...

  8. TAFE Diploma Graduates: Personal Capital Investments and Returns

    Science.gov (United States)

    van der Linde, Chris

    2008-01-01

    TAFE currently uses the NCVER Student Outcomes Survey (SOS) to determine outcomes related to TAFE diploma programs. The SOS measures TAFE outcomes in terms of three major categories: skills development, employment and further study. This study introduces the notion of personal capital as distinct from human capital. It argues that, while valuable,…

  9. Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

    Directory of Open Access Journals (Sweden)

    Michael Regan

    2017-02-01

    Full Text Available This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

  10. INVESTMENT IN HUMAN CAPITAL – PREREQUISITE FOR THE GROWTH OF THE ORGANIZATIONAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    BÎRCĂ ALIC

    2015-12-01

    Full Text Available This paper is devoted to investment in human capital as an essential element for ensuring organizational performance. Human capital investments may be direct, more focused on professional training, as well as indirect, more oriented towards the health of employees and the purchase of equipment for their development. In Moldovan organizations investments in human capital are more oriented towards training and professional development of employees. At the same time, in the recruitment and selection of candidates’ process, organizations are trying to attract people that have a high level of professional knowledge and skills, which contribute to increasing the value of their human capital. In order to assess the involvement level of the organizations from Republic of Moldova in terms of human capital development investment, a sociological research that included 152 organizations was conducted. The result of investigations have shown us that human capital value into an organization depends, in the first instance, on the selection tools and techniques that allow election of candidates with an intellectual and professional potential at higher level. Human capital value within organizations increases provided that their staff participates in various professional training programs.

  11. [Provision of integrity and reliability in hygienic examination of investment projects for human capital development].

    Science.gov (United States)

    Tarkhov, P V; Matsenko, A M; Krugliak, A P; Derkach, Zh V

    2012-01-01

    To reach normal competitiveness in world division of labour, investment projects should stimulate development of human capital towards advance of modern technologies and organizational development of all types of labour. At present time there are only separate calculations of certain types of people's health damage and completely disparate matters of damage compensation exceptionally for chemical contamination effects. The purpose of the paper is development of algorithms to provide hygienic welfare of human capital in investment projects. For this purpose in investments assessment and hygienic examination it is necessary to apply complete and comprehensive (systematic) evaluation of all factors that influence human capital welfare and practical hygienic and research institutions should be focused on systematic elimination of possible dangers and risks of investment projects.

  12. THE VENTURE CAPITAL CONTRIBUTION TO THE FINANCING OF ENTREPRENEURIAL PROJECTS: CASE OF TUNISIAN RISK CAPITAL INVESTMENT COMPANY (SICAR

    Directory of Open Access Journals (Sweden)

    GHODBANE ADEL

    2016-11-01

    Full Text Available Venture capital is a form of financing that a company can get. These are "temporary and minority equity participation in unlisted companies to subsequently generate capital gains. Translation of American term "venture capital. Venture capital in the strict sense concerns, meanwhile, that the only interventions in capital in new enterprises or in the creation phase "It is a kind private funding, unlike the financing of listed companies. The rationale of venture capital is that it is sometimes one of the only sources of major funding that a company can get for it. Other sources, such as loans from banks are often too difficult to obtain for a new business, as these sources consider some business projects are too risky. Starting a business environment that requires greater dynamism in investment and entrepreneurship, venture capital, a structured and organized in Tunisia, plays an important role in the financing chain and supporting businesses including innovative SMEs which constitute the most dynamic sector of the economy. In this report, we believe that venture capital is an important segment for the financing of SMEs in Tunisia it is imperative to develop in the direction of a better contribution to the scheme of financing of SMEs.

  13. Investments in social capital--implications of social interactions for the production of health.

    Science.gov (United States)

    Bolin, Kristian; Lindgren, Björn; Lindström, Martin; Nystedt, Paul

    2003-06-01

    This paper develops a theoretical model of the family as producer of health- and social capital. There are both direct and indirect returns on the production and accumulation of health- and social capital. Direct returns (the consumption motives) result since health and social capital both enhance individual welfare per se. Indirect returns (the investment motives) result since health capital increases the amount of productive time, and social capital improves the efficiency of the production technology used for producing health capital. The main prediction of the theoretical model is that the amount of social capital is positively related to the level of health; individuals with high levels of social capital are healthier than individuals with lower levels of social capital, ceteris paribus. An empirical model is estimated, using a set of individual panel data from three different time periods in Sweden. We find that social capital is positively related to the level of health capital, which supports the theoretical model. Further, we find that the level of social capital (1) declines with age, (2) is lower for those married or cohabiting, and (3) is lower for men than for women.

  14. Trends in U.S. Venture Capital Investments Related to Energy: 1980 through the Second Quarter of 2010

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2010-07-29

    This report documents trends in U.S. venture capital investments over the period 1980 through the second quarter of calendar year 2010 (2010Q1+Q2). Particular attention is given to U.S. venture capital investments in the energy/industrial sector over the period 1980-2010Q1+Q2 as well as in the more recently created cross-cutting category of CleanTech over the period 1995-2010Q1+Q2. During the early 1980s, U.S. venture capital investments in the energy/industrial sector accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices, the deregulation of large aspects of the energy industry, and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy/industrial investments. To wit, venture capital investments related to the energy/industrial sector accounted for only 1% of the $119 billion dollars invested in 2000 by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy/industrial investment opportunities. Venture capital investments for 2009 for the energy/industrial sector accounted for $2.1 billion or slightly more than 13% of all venture capital invested that year. The total venture capital invested in energy/industrial during the first two quarters of 2010 is close to $1.8 billion accounting for 17% of all venture capital investments during the first two quarters of 2010. In 2009, the aggregate amount invested in CleanTech was $1.8 billion (30% of the total US venture capital invested in that lean year) and for the first two quarters of 2010 US venture capital investments in CleanTech have already exceeded $1.9 billion (19% of all US venture capital investments made during the first half of 2010). Between 2004 and 2009, U.S. venture capital

  15. Trends in U.S. Venture Capital Investments Related to Energy: 1980 through the Third Quarter of 2010

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2010-11-08

    This report documents trends in U.S. venture capital investments over the period 1980 through the third quarter of calendar year 2010 (2010 Q1+Q2+Q3). Particular attention is given to U.S. venture capital investments in the energy/industrial sector over the period 1980-2010 Q1+Q2+Q3 as well as in the more recently created cross-cutting category of CleanTech over the period 1995-2010 Q1+Q2+Q3. During the early 1980s, U.S. venture capital investments in the energy/industrial sector accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices, the deregulation of large aspects of the energy industry, and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy/industrial investments. To wit, venture capital investments related to the energy/industrial sector accounted for only 1% of the $132 billion (in real 2010 US$) invested in 2000 by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy/industrial investment opportunities. Venture capital investments for 2009 for the energy/industrial sector accounted for $2.4 billion or slightly more than 13% of all venture capital invested that year. The total venture capital invested in energy/industrial during the first three quarters of 2010 is close to $2.4 billion accounting for slightly less than 15% of all venture capital investments during the first three quarters of 2010. In 2009, the aggregate amount invested in CleanTech was $2.1 billion (11% of the total US venture capital invested in that lean year) and for the first three quarters of 2010 US venture capital investments in CleanTech have already exceeded $2.8 billion (18% of all US venture capital investments made during the first three quarters of

  16. Study on Venture Capital Investment Risk Avoiding Base on Option Pricing in Agricultural Production and Processing Enterprises

    Science.gov (United States)

    Zhang, Xubo

    This paper uses the approaches and models of option theory to analyze two-stage venture capital investment in agricultural production and processing enterprises decision-making under uncertainty. Mathematics expressions of this two-stage venture capital investment decision-making are presented. An option value model about two-stage venture capital investment decision-making base on options pricing theory under the uncertainty is presented. Get the solution of option pricing model which we present.

  17. A Segment Level Study of Defense Industry Capital Investment.

    Science.gov (United States)

    1985-12-01

    and James Tobin. "Pitfalls in Financial Model Building," American Economic Review , 58: 99-122 (May 1968). 10. Brock, Horace R. Accounting Principles...Function," I Econometrica, 28: 1-29 (January 1960). 16. "Investment Plans and Realizations," American Economic Review , 52: 190-203 (May 1962). 17...34Investment: Fact and Fancy," American Economic Review , 53: 237-246 (May 1963). 18. Gansler, Jaques S. The Defense Industry. Cambridge MA: Mit Press, 1980

  18. 77 FR 27499 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2012-05-10

    ...) riskless trading in investment company securities due to backward pricing, (b) disruption of orderly... securities or shares of registered investment companies which do not satisfy the definition of eligible...

  19. ANALYSIS OF CAPITAL FLOW WITH GIS -- Two Approaches for Regional Investment in China

    Institute of Scientific and Technical Information of China (English)

    2003-01-01

    GIS technology has been mostly concerned with handling physical data and modeling physical environment. However, the requirements of GIS for handling socio-economic information in many cases are different from those concerning phenomena in the physical environment. Analysis of capital flow among regions requires the transitions both from economic values to physical landscape and from physical surface to economic explanation. Rapid growth of Chinese economy comes mainly from investment. There are two main ways for obtaining high growth of investment. One is government expenditure which usually invests in regional facility and amenity block, which is regarded as stimulus for attracting investment. The other is the creation of investing center and corresponding capital source areas, both of which need the central city with the highest growth rate of investment among regions. This paper presents the cluster areas of both government revenue and total investment, the potential situation of capital flow between central city Shanghai and its neighbor provinces by using " Classification" and " Interpolation" functions of ArcView GIS.

  20. CAPITAL INVESTMENT CRITERION FOR BULK ELECTRICITY TRANSMISSION INFRASTRUCTURE: A CONSUMPTION APPROACH

    Directory of Open Access Journals (Sweden)

    R.D. Smith

    2012-01-01

    Full Text Available The primary technical function of an electric utility company is to supply electrical energy to its customers economically and at acceptable levels of reliability. The aspects of economics and reliability are however, competing constraints, since increased reliability of supply generally requires increased capital investment, which leads to higher prices for electricity.
    Traditional capital budgeting criteria, such as positive net present value, have been found to inhibit sound economic capital investment decision-making within the bulk electricity transmission environment. It is submitted that the results of this investigation will enable the operators of bulk electricity transmission systems to match the level of investment in reliability related infrastructure, with customers’ reliability preferences. To do this it is necessary to incorporate the economic valueof- service reliability to customers into the economic evaluation used by utility planners.

  1. Determinants of Working Capital Investment: A Study of Malaysian Public Listed Firms

    Directory of Open Access Journals (Sweden)

    Shaista Wasiuzzaman

    2013-06-01

    Full Text Available The paper examines the determinants of the level of investment in net operating working capital by firms in Malaysia. Data from 192 companies spanning a period of 8 years (2000- 2007 are analysed using the OLS regression technique for this purpose. The study finds that in times of economic expansion, younger and smaller firms with less tangible assets, low leverage, high immediate sales growth, high operating cash flows, less volatile revenues and low levels of asymmetric information are likely to have the highest investments inoperating working capital. Board characteristics, namely size and the independence of the board, are not found to have any significant influence on the working capital investment of firms.

  2. 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.

  3. Empirical Analysis of Hungarian Firms According to Venture Capital Investment Criteria

    Directory of Open Access Journals (Sweden)

    Futó Judit Edit

    2016-06-01

    Full Text Available Over the past decade the venture capital industry has become more and more prominent, not just on a global level, but in Hungary, too. Thanks to the JEREMIE Program a large number of new venture capital firms are located in our country, and therefore an investment wave has started. The aim of the paper is to sort micro- and small sized enterprises in terms of how appropriate is a venture capital financing. The main topic of the paper relates to the selection of firms for venture capital investment; therefore, in the first part of the study we briefly summarize a general venture capital investment process, highlighting both the selection process and the criteria used for selection. Then we propose 3 indexes (trustworthiness index, openness index, investment index, which we have created to help venture capitalists to decide whether the targeted enterprises are appropriate for them, or not. In the main part of the paper we provide a classification of micro- and small sized Hungarian firms based on my own survey, and we analyze what kind of relationship exists between the proposed indexes and the type of the classified firms. The result of the classification is that we identify four main firm types and, based on statistical tests, it can be said that there is no significant relationship between the trustworthiness index and the clusters, but that there are between the two other indexes and the clusters.

  4. Human Capital Investment and the Gender Division of Labor in a Brawn-Based Economy

    Science.gov (United States)

    Pitt, Mark M.; Rosenzweig, Mark R.; Hassan, Nazmul

    2013-01-01

    We use a model of human capital investment and activity choice to explain facts describing gender differentials in the levels and returns to human capital investments. These include the higher return to and level of schooling, the small effect of healthiness on wages, and the large effect of healthiness on schooling for females relative to males. The model incorporates gender differences in the level and responsiveness of brawn to nutrition in a Roy-economy setting in which activities reward skill and brawn differentially. Empirical evidence from rural Bangladesh provides support for the model and the importance of the distribution of brawn. PMID:25152536

  5. Capital investment at North Bohemian Brown Coal Mines

    Energy Technology Data Exchange (ETDEWEB)

    Vavrecka, S.

    1987-03-01

    Various categories of investment are discussed to be undertaken by North Bohemian Brown Coal Mines: State Plan projects, such as new extraction capacity at Most and Vrsany mines; other construction work, such as schools and recreation facilities, housing construction; underground mine workings; equipment and machinery not included in other categories; restoration work, such as the Ervenicky road/rail/water corridor; work to remove obstacles hindering future mining operations. Investments are briefly summarizes since the beginning of the 5th Five Year Plan as being concerned mainly with the shift in emphasis from underground mining to surface mining at 8 large-scale mines (Merkur, Brezno, Vrsany, Sverma, VCSA, Most, VMG, Chabrovice). An analysis of investment procedures conducted in 1980 is briefly discussed, the results of which had 4 main themes: investment control systems should be strengthened, communications between general directorate and individual departments should be improved, links between specialist institutes should be improved and these recommendations should be built into the organizational structure.

  6. An Analysis on the Disparity of the Private Investment in Human Capital between Urban and Rural Residents in Guangxi

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The constant growth of human capital is the essential force of Economic growth. The deep research on private investment in urban and rural human capital in Guangxi is necessary for developing economy and narrowing urban-rural gap. Through the analysis on the historic statistics, it is found that there were disparities total quantity and investment structure of private investment in human capital of urban and rural residents. By using the ELES model, the marginal investment trend, investment demand, elastic income, own-price elasticity and mutual-price elasticity of private investment in human capital of urban and rural residents are analyzed. It is pointed out that income is the key factor that affects the private investment in human capital of urban and rural residents. In Guangxi, the private investment and marginal investment in human capital of urban and township residents are higher than that of rural residents;the own-price elasticity and mutual price elasticity of rural residents’ private investment in human capital are all higher than that of urban residents’.

  7. 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.

  8. GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

    Directory of Open Access Journals (Sweden)

    Becsky Nagy Patricia

    2014-07-01

    Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

  9. 75 FR 3502 - KLH Capital, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act...

    Science.gov (United States)

    2010-01-21

    ... ADMINISTRATION KLH Capital, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that KLH Capital, L.P., 101 East Kennedy Boulevard, Suite 3925, Tampa, Florida 33602, a Federal Licensee under the Small Business Investment Act of 1958, as...

  10. 76 FR 17180 - KLH Capital II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment...

    Science.gov (United States)

    2011-03-28

    ... ADMINISTRATION KLH Capital II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that KLH Capital, L.P., 101 East Kennedy Boulevard, Suite 3925, Tampa, FL, 33602 a Federal Licensee under the Small Business Investment Act of 1958,...

  11. The impact of outsourcing on investments in firm-specific human capital under varying contract regimes

    DEFF Research Database (Denmark)

    Bråd Nielsen, Lars

    knowledge and skills, thus requiring continuous updating of employee competences. This paper develops a two-period agency model to show how the threat of layoff (outsourcing of job tasks to a third party supplier) can help a company trigger or ease employee investments in .firm-speci.c human capital...

  12. Education and the Labour Market: Subjective Aspects of Human Capital Investment.

    Science.gov (United States)

    Killeen, John; Turton, Richard; Diamond, Wayne; Dosnon, Odile; Wach, Monique

    1999-01-01

    Explores subjective aspects of human-capital investment decisions in education. Explores connections that 11th- and 13th-year British students perceive between their education and the labor market, and between qualifications mechanisms and life chances. Most students believe education plays a market-signaling role and a marginal role in raising…

  13. Outward Foreign Direct Investment and Human Capital Development: A Small Country Perspective

    Science.gov (United States)

    McDonnell, Anthony

    2008-01-01

    Purpose: The purpose of this paper is to examine the pattern of outward foreign direct investment (FDI) by Irish MNCs, and more specifically, to investigate their approach to human capital development and how these correspond to foreign MNCs in Ireland. In particular, it seeks to investigate training and development expenditure, adoption of…

  14. Life Expectancy and Human Capital Investments: Evidence from Maternal Mortality Declines. NBER Working Paper No. 13947

    Science.gov (United States)

    Jayachandran, Seema; Lleras-Muney, Adriana

    2008-01-01

    Longer life expectancy should encourage human capital accumulation, since a longer time horizon increases the value of investments that pay out over time. Previous work has been unable to determine the empirical importance of this life-expectancy effect due to the difficulty of isolating it from other effects of health on education. We examine a…

  15. Tactics research of enterprise's manpower capital investment%论企业人力资本投资策略

    Institute of Scientific and Technical Information of China (English)

    栗会敏; 周霞

    2004-01-01

    In the era of knowledge- driven economy, the manpower capital is the most active factor of production and core of social economic development. This text proceeds with the concept of capital manpower, and probes into the importance of manpower capital investment to the survival and development of enterprises. In order to maximize the income of manpower capital investment, enterprises need to set up corresponding incentive mechanism to inspire the enthusiasm of manpower capital, and it is also the key factors that promoting the development modern economic and the enterprises' success.

  16. 77 FR 11618 - Solutions Capital I, L.P.; Notice Seeking Exemption Under the Small Business Investment Act...

    Science.gov (United States)

    2012-02-27

    ... ADMINISTRATION Solutions Capital I, L.P.; Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Solutions Capital I, L.P., 1100 Wilson Blvd., Suite 3000... Administration Rules and Regulations (13 CFR 107). Solutions Capital I, L.P., proposes to acquire debt...

  17. Rising Inequality and Intergenerational Mobility: The Role of Public Investments in Human Capital.

    Science.gov (United States)

    Aizer, Anna

    2014-06-01

    One consequence of the rise in inequality witnessed over the past 40 years is its potentially negative impact on intergenerational mobility if parents at the bottom of the income distribution invest significantly less in their children's human capital. I consider whether public investments in children can potentially offset the inequality of private investments. Specifically, examining changes in public spending in 25 Organization for Economic Co-operation and Development countries over the period 2000-2009, I find that increases in spending on health are most strongly associated with reductions in the importance of family background and declines in inequality in the production of child human capital as measured by the Program for International Student Assessment test scores among 15-year-olds. Public spending on family support, housing, and education are also moderately related. In contrast, increased spending on the elderly is associated with increases in the importance of parental background and inequality of child test scores. These results suggest that public investments in child human capital have the potential to offset the potentially negative impact of increasing income inequality on intergenerational mobility and inequality of the next generation. Further research firmly establishing a causal relationship is needed.

  18. The Educational Asset Market: A Finance Perspective on Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information...... on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education....

  19. The role of government in supporting the emergence of clean energy venture capital investing in Switzerland

    Energy Technology Data Exchange (ETDEWEB)

    Buerer, M.J.; Wuestenhagen, R.

    2005-07-01

    This report for the Swiss Federal Office of Energy (SFOE) takes a look at the role of the Swiss government in supporting the provision of venture capital for clean energy projects. Topics examined include the lack of sufficient venture capital investment in clean energy technology, the situation encountered in Switzerland today as far as energy entrepreneurship is concerned, key challenges and cultural, legal and fiscal aspects. Present government support in these areas, the relevance of current Swiss programmes and improvements that are to be made are also discussed. Also, activities in other countries are examined and suggestions are made concerning new activities to improve the situation in Switzerland.

  20. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2016-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust...

  1. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2014-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... examine worldwide venture capital investment flows from 2000-2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance; where institutional trust...

  2. Private Rate of Return on Human Capital Investment in the Czech Republic: Differences by Study Fields

    Directory of Open Access Journals (Sweden)

    Savina Finardi

    2012-03-01

    Full Text Available The paper is focused on approaches to the measurement of the returns of private investments on human capital in the Czech Republic. In the last ten years, there is observed a significant increase in number ofstudents at Higher Education Institutions (HEIs and an increasing number of HEIs graduates is also expected in the Czech Republic in forthcoming years. Using data from the research project “REFLEX”, fromthe Czech Statistical Office and from EUROSTUDENT IV survey, the paper provides the methodology and the experimental computations of the rates of return on private investment in the tertiary education broken down by study fields.

  3. Venture Capital Investments for Life Sciences Start-ups in Switzerland.

    Science.gov (United States)

    Gantenbein, Pascal; Herold, Nils

    2014-12-01

    Despite its economic and technological importance, the Swiss life sciences sector faces severe challenges in attracting enough venture capital for its own development. Although biotechnology and medical technology have been the most important areas of venture financing from 1999 through 2012 according to our own data, average investment volumes nevertheless remain on a low level of only 0.05 percent of Swiss GDP. After 2008, there was a pronounced shift away from early-stage financing. While business angels still play an important role at the early stage, venture capitalists are the most important investor type by volumes having their main focus on expansion financing. The industry faces predominant challenges in securing capital availability for entrepreneurs, in transforming the highly skewed and back-loaded payoff profile of investments into a more stable return stream, and in defining appropriate business and collaboration models.

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

    Directory of Open Access Journals (Sweden)

    DIAN PRIHADYANTI

    2011-04-01

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

  5. 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.

  6. Getting a return on investment from spending capital dollars on new beds.

    Science.gov (United States)

    Hardy, Patsy A

    2004-01-01

    In assessing this bed-purchase process and the resulting return on investment, I identified the following critical success factors related to capital investments: Evaluation of capital equipment for return on investment from the expense side, particularly when looking at use of manpower for critical positions in the organization Evaluation of capital equipment for increasing nursing satisfaction, a factor in addressing the healthcare worker shortage in today's environment Involvement of a representative team to create personal ownership through individuals wanting to take care of something they are involved in purchasing Spin-off timesaving that can be realized through the adage "form follows function" The last factor was found not only in savings of nurse staff time but also in pharmacy time because the weight function on the new beds saved approximately one hour, allowing for speedier calculation of creatinine clearance in antibiotic dosing. Changing my position and perspective was rewarding. The persistence of the CNO and the involvement of the employees made the experience gratifying on a personal level as well.

  7. Exploring Best Practice Skills to Predict Uncertainties in Venture Capital Investment Decision-Making

    Science.gov (United States)

    Blum, David Arthur

    Algae biodiesel is the sole sustainable and abundant transportation fuel source that can replace petrol diesel use; however, high competition and economic uncertainties exist, influencing independent venture capital decision making. Technology, market, management, and government action uncertainties influence competition and economic uncertainties in the venture capital industry. The purpose of this qualitative case study was to identify the best practice skills at IVC firms to predict uncertainty between early and late funding stages. The basis of the study was real options theory, a framework used to evaluate and understand the economic and competition uncertainties inherent in natural resource investment and energy derived from plant-based oils. Data were collected from interviews of 24 venture capital partners based in the United States who invest in algae and other renewable energy solutions. Data were analyzed by coding and theme development interwoven with the conceptual framework. Eight themes emerged: (a) expected returns model, (b) due diligence, (c) invest in specific sectors, (d) reduced uncertainty-late stage, (e) coopetition, (f) portfolio firm relationships, (g) differentiation strategy, and (h) modeling uncertainty and best practice. The most noteworthy finding was that predicting uncertainty at the early stage was impractical; at the expansion and late funding stages, however, predicting uncertainty was possible. The implications of these findings will affect social change by providing independent venture capitalists with best practice skills to increase successful exits, lessen uncertainty, and encourage increased funding of renewable energy firms, contributing to cleaner and healthier communities throughout the United States..

  8. Getting the most out of your capital investment with operational readiness

    Energy Technology Data Exchange (ETDEWEB)

    McGee, M. [Fluor, Greenville, SC (United States)

    2009-07-01

    Fluor specializes in site location and economic development services for companies and communities around the world. This presentation discussed how to get the most out of a capital investment with operational readiness. The presentation addressed several questions, regarding the difference between successful and unsuccessful capital projects and the measure of success. It also questioned whether a project manager should be rewarded based on achieving the project goals. Cultural aspects were also presented. The presentation noted that behavioural scientists have repeatedly demonstrated that the result is determined by the reward system in place and that in capital projects, the reward system is generally driven by cost and schedule goals. The author questioned what kinds of behaviour could be expected during the project if the project team was rewarded and measured based on cost and schedule. The UpFront system to achieving operational readiness by Fluor was also discussed. This included capacity planning; operations readiness; maintenance readiness; organizational readiness; support readiness; systems readiness; supply chain readiness; life cycle design support; and vertical launch. It was concluded that the goal for a capital investment should be to minimize the total cost of ownership. figs.

  9. The Q theory of investment, the capital asset pricing model,and asset valuation:a synthesis

    Institute of Scientific and Technical Information of China (English)

    MCDONALD John F.

    2004-01-01

    The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

  10. The association of debt financing with not-for-profit hospitals' operational and capital-investment efficiency.

    Science.gov (United States)

    Magnus, Stephen A; Wheeler, John R C; Smith, Dean G

    2004-01-01

    Increased debt in companies can motivate both operational and capital-investment efficiency. This positive influence of debt is attributed to creditors' oversight of corporate behavior and the need to generate cash flows to service debt. Our study investigates whether debt has a similar relationship with efficiency in not-for-profit hospitals. Using statistical analysis of a database of audited financial statements of not-for-profit hospitals, we test whether debt is associated with six distinct measures of operational and capital-investment efficiency. We find that debt either has no association with efficiency or predicts decreased efficiency. Possible explanations are that creditors' oversight is less tight in the not-for-profit setting and that debt may at times motivate excessive capital investment because of a legal requirement to tie tax-exempt debt with a capital-investment project.

  11. 76 FR 50813 - Major Capital Investment Projects; Guidance on News Starts/Small Starts Policies and Procedures

    Science.gov (United States)

    2011-08-16

    ... Federal Transit Administration Major Capital Investment Projects; Guidance on News Starts/Small Starts... policy guidance on the New and Small Starts capital project review and evaluation process and criteria...) published by FTA in June 2010, which sought public comment on the New Starts and Small Starts...

  12. Amortization as source of capital investments in Belarus: historiography, theoretical and practical aspects

    Directory of Open Access Journals (Sweden)

    S.L. Korotayev

    2016-12-01

    Full Text Available The article focuses on the historiography of defining amortization as the source of further reproduction and creation due to the amortization of sinking funds, used by economic entities for future capital investments. Acting as the source of capital investments, sinking funds were established during the socialist era, as well as in the post-Soviet period, that is before the beginning of the 21st century. However, starting from 2010, economic entities no longer have been creating sinking funds on the balance sheet and outside it, that corresponds to the international practice, in particular the rules and principles of International Financial Reporting Standards. The author proves that the amortization, recoverable in the price of goods (works, services, is the reimbursement of the past, not future expenditures. Accordingly, the sinking funds, as the source of future investments, cannot be made at the expenses of amortization charges. At the same time, the author analyzes the possible consequences of the legal right of enterprises to unchanged amortization installments in the reporting period with the extension of the life of depreciable fixed assets for the period when no amortization charges were calculated.

  13. The Contribution of Human Capital Investment in the Growth of East Asian Economy – A Literature Review

    Directory of Open Access Journals (Sweden)

    Nabaz Nawzad Abdullah

    2016-01-01

    Full Text Available Human capital as the wealth of nation supports the economy in a variety of ways. This study intended to elucidate the significance of education, technology utilization and health investment in economic affluence of East Asia. The finding shows a significant relationship between human capital investment and economic growth in East Asia. Human capital investment has become an essential tool to determine nations productivity in both, micro and macro level. The findings come across to assume that, in order to be successful, HC investment through the improvement of technology, education and health system must be cautiously considered in any endeavor towards economic development and sustainability. The study concluded that a person with poor health, lack of knowledge or vocational training will offer less, theoretically, than a person who has been specifically trained or who has attained a higher level of education.

  14. [Financing problems of capital goods. Part 2: procedure for investment appraisal].

    Science.gov (United States)

    Clausen, C C; Bauer, M; Saleh, A; Picker, O

    2008-07-01

    In part 1 of this series about problems of financing capital goods the multiple and partly diametric economic effects of financing instruments were presented using the leasing procedure as an example. The result indicated that due to the complexity of these effects the choice of a specific financing instrument requires an individual consideration. Therefore, part 2 of the series introduces the method of dynamic capital budgeting which allows the instruments discussed in part 1 to be compared with each other and helps to evaluate their economic benefits. More precisely this paper focuses on a comparative analysis of the most common alternatives, leasing, credit financing and investment financing by the state. In this context, after having identified the total costs of ownership of anesthesia devices, the final asset values of the three financing instruments can be compared with each other using the method of dynamic capital budgeting. In contrast to the prevailing opinion, the results show that from a purely fiscal perspective leasing anesthesia devices is the most expensive alternative. Given the fact that no financial support is available from the state, the option of credit financing turns out to be the most preferable alternative from a relatively limited pool of possibilities. However, it still remains to be answered whether credit financing can defend this position against further, innovative forms of debt financing (e.g., factoring, asset-backed securities, hedge funds, mezzanine capital, etc.).

  15. Optimal Consumption and Investment with Labor Income and European/American Capital Guarantee

    Directory of Open Access Journals (Sweden)

    Morten Tolver Kronborg

    2014-05-01

    Full Text Available We present the optimal consumption and investment strategy for an investor, endowed with labor income, searching to maximize utility from consumption and terminal wealth when facing a binding capital constraint of a European (constraint on terminal wealth or an American (constraint on the wealth process type. In both cases, the optimal strategy is proven to be of the option-based portfolio insurance type. The optimal strategy combines a long position in the optimal unrestricted allocation with a put option. In the American case, where the investor is restricted to fulfill a capital guarantee at every intermediate time point over the interval of optimization, we prove that the investor optimally changes his budget constraint for the unrestricted allocation whenever the constraint is active. The strategy is explained in a step-by-step manner, and numerical illustrations are presented in order to support intuition and to compare the restricted optimal strategy with the unrestricted optimal counterpart.

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

    Science.gov (United States)

    Frogner, Bianca K

    2010-01-01

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

  17. Joint venture capital investment for clean technologies and their problems in developing countries.

    Science.gov (United States)

    Doelle, H W

    1996-09-01

    All technological developments are aimed at improving the quality of life of a community of people. Biotechnology is a technology which allows the exploitation of microorganisms, plants and animal cells to take place within an economic framework. Developing countries are looking for programmes achieving sustainable, economical growth conducive to a higher per capita income of the community. Any joint venture which promises social advances and economic benefits will have to be rural-based. This presentation discusses the need for a change in fermentation industry attitudes to allow joint venture capital investment in clean technologies together with the problems developing countries face for the implementation of such technologies.

  18. The effects of capital and human resource investments on hospital performance.

    Science.gov (United States)

    Stock, Gregory N; McDermott, Christopher; McDermott, Margaret

    2014-01-01

    Data are employed from a sample of New York hospitals and the Hospital Consumer Assessment Healthcare Providers and Systems database to analyze the effects of capital spending, staffing levels, and salaries on hospital performance. The most striking result is that higher average salaries are associated with lower length of stay, lower mortality rate, and higher satisfaction but are not significantly related to cost per patient. Therefore, it appears that human resource investments may be associated with better patient outcomes without significantly increasing the cost of patient care.

