WorldWideScience

Sample records for capital investments

  1. HUMAN CAPITAL INVESTMENT

    Directory of Open Access Journals (Sweden)

    Ph. D. Student Ioana - Julieta Josan

    2012-05-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value. Leading theorists and specialists in the field have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. At the hand, the allocation of resources in human capital brings performance and benefits to companies investing in their employees. Also, the investment in human capital is strategic for any country that seeks to create a knowledge economy. Considering the above arguments, the aim of this paper is to highlight the characteristics of investment in human capital, the types of investment, the factors of education investment and the entities interested in investing and their benefits.

  2. Investments in human capital

    OpenAIRE

    Milost, Franko; Novak, Matic

    2016-01-01

    Investments in human capital (employees) include investments in the direct assurance of working abilities, investments in health and well-being and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument given by the proponents of this approach is that the economic benefits stemming from such investments are unce...

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

    Science.gov (United States)

    Porter, M E

    1992-01-01

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

  4. Venture Capital and Sequential Investments

    OpenAIRE

    Dirk Bergemann; Ulrich Hege; Liang Peng

    2008-01-01

    We present a dynamic model of venture capital financing, described as a sequential investment problem with uncertain outcome. Each venture has a critical, but unknown threshold beyond which it cannot progress. If the threshold is reached before the completion of the project, then the project fails, otherwise it succeeds. The investors decide sequentially about the speed of the investment and the optimal path of staged investments. We derive the dynamically optimal funding policy in response t...

  5. Venture Capital and Sequential Investments

    OpenAIRE

    Dirk Bergemann; Ulrich Hege; Liang Peng

    2008-01-01

    We present a dynamic model of venture capital financing, described as a sequential in­vestment problem with uncertain outcome. Each venture has a critical, but unknown threshold beyond which it cannot progress. If the threshold is reached before the completion of the project, then the project fails, otherwise it succeeds. The investors decide sequentially about the speed of the investment and the optimal path of staged investments. We derive the dynamically optimal funding policy in response ...

  6. Qatar - large capital investment planned

    International Nuclear Information System (INIS)

    Large capital investments are planned throughout Qatar's energy industry over the next five years totalling $25 billion. This article describes the successful commissioning of Qatar's first liquefied natural gas (LNG) project on time and within budget. The second LNG plant is well underway and plans for a third are under negotiation. (UK)

  7. When Should Firms Invest in Old Capital?

    OpenAIRE

    Boyan Jovanovic

    2008-01-01

    This paper studies optimal investment policies when the production function depends on capital of various vintages. In such an environment it is natural to ask whether the firm will invest in old-vintage capital at all. In this paper I derive such a condition. Predictably, investment in old capital takes place if the elasticity of substitution between old and new capital is low, and when the depreciation of capital is high. But other parameters such as the rates of technological progress and ...

  8. Uninsurable investment risks and capital income taxation

    OpenAIRE

    Césaire A. Meh; Terajima, Yaz

    2009-01-01

    This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks. It has been shown that, with uninsurable investment risks, under-accumulation of capital may result compared to the complete markets economy. We show that reducing somewhat the capital income tax rate increases the capital stock and leads to a welfare gain. The complete elimination of the capital income tax, however, is no...

  9. Social Security Incentives and Human Capital Investment

    OpenAIRE

    Lau, Morten I.; Poutvaara, Panu

    2001-01-01

    While the effect of social security systems on retirement decisions has received much attention, the impact of these systems on individuals’ incentives to invest in their human capital has not been analyzed. We integrate human capital investment and retirement decisions in a simple analytical life-cycle model with full certainty and investigate how different social security schemes may a¤ect welfare, human capital investment and labor supply. We analyze and compare three different social secu...

  10. 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.

  11. TAXES APPLYING TO CAPITAL INVESTMENT ACQUISITION

    Directory of Open Access Journals (Sweden)

    AURA EMANUELA DOMIL

    2012-05-01

    Full Text Available In this workpaper we discussed about tax implications of a capital outlay at the time of acquisition depend on the type of investment being acquired. Many capital outlays, such as introduction of a new product, are combinations of a variety of smaller investments. Governments periodically introduce investment tax credit programs to spur investment. We also discussed about the adjustments that need to be made for corporate taxes at the capital acquisition stage, the operating or asset usage stage and the disposal stage.

  12. Optimal capital investment under uncertainty: An extension

    OpenAIRE

    Inwon Jang; Hyeon-seung Huh; Richard Wong

    2008-01-01

    This paper develops a model for optimal capital investment in continuous time when both existing and new capital stocks are subject to uncertainty. The model is generalized to allow for large and infrequent changes in the dynamics of the capital stock, which may arise as a result of natural and man-made disasters.

  13. Social Capital and Regional Social Infrastructure Investment

    OpenAIRE

    Matthew Roskruge; Arthur Grimes; Philip McCann; Jacques Poot

    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 expenditure on social capital formation. Our results imply that the links between social capital, demographic characteristics, human capital, geography, and public social infrastructure investment are ...

  14. Options, the Value of Capital, and Investment

    OpenAIRE

    Andrew B. Abel; Dixit, Avinash K; Janice C. Eberly; Robert S. Pindyck

    1995-01-01

    Capital investment decisions must recognize the limitations on the firm's ability later to sell off or expand capacity. This paper shows how opportunities for future expansion or contraction can be valued as options, how this valuation relates to the q-theory of investment, and how these options affect the incentive to invest. Generally, the option to expand reduces the incentive to invest, while the option to disinvest raises it. We show how these options interact to determine the effect of ...

  15. CAPITAL INVESTMENTS AND FINANCIAL PROFITABILITY

    OpenAIRE

    Suzana Baresa; Sinisa Bogdan; Zoran Ivanovic

    2016-01-01

    Economic life of achieving economic and financial effects of an investment opportunity presents the period in which selected investment option remains economically superior from the other alternative investment opportunity. Time period in which the investment project needs to prove its justification, presents an extremely critical factor in the profitability of the investment project, therefore, special attention must be paid to the assessment of the economic and financial time pe...

  16. Human Capital and Popular Investment Advice

    OpenAIRE

    Boyle, Glenn; Guthrie, Graeme

    2005-01-01

    Popular investment advice recommends that the stock/bond and stock/wealth ratios should rise with investor risk tolerance and investment horizon respectively prescriptions that are difficult to reconcile with the simple mean-variance model. Canner et al. (1997) point out that the first piece of advice can potentially be explained by human capital considerations but only by invalidating the second piece of advice. We show that extending the mean-variance model to include human capital without ...

  17. Capital Gains Taxes, Irreversible Investment, and Capital Structure

    OpenAIRE

    Norman Schuerhoff

    2004-01-01

    Personal taxation can be an important determinant of corporate investment and financing decisions if the marginal investor is taxed. I develop a dynamic capital budgeting model under realization-based capital gains taxation that highlights distinct cross-sectional and time-series implications. Capital gains taxation creates an embedded tax timing option that reduces investors’ uncertainty about after-tax payoffs in downstates. The inherent asymmetry in personal taxation diminishes the value...

  18. 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.

  19. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

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

  20. Investment opportunities with YPFB capitalization

    International Nuclear Information System (INIS)

    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

  1. Investment appraisal techniques and constraints on capital investment

    OpenAIRE

    Hunjra, Ahmed Imran; Batool, Iram; Niazi, Ghulam Shabbir Khan; Rehman, Ijaz ur

    2011-01-01

    The objective of this study is to determine the level of application and perception of finance executives and analysts regarding the investment appraisal techniques in Pakistani corporate sector in the light of theory. This study also investigates the major constraints on capital investment. Total 63 questionnaires were distributed in different cities of Pakistan (Islamabad, Rawalpindi, Lahore, Multan and Faisalabad) but only 37 properly filled questionnaires were processed; the potential res...