  19. Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success

    Directory of Open Access Journals (Sweden)

    Ioannis Kostakis

    2014-01-01

    Full Text Available This study assesses the effects of fiscal policy on economic growth in a sample of 96 countries from 1990 to 2010. Ordinary Least Squares (OLS and Extreme Bound Analysis are mainly estimated in order to investigate whether public investments, human capital, and political stability affect growth controlling for initial output and human capital levels. Furthermore, in this empirical research four subsets of independent variables were used: (a demographic factors, (b political determinants, (c region variables, and (d variables regarding macroeconomic policy. Empirical results suggest that there is an important difference in the impact of public and private sector investments on the growth of per capita income. Moreover, political indicators such as corruption control, rule of law, and government effectiveness have a high impact on economic growth. Demographic factors, including fertility rate and mortality growth, as well as several macroeconomic variables, like inflation rate index and government consumption, were estimated to be statistically significant factors of economic performance. Fiscal volatility may also be a new possible channel of macroeconomic instability that leads to lower growth. Policy implications of the findings are discussed in detail.

  20. HUMAN CAPITAL INVESTMENT AND ECONOMIC GROWTH IN NIGERIA: THE ROLE OF EDUCATION AND HEALTH

    Directory of Open Access Journals (Sweden)

    MATTHEW, A. OLUWATOYIN

    2011-12-01

    Full Text Available This study looked at Human Capital Investment and Economic Growth in Nigeria – the Role of Education. Even though there are different perspectives to economic growth, there is a general consensus that growth will lead to a good change manifested in increased capacity of people to have control over material assets, intellectual resources and ideology, and obtain physical necessities of life like food, clothing, shelter, employment, e.t.c. This is why some people have argued that the purpose of growth is to improve peoples’ lives by expanding their choices, freedom and dignity. The belief in human capital as a necessity for growth started in Nigeria during the implementation of the 1955-60 Development Plan and today, with the importance of knowledge in the economy, human capital has increasingly attracted both academic and public interest. This study made use of the Unit Root and Augmented Dickey Fuller (ADF tests and found out that a positive relationship exists between government expenditure on education and economic growth while a negative relationship exists between government expenditure on health and economic growth. Therefore, based on these findings, the study recommended that the Government should increase not just the amount of expenditure made on the education and health sectors, but also the percentage of its total expenditure accorded to these sectors. The ten percent benchmark proffered by the present national plan should be adopted.

  1. Maximum Principle for Linear-Convex Boundary Control Problems applied to Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of the Pontryagin Maximum Principle for an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. The optimal control model has already been studied both in finite and infinite horizon with Dynamic Programming methods in a series of papers by the same author, or by Faggian and Gozzi. Necessary and sufficient optimality conditions for open loop controls are established. Moreover the co-state variable is shown to coincide with the spatial gradient of the value function evaluated along the trajectory of the system, creating a parallel between Maximum Principle and Dynamic Programming. The abstract model applies, as recalled in one of the first sections, to optimal investment with vintage capital.

  2. 77 FR 5613 - C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment...

    Science.gov (United States)

    2012-02-03

    ... ADMINISTRATION C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that C3 Capital Partners II, L.P., 4520 Main Street, Suite 1600, Kansas City, Missouri 64111-7700, a Federal Licensee under the Small Business Investment...

  3. Promoting and Disseminating Good Practice in the Planning and Management of Educational Facilities: Capital Investment Strategic Planning - A Case Study, Gold Coast Institute of TAFE, Queensland, Australia.

    Science.gov (United States)

    Crump, Kelvin

    This paper presents a case study of the process of capital investment strategic planning at the Gold Coast Institute of Technical and Further Education (TAFE), Queensland, Australia. Capital investment strategic planning is a means of contributing to success by providing strategies to ensure that assets are managed efficiently, effectively, and…

  4. Governance of project management and capital investments: A case study in Brazil’s mining industry

    Directory of Open Access Journals (Sweden)

    Jose Antonio Sousa Neto

    2012-12-01

    Full Text Available The objective of this paper is to present the results of a survey carried out to evaluate the application of corporate governance practices in the management of capital investments and projects by a Brazilian iron ore mining company in 2011. It addresses the main concepts related to projects and corporate governance, as well as the impacts of the Sarbanes-Oxley Act of 2002 on project management. Data were analyzed and processed using descriptive statistics. It was found that the four core disciplines of project governance: portfolio management, project sponsorship, project management, disclosure and reporting, are present in the organization’s management framework, including the application of controls necessary to ensure the accuracy of financial analysis and future cash flows from the successful completion of capital projects. On the other hand, a discrepancy was found in the disproportionate allocation of resources and staff to mega project management compared to small and medium projects which, as a result, are not completed on schedule and within budget. Deficiencies were also found in the attribution of priorities within the organization’s project portfolio.

  5. The impact of IT investments and intellectual capital on firms’ performance

    OpenAIRE

    Meysam Ghaderi; Mohsen Hamidian; Hosein Jabari

    2015-01-01

    This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT) capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital ...

  6. Syndicated Investing in Private Equity and Venture Capital Industry: Comparing BRICS

    Directory of Open Access Journals (Sweden)

    Lucas V.B. Martins

    2015-04-01

    Full Text Available Objective. This article characterizes and compares the networks structure formed by Managing Organizations (GOs Private Equity and Venture Capital (PE&VC that co-invested in the so called BRICS countries.Methodology. The methodology used consists of PE or VC transactions with target companies based on the BRICS and involving more than one investor, or “syndicated investing”, between 1992 and 2013.Findings. The analysis revealed that the social structure in these countries is highly clustered, showing the existence of small worlds in all markets studied, yet under different intensities. This type of structure stimulates the flow of information impacting access to business opportunities. The results suggest that, when dealing with networks of PE&VC investors, one should consider the particularities of BRICS, which are not homogeneous from the perspective of network analysis.Limitations. This study considers only data from transactions originated and the effect known as BRICS.Originality/Value. This article offers unique contribution in that it explores Syndicated Investing in understudied markets, employing a methodology that provides new results. Copyright © 2015 Instituto Brasileiro de Inovação Financeira All rights reserved

  7. Evolution of Gender Differences in Post-Secondary Human Capital Investments: College Majors. Working Paper #03-11

    Science.gov (United States)

    Gemici, Ahu; Wiswall, Matthew

    2011-01-01

    Over the past 40 years, the level of human capital investments has changed substantially for men and women. Changes in the intensive margin of college major selection have been also been substantial, as the number of graduates in humanities, social science, and teaching has declined, and the number in science, engineering, and business has…

  8. Private Capital and Investment Climate for Economic Growth: Empirical Lessons based on ARDL bound test technique

    Directory of Open Access Journals (Sweden)

    Gérard Tchouassi

    2014-06-01

    Full Text Available Using time series, autoregressive distributed lags (ARDL-bound test approach and error-correction model (ECM, this paper aims to analyze how private capital and investment climate contribute to economic growth in African countries: Cameroon, Côte d’Ivoire, Tunisia, South Africa and Zambia. We find that in short-run there is a significant relationship between private capital, economic freedom and economic growth in Cameroon, in Côte d’Ivoire, in South Africa and in Zambia. In long run, we establish that a long term relationship exists between the variables. This implies that there is a long run cointegration relationship among the variables in some equations in Cameroon, Côte d’Ivoire, South Africa and Zambia. Employing the appropriate order of the ARDL specification and multidimensional economic freedom proxies to examine this linkage, the results obtained are not all significant.  JEL Classifications: C13, C22, E22, F43, O11, O47 Key-Words: Private capital, Investment climate, Economic freedom, Economic growth, Time series, ARDL bound test approach, Error-Correction Model. Normal 0 14 false false false IT X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

  9. DETERMINATION OF THE OPTIMAL CAPITAL INVESTMENTS TO ENSURE THE SUSTAINABLE DEVELOPMENT OF THE RAILWAY

    Directory of Open Access Journals (Sweden)

    O. I. Kharchenko

    2015-04-01

    Full Text Available Purpose. Every year more attention is paid for the theoretical and practical issue of sustainable development of railway transport. But today the mechanisms of financial support of this development are poorly understood. Therefore, the aim of this article is to determine the optimal investment allocation to ensure sustainable development of the railway transport on the example of State Enterprise «Prydniprovsk Railway» and the creation of preconditions for the mathematical model development. Methodology. The ensuring task for sustainable development of railway transport is solved on the basis of the integral indicator of sustainable development effectiveness and defined as the maximization of this criterion. The optimization of measures technological and technical characters are proposed to carry out for increasing values of the integral performance measure components. To the optimization activities of technological nature that enhance the performance criteria belongs: optimization of the number of train and shunting locomotives, optimization of power handling mechanisms at the stations, optimization of routes of train flows. The activities related to the technical nature include: modernization of railways in the direction of their electrification and modernization of the running gear and coupler drawbars of rolling stock, as well as means of separators mechanization at stations to reduce noise impacts on the environment. Findings. The work resulted in the optimal allocation of investments to ensure the sustainable development of railway transportation of State Enterprise «Prydniprovsk Railway». This allows providing such kind of railway development when functioning of State Enterprise «Prydniprovsk Railway» is characterized by a maximum value of the integral indicator of efficiency. Originality. The work was reviewed and the new approach was proposed to determine the optimal allocation of capital investments to ensure sustainable

  10. The impact of IT investments and intellectual capital on firms’ performance

    Directory of Open Access Journals (Sweden)

    Meysam Ghaderi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital and information technology capital and firms’ return, however, each of these four factors had various effect. Other results indicate that IT capital had the greatest impact on future returns of companies and among intellectual capital components, communication capital had the highest impact on future earnings.

  11. 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.

  12. The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation.

    Science.gov (United States)

    Fleming, Jonathan J

    2015-02-01

    A key element required for translating new knowledge into effective therapies is early-stage venture capital that finances the work needed to identify a lead molecule or medical device prototype and to develop it to the proof-of-concept stage. This early investment is distinguished by great uncertainty over whether the molecule or prototype is safe and effective, the stability of the regulatory standards to which clinical trials are designed, and the likelihood that large follow-on investments for commercial development can be secured. Regulatory and reimbursement policies have a profound impact on the amount of capital and the types of life science projects that investors pursue. In this article I analyze several recent trends in early-stage venture capital funding, describe how these trends are influenced by regulatory and reimbursement policies, and discuss the role of policy makers in bringing new treatments to market. Policy makers can foster renewed private investment into critically needed early-stage products by increasing Small Business Innovation Research (SBIR) funding and public support for clinical trials in targeted areas of interest; creating regulatory pathways to enable early testing of experimental compounds in limited populations; and offering economic incentives for investors and developers in designated therapeutic areas.

  13. Evaluating net investments in the operating working capital under certainty: The integrated approach to working capital management

    Directory of Open Access Journals (Sweden)

    Aleksandra Szpulak

    2015-04-01

    Full Text Available In day-to-day operations managers decide on a variety of working capital variables influencing the size of operating cash flows its timing and risk and therefore the firm’s value. This paper reveals the tool based on NPV criterion appropriate for evaluation of net effect the changes in working capital management have on the firm’s value. This research merge previous work on the applications of the NPV criterion in the field of working capital management within discounted cash flows framework (Lieber and Orgler, 1975; Sartoris and Hill, 1983; Kim and Chung, 1990; Arcelus and Srinivasan, 1993 and contributes to it by (i including additional working capital decision variables: advance payments, labor costs and deferral of salaries payments, (ii focusing on moments of outflows instead of moments of costs arising and (iii it is designed to be applicable for discretionary type of business activity. As being value-based tool presented here is superior to well established financial ratios analysis usually suggested for assessing the efficiency of working capital management.

  14. Migration Options for Skilled Labor and Optimal Investment in Human Capital

    DEFF Research Database (Denmark)

    Ghoddusi, Hamed; Siyahhan, Baran

    2011-01-01

    This paper develops a model of optimal education choice of an agent who has an option to emigrate. Using a real options framework, we analyze the time evolution of human capital in the country of origin and investigate the role of migration possibilities in the accumulation of different types...... of human capital. The analysis shows that the accu- mulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial...

  15. 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.

  16. 76 FR 17180 - C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment...

    Science.gov (United States)

    2011-03-28

    ... ADMINISTRATION C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that C3 Capital Partners IT, L.P., 4520 Main Street, Suite 1600, Kansas City, Missouri, 64111-7700, a Federal Licensee under the Small Business...

  17. Rolling capital: managing investments in a value-based care world.

    Science.gov (United States)

    Jasuta, Lynette

    2016-06-01

    The importance of capital planning is increasing as the healthcare industry moves toward value-based care. Replacing unwieldy and inflexible traditional capital planning processes with a rolling capital planning approach can result in: Greater standardization, facilitating better strategic planning across the whole system. Reduced labor intensity in the planning and budgeting process. Reduced costs through being able to plan better for replacement purchases and take advantage of group purchasing and bundling opportunities. Increased transparency in the decision-making process.

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

    Science.gov (United States)

    Senyel, Muzeyyen Anil

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

  19. State Education as High-Yield Investment: Human Capital Theory in European Policy Discourse

    Science.gov (United States)

    Gillies, Donald

    2011-01-01

    Human Capital Theory has been an increasingly important phenomenon in economic thought over the last 50 years. The central role it affords to education has become even more marked in recent years as the concept of the "knowledge economy" has become a global concern. In this paper, the prevalence of Human Capital Theory within European…

  20. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  1. Investimento direto externo, acumulação de capital produtivo e distribuição de renda: uma abordagem pós-keynesiana Foreign direct investment, productive capital accumulation and income distribution: a post-keynesian approach

    Directory of Open Access Journals (Sweden)

    Mário Augusto Bertella

    2005-04-01

    Full Text Available It is developed a macrodynamic model in the post-keynesian tradition of political economy of the productive capital accumulation and income distribution to analyze some of the impacts of the (flow of foreign direct investment and the (stock of foreign productive capital on capital accumulation, economic growth and functional income distribution in a stylized economy. Alongside a usual demand effect, the impacts of such an internationalization of local capital through labor productivity and market concentration are taken into account as well.

  2. Suboptimal investments and M&A deals in emerging capital markets

    Directory of Open Access Journals (Sweden)

    Cherkasova Victoria

    2016-01-01

    Full Text Available This paper focuses on the efficiency of target-company investment decisions before and after Merger & Acquisition deals. We study whether M&A deals help to solve the problem of suboptimal investment after the acquisition. Using a sample of 145 target companies from BRICS countries that were acquired during the period 2004-2014, we outline those that had over- or underinvested before the deal and show that more than half the companies managed to optimize the investment level after the deal. We determine the key factors that improve the inefficiency of investment decisions and demonstrate that the industry and country have an impact on the degree of suboptimal investment.

  3. Corporate venture capital: geração e acompanhamento de oportunidades de investimento em empresas inovadoras Corporate Venture Capital: originating and monitoring investment opportunities in innovative companies

    Directory of Open Access Journals (Sweden)

    Thiago Pinheiro Faury

    2013-01-01

    Full Text Available O objetivo deste trabalho é compreender a utilização de estruturas corporate venture capital - CVC (capital de risco corporativo, identificando as motivações e as dificuldades no processo de implementação, com foco nos estágios de geração e acompanhamento de oportunidades de investimentos. A abordagem metodológica pautou-se inicialmente por uma revisão de literatura, seguida de um estudo de caso em uma empresa com unidade de novos negócios voltada ao CVC. Finalmente, foi utilizado um painel de especialistas da área de VC, composto por três grupos de especialistas: Mercado, Empreendedores e Neutro (acadêmicos, consultores em inovação e gerentes de incubadoras. Com o auxílio do software ATLAS.ti foi feita a análise de conteúdo dos discursos dos entrevistados, gerando um interessante painel a respeito das práticas de venture capital que poderá orientar não só a organização estudada, como também aos envolvidos na indústria de capital de risco, inovação e empreendedorismo. O trabalho aponta para a busca de opções de investimentos alinhadas aos mercados alvo, mas também de empreendedores alinhados à filosofia da organização. Também se observou diferenças na percepção entre os atores do painel de especialistas. Finalmente, foi destacada a importância de intermediários na aproximação das empresas inovadoras e o CVC.This study aims to understand the use of corporate venture capital structures (CVCs, identifying the motivations and difficulties in the implementation process, with focus on the generation and monitoring of investment opportunities. The methodological approach was based on a literature review, followed by an exploratory study performed in a service firm, especially in the new business unit dedicated to CVCs. Finally, we used a panel of specialists of the VC, composed of three groups of experts: Market, Entrepreneurs, and Neutral (academics, consultants, and managers of innovation incubators. The

  4. Impact of Rural Basic Human Capital Investment on Regional Development Ability

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    From the perspective of human resources development and regional economic cooperation,this paper expounds the basic conditions for socio-economic transformation and development in underdeveloped rural areas,and the ways to acquire basic human capital.On the basis of this,this paper further analyses the regional competitiveness difference arising from human capital difference,and proposes that we should solve this problem through sufficient supply of rural compulsory education.

  5. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  6. Capital investment of overseas Vietnamese to the economy of the Socialist Republic of Vietnam

    Directory of Open Access Journals (Sweden)

    Tyabaev Andrey E.

    2016-01-01

    Full Text Available The paper explores the vital issues of attracting investment from Vietnamese emigrants of different generations to the economy of the present-day Vietnam. We give the definition of the Vietnamese Diaspora (Viet Kieu and a short overview of emigrant waves. In addition, we explain how leaders of the Socialist Republic of Vietnam have interacted with overseas Vietnamese and their organizations in the field of economy over the years. The paper demonstrates geographic differences existing in this type of investment. Further, we outline the measures taken to encourage the Viet Kieu investment in the country’s economy as well as the success rate of these measures. Finally, we specify the barriers to investing in the national economy of Vietnam for “overseas fellow nationals”.

  7. Challenges of attracting private capital investments in the Russian power sector

    Energy Technology Data Exchange (ETDEWEB)

    Kiss, Peter; Sagodi, Attila

    2010-09-15

    The level of investment required by the Russian power sector by 2020 are expected to be in the range of USD 500-550 billion. It is of vital importance that Russia outlines an appropriate regulatory regime for its energy market that attracts foreign investors and combats corruption. The most important challenges determining the long term development of the country's power sector are skills development, regulatory effectiveness, corporate governance, and assurance regarding private investments.

  8. New Approach to Remuneration Policy for Investment Firms: a Polish Capital Market Perspective

    Directory of Open Access Journals (Sweden)

    Szymon Okoń

    2012-03-01

    Full Text Available The experience of the recent financial crisis leads to reflections on the relevant mechanisms of risk reduction of an investment firms activity. Within the European Union, the Directive 2010/76/EU (CRD III has introduced new rules regarding the remuneration policy for investment firms. The main goal was to reduce the risk of investment firms’ activity. This is a prudential regulation. The purpose of this article is to evaluate, from the point of view of an investment firm, proposed by the EU legislator approach to remuneration policy aimed at reducing the risk of the operation of this type of financial institutions. The aim was to identify the key problems with which Polish investment firms may face in the future in connection with new remuneration policy rules. As far as the methodology is concerned, the author carried out in-depth and standardized interviews with the representatives of several investment firms in Poland. In addition, the method of observation has been applied. The results of the research demonstrates that the abovementioned regulations will have limited impact on reducing the risk of the activities of these financial institutions as well as their implementation will be difficult for them in practice.

  9. The German model of capitalism and the persistence of outward foreign direct investment: evidence from German manufacturing industries

    Directory of Open Access Journals (Sweden)

    Martin T Bohl

    2011-06-01

    Full Text Available Against the backdrop of critique on the German model of capitalism in general, and German public policy in particular as to the ability to successfully adjust to rapid change and exogenous shocks in wake of economic globalisation, this paper investigates the degree of shock persistence in foreign direct investment (FDI of ten German manufacturing industries for the period 1976 to 2003. Theory on exports and non-FDI investment suggests that FDI should exhibit a considerable degree of shock persistence because they are subject to high sunk costs because of high entry and exit costs associated with the high level of asset specificity that is normally connected to FDI. Persistence in foreign direct investment time series data is established by applying various unit root tests. The results are robust to the potential presence of structural breaks in the data. The empirical analysis shows that German outward FDI in mature manufacturing industries, with one exception, exhibits a high degree of shock persistence. The results suggest, at least for mature German industries, that the sunk costs view on shock persistency is confirmed for outward FDI. The results furnish evidence for a tentative assessment of the relationship between German public policy and FDI strategies of multinational firms.

  10. The Strategic Management of Human Capital: Making the Smart Investments in Teachers and Principals

    Science.gov (United States)

    Berry, Barnett

    2009-01-01

    In this paper the author summarizes some of the most relevant issues, evidence, and divergent thinking relative to the strategic management of human capital in education. This paper has been built upon the most recent research, interviews with 20 of the leading experts around the nation, and structured conversations with leading-edge educators in…

  11. Social Capital and Regional Social Infrastructure Investment : Evidence From New Zealand

    NARCIS (Netherlands)

    Roskruge, Matthew; Grimes, Arthur; McCann, Philip; Poot, Jacques

    2012-01-01

    In this article, we link unique data on local social infrastructure expenditure with microlevel individual survey data of self-reported social capital measures of trust and participation in community activities. We use both probit and tobit models to estimate the impact of social infrastructure expe

  12. The Kingdom of Saudi Arabia and the challenges of globalisation, human capital investment and economic reform : a critical evaluation of the King Abdullah scholarship programme

    OpenAIRE

    Al Yousef, Maha

    2016-01-01

    Globalisation has developed alongside the growth of information technologies. These have in turn required states to pursue policies promoting adaptation to a knowledge-based economy reliant on 'human capital' (a phrase first coined in 1961 by Theodore Schultz). This thesis explores and assesses one aspect of the Saudi Arabian government's response to this globalisation process: investment in capital and development of the population's workplace skills requirements through the King Abdu...

  13. The investment pyramid: give due consideration to risk-reward ratios and capital liquidity.

    Science.gov (United States)

    Blau, Joel; Paprocki, Ronald J

    2003-01-01

    In spite of constraints in reimbursement and relatively flat incomes in many specialties for the last decade, most physicians can still look forward to significant incomes over their professional lives. Hopefully, they may accumulate sufficient funds for retirement. In the interim, the management of their resources has become evermore difficult with the vagaries of investment results over the past three years. This article details the authors' views to a balanced approach to structuring one's financial position with a focus on insurance and general investment options.

  14. RiskAnalysis of Private Capital Investment in Small Hydropower%民营资本投资小水电的风险剖析

    Institute of Scientific and Technical Information of China (English)

    陈创新

    2012-01-01

      The small hydropower resources have the advantages of short construction period, less investment, simple management, high rate of return and the like as clean energy with sustainable use, and are suitable for private capital investment. The risks and uncertainties of private capital investment in small hydropower were analyzed from macro and micro environment aspects of investment in small hydropower.%  小水电资源作为可持续利用的清洁能源,其建设周期短,投资少,管理简单,回报率高等优势适合民间资本投资。从小水电投资的宏观和微观环境两方面剖析了民营资本投资小水电存在的诸多风险和不确定因素

  15. 人口老龄化、公共人力资本投资与经济增长%POPULATION AGING,PUBLIC HUMAN CAPITAL INVESTMENT AND ECONOMIC GROWTH

    Institute of Scientific and Technical Information of China (English)

    吴俊培; 赵斌

    2015-01-01

    This paper analyzes the growth-oriented optimal structure and relative scale of public hu-man capital investment in an aging society by establishing an extended overlapping-generation model which endogenizes population aging.The theoretical analyses indicate that there are inverse U-curve relationships between the relative scale and structure of public human capital investment and economic growth.The op-timal scale and structure of public human capital investment are reflected by the correlation of aging popu-lation and economic growth.Specifically,if aging has positive (negative)effects on economic growth,the growth-oriented policy is to increase (decrease)public human capital investment to GDP ratio and public health investment to public human capital investment ratio.The empirical studies based on the panel data of Chinese provinces suggest that population aging has negative effects on economic growth.The scale of the public human capital investment and the proportion of public human health investment become so large,lying in the decline stage of inverse U-curve,that they depress the economic growth through crowd-ed-out effects.The policy implications of this paper are as follows:the government should increase the public education investment to public human capital investment ratio and encourage more efficient social private capital to invest in human capital accumulation so as to decrease the relative scale of public human capital investment;the scale of public physical investment should be reinforced at present.%本文利用内生化老龄化的世代交叠模型,探讨了老龄化社会中为了促进经济增长可选择的公共人力资本投资的最优相对规模和结构。本文研究表明,公共人力资本投资相对规模(即占 GDP 比例)和公共健康支出占比(即占公共人力资本投资比例)均与经济增长呈倒 U型关系,且最优值通过老龄化对经济增长的作用表现出来。即当老龄化对经济增

  16. 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.

  17. Labor force participation and human capital increases in an aging population and implications for U.S. research investment.

    Science.gov (United States)

    Manton, Kenneth G; Lowrimore, Gene R; Ullian, Arthur D; Gu, Xiliang; Tolley, H Dennis

    2007-06-26

    The proportion of the United States labor force >/=65 years of age is projected to increase between 2004 and 2014 by the passing of age 65 of the large post-World War II baby boom cohorts starting in 2010 and their greater longevity, income, education, and health [Toossi M (2005) Mon Labor Rev 128(11):25-44]. The aging of the U.S. labor force will continue to at least 2034, when the largest of the baby boom cohorts reaches age 70. Thus, the average health and functional capacity of persons age 65+ must improve for sufficient numbers of elderly persons to be physically and cognitively capable of work. This will require greater investments in research, public health, and health care. We examine how disability declines and improved health may increase human capital at later ages and stimulate the growth of gross domestic product and national wealth.

  18. The structured finance of leading private capital to invest cultural industry%民间资本投资文化产业的结构性融资

    Institute of Scientific and Technical Information of China (English)

    冷建飞

    2014-01-01

    This thesis constructs the system of private capital investment in the cultural industry by structured fi-nance, identifies the participation body, makes the flow of private capital investment in the cultural industry by structured finance, and settles the role of assistant people. Meanwhile, this thesis studies the key problem of private capital invest-ment in the cultural industry by structured finance. The thesis proposes that we should carry out the credit enhancement of assets pool, set up the SPV to quarantine the risks, and make a good price of private capital investment in cultural industry by structured finance. This thesis also deals with the operation mechanism of private capital investment in the cultural industry by structured finance. We must establish the mechanism of asset evaluation, improve the mechanism of investor protection, and perfect the mechanism of securities issuance.%本文对民间资本投资文化产业结构性融资的体系进行了构建,明确了参与的主体,制定了这种结构性融资的流程,梳理了辅助参与人的作用;对民间资本投资文化产业结构性融资的关键问题进行了研究,对资产池进行信用增级,设立好风险隔离的SPV,做好民间资本投资文化产业结构性融资的定价;对民间资本投资文化产业结构性融资的运行机制进行了研究,提出要建立资产评估机制、完善投资者保护机制、健全证券的发行机制。

  19. Real estate capitalization of Public Administration Institutions - a chance to stimulate investment and increase economic competitiveness

    Directory of Open Access Journals (Sweden)

    Ionut Constantin

    2012-12-01

    Full Text Available The divide in the development of the different European space regions, is exemplified by the different ability to attract investments between rural and urban areas. Urban areas usually assure to investors a broad availability of structures and services that rural areas cannot offer. Another limiting factor for rural areas is the difficulty the enterprises which want to localize their structures outside the urban area meet when they try to find information about the quantity and the quality of the available structures. This penalization affects also the unused real estates of the public administration institutions; these real estates could represent for the investors an important opportunity to improve area’s resources, meeting some forms of converging collaboration with the public administration institutions. POLYINVEST project aims at improving conditions for investment in the rural areas, directly tackling the development gap between the regions of the South East Europe and to develop an information system useful for those public administration institutions.

  20. Evaluation of NASA-sponsored research on capital investment decision making in the civil aviation industry

    Science.gov (United States)

    Donovan, D. J.

    1977-01-01

    Significant findings of three studies undertaken to provide the NASA Aircraft Energy Efficiency (ACEE) Office with information regarding how aircraft manufacturers and commercial airlines make investment decisions concerning the acquisition of new and derivative technology are analyzed and their general implications explored. Topics discussed include: the market for airline aircraft, factors affecting the corporate decision making process of air transport manufacturers, and flight equipment purchasing practices of representative air carriers.

  1. R&D investment, searching and the research of venture capital investments cyclicality of multi-countries%R&D投资、搜寻与多个国家风险投资周期性波动研究

    Institute of Scientific and Technical Information of China (English)

    杜传文

    2013-01-01

    This article extends Barlevy's R&D investment volatility model, and constructs a logic linkage mechanism of R&D investment, venture capital investment and macroeconomic aggregates (GDP) fluctuations. The paper argues that when macroeconomic aggregates are in the downstream stage, the opportunity cost of R&D investments which enterprise carried out is small; enterprise should increase R&D investments. However, the investment risk is also high; enterprises should introduce a venture capital fund that can bear a higher risk. Venture capital investments increase R&D investment funds and improve the success probability of technological innovation, and enhance macroeconomic growth potential. We analyses the Granger causality relationship of R&D investments, venture capital investments and macroeconomic cyclical fluctuations of 12 countries in the 1995 - 2010 period. The test results further confirm the model inference. Finally, we suggested that when Chinas economic growth is in the relatively slow stage, China should further open up the capital market, encourage and guide more social capital into the field of venture capital investment. Through the introduction of more venture capital, we can improve the incentives of the R&D investment and technological innovation, and foster macroeconomic growth potential at various periods in the future.%文章对Barlevy的R&D投资波动模型进行了扩展,建立了R&D投资、风险投资与宏观经济总量(GDP)波动这三者之间的逻辑联系机制.论文认为,当宏观经济处于下行阶段时,企业进行R&D投资的机会成本较小,企业适于增加R&D投资.但是,企业此时进行投资的风险性也很大,有必要引入能承担更高风险的风险投资基金.风险投资的进入提高了企业的R&D投资资金和技术创新成功概率,并增进了宏观经济增长潜力.论文对12个国家在1995-2010年期间的R&D投资、风险投资和宏观经济周期性波动之间的关系进行

  2. Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre Working Paper No. 211 (Formerly Technical Paper No. 211)

    Science.gov (United States)

    Miyamoto, Koji

    2003-01-01

    This paper synthesises the existing literature on human capital formation and foreign direct investment (FDI) in developing countries. The aim is to take a bird's eye view of the complex linkages between the activities of multinational enterprises (MNEs) and policies of host developing countries. In doing so, general trends, best practices and…

  3. 人力资本投资、就业能力与农民收入增长%Human Capital Investment,Employability and Farmers’Income Growth

    Institute of Scientific and Technical Information of China (English)

    吴振华

    2015-01-01

    当前我国农民自身增收能力较弱,收入增长缺乏稳定性,根本原因在于低水平人力资本投资约束下的低水平就业能力限制了其收入增长的空间。根据在重庆市的调研资料分析表明:农民收入的增长来源于农民就业能力的增强,尤其是就业岗位胜任能力的提高;农民的就业能力受制于其人力资本投资水平,特别是教育投资水平;农民收入水平的高低又影响到其人力资本投资水平;就业能力对人力资本投资影响农民非农收入具有完全中介作用,对人力资本投资影响农民农业收入具有部分中介作用,“教育—就业岗位胜任能力—收入”是人力资本投资影响农民收入路径中的核心传导机制。通过提高人力资本投资水平提升农民就业能力,是农民稳定增收的根本途径。%At present,the capability to increase income by farmers themselves in China is weak and the income increase is unstable.The root reason for it is that low level of employability restricted by low level of human capital investment limits income increase.According to the investigation data,the analysis shows that farmers’income increase comes from the enhancement of employability,especially the promotion of position competence which is restricted by human capital investment,especially education level.Farmers’income level influences the human capital investment level.Employability has fully mediating effect on human capital investment influencing non-farming income for farmers,and has partly mediating effect on human capital investment influencing farming income.“Education-position competence-income”is the core transmission mechanism in human capital investment influencing farmers’income.Therefore,the essential way to stabilize farmers’income is to enhance farmers’ employability by promoting human capital investment level.

  4. THE INVESTMENT IN HUMAN CAPITAL, AN INTRISIC FACTOR OF THE SUSTAINABLE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    CRISTINA TEODORA BALACEANU

    2011-04-01

    Full Text Available The educational system will need to direct its actions and programs towards the identification of the current and future values of the labour market, starting from the existing and potential labour resources, anticipating first and foremost the adjusting of the economy to fast-developing fields and domains, put forward by the State via the Fast-developing Field Strategies or even via the Fast-developing National Strategy. It will accordingly generate a binder between the demands of the labour market as a response to the developing necessities of the economy, and the training/specialization of the labour force as offered by the national syllabus. By these means the educational system would create a labour force compatible with the labour market, which is both a premiss for the increasing level of employment and for the sustainable economic growth. Our task is therefore to provide a concept of education related to technological progress, based on the model of Nelson and Phelps, and a suggestion for investments and education policies.

  5. 浅析人力资本投资与经济增长%Elementary Analysis on the Relationship Between Human Capital Investment and Economic Growth

    Institute of Scientific and Technical Information of China (English)

    尚忠人

    2001-01-01

    Human capital is the source for the realization of economicgrowth, and works as a determinant factor in promoting the restructure of industry and industrial development. Therefore, the stimulation and acceleration that the human capital investment exerts on the economic growth should be given enough attention to better the human capital investment and utilize the macro-and micro-environment, so as to improve the utilization efficiency of human capital. Raising accumulation of human capital and improving the quality of human resources for the establishment of the foundation of economic growth will help the rapid, steady healthy and sustainable economic growth.%人力资本是实现经济增长的源泉,对推动产业结构调整和产业发展起着决定性作用。因此,要重视人力资本投资对经济增长的促进作用,改善人力资本投资并提高其利用效率;增加人力资本的积累,提高人力资源的质量,以推动经济持续、稳定增长。

  6. NETWORK MODEL AND ALGORITHM FOR SOLVING PROBLEM PERTAINING TO OPTIMUM DISTRIBUTION OF CAPITAL INVESTMENT WHILE MODERNIZING ENTERPRISES OF HEATING SYSTEMS

    Directory of Open Access Journals (Sweden)

    V. A. Sednin

    2009-01-01

    Full Text Available The paper presents a problem statement, a developed mathematical model and proposed algorithm for  solving  optimization of capital  investments in modernization  (introduction of  automatic  controlsystems of thermal processes of large systems of centralized heat supply which are based on application of network model.The formulated problem refers to the problems of combinatory (discrete optimization. Methods of «branches and boundaries» or dynamic programming are applied nowadays for solving problems of this type. These methods are not considered as universal ones because they greatly depend on description  of  solution feasible area. As a result of it it is not possible to develop a universal software for solving any assignments which can be formulated as problems of combinatory optimization.The presented network model of the investigated problem does not have above-mentioned disadvantages and an algorithm is proposed for solving this problem which admits a simple programming realization. 

  7. 资本流动、投资效率与福建省资本市场一体化%Capital Flow, Investment Efficiency and Integration of Capital Market in Fujian Province

    Institute of Scientific and Technical Information of China (English)

    陈燕赟

    2014-01-01

    Based on the provincial panel data in China during 1978-2012 and the productivity of capital and the marginal product of capital, this paper tries to, with Feldstein-Horioka test, measure the degree of capital market integration in Fujian province and its changing trend. The results show that the productivity of capital and the marginal product of capital among various regions of the province and industry are gradually converging, the degree of capital market integration is increasing while the private capital is the most important factor of capital mobility and economic development and the capital in the three industries are unreasonably allocated. So, we should optimize the capital structure by further opening, speed up the financial reform to release further capital activity, increase the allocation of agricultural investment, adjust the allocation of the three industries to optimize the industrial capital so at to improve the capital output efficiency.%利用FH模型,运用我国各省(市、自治区)1978-2012年间的面板数据,结合资本生产率、资本边际产出等指标计算,对福建省资本市场一体化程度及其变化趋势进行测度。福建省内各地区和产业之间的资本生产率和边际产出逐渐趋同,资本市场一体化程度日益提高,民间资本是影响福建省资本流动性和经济增长的最重要因素,资本在三次产业之间的配置不尽合理。福建省要加大内联外放力度,优化资本来源结构;加快金融改革,进一步释放资本活力;通过增加农业投资、调整三产内部结构等途径优化资本配置,提高产出效益。

  8. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2015-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... is more relevant for investments in emerging economies, relational trust is more relevant for investments in developed economies....

  9. The Current Dilemma of Private Capital Investment in Real Estate Investment Trusts and the Legal Countermeasures%民间资本投资房地产投资信托基金法律研究

    Institute of Scientific and Technical Information of China (English)

    邱思萍

    2015-01-01

    低迷的房地产市场使民间资本受到前所未有的冲击。民间资本正在寻求收益回报稳定的投资渠道,房地产企业又有着迫切的直接融资需求,房地产投资信托基金(REITs)开始受到民间资本的关注。但是中国还未出现国际意义上的 REITs,有关方面的专门立法至今尚未出台,民间资本投资 REITs 依然存在很多现实困境。只有借鉴美国、新加坡等国和香港、台湾地区立法,在明确信托财产权属、实现受益凭证自由流动、降低投资门槛、采取信托税制优惠等方面完善相关法律,才能最大程度地满足各方房地产市场主体的利益需求,使 REITs 成为广大中小民间投资者最主要的长期投资工具。%The downturn in the real estate market makes the private capital receive the unprecedented impact, which makes private capital be seeking stable returns of investment channels;the real estate development company also has an urgent demand for direct financing.Private capital has begun to concern about real estate investment trusts (REITs).But the international sense of REITs has not appeared in China;specifical legislation about REITs has not launched.Private capital investment in REITs still exist many practical difficulties.China should learn from the domestic and overseas legislation,such as USA,Singapore,Hongkong and Taiwan.China should improve the relevant legislation to clear ownership of the trust property in order to achieve free flow of beneficiary certificates,lower investment threshold,and take the trust tax concessions,etc in which ways to maximum meet the main parties to the interests of the real estate market and make REITs become a long -term investment tool for the medium and small private investors.

  10. African-American Communities in Economic Crisis: Adult Educators Investing in the Human Capital Development of the Urban Poor

    Science.gov (United States)

    Stephens, Mattyna L.

    2010-01-01

    Through discourse analysis the research will unearth the tension between the Theories of Human Capital (HCT) and the Work First Policy (WFP), Policies Informing Education (PIE), and Human Capital Development (HCD) as they relate to the labor market. The application of discourse analysis demonstrates how the tenants of HCT are missing components…

  11. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

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

  12. Embedding the Circular Economy in Investment Decision-making for Capital Assets – A Business Case Framework

    NARCIS (Netherlands)

    Korse, M.; Ruitenburg, R.J.; Toxopeus, M.E.; Braaksma, A.J.J.

    2016-01-01

    Industry shows an increasing interest in the circular economy. However, circularity for physical capital assets is still ill-defined and existing models are complex and information dependent hindering implementation. This paper addresses these gaps by operationalizing circular economy principles and

  13. Urban College Graduates: Their Investments in and Returns for Strong Quantitative Skills, Social Capital Skills, and Soft Skills

    Science.gov (United States)

    Haynes, Marie Ellen

    2010-01-01

    This case study examined strong quantitative skills, social capital skills, and soft skills of urban college graduates using data from the Multi-City Study of Urban Inequality Household Survey. The urban college graduates lived in Atlanta, Boston, or Los Angeles and had bachelor's, master's, PhD, and professional degrees. Among the three skills…

  14. Public Policy, Venture Capital and Corporate R & D Investment%创新激励政策、风险投资与企业创新投入

    Institute of Scientific and Technical Information of China (English)

    黄燕; 吴婧婧; 商晓燕

    2013-01-01

    以深圳中小板上市公司为样本,选取2008年~2011年四年间的面板数据实证检验税收优惠、研发补贴、金融支持、产权保护及人才激励五项创新促进政策的实施效果,并研究风险投资与中小企业创新投入的相关性问题。研究发现税收优惠及人才激励政策显著促进企业的研发投入;研发补贴对企业研发投入具有挤出效应---政府的研发补贴显著地减少了企业研发投入;金融支持政策效没有显著地促进企业加大研发投入。风险投资从总体上对企业的研发投入没有非常显著影响;有风险投资的企业研发产出高于无风险投资的企业;风险投资的持股比例对企业的研发行为没有显著影响。%This paper evaluates the impact of national innovation policy on small and medium enterprises with the sample of companies listed on Shenzhen Stock Exchange and discusses the relevance between venture capital and corporate R&D in -vestment.Our data start from 2008 and end with 2011.The empirical analysis shows that: (1) tax incentives and talent truly promote corporate R&D investment;(2) subsidies show a crowding -out effect to corporate R&D investment , instead of a positive effect as we assume ( 3 ) financial support do not show any significant effect if we use a whole sample .But when we get our sample into two parts according to market -oriented degree , financial support has a crowding -out effect on low-market-oriented degree of region and a positive effect on high -market-oriented degree of region;(4) intellec-tive property right is vital to encourage corporate R&D activities .However in this paper enterprises in cities which are fa-mous for intellective property right protect do not invest more money on R&D activities than those in other cities ;(5) ven-ture capital has a significant effect on corporate R&D investment .Those enterprises which get some venture capital will pay more money to do research , but

  15. Calculation of the working capital invested in fuel cycles and its interest charges (1963); Calcul des immobilisations financieres des cycles de combustible (1963)

    Energy Technology Data Exchange (ETDEWEB)

    Gaussens, J. [Commissariat a l' Energie Atomique, Saclay (France). Centre d' Etudes Nucleaires

    1963-07-01

    All the processes undergone by the nuclear material, including the various steps of fuel element manufacturing and of irradiated fuel reprocessing lead to working capital investments varying with the type of reactor, that must be taken into account in the kWh cost calculation. The author deals with a calculation method called: 'present worth method' and gives some examples concerning reactors the main fuel of which being either natural uranium or enriched uranium or plutonium. He especially points out the importance these investments may take in the case of fast breeder reactors. (author) [French] L'ensemble des etapes parcourues par la matiere fissile comprenant les divers stades d'elaboration des elements combustibles et de leur traitement apres irradiation, implique des immobilisations financieres tres differentes d'un type de reacteur a l'autre, dont il convient de tenir compte dans le calcul du cout du kWh. L'auteur expose une methode de calcul dite 'd'actualisation des couts' et donne quelques exemples relatifs aux reacteurs utilisant l'uranium naturel, l'uranium enrichi et le plutonium comme combustible principal. Il montre en particulier l'importance que peuvent avoir ces immobilisations dans le cas des reacteurs surregenerateurs. (auteur)

  16. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2011-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture ca

  17. Investments into education

    DEFF Research Database (Denmark)

    Kirchsteiger, Georg; Sebald, Alexander Christopher

    2006-01-01

    groups with differing human capital and welfare levels. Depending on the parameters of the model, a temporary or permanent public investment into human capital formation is needed to overcome steady states with low human capital and welfare levels. Furthermore, even the best steady state is suboptimal...... when the human capital is privately provided. This inefficiency can be removed by a permanent public subsidy for education....

  18. On Representative Social Capital

    NARCIS (Netherlands)

    Bellemare, C.; Kroger, S.

    2004-01-01

    This paper analyzes data for a random sample drawn from the Dutch population who reveal their propensity to invest and reward investments in building up social capital by means of an economic experiment.We find substantial heterogeneity and asymmetries in the propensity to invest and in the propensi

  19. 12 CFR 211.9 - Investment procedures.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Investment procedures. 211.9 Section 211.9... Investment procedures. (a) General provisions. 5 Direct and indirect investments shall be made in accordance... investments in excess of the limitations therein based on capital and surplus. (1) Minimum capital...

  20. 固定资产投资项目国家资本金管理的总体构想%Total Conceiving for State Capital Management in Investment on Fixed Assets Project

    Institute of Scientific and Technical Information of China (English)

    连军; 王岿然; 吴育华

    2001-01-01

    固定资产投资项目国家资本金管理制度创新是当前的主要趋势和重要内容。本文对项目国家资本金管理的原则、目标、对象、内容、方式的创新做了初步探索,提出了固定资产投资项目国家资本金管理的总体构想。%The innovation about management of state capital in investment on fixed assets project is the main tendency and important content. This thesis makes a tentative probing about the innovation of the principle, target, object, content and method. In general, it comes up with the total conceiving for state capital management in investment on fixed assets project.

  1. 基本养老金市场化投资的理论依据与风险控制%The Theoretical Basis and Risk Control of the Basic Pension Insurance Investing in the Capital Market

    Institute of Scientific and Technical Information of China (English)

    唐运舒; 胡琪

    2014-01-01

    文章从养老金投资与资本市场互动的视角,以全国社会保障基金和资本市场发展数据为样本,通过格兰杰因果检验和协整检验,研究养老金投资与资本市场发展两者之间的互动关系,为我国基本养老金能否进行入市投资寻求证据支撑,实证表明全国社保基金的投资是我国资本市场发展的重要原因,结果支持我国基本养老金进行市场化投资。同时,运用资产组合原理,模拟成熟市场中的风险环境,通过测算得出,我国基本养老金入市投资承受与美国养老金投资相当的风险,其资产组合中股票配置的比例应控制在30%以内。%Based on the perspective of the interaction between investment of pension insurance and capital market,taking the relevant data of China’s social security funds and development of capital market as samples,the paper uses Granger causality test and co-integration test to study the interactive relationship between investment of pension insurance and capital market, and aims to seek evidence to support the basic pension insurance to invest in the capital market. The empirical results show that the investment of social security funds is a significant cause of the development of China’s capital market,so the results sup-port the basic pension insurance to enter the capital market. Meanwhile,this paper applies the principle of the portfolio to simu-late the risk environment of the developed market. The results indicate that the stock proportion should be controlled within 30%,which has almost the same risk level of the investment as that of US pension insurance.

  2. 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。

  3. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...... literature, the state variables, namely the physical capital and the biological resource, enter the objective function. Due to the nonlinearities in this model some of the results are in sharp contrast to previous literature....

  4. 基于教育人力资本投资视角的陕西经济增长问题分析%An Analysis of the Human Capital Investment on Economic Growth in Shannxi Based on Eeducation

    Institute of Scientific and Technical Information of China (English)

    杨冬民; 樊瑾

    2012-01-01

      Accumulation of human capital investment play an important role in promoting employment,and employment is the basis of eco-nomic growth driven.In that the Cobb-Douglas production function as the foundation build the production function model,selecting educa-tion funding as a measure of human capital investment,analysising the data of Shaanxi Province in 1996—2010 and inspection the regres-sion results,calculated the human capital contribute to economic growth based on education investment,on this basis,propose relevant measures to promote employment and economic development.%  人力资本投资和积累对促进就业起重要作用,而就业是带动经济增长的重要条件。以柯布—道格拉斯函数为基础建立生产函数模型,选择教育经费作为人力资本投资的衡量标准,对陕西省1996—2010年的数据进行回归分析,并对回归结果进行检验,计算得出基于教育的人力资本投资对经济增长的贡献,在此基础上提出促进就业发展经济的相关对策。

  5. 农村人力资本投资对农民增收的影响探析%The Influence of Rural Human Capital Investment on Improvement of Farmers' Income

    Institute of Scientific and Technical Information of China (English)

    龚敏; 徐义

    2013-01-01

    Under the urban-rural dual institutional stru ctures, China is lack of investment in human capital in rural areas. This is severely restricting on the development of agriculture, rural areas and improvement of farmers' income. We collect data of china's rural per capita income and rural human capital investment. We introduce the significance of rural human capital investment and the specific mechanism on improvement of famers' income by regression analysis and Granger Test. The research indicates: education investments have lagging effect on the improvement of farmers' income. Health investments have significance on middle-low income families.%在城乡二元体制结构下,我国农村人力资本投资不足,严重制约了农业、农村的发展和农民收入的提高。基于我国农民人均收入和农村人力资本投资的相关数据,通过对农民收入和人力资本投资的回归分析和格兰杰检验,可以透析农村人力资本投资的意义和对农民增收的具体作用机制,表明教育投资对农民增收具有滞后效应,其中健康投资对于中低收入家庭有着重要意义。

  6. The Influence of Cross and Human Capital investment on R&D Outsourcing Decision-making Mechanisms%相互投资与人力资本投资对研发外包决策影响研究

    Institute of Scientific and Technical Information of China (English)

    杨治; 张俊

    2011-01-01

    本文运用产权理论模型,通过分析最优和次优两种状态下企业和研发机构的均衡投资水平,重点讨论企业和研发单位自我投资和相互投资对研发外包决策的影响,并通过进一步揭示物质资产与人力资产在研发外包中的作用,提出根据专用性投资的特点调整研发外包策略,继而实现最优的研发效果.研究结果表明:相互投资弹性更高的一方更应该拥有外包的所有权;企业应根据双方相互投资的投资弹性高低调整研发外包策略;外包项目中人力资本投资比物质资本投资更重要.研究结果对企业有效利用研发外包进行创新提供了有力的理论指导.%An increasing number of companies are investing in R&D activities in order to gain sustainable competitive advantages in the global economy. Limited internal resources force many companies to outsource part or all of their R&D activities, and has resulted in the establishment of new value creation models. Although extended R&D activities are essential to open innovation, the current R&D outsourcing literature neglects the cooperative innovation relationship between R&D partners and does not make assumptions based on the relationship.Conventional property right theory emphasizes on physical asset. However, R&D activities primarily involve the investment of intangible human capital. It is unclear about the potential influence of human capital and physical asset investment on property rights for R&D outsourcing activities. Built upon the property right theory, this paper first examines the investment equilibrium for R&D outsourcing partners under two different conditions. Second, we show the impact of self-investment and cross-investment on R&D outsourcing decisions. Third, we investigate the roles of physical and human capital assets in R&D outsourcing mechanisms.The first part of this paper introduces our proposed model structure. Expected payoff of R&D outsourcing partners is

  7. Anticipated and experienced emotions in an investment experiment

    NARCIS (Netherlands)

    R.A.J. Bosman; F.A.A.M. van Winden

    2001-01-01

    his paper experimentally investigates investment behavior.We find that global risk - i.e. risk independent of an agent’sinvestment decision (like political risk) - substantiallydecreases investment. Also effort to obtain the capital usedfor investment decreases investment substantially. Theseresults

  8. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ In line with China's economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and dircct such investment to China's central and western regions. Now, a new scheme is dem-onstrating the Chinese Government's determi-nation and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  9. Impact of public programs on fertility and gender specific investment in human capital of children in rural India: cross sectional and time series analyses.

    Science.gov (United States)

    Duraisamy, P; Malathy, R

    1991-01-01

    Cross sectional and time series analyses are conducted with 1971 and 1981 rural district level data for India in order to estimate variations in program impacts on household decisionmaking concerning fertility, child mortality, and schooling; to analyze how the variation in public program subsidies and services influences sex specific investments in schooling; and to examine the bias in cross sectional estimates by employing fixed effects methodology. The theory of household production uses the framework development by Rosenzweig and Wolpin. The utility function is expressed as a function of families' desired number of children, sex specific investment in human capital of children measured by schooling of males and females, and a composite consumption good. Budget constraints are characterized in terms of the biological supply of births or natural fertility, the number of births averted by fertility control, exogenous money income, the prices of number of children, contraceptives, child schooling, and consumption of goods. Demand functions are constructed from maximizing the utility function subject to the budget constraint. Data constitute 40% of the total districts and 50% of the rural population. The empirical specification of the linear model and variable description are provided. Other explanatory variables included are adult educational attainment; % of scheduled castes and tribes and % Muslim; and % rural population. Estimation methods are described and justification is provided for the use of ordinary least squares and fixed effects methods. The results of the cross sectional analysis reveal that own-program effects of family planning and primary health centers reduced family size in 1971 and 81. The increase in secondary school enrollment is evidenced in only 1971. There is a significant effect of family planning (FP) clinics on the demand for surviving children only in 1971. The presence of a seconary school in a village reduces the demand for children in

  10. 48 CFR 215.404-71-4 - Facilities capital employed.

    Science.gov (United States)

    2010-10-01

    ... encouraging and rewarding capital investment in facilities that benefit DoD. It recognizes both the facilities... anticipated industrial base enhancing benefits resulting from the facilities capital investment, including— (A... investment recovery, such as termination protection clauses and capital investment indemnification. (2)...

  11. Investment and uncertainty

    DEFF Research Database (Denmark)

    Greasley, David; Madsen, Jakob B.

    2006-01-01

    A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890-2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty...

  12. Public investment and intergenerational distribution

    NARCIS (Netherlands)

    Heijdra, BJ; Meijdam, L

    2002-01-01

    We study the effects of public investment in a dynamic overlapping-generations model of a small open economy. Boosting public investment stimulates private capital formation, output, and wages in the long run. The impact effects depend critically on whether public capital is modelled as a stock or a

  13. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Detailed tasks have been assigned to different government departments to attract and utilize foreign capital In line with China’s economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and direct such investment to China’s central and western regions. Now,a new scheme is demonstrating the Chinese Government’s determination and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  14. Asignación óptima de capital en base al perfil de riesgo de las instituciones de inversión colectiva: una aplicación de las medidas de riesgo distorsionadas || Optimal Capital Allocation Based on the Risk Profile of Collective Investment Schemes: An Application of Distortion Risk Measures

    Directory of Open Access Journals (Sweden)

    Belles-Sampera, Jaume

    2013-01-01

    Full Text Available Los recientes marcos regulatorios del sector financiero y asegurador otorgan una creciente importancia a la gestión de riesgos. El regulador exige a las entidades que dispongan de un capital reservado para hacer frente a posibles pérdidas derivadas de sus actividades; este capital se cuantifica habitualmente mediante la aplicación de medidas de riesgo. Es esencial para la toma de decisiones de los gestores de estas entidades conocer qué partes de su negocio contribuyen en mayor medida a los requerimientos de capital. Para este fin se aplican técnicas de asignación óptima de capital. En este artículo se utilizan criterios de asignación óptima de capital en el contexto de la gestión de activos con el objetivo de analizar los coeficientes de liquidez de un conjunto de Instituciones de Inversión Colectiva (IIC gestionadas por una misma Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC. En este nuevo contexto, el riesgo en el que incurre cada IIC es evaluado a través de un conjunto de medidas de riesgo distorsionadas. Se desarrolla un caso práctico para el que los resultados sugieren que el perfil de riesgo de las inversiones de cada IIC es un criterio que debería ser determinante en el establecimiento de sus respectivos coeficientes de liquidez, evitando de este modo penalizar a las estrategias conservadoras. || Increasing attention is paid to risk management under the recent regulatory frameworks of the insurance and financial sectors. It is required by the regulator that institutions have a capital to face potential losses from their activity. This capital is usually assessed by means of risk measures. To take adequate decisions, it is essential that managers know how individual risk contribute to the aggregated capital requirement. Techniques of optimal capital allocation are developed to deal with it. This article applies optimal capital allocation criteria in the context of asset management. Our goal is to analyze

  15. 过度自信调节下董事会人力资本与企业R & D投入关系研究%The Effect of Board Human Capital and Manager Overconfidence on R & D Investment

    Institute of Scientific and Technical Information of China (English)

    马璐; 彭陈

    2016-01-01

    结合资源依赖理论及冲突理论,以2013-2014年中国创业板149家企业为样本,运用回归分析法考察了董事会人力资本对企业R&D投入的影响,探讨了管理者过度自信在这一过程中的调节作用。结果显示:董事会人力资本广度与企业 R&D投入强度显著负相关;②董事会人力资本深度与企业 R&D投入强度显著正相关;③管理者过度自信对董事会人力资本深度和广度与企业R&D投入之间的关系皆具有显著的负向调节作用,即管理者过度自信程度越高,董事会人力资本深度对企业R&D投入的促进效用越小,其广度对企业R&D投入的消极作用越强。%By employing the data of listed GEM firms from 2013 to 2014 and the regression model ,the research ,combined with resource dependence view and conflict theory ,not only empirically examined the effects of the board human capital on the firm R&D investment ,but also explored the moderating role of managerial overconfident in this process .The results showed that the breadth of board human capital is negatively related with R&D investment ,the depth of board human cap‐ital is positive related with R&D investment ,and at the same time ,managerial overconfidence moderates this relationship . The study suggest that :With the improvement of managerial overconfidence ,the negative effect of the breadth of board human capital on the firm R&D investment will be stronger ,while the positive effect of the depth of board human capital on the firm R&D investment will be reduced .

  16. 我国高等教育人力资本投资私人收益率研究%Study On the Private Rates of Return to Human Capital Investment of Higher Education

    Institute of Scientific and Technical Information of China (English)

    张东; 朱必祥

    2012-01-01

    基于人力资本理论对1998—2006年入学的大学生的高等教育人力资本投资私人收益率进行实证研究,研究发现不论仅系数(收入差异归因于教育的比例)取何值,1998年以来的高等教育人力资本投资私人收益率均呈下降趋势,研究表明这是导致高中毕业生“弃考”的经济原因。%This paper is to study the private rates of returning to human capital investment of higher education from 1998 to 2006 based on human capital theory and educational economics theory, The study finds that no matter what of (the rate of earning difference causing by education) would be, the private rates of return to human capital invest- ment of higher education has been decreasing since 1998. This is the economic mason why some senior middle school graduates are abandoning the entrance examination of college.

  17. Human Capital, Fertility, and Economic Growth

    OpenAIRE

    Gary S. Becker; Murphy, Kevin M.; Robert F. Tamura

    1990-01-01

    Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped...

  18. Ecosystem Services and Ecological Restoration in the Northern Shaanxi Loess Plateau, China, in Relation to Climate Fluctuation and Investments in Natural Capital

    Directory of Open Access Journals (Sweden)

    Hejie Wei

    2017-02-01

    Full Text Available Accurately identifying the spatiotemporal variations and driving factors of ecosystem services (ES in ecological restoration is important for ecosystem management and the sustainability of nature conservation strategies. As the Green for Grain project proceeds, food provision, water regulation and climate regulation services in the Northern Shaanxi Loess Plateau (NSLP are changing and have caused broad attention. In this study, the dynamic pattern of the normalized differential vegetation index (NDVI and the main drivers of grain production (GP, water yield (WY and net primary production (NPP in the NSLP from 2000–2013 are identified by incorporating multiple data and methods, in order to provide a better understanding of how and why ES change during ecological restoration. WY was simulated by hydrological modeling, and NPP was estimated with the Carnegie Ames Stanford Approach (CASA model. The results show that vegetation restoration continued from 2000–2013, but fluctuated because of the comprehensive influence of climate and human activity. GP and NPP both exhibited significantly increasing trends, while changes in WY occurred in two stages: decline (2000–2006 and growth (2007–2013. Spatially, significantly increasing trends in NPP and WY were detected in 52.73% and 24.76% of the region, respectively, in areas that correspond with the Green for Grain project and high precipitation growth. Correlation and partial correlation analyses show that there were different dominant factors (i.e., natural vs. anthropogenic driving ES change in the NSLP from 2000–2013. The change in WY was mainly driven by precipitation, while the improvements in GP and NPP can be attributed to investments in natural capital (i.e., chemical fertilizer, agricultural machinery power and afforestation. We also found that vegetation restoration can produce positive effects on NPP, but negative effects on WY by using response analyses of WY or NPP change to NDVI

  19. 77 FR 27494 - SK Private Investment Fund 1998 LLC, et al.; Notice of Application

    Science.gov (United States)

    2012-05-10

    ... section 2(a)(13) of the Act. Applicants: SK Private Investment Fund 1998 LLC, Project Capital 2004 Investment Fund LLC, Project Capital 2006 Investment Fund LLC, and Project Capital 2008 Investment Fund LLC... COMMISSION SK Private Investment Fund 1998 LLC, et al.; Notice of Application May 4, 2012. AGENCY:...

  20. 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

  1. 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...

  2. The Effect of Net National Product on Chinese Human Capital Investment%绿化国民收入与人力资本投资模式再解读

    Institute of Scientific and Technical Information of China (English)

    熊娜

    2012-01-01

    我国经济结构向环境友好、资源节约方向转变将影响人力资本投资模式。文中引入净国民收入资调整时,可持续经济比重上升,收入对人力资本的作用方向由负转正,人力资本投资决策由教育机会成本主导转变为收益主导,利于经济持续发展;但因当前人力资本收益多由非可持续型经济提供,提高可持续经济占比将压缩劳动力需求,加剧劳动力供给的结构性过剩;上述困境可借助消费政策予以缓解,因消费对人力资本波动的影响力远大于收入。综上,推进经济结构调整,最小化其对劳动力市场的不良冲击.应降低消费支出的泡沫比。%To readjust economic structure to resource conservation and environment friendly society, it is important to ex- plain the effect of the readjustment on labor market and then human capital investment behavior. The paper proposes to use the theory of sustainable development by introducing concept of Net National Product to improve the cointegration system consisting of logarithm of income and consumption, and average years of schooling invented by Xiong-Na. In details, the income will be adjusted by conventional gross investment, conventional net investment, green net investment and genuine investment separately. Sufficient results for modified cointegration system have been observed with the method we depicted above, which suggests the behavior of human capital investment turns to be driven by the return of education from the opportunity cost when the income is adjusted by saving rates from the conventional gross one to the genuine one. This work gives an implication that unsustainable economic activities occupy the major part of labor force in the market thus it is nessecery to crushed foam from consumption expenditure to minimize social cost of economic structure readjustment.

  3. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

    Full Text Available Theoretical and empirical studies have focused on discretionary investments such as research and development (R&D and advertisement as value-creating activities. This empirical research article examines the determinants of the discretionary investment policy of food sector firms in India. The study aims to analyze the impact of financial policies and firm characteristics on the discretionary investment strategy of the food industry firms. The article uses the partial least squares structural equation modeling (PLS-SEM to understand the drivers of discretionary investment policy of food sector firms. The study finds that investment policy of firms is a major determinant of profitability of food sector firms. Higher investments in capital expenditures and working capital result in higher profitability. Management efficiency significantly influences firm profitability. The results suggest that riskier firms in food sector might focus on R&D investments as a strategy to generate more cash flows. Size of firm is negatively related to R&D intensity. Smaller firms in food sector tend to invest more in R&D. The study does not provide evidence to suggest that profitable firms invest more in R&D activities.

  4. 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...

  5. 制度成本、规模效应与厂商投资决策%Relationship Between Institutional Cost, Capital Stock and Investment Decision-making of a Corporate

    Institute of Scientific and Technical Information of China (English)

    陈张杭健; 王力

    2016-01-01

    制度成本是否会影响厂商的投资决策?是如何影响的?基于存在调整成本的投资模型,将制度成本内生化到该模型中,以探究制度成本是如何影响厂商的资本存量,进而改变厂商的投资决策。针对制度成本的特点提出假设:随着单位资本存量的减少,边际制度调整成本是增加的,即边际制度调整成本随调整的规模递减。理论模型的结果和面板数据模型实证分析表明:(1)在利润最大化的条件下,一单位资本的市场价值等于购买价格(1加上边际制度成本)和边际经济成本之和;(2)相对于内部经济调整成本,制度调整成本占厂商资本存量的比例更大,而且规模越大的厂商,其面临的制度调整成本越小。%Whether the institutional cost will affect the investment decision of corporate or not How it affected the decision -making In this paper , based on the investment model , we put the institutional cost into the model to explore how it affects the capital stock of a corporate and the manufacturer's investment decisions .With the reduction of capital stock , the marginal cost of institution-al adjustment is increased , which means the marginal cost to adjust the size of cost declining .The results of the theoretical model and the Panel Data Model analysis showed that:(1) Under the condition of profit maximization , the market value of a unit capital is equal to the purchase price (one plus the marginal institutional cost ) and the sum of the marginal economic costs;(2) with re-spect to the larger internal economic adjustment costs , the proportion of the capital stock should be larger .The institutional adjust-ment costs of large corporations would be smaller .