  2. Job raiding raises human capital investments

    OpenAIRE

    BOSCHMANS, Kris; BOUCKAERT, Jan

    2004-01-01

    This paper studies job raiding and its effect on incentives to invest in human capital. A firm can offer more attractive wages to new hires than to its current employees, thereby raiding a rival’s workers. Our model shows that firms prefer to raid in equilibrium when given the opportunity to do so. As rational workers foresee that job raids increase expected job earnings, they are willing to increase their ex ante investment in human capital. This insight has important implications for any in...

  3. Real versus financial frictions to capital investment

    OpenAIRE

    Bayraktar, Nihal; Sakellaris, Plutarchos; Vermeulen, Philip

    2005-01-01

    We formulate and estimate a structural model of firm investment behavior that specifies the exact channel through which financial frictions bite. The model also allows for the existence of both convex and non-convex costs to adjusting capital. Essentially, we move beyond simply testing and rejecting a neoclassical model without frictions. Our quantitative estimates show that both real and financial frictions have an important effect on firm investment dynamics. JEL Classification: E22

  4. 77 FR 3847 - Major Capital Investment Projects

    Science.gov (United States)

    2012-01-25

    ... review DOT's complete Privacy Act Statement in the Federal Register published on April 11, 2000 (65 FR... guidance is available in the Federal Register at 74 FR 37763. A summary of the evaluation and rating... Capital Investment Projects; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 16 / Wednesday,...

  5. 75 FR 39492 - Major Capital Investment Projects

    Science.gov (United States)

    2010-07-09

    ... published on June 3, 2010 (75 FR 31383), noting that additional meetings would be announced in subsequent... 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...

  6. 75 FR 33757 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-15

    ... June 3, 2010 (75 FR 31383), noting that additional meetings would be announced in subsequent Federal... 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...

  7. 78 FR 1991 - Major Capital Investment Projects

    Science.gov (United States)

    2013-01-09

    ... Proposed Rulemaking (ANPRM) published on June 3, 2010 (75 FR 31383), which posed a series of questions... FR 3848), that proposed changes to the regulatory text. FTA also published on January 25, 2012, a... Capital Investment Projects; Notice of Availability of Proposed New Starts and Small Starts...

  8. Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress

    OpenAIRE

    Chen, Xinguang; Wang, Peigang; Wegner, Rhiana; Gong, Jie; FANG, XIAOYI; Kaljee, Linda

    2015-01-01

    Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surv...

  9. Skilled Migration, FDI and Human Capital Investment

    OpenAIRE

    Checchi, Daniele; De Simone, Gianfranco; Faini, Riccardo

    2007-01-01

    In a globalised world, where factors of production are increasingly mobile, the process of domestic accumulation of HC can be affected in several ways through migration and capital inflows. In addition, endowment of skilled labour and foreign direct investments(FDI) may reinforce each other through possible “complementary effects”. Our paper aims to advance the existing empirical literature on the relationship between international factor mobility and domestic accumulation of HC in developing...

  10. Flexible contracts and human capital investments

    OpenAIRE

    Fouarge, D.; Grip, A. de; Smits, W.; de Vries, M R

    2011-01-01

    As suggested by human capital theory, workers with flexible contracts participate lessoften in training than those with permanent contracts. We find that this is merely dueto the fact that flexworkers receive less employer–funded training, a gap they can onlypartly compensate for by their own training investments. Flexworkers particularlyparticipate less in firm–specific training that is meant to keep up with new skilldemands than workers with permanent contracts. However, for those who parti...

  11. 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. PMID:11408980

  12. 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.

  13. 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,

  14. 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.

  15. Venture capital investment: Emerging force in the Southeast

    OpenAIRE

    Edgar Parker; Phillip Todd Parker

    1998-01-01

    Venture capital investment throughout the United States and in the Southeast in particular has grown dramatically in recent years. Pensions funds, bank holding companies, insurance companies, investment banks, and nonfinancial institutions all invest venture capital in pursuit of high returns and as a means of diversifying investment risks. However, returns from such investment have been mixed over the industry's relatively short history. As more and more large institutional investors pour in...

  16. 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... WITH THE UNITED STATES § 223.7 Investment of capital and assets. The cash capital and other funds...

  17. 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.

  18. Magnetized target fusion: No capital investment required

    International Nuclear Information System (INIS)

    The constraints of steady-state operation for magnetic confinement and of no magnetic field for inertial confinement have forced fusion research into two extreme corners separated by more than ten orders of magnitude in time and density scales and requiring multi-billion dollar capital investments for the next steps. Simple analysis shows that combining the compressional heating of inertial confinement with the thermal insulating properties of magnetic confinement and operating in a density and time space intermediate between the two conventional fusion approaches leads to a path to fusion that can be accessed by pulsed power facilities that either already exist or are under construction in non-fusion contexts

  19. 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 Section 931.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to...

  20. Fixed Investment and Capital Flows : A Real Options Approach

    OpenAIRE

    Jorge A. Chan-Lau; Peter B. Clark

    1998-01-01

    This paper draws a link between international capital flows and the real options approach to investment by extending a model of real estate investment. It explains gradual investment, investment booms, and investment during recessions and emphasizes sunk costs, uncertainty, and the value of waiting. The optimal waiting time increases as foreign borrowing becomes more expensive because higher returns are required to cover the sunk costs of investing. The lower the initial level of profitabilit...

  1. 76 FR 17736 - Major Capital Investment Program-New Starts

    Science.gov (United States)

    2011-03-30

    ... Federal Transit Administration Major Capital Investment Program--New Starts AGENCY: Federal Transit... discretionary selection of projects for funding using unallocated Major Capital Investment (New Starts) program... payments will save financial costs for the local transit project sponsors and free up local funds for...

  2. Public capital and private investment, a real option approach

    OpenAIRE

    Bruno CRUZ; Pommeret, Aude

    2003-01-01

    In this paper, we extend the usual models of irreversible investment under uncertainty by introducing the stock of public capital as an input for the private sector. Public investment takes place in a stochastic environment. Public capital then increases the productivity of private capital which is assumed to be fully irreversible. In our model, the government has an intertemporal budget constraint, i.e. taxes are collected each period to fund the public debt. We provide a partial equilibrium...

  3. Venture Capital- Backed Investment : Impack on Corporate Governance in Sweden

    OpenAIRE

    GATSI, John Gartchie

    2006-01-01

    Title: VENTURE CAPITAL-BACKED INVESTMENT: IMPACT ON CORPORATE GOVERNANCE IN SWEDEN Author: John Gartchie Gatsi Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s Thesis in Business Administration, 10 Credits Background and problem discussion: Sweden is one of the small open economies with flourishing venture capital investments. Much research has not been conducted into corporate governance in Sweden when venture capital is invo...

  4. Capital Stock Depreciation, Tax Rules, and Composition of Aggregate Investment

    OpenAIRE

    Daniel Levy

    2005-01-01

    I estimate time varying aggregate capital stock depreciation rates for the post-war U.S. economy using capital-investment evolution equation along with the data on the annual net capital stock and corresponding quarterly gross investment series. I estimate depreciation rates of consumer durable goods, producer durable goods, and nonresidential business structures. The estimation results suggest that the three depreciation rate series have been behaving very differently over time. In particula...

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

    Directory of Open Access Journals (Sweden)

    Dorina Emilia TOMA

    2014-08-01

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

  6. Foreign Direct Investment, Human Capital and Economic Growth in Malaysia

    OpenAIRE

    Gulam Hassan, Mohamed Aslam; Abou Sakar, Sameer

    2013-01-01

    The international markets have been the major influence spurring economic growth and development in the Malaysian economy even until today. There were two sources of growth, namely foreign capital and exports of commodities. The government particularly beginning in 1971 moved to develop human capital stock by investing a large amount of public capital in the education sector. However, the growth of human capital did not become a significant catalyst for economic growth. Public and private exp...

  7. 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.

  8. Venture Capital Investment in the Clean Energy Sector

    OpenAIRE

    Shikhar Ghosh; Ramana Nanda

    2010-01-01

    We examine the extent to which venture capital is adequately positioned for the rapid commercialization of clean energy technologies in the United States. While there are several startups in clean energy that are well-suited to the traditional venture capital investment model, our analysis highlights a number of structural challenges related to VC investment in the sector that are particularly acute for startups involved in the production of clean energy. One of key bottlenecks threatening in...