  6. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

    Purpose – This paper aims to analyse the relationship between intellectual capital and financial capital using a case study. This makes it possible to discuss how intellectual capital is related to value creation with a degree of nuance that is absent from most statistical studies of relationships...... between human, organisational, relational and financial capital. Design/methodology/approach – The paper uses a case study of a firm that invests in intellectual capital in order to develop financial capital. It traces the relationship between intellectual capital elements and financial capital via...... interviews. This allows the development of a nuanced account of the performance of intellectual capital. This account questions the universality of the linear model typically found in statistical studies. The model makes it possible to show how items of intellectual capital not only interact but also compete...

  7. Mengukur Kontribusi Human Capital terhadap Tujuan Perusahaan

    Directory of Open Access Journals (Sweden)

    Brata Wibawa Djojo

    2010-10-01

    Human Capital Cost Factor, (iv Human Capital Value Added, and (v Human Capital Return on Investment. Results of research can provide guidelines for the management, especially for management of JLI in view of Human Capital contribution to corporate objectives, namely in terms of staffing and agency.

  8. GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-08-01

    Full Text Available An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, hedge funds, venture capital,and others. At the moment it was created a global industry opportunities for making investments in nontraditional form. The aim of this paper consists in demonstrating the possibilities of these investments. For this have been studied related main international markets, a fter then deducted world dominant trends. This article is concerned to present some details of alternative investments global market.

  9. Environment Uncertainty and Local Bias:An Empirical Analysis of Chinese Venture Capital Investments%环境不确定性与本地投资偏好--基于中国本土VC样本的研究

    Institute of Scientific and Technical Information of China (English)

    黄晓; 陈金丹; 于斌斌

    2015-01-01

    Venture capital usually prefers to invest in the target venture geographically closer with itself in order to mitigate environment uncertainty derived from information asymmetries and agency cost. By collecting the infor-mation of 3558 investment deals in 2207 Chinese portfolio firms invested by 587 Chinese venture capital firms be-tween 1993 and 2012 from Thomson Venture Xpert database, this paper examines the influence of uncertainty on local bias of Chinese venture capital using Binary Logistic Regression method from two levels: venture-specific un-certainty and market-specific uncertainty. The result indicates that the reduced environment uncertainty will miti-gate the local bias of Chinese venture capital controlling the variables of strategy option and the characteristics of venture capital firms in the context of capital market segmentation in China. Therefore, for those undeveloped re-gions, to reduce the environment uncertainty is needed to absorb more outside venture capital and promote the lo-cal innovation.%为了消除信息不对称及代理成本增加所带来的环境不确定性,风险投资机构往往倾向于进行地理邻近的本地投资。通过Thomson Venture Xporter数据库搜集到1993—2012年间587家中国本土风险投资企业投资于2207家本土创新企业的共计3558个投资交易样本,以此为实证对象,运用二元Logistic回归方法,从微观企业层面和宏观市场层面研究了环境不确定性对风险投资本地偏好的影响。研究表明,在中国现有的资本市场分割情境下,当控制了风险投资的战略选择及风险投资机构的特征等变量后,随着环境不确定性水平的降低,风险投资机构对本地偏好的依赖也会随之减弱。因此,对于后发地区而言,可以通过降低投资环境的不确定性,来吸引更多的外地风险资本而实现本地的创新发展。

  10. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    that the theoretical relationship between foreign aid and FDI is indeterminate. Aid may raise the marginal productivity of capital by financing complementary inputs, such as public infrastructure projects and human capital investment. However, aid may also crowd out productive private investments if it comes......  The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show...... in the shape of physical capital transfers. We therefore turn to an empirical analysis of the relationship between FDI and disaggregated aid flows. Our results strongly support the hypotheses that aid invested in complementary inputs draws in foreign capital while aid invested in physical capital crowds out...

  11. 农村人力资本投资视阈下的地方农业高校作为%Rural Human Capital Investment and the Role of Local Agricultural Colleges Universities

    Institute of Scientific and Technical Information of China (English)

    郭晓丽; 何云峰

    2012-01-01

    Rural human capital is a capital of providing future economic values.The cultivation of human capital in rural areas is demanding in constructing a new socialist countryside.With advantages of location, experience,information, talents and technology, local agricultural colleges and universities should play more vigorous role in rural human capital investment by building rural labor training system, exploring various ARES model, establishing learning rural community, improving learning ability and scientific quality to provide great intellectual and brainpower support.%农村人力资本是一种提供未来经济价值的资本。新农村建设对农村人力资本的培育提出了更高的要求。地方农业高校处于中心城市的区位优势,加之长久服务三农的经验及得天独厚的信息、人才、科技优势决定了其在农村人力资本的投资中应积极作为:建立农村劳动力培训体系,探索各形式的科技推广服务,并致力于学习型农村的构建,提升农村人力资本的学习能力与科技素质,为新农村建设提供强有力的智力支持与人才支撑。

  12. Capital Expert System

    Science.gov (United States)

    Dowell, Laurie; Gary, Jack; Illingworth, Bill; Sargent, Tom

    1987-05-01

    Gathering information, necessary forms, and financial calculations needed to generate a "capital investment proposal" is an extremely complex and difficult process. The intent of the capital investment proposal is to ensure management that the proposed investment has been thoroughly investigated and will have a positive impact on corporate goals. Meeting this requirement typically takes four or five experts a total of 12 hours to generate a "Capital Package." A Capital Expert System was therefore developed using "Personal Consultant." The completed system is hybrid and as such does not depend solely on rules but incorporates several different software packages that communicate through variables and functions passed from one to another. This paper describes the use of expert system techniques, methodology in building the knowledge base, contexts, LISP functions, data base, and special challenges that had to be overcome to create this system. The Capital Expert System is the successful result of a unique integration of artificial intelligence with business accounting, financial forms generation, and investment proposal expertise.

  13. 我国人力资本投资对经济增长作用的实证研究%Chinese Investment in Human Capital and Economic Growth

    Institute of Scientific and Technical Information of China (English)

    张玉枚

    2012-01-01

    我国作为世界上的大国,拥有世界1/5的人口,但是资源的稀缺约束着我国的发展。不过,我国所具备的充裕人力劳动资源是不可忽视的优势,若能将人力资源转化为人力资本,必定会推动我国经济进一步发展。通过计量经济学分析模式,剖析了我国人力资本投资对经济增长的贡献作用,阐明了人力资本投资对经济增长的促进作用。并就如何加强我国人力资本投资与建设提出了建议。%China has the world' s one - fifth population. But the scarcity of resources constraints Chinese eco- nomic development. China' s advantages is human resources. If the human resources can be human capital, the eco- nomic will make the rapid development . Using the empirical analysis, the paper studies the contribution of the hu- man capital to economic growth. And the author proposes some policy suggestions of the human capital' strengthe- ning and construction.

  14. Public Investment in a Small Open Economy

    NARCIS (Netherlands)

    Heijdra, B.J.; Meijdam, A.C.

    1997-01-01

    We study the effects of public investment in a dynamic overlapping-generations model of a small open economy. Boosting public investment stimulates private capital formation, output, employment, and wages in the long run. The impact effects depend critically on whether public capital is modeled as a

  15. Study on Capital Investment and Allocation Efficiency under Large Shareholders' Self-interest Motivation%大股东自利动机下的资本投资与配置效率研究

    Institute of Scientific and Technical Information of China (English)

    郝颖; 刘星

    2011-01-01

    本文将终极控制人和直接控制人两类大股东的利益动机纳入统一的分析框架,实证考察了大股东自利动机下的资本投资选择与配置效率.研究发现:(1)终极控制人的现金流权比例越低,越有动机增加资本在固定资产、无形资产和长期股权上的自利性投入,导致总体投资规模扩张;(2)地方企业集团投资扩张受终极控制人自利动机的影响最强,央企投资所受影响最弱,民营企业居中;(3)随着控制层级的增加,终极控制人决策权的履行成本增大,企业资本配置行为因直接控制人持股比例高低而表现出"利益攫取"与"利益协同"两种效应;(4)在较高持股比例的收益分配激励下,直接控制人将减少自利性资本投入,抑制过度投资,提高资本配置效率.%s The paper considers both ultimate control shareholders and direct control shareholders, the two kinds large shareholders, in the same analysis framework, and empirically studies capital allocation selection and efficiency of allocation based on ultimate shareholders' self-interest motivation.Here are the conclusions: (1)as the ultimate shareholders' cash flow right proportion getting lower, they have more motivation to increase the self-interest capital investment on the fixed asset, the intangible asset and the longterm equity, which lead to the expansion of the whole investment scale; (2)the ultimate shareholders' self-interest motivation has the most strong influence on investment expansion of local enterprise group, while the most weak influence on the central government enterprise and private enterprise is between the above two; (3)as the control hierarchy increasing, the fulfill cost of ultimate control shareholders' decision right increasing, then based on the direct control shareholders' share proportion scale, enterprise capital allocation exhibits effects of interest grab and benefit coordination; (4)under incentives of income distribution in

  16. Foreign Investment Welcome

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    BusinessWeek recently published an article reporting that China is becoming hostile to foreign capital and that China's policy on foreign investment will change to reflect that attitude. Yi Xianrong, a researcher at the Institute of Finance and Banking of the Chinese Academy of Social Sciences, explains China's position in an article posted on People's Daily Online.

  17. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

    @@ In the context of the financial crisis,international capital flows,cross-border investment,as well as the mergers and acquisitions generally continues shrinking at a large range in 2009,while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  18. 高技术风险投资中的投资保护机制%On the Investment Protection Mechanism in Venture Capital

    Institute of Scientific and Technical Information of China (English)

    廖理; 姜彦福

    2001-01-01

    This paper lists, expounds and analyzes main measures that venture capitalists adopt to protect their venture investments. The measures include the use of composite investment instruments, management involvement and the design of exit strategy. The most commonly used tools of composite investments are convertible preferred stocks and warrants. Venture capitalists also participate in corporate governance of start-up ventures. They either present themselves on the board of directors or require contractual veto rights on making major corporate decisions. Finally, venture capitalists concoct several forms of quit strategies such as put option, restrictions on both buying and selling shares in private sales and public offerings. As soon as the financial situation is critically perilous to their presence, it is necessary for them to timely slip out of the banking predicament.%本文简要论述了风险投资近年总结出的一些规避风险保护投资者利益的策略和方法,形成了一套有效的投资保护机制,也就是复合投资工具的使用,选择介入管理的方式及退出机制的设计。

  19. 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

  20. Study of technical feasibility and the payback period of the invested capital for the installation of a grid-connected photovoltaic system at the library of the Technological Federal University of Paraná

    Directory of Open Access Journals (Sweden)

    Henrique Marin Campos, Ana Katherine Rodríguez Manrique, Bruno Victor Kobiski, Eloy Fassi Casagrande Júnior, Jair Urbanetz Junior

    2014-01-01

    Full Text Available This article shows the technical feasibility, and the payback period of the capital invested to install a Grid-connected Photovoltaic (PV system on the rooftop of the library of the Technological Federal University of Parana (UTFPR, Curitiba campus. The rooftop has 897 square meters, and the photovoltaic modules will be used to supply electricity to four consumption scenarios. It is hoped that with the normative resolution 482 of the National Agency of Electric Energy (ANEEL, published in April 2012, the payback period on the initial investment of the PV system is shorter than when there was no such resolution. It is known that, although the resolution represents a breakthrough for inserting the Grid-connected Photovoltaic power generation, it is still not enough to expand this technology. The high tax of the PV equipment and the absence of incentives for this form of generation still prevent large-scale use. In addition, this article also shows the PV systems installed in Florianópolis (LABSOLAR / UFSC and Curitiba, such as the Green Office (GO, which is situated at the Technological Federal University of Parana.

  1. A cost and returns evaluation of alternative dairy products to determine capital investment and operational feasibility of a small-scale dairy processing facility.

    Science.gov (United States)

    Becker, K M; Parsons, R L; Kolodinsky, J; Matiru, G N

    2007-05-01

    This study examines the economic feasibility of 50- and 500-cow dairy processing facilities for fluid milk, yogurt, and cheese. Net present value and internal rate of return calculations for projected costs and returns over a 10-yr period indicate that larger yogurt and cheese processing plants offer the most profitable prospects, whereas a smaller yogurt plant would break even. A smaller cheese plant would have insufficient returns to cover the cost of capital, and fluid milk processing at either scale is economically infeasible. Economic success in processing is greatly contingent upon individual business, financial management, and marketing skills.

  2. “四化两型”视角下区域生态资本投资机制创新探讨%The Research of the Regional Eco -capital Investment Innovation Mechanism under the Perspective of “Four -changed and Two -oriented”

    Institute of Scientific and Technical Information of China (English)

    刘加林

    2015-01-01

    The article analyzes the “Four -changed and Two -oriented”capital investment mechanism under the back-ground of regional Eco -innovation from both home and abroad,tracks the latest developments in Eco -capital investment, theoretically analyzes the relationship between capital investment and the “Four -changed and Two -oriented”regional e-cology,elaborates the regional ecological problems in capital investment mechanism,and proposes regional ecological opti-mization strategy accordingly.%主要分析“四化两型”下区域生态资本投资机制创新的背景,从国内外两个方面追踪了生态资本投资的最新动态,并从理论上分析“四化两型”与区域生态资本投资之间的关系,在此基础上阐述区域生态资本投资机制存在的问题,进而提出区域生态资本投资机制优化策略。

  3. 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

  4. Why Invest in Economic & Technological Development Zones?

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    In order to attract foreign direct investment, China has established 52 Statelevel Economic & technological Investment Zones (ETDZs). ETDZs lay emphasis on capital-intensive, technology-intensive, hi-tech and production export enterprises. The investment scale of every project in the zones is twice that of the rest of the country. A large number of investment projects are large projects with investment capital over US$IO million,

  5. A Survey of Venture Capital Research

    NARCIS (Netherlands)

    Da Rin, M.; Hellmann, T.; Puri, M.L.

    2011-01-01

    This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on or

  6. 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

  7. 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…

  8. 我国矿业资本市场风险投资浅析%Analysis on venture investment of Chinas mining capital market

    Institute of Scientific and Technical Information of China (English)

    吕朋林; 胥碧华

    2011-01-01

    The mineral resource is an important material foundation of national economy and social development. The exploration and utilization of mineral resources plays an important role to protect and promote the sustainable development of the national economy. In China mining companies are in a completely new stage of development and have difficult to become listed companies. We must constantly improve the capital market of China's mining industry, accelerate the development of the mining venture capital market in order to solve the growing problem about the lack of funds and promote to develop China's mining companies into internationally competitive mining group.%矿产资源是国民经济和社会发展的重要物质基础,矿产资源的勘探、开发利用对国民经济的持续发展起到重要的保障和促进作用.而我国矿业企业正处于一个全新的发展时期,上市难度大,还需不断完善矿业资本市场,加速发展矿业资本市场风险投资以解决日益凸昱的资金缺乏问题,促进我国矿业企业发展为具有国际竞争力的矿业集团.

  9. Investment Evaluation Difficulties

    Directory of Open Access Journals (Sweden)

    Bogdan Cosmin Gomoi

    2011-12-01

    Full Text Available The financial criteria used for evaluation of the enterprise are not numerous; however, they are causing heated discussion on whether using a criterion at the expense of another. The most utilized financial criteria used in the ranking of investment alternatives are: the net present value criterion, the internal rate of return criterion, the payback period limit criterion and last, but not least, the profitability index criterion. These criteria have in mind, in the first place: \tinvestments impact on enterprise profitableness and results, by recording the future positive cash-flow \tinvestments influence on the balance of an enterprise, traced through the evolution, on one side of the working capital , on the other hand, the size of necessary working capital \tincidence of the investment project on enterprise risk level Therefore, to ensure the best possible decision making, investors must choose of using, and why not, even construction of relevant indicators regarding the opportunity of an investment decision in one alternative or another. It is advisable to take into account a number of principles, which are nothing more than to highlight various aspects of technical analysis of investment projects. As a result, it is preferable not to neglect the value of money in time problem, solved by using dynamic indicators of investment; investment project analysis with reference the binomial risk - profitableness, ensuring that profitableness of an investment is directly proportional to the risk category in which is framed; the basis for the investment decision to materialize with the help of marginal cash flow analysis and, certainly not with the help of paper profits; taking into consideration the fiscal policy of the company; elimination of the inflationary phenomenon in the decision process; targeting of low risk investment projects, because this risk adds to the whole risk of the enterprise etc.

  10. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  11. 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...

  12. 77 FR 4885 - Rural Business Investment Program

    Science.gov (United States)

    2012-02-01

    ...-Cooperative Service Rural Utilities Service 7 CFR Part 4290 RIN 0570-AA80 Rural Business Investment Program... the Rural Business Investment Program (RBIP) regulation, including one to conform to the 2008 Farm Bill provision that allows a Rural Business Investment Company two years to raise its capital....

  13. 47 CFR 69.310 - Capital leases.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital leases. 69.310 Section 69.310 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES (CONTINUED) ACCESS CHARGES Apportionment of Net Investment § 69.310 Capital leases. Capital Leases in Account 2680 shall be...

  14. Investment opportunities as real options

    Directory of Open Access Journals (Sweden)

    Adnan Rovčanin

    2005-06-01

    Full Text Available Opportunity (optional approach to capital investment appraisal represents, completely new theoretical and methodological framework for investment analysis. Compared to traditional, discount cash flow (DCF model of analysis, the optional approach provides opportunity for valuation and managing flexibility, i.e. possibility of approaching (amending the previous decisions in compliance with market changes. Risk and uncertainty are inevitably following the capital investment. Therefore, the importance of optional approach to investments is also that it provides possible better “treatment” of risks in the investment analysis, and also more rational allocation of resources, accordingly. This approach should be of more interest to the Countries in transition, considering the limited financial sources as well as risk and uncertainty are emphasized.

  15. The Study of Optimization of Human Capital Investment Portfolio about Talent in High Technology Industry in the New Normal%经济新常态下高技术产业人力资本投资组合优化研究

    Institute of Scientific and Technical Information of China (English)

    张樨樨; 陆世晴

    2015-01-01

    Under the economic environment of the new normal ,Industry leaders neglected the human capital investment portfolio led to that human capital input donnot match the output .In fact ,the human capital investment return rate is low but people have high expectations of investment .By constructing the simulation model based on C -D production function ,We make a research on human capital investment portfolio from the empirical perspective .The results show thatthe health careinvestment ,formal education investment and training investment is conducive to the overall improvement of the output .In addition ,We realized that the investment of social security is not conducive to the overall output in short term . When the high technology enterprise organization make a plan about human capital investment portfolio ,this article can provide reference for them .%目前,对人力资本投资组合关注的失衡化导致人力资本投入与产出不对等的现象频发。投资深化的溢出性期望与人力资本投资收益率低下的无奈现实形成鲜明的冲击性反差。通过构建基于C-D生产函数的仿真模型,深化对高技术产业人力资本投资组合研究,解析人力资本投资组合中健康保健投入、正规教育投入以及培训投入对整体产出的异质化作用,进一步明确社会保障投入对整体产出的“假性抑制作用”。在不忽视薪资与培训等传统方式方法的同时,通过重视健康保健投入与多元化社会保障投入逐步实现高技术产业人力资本投资的优化组合。

  16. Factor investing based on Musharakah principle

    Science.gov (United States)

    Simon, Shahril; Omar, Mohd; Lazam, Norazliani Md; Amin, Mohd Nazrul Mohd

    2015-10-01

    Shariah stock investing has become a widely discussed topic in financial industry as part of today's investment strategy. The strategy primarily applies market capitalization allocations. However, some researchers have argued that market capitalization weighting is inherently flawed and have advocated replacing market capitalization allocations with factor allocations. In this paper, we discuss the rationale for factor investing based on Musharakah principle. The essential elements or factors of Musharakah principle such as business sector, management capability, profitability growth and capital efficiency are embedded in the Shariah-compliant stock. We then transform these factors into indexation for better analysis and performance measurement. Investment universe for this research covers Malaysian stocks for the period of January 2009 to December 2013. We found out that these factor indexes have historically earned excess returns over market capitalization weighted indexes and experienced higher Sharpe Ratios.

  17. 风险资本约束下保险公司的最优比例再保险-投资策略%Optimal proportional reinsurance-investment policies for an insurer under Capital-at-Risk constraint

    Institute of Scientific and Technical Information of China (English)

    曾燕; 李仲飞

    2011-01-01

    This paper investigates a reinsurance-investment problem for an insurer.Assume that the integral risk of the insurer is measured by Capital-at-Risk(CaR), the surplus process is described by a diffusion approximation model;the insurer is allowed to purchase proportional reinsurance(or acquire new business) and to invest on a risk-free asset and multiple risky assets at any time; the prices of risky assets are driven by the model of geometric Brownian motions.The target of the insurer is to maximize the expectation of the terminal wealth under a CaR constraint.Two mean-CaR models are established for the problem.Explicit expressions of the optimal policies and efficient frontiers to the models are derived by using a hierarchical optimization method and the variational calculus approach.%本文研究保险公司的再保险-投资问题.假定保险公司的整体风险由风险资本(Capital-at-Risk,CaR)来度量;盈余过程由扩散模型近似表示;在任意时刻保险公司可购买比例再保险(或获取新业务)和投资无风险资产与多种风险资产;风险资产的价格由几何布朗运动驱动.保险公司的目标是在整体风险CaR受约束的条件下最大化终端财富的期望值.对这一问题,建立了两个均值-CaR模型.利用分层优化方法和变分法,得到了模型的最优比例再保险一投资策略以及有效边界的解析表达式.

  18. 虚报公司资本与虚假出资行为本不应去罪化%Illegality of False Capital Declaration and Fictitious Investment in Corporations Should not have been Removed

    Institute of Scientific and Technical Information of China (English)

    彭运朋

    2014-01-01

    False capital declaration and fictitious investment in corporations will still exist, and probably become more common after the recent revise of China Corporation Act. These acts are immoral and should be condemned. They cause damage to registration ofifce’s work and threat to beneifts of companies’ creditors and the safety of transaction, which means we should avoid underestimating the hazards to society result from them. Doubt about the rules punishing these behaviors has been brought about, it is not, however, convincing enough to abolish these rules that has been operating for almost twenty years and have foundation in theory and practice. This round of revise in Corporation Act does not afford any deifnitive conclusion for the dispute. We should keep our self-restrain in removing illegality from false capital declaration and ifctitious investment in corporations.%虚报公司资本与虚假出资行为在此次《公司法》修改后依然会存在,而且可能更加泛滥。“两虚”行为是具有可谴责性的不道德行为;侵害登记机关的管理秩序,威胁公司债权人权益、交易安全,社会危害性不容小视。尽管理论上对于“两虚”行为的处罚规定存在质疑,但这些质疑尚不足以推翻一种已运行近二十年并且具有一定的理论和实践基础的制度。此次公司法修改并未就有关争议给出确定性结论。我们在解决争议前本不应让虚报公司资本与虚假出资行为去罪化。

  19. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Maria-Loredana POPESCU

    2011-12-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  20. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    MARIA-LOREDANA POPESCU

    2011-04-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  1. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    -set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25......'s success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off...

  2. 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 ...

  3. 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...

  4. 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:

  5. The Characteristics of Foreign Direct Investments in Serbia

    Directory of Open Access Journals (Sweden)

    Pero PETROVIĆ

    2011-10-01

    Full Text Available The international movement of capital takes place in three main forms,namely: international mobility of credit capital, portfolio investments and foreign direct investments. Foreign direct investments(Greenfield investments today are considered as the most desirableform of international capital. They represent such type ofcapital investment in the company through which ownership controlover the company is being acquired. Direct investment of capital canbe made in the existing company(modernization, expansion, etc.abroad,or in the construction of a new capacities("Greenfield investment". In both cases the capital owner decides where to invest capital, how to organize production, takes care of the conditions of placements,the financial results of operations and the like, but alsobears the risk of doing business. Therefore,foreign direct investmentscarry the highest business risk, but also bring the most revenue orprofit.Foreign direct investments(FDIplay a key role in economicdevelopment. When it comes to the exporting countries, export of capital allows increased use of capacities, expansion of markets andnew technology development, and essentially comes down to profit maximization,especially in medium and long term. When it comes toimporting countries, import of capital provides an additional accumulation, transfer of new technologies and know-­‐how without needto purchase a license, higher exports, the ability to finance new investments which affects the growth of employment,income, laborproductivity, increase of budget revenues and other effects. Thepaper analyzes the main characteristics of FDI in Serbia.

  6. How venture capital works.

    Science.gov (United States)

    Zider, B

    1998-01-01

    The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

  7. Central China Expo Records $ 6.37 Bin Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    @@ On April 28, the Expo Central China 2009 was successfully concluded in Hefei, the capital city of Anhui province. During the Expo, the number of for-eign capital investment projects reached 127, valued at 6.37 billion dollars. And 356 domestic investment contracts were signed, drawing an invest-ment of 144.9 billion Yuan.

  8. EBRD equity investment

    Directory of Open Access Journals (Sweden)

    Simen, A.

    2012-01-01

    Full Text Available The EBRD is the largest investor in private equity funds, mainly focusing on growth and expansion in countries of operation. The significant support to its private equity fund managers accelerates the development and institutionalisation of the private equity industry in the region. For EBRD, equity investments are made indirectly through regional and sector funds. These funds are created by groups of investors, mostly private, to which the EBRD participates with capital.

  9. INVESTMENTS AND INVESTMENT INCENTIVES IN THE BALKAN STATES

    Directory of Open Access Journals (Sweden)

    MEHMET YÜCE

    2016-04-01

    Full Text Available Balkan region, located in the south eastern part of the European Continent, is composed Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Kosovo, Macedonia, Greece with a portion of the Croatia, Romania, Serbia, Slovenia and Turkey. Southeast Europe are composed of Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Kosovo, Macedonia and Albania which known as the Western Balkans countries. That international investments are assessed on a regional and global scale in the Balkans, these investments gained importance after the 1990s with political, social and geographical variation. In the 2000s, after legal and administrative framework oriented reforms of investments which are continuations of global integration efforts, development of the investment opportunities in Balkans have been considered positively. While the investment incentive structures and rates differ on the basis of the countries, they are of capital importance for investors. After the 2008 global economic crisis which has happened because of the economic shrinkage on global scale, despite the worries for political and economic unsteadiness in specific countries, development of investments in Balkans has not been affected in a negative way. In this study development of investment in Balkans is analysed with negative and positive factors, investment opportunities and incentives are examined on the basis of countries. The Balkans gain acceleration positively thanks to the reforms of investment opportunities on the national scope. As to the need of investment development oriented local and international coordinated programme and approach is an important issue that should be analysed.

  10. Venture Capital Industry Index Portfolio Analysis

    Directory of Open Access Journals (Sweden)

    Dagang Yang

    2013-05-01

    Full Text Available This paper using index analysis method, knowledge of venture capital as well as index funds investment ideas, successively set up the Markowitz model and the single index model of index investing. Markowitz model for the calculation of the risk of workload is too big and single-index model although accuracy is slightly lower, but can certainly be very well used in practice. Therefore, We use index invest to invest in Shanghai 10 index securities with the single-index model , and apply lingo software to figure out the venture capital portfolio which have different yields.

  11. Investment Timing When External Financing Is Costly

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...... considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U-shaped in liquid funds. For high-liquidity firms, investment thresholds are decreasing (i.e. accelerated investment takes place) in either dimension...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....

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

    Institute of Scientific and Technical Information of China (English)

    霍晓萍

    2015-01-01

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

  13. Positive Effects FROM SHRINKING INVESTMENT

    Institute of Scientific and Technical Information of China (English)

    Luo Yang

    2009-01-01

    @@ Since its launch in November 2008,the RMB 4 trillion investment plan has been carrying the task of "capital growth".According to the plan,from the fourth quarter of 2008 to the end of 2010,the central government will increase a total of RMB 1.18 trillion additional funds to promote local and social investment.The goal is to achieve a total investment of around RMB 4 trillion,of which RMB 487.5 billion will be added this year.

  14. Research on Pastoral Capital Investment from the Perspective of Inclusive Economic Growth---A Case of Inner Mongolia Pasturing Area%条件不利地区特色农业发展的理论与实践--以内蒙古奈曼旗为例

    Institute of Scientific and Technical Information of China (English)

    韩柱

    2013-01-01

    Pastoral areas are performing a very important function in areas such as politics ,economy , culture and ecology in China .Besides ,it also plays an important role in eco -civilization construction ,na-tional unity as well as in social stability .What’s more ,it is not only a main aspect of balanced urban and rural development but also the main concern of realizing inclusive economic growth .As we know ,in recent years the economy of Inner Mongolia’s has grown rapidly ,but the funs needed in the development pastoral area are not in step with the rapid economic grow th .So ,there is a mismatch between the funs and the functions of the pastoral areas .Thus ,this article will give us a detailed analysis of investment situation of pastoral area from the different aspects such as the central ,local ,pastoral ,financial institutions and for-eign investment .In addition ,from the different aspects like dual economic structure ,frangibility of animal husbandry and herdsmen self -accumulation ,this article explores the reasons for the shortage of funds .It also proposed that capital investment in pastoral areas should be increased .For one thing ,in order to in-crease the capital investment in pastoral areas ,not only will we increase the national finance construction fund investment in pastoral areas ,but also we increase the increase the capital investment in pastoral areas under the help of large and medium cities and towns .For another thing ,we can make full use of the for-eign capital ,fully formed herdsmen cooperative financial institutions and countermeasures .%发展特色农业是实施西部大开发战略的重点任务,位于科尔沁沙地腹部的奈曼旗是自然条件和社会经济条件属于条件不利地区,发展特色农业对于农业结构调整、增加农民收入的有效途径。近年来,该旗立足于地区实际和自身优势,遵循“特色+规模+档次=效益”的市场规律,按照“一村一品,一乡一业

  15. Output Dynamics, Technology, and Public Investment

    NARCIS (Netherlands)

    Duarte Bom, P.R.; Heijdra, B.J.; Ligthart, J.E.

    2010-01-01

    The paper studies the dynamic output effects of public infrastructure investment in a small open economy. We develop an overlapping generations model that includes a production externality of public capital and a wealth effect on labor supply. Public capital enters the firm's production function und

  16. Specific Investment, Trust and Control Rights Governance in Venture Capital-backed Entrepreneurial Firms%专用性投资、信任与创业企业控制权治理

    Institute of Scientific and Technical Information of China (English)

    王雷

    2014-01-01

    基于控制权收益交互作用视角,研究创业投资模式下的异质性创业企业控制权治理问题,分析控制权共享收益和私人收益综合影响下投资家投资专用性和合作双方信任度对创业企业剩余控制权和特定控制权治理的作用机理,以193家不同产业类型创业企业为样本,运用混合回归模型,实证检验投资专用性、信任及其交互作用对异质性创业企业两类控制权治理的影响。研究结果表明,由于异质性企业的控制权收益类型和大小存在差异,导致投资专用性和信任对不同产业类型创业企业控制权治理的影响存在差异;创业企业家控制权私人收益较大、创业投资家的战略收益较小时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性倒U形关系;创业企业家控制权私人收益较小、创业投资家的战略收益较大时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性U形关系;投资专用性与合作双方信任度的交互项与创业投资家拥有的剩余控制权和特定控制权负相关,在高新技术创业企业样本中交互效应尤为显著。%This paper studies the problem of control right governance of heterogeneity entrepreneurial firms from venture capital -backed modes , based on the perspective of interaction effect between different control right benefits .Under the comprehensive in-fluence of sharing and private benefits of control rights , the paper analyses how the investment specificity of venture capitalists (VCs) and trust of cooperation between both sides affect residual control rights and general control right governance in entrepre -neurial firms.The paper uses 193 VC-backed firms with different types as sample , and empirically tests the impact of investment specificity of VCs , trust and the interaction between them on two

  17. The Structure of Adjustment Costs in Information Technology Investment

    OpenAIRE

    Hyunbae Chun; Sung-Bae Mun

    2005-01-01

    We examine the pattern of information technology (IT) capital adjustment using data from U.S. industries. Using the gap between actual and desired IT capital stocks, we estimate the shape of the adjustment cost function in IT investment. Both ordinary least squares and nonparametric regression estimates support irreversibility in IT investment.

  18. Conglomerate investment, skewness, and the CEO long shot bias

    NARCIS (Netherlands)

    Schneider, C.A.R.; Spalt, Oliver

    2016-01-01

    Do behavioral biases of executives matter for corporate investment decisions? Using segment-level capital allocation in multi-segment firms ("conglomerates") as a laboratory, we show that capital expenditure is increasing in the expected skewness of segment returns. Conglomerates invest more in high

  19. 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...

  20. Wenzhou Pilots New Investment Channels

    Institute of Scientific and Technical Information of China (English)

    WANGPEI

    2004-01-01

    Wenzhou, a coastal city in East China's Zhejiang province, has recently drawn much public attention with the establishment of two high profile private financial consortiums. Lying behind these two investment groups is the city's total available private capital, which according to official figures sits at 26o billion yuan (US$31 billion),including 160 billion yuan (US$19 billion) of bank savings.

  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. 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...

  3. Overseas Investment,Encouraging Long Jonrney

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2011-01-01

    @@ In the context of the financial crisis, international capital flows, cross-border investment, as well as the mergers and acquisitions generally continues shrinking at a large range in 2009, while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  4. 12 CFR 704.5 - Investments.

    Science.gov (United States)

    2010-01-01

    ... policy that is consistent with its other risk management policies, including, but not limited to, those related to credit risk management, asset and liability management, and liquidity management. The policy... liquidity investments in relation to capital. (b) General. All investments must be U.S....

  5. 社会资本、法律保护与研发投资--来自中国上市公司面板数据的证据%Social Capital, Law Protection and R & D Investment-evidence from Listed Companies Panel Data in China

    Institute of Scientific and Technical Information of China (English)

    张洪辉

    2014-01-01

    对于公司研发投资的研究,现有研究一般从公司规模、公司年龄等内部因素,及地区经济发展、对外开放程度等外部因素展开的。本文引入社会学中的社会资本理论,结合法律保护状况,研究社会资本、法律保护程度对上市公司研发投资的影响。利用2007-2012年中国上市公司的不平衡面板数据,研究发现社会资本能够对公司研发投资产生正面的作用,它所规定的诚实、守信原则,作为一种非正式的、非强制的制度来规范个体的行为,刺激公司研发投资;法律保护也能对公司研发投资产生激励作用,随着法律保护水平的提高,公司研发投资水平相应增加。同时,社会资本和法律保护之间存在着替代作用,当法律保护增强时,社会资本对公司研发投资的正面作用减弱。此外,财务杠杆并不能制约公司的研发投资行为,这与传统代理理论不一致;现金流并没有成为公司研发投资的资金来源,这也不符合传统的融资约束理论。%Among the researches on corporate investing , much of them were made from the internal fac-tors of corporate size , corporate age , and the external factors of regional economic development and the level of opening-up.This paper introduces social capital theory from sociology , and with law protection , to analyze social capital and law protection impact on listed companies ’ R&D investment .Using unbalance panel data of Chinese listed companies in 2007-2012 , it finds that social capital , as an informal rule , can erect an positive effect on corporate R&D investment , which uses its honesty rule to stimulate corporate R&D investment; law protection also can cause more corporate R&D investment , as the law protection level increasing , more R&D investment were made in listed companies .Meanwhile , social capital and law protection can substitute with each other , with the law protection

  6. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital......We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current...

  7. Policy Uncertainty, Investment and Commitment Periods

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

  8. BANKING ETHICS IN THE FOREIGN DIRECT INVESTMENTS FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    MEDAR LUCIAN-ION

    2011-09-01

    Full Text Available Capital account liberalization created premises and allow Romania for final exit from the financial crisis. Promoting direct investment in Romania can lead to sustainable economic growth, create new jobs and thus, by selling labor set up new forms of saving, which will support investments. Banking ethics elements behind the development of direct investments in Romania are legislation, regulation and behavior of participants. Amid an emerging economy rocked by the global financial crisis, capital account liberalization has allowed entry direct investment, but allowed and the capital flight. Respect for ethics in the business financial banking groups provide, at least, economic development and upgrading the infrastructure of Romania

  9. COLOMBIA CAPITAL INVESTMENT S.A

    Directory of Open Access Journals (Sweden)

    GUILLERMO BUENAVENTURA VERA

    2009-01-01

    Full Text Available El caso presenta la vivencia, los análisis y las decisiones que se toman en una firma de inversiones financieras de renta fija, en el período de dos años, enfocando los diez últimos días y analizando en profundidad lo ocurrido en los últimos dos días de transacción. Además, un anexo con el glosario ilustra la terminología utilizada en el medio; otro anexo muestra el modelo de predicciones empleado, y un tercer anexo explica las relaciones matemáticas entre la tasa del mercado de los bonos y el precio de los mismos.

  10. Invest in China, Invest in the Future Of Your Business Growth

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    Despite the challenging credit environment, investors remain bullish about the long-term prospects of travel as an investment category, according to a recent survey by Hudson Crossing, a venture capital and private equity firm based in New York.

  11. 77 FR 15145 - Ares Capital Corporation et al.;

    Science.gov (United States)

    2012-03-14

    ...: Ares Capital Corporation (the ``Company''), Ares Capital Management LLC (``ACM'') and Ivy Hill Asset...''). The Board has delegated daily management and investment authority to ACM pursuant to an investment advisory and management agreement between ACM and the ] Company. ACM, a Delaware limited liability...

  12. Capital Power:From Input to Output

    Institute of Scientific and Technical Information of China (English)

    You Wanlong; Alice

    2009-01-01

    @@ After thirty yeas "going out" of China overseas investment,we learn from our failed lessons and also successful experience.Chinese enterprises are now standing at a new starting point of "going out".China is transforming from "capital input power" to "capital output power".

  13. Human Capital, (Human) Capabilities and Higher Education

    Science.gov (United States)

    Le Grange, L.

    2011-01-01

    In this article I initiate a debate into the (de)merits of human capital theory and human capability theory and discuss implications of the debate for higher education. Human capital theory holds that economic growth depends on investment in education and that economic growth is the basis for improving the quality of human life. Human capable…

  14. Fueling innovation in medical devices (and beyond): venture capital in health care.

    Science.gov (United States)

    Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A

    2009-01-01

    Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds.

  15. Modeling regulated water utility investment incentives

    Science.gov (United States)

    Padula, S.; Harou, J. J.

    2014-12-01

    This work attempts to model the infrastructure investment choices of privatized water utilities subject to rate of return and price cap regulation. The goal is to understand how regulation influences water companies' investment decisions such as their desire to engage in transfers with neighbouring companies. We formulate a profit maximization capacity expansion model that finds the schedule of new supply, demand management and transfer schemes that maintain the annual supply-demand balance and maximize a companies' profit under the 2010-15 price control process in England. Regulatory incentives for costs savings are also represented in the model. These include: the CIS scheme for the capital expenditure (capex) and incentive allowance schemes for the operating expenditure (opex) . The profit-maximizing investment program (what to build, when and what size) is compared with the least cost program (social optimum). We apply this formulation to several water companies in South East England to model performance and sensitivity to water network particulars. Results show that if companies' are able to outperform the regulatory assumption on the cost of capital, a capital bias can be generated, due to the fact that the capital expenditure, contrarily to opex, can be remunerated through the companies' regulatory capital value (RCV). The occurrence of the 'capital bias' or its entity depends on the extent to which a company can finance its investments at a rate below the allowed cost of capital. The bias can be reduced by the regulatory penalties for underperformances on the capital expenditure (CIS scheme); Sensitivity analysis can be applied by varying the CIS penalty to see how and to which extent this impacts the capital bias effect. We show how regulatory changes could potentially be devised to partially remove the 'capital bias' effect. Solutions potentially include allowing for incentives on total expenditure rather than separately for capex and opex and allowing

  16. Applying temporal network analysis to the venture capital market

    Science.gov (United States)

    Zhang, Xin; Feng, Ling; Zhu, Rongqian; Stanley, H. Eugene

    2015-10-01

    Using complex network theory to study the investment relationships of venture capital firms has produced a number of significant results. However, previous studies have often neglected the temporal properties of those relationships, which in real-world scenarios play a pivotal role. Here we examine the time-evolving dynamics of venture capital investment in China by constructing temporal networks to represent (i) investment relationships between venture capital firms and portfolio companies and (ii) the syndication ties between venture capital investors. The evolution of the networks exhibits rich variations in centrality, connectivity and local topology. We demonstrate that a temporal network approach provides a dynamic and comprehensive analysis of real-world networks.

  17. A Conceptualized Investment Model of Crowdfunding

    DEFF Research Database (Denmark)

    Tomczak, A.; Brem, Alexander

    2013-01-01

    Crowdfunding is growing in popularity as a new form of both investment opportunity and source of venture capital. This article takes a view on whether crowdfunding is a replacement or an addition to traditional seed capital sources in the early stages of a new venture. With access to angel...... investment decreasing since the financial crisis of 2008, crowdfunding is of great importance to start-ups seeking starting capital. However, little effort has been made to define the investment model of crowdfunding with both crowdfunder and crowdfundee in mind. Drawing on an in-depth review of current...... literature on crowdfunding, this article creates an investment model of crowdfunding with various reward models available to investor and investee in mind. This article provides an extensive survey of the environment of crowdfunding based on current literature. It offers a jumping off point and a thorough...

  18. Investment Invited

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    T he 2006 Major Projects Investment Consultation and Talks, an investment promotion fair, jointly sponsored by the All-China Federation of Industry and Commerce and the Nanjing Municipal Government, will be held at the Nanjing International Expo Center from May 28 to 30. Organizers of the event also include Nanjing's neighboring cities of

  19. 26 CFR 1.852-4 - Method of taxation of shareholders of regulated investment companies.

    Science.gov (United States)

    2010-04-01

    ... investment company, shall treat such capital gain dividends as gains from the sale or exchange of capital... the purchaser or seller of a share or regulated investment company stock is the shareholder at the... § 1.860-2(b)(1). (d) Special treatment of loss on the sale or exchange of regulated investment...

  20. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...... of underinvestment and, hence, induces cutting down investment. On the other hand, severely constrained firms benefit more by getting closer to the first-best investment implying higher investment....

  1. Social Capital as Exchange: Its Contribution to Morale

    Science.gov (United States)

    Cheung, Chau-kiu; Chan, Raymond Kwok-hong

    2010-01-01

    A way to clarify the measurement of social capital is the differentiation of its bases on opportunity and exchange. Social capital based on opportunity incorporates organizational participation, network strength, trust, helping and continuing relationships, whereas social capital based on exchange consists of the investment and reciprocation of…

  2. 78 FR 45592 - DeltaPoint Capital IV, LP;

    Science.gov (United States)

    2013-07-29

    ... ADMINISTRATION DeltaPoint Capital IV, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that DeltaPoint Capital IV, L.P., 45 East Avenue... Business Administration (``SBA'') Rules and Regulations (13 CFR 107.730). DeltaPoint Capital IV,...

  3. 10 CFR 503.35 - Inability to obtain adequate capital.

    Science.gov (United States)

    2010-01-01

    ... capital investment, through tariffs, without unreasonably adverse economic effect on its service area... 10 Energy 4 2010-01-01 2010-01-01 false Inability to obtain adequate capital. 503.35 Section 503... New Facilities § 503.35 Inability to obtain adequate capital. (a) Eligibility. Section 212(a)(1)(D)...

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

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

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

  5. Internal capital markets: The bright side of corporate politics

    NARCIS (Netherlands)

    Cremers, M.; Huang, R.; Sautner, Z.

    2008-01-01

    This study looks inside the internal capital market of a large retail-banking group to study how internal corporate politics affect internal capital allocation. Our data is from the firm's managerial accounting system and covers all cash flows, internal capital transfers, and investments at the loca

  6. Working Capital Approaches and Firm’s Returns in Pakistan

    Directory of Open Access Journals (Sweden)

    Dr. Talat Afza

    2008-09-01

    Full Text Available This study investigates the relationship between the aggressive/conservative working capital policies for seventeen industrial groups of public limited companies listed at Karachi Stock Exchange for a period of 1998-2003. The ordinary least square regression model has been used to investigate into the relationship of working capital approaches and the returns of firms. The study found significant differences among their working capital investment and financing policies across different industries. Moreover, these significant differences are remarkably stable over the period of six years. The aggressive investment working capital policies are accompanied by aggressive working capital financing policies. Finally, we found a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policies. The study would contribute a better understanding of working capital management policies in an emerging market like Pakistan.

  7. Human capital, schooling and health.

    Science.gov (United States)

    Schultz, T Paul

    2003-06-01

    A consensus has been forged in the last decade that recent periods of sustained growth in total factor productivity and reduced poverty are closely associated with improvements in a population's child nutrition, adult health, and schooling, particularly in low-income countries. Estimates of the productive returns from these three forms of human capital investment are nonetheless qualified by a number of limitations in our data and analytical methods. This paper reviews the problems that occupy researchers in this field and summarizes accumulating evidence of empirical regularities. Social experiments must be designed to assess how randomized policy interventions motivate families and individuals to invest in human capital, and then measure the changed wage opportunities of those who have been induced to make these investments. Statistical estimation of wage functions that seek to represent the relationship between wage rates and a variety of human capital stocks may yield biased estimates of private rates of return from these investments for a variety of reasons. The paper summarizes several of these problems and illustrates how data and statistical methods can be used to deal with some of them. The measures of labor productivity and the proxies specified for schooling and adult health are first discussed, and then the functional relationships between human capital and wages are described. Three types of estimation problem are discussed: (1) bias due to omitted variables, such as ability or frailty; (2) bias due to the measurement of an aggregation of multiple sources of human capital, e.g. genetic and socially reproducible variation, which may contribute to different gains in worker productivity; and (3) errors in measurement of the human capital stocks. Empirical examples and illustrative estimates are surveyed.

  8. 78 FR 21491 - DeltaPoint Capital IV, L.P., DeltaPoint Capital IV (New York), L.P.; Notice Seeking Exemption...

    Science.gov (United States)

    2013-04-10

    ... ADMINISTRATION DeltaPoint Capital IV, L.P., DeltaPoint Capital IV (New York), L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that DeltaPoint Capital IV, L.P. and DeltaPoint Capital IV (New York), L.P., 45 East Avenue, 6th...

  9. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

    Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

  10. The Game Analysis on Utility Value of Government-owned Venture Capital Follow Investment Mode from the Perspective of Government%基于政府视角的国有创投跟进投资方式的效用价值研究

    Institute of Scientific and Technical Information of China (English)

    林本初

    2012-01-01

    Although government's participatory approach remains controversial, it has been reached a consensus that government should be involved in the field of venture capital investment. Based on the principal-agent theory and the prototype of multi-task principal-agent model, this paper builds a principal-agent model between the government and investment institutions. Comparing the utility value of direct investment and follow up investment, it is concluded that under the model of guidance funds, follow up investment brings government higher utility value than direct investment, and carry out an empirical analysis and verification based on statistical data.%政府应参与到创业风险投资领域已达成共识,但是关于政府的参与方式问题依然存在争议。本文在委托代理理论的基础上,以多重任务的委托代理模型为原型,构建了政府与投资机构之间的委托代理模型。比较政府在直接投资方式和跟进投资方式的效用价值,得出在引导基金模式下,跟进投资与直接投资相比,政府的效用价值更优的结论,并通过统计数据进行了实证分析及验证。

  11. Creative Investment

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Prices for Chinese art are shattering records locally and internationally. Is the investment well placed?Mem Aziz is brimming with confidence about the future of his business in China. Director of Australia’s Redrock Gallery,

  12. Investment behavior and investment aggregates during China's economic transition

    Institute of Scientific and Technical Information of China (English)

    WANG Xi

    2006-01-01

    In view of the peculiar patterns of investment ownership structure and special investment phenomena in China,the paper sets up formal dynamic investment behavioral models for state-owned enterprises (SOEs) and non-state-owned enterprises(NSOEs)under the background of full-dimensional and gradual economic transition.The models are based on two key points: entrepreneurs of SOEs have dual and changing operational objectives as the result of property-rights reformation;and dual-track approach of price liberalization process and reformation of financing system alters the actual user costs of capital goods.Analytical solutions are provided and it is shown that there exists a normative and unified explanation of the peculiar phenomena such as "investment deficiency" of NSOEs,"investment thirst","investment inefficiency," and dual shrinkage of SOEs in both investment and output.Our research also sheds lights on evaluation of preceding reforms,understanding of SOEs' losses and bad bank loans.The paper partially justifies the property-rights-oriented reformation of SOEs.

  13. Intangible and Intellectual Capital: A Review of the Literature

    OpenAIRE

    Elizabeth Webster

    2002-01-01

    This paper reviews theoretical and empirical academic economic studies that discuss what is intangible and intellectual capital and why is it important for society. It begins by discussing issues such as the nature of this capital and how has it changed over time. Subsequently it reviews measures of the importance of intangible and intellectual capital, whether optimal levels of investment in intangible and intellectual capital can be said to exist and, accordingly, whether governments should...

  14. Attraction of Investment in Agriculture of Kazakhstan

    Directory of Open Access Journals (Sweden)

    Dinar Abdrakhmanova

    2014-11-01

    Full Text Available Characteristic for conditions competition increase in the market of the investments, interfaced to world financial crisis, makes superrigid deman ds to investment decisions. In similar conditions the exit on the capital markets is one of the key advantages, providing to the enterprises their further development. Attraction of investments is interfaced to a number of difficulties. In connection with shortage of own means for financing of investment activity of the organizations by the basic source of financing there was an extra financing. Necessity of considerable volume of financial resources on development of investment projects does their attraction by a paramount problem of the enterprises-borrowers. Availability of credit sources of financing is limited both because of the high price of the extra capital, and owing to inability of the enterprises-borrowers to interest potential creditors in realization of investment projects. It causes necessity of an economic justification of efficiency and appeal of investment investments. Only having defined, what concrete parameters the company should possess, and having developed concrete ways and indicators of achievement of these parameters, it is possible in modern conditions effectively to develop business. Such aspiration creates investment appeal and is realized by means of basic tools considered in given work.

  15. Allergy Capitals

    Science.gov (United States)

    ... Health Professionals Partners Media Donate Research 2016 Fall Allergy Capitals If you’re one of the millions ... needs of their residents with allergic diseases. Fall Allergies by the Numbers Nasal allergies affect more than ...

  16. 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 ...

  17. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    if they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in ways...... general application particularly in the context of the current crisis of capitalism....

  18. DOSTOYEVSKI'S "CAPITAL"

    OpenAIRE

    GUNAL, E. Zeynep

    2012-01-01

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

  19. Research on Pastoral Capital Investment from the Perspective of Inclusive Economic Growth---A Case of Inner Mongolia Pasturing Area%包容性经济增长视阈下的牧区资金投入问题研究--以内蒙古牧区为例

    Institute of Scientific and Technical Information of China (English)

    格日乐其其格

    2013-01-01

    我国牧区具有政治、经济、文化和生态4大功能,在我国生态文明建设、民族团结和社会稳定中起着举足轻重的作用,也是城乡统筹发展,实现包容性增长的重要内容。近年来,内蒙古经济快速增长的过程中,牧业和牧区发展所需资金未能与经济增长同步增加。这与牧区所具有的诸多功能不相匹配。文章在中央、地方、牧民和金融机构等从不同层面实证分析了内蒙古牧区和牧业资金投入现状,从二元经济结构、畜牧业脆弱性和牧民自我积累等方面探究了资金短缺的原因,并提出增加牧区资金投入除了必须做到加大国家财政性建设资金投入以外,还要通过大中城镇对牧区的辐射带动、充分利用外资、组建牧民合作金融组织等对策建议。%Pastoral areas are performing a very important function in areas such as politics ,economy , culture and ecology in China .Besides ,it also plays an important role in eco -civilization construction ,na-tional unity as well as in social stability .What’s more ,it is not only a main aspect of balanced urban and rural development but also the main concern of realizing inclusive economic growth .As we know ,in recent years the economy of Inner Mongolia’s has grown rapidly ,but the funs needed in the development pastoral area are not in step with the rapid economic grow th .So ,there is a mismatch between the funs and the functions of the pastoral areas .Thus ,this article will give us a detailed analysis of investment situation of pastoral area from the different aspects such as the central ,local ,pastoral ,financial institutions and for-eign investment .In addition ,from the different aspects like dual economic structure ,frangibility of animal husbandry and herdsmen self -accumulation ,this article explores the reasons for the shortage of funds .It also proposed that capital investment in pastoral areas should be increased .For one

  20. 食品安全问题成因及其预防对策——基于广西禽畜生产现状与道德资本投入的分析%Causes of and Precautions against Food Safety Problems: An Analysis of the Current Situation of Livestock Production in Guangxi and the Moral Capital Investment

    Institute of Scientific and Technical Information of China (English)

    黄祖江

    2012-01-01

    The fundamental root causes of food safety problems are the mercenary food manufacturers’ lack of professional integrity and social morality,and the ignorance of the significant role that moral capital plays during the manufacturing process.By making investigations into the food safety problems in the process of processing and selling livestock products,the author tries to reveal the applicability of moral capital in this process and figures out effective strategies to solve food safety problems by investing moral capital into both the external and internal of the industrial chain of the livestock processing.%食品安全问题的根源是生产经营者的唯利是图,职业操守和社会道德的缺失,忽视了道德资本在企业生产经营中的重要作用。研究通过对广西禽畜食品生产经营中安全问题的调查,得出道德资本在食品生产经营中的可适用性,并通过对畜禽食品产业链的内部和外部进行道德资本的投入来有效解决食品安全生产经营的问题。

  1. Human and Inhuman Capital, and Schooling

    Directory of Open Access Journals (Sweden)

    Primož Krašovec

    2014-06-01

    Full Text Available Theories of human capital are becoming an increasingly common reference in both newer pedagogical theories as well as political documents, outlining the plans for reforms of science and education. As a part of broader ideology of knowledge society, human capital theories represent ideological legitimation of neoliberal trends in science and education policies. Increased investment in human capital on both social and individual level is supposed to increase the competitiveness of the economy as a whole as well as employability and welfare of individuals. In the first part of the article, we sketch the intellectual history and the socio-political context of the development of theories of human capital. Second part is dedicated to a critique of characteristically neoliberal equalization of labor with capital and of a theory, according to which investment in human capital brings profits to individual workers. In the third part, we outline a general socio-historical dynamics of the development of high-tech capitalism and show that “investments in human capital” and economic innovations do not bring about increased social welfare. In the fourth, final part, we analyze in detail how current educational reforms impact the learning process and working conditions at public universities.

  2. CAPITAL FLOWS AND THEIR SECTORAL DESTINATIONS

    Directory of Open Access Journals (Sweden)

    Petris Sorina

    2012-07-01

    Full Text Available Since 2003, New European Union Member States have made large capital inflows, which led to a credit crunch and recession. Whether they are foreign direct investment, or banking flows, capital inflows ultimately affect GDP, depending on how they are invested. In the specialty literature, analysis of capital flows was done especially in terms of their structure, with a lack of analysis in terms of final destination of capital inflows. Therefore, we analyzed the effect of capital inflows on GDP in the New Member States of the European Union (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia over the last economic cycle. Based on experiences of the new Member States during the recent boom and crisis, the paper studies the impact of capital inflows on GDP growth, inflows channeled to economic sectors, such as real estate and corporate investment sector. The results of this research tries to highlight the extent to which the final destination of capital flows is important for the evolution of GDP.

  3. Optimal Investment Strategy for Risky Assets

    OpenAIRE

    Sergei Maslov; Yi-Cheng Zhang

    1998-01-01

    We design an optimal strategy for investment in a portfolio of assets subject to a multiplicative Brownian motion. The strategy provides the maximal typical long-term growth rate of investor's capital. We determine the optimal fraction of capital that an investor should keep in risky assets as well as weights of different assets in an optimal portfolio. In this approach both average return and volatility of an asset are relevant indicators determining its optimal weight. Our results are parti...

  4. Influence of the Human Capital Characteristics of High Technology Start-ups on the Relationship Between R & D Investment and Financing Structure%高技术创业企业人力资本特征对R & D投资与融资结构的影响

    Institute of Scientific and Technical Information of China (English)

    钟田丽; 胡彦斌

    2014-01-01

    以高技术创业企业为研究对象,利用深市创业板公司样本数据,在实证检验创业企业R&D投资与融资结构相互关系的基础上,实证研究了人力资本特征对R&D投资与融资结构相互关系的影响程度。分析了完善我国创业企业治理、加强高管及核心技术人员队伍建设、规范R&D投资行为和优化融资结构的理论依据。%In this paper, taking the high technology start-ups as the research object, using the sample data from Shenzhen GEM, we firstly testify the inter-relationship between R&D investment and financing structure of start-ups. Then we focus on how the human capital characteristics of these fledging companies exert influence on the relationship between R&D investment and financing structure. We hope that what we discuss in this paper can improve the corporate governance, promote the quality of executives and core technical staff, set standard of R&D investment behavior and give some guide on how to optimize the financing structure from the theoretical perspective.

  5. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

      The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show that the th......  The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show...

  6. United Kingdom Shadow Secretary of State for Universities and Skills David Willetts MP (centre) in front of the CMS detector with (from left to right) A. Barr, Partner and Founder, Matterhorn Investment Management LLP P. Bate, S. Harper, M. Willetts, T. Virdee, J. Ellis, CMS Spokesperson G. Tonelli, CMS Technical Coordinator A. Ball and (front) Partner, Caravel Capital H. Hsueh and P. Wells. Monday 4th January 2010

    CERN Multimedia

    Maximilien Brice; Point 5

    2010-01-01

    United Kingdom Shadow Secretary of State for Universities and Skills David Willetts MP (centre) in front of the CMS detector with (from left to right) A. Barr, Partner and Founder, Matterhorn Investment Management LLP P. Bate, S. Harper, M. Willetts, T. Virdee, J. Ellis, CMS Spokesperson G. Tonelli, CMS Technical Coordinator A. Ball and (front) Partner, Caravel Capital H. Hsueh and P. Wells. Monday 4th January 2010

  7. Mengukur Kontribusi Human Capital terhadap Tujuan Perusahaan

    Directory of Open Access Journals (Sweden)

    Brata Wibawa Djojo

    2010-11-01

    Full Text Available Human capital is a valuable asset of any company, especially for competent human resources and contributes both to the company. The performance evaluation given to employees annually can be defined and standardized by the company. However, the question is how big the contribution of human resources to sales and profit contribution is. Case studies take data from one branch of a general insurance company in Indonesia, Jakarta branch. Measurement is done by taking samples of data from 2007, 2008, and 2009. The study measures the risk of several components: (i Human Capital Revenue Factor, (ii Human Economic Value Added, (iii Human Capital Cost Factor, (iv Human Capital Value Added, and (v Human Capital Return on Investment. Results of research can provide guidelines for the management, especially for management of JLI in view of Human Capital contribution to corporate objectives, namely in terms of staffing and agency. 

  8. 77 FR 42353 - Escalate Capital Partners SBIC I, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2012-07-18

    ... ADMINISTRATION Escalate Capital Partners SBIC I, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Escalate Capital Partners SBIC I...). Escalate Capital Partners SBIC I, L.P. proposes to make a debt investment in Mavenir Systems, Inc.,...

  9. Game Analysis on Capital Investment of R&D Alliance Based on Contest Model%基于竞赛模型的研发联盟资本投入博弈分析

    Institute of Scientific and Technical Information of China (English)

    熊麟; 冯婷婷; 鲁若愚

    2013-01-01

    This paper studies the R&D investment of multiple enterprises involvement in new product development in a risk market.The result shows as follows:the effect of profit sharing pattern on alliance members'R&D investment is bigger than that of alliance structure;alliance's total R&D investment would increase with the increasing of alliance members when cross-function alliance distributes profit according to members'R&D investment proportion;alliance's total R&D investment would decrease with the increasing of alliance members in other three type of cooperation pattern;alliance has more R&D investment when alliance members have more complementary resources.%深入研究了具有一定市场风险的、多企业参与新产品开发的研发投入问题.根据联盟结构和联盟成员收益分配方式,将联盟合作分为4种模式.研究结果显示:收益分配方式对联盟成员研发投入决策的影响大于联盟结构组成形式的影响;除跨功能联盟按研发投入比例分配收益时的联盟总研发投入随着联盟成员数的增加而增加外,其他3种模式下联盟总研发投入都随着联盟成员数的增加而减少;当联盟成员拥有更多的互补资源时,联盟的总研发投入量更多.

  10. The Effective Mode and Countermeasures Research of the Capital Investment in the Banking Industry of Heilongjiang Province%民间资本投资黑龙江省银行业的有效模式及对策研究

    Institute of Scientific and Technical Information of China (English)

    任嘉嵩

    2015-01-01

    近十年来,民间资本在黑龙江省各领域的利用情况日趋增多,发展潜力大。金融市场的投资环境改善,使得黑龙江省对民间资本的需求日益扩大。黑龙江省银行业可通过参股、合资、独资新设和兼并收购四种可行性模式吸收民间资本,黑龙江银行业应健全相关法律法规,加大财政扶持倾斜力度,使民间资本合法有序、稳健顺畅地进入银行业;建立风险防控和组织管理机制、完善信用评估体系,使民间资本安全可控、益于公众;创新银行业务服务,优化金融文化环境,为民间资本开辟新天地,并使其获得长效发展,从而强化黑龙江省银行业融资结构,促进全省经济增长。%In the past ten years,private capital utilization in the field of Heilongjiang province each increasingly grow in quantity,development potential,improve investment environment,the financial markets makes the growing demand for private capital in Heilongjiang province. The banking industries in Heilongjiang province can absorb pri-vate capitals through four feasibility mode:equity participation,joint venture,new sole proprietorship,and mergers and acquisition. Heilongjiang banks should improve relevant laws and regulations,increase financial support,make private capitals legal and orderly,steady smoothly into the banking industries;establish risk prevention and control and organization management mechanism,improve credit evaluation system,make private capital safety and control-lable,beneficial to the public;innovate banking services,optimize the financial and cultural environment,open up new possibilities for private capitals,and make them obtain long-term development,then strengthen the financing structure of banking industries and promote the economic growth of Heilongjiang province.

  11. Intelligence Capital

    Directory of Open Access Journals (Sweden)

    Maid Pajevic

    2011-08-01

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

  12. Capital Unchained

    DEFF Research Database (Denmark)

    Bryan, Dick; Rafferty, Michael; Wigan, Duncan

    2017-01-01

    The rise of intangible assets such as brand names, research and development, patents and other forms of abstract capital such as digital platforms and data flows has confounded extant measures and concepts of capital and accumulation. What used to be a residual asset category known as ‘goodwill......’ has now overtaken so-called fixed or tangible assets in the profitability and valuation of many leading corporations. Yet these intangible assets lead a double life as both spatial and temporal in some dimensions, yet fluid and spatio-temporally elusive in others. Using a framework focused...... on measuring (by accountants), managing (by corporations) and monitoring (by International Political Economy scholars and regulators), this article explores the longer term implications of accumulation of internationalised capital in intangible and abstract forms, and the prominent role of finance and offshore...

  13. Capital Subsidies and the Underground Economy

    DEFF Research Database (Denmark)

    Busato, Francesco; Chiarini, Bruno; Angelis, Pasquale de;

    no cost in terms of investment. By contrast, the model states that while enforcement is an effective tool to reduce capital allocation in the underground production, it also reduce the total capital stock. Moreover, we also suggestthat the allowance of incentives to capital accumulation may generate...... to offset the specific costs usually stressed by literature on underground production, such as those suggested by Loayza (1994) andAnderberg et al. (2003). Investigating the effects of different fiscal policy interventions,we find that taxation is a critical parameter to define the size of capital...... allocation in the underground production. In fact, a strong and inverse relationship is found, and tax reduction is the best policy to reduce the convenience to produce underground. Wealso confirm the depressing effect on investment of taxation (see, for instance, Summers,1981), so that tax reduction has...