  9. Risk Assessment Techniques for Split Capital Investment Trusts

    OpenAIRE

    Adams, Andrew T; Clunie, James

    2003-01-01

    The split capital investment trust crisis has brought into focus the need for more reliable risk assessment techniques for shares in the sector. We discuss the strengths and weaknesses of traditional pricing and risk description measures for split capital investment trusts (eg gross redemption yield, cover, hurdle rates) and ways of making these more useful. We then examine alternative pricing and risk assessment techniques (eg option pricing, sensitivity measures). In particular, some of the...

  10. Essays on the valuation and syndication of venture capital investments

    OpenAIRE

    Seppä, Tuukka

    2003-01-01

    This dissertation aims at contributing to the body of literature covering the field of entrepreneurial finance. More specifically, the study focuses on the valuation and syndication of venture capital investments. The dissertation comprises a theory review and four essays, each of which makes distinct but complementary contributions to both theory and practice. The first essay of this dissertation constructs and tests a binomial pricing model for staged venture capital investments. Using ...

  11. 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 by...

  12. 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.

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

    OpenAIRE

    Mihaela DIACONU

    2012-01-01

    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 ca...

  14. 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.

  15. 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

  16. Investment in second-hand capital goods and energy intensity

    OpenAIRE

    Stefania Lovo; Michael Gasiorek; Richard Tol

    2014-01-01

    This paper investigates the relationship between investment in new and second-hand capital goods and energy intensity. Using a panel dataset of about 4,500 Chilean firms for the period 2001-2007, we find that both types of investment help reducing energy intensity although second-hand machinery has a significantly lower effect. We conclude that, in order to reduce the energy intensity of the manufacturing sector, policies aiming at overcoming the constraints to new investment should be prefer...

  17. Venture capital investments and the technological performance of portfolio firms

    OpenAIRE

    Lahr, Henry; Mina, Andrea

    2015-01-01

    What is the relationship between venture capitalists’ selection of investment targets and the effects of these investments on the patenting performance of portfolio companies? In this paper, we set out a modelling and estimation framework designed to discover whether venture capital (VC) increases the patenting performance of firms or whether this effect is a consequence of prior investment selection based on firms’ patent output. We develop simultaneous models predicting the likelihood that ...

  18. Forecasting Business Investment Using the Capital Expenditure Survey

    OpenAIRE

    Natasha Cassidy; Emma Doherty; Troy Gill

    2012-01-01

    Business investment is a key driver of economic growth and is currently around record highs in Australia as a share of GDP. In compiling forecasts for business investment, the Reserve Bank uses a variety of different indicators, including information from liaison as well as survey measures of firms’ investment intentions. The most comprehensive survey is the Australian Bureau of Statistics’ (ABS) quarterly survey of Private New Capital Expenditure and Expected Expenditure (Capex survey). Whil...

  19. 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. PMID:27382708

  20. Human Capital Investment, Cash Flow Risk and Capital Structure Dynamics

    OpenAIRE

    Zhang, Xiaolan

    2014-01-01

    My dissertation explores the financial effects of firms' growing reliance on intangible capital in their production technology. I examine the fundamental link between the cash flow risk, financial decision-making and the accumulation of firm-level intangible capital both in theory and in empirics. In Chapter one, I document that public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in i...

  1. Capitals Cost and the Investments Actualisation Rate

    OpenAIRE

    Ion Stancu

    2006-01-01

    In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the ...

  2. Attraction of migration capital into investment activity in Ukraine

    Directory of Open Access Journals (Sweden)

    Tkachuk Iryna G.

    2013-03-01

    Full Text Available The article analyses volumes and structure of receipt of private money transfers into Ukraine. It shows that a significant part of money transfers is used for consumption, which testifies to the not used investment potential of the migration capital. It marks out main directions of measures on stimulation of investing money transfers of migrants into economy, namely: improvement of financial instruments for migrants, increase of financial literacy of migrants and members of their families; attraction of migrants to general investments into entrepreneurial activity; and support of individual entrepreneurship of migrants. The article considers foreign experience of the use of migrant funds as an investment resource. It determines the role of local and state bodies of authority, financial institutions, associations of migrants and other non-governmental organisations in the investment activity of migrants. It offers measures on attracting migration capital into economy.

  3. Influencing capital investment decisions through issue selling: Case new business investment in the forest industry.

    OpenAIRE

    Pajunen, Elisa

    2013-01-01

    Objectives of the study The general aim of this study is to apply issue selling theory into a new research area, namely capital investments. Issue selling activities especially arise when organizations face considerable changes. Hence, a more particular objective is to outline the issue selling strategies used to further new business investments supporting the redirection of an organization. Influence strategies in the capital budgeting setting have not been analyzed with issue selling th...

  4. The return to firm investment in human capital

    OpenAIRE

    Almeida, Rita; Carneiro, Pedro

    2006-01-01

    In this paper the authors estimate the rate of return to firm investments in human capital in the form of formal job training. They use a panel of large firms with unusually detailed information on the duration of training, the direct costs of training, and several firm characteristics such as their output, workforce characteristics, and capital stock. Their estimates of the return to training vary substantially across firms. On average it is -7 percent for firms not providing training and 24...

  5. Limited Life Expectancy, Human Capital and Health Investments

    OpenAIRE

    Emily Oster; Ira Shoulson; E. Ray Dorsey

    2013-01-01

    Human capital theory predicts that life expectancy will impact human capital attainment. We estimate this relationship using variation in life expectancy driven by Huntington disease, an inherited neurological disorder. We compare investments for individuals who have ex-ante identical risks of HD but differ in disease realization. Individuals with the HD mutation complete less education and job training. The elasticity of demand for college attendance with respect to life expectancy is around...

  6. Toward an American Rural Renaissance. The Role of Investment Capital in Rural Development.

    Science.gov (United States)

    Brace, Lloyd

    This essay examines the role of investment capital in rural development. The development of government capitalism is traced. Outlined next are the premises for private and public investment. Geographic/geopolitical concerns in the formation of investment priorities are described. The need for greater availability of investment capital for small…

  7. 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.

  8. Venture Capital Networks and Investment Performance in China

    OpenAIRE

    Zhiyang Liu; Zhiqi Chen

    2014-01-01

    We investigate the relationship between venture capital (VC) networks and investment performance in China. Distinct features of China’s VC networks are captured in our econometric model through the inclusion of an index of network stability and a dummy variable that indicates a VC firm’s connections with the Chinese state. Our econometric analysis shows that a VC firm’s position in its network, its network stability and close connections with the state all contribute to its investment perform...

  9. 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.

  10. Can a draft induce more human capital investment in the military?

    OpenAIRE

    Timothy Perri

    2013-01-01

    We consider the possibility a draft increases the likelihood individuals will invest in human capital in the military. This possibility exists because those drafted have less time to reap the return from human capital investment. A draft is more likely to increase human capital investment in the military the larger the civilian return to human capital investment, the shorter the additional time one must spend in the military if one invests while enlisted, and the larger the cost to an individ...

  11. 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.

  12. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    OpenAIRE

    Cristian GHEORGHE

    2014-01-01

    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 regula...

  13. 77 FR 5750 - Major Capital Investment Projects (NPRM); Public Meetings

    Science.gov (United States)

    2012-02-06

    ... NPRM (77 FR 3848) that proposes a new regulatory framework for evaluation and rating of New Starts and... Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects (NPRM); Public Meetings AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Proposed rule, Notice...

  14. Remittances, liquidity constraints and human capital investments in Ecuador.

    NARCIS (Netherlands)

    C. Calero (Carla); A.S. Bedi (Arjun Singh); R.A. Sparrow (Robert)

    2008-01-01

    textabstractOver the last decade Ecuador has experienced a strong increase in financial transfers from migrated workers. This paper investigates how remittances via trans-national networks affect human capital investments through relaxing resource constraints and facilitate households in consumption

  15. ROMANIAN DEMOGRAPHIC FACTORS AND THE INVESTMENTS ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Petric Ioana Ancuta

    2010-07-01

    Full Text Available The growing interest for investments in capital markets creates the need for studies focused on monitoring and analysing demographic environment in which the investors operate. Its analysis may represent a starting point for finding out opportunities and threats brought by environment for the evolution of Financial Investment Services Companies in Romania. Our paper starts from the assumption that the behaviour of the investor in financial services is influenced by the demographic factors. We focus on some of them, in a descriptive manner. Specifically, they are: monthly net average incomes, gender, age, employment rate and education level of the population. This study also presents a short case of a Financial Investment Services Company named Target Capital.

  16. 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.

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

    OpenAIRE

    Luc NEMBOT NDEFFO

    2010-01-01

    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 FD...

  18. 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... the investments multiplied by: (a) A factor associated with the credit rating of the investments...

  19. Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization

    OpenAIRE

    Stulz, René M.

    1995-01-01

    This paper provides a theory of foreign equity investment restrictions. We consider a model where the demand function for domestic shares differs between domestic and foreign investors because of dead-weight costs in holding domestic and foreign securities that depend on the country of residence of investors. We show that domestic entrepreneurs maximize firm value by discriminating between domestic and foreign investors. The model implies that countries benefiting from capital flight have bin...

  20. What should be our human capital investment policy?

    OpenAIRE

    James Heckman

    1998-01-01

    This paper considers the magnitude of the human capital investment required to offset the increase in the inequality in labour earnings in the US economy since 1979. It considers the ineffectiveness of government training policies, the effectiveness of private sector training and the conflict between economic efficiency and the work ethic. It also considers revisions of the tax code. The importance of the distinction between the long view and the short view in analysing human resource policie...

  1. 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. PMID:26508600

  2. 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’

  3. Incentives to invest in the human capital of temporary agency workers

    OpenAIRE

    Schmidt, Stephanie; Thommes, Kirsten

    2007-01-01

    Growing diffusion of temporary agency work, in conjunction with the growing importance of human capital management, leads to the question who invests in the human capital of temporary agency workers. Therefore, we investigate the parties' incentives to invest and review the small number of existing empirical works. We show that there are incentives for all parties to invest even in general human capital, using the human capital theory and the concept of psychological contracts. Clients' incen...

  4. HUMAN CAPITAL INVESTMENT EXPENDITURE OF WOMEN IN FEMALE-HEADED HOUSEHOLD IN PENINSULAR MALAYSIA

    OpenAIRE

    Noorin Yuvarani Michael; Thamarai M.Munisamy; Sharifah Azizah Haron; Benjamin Chan Yin-Fah

    2010-01-01

    This study aims to investigate the human capital expenditure, the expenditure share of human capital investment expenditure and the probability of having human capital investment among the women in female-headed households. The data was obtained from a nationwide study on "Economic wellbeing and human capital investment of female-headed household" funded by the Ministry of Science, Technology and Innovation (MOSTI), government of Malaysia, under the e-Science Grant.  Four states (Kedah, Pahan...

  5. Profitability of venture capital investment in Europe and the United States

    OpenAIRE

    Catarina Dantas Machado Rosa; Kristiina Raade

    2006-01-01

    This paper examines the profitability of venture capital investment in Europe and the United States. It highlights the unfavourable profitability differential of European venture capital investment in comparison with the United States. The investment performance measures used are the internal rate of return (IRR) and investment multiples. The analysis covers aggregated industry returns and venture capital funds' returns aggregated by vintage year. It relies on the VentureXpert private equity ...

  6. 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…

  7. 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:

  8. What are the Investments Opportunities in the European Capital Regions?

    Directory of Open Access Journals (Sweden)

    Claudia Ionescu

    2013-08-01

    Full Text Available There might be some specific problems for Central East European Countries (CEE/ CEEC to comply with the additionality principle and to avoid excessive deficits at the same time. The main reason is that the budgets of the CEECs still face some risks for revenues and expenditures. Therefore, maintaining structural expenditure at a stable level without allowing for temporary public deficits will be difficult for CEECs. In this paper we will provide several arguments that suggest not targeting the EU structural assistance exclusively at the reduction of regional disparities within CEECs. Doing so would not only face problems due to missing administrations and statistics at the regional level, but might also be at the expense of national economic growth and extend the process of catching-up. Each CEEC has it own specificity that is reflected more or less on capital region. According our analysis we will find what are the opportunities for investments in this Capital regions.

  9. 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. PMID:27313045

  10. Panel discussion : signals for capital investment : systems for assessing performance

    International Nuclear Information System (INIS)

    This session presented highlights of 5 panelists who discussed signals for capital investment in Ontario's newly opened electricity market. Four main issues were highlighted. The panelists emphasized that the industry does not want a market where the price is managed by anyone. They don't want government interference, which will undermine the market's integrity. In addition, the industry wants a market that reflects scarcity, as well as a transparent market, where all the necessary information is available to all players. It was noted that at the moment, green power is not the priority. Rather, emphasis should be placed on reliability, transmission planning, inter-regional coordination, and joint investments with neighbouring jurisdictions. figs

  11. 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…

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

    OpenAIRE

    BÎRCĂ ALIC

    2015-01-01

    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 recruitme...

  13. 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.

  14. 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.

  15. Predicting the volume of investments into capital assets in the industry of Kyrgyz Republic

    Directory of Open Access Journals (Sweden)

    Tatyana Vladimirovna Palagina

    2015-03-01

    Full Text Available Objective to define the demand and predict the required volume of investments into capital assets of industrial sector of economy in Kyrgyz Republic. Results the article analyzes the dynamics of renewing the capital assets in the industrial sector of economy in Kyrgyzstan in the recent decade. Basing on the analysis of dynamics and actual condition of capital assets the author predicts the volume of investments into the capital assets taking into account the hypothesis on preserving the existing trends of renewing the capital assets.nbsp The influence is revealed of the level of deterioration of capital assets on the amount of investments expressed as the ratio of investment volume to the production volume. It is defined that reaching the predicted volumes of investment will keep the deterioration level at not more than 43. Scientific novelty for the first time the article predicts the investment volume basing on the balance model and extrapolation of mean values of renewal and retirement of capital assets in the recent decade 20032012 reveals the dependence of the deterioration level and capital assets investment norm. Practical value the main conclusions of the article can be used in scientific and educational activity in practical calculations and planning capital investments. nbsp

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

    OpenAIRE

    2012-01-01

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

  17. 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.

  18. The Role of Human Capital Investments in the Location Decisions of Firms

    OpenAIRE

    Matouschek, Niko; Frédéric ROBERT-NICOUD

    2003-01-01

    We explore the role of human capital investments in the location decisions of firms. We show that whether human capital investments act as a force for or against concentration depends on who is undertaking them and whether they are industry- or firm-specific. We also discuss the empirical predictions of our theoretical analysis.

  19. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ...) Qualifying requirements. (1) In the case of a regulated investment company which furnishes capital to... taxable year of such investment company, to be principally engaged in the furnishing of capital to other... aforementioned determination and certification, unless the Securities and Exchange Commission...

  20. Report on Removing Tax Obstacles to Cross-Border Venture Capital Investment

    OpenAIRE

    European Commission

    2010-01-01

    The report outlines the double taxation problems that arise when venture capital is invested cross-border, as well as possible solutions. It sets out the findings and recommendations of an independent group of EU tax experts, which was set up by the Commission to look at how to remove the main tax barriers to cross-border investment in venture capital.

  1. 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.

  2. 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...... 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 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...

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

    DEFF Research Database (Denmark)

    Siyahhan, Baran; Engelbert, Dockner

    2010-01-01

    We consider a firm that employs human capital to make a tech- nological breakthrough. Since the probability of success of the break- through 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 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...... 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...