  14. The economic content of the term “investment attractiveness”

    Directory of Open Access Journals (Sweden)

    E. R. Zakirova

    2016-01-01

    Full Text Available The article is devoted to the definition of the economic content of the concept of “investment attraction” and the study of the criteria of investment attractiveness. We conducted a retrospective analysis and systematization of the various definitions of “capital”, “investment”, “investment attraction”, given by domestic and foreign authors. A generalized definition of capital is given: “capital’ is an objective economic category, which offers a business entity to carry out its investment activities in order to expand the scope and value of the business, making a profit and improve its investment attractiveness. It is emphasized that the concept of “investment” is broader than the concept of “capital”: it is investment in capital with varying degrees of liquidity for the purpose of subsequent increments and increase the value of the business entity. The author defines the main characteristics of the investment. A distinction of the term “investment attractiveness” of similar concepts, “market attractiveness”, “investment climate”, “investment image”, “investment potential” is made. It is concluded that the investment attractiveness is a component of the investment climate, which is characterized by an objective character and eliminates the subjectivity. Based on the understanding of different approaches to the study of the investment attractiveness and define its criteria the author offers a brief description of the concept of “investment attractiveness”: investment attractiveness is an independent economic category – a set of internal and external factors, as well as qualitative and quantitative indicators of the investment potential of any of the levels of the economic system – state, regional, sectoral, level of economic entities. Evaluation of investment attractiveness at all levels of the economic system is carried out in the current period (current situation analysis and forecast

  15. Capital 2.0 capital formation and legal risk in a new global economic order from fiat to exit: including case studies of the proposed transatlantic trade and investment partnership between the United States and the European Union and the financing relation between the United States and the People’s Republic of China

    OpenAIRE

    Stahl, L.

    2016-01-01

    Following the intrinsically linked balance sheets in his Capital Formation Life Cycle, Lukas M. Stahl explains with his Triple A Model of Accounting, Allocation and Accountability the stages of the Capital Formation process from FIAT to EXIT. Based on the theoretical foundations of legal risk laid by the International Bar Association with the help of Roger McCormick and legal scholars such as Joanna Benjamin, Matthew Whalley and Tobias Mahler, and founded on the basis of Wesley Hohfeld’s cate...

  16. Socially responsible investments

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    In addition to well-established working principles based on conservative and capital preservation oriented investments that ensure it a sustainable future, the CERN Pension Fund recently introduced a new criterion for selecting the numerous opportunities that the market offers: philanthropy. Its first initiative, which also involves the Staff Association’s Long-Term Collection, will help support two orphanages in China.   The two charities are located near Beijing. Beijing’s “China Children Charity and Foundation” is an orphanage that cares for up to 80 babies who need surgery to correct birth defects. The other, “Hope Healing Home”, is an organization that deals with 300 babies and cares for sick and physically disabled babies who have been abandoned. All these babies are awaiting treatment and a medical solution. The CERN Pension Fund has over 6700 members. To ensure the greatest efficiency and profitability, the Fund’s por...

  17. Intelligence Capital

    OpenAIRE

    Maid Pajevic

    2011-01-01

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

  18. Investment Banking

    OpenAIRE

    Oana Mihaela Vãsioiu

    2008-01-01

    The economic, financial and monetary changes had serious consequences not only on the level of providing the finance necessary for the development process but also on the level of providing the finance required for importing the basic food needs and rendering necessary production inputs. All these problems show the importance of “Banks” generally and “Investment Banks” particularly in the emerging and underdeveloped countries. Banks as financial institution or intermediary mobilize either nat...

  19. Household Registration System, Income Inequality and Economic Development ——From the Perspective of Human Capital Investment%户籍制度、收入不平等与经济发展——基于人力资本投资的视角

    Institute of Scientific and Technical Information of China (English)

    陈厚义

    2012-01-01

      户籍制度扩大了城乡家庭人力资本投资水平、存量及其收益率的差异,使得我国居民的城乡收入差距有所扩大。同时,户籍制度对经济增长的影响表现出阶段性特征:在经济增长的起飞阶段,物质资本的推动作用更为明显,户籍制度能够提高城镇地区物质资本积累规模,进而促进经济增长;当经济发展到一定阶段后,人力资本成为经济增长的引擎,户籍制度弱化了农村人力资本投资和积累水平,并不利于农村消费市场的发展,降低了经济增长速度和质量。%  The household registration system expands the difference in the level, stock and rewards of investment in human cap⁃ital in the urban and rural families. It also makes the Chinese urban-rural income gap expand. At the same time, the impact of the household registration system on economic growth shows stage characteristics. In the take-off stage of economic growth, physical capital plays the more obvious role in economic growth, and thereby the household registration system promotes eco⁃nomic growth because it improve the size of the accumulation of physical capital in the urban areas. However, when economy de⁃velops in some stage, human capital has become the engine of economic growth. And the household registration system reduces the speed and quality of economic growth. Because it weakens the level of investment and the accumulation of human capital in rural areas. Furthermore, it is not conducive to the development of the rural consumer market, and it depresses the speed and quality of economic growth.

  20. Institutional Venture Capital for the Space Industry: Providing Risk Capital for Space Companies that Provide Investor Returns

    Science.gov (United States)

    Moore, Roscoe M., III

    2002-01-01

    provided by an institution. Those institutions tend to be Banks, Pension Funds, Insurance Funds, Corporations, and other incorporated entities that are obligated to earn a return on their invested capital. These institutions invest in a venture capital firm for the sole purpose of getting their money back with a healthy profit - within a set period of time. The venture capital firm is responsible for investing in and managing companies whose risk and return are higher than other less risky classes of investment. The venture capital firm's primary skill is its ability to manage the high risk of its venture investments while maintaining the high return potential of its venture investments. to businesses for the purpose of providing the above-mentioned Institutions a substantial return on their invested capital. Institutional Venture Capital for the Space Industry cannot be provided to projects or companies whose philosophy or intention is not to increase shareholder equity value within a set time period. efficiently when tied up in companies that intend to spend billions of dollars before the first dollar of revenue is generated. If 2 billion dollars of venture capital is invested in the equity of a Space Company for a minority equity position, then that Space Company must build that minority shareholder's equity value to a minimum investment return of 4 to 8 billion dollars. There are not many start-up companies that are able to reach public market equity valuations in the tens of billions of dollars within reasonable time horizons. Foundations, Manufacturers, and Strategic Investors can invest in projects that cannot realistically provide a substantial return on their equity to their investors within a reasonable period (5-7 years) of time. Venture Capitalists have to make money. Venture capitalists have made money on Satellite Television, Satellite Radio, Fixed Satellite Services, and other businesses. Venture capitalists have not made money on stand

  1. L’influence des stratégies des sociétés de capital-risque sur la performance de leurs investissements en Europe The impact of venture capitalists’ investment strategies on their investments’ performance in Europe

    OpenAIRE

    2012-01-01

    Cet article étudie la profitabilité des stratégies de financement adoptées par des capital-risqueurs localisés en France, en Allemagne et en Grande-Bretagne. À partir de l'analyse de 3474 entreprises financées provenant de la base Thomson Private Equity, nous examinons l’impact de la spécialisation (par secteur et stade de développement) et de la syndication sur la performance des start-up (mesurée par leur mode de sortie). Nous montrons que ces différentes stratégies adoptées par les capital...

  2. Capital Challenge

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

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

  3. Financing Human Capital: Families & Society

    Directory of Open Access Journals (Sweden)

    Neantro Saavedra-Rivano

    2016-10-01

    Full Text Available The Organization for Economic Cooperation and Development (OECD describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new being to reach economic autonomy. In this paper we analyze the family and social dimensions of human capital and discuss how decisions on human capital formation are taken and how its associated costs are shared. The discussion leads us to identify an important paradox underlying human capital formation, namely the fact that while families are its main contributors the benefits of such investment go primarily to society as a whole. This paradox and its consequences are central to two very important current issues. The first issue, one that is common to many developed countries, is low female fertility which is the source, in particular, of population aging. The second issue, affecting chiefly developing countries, is the inequality of opportunities, a problem lying at the root of underdevelopment. Two options are discussed to respond to this dilemma, one based on redistributive programs and another on market solutions. The paper discusses the limits inherent to redistributive programs and goes on to present at length the alternative market solution. In a nutshell this consists of securitizing the human capital of individuals so as to finance the expenses leading to their upbringing, from birth to adulthood. In addition to describing this scheme the paper analyzes its advantages as well as the difficulties associated with its implementation. It concludes by exploring possible interpretations of the scheme and feasible routes for its adoption.

  4. Innovation and venture capital exit performance

    OpenAIRE

    Nadeau, Pierre

    2011-01-01

    Venture capital is a potent source of R&D financing which contributes significantly to technological innovation output in the form of patented inventions. Scholars have argued that tighter protection of intellectual property rights reduces expropriation risks and encourages venture capitalists to invest in technology firms. Prior studies have showed that early stage technology investors give much weight to investment selection criteria related to innovation e.g. protection of intellectual pro...

  5. 股权投资综合指数体系设计与资本市场相对力度分析的研究%Composite Index System of Equity Investment and Analysis of the Relative Intensity of the Capital Market

    Institute of Scientific and Technical Information of China (English)

    李婧

    2014-01-01

    Multi-level capital market finance indexes determined by the indices of stock market and the equity market investment ,this paper pro-poses the index system of equity investment and gives the research method and calculation results ,then analyzes the relative intensity of the equity market and equity market. The results shows that the overall level of activity in the equity market on the rise in 2011 ,and downward trend in 2012 to 2013 ;Consumer industries have highest level of average active equity investment. Further explore the relative strength indicators between the stock market and the equity market investments ,stock market investments showed a rapid decline compared to the equity markets in 2011 and 2012 to 2013 showed low volatility adjustment of status. Capital investment funds are more inclined to invest stock market in the pharmaceutical and health industry .%多层次资本市场的财经指数应由股票投资市场的指数和股权投资市场的指数共同组成,以我国股权投资市场为研究对象,提出中国股权投资综合指数体系的编制方法,是对我国财经指数研究领域的一个重要补充。股权投资综合指数计算结果表明股权投资市场的总体活跃程度在2011年呈现上升趋势,在2012年到2013年间呈现下降趋势;可选消费行业的股权投资平均活跃程度最高,医药卫生行业的股权投资平均活跃程度最低。进一步探讨股票投资市场和股权投资市场之间相对力度分析指标,2011年股票投资市场相比股权投资市场的相对力度呈现快速下降趋势,2012年到2013年呈现低位波动调整状态;在医药卫生行业领域,股票投资市场相对于股权投资市场的活跃程度更强势一些,资本市场投资资金在医药卫生行业的投向上更倾向于股票投资市场。

  6. Fertility, Human Capital, and Economic Growth over the Demographic Transition.

    Science.gov (United States)

    Lee, Ronald; Mason, Andrew

    2010-05-01

    Do low fertility and population aging lead to economic decline if couples have fewer children, but invest more in each child? By addressing this question, this article extends previous work in which the authors show that population aging leads to an increased demand for wealth that can, under some conditions, lead to increased capital per worker and higher per capita consumption. This article is based on an overlapping generations (OLG) model which highlights the quantity-quality tradeoff and the links between human capital investment and economic growth. It incorporates new national level estimates of human capital investment produced by the National Transfer Accounts project. Simulation analysis is employed to show that, even in the absence of the capital dilution effect, low fertility leads to higher per capita consumption through human capital accumulation, given plausible model parameters.

  7. Comparative dynamics in a health investment model.

    Science.gov (United States)

    Eisenring, C

    1999-10-01

    The method of comparative dynamics fully exploits the inter-temporal structure of optimal control models. I derive comparative dynamic results in a simplified demand for health model. The effect of a change in the depreciation rate on the optimal paths for health capital and investment in health is studied by use of a phase diagram.

  8. Years and Intensity of Schooling Investment

    Science.gov (United States)

    Leibowitz, Arleen

    1976-01-01

    Calculates human capital earnings functions over 20 years for 822 men (the Terman sample) and argues that the percentage of gross earnings invested in education may fall below 100 percent well before school ends. (Available from the Secretary's Office, American Economic Association, 1313 21st Ave., South, Nashville, Tennessee 37212) (Author/JG)

  9. 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.

  10. Health Capital

    DEFF Research Database (Denmark)

    Larsen, Kristian

    2013-01-01

    Sundhedsfelt, investering og kroppen. En særlig livsstil og sundhed er særligt de sidste 5 - 10 år blevet artikuleret og anset som kreditgivende ikke blot formidlet i medier og reklameindustrien, men også som virksom kapital dvs. nødvendig og adgangsgivende kredit, når agenter retter sig mod arbe...

  11. Agricultural Investment Environment in Shaanxi Province

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    The features of ageing,low educational level and female domination on the part of agricultural labor forces,determine that the sustainable development of agriculture can not rely entirely on farmers,who are engaged in dispersed planting and small-scale operation,therefore,improving agricultural investment environment,and taking positive measures to promote diversification of the main body of agricultural investment,is the key to the healthy development of agriculture.From four aspects(the industrial base of agriculture,arable land resource conditions,capital investment capacity,input of means of production),this article establishes evaluation indicator system of agricultural investment environment in Shaanxi Province,and based on this,make recommendations for improvement of agricultural investment environment in Shaanxi.

  12. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

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

  13. Return on Investment for Workplace Training: The Canadian Experience

    Science.gov (United States)

    Percival, Jennifer C.; Cozzarin, Brian P.; Formaneck, Steven D.

    2013-01-01

    One of the central problems in managing technological change and maintaining a competitive advantage in business is improving the skills of the workforce through investment in human capital and a variety of training practices. This paper explores the evidence on the impact of training investment on productivity in 14 Canadian industries from 1999…

  14. Dynamics of Investment for Market-Oriented Farmers in Chile

    NARCIS (Netherlands)

    Reyes, A.; Kuyvenhoven, A.; Lensink, R.; Moll, H.A.J.

    2012-01-01

    Using panel data from a survey conducted in 2006 and 2008 of 177 market-oriented farmers in central Chile, we investigate investment under imperfect capital markets. Specifically we determine the impact of formal credit constraints on fixed investment. By controlling for endogeneity problems, we fin

  15. Reversal in China’s Mineral Risk Prospecting Investment Pattern

    Institute of Scientific and Technical Information of China (English)

    2013-01-01

    <正>The total size of China’s central and provincial level geological prospecting funds has reached 39.9 billion yuan,which effectively propelled social capital to make investment in mineral resources risk prospecting through cooperation,and reversed the previous pattern that China’s mining risk prospecting totally relied on investment by the state government.

  16. Investment in Green Technologies

    Science.gov (United States)

    Das Gupta, Supratim

    Since the middle of the 1970's, there has been considerable research about how to deal with exhaustible natural resources which are essential to production. In the absence of substitution possibilities, the finite stock of these resources acts as a limiting factor to continued growth of output and hence consumption possibilities. In our first chapter, we combine a finite natural resource and human capital in the production function and look at the possibility of maintaining a non-declining or sustainable level of consumption for an infinite horizon. Our results show that the return to human capital accumulation plays a key role in ensuring this objective. In our model without physical capital, we obtain a similar result where this return must be such that the fraction of time devoted to acquiring human capital each period is at least as much as the share of natural resources in output. Our second chapter focuses on the transition from a relatively cheap exhaustible natural resource (coal, gasoline) to an expensive alternative technology assumed to be in nearly unlimited supply (wind, solar). Due to significant cost differences between fossil-fuel based energy sources and these alternative (backstop) technologies, their use is not as widespread. Public subsidies to research can however bring about innovation through cheaper production techniques which would significantly reduce the operating costs of these backstop technologies. But without sufficient incentives for investment and patent protections, individual firms typically underinvest in backstop technologies relative to the socially optimal level. In our paper, we find that this underinvestment in the backstop also leads to an under-extraction of the exhaustible natural resource. This imply firms would conserve the natural resource for too long and switch later to the alternative technology relative to the socially optimal solution. We extend the chapter to include pollution as a flow variable. Pollution from

  17. 78 FR 32294 - DeltaPoint Capital IV, L.P., DeltaPoint Capital IV (New York), L.P., License No. 02/02-0662,02/02...

    Science.gov (United States)

    2013-05-29

    ... ADMINISTRATION DeltaPoint Capital IV, L.P., DeltaPoint Capital IV (New York), L.P., License No. 02/02-0662,02/02-0661; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that DeltaPoint Capital IV, L.P. and DeltaPoint Capital IV (New York),...

  18. Efficiency Of Use Of Investment Resources Of The Russian Economy

    Directory of Open Access Journals (Sweden)

    Oleg Mikhaylovich Turygin

    2014-12-01

    Full Text Available Russian economy requires the considerable volume of investment. Investment requires sufficient quantity of investment resources, which can be created both from internal, and of external sources. Russia’s domestic savings, exceeds the majority of the largest developing countries, however in size of investments significant yields. Capital export by private sector is much more than attraction foreign investments. The state also exports the considerable amount the equity in the form of the currency holdings which size is much higher than minimum necessary level. In total, excess of export of financial resources over import is 7,3 % of gross domestic product that doesn’t allow to allocate these funds for investments. Restriction of capital export with a private sector and decrease in excess state reserves in foreign assets is the compulsory provisions necessary for the achievement of a long-term strong growth by the Russian economy.

  19. 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.

  20. FOREIGN DIRECT INVESTMENT (FDI IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Gheorghe SĂVOIU

    2012-02-01

    Full Text Available This paper analyzes some characteristics of economic and econometricliterature in the field of FDI after 1990, in Romania, as well as some specific issues in the process of practical modelling. A more detailed presentation of John Harry Dunning’s eclectic theory and a simple presentation of the theory of de-investment complete the general theoretical presentation of FDI. A first problem after the definition, life cycle, similarities and differences betweenportfolio and direct foreign investment, after the benefits of FDI, is given by the outstanding dynamics and structure of FDI. Some characteristic features of the value oscillation and structural dynamics of gross capital formation (GCF, gross capital fixed capital formation (GFCF and gross domestic savings (GDS in GDP are relevant for the specificity of the phenomenon of FDI in Romania after 1990.

  1. DISCUSSION ON THE DEFECTS OF CAPITAL BALANCE SHEET IN FIXED ASSETS INVESTMENT ANNUAL FINAL ACCOUNTS AND THE IMPROVEMENT SUGGESTION%试谈固定资产投资决算报表资金平衡表缺陷及改进建议

    Institute of Scientific and Technical Information of China (English)

    曹瑞玲

    2014-01-01

    In 2011, Ministry of Finance (MOF) in China had introduced the final accounts statements of fixed as-sets investment, which had changed greatly in the scope and content compared to the original financial statement of basic construction projects investment. But the statement system still remained the original fund balance table which could not fully reflect the contents of the statement. This paper discussed the defect of the capital balance sheet, and put forward the improving suggestions.%财政部2011年出台了固定资产投资决算报表,该表较原财政性资金投资基本建设项目决算报表在填报范围、反映内容上发生了很大变化,但报表体系仍保留了原报表系统资金平衡表,资金平衡表不能完全反映报表包含的内容,该文对该表的缺陷进行阐述并提出改进建议。

  2. Empirical Analysis on the Relationship of Total Health Expenditure, Physical Capital Investment and Economic Growth%卫生总费用、物质资本投入与经济增长关系实证分析

    Institute of Scientific and Technical Information of China (English)

    聂丽

    2013-01-01

    目的:分析我国国内生产总值、卫生总费用、物质资本投入3个变量间关系,为我国卫生经济政策制定及分配制度改革提供依据。方法:采用1978-2011年统计年鉴数据,建立VAR模型研究变量间动态关系。结果:通过单位根检验得出模型较稳定,3个变量间有Granger关系,通过脉冲响应函数得出: GDP增加会引起卫生费用和物质资本投入增加,物质资本与卫生费用变化具有反向关系等。结论:卫生总费用与物质资本相比具有更强经济增长效应,政府应合理分配卫生费用,从提高劳动者素质角度提高物质资本的社会效益从而促进经济增长。%Objective: By analyzing the three variables relationship of GDP, total health expenditure and physical capital input, to provide basis for health economic policy and distribution system reform in China. Methods: Using the data from 1978 to 2011, the VAR model of the dynamic relationship is established. Results: The establishment of VAR model is stable by unit root test, there is Granger relation between the 3 variables, the result of the impulse response function is obtained that GDP will increase the input of health costs and physical capital, and physical capital and health expenditure have a reverse relation. Conclusion: Total health expenditure has greater effect on economic growth compared with physical capital, the government should allocate health costs, improve social benefits from the prospective of improving the quality of workers to promote economic growth.

  3. Human Capital Development and Poverty Alleviation in Nigeria: A Symbiotic Overview

    Science.gov (United States)

    Asaju, Kayode

    2012-01-01

    Human Capital development through education is a long time investment made by the state to enhance the well being of her citizenry. By investing in education, well educated individuals bring to bear their talents, knowledge, skills and experiences as they function in the various sectors of the economy. Human Capital development is therefore a…

  4. ON THE INSTITUTIONAL DEFECT AND ITS CORRECTION OF VENTURE CAPITAL IN CHINA

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    With the emergence of Knowledge Economy, venture capital is playing a more and more important role in the high and new technology industry in China. The situation and problems of venture investment in China are analyzed in this paper which pointed out some problems that hinder the process of venture invest- ment, and also, gave some suggestions to promote the development of venture capital.

  5. A Policy Framework for Investment: An International Tool for Improving the Global Investment Regime

    Directory of Open Access Journals (Sweden)

    Andrey Sakharov

    2016-12-01

    Full Text Available International investment is one of the key drivers of economic growth in today’s world economy. Thus, creating favourable investment conditions is imperative for any state willing to maintain its competitiveness in attracting international investment capital required for sustainable economic growth. In this regard, the harmonization of investment and regulatory environments is one of the pressing issues facing many countries around the world. Addressing this issue is a collective task to be undertaken by leading economies, international organizations and informal global governance institutions, such as the Group of 20 (G20 or BRICS group of Brazil, Russia, India, China and South Africa. The contribution of the Organisation for Economic Co-operation and Development (OECD to harmonizing international investment regimes is significant and includes such documents as the OECD Declaration on International Investment and Multinational Enterprises, the Code of Liberalisation of Capital Movements, the Code of Liberalisation of Current Invisible Operations, G20/OECD High-Level Principles of Long-Term Investment Financing, and the Policy Framework for Investment (PFI. The PFI has become the most comprehensive and exhaustive compendium of investment policy best practices. This article analyzes the evolution of the PFI and the negotiation processes behind it to compare its content with analogous international documents dealing with investment policy and regulation across all 12 issue areas covered by the PFI, as well as to assess the international business community’s corresponding positions and contributions. It also addresses the OECD-G20 cooperation in formulating the future agenda for investment policy among the leading economies. The selected approach allows for a determination of the PFI’s role in shaping the potential set of universal investment policy principles and concrete rules.

  6. The foreign investments phenomena in south-eastern European countries

    Directory of Open Access Journals (Sweden)

    Teodora ALECU

    2010-01-01

    Full Text Available The south-eastern Europe countries have all the common history of the communism policy and economy, which from the foreign investments perspective meant a radical approach, which promoted a nationalism view against foreign capital interference. Similar to China, perhaps India and other countries, the governments of the south-eastern Europe’s countries expressed a rejection to foreign investments, emphasizing the negative effects of such operations, arguing that any foreign capital inflow is followed by a foreign capital outflow which at the end will destabilize the balance of external payments and will overall result in no favorable effect upon the economy of their countries.

  7. What lures cross-border venture capital inflows?

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2012-01-01

    We investigate if economic factors drive gross and net cross-border venture capital inflows differently. Using a dataset of venture capital investments in European and North American countries from 2000 to 2008, we find that higher expected economic growth goes hand in hand with higher gross as well

  8. Homeownership, Social Capital and Satisfaction with Local Government

    NARCIS (Netherlands)

    Roskruge, Matthew; Grimes, Arthur; McCann, Philip; Poot, Jacques

    2013-01-01

    Prior studies suggest that homeownership positively impacts on social capital formation. However, many studies find it difficult to control adequately for selection effects in the form of factors, some of which may be unobserved, that encourage both homeownership and investment in social capital by

  9. Fiscal Policies and Endogenous Growth in Integrated Capital Markets

    NARCIS (Netherlands)

    Lejour, A.M.; Verbon, H.A.A.

    1996-01-01

    This paper examines the effects of policy coordination in a two-country world with endogenous growth and imperfect capital mobility.Public investment and a public consumption good are financed by a source-based capital-income tax. By comparing the cases in which countries do and do not coordinate th

  10. Human Capital Linkages to Labour Productivity: Implications from Thai Manufacturers

    Science.gov (United States)

    Rukumnuaykit, Pungpond; Pholphirul, Piriya

    2016-01-01

    Human capital investment is a necessary condition for improving labour market outcomes in most countries. Empirical studies to investigate human capital and its linkages on the labour demand side are, however, relatively scarce due to limitations of firm-level data-sets. Using firm-level data from the Thai manufacturing sector, this paper aims to…

  11. 指数化投资模式创新与资本市场发展*--以A股会计信息编制的基本面指数为例%Index Investing Innovation and Capital Market Development---An Example of Accounting Based Fundamental Index Approach

    Institute of Scientific and Technical Information of China (English)

    董裕平; 段嘉尚

    2013-01-01

    This article revie ws the in itiation, development and disputes about index investing. Following Fundamental Index approach, we select stocks listed in China A Share market to build equity indices based on company ’s financial accounting data. We conduct back-test using historical data going back to 2005, and compared the simulation result to that of a cap-weighted benchmark index. We find consistent outperformance of these fundamental weighted indices over standard cap-weighted indices. We believe that customizing strategic indexing products based on current Chinese market characteristics would help drive long-term investment demand, induce diversified investment strategies, and improve the efficiency of risk pricing. Such development would also help the China security market move toward a more open internationalized capital market.%本文通过回顾指数化投资模式的产生、发展与争议,探讨以我国A股市场上市公司的会计信息编制基本面指数,并采用历史数据进行投资回测检验。我们发现,该基本面指数在A股市场具有与海外市场基本一致的特征。此例说明,研究开发一些适合我国资本市场发展阶段的可投资的策略性指数产品,有利于增加市场的长线投资需求,引导多种投资理念,培养多元投资方式,改进市场对风险定价的效率,这也是我国证券市场建设成长乃至国际化的一条重要路径。

  12. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    level of liquid funds that eliminates agency costs by implementing the first-best investment policy for a given capital structure. In a second step we generalize the framework by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally......This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...

  13. 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

    ... [Federal Register Volume 77, Number 119 (Wednesday, June 20, 2012)] [Notices] [Pages 37079-37082] [FR Doc No: 2012-15059] SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30103; File No. 812-14008] Versus Capital Multi-Manager Real Estate Income Fund LLC and Versus Capital Advisors; Notice of Application June 14,...

  14. Does Human Capital Matter? A Meta-Analysis of the Relationship between Human Capital and Firm Performance

    Science.gov (United States)

    Crook, T. Russell; Todd, Samuel Y.; Combs, James G.; Woehr, David J.; Ketchen, David J., Jr.

    2011-01-01

    Theory at both the micro and macro level predicts that investments in superior human capital generate better firm-level performance. However, human capital takes time and money to develop or acquire, which potentially offsets its positive benefits. Indeed, extant tests appear equivocal regarding its impact. To clarify what is known, we…

  15. Spatial Collocation and venture capital in the US biotechnology industry

    NARCIS (Netherlands)

    Kolympiris, C.; Kalaitzandonakes, N.; Miller, D.

    2011-01-01

    Biotechnology firms operate in a high-risk and high-reward environment and are in a constant race to secure venture capital (VC) funds. Previous contributions to the literature show that the VC firms tend to invest locally in order to monitor their investments and to provide operating assistance to

  16. Capital cost: gas cooled fast reactor plant

    Energy Technology Data Exchange (ETDEWEB)

    1977-09-01

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

  17. Optimal Taxation of Risky Human Capital

    NARCIS (Netherlands)

    B. Jacobs (Bas); D. Schindler (Dirk); H. Yang (Hongyan)

    2009-01-01

    textabstractIn a model with ex-ante homogenous households, earnings risk and a general earnings function, we derive the optimal linear labor tax rate and optimal linear education subsidies. The optimal income tax trades off social insurance against incentives to work and to invest in human capital.

  18. Professional Development Seen as Employment Capital

    Science.gov (United States)

    Mackay, Margaret

    2017-01-01

    Practitioners need to invest in professional development to enhance credibility, job security and employment prospects. Employer expectations of continuing development as a performance measure link to the notion of career capital; namely that knowledge competence influences job advancement. This study uses an interpretivist approach to explore…

  19. The evolution of investments decision mode in China's telecommunication

    Institute of Scientific and Technical Information of China (English)

    ZHANG Ai-hua; ZHAO Lian-qiang; SHU Hua-ying

    2007-01-01

    This essay analyzes the data of Chinese telecommunication market, telecommunication investments and investment benefits over the past 20 years. On the basis of these data, the essay reviews Chinese changing telecommunication policies and discusses the major events in the course of China's telecommunication development. It is argued that telecommunication policies, regime backgrounds and market demand characteristics have a significant impact on investment decision mode in telecommunication industry. The evolution of network investments decision mode in China's telecommunication has corresponded to the transformation of these key factors. Considering the special events in the development of Chinese telecommunication as divisions, the essay discusses three stages of the evolution of investments decision mode in China's telecommunication. With the firm environment and problems that Chinese telecommunication operators have been facing since 2000 analyzed. it is demonstrated that Chinese telecommunication operators should change their mode of investment decision into the "profit-oriented investment decision mode" in order to achieve a high growth performance in the capital market,. This investment decision mode will result in increase of the investment profit with limited investment capital. The main procedure of profit-oriented investment decision mode is set out, which is abstracted to a mathematical model eventually.

  20. Flexible Capitalism

    DEFF Research Database (Denmark)

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...

  1. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    Lack of primary schooling among rural children in developing countries is often attributed to credit constraints and household demand for child labour, implying that direct and indirect costs of schooling are high. Surprisingly few studies have considered the importance of parents' expected returns...... of investing in their childrens human capital, despite the fact that most parents rely on their children for old-age support and subsistence. In this paper, I propose an alternative model for human capital investment based on the household, rather than the individual child, incorporating the fact that parents...... bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether...

  2. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether......Lack of primary schooling among rural children in developing countries is often attributed to credit constraints and household demand for child labour, implying that direct and indirect costs of schooling are high. Surprisingly few studies have considered the importance of parents' expected returns...... of investing in their childrens human capital, despite the fact that most parents rely on their children for old-age support and subsistence. In this paper, I propose an alternative model for human capital investment based on the household, rather than the individual child, incorporating the fact that parents...

  3. KEY FACTORS IN WORKING CAPITAL MANAGEMENT IN THE BRAZILIAN MARKET

    Directory of Open Access Journals (Sweden)

    Wilson Toshiro Nakamura

    2012-01-01

    Full Text Available Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significantamounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

  4. Considerations on Optimal Financial Invest ment into Infrastructural Facilities

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

  5. Rental prices, rates of return, capital aggregation and productivity : Evidence from EU and US

    NARCIS (Netherlands)

    Erumban, 27675

    2008-01-01

    With the increasing importance of investment in information and communication technology, methods for measuring the contribution of capital to growth have re-assumed centre-stage in recent growth accounting literature. The importance of using capital service growth rates rather than capital stock gr

  6. 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

  7. 75 FR 18942 - FY 2010 Discretionary Sustainability Funding Opportunity; Transit Investments for Greenhouse Gas...

    Science.gov (United States)

    2010-04-13

    ... criteria; iii. Include the project scope, including descriptions of the proposed capital investment as well... following project implementation (5) Return on Investment. This factor addresses the energy savings and/or... project scope attributable to the investment for energy consumption reduction projects; (2)...

  8. 26 CFR 1.995-5 - Foreign investment attributable to producer's loans.

    Science.gov (United States)

    2010-04-01

    ... under the foreign direct investment program and the amounts described in subdivision (iv) of this... this subdivision of certain capital raised under the foreign direct investment program is the excess...-term borrowing (see 15 CFR 1000.324 1) for purposes of the foreign direct investment program (see...

  9. Some aspects of technology transfer and direct foreign investment

    Energy Technology Data Exchange (ETDEWEB)

    Findlay, R.

    1978-05-01

    A model showing technology transfer to developing countries links questions of appropriations with the socio-economic reasons for technological change. The rate at which foreign capital is used is found to be directly related to after-tax profits. If the developing country raises taxes on foreign capital, the effect is to increase the proportion of domestic capital needed and to widen the technological gap between the two countries. The analysis also shows a higher gain from new techniques with increased demand volume and suggests large developing countries with similar capital to invest are more likely to generate intermediate technologies. 8 references.

  10. Investment Promotion Agencies and their Attraction of Foreign Direct Investment in Ghana

    Directory of Open Access Journals (Sweden)

    Samuel Antwi

    2013-05-01

    Full Text Available Foreign Direct Investment plays an important role in the development of countries. Empirical studies have shown that some emerging countries opened to FDI have a higher growth rate than those that have not opened to it, with positive consequence in social and economic development. Countries all over the world have set up Investment Promotion Agencies (IPA to promote the various investment opportunities that exist in those countries. The Ghana Investment Promotion Centre (GIPC was set up to promote and facilitate investments in different sectors of Ghana’s economy. The objective of this study is to investigate the promotional activities of the GIPC and also analyze the effect of these promotional activities on FDI inflow. The results of the study indicated that the Centre over the last couple of years embarked on numerous investment promotion missions to attract FDI. These missions have translated into large inflows of FDI especially in 2011 where there was a total investment of USD 6.8 billion. The results also indicated that the service sector attracted the largest number of registered projects, while the building and construction sector received the largest amount of capital inflow. The agriculture sector employed the largest number of Ghanaians while the building and construction sector employed the largest number of foreigners. The Greater Accra Region recorded the largest number of registered projects while the Upper West Region recorded the least number of registered projects. China tops in the number of registered projects while Britain tops in the amount of capital inflow.

  11. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  12. 落后地区新型农村养老保险制度可持续发展研究--基于农村人力资本投资视角%The Sustainable Development of the New Rural Pension Insurance System in Backward Regions---Based on the perspective on rural human capital investment

    Institute of Scientific and Technical Information of China (English)

    张奎; 朱红波

    2014-01-01

    The New Rural Pension Insurance System is a great beneficial and favorable policy to achieve a sense of security for rural residents. Rural human capital investment has a significant impact on insured attitudes, insured choice and insured continuity of rural residents in backward regions. A study on sustainable development of the New Rural Pension Insurance System has a very important significance to realize the basic pension security for rural residents, narrow the gap of income between urban and rural residents, and promote the harmonious development of the society. However, many factors like the low quality of rural residents and low farmers' income level caused by inadequate investment in human capital are the main factors that hinder sustainable development of the New Rural Pension Insurance System. Increasing rural human capital investment is the only road of achieving sustainable development of the New Rural Pension Insurance System depending on changing the concept of government, developing basic education, strengthening education of rural adult, farmers' vocation, and vocational training, and developing medical and health care in backward regions.%新型农村养老保险制度是为了实现农村居民老有所养制定的一项重大惠民利民政策。农村人力资本投资对落后地区农村居民的参保态度、参保选择、参保持续性具有显著影响,从此方面研究新型农村养老保险制度可持续发展问题对于保障农村居民基本养老、缩小城乡收入差距、促进农村社会和谐具有非常重要的意义。然而,落后地区农村人力资本投资不足所导致的农村居民基本素质低下、农民收入水平不高等是阻碍新型农村养老保险制度可持续发展的主要因素。所以,通过改变政府观念、发展基础教育、加强农村成人教育和农民职业教育、职业培训、发展医疗保健等方面来增加落后地区农村人力资本投资是实现新型

  13. 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

  14. Analysis of Intellectual Capital Effect toward Final Performance and Growt

    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 doesnt influence financial performance and intellectual capital positively influences growth.

  15. 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.

  16. Building Social Capital for Internationalization

    Directory of Open Access Journals (Sweden)

    Suzana Braga Rodrigues

    2012-01-01

    Full Text Available Social capital may be defined as social relationships that confer actual or potential benefits. It can therefore beunderstood as a particular type of resource. Recent research has drawn attention to how connections andrelationships (networking both at home and abroad can be crucially important for small and medium-sizedenterprises (SMEs seeking to export or invest abroad. However, relatively little is known about how SMEsinitiate, develop and maintain network relationships. This paper reports a study of 32 British SMEs exporting, orattempting to export, to Brazil and of domestic institutional agencies whose role was to facilitate businessconducted between British and Brazilian SMEs. The study explored both the functions of social capital for theSMEs and the process whereby it was developed. Its findings confirm the value of social capital in internationalentrepreneurship. It can provide information, interpretation, market opportunities, and some degree of protectionagainst the risks associated with foreignness, newness and smallness. The study also confirms the vitalimportance of personal trust in sustaining social capital between small firms.

  17. The Measurement of Human Intellectual Capital in the United States Air Force

    Science.gov (United States)

    1998-03-01

    preferences, trends, and competitive intelligence . This suggests that customer capital is not just in the hearts of the customer, but it is also knowledge or...Edvinsson 1997) Information Investment Investment in competitive intelligence programs (Edvinsson 1997) Investment in information processing systems

  18. Developing 2 C-compatible investment criteria

    Energy Technology Data Exchange (ETDEWEB)

    Roeser, Frauke [NewClimate - Institute for Climate Policy and Global Sustainability gGmbH, Bonn (Germany); Weischer, Lutz [Germanwatch e.V., Koeln (Germany); Thomae, Jakob [2degrees Investing Initiative, New York, NY (United States); Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-11-30

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  19. 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.

  20. Urgency Analysis About the Enhancements of Human Capital Investment in Enterprises Under the Chinese Economy New Normal%中国经济新常态下加强企业人力资本投入的急迫性分析

    Institute of Scientific and Technical Information of China (English)

    吴珍妮; 娄世艳

    2016-01-01

    Based on the background of China’s economy new normal,the author used the method of descriptive statistics,Pearson correlation analysis and Regression analysis to analyze the reasons why the enterprises should enhance the investment of human capital from the angle of characteristics of economy new normal,economic globalization and regionalization,the big data and internet economy era and the development needs of enterprises.In addition,the author utilized Maslow’s hierarchy of needs and Alderfer’s ERG theory to analyze the requirement of employees’self-development and self-realization,thereby discussing the reasons of strengthening enterprises’human capital investment, which includes the demands of economy new normal and the lack of high-quality talents,the demands of technology innovation, economic development of enterprises, and the self-development of employees,the problem of professional manager,the development of economic globalization and regionalization,and the development of big data and internet economy.%以中国经济新常态为背景,运用描述性统计、皮尔逊相关分析和回归分析从经济新常态特征、经济全球化和区域化、大数据和互联网经济时代到来,以及企业自身发展需求等角度出发分析了企业需加强人力资本投入的原因,同时运用马斯洛需求层次理论和奥尔德弗的E RG理论探析了员工自身发展和自我实现的需求。进而探讨了企业需加强人力资本投入的原因包括经济新常态的需求、国家高素质人力的缺乏的需求、企业技术创新的需求、企业经济发展的需求、企业员工发展的需求、职业经理人问题、经济全球化、区域化发展的需求,以及大数据和互联网经济发展的需求。

  1. FDI, Human Capital and Income Convergence

    DEFF Research Database (Denmark)

    Völlmecke, Dominik; Jindra, Björn; Marek, Philipp

    2016-01-01

    This study examines income convergence in regional GDP per capita for a sample of 269 regions within the European Union (EU) between 2003 and 2010. We use an endogenous broad capital model based on foreign direct investment (FDI) induced agglomeration economies and human capital. By applying...... a Markov chain approach to a new dataset that exploits micro-aggregated sub-national FDI statistics, the analysis provides insights into regional income growth dynamics within the EU. Our results indicate a weak process of overall income convergence across EU regions. This does not apply to the dynamics...... within Central and East European countries (CEECs), where we find indications of a poverty trap. In contrast to FDI, regional human capital seems to be associated with higher income levels. However, we identify a positive interaction of FDI and human capital in their relation with income growth dynamics....

  2. Social Capital in Tarikh-e-Beihaghi

    Directory of Open Access Journals (Sweden)

    خلیلی خلیلی

    2009-01-01

    Full Text Available Social capital is a systematic set of organized links between the members of a group or a society which is based on specific norms and rules and results into obtaining individual and collective purposes. The category of social capital is different with from current concept of capital in sociology, law and economy. Features like cooperation, knowledge, participating in public affairs, tolerating others and group works are a kind of investment that has no individual owner and has its roots in the past. The writer of this article has studied Tarikh-e-Beihaghi written by Khaje Abolfazl Mohammad-ibn-e-Dabir known as Beihaghi; and has analyzed the different forms of social capital. He has also tried to reconstruct the signs of decline and rise of that period.

  3. The empirical analysis of the impact of human capital investment gap between the urban and the rural residents on the income difference%城乡居民人力资本投资差异对城乡收入差距影响的实证分析

    Institute of Scientific and Technical Information of China (English)

    郭琦

    2011-01-01

    通过建立模型,从理论上探讨中国城乡居民可支配收入中教育支出的差距与公共教育支出对中国城乡收入差距的影响,并通过面板数据实证分析中国城乡居民私人教育投资与政府教育投资对城乡收入差距的影响.结果显示,中国城乡居民教育支出差距的扩大会增加城乡收入差距,而政府教育投资的增加会减小这种差距.因此,应该加强政府公共教育投资力度,促进农村家庭对子女的人力资本投资,从而减小城乡之间的收入差距.%The essay discusses the income gap between rural and urban areas in China caused by the educational expenditure in disposable of Chinese rural and urban citizen's income and the public educational fiscal expenditures,by analyzing the panel data of rural and urban citizens' private educational expenditures and the public educational expenditures.The results indicate that the increase of the gap between the rural and urban citizens' personal educational expenditures will increase the income gap between the rural and urban areas.On the other hand,the increase of governmental educational investment will decrease this kind of gap.Therefore,the government should enhance the scale of public educational expenditures,and encourage the human capital investment in rural area in order to decrease the income gap between rural and urban areas of China.

  4. The Relationship between Education and Foreign Direct Investment: Testing the Inverse U Shape

    Directory of Open Access Journals (Sweden)

    Mustafa Seref Akin

    2011-05-01

    Full Text Available The Zhang-Markusen (ZM theory hypothesizes an inverse U-shaped relationship between human capital and foreign direct investment (FDI. Therefore, low wage countries with low human capital cannot attract FDI. To test this hypothesis, we regress FDI on educational levels across countries while grouping them in different income cohorts. Our findings partly support ZM. Rich countries with high human capital and poor countries with low human capital demonstrate an inverse correlation between FDI and human capital proxies. However, for middle-income and upper middle-income countries, human capital (especially tertiary education has a positive relationship with FDI.

  5. The Relationship between Education and Foreign Direct Investment: Testing the Inverse U Shape

    Directory of Open Access Journals (Sweden)

    Mustafa Seref Akin

    2016-02-01

    Full Text Available The Zhang-Markusen (ZM theory hypothesizes an inverse U-shaped relationship between human capital and foreign direct investment (FDI. Therefore, low wage countries with low human capital cannot attract FDI. To test this hypothesis, we regress FDI on educational levels across countries while grouping them in different income cohorts. Our findings partly support ZM. Rich countries with high human capital and poor countries with low human capital demonstrate an inverse correlation between FDI and human capital proxies. However, for middle-income and upper middle-income countries, human capital (especially tertiary education has a positive relationship with FDI.

  6. Empirical Analysis on Government Leading Private Capital Investment in Technology-based SMEs%政府引导民间资本投资科技型中小企业的实证研究

    Institute of Scientific and Technical Information of China (English)

    陈秀慧; 王筱萍; 张倩倩

    2016-01-01

    利用不完全信息静态博弈原理,构建了政府、科技型中小企业与民间资本投资主体的三方混合战略博弈模型,计算了博弈各方实现最大化效用时的均衡状态解,并进一步分析了在各方博弈过程中相关因素对均衡状态的影响,发现对违反法规的处罚力度、政府的监督成本及监管有效度、政府的资金支持程度等因素都会对博弈的均衡概率产生一定的影响.在此基础上,利用调查数据,对模型推导结果进行了实证检验,支持了相关结论具有可靠性.%Depending on the theory of the static game of incomplete information, this paper constructs a tripartite mixed strategy game model among government, technology-based SMEs and invertors of private capital. The equilibrium state of the maximization of utility of the parties is calculated, the influence of the relevant factors on equilibrium state in process of the game is further analyzed. It is found that the punishment for illegal activities, cost and effectiveness of government supervision, financial support from government and other related factors will affect the probability of equilibrium state. Based on those steps and survey data, this paper demonstrates the model deduction results to support the reliability of those conclusions.

  7. The Investment Paradigm

    Science.gov (United States)

    Perna, Mark C.

    2005-01-01

    Is marketing an expense or an investment? Most accountants will claim that marketing is an expense, and clearly that seems true when cutting the checks to fund these efforts. When it is done properly, marketing is the best investment. A key principle to Smart Marketing is the Investment Paradigm. The Investment Paradigm is understanding that every…

  8. Accounting Measurement about Interest Revenue of Held - to - Maturity Investment in the Financial Assets Based on the Theory of Capital Time Value%金融资产中持有至到期投资利息收入的会计计量——基于资金时间价值理论

    Institute of Scientific and Technical Information of China (English)

    孟飞

    2012-01-01

    The new accounting standards for enterprises require that held - to - maturity investment in the financial assets should adopt the effective interest method and are subsequently measured at amortized cost, but the calculation of interest revenue and inter- est expense is complicated in the subsequent measurement. From the perspective of capital time value, this article uses the effective interest method combined with the new accounting standards and examples to discuss the problems of measurement of interest revenue and interest expense.%新企业会计准则规定金融资产中持有至到期投资应当采用实际利率法,按摊余成本进行后续计量,但后续计量中利息收入和利息费用的计算较为复杂。本文从资金时间价值角度,应用实际利率法结合新会计准则并以实例对利息收入和利息费用的计量问题进行探讨。

  9. DETERMINATION OF INVESTMENT APPEAL OF INDUSTRIAL ORGANIZATIONS FOR GOOD GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Semidotsky V. A.

    2015-03-01

    Full Text Available Russian industry is almost completely exhausted the potential for extensive growth model. Due to this background, the increasing the importance of improving the efficiency of the companies in the industry, which by definition involves the need to increase investment activity in the industrial business becomes very important. The problem arises due to identifying the elements of investment attractiveness for further exposure to the companies in the sector and attracting investment capital. This article is devoted directly to the issues of determining factors of investment attractiveness of an industrial company. The emphasis in the article has been made on the allocation of domestic and foreign investment attractiveness, each of which is formed by a number of aspects. Also, it has identified and characterized the key elements that make up the internal and external investment attractiveness. Thus, the investment attractiveness of the internal environment of an industrial company is represented as a top-management, quality of personnel, quality of business processes, the quality of sales and quality of the financial system. Investment attractiveness of the environment can be formed by conjuncture target markets, the availability of capital, public policy, competition, barriers to entry, innovative pressure locally limited preferential treatment. The article also gives a brief description of how each of the elements mentioned above influence the integrated investment attractiveness

  10. 人力资本投资:制度环境感知下的企业战略选择∗--基于2015年“中国企业-员工匹配调查”(CEES)的实证研究%Human Capital Investment:Enterprise Strategic Choice Under the Perception of Institutional Environment

    Institute of Scientific and Technical Information of China (English)

    余凡; 王楚

    2016-01-01

    在劳动力红利消失、产能过剩的经济压力下,面对不够完善的产权、金融等制度环境,企业选择何种战略投资,是值得研究的热点问题之一。文章运用融资途径、市场需求、创新能力、知识产权保护、土地、政府管制与审批等6个方面的企业主观评价数据构建了制度环境感知指标,运用 OLS 回归估计、工具变量法(IV)估计以及有限信息最大似然估计法(LIML)估计实证分析了制度环境感知与人力资本的相关性,实证结果表明:制度环境感知与人力资本存在显著的正向因果效应,即当企业家感知到制度环境对企业的经营发展造成的障碍越大时,企业家越会选择人力资本投资。基于此结论文章提出:政府应当加大以产权和金融制度为核心的制度环境建设力度;加大以职业技术教育为核心的基础设施建设力度;加大以小微企业为主要对象的特殊性培训优惠政策倾斜力度。%Under the economic pressure of labor dividends disappearance and the excess capacity, which strategic choice of investment enterprises will choose is one of the hot issues worth studying in the face of inadequate institutional property and finance environment.The paper uses six aspects of enterprise subjective evaluation data that include means of financing,market demand,innovation, intellectual property protection,land,government regulation and approval to build the institutional environment perception index system.The paper applies OLS regression estimation,instrumental variables (IV)estimation and limited information maximum likelihood estimation method (LIML) empirically analyses the correlation of institutional environment perception and human capital.The empirical results show that there is a significant positive causal effect between the institutional environment perception and human capital.The greater the perceived barriers of institutional environment for the

  11. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  12. Heterogeneity of Capital Stocks in Japan: Classification by Factor Analysis

    Directory of Open Access Journals (Sweden)

    Konomi Tonogi

    2014-04-01

    Full Text Available This paper examines the heterogeneity of capital stocks using financial statement data of publicly listed Japanese firms. We conduct factor analysis on investment rates among various capital goods and estimate factor loadings of each as its reactions to common factors like total factor productivity (TFP shocks. Then we estimate the uniqueness for each investment rate, which is the percentage of its variance that is not explained by the common factors. If the estimated factor loadings are similar between some of the heterogeneous capital goods, it may well imply that the adjustment cost structure of these investments is also similar. Further, if some of the estimated values of uniqueness are small, it suggests that certain theoretical models may track the dynamics of the investment rates well. Our estimation results show that Building and Structure have similar factor loadings as do Machinery & Equipment, Vehicles & Delivery Equipment, and Tools, Furniture, & Fixture. This suggests that we could remedy the Curse of Dimensionality by bundling the investments that have similar factor loadings together and that identifying the functional structures of each group of capital goods can greatly improve the performance of empirical investment equations.

  13. Measuring the value of groundwater and other forms of natural capital.

    Science.gov (United States)

    Fenichel, Eli P; Abbott, Joshua K; Bayham, Jude; Boone, Whitney; Haacker, Erin M K; Pfeiffer, Lisa

    2016-03-01

    Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996-2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996-2005. This annual loss in wealth is approximately equal to the state's 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas' depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets.

  14. FOREIGN INVESTMENTS AND FISCAL STIMULATION IN UZBEKISTAN

    Directory of Open Access Journals (Sweden)

    Nargiza Yakubova

    2015-09-01

    Full Text Available This article analyzes the trends in foreign capital inflows into selected CIS countries, using a documented analysis. The study revealed that despite  improved macroeconomic stability and economic growth capital inflow in CIS countries is  modest , reflecting a weak overall investment climate in the region. The study results show that private capital inflows into these countries consist mainly of direct investments, and concentrate in the few countries with big oil reserves. Lack of protection for property rights, with threats from corruption, crime, and excessive regulation, was the significant investment impediment cited most frequently in the research. Despite Uzbekistan shows strong growth comparing a weak performance in the broader Europe and Central Asia region, the level of efficiency of  using the incentives still remaining low. According the results of the study unconditional and irrevocable tax and customs exemptions are the main reasons for the low efficiency of the incentives. The paper subsequently suggests that fiscal stimulus are only marginally efficient in the absence of effective monetary, exchange-rate, and industrial policies.

  15. Key Oil Projects Look to Private Capital

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    China's state-dominated oil sector has started to make efforts to woo private capital amid a growth slowdown in the world's second-largest economy. China National Petroleum Corporation (CNPC), a state-owned oil giant, has recently signed an investment framework agreement with investors, including the National Council for Social Security Fund (NCSSF), Urban Infrastructure Construction Investment Fund (UICIF) and Baosteel Group Corporation, to jointly develop China's third west- east natural gas transmission project.

  16. Promoting energy efficiency investments with risk management decision tools

    Energy Technology Data Exchange (ETDEWEB)

    Jackson, Jerry [Texas A and M University, 3137 TAMU, College Station, TX 77843 (United States)

    2010-08-15

    This paper reviews current capital budgeting practices and their impact on energy efficiency investments. The prevalent use of short payback 'rule-of-thumb' requirements to screen efficiency projects for risk is shown to bias investment choices towards 'sure bet' investments bypassing many profitable efficiency investment options. A risk management investment strategy is presented as an alternative to risk avoidance practices applied with payback thresholds. The financial industry risk management tool Value-at-Risk is described and extended to provide an Energy-Budgets-at-Risk or EBaR risk management analysis to convey more accurate energy efficiency investment risk information. The paper concludes with recommendations to expand the use of Value-at-Risk-type energy efficiency analysis. (author)

  17. German crowd-investing platforms: Literature review and survey

    Directory of Open Access Journals (Sweden)

    David Grundy

    2016-12-01

    Full Text Available This article presents a comprehensive overview of the current German crowd-investing market drawing on a data-set of 31 crowd-investing platforms including the analysis of 265 completed projects. While crowd-investing market still only represents a niche in the German venture capital market, there is potential for an increase in both market volume and in average project investment. The market share is distributed among a few crowd-investing platforms with high entry barriers for new platforms although platforms that specialise in certain sectors have managed to successfully enter the market. German crowd-investing platforms are found to promote mainly internet-based enterprises (36% followed by projects in real estate (24% and green projects (19%, with the median money raised 100,000 euro.

  18. Support Mechanisms for Renewables: How Risk Exposure Influences Investment Incentives

    DEFF Research Database (Denmark)

    Kitzing, Lena; Weber, Christoph

    2015-01-01

    and the Capital Asset Pricing Model as well as through active liquidity management. Applying the model to a specific case, a German offshore wind park, we find that the support levels required to give adequate investment incentives are for a feed-in tariff scheme approximately 4-10% lower than for a feed......We analyse quantitatively how risk exposure from different support mechanisms, such as feed-in tariffs and premiums, can influence the investment incentives for private investors. We develop a net cash flow approach that takes systematic and unsystematic risks into account through cost of capital...

  19. Support Mechanisms for Renewables: How Risk Exposure Influences Investment Incentives

    DEFF Research Database (Denmark)

    Kitzing, Lena; Weber, Christoph

    2015-01-01

    We analyse quantitatively how risk exposure from different support mechanisms, such as feed-in tariffs and premiums, can influence the investment incentives for private investors. We develop a net cash flow approach that takes systematic and unsystematic risks into account through cost of capital...... and the Capital Asset Pricing Model as well as through active liquidity management. Applying the model to a specific case, a German offshore wind park, we find that the support levels required to give adequate investment incentives are for a feed-in tariff scheme approximately 4-10% lower than for a feed...

  20. Investment Decision In Micro, Small And Medium Enterprises In Indonesia*

    Directory of Open Access Journals (Sweden)

    Siti Aisyah Tri Rahayu

    2013-06-01

    Full Text Available The purpose of this study are: First, to analyze is there any significant influence among debt ratio, internal capital, cash flow, inflation expectations and the expectations of rupiah exchange rate against the decisions of businessmen in the real sector to invest or not to invest; Second, to analyze the impact of the variables perception mortgage interest rates, perceptions of bank regulation, internal capital and cash flow on debt ratio of the real sector (leverage. Investment decision model is estimated using logit models. The results of regression estimates the overall good for business and risk analysis for financial risk shows that almost all explanatory variables in the equation are statistically significant. There are three variables have a positive influence on the investment decisions taken by the businesses i.e. the debt ratio, cash flow and exchange rate expectations.

  1. The incentives of households to implement the educational investment

    Directory of Open Access Journals (Sweden)

    Nedospasova Olga

    2016-01-01

    Full Text Available Households (as any other rational investors will make investments in the higher education sphere only in case of being sure that in future invested money will generate a significant money flow at a low risk level. It is important that capital investment should bring return at the rate commensurable with profitability of other assets and time of their expenditure cover should not exceed the horizon, acceptable for the investor. In this article, indices of net present value (NVP and a period of payback (PB in the empirical case format are discussed in detail. A conclusion is made by empirical analysis about economic effectiveness of household investments in the higher education sphere and as a result, in personal human capital. The empiric case, presented in this article, revealed considerable private economic benefits from higher education.

  2. Factors Contributing to Foreign Direct Investment in Mongolia

    Directory of Open Access Journals (Sweden)

    Ariunzul Javzandorj

    2012-09-01

    Full Text Available Since the 1980s, globalization has led to a rapid increase in the growth of foreign direct investment (FDI all over the world. Mongolia for more than a decade has been in the process of radical transformation and has taken significant steps to build a market-based economic structure. Foreign Direct Investment plays a very important role in achieving rapid economic growth in the developing countries. This can be achieved by taking advantage of available mobilizing domestic savings, foreign capital, technology transfers, establishment of new premises and favorable foreign policies It is now widely acknowledged that FDI has potential benefits that can accrue to developing countries. This view is mainly based on the neo liberal and development economists. They suggest that FDI is crucial for economic growth as it provides the much needed capital for investment, increases competition in host countries economies, and helps local firms to become more productive by adopting more efficient technology or by investing in human or physical capital [1]. FDI is also said to contribute to growth in a substantive manner because it’s more stable than other forms of capital flows. This paper investigates the key drivers of foreign direct investment (FDI in Mongolia.

  3. The Opportunity Cost of Capital

    Directory of Open Access Journals (Sweden)

    Ayman Chit PhD

    2015-04-01

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

  4. Capital structure strategy in health care systems.

    Science.gov (United States)

    Wheeler, J R; Smith, D G; Rivenson, H L; Reiter, K L

    2000-01-01

    The capital structures (the relative use of debt and equity to support assets) of leading health care systems are viewed as a strategic component of their financial plans. While not-for-profit hospitals as a group have maintained nearly constant levels of debt over the past decade, investor-owned hospitals and a group of leading health care systems have reduced their relative use of debt. Chief financial officers indicated that in addition to reducing debt because of less favorable reimbursement incentives, there was a focus on maintaining high bond ratings. Debt levels have not been reduced as sharply in these health care systems as they have in investor-owned hospitals, in part due to the use of debt to support investments in financial markets. Because these health care systems do not have easy access to equity, high bond ratings and solid investment earnings are central to their capital structure policies of preserving access to debt markets.

  5. Longevity, Capital Formation and Economic Development

    Institute of Scientific and Technical Information of China (English)

    Zhang Qiong

    2012-01-01

    Many researchers have concluded that longer life expectancies prompt increased investment in education, as a pro- longed labor supply raises the rate of return on education. Besides explaining the empirical evidence behind this conclusion (at an absolute level), there is another issue to be discussed: does time spent studying and working increase proportionally with higher longevity? Building on an extended life-cycle model, this paper shows that prolonged life expectancy will cause individuals to increase their time in education but may not warrant rises in labor input. Later we show that higher improvement rate of longevity rather than initial life expectancy will promote economic growth, even we exclude the mechanism of human capital formation, and only consider growth effects of higher improvement rate of life expectancy from physical capital investment.

  6. 75 FR 32230 - Solutions Capital I, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2010-06-07

    ... ADMINISTRATION Solutions Capital I, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Solutions Capital I, L.P., 1100 Wilson Blvd... Small Business Administration (``SBA'') Rules and Regulations (13 CFR 107.730). Solutions Capital I,...

  7. 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.

  8. Legal-Ease Beijing & Northeast China Investment Facts

    Institute of Scientific and Technical Information of China (English)

    CHRIS; DEVONSHIRE-ELLIS

    2006-01-01

    Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up business in the capital. Beijing investment zones identified China’s development zones generally offer foreign investors better infrastructure, lower tax and other incentives, and much higher levels of service support than elsewhere in the country. The table here lists the main investment zones in Beijing itself.

  9. How a Venture Capitalist Approaches an Investment Decision

    Science.gov (United States)

    Colbert, Daniel

    2012-02-01

    In this talk, I will provide a high-level overview of the venture capital history, structure, process and approaches to investing in early-stage companies. I will discuss what VCs look for, and share some dos and don'ts for entrepreneurs looking for venture funding. I will close with a description of the Tatarstand CleanTech Fund, and some examples of deals we invested in and passed over and why.

  10. PRIVATE INVESTMENT AND FINANCIAL SECTOR POLICIES IN DEVELOPING COUNTRIES

    OpenAIRE

    James Ang

    2008-01-01

    This paper examines the role of financial sector policies in determining private investment in the economies of India and Malaysia. The results suggest that the presence of significant directed credit programs favoring certain priority sectors in the economies appear to be harmful for private capital formation in both countries. Interest rate controls seem to have a positive impact on investment in the private sector, and the effect is found to be stronger in India. While high reserve and liq...

  11. 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.

  12. LONG TERM INVESTMENTS, RISK OR OPPORTUNITY FOR ROMANIAN ECONOMY, CASE STUDY: ROSIA MONTANA GOLD CORPORATION

    Directory of Open Access Journals (Sweden)

    Florea Georgiana Rodica

    2010-12-01

    Full Text Available This article is aimed at describing the influence that foreign direct investments have on a recipient economy, as this study focuses on the changes that foreign direct investments imposed on Romanian economy. In principle, foreign direct investment should enhance one economys results as they pump capital, the vital fluid of any successful enterprise, completing or replacing own capital, as the economy becomes interesting because of its raw material resources, financial facilities or human resource. Anyway, there are some instances that need turning own capital to profit, as, this would benefit more than permission for foreign capital to be turned into advantage. The actual study looks on investments that are to be conducted by Gabriel Resources in Rosia Montana area and tries to evaluate if the business site acts on long term in favor of our national economy.

  13. Investment Spending in the Netherlands : The Impact of Liquidity and Corporate Governance

    NARCIS (Netherlands)

    Degryse, H.A.; de Jong, A.

    2000-01-01

    This paper examines the relation between cash flow, corporate governance and fixed-investment spending. In perfect capital markets we expect no systematic relationship. However, Myers and Majluf's (1984) asymmetric information hypothesis and Jensen's (1986) managerial discretion hypothesis present i

  14. Specialized Investment Services

    Science.gov (United States)

    Burgess, Robert S.

    1970-01-01

    The informational needs of the investing public should be met by the public library. Suggestions for specialized investment information services with broad appeal, technical charts, and advisory services which public libraries might consider purchasing. (JS)

  15. Socially Responsible Investing

    DEFF Research Database (Denmark)

    Parisi, Cristiana; Stang, Andreas

    This paper analyzes the Scandinavian market for Socially Responsible Investing (SRI) mutual funds in order to determine the returns from discriminatory investment decision compared to the return from conventional portfolios. The analysis is conducted on 642 Scandinavian equity mutual funds...

  16. On Russian/Nordic Investment Competition in the Baltic States

    Directory of Open Access Journals (Sweden)

    Olenchenko Vladimir

    2015-06-01

    Full Text Available The researchers often overlook the relationships between Russian and Nordic investment capital; and even less attention is paid to studying the competition between the two. Yet this subject can be of particular relevance to the areas that are geographically, historically and culturally close to both Russia and the Nordic countries. Thus, the aim of this article is to understand how the competition between Russian and Nordic capital investment is played out in the Baltic States. The study discusses the principles of Russian and Nordic investment in the Baltic, and suggests ways to regulate these relations. To this end, we compare the investment conditions created in the Baltic States for both Russian and Nordic investors. The analysis shows that most of the Baltic market is controlled by the Nordic capital, which blocks the arrival of Russian investment to the Baltic States. With a nod to a number of previous studies, the authors of this article suggest some adjustments to the theory of foreign direct investment. The study will be also of practical interest to those Russian investors who are seeking entry points to the Baltic markets.