  4. Venture capital optimal investment portfolio strategies selection in diffusion - type financial systems in global capital markets with nonlinearities

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2013-01-01

    The condensed research article presents some innovative research results on the venture capital optimal investment portfolio strategies selection in the diffusion-type financial systems in the imperfect highly volatile global capital markets with the incomplete information, which are characterized by the asymmetric information flows and impacted by the various types of the nonlinearities. We discuss the venture capital firms with the different organizational structures: the corporation funded...

  5. Business groups, foreign direct investment, and capital goods trade: The import behavior of Japanese affiliates

    OpenAIRE

    Belderbos, R.A.; Wakasugi, R.; Zou, J.

    2010-01-01

    We examine the impact of buyer-supplier relationships within business group on capital goods trade in the context of foreign direct investment by buyer firms and capital goods producers. A simple model in which cost-reducing relationship specific investments are underlying business group ties suggests that 1) foreign affiliates of business group firms have a greater propensity to import capital goods from the home country, increasing Japanese exports 2) if the establishment of overseas affili...

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

    OpenAIRE

    Emily Oster; Ira Shoulson; E. Ray Dorsey

    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...

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

    International Nuclear Information System (INIS)

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

  8. Parental Education and Investment in Children's Human Capital in Rural China

    OpenAIRE

    Brown, Philip H.

    2006-01-01

    Numerous empirical studies from developing countries have noted that parental education has a robust and positive effect on child learning, a result that is often attributed to more educated parents making greater investments in their children's human capital. However, the nature of any such investment has not been well understood. This study examines how parental education affects various parental investments in goods and time used in children's human capital production via an unusually deta...

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

    International Nuclear Information System (INIS)

    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)

  10. 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.

  11. 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…

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

    OpenAIRE

    William A. OWINGS; Leslie S. KAPLAN; Zafer PIRIM

    2012-01-01

    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, an...

  13. The impact of public capital and public investment on economic growth: an empirical investigation

    OpenAIRE

    Ferreira, Pedro Cavalcanti

    1994-01-01

    in this anicle we measure the impact of public sector capital and investment on economic growth. Initially, traditional growth accounting regressions are run for a cross-country data set. A simple endogenous growth model is then constructed in order to take into account the determinants of labor, private capital and public capital. In both cases, public capital is a separate argument of the production function. An additional data-set constructed with quarterly American data was used in the es...

  14. Social capital and regional social infrastructure investment: Evidence from New Zealand

    OpenAIRE

    Arthur Grimes; Matthew Roskruge; Philip McCann; Jacques Poot

    2010-01-01

    In this paper we link unique data on local social infrastructure expenditure with micro-level 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 expenditure on social capital formation. Our results imply that the links between social capital, demographic characteristics, human capital, geography and public social infrastructure investment are rat...

  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. 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 ...

  17. Investment behavior of U.S. firms over heterogeneous capital goods: a snapshot

    OpenAIRE

    Wilson, Daniel J.

    2004-01-01

    The 1998 Annual Capital Expenditure Survey (ACES) provides information on disaggregate investment across a wide range of detailed asset types for a representative sample of roughly 30,000 firms. These rich data on disaggregate investment provides us with a point-in-time snapshot of investment composition choices at the firm level. This short paper uses this data to establish a number of stylized facts about disaggregate investment behavior, with a special focus on information technology.

  18. 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...... tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may be...

  19. CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    MIHAELA SUDACEVSCHI

    2013-05-01

    Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

  20. 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.

  1. 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.

  2. Capitalism With Capital: A Suggested Remedy to the Absence of Investment Decision-making in Basic Microeconomics Teaching

    OpenAIRE

    Miller, Richard A

    2006-01-01

    “[U]nder competition, the rate of return on investment tends toward equality in all industries.” Introductory and intermediate microeconomics textbooks are sketchy in explaining how capital is allocated by financial markets. Capital budgeting techniques, primarily net present value, deserve a more prominent role. This article suggests ways in which financial economics can be integrated into undergraduate courses to illuminate entry into (and exit from) industries in response to profit opportu...

  3. Capitalism With Capital: A Suggested Remedy for the Absence of Investment Decision Making in Basic Microeconomics Teaching

    OpenAIRE

    Miller, Richard A

    2007-01-01

    '[U]nder competition, the rate of return on investment tends toward equality in all industries.' Introductory and intermediate microeconomics textbooks are sketchy in explaining how capital is allocated by financial markets. Capital budgeting techniques, primarily net present value, deserve a more prominent role. This article suggests ways in which financial economics can be integrated into undergraduate courses to illuminate entry into (and exit from) industries in response to profit opportu...

  4. CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

    OpenAIRE

    MIHAELA SUDACEVSCHI

    2013-01-01

    The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account a...

  5. What drives portfolio investments of German banks in emerging capital markets?

    OpenAIRE

    Wildmann, Christian

    2010-01-01

    After decades of steady liberalisation and financial market development, emerging capital markets experienced unparalleled capital inflows in the aftermath of the emerging markets crisis in the 1990s. This paper studies portfolio investment decisions of German banks in 30 emerging capital markets using monthly data from 2002 to 2007. The use of a dynamic Time-Series Cross-Section framework and the micro database External Position Report provided by Deutsche Bundesbank, which covers German ban...

  6. The Impact of Thin-Capitalization Rules on Multinationals’ Financing and Investment Decisions

    OpenAIRE

    Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; Wamser, Georg

    2006-01-01

    This paper analyzes the effectiveness of thin-capitalization rules in preventing debt finance by intercompany loans and explores their consequences for corporate decisions. A theoretical discussion emphasizes that limitations of the deduction of interest owed to foreign affiliates would not only affect multinationals' capital structure choice but also investment. An empirical investigation exploits a large firm-level panel dataset of multinationals in order to analyze the impact of thin-capit...

  7. The method of long-term forecasting of capital investment in NPP construction

    International Nuclear Information System (INIS)

    The method is reported to estimate investment for constructing the new types of NPP on the basis of data on material costs for construction and equipment manufacturing. The method has been approved while prognosticating specific capital investment into NPP with the fast reactors BRIG-1000 type on dissociating coolant N2O4

  8. The Importance of Trust for Investment : Evidence From Venture Capital (Revision of DP 2009-43)

    NARCIS (Netherlands)

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

    2010-01-01

    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.

  9. 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.

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

    OpenAIRE

    Huntley Schaller

    2010-01-01

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

  11. An Evaluation of Tax Advantages forVenture Capital Investment Trusts in EU Adaptation Process

    OpenAIRE

    Ali Celikkaya

    2007-01-01

    As in the EU countries, venturecapital is encouraged by various ways to provide interest free and long term financing opportunity in Turkey.Recent changes by the law num-bers 5520, 5281 and 5479 in Turkish Tax Laws have once moredrawn attention to incentives for venture capital investment trusts. While the law number 5281 introduced withholding tax for investment trust by adding the temporary article 67 to Income Tax Law, the law number 5479 abolished the practice of investment tax credit. On...

  12. A Capital Budgeting Worksheet for Solar Power plant investment in ECOWAS region

    OpenAIRE

    Himanka, Henna

    2014-01-01

    This thesis concentrates on providing information about possible investments in a solar power plant in the Economic Community Of West African States region through a capital budgeting worksheet created for the case company called the Center for Renewable Energy Entreprenurship and Innovation. Through the worksheet the case company receives valuable information of the expected income and predicted cash flows of the investment as well as crucial calculations related to the investment. Calculati...

  13. Assessing the Investment Performance of Swedish Timberland: A Capital Asset Pricing Model Approach

    OpenAIRE

    Tommy Lundgren

    2005-01-01

    This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge against inflation. Furthermore, the analysis suggests that the return on timberland is higher than on investment alternatives in the same risk class. The results are in line with similar studies performed in other countries.

  14. 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,…

  15. 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.

  16. Capital Asset Pricing Model in building investment portfolio

    OpenAIRE

    Do, Trung

    2014-01-01

    Investing is one of the most interesting subjects for businesses and individuals. In investment finance, stock is a financial instrument that has been giving investors the highest return in comparison with others. However, it is also considered as the riskiest asset in investment. Therefore, investors need to fully understand the characteristics of stocks as well as approaches to trading. The author was inspired from one of the greatest investors Warren Buffett, and this study was made i...

  17. Investing in Schools: Capital Spending, Facility Conditions, and Student Achievement

    Science.gov (United States)

    Martorell, Paco; Stange, Kevin; McFarlin, Isaac, Jr.

    2016-01-01

    Public investments in repairs, modernization, and construction of schools cost billions. However, little is known about the nature of school facility investments, whether it actually changes the physical condition of public schools, and the subsequent causal impacts on student achievement. We study the achievement effects of nearly 1,400 capital…

  18. 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. PMID:12742602

  19. Do Firms Announcing Cash Refund Capital Reductions have Investment Value?

    Directory of Open Access Journals (Sweden)

    Su-Yin Cheng

    2016-05-01

    Full Text Available Cash refund capital reduction is a unique financial tool used by listed firms in Taiwan. This study investigates announcements of cash refund capital reductions to explore two topics. First, we examine the short-term, mid-term, and long-term buy-and-hold excess returns after the announcement. The results indicate that no excess returns are seen in the short and midterm,whereas long-term excess returns are positive and statistically significant. Second, we investigate the critical determinants of long-term excess return. The findings suggest that if a firm announces a cash refund capital reduction becomes more attractive to investors, the firm shall accompany with reduced firm size, reduced capital expenditure ratio, and improved return on equity (ROE and an increased debt ratio.

  20. Natural Capital Restoration and Corporate Philanthropy: Charity or Investment?

    OpenAIRE

    Zorzi, Enrico; Radja, Katia; Schembri, Patrick

    2008-01-01

    Conference Paper The importance of natural capital restoration is growing in recent academic articles. Many of them deal with the chronological development of corporate philanthropy in opposition to international charity's fund. This paper contributes to the developing stream of research that focuses on the relationship between natural capital restoration and corporate philanthropy in developing countries. Contributions from the social issues in management field have argued that social res...

  1. Human capital investment and growth: A dynamic education model

    OpenAIRE

    Ben Mimoun, Mohamed; raies, asma

    2008-01-01

    The paper aims to explicitly determine the distribution of human capital across hierarchic educational stages along the transition process, and to analyse the determinants of its evolution. We apply optimal control principles in a model of endogenous growth with two successive stages of education. We show that with initial relative scarcity of advanced human capital, the duration of studies at the advanced level should increase until reaching its equilibrium level. We also find that, by raisi...

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

    OpenAIRE

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

    2002-01-01

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

  3. Investing private capital in private-public partnerships

    Science.gov (United States)

    Stadd, Courtney A.

    1996-03-01

    Businesses must invest in technology to sustain and enhance their profitability over the long-term. Two of today's greatest challenges are rapidly emerging new technologies and rapidly changing customer preferences. To meet these challenges, businesses must recoup technology investments over shorter product life cycles and reduce new product development times. The associated risk is extraordinary. Businesses reduce this risk through partnerships, strategic alliances, and joint ventures; however, public sector partners are not routinely included in new technology and product development decisions. This paper discusses general decision criteria for technology investment and how decisions may be enhanced through the use of private-public partnerships.

  4. Mortality Risk and Human Capital Investment: The Impact of HIV/AIDS in Sub-Saharan Africa

    OpenAIRE

    Jane G Fortson

    2011-01-01

    Over the past several decades, the HIV/AIDS epidemic has dramatically altered patterns of morbidity and mortality in sub-Saharan Africa, with potential consequences for human capital investment and economic growth. Using data from Demographic and Health Surveys for fifteen countries in sub-Saharan Africa, I estimate the relationship between regional HIV prevalence and the change in individual human capital investment over time. Consistent with a simple model of human capital investment incorp...

  5. 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.

  6. Using Equity Capital to Unlock Investment in Building Energy Efficiency?

    OpenAIRE

    Michelsen, Claus; Neuhoff, Karsten; Schopp, Anne

    2015-01-01

    The energy transition will require considerable increases in energy efficiency, particularly in residential buildings. Financial support mechanisms, information and adviceprograms and dedicated training and certification of craftsmen are already in place to stimulate energy efficiency investment. Nevertheless, the required annual rate of thermal building refurbishment of around two percent is so far not achieved. For some real estate owners this may be explained by a investment horizon that i...

  7. Institutions and corporate investment: Evidence from investment-implied return on capital in China

    OpenAIRE

    Liu, Q.; Siu, A

    2011-01-01

    We assess the impact of institutions on Chinese firms' corporate investment in an investment Euler equation framework. We allow the variables measuring institutions to affect the rate at which firm managers discount future investment payoffs. Applying generalized method of moments estimators to large samples of Chinese firms, we estimate the stochastic discount rates derived from actual investment and examine how they vary across institutional variables. We document robust evidence that owner...

  8. 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.

  9. 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.

  10. 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.

  11. WHAT HAPPENED TO TUSCAN CAPITAL INVESTMENT IN SIXTEENTH-CENTURY NAPLES? AN UNSOLVED PROBLEM IN THE HISTORY OF EARLY CAPITALISM

    Directory of Open Access Journals (Sweden)

    Antonio Calabria

    2000-01-01

    Full Text Available This essay identifies a problem whose solution would greatly enhance ouru nderstanding of the developing capitalist system in early modern Europe (XIV-XVIII centuries. The problem revolves around the near disappearance of Tuscan entrepreneurs and Tuscan capital investment from the Kingdom of Naples at the very time when Genoese merchant-bankers were thriving there, as in Spain and other Spanish possessions. This essay documents the decline in Tuscan investments and entrepreneurial activities in Naples and examines some possible explanations for it as it calls for new research on the topic.

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

    International Nuclear Information System (INIS)

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

  13. Human capitalinvesting in man (intangible development factors)

    OpenAIRE

    Tadeusz Ziejewski

    2011-01-01

    The main issue considered in the paper is a man, and his place and role in the work environment in the knowledge driven development. The author emphasises the significance of the human factor and analyses related terms against the background of the contemporary social economics. The human capital as a development factor is a modern strategy for achieving competitive advantages on the market.

  14. Dynamic risk management: investment, capital structure, and hedging in the presence of financial frictions

    OpenAIRE

    Amaya, Diego; Gauthier, Geneviève; Léautier, Thomas-Olivier

    2012-01-01

    This paper develops a dynamic risk management model to determine a firm's optimal risk management strategy. The risk management strategy has two elements: first, until leverage is very high, the firm fully hedges its operating cash how exposure, due to the convexity in its cost of capital. When leverage exceeds a very high threshold, the firm gambles for resurrection and stops hedging. Second, the firm manages its capital structure through dividend distributions and investment. When leverage ...

  15. The Lure of Chinese State Capitalism in Latin America: Influence, Investments and Imports

    OpenAIRE

    Narins, Thomas Peter

    2015-01-01

    This work proposes and explains a political-economic concept, defined here as the neoliberal-dirigiste continuum, which offers an explanation of the manner in which Chinese capital and Chinese State Capitalism have been invested and received in different ways across the distinct geographies and countries in Latin America over the last three decades. While bilateral trade is one measure used to gauge the attractiveness of the Chinese state capitalist model in targeted Latin American economies...

  16. Assessing and ordering investments in polluting fossil-fueled and zero-carbon capital

    OpenAIRE

    Oskar Lecuyer; Adrien Vogt-Schilb

    2013-01-01

    Climate change mitigation requires to replace preexisting carbon-intensive capital with different types of cleaner capital. Coal power and inefficient thermal engines may be phased out by gas power and efficient thermal engines or by renewable power and electric vehicles. We derive the optimal timing and costs of investment in a low- and a zero-carbon technology, under an exogenous ceiling constraint on atmospheric pollution. Producing output from the low-carbon technology requires to extract...

  17. A research on exit strategy of foreign venture capital investment in Chinese private business sector

    OpenAIRE

    Jin, Xin

    2007-01-01

    With the emergence of knowledge economy and the development of science and technology, more and more entrepreneurs who seeking venture capital funds to finance their great inventions become much more appreciated. As a result, the essential of venture capital investment has encouraged more people to fulfill their entrepreneurial ambition. As the major scientific and technological development driving force, the entrepreneurial ventures derived from latest innovations attempt to take part in rei...

  18. The Impact of Public Capital Investments on the Revenue Growth of Medium Enterprise in Indonesia

    OpenAIRE

    Tirtosuharto, Darius

    2012-01-01

    Public capital investment represents the role of state and local governments in supporting greater capacity of private enterprises to gain success in a market economy measured by revenue growth. Medium enterprises are considered as the catalysts for economic growth and competitiveness particularly in developing countries due to efficiency and flexibility in an adverse economic environment. Using aggregate data of 30 states (provinces) in Indonesia from 1997-2002, the impact of public capital ...

  19. CAPITAL BUDGETING PRACTICES IN VIETNAM: A SURVEY OF CONSTRUCTION INVESTMENT FIRMS

    OpenAIRE

    Tran Tung, Linh

    2009-01-01

    The main intention of this research is to investigate how the Vietnamese firms evaluate the construction investment projects. The research is conducted by qualitative method by sending questionnaires to Vietnamese firms who specialize in construction investment field. Several questions are raised in the questionnaires which are categorized into four parts: evaluation techniques, risk analysis, discount rate and free cash flow forecasting. The distinction between Vietnamese capital budgeting w...

  20. Why do Part-Time Workers invest less in Human Capital than Full-Timers?

    OpenAIRE

    Nelen Annemarie; Grip Andries de

    2008-01-01

    We analyze whether lower investments in human capital of part-time workers are due to workers’ characteristics or human resource practices of the firm. We focus on investments in both formal training and informal learning. Using the Dutch Life-Long-Learning Survey 2007, we find that part-time workers have different determinants for formal training and informal learning than full-time workers. The latter benefit from firms’ human resource practices such as performance interviews, personal deve...

  1. Leveraging Grey Literature - Capitalizing on Value and the Return on Investment: A Cumulative Case Study

    OpenAIRE

    Farace, Dominic; Frantzen, Jerry; Biagioni, Stefania; Carlesi, Carlo; Stock, Christiane

    2015-01-01

    Sustained improvements and enhancements in the production and access to grey literature are required. Leveraging grey literature not only seeks to capitalize on its value for science and the public good, but also anticipates a return on investments in some measure. In an attempt to assess GreyNet's return on investment in grey literature, this study will identify and review efforts made to leverage its own information products and services, since its relaunch in 2003. The method of approach i...

  2. The Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises

    OpenAIRE

    Schertler, Andrea

    2000-01-01

    The relationship between a venture capitalist and an entrepreneur is modeled to investigate the impact of public subsidies on venture capital investments in start-up enterprises. In this model, the venture capitalist only finances start-up enterprises if he has sufficient expertise to make high-risk investments in new technology profitable in terms of their expected value. It is shown that a venture capitalist who already has sufficient expertise reduces his management support in the start-up...

  3. Does venture capital investment really require spatial proximity? An empirical investigation

    OpenAIRE

    Fritsch, Michael; Schilder, Dirk

    2006-01-01

    We examine the role of spatial proximity for venture capital (VC) investments in Germany. The main database is a survey of seventy-five personal interviews with representatives of different types of financial institutions. The analysis shows that spatial proximity is much less important for VC investments than is often believed. The results indicate that telecommunication cannot be regarded as a means of overcoming the problems of geographical distance. We find that VC suppliers frequently sy...

  4. 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’.

  5. 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

  6. Human capitalinvesting in man (intangible development factors

    Directory of Open Access Journals (Sweden)

    Tadeusz Ziejewski

    2011-01-01

    Full Text Available The main issue considered in the paper is a man, and his place and role in the work environment in the knowledge driven development. The author emphasises the significance of the human factor and analyses related terms against the background of the contemporary social economics. The human capital as a development factor is a modern strategy for achieving competitive advantages on the market.

  7. Charter school tax credit: Investing in human capital

    OpenAIRE

    Ian Galloway

    2010-01-01

    This working paper considers how two existing policy tools--investment tax credits and charter schools--could be combined to raise operating funds for charter schools that successfully close the poverty-related academic achievement gap. Some charter schools have succeeded in dramatically improving low-income student performance (those run by KIPP, Achievement First, and the Harlem Children's Zone, for example). However, these successful schools differ significantly in type and approach. As a ...

  8. The Adverse Impact of Gradual Temperature Change on Capital Investment

    OpenAIRE

    Balvers, Ronald; Du, Ding; Zhao, Xiaobing

    2012-01-01

    Financial market information can provide an objective assessment of losses anticipated from global warming. In a Merton-type asset pricing model, with asset prices affected by perceived changes in investment opportunities due to global warming, the risk premium is significantly negative and growing over time, loadings for most assets are negative, and asset portfolios in more vulnerable industries have stronger negative loadings on the global warming factor. Average increases in required retu...

  9. Interning and investing: rethinking unpaid work, social capital and the “Human Capital Regime”

    OpenAIRE

    Hope, Sophie; Figiel, J.

    2015-01-01

    For young workers, interning is a strategy for speculating on one’s asset portfolio. Students and graduates undertake internships as a way of maintaining their self-appreciation and avoiding depreciation in a “human capital regime.” In this article, we explore the specific example of interning in the creative industries as the self-management of human capital vis a vis the human capital theses. Taking three cultural objects and recent representations of the issue of unpaid internships—Intern ...

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

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    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....

  11. Retaining Educational Fundraisers: Reducing Turnover by Investing in Human Capital Management

    Science.gov (United States)

    Thomas, Christy

    2010-01-01

    This article outlines an approach to reducing gift officer turnover during comprehensive campaigns by investing in the human capital management (HCM) program. While many universities have begun to create HCM programs, I suggest creating a position specifically focused on the retention of gift offices to ensure that universities and non-profits can…

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

    OpenAIRE

    Li, Chuan-Zhong; Löfgren, Karl-Gustaf

    2008-01-01

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

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

    Science.gov (United States)

    McDonald, John F

    2004-05-01

    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. PMID:15083535

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

    DEFF Research Database (Denmark)

    Bråd Nielsen, Lars

    Investments in fi.rm-speci.c human capital have come to play a central role in the value creation for most companies and organisations as job tasks have become ever more complex and demanding to carry out. Today successful performance of essential job tasks often necessitates highly specialised...

  15. Gold Investment Application Through Mudarabah Instruments in Malaysia: Analysis of Gold Dinar as Capital

    Directory of Open Access Journals (Sweden)

    Mat Noor Mat Zain

    2014-03-01

    Full Text Available Two common ways to invest gold in Malaysia, either physical gold investment or by way of opening gold saving account. Investing in physical gold can be done by means of buying and selling instrument. Meanwhile gold investment account can be done by means of buying and selling as well as mudarabah. Due to gold which is capital in mudarabah in E Qirad is in the form of dinar, while dinar is no longer considered as a currency, but dinar is a commodity. Therefore, the question arises whether dinar is valid either based on currency or commodity (carud. This study aims to determine the above mentioned position, and to study the profit of investing in E Qirad gold.

  16. The risk of adverse selection and its management in the process of venture capital investment (The experience of Hungarian investors)

    OpenAIRE

    Lovas, Anita

    2015-01-01

    Venture capitalists can be regarded as financers of young, high-risk enterprises, seeking investments with a high growth potential and offering professional support above and beyond their capital investment. The aim of this study is to analyse the occurrence of information asymmetry between venture capital investors and entrepreneurs, with special regard to the problem of adverse selection. In the course of my empirical research, I conducted in-depth interviews with 10 venture capital investo...

  17. 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.

  18. Neglected implications of neoclassical capital-labour substitution for investment theory:another criticism of Say's Law

    OpenAIRE

    Fabio Petri

    2013-01-01

    Neoclassical capital-labour substitution correctly understood is unable to prove a tendency toward the full employment of resources because it leaves investment indeterminate if the full employment of labour is not assumed to start with; then Say's Law loses plausibility because of the inevitable presence of accelerator-type influences on investment, even neglecting the inconsistencies of neoclassical capital theory; and wage decreases cause a decrease of investment, undermining the 'neoclass...

  19. The Degree of Integrating Corporate and Capital Gains Tax into Income Tax and its Impact on Investment Decisions

    OpenAIRE

    Caren Sureth; Dirk Langeleh

    2007-01-01

    We investigate the influence of different systems of current income and capital gains taxation on investors’ decisions to either invest in corporate shares or to invest funds on the capital market. We analyze three basic tax systems. We show that even under certainty, we cannot derive general analytical solutions to the investment problem for different categories of tax regimes. Using a growth model, under restrictive assumptions we find that the shareholder relief system results in more seve...

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

    International Nuclear Information System (INIS)

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

  1. Venture Capital in Portugal : investments selection criteria, intervention forms and impact on venture capital backed firms

    OpenAIRE

    Lopes, Maria Luísa Fernandes

    2011-01-01

    O Capital de Risco é uma fonte de financiamento que promove o desenvolvimento e competitividade das empresas, não só através da injeção de capital, mas também de apoio a vários níveis. O mercado de Capital de Risco é recente em Portugal, existindo pouca informação e estudos sobre o mesmo. Este trabalho de investigação visa contribuir para o conhecimento da atividade em Portugal. O propósito desta investigação é o de obter uma visão atual sobre os fatores de seleção de oportunid...

  2. 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

    Frequent and open interaction between venture capitalists (VCs) and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more...

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

    International Nuclear Information System (INIS)

    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

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

    Science.gov (United States)

    Greene, J K; Metwalli, A

    2001-01-01

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

  5. 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.

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

    OpenAIRE

    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 marke...

  7. Two-Way Capital Flows: Cross-Hauling in Models of Foreign Investment

    OpenAIRE

    Jones, R. W.; J.P. Neary; Ruane, F.P.

    1982-01-01

    Two models are presented of economies which are open to both commodity trade and foreign investment of a sector-specific kind, and which exhibit the phenomenon of "cross-hauling", or reverse flows of internationally mobile capital in two different sectors. In the first model, a single domestic factor is combined with internationally mobile but sector-specific capital in each of two sectors, one of which produces a non-traded good. This appears to be the simplest possible model which permits c...

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

    Directory of Open Access Journals (Sweden)

    Huntley Schaller

    2010-01-01

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

  9. The Role of Capital Structure in Entry-Deterring Capacity Investment

    OpenAIRE

    Sung Wook Lee

    1993-01-01

    It is shown that the capital structure as well as capacity investment can have a role of precommitment in order to prevent entry. By using debt financing, the incumbent firm will show his aggressive behavior in the post-entry game when they compete with quantity. Thus he can prevent even the potential entrant who can not be deterred by the capacity investment only because it has a relatively low entry cost. When the entry is allowed or blockaded, however, financial structure does not affect t...

  10. The investigation of the efficiency of public investment in the human capital development

    OpenAIRE

    AGEENKO ANNA VASIL'EVNA

    2015-01-01

    The effectiveness of the economy social sector is a key factor in ensuring a decent standard of living and competitiveness of municipalities in the struggle for the human capital. It depends on the quality of social services.And the budget expenditures for its provision can be regarded as a social investment in the population quality and we evaluate them as a long-term investment in improving the quality of life and the area attraction, which provide a return in the form of budget income. Pur...

  11. 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.

  12. The effect of employee stock options on bank investment choice, borrowing, and capital

    OpenAIRE

    Mehran, Hamid; Rosenberg, Joshua

    2007-01-01

    In this paper, we assess the effects of CEO stock options on three key corporate policies for banks: investment choice, amount of borrowing, and level of capital. Using a sample of 549 bank-years for publicly traded banks from 1992 to 2002, we find that stock option grants lead CEOs to undertake riskier investments. In particular, higher levels of option grants are associated with higher levels of equity and asset volatility. Consistent with the role of options as a nondebt tax shield, we als...

  13. Calculation of the working capital invested in fuel cycles and its interest charges (1963)

    International Nuclear Information System (INIS)

    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)

  14. 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. PMID:26508597

  15. 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.

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

    OpenAIRE

    Shaista Wasiuzzaman; Veeri Chettiar Arumugam

    2013-01-01

    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 lik...

  17. Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization: Theory and Evidence.

    OpenAIRE

    Stulz, Rene M.; Wasserfallen, Walter

    1995-01-01

    This article provides a theory of foreign equity investment restrictions. We consider a model where the demand function for domestic shares differs between domestic and foreign investors because of deadweight costs in holding domestic and foreign securities that depend on the country of residence of investors. We show that domestic entrepreneurs maximize firm value by discriminating between domestic and foreign investors. The model implies that countries benefitting from capital flight have b...

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

    OpenAIRE

    Esterer, F.; Schröder, David

    2014-01-01

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

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

    OpenAIRE

    Zellweger, Thomas

    2007-01-01

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

  20. Is sport participation an investment in human capital or a consumption of leasure time?

    OpenAIRE

    Smrčková, Hana Marie

    2012-01-01

    Students who participated in athletics are estimated to receive 20% better grades than their non-athletes colleagues. These findings suggest that athletic participation may enhance the development of motivation, competitive spirit, confidence, discipline and team spirit. Sport participation seems to be a form of human capital investments. We can see stronger effect of individual than collective sport participation. Based on these findings we can assume that wage premium for athletes, as previ...

  1. An average-based accounting approach to capital asset investments: The case of project finance

    OpenAIRE

    Carlo Alberto Magni

    2014-01-01

    Literature and textbooks on capital budgeting endorse Net Present Value (NPV) and generally treat accounting rates of return as not being reliable tools. This paper shows that accounting numbers can be reconciled with NPV and fruitfully employed in real-life applications. Focusing on project finance transactions, an Average Return On Investment (AROI) is drawn from the pro forma financial statements, obtained as the ratio of aggregate income to aggregate book value. It is shown that such a me...

  2. Religion, Human Capital Investments and the Family in the United States

    OpenAIRE

    Lehrer, Evelyn Lilian

    2009-01-01

    This paper critically reviews what is known, based on analyses of micro-level U.S. data, about the role of religion in various interrelated decisions that people make over the life cycle, including investments in secular human capital, cohabitation, marriage, divorce, family size and employment. It also identifies gaps in our knowledge, and suggests agenda items for future research in the field. These include use of statistical models that allow for non-linearities in the effects associated w...

  3. Public Investments in Children's Human Capital. Evidence from the Literature on Non-parental Child Care

    OpenAIRE

    Brilli Ylenia

    2014-01-01

    This paper analyzes the most recent empirical research on social investments in children's human capital, focusing on policies providing non-parental child care. The empirical findings are conceptualized in a theoretical framework showing how policy interventions can shape parents' non-parental child care choices; this framework is also used to discuss the econometric issues arising for the identification of the child care effects. The results from both European and American contributions are...

  4. Conflict of interests on the Czech capital market: analysis of investment recommendations

    Czech Academy of Sciences Publication Activity Database

    Kopřiva, František; Hanousek, Jan

    Prague : Czech University of Life Sciences Prague, 2009 - (Brožová, H.). s. 6-6 ISBN 978-80-213-1963-9. [27th International Conference Mathematical Methods in Economics 2009. 09.09.2009-11.09.2009, Kostelec nad Černými lesy] R&D Projects: GA ČR(CZ) GA402/08/1376 Institutional research plan: CEZ:MSM0021620846 Keywords : Czech capital market * conflict of interests * investment Subject RIV: AH - Economics

  5. Effects of birth order and sibling sex composition on human capital investment in children in India

    OpenAIRE

    Makino, Momoe

    2012-01-01

    The paper explores the effects of birth order and sibling sex composition on human capital investment in children in India using the Indian Human Development Survey