  17. Foreign Investment Expanded

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The paid-in foreign direct investment in China totaled $74.8 billion in 2007,up 13.6 percent year on year Foreign investment in China has continued robust growth despite the new corporate income tax poli- cies. Figures from the National Bureau of Statistics show that paid-in foreign direct investment(FDI)(excluding investment from foreign financial institutions)totaled $74.8 billion in 2007,up 13.6 percent year

  18. Intellectual Capital and Intangible Assets Analysis and Valuation

    OpenAIRE

    Ion Anghel

    2008-01-01

    Today the intellectual capital is a key factor in company’s profitability. Two major forces have driven the high performance workplace over the past two decades: globalization and increasing in technological changes. In this environment, the intellectual capital and intangible assets is fundamental to success. In the new economic competition, knowledge assets provide a sustainable competitive advantage. The measurement is fundamental to support management decision in allocation investment and...

  19. Human Capital, Population Growth and Economic Development: Beyond Correlations

    OpenAIRE

    Rosenzweig, Mark R.

    1987-01-01

    Empirical evidence on three assertions commonly-made by population policy advocates about the relationships among population growth, human capital formation and economic development is discussed and evaluated in the light of economic-biological models of household behavior and of its relevance to population policy. The three assertions are that (a) population growth and human capital investments jointly reflect and respond to changes in the economic environment, (b) larger families directly i...

  20. THE REAL OPTIONS OF CAPITAL BUDGET

    Directory of Open Access Journals (Sweden)

    Antonio Lopo Martins

    2008-07-01

    Full Text Available The traditional techniques of capital budget, as the deducted cash flow and the net value present, do not incorporate existing flexibilities in an investment project, they tend to distort the value of certain investments, mainly those that are considered in scenes of uncertainty and risk. Therefore, this study intends to demonstrate that the Real Options Theory (TOR is a useful methodology to evaluate and to indicate the best option for project of expansion investment. To reach the considered objective the procedure method was used a case study, having as unit of case the Resort Praia Hotel do Litoral Norte of Salvador. This study was developed of the following form: first it identified the traditional net value present and later it was incorporated the volatileness of each analyzed uncertainty. Second, as the real options are analogous to the financial options, it was necessary to identify elements that composed the terminologies of the financial options with intention to get the value of the real option. For this model of options pricing of Black & Scholes jointly with a computational simulator was used (SLS to get the expanded net value present. As a result of this study it was possible to evidence that using the traditional tool of capital budget Net Value Present (VPL is negative, therefore the project of expansion of the Hotel would be rejected. While for the application of methodology TOR the project presents positive Expanded Present Value which would represent an excellent chance of investment. Key-word: Capital budget, Real options, Analysis of investments.

  1. Modeling Sustainment Investment

    Science.gov (United States)

    2015-05-01

    forecast the consequences of various alternatives? Sustainment Investment: the Problem Operations Supplying the fleet, customer support, etc...Modeling Sustainment Investment May 2015 © 2015 Carnegie Mellon University Context We are managing the sustainment of a system. • Some modernization ...Modeling Sustainment Investment May 2015 © 2015 Carnegie Mellon University The process is inside the gray box. Customers are outside. Work input

  2. Sustainable Markets Investment Briefings: Foreign investment contracts

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the fourth of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 4 sets out some of the ways in which foreign investment contracts can impact on sustainable development.

  3. O outro capital The other capital

    Directory of Open Access Journals (Sweden)

    Vinicius Prates da Fonseca Bueno

    2012-01-01

    Full Text Available Capital social uma forma de mobilizao cujo cerne no est nos indivduos nem nas formas de produo econmica, mas nas redes complexas de solidariedade e confiana. O livro Comunicao e poltica: capital social, reconhecimento e deliberao pblica traz uma coleo de artigos de pesquisadores em comunicao sobre este tema, organizado por ngela Marques e Heloiza Matos.Social capital is a form of mobilization whose core is not on individuals or in forms of economic production, but in the complex networks of solidarity and trust. The book Comunicao e poltica: capital social, reconhecimento e deliberao pblica (that translated to English means Communication and politics: social capital, recognition and public deliberation is a collection of articles written by researchers in communication about this subject, organized by ngela Marques and Heloiza Matos.

  4. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    represented by Putnam and Portes. The paper raises the following question: Is it possible to detect the historical driving forces behind the building of both beneficial and harmful social capital? Driving forces are defined as structural determinants, which change human organization at all levels......Within current research on social capital, a gap exists between political history analyses at the macro level and classical, sociological analyses at the meso and micro levels. Following up on  earlier work, the main purpose of this paper is to mediate between the two conflicting stances....... The hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...

  5. Restoration of natural capital: a key strategy on the path to sustainability

    NARCIS (Netherlands)

    Blignaut, J.N.; Aronson, J.; Groot, de R.S.

    2014-01-01

    Three intertwining braids or strategies to enable transition towards sustainability can be identified, namely: (i) appropriate sustainable technologies, (ii) revising behaviour including reproduction and consumption patterns, and (iii) investment in the restoration of natural capital (RNC). Less exp

  6. MODERN OPTIONS FOR THE FINANCING OF THE REAL ESTATE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Chiriac Silviu-Cornel-Virgil

    2015-07-01

    Full Text Available The investments represent one of the most important elements in the national economy development strategies, as well as in all the business fields and branches. The notion of investment is extremely complex, perceived with different meanings and significates. In a general, wider meaning the investments represent a capital placement which is made with the purpose of obtaining profit bearing incomes in the future. In a narrower meaning, investments mean the totality of expenses made for obtaining capital assets which are future potential factors in the formation of incomes. Investments represent the most important factor in the development strategies of the national economy as well as in all the business fields and branches. The investment strategy represents an important element in the management of the investments and a component of the general strategy of the entity. The use of investment strategies in the management activity implies the application of scientific techniques and methods. The great number of studies carried out shows that there were no certain answers formed, very often the option for a form of financing or the other is influenced only by the “level of accessibility” of the resources available on the financial market and the financing policy of many companies is guided rather by the constraints of the financial market than a coherent company strategy In order to ensure a constant economic growth it is necessary to prepare investment projects. In practice the predominant one is the investment activity based on real investments performed for the modernising of assets, in order to ensure their physical and moral wear and tear. The analysis of real estate investments can be made using a various range of indicators, from the traditional ones to those based on the updated cash flow, using traditional analysis techniques or complex techniques used by specialists with training in the analysis of real estate investment. The

  7. Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

    OpenAIRE

    Jean-Louis Combes; Patrick Plane; Tidiane Kinda

    2011-01-01

    This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of excha...

  8. Theorizing Emotional Capital

    NARCIS (Netherlands)

    Cottingham, M.D.

    2016-01-01

    Theorizing a sociology of emotion that links micro-level resources to macro-level forces, this article extends previous work on emotional capital in relation to emotional experiences and management. Emerging from Bourdieu’s theory of social practice, emotional capital is a form of cultural capital t

  9. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...

  10. INVESTMENT CLIMATE AND OUTFLOW IN THE MAJOR RISK SYSTEM OF RUSSIAN ECONOMY STABILITY

    Directory of Open Access Journals (Sweden)

    Melnikov A. B.

    2014-06-01

    Full Text Available The purpose of this article is to determine the state of the investment climate in Russia at the present time to determine the cause of increasing capital outflows. In this article we show that the outflow of capital - one of the main risks of the Russian economy stability

  11. The Impact of Human Capital on Economic Growth: Empirical Evidence from Sudan

    OpenAIRE

    Khalafalla Ahmed Mohamed Arabi; Suliman Zakaria Suliman Abdalla

    2013-01-01

    This paper empirically investigates the impact of human capital on economic growth in Sudan for the period 1982-2009 by using a simultaneous equation model that links human capital i.e. school attainment; and investment in education and health to economic growth, total productivity, foreign direct investment, and human development index. Based on three-stage least squares technique, the empirical results of the paper show that quality of the education has a determinant role in the economic gr...

  12. Five Large Generation Groups:Competing in Capital Operation

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ Since the reform of electric power industry in 2002,the newly established five large generation groups have been persisting in the development strategy of "taking electricity as the core and extending to up-and-downstream businesses." Stringent measures were taken in capital operation and their potential has been shown through electric power assets acquiring,coal and financial resources investing,capital market financing as well as power utility restructuring.The five groups are playing more and more important roles in merger and acquisition (M&A) and capital markets.

  13. An application to measure impact of working capital management on profitability in firms in manufacture sector quoted on ISE

    OpenAIRE

    Akbulut, Ramazan

    2011-01-01

    The purpose of this study is to investigate the relationship between working capital management and firm profitability of corporations in manufacture sector which are listed in İstanbul Stock Exchange for the period of 2000-2008. Working capital management is important part in firm financial management decision. The ability of the firm to continuously operate in longer period depends on how they deal with investment in working capital management. The optimal of working capital management coul...

  14. Choosing a Strategy for Return-on-Investment Justification.

    Science.gov (United States)

    Foshay, Wellesley R.

    1998-01-01

    Examines the concept of human capital, including how it is linked to strategic analysis and how it relates to four alternative models for return-on-investment (ROI). Discusses how to choose the best model for ROI justification of training or other human performance technology (HPT) interventions. (AEF)

  15. Exchange Controls, Investment and the Balance of Payments.

    Science.gov (United States)

    James, Stephen

    1986-01-01

    Exchange controls in Great Britain were abolished in 1979. Since then, there has been a significant outflow of capital. This article examines the case for the reintroduction of controls with particular reference to the effect this might have on investment. (Author/JDH)

  16. 77 FR 54777 - Accelerating Investment in Industrial Energy Efficiency

    Science.gov (United States)

    2012-09-05

    ... Executive Order 13625--Improving Access to Mental Health Services for Veterans, Service Members, and... energy costs, free up future capital for businesses to invest, reduce air pollution, and create jobs.... competitiveness, create jobs, and reduce harmful air pollution. In doing so, they shall engage States,...

  17. The Impact of Education Investment on Sri Lankan Economic Growth

    Science.gov (United States)

    Ganegodage, K. Renuka; Rambaldi, Alicia N.

    2011-01-01

    We evaluate the contribution of investment on education to Sri Lanka's economic growth during the period 1959-2008. Physical capital, economic policy changes and the ethnic war are also evaluated due to their substantial importance. This study uses a framework encompassing both the neoclassical and endogenous growth model. The impact of education…

  18. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.

  19. Investment Irreversibility and Precautionary Savings in General Equilibrium

    DEFF Research Database (Denmark)

    Ejarque, João

    Partial equilibrium models suggest that when uncertainty increases, agents increase savings and at the same time reduce investment in irreversible goods. This paper characterizes this problem in general equilibrium with technology shocks, additive output shocks and shocks to the marginal efficiency...... if the shocks affect the marginal efficiency of investment. For all types of shocks, when concavity of the utility function is moderate or high, the irreversibility constraint never binds and the increase in variance has a negligible impact. Persistence in the shock process induces precautionary savings rather...... than irreversibility effects. If shocks are idiosyncratic and affect a cross section of agents over capital, an increase in their variance may induce an increase in aggregate investment even if all agents have an incentive to invest less, because zero investment is now an active lower bound for part...

  20. Determinants of Foreign Institutional Investors’ Investment in India

    Directory of Open Access Journals (Sweden)

    Manjinder KAUR

    2010-11-01

    Full Text Available The present study aims at exploring the determinants of Foreign Institutional Investors’ (FIIs investment in India. Returns on Indian stock market have positive impact whereas US stock market returns have no significant influence on FIIs investment to India. Stock market risk has negative influence on FIIs inflows to India. Market capitalization and stock market turnover of India have significant positive influence only in short-run. Among macroeconomic determinants, economic growth of India has positive impact on FIIs investment both in long-run and shortrun. But all other macroeconomic factors have significant influence only in long-run like inflation in US has positive influence whereas inflation in India has negative influence on FIIs investment. Further, US interest rate has adverse impact on FIIs investment while liberalization policies of India exhibited significant contribution to FIIs inflows. Study concludes that FIIs inflows in India are determined by both stock market characteristics and macroeconomic factors.

  1. Bank Credits and Investment Growth of Agricultural Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mehdi Shabanzadeh

    2016-03-01

    Full Text Available This study were examined relationship between bank credits and investment growth of agricultural sector in Iran during the period of 1982-2011 by auto regressive distribution lag bounds test approach. Basically, the growth investing of the agricultural sector in Iran is related to oil revenues, bank credits, value added of agriculture sector and capital stock. The results confirm the existence of a long-run relationship between variables in model. In addition, according to the results, bank credit is the most significant variable in explaining the growth investing, so that increases access to it will encourage growth investment of the agricultural sector in Iran. The estimations show that elasticity of bank credits, oil revenues, stock investment and value added are 0.103, 0.015, 0.049 and -0.058 in the agricultural sector respectively.

  2. Scale determinants of fiscal investment in geological exploration: evidence from China.

    Science.gov (United States)

    Lu, Linna; Lei, Yalin

    2013-01-01

    With the continued growth in demand for mineral resources and China's efforts in increasing investment in geological prospecting, fiscal investment in geological exploration becomes a research hotspot. This paper examines the yearly relationship among fiscal investment in geological exploration of the current term, that of the last term and prices of mining rights over the period 1999-2009. Hines and Catephores' investment acceleration model is applied to describe the scale determinants of fiscal investment in geological exploration which are value-added of mining rights, value of mining rights and fiscal investment in the last term. The results indicate that when value-added of mining rights, value of mining rights or fiscal investment in the last term moves at 1 unit, fiscal investment in the current term will move 0.381, 1.094 or 0.907 units respectively. In order to determine the scale of fiscal investment in geological exploration for the current year, the Chinese government should take fiscal investment in geological exploration for the last year and the capital stock of the previous investments into account. In practice, combination of government fiscal investment in geological exploration with its performance evaluation can create a virtuous circle of capital management mechanism.

  3. OVERVIEW ON ROMANIAN CAPITAL MARKET TRANSACTIONS: 1995 TO PRESENT

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-06-01

    Full Text Available The financial shifts encountered on last decade, increase the importance of capital markets in developing countries, such that capital market become an important source of long-term financing. During the time, economic literature and also practitioners recognized the important role of the banking system as a supplier of liquidity in an economy. Despite this, in the last year, the capital market tries to help in diffusing the stresses on the banking system because, it is able to match long-term investments with long-term capital. Through this paper we want to analyze all transactions made on Romanian capital market from 1995 until present. Even if, it is hard to capture all aspects and particularities of all transaction, we want to identify the main patterns encountered on it: person who invest (residents vs non- residents, volume, value, transaction type (sell or buy, market capitalization, financial crisis and other macroeconomic events. In our opinion these are just several variables which can reveal us the real developing stage of Romanian capital market, and future trend, so this is a topic which worth to be deeply analyzed.

  4. Effectiveness and Effects of China's Capital Controls

    Institute of Scientific and Technical Information of China (English)

    FengjuanXiao; DonaldKimball

    2005-01-01

    Reductions in barriers to global trade have not been accompanied by a widespread loosening of restrictions on international flows of capital, especially in China. This study shows that China has some of the most restrictive controls and uses them effectively to bias flows of cross-border capital heavily in favor of foreign direct investment (FDI) and limit flows of portfolio and bank assets and liabilities, as well as reducing capital flow volatility. China is now facing pressure to speed up its opening to all forms of cross border capital. But since China is still struggling to strengthen its domestic financial structure, capital account liberalization would expose it to considerable risks and potentially high costs.

  5. EVALUATING HUMAN CAPITAL IN A KNOWLEDGE – BASED APPROACH

    Directory of Open Access Journals (Sweden)

    Emanoil MUSCALU

    2014-04-01

    Full Text Available The widespread enthusiasm for a knowledge-based approach to understanding the nature of a business and the possible basis for sustained competitive advantage have renewed interest in human capital evaluation or measurement. While many attempts have been made to develop methods for measuring intellectual capital, none have been widely adopted in the business world. In the knowledge-based organizations, and generally, in the information society, human capital is recognized as the fundamental factor of overall progress, and experts agree that long-term investment in human capital has strong drive-propagation effects at the individual, organizational, national and global level. In this paper, we consider that a knowledge-based approach can offer new possibilities and answers to illustrate the importance of evaluation the human capital and knowledge assets by consistently generating added value in the business world.

  6. Information Technology Investment: Agencies Can Improve Performance, Reduce Costs, and Minimize Risks.

    Science.gov (United States)

    2007-11-02

    strengthened management of three fundamental assets: personnel, knowledge and information, and capital property/fixed assets. Investments in information ... technology (IT) can have a dramatic impact on all three of these assets. However, an IT project’s impact comes from how the investment is selected, designed

  7. 12 CFR 347.104 - Insured state nonmember bank investments in foreign organizations.

    Science.gov (United States)

    2010-01-01

    ... held through a domestic or foreign subsidiary; and (2) The bank meets its minimum capital requirements. ... foreign organizations. 347.104 Section 347.104 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION... investments in foreign organizations. (a) Investment in foreign banks or foreign banking organizations. A...

  8. Seeking China Capital for Investment in Iran Oil Refining

    Institute of Scientific and Technical Information of China (English)

    Audrey Guo

    2009-01-01

    @@ Influenced by the financial crisis.the overall bilateral trade volume between China and Iran decreased by 39% in the first quarter of 2009;however,the volume of Iran's exported crude oil to China has increased by 88% compared with the same period last year up to May of 2009,totaling 308.8 million tons.Iran,as the world's No.5 crude exporter,replaced Saudi Arabia as China's largest oil supplier.At the same time,China,as the world's No.2 oil consumer,now imports half of the crude oil it consumes,and has become Iran's third largest customer.

  9. Preference for the workplace, investment in human capital, and gender

    OpenAIRE

    Wiswall, Matthew; Zafar, Basit

    2016-01-01

    In this paper, we use a hypothetical choice methodology to robustly estimate preferences for workplace attributes. Undergraduate students are presented with sets of jobs that vary in their attributes (such as earnings and job hours flexibility) and asked to state their probabilistic choices. We show that this method robustly identifies preferences for various job attributes, free from omitted variable bias and free from considering the equilibrium matching of workers to jobs. While there is s...

  10. Locus of Control and Human Capital Investment Revisited

    Science.gov (United States)

    Cebi, Merve

    2007-01-01

    This paper examines the effect of teenagers' outlooks--specified as their locus of control--on educational attainment and labor market outcomes. I replicate the study of Coleman and DeLeire (2003) and test the predictions of their theoretical model using a different data set--National Longitudinal Survey of Youth (NLSY). The findings fail to…

  11. Capital Investment and Market Segmentation: Making Movies for Mormon Audiences

    Science.gov (United States)

    Wright, Newell D.; Larsen, Val

    2014-01-01

    Is there a commercially viable market in the United States for movies made for Mormons? David "Dutch" Richards, a graduate of Brigham Young University's School of Film, thinks there is. He believes that in the Western United States, especially in Utah and the Intermountain West, there are enough Mormons who would pay to watch a film by,…

  12. Depot Maintenance Transformation: Successful Strategies in Capital Investing

    Science.gov (United States)

    2010-06-01

    Method #2: Make intangible benefits that have a strategic impact on the firm central to the BCA. What’s the monetary value of the Coca - Cola logo or...transportation system work smarter and more efficiently. 12 Support Walking and Bicycling: All transportation projects should promote walking and...accomplished on ramp positions and half in hangar positions. Selected--Build Hangar: The new facility is designed to support a mix of mid-size aircraft to meet

  13. Capital Investment and Market Segmentation: Making Movies for Mormon Audiences

    Science.gov (United States)

    Wright, Newell D.; Larsen, Val

    2014-01-01

    Is there a commercially viable market in the United States for movies made for Mormons? David "Dutch" Richards, a graduate of Brigham Young University's School of Film, thinks there is. He believes that in the Western United States, especially in Utah and the Intermountain West, there are enough Mormons who would pay to watch a film…

  14. Lumina Foundation for Education 2009 Annual Report: A Capital Investment

    Science.gov (United States)

    Brennan, Patricia L.; Powell, David S.

    2010-01-01

    Today's students--as exemplified by the three inspiring people on this report--are a remarkably diverse group with unlimited potential. America is home to tens of millions of these 21st century students, and their success is vital to the nation's future. For the United States to thrive in the rapidly changing global economy, the full potential of…

  15. 76 FR 17736 - Major Capital Investment Program-New Starts

    Science.gov (United States)

    2011-03-30

    ... Mariana Carolina, Tennessee, and Virgin Islands. Islands. Los Angeles Metropolitan Office, Region 9-Los Angeles, 888 S. Figueroa Street, Suite 1850, Los Angeles, CA 90017-1850, Tel. 213- 202-3952. Marisol...

  16. Strategic Black Officer Capital Investment: Increasing Competitiveness for General Officer

    Science.gov (United States)

    2010-05-17

    endured racism, overlooked promotions and the appropriate assignments. The rise of the Black Panther movement, the assassination of Martin Luther King ...management representation, achieved greater productivity and improved creditability among its employees. Research suggests that leadership ...part of the company— traits that are increasingly important as external factors such as globalization and heightened competitiveness impact the

  17. Venture Capital and Strategic Investment for Developing Government Mission Capabilities

    Science.gov (United States)

    2014-01-01

    sale of an invention for a specific period of time. 21 B. J., Nalebuff and J. E. Stiglitz , “Prizes and Incentives: Towards a General Theory of...W., “The CIA’s In-Q-Tel Model – Its Applicability,” Acquisition Review Quarterly, Winter 2003. Nalebuff, B. J., and J. E. Stiglitz , “Prizes and

  18. Financial Variables Effect on the U.S. Gross Private Domestic Investment (GPDI) 1959-2001

    CERN Document Server

    Bell, Byron E

    2007-01-01

    I studied what role the US stock markets and money markets have possibly played in the Gross Private Domestic Investment (GPDI) of the United States from the year 1959 to the year 2001, Gross Private Domestic Investment refers to the total amount of investment spending by businesses and firms located within the borders of a nation. It includes both the values of the purchases of non-residential fixed investment, which include capital goods used for production, and the values of the purchases of residential fixed investment, which include construction spending for factories or offices. And I created a Multiple Linear Regression Model of the GDPI. To see if companies and private citizens use the stock market and money markets as a way of financing capital projects (business ventures, buying commercial and noncommercial property, etc). Keywords: Gross Private Domestic Investment, Pearson Correlation, SP 500, TB3

  19. 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.

  20. Bringing human, social, and natural capital to life: practical consequences and opportunities.

    Science.gov (United States)

    Fisher, William P

    2011-01-01

    Capital is defined mathematically as the abstract meaning brought to life in the two phases of the development of "transferable representations," which are the legal, financial, and scientific instruments we take for granted in almost every aspect of our daily routines. The first, conceptual and gestational, and the second, parturitional and maturational, phases in the creation and development of capital are contrasted. Human, social, and natural forms of capital should be brought to life with at least the same amounts of energy and efficiency as have been invested in manufactured and liquid capital, and property. A mathematical law of living capital is stated. Two examples of well-measured human capital are offered. The paper concludes with suggestions for the ways that future research might best capitalize on the mathematical definition of capital.

  1. Capital Market and Unemployment in Nigeria

    Directory of Open Access Journals (Sweden)

    Bamidele M. Ilo

    2015-10-01

    Full Text Available This paper examines how the Nigerian capital market affects unemployment in Nigeria with a view to identifying how the market has been able to curtail unemployment over the years or otherwise. It employes annual series data from 1986 to 2012 on unemployment, market capitalization and other data obtained from the Central Bank of Nigeria, Statistical Bulletin. The study adopts the Johansson cointegration vector error correction technique for data analysis. The result shows that unemployment has risen unabatedly since the adoption of Structural Adjustment Programme (SAP with an average unemployment rate of 8.12 per cent for the period while market capitalization relative to the size the economy is 14.42 per cent. The analysis also shows that while, economic growth significantly curtails unemployment capital market development fails to limit unemployment. The stock market thus has grown over the years at the expense job creation in Nigeria. It is expected that efforts are geared towards efficient capital market development to enhance mobilization of funds for long term investments by firms and propel job creation along the value chain. The government should also focus on developing those labour intensive sectors of the economy while pursuing its economic growth policy.

  2. Social Capital in an Outdoor Recreation Context

    Science.gov (United States)

    Mann, Marilynne; Leahy, Jessica

    2010-02-01

    This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin’s (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide “umbrella” organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.

  3. The study on stage financing model of IT project investment.

    Science.gov (United States)

    Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

    2014-01-01

    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  4. 75 FR 4635 - Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory...

    Science.gov (United States)

    2010-01-28

    ... 325 Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory... structures designed for current regulatory capital treatment and/or adopt the more risk-sensitive capital... FAS 167 on banking organizations' risk-based capital ratios will result in regulatory...

  5. Intergenerational equity and the investing of rents from exhaustible resources

    Energy Technology Data Exchange (ETDEWEB)

    Hartwick, J.M.

    1977-12-01

    The present generation's ethical dilemma over shortchanging future generations by overconsuming exhaustible resources could be relieved by a program of converting the capital from these resources into machines and living off the current flow of machines and labor. If the stock of machines is assumed not to depreciate, then the stock of productive capital and resources is not depleted. Cobb-Douglas technology is used to determine what will happen to consumption if only the rents from exhaustible resources are invested in reproducible capital goods. An important feature of Cobb-Douglas technology is that input in the form of minerals from an exhaustible resource is needed to get a positive output of the single produced commodity. Results of the model indicate that a savings investment rule will not provide for the maintenance of per capita consumption constant over time. Further studies have explored the effects of depreciations and intergenerational equity. 7 references.

  6. Venture Capital in Ohio Schools: Building Commitment and Capacity for School Renewal.

    Science.gov (United States)

    Ohio State Dept. of Education, Columbus.

    This publication describes Venture Capital grants, which are awarded to Ohio schools for school-improvement efforts. Originating in the business sector, the concept of Venture Capital represented corporate earning or individual savings invested in a new or fresh enterprise. The grants are designed to be long-term, evolving efforts focused on a…

  7. 77 FR 6156 - Rand Capital Corporation, et al.; Notice of Application

    Science.gov (United States)

    2012-02-07

    ... venture capital investments in small, early-stage and developing enterprises. Rand's principal objective... COMMISSION Rand Capital Corporation, et al.; Notice of Application February 1, 2012. AGENCY: Securities and... Act'') granting an exemption from section 13(a) of the Exchange Act. Applicants: Rand...

  8. 12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

    Science.gov (United States)

    2010-01-01

    ... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital...

  9. Testing the Human Capital Development Model: The Case of Apprenticeships in Turkey

    Science.gov (United States)

    Akpinar, Taner; Gün, Servet

    2016-01-01

    Human capital theory was developed to study how individual agents make rational choices or how they invest in human capital to maximize their welfare. One of the leading founders of this perspective, Becker, argues that schooling, on-the-job training, medical care, migration and searching for information about prices and incomes are different…

  10. The conditional returns to origin-country human capital among Turkish and Moroccan immigrants in Belgium

    NARCIS (Netherlands)

    Kanas, A.M.; Tubergen, F.A. van

    2014-01-01

    This study extends the analysis of the economic returns to pre-migration human capital by examining the role of the receiving context, co-ethnic residential concentration, and post-migration investments in human capital. It uses large-scale survey data on Turkish and Moroccan immigrants in Belgium.

  11. The productivity of public capital in the Netherlands: a regional perspective

    NARCIS (Netherlands)

    Manshanden, W.; Dröes, M.I.; Manshanden, W.; Jonkhoff, W.

    2011-01-01

    This paper investigates on the impact of public capital on production in the Netherlands from a regional perspective. Based on a simple growth accounting exercise, the results indicate that investment in public capital contributed 17-21% to economic growth in the Netherlands between 1971 and 2000. I

  12. The Intellectual Capital And The New Career Management In Public Institutions From Defence Field

    Directory of Open Access Journals (Sweden)

    Daniel Gogoescu

    2015-12-01

    Full Text Available In public institution the development of the concept of intellectual capital (understand simultaneously as human, structural and relational capital mean the rise of the organisation`s competitiveness and the beget of structural capital (potential subsequently invested to achieve knowledge, respective the power building-up in efficient action – meaning the consolidation and development of success obtained in competition. The term of intellectual capital add up a sum of values, knowledges, abilities and habitudes of the employees, and also those cumulated on organisational level within what we call organisational culture, the final goal of its evolution being to obtain the optimal managerial efficiency. So, the individual is the main component (as human capital of the organisational intellectual capital, being the source of his performance and the performance of the organisation where he is part of. It is easy and logic, from a certain perspective, to understand the purpose of an individual to create added value to his capacity and capabilities (the human capital is not the sum of individuals, but the sum the individuals intelligence`s interactions in the creation process, but we always put the question of what is the adequate measure for an individual of what he whish and need to invest in this intelligence and knowledge. There is no performance where there is no intellectual capital and where is no investment in human capital, the process being, generally speak-ing, an Archimedean convolution: the human capital generates intellectual capital which, also brings added value to knowledge and, implicitly, develops continuously the human capital. The adequate exploitation of intellectual capital, obtained through the adequate exploitation of intellectual potential, of the individual and collective capabilities, capacities and performances ale the human potential mean to rich the maximum efficiency of institution. Repetitively application of an

  13. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  14. IMPACT OF FOREIGN DIRECT INVESTMENTS ON CROATIAN FINANCIAL GROWTH

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovic

    2014-12-01

    Full Text Available Foreign direct investments are for the transition and less developed countries very important source of capital. Such investments have very positive impact on country’s economy in terms of employment growth, industrial production growth, gross domestic product growth, favorable effects on the balance of payments and many other positive impacts for country economy, so it’s not strange that countries in the absence of its domestic investors, are trying to attract foreign investors. Foreign investors analyze in detail possibilities and risks of each country, and if the risks exceed the opportunities there will be no inflow of foreign capital. Therefore every country which is trying to attract foreign direct investments must take care about the policy and its economy and try to be most attractive as it can be.

  15. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    for low-liquidity firms, there is overinvestment for high-liquidity firms. In the absence of tax effects, we derive the optimal level of liquid funds that eliminates agency costs by implementing the first-best investment policy for some given capital structure. In a second step we generalize the framework......This paper examines the effect of debt and liquidity on corporate investment in a continuous-time dynamic framework. We show that due to stockholder-bondholder agency conflicts, investment thresholds are U-shaped in leverage and decreasing in liquidity. While the underinvestment problem dominates...... by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally trades off tax benefits and agency costs of debt....

  16. ENVIRONMENTAL INVESTMENTS IN THE MINING INDUSTRY: THE NATURE, CHARACTERISTICS AND TYPES

    Directory of Open Access Journals (Sweden)

    N. Goncharenko

    2015-04-01

    Full Text Available Theoretical basis for environmental investment enterprises in the mining industry was investigated. The essence of the category “environmental investments” was improved. The features to attract environmental investment in the mining sector were analyzed, their classification by expanding classifications were improved. The essence and characteristics of natural, industrial and human capital as an object of environmental investment of mining industry were determined.

  17. 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

  18. Stock de Capital en Chile (1985-2005): Metodología y Resultados

    OpenAIRE

    Claudia Henríquez G.

    2008-01-01

    This paper presents the methodology of capital stock measurement for the Chilean economy by types of assets and different economic activities, according to the Reference Compilation 2003 of National Accounts System. Capital stocks by types of assets are estimated under the Perpetual Inventory Method (PIM), while the activity sectors approach follows to Harberger (1972) method. Specifically, integrated and consistent measurements for investment, capital stock (gross and net) and consumption of...

  19. The impact of human capital on urban poverty: The case of Sargodha city

    OpenAIRE

    2011-01-01

    The positive relationship between human capital and income/wages has been supported by empirical research. Millennium Development Goals (MDGs) and the Poverty Reduction Strategy Paper (PRSP) enormously emphasize on human capital for curbing poverty. The economic development in East Asian countries is also linked with investment in education for the development of human capital. This study is designed to investigate the relationship of different levels of education and experience upon urban p...

  20. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...... to benefit from their personal preferences and to remain rational actors in the financial market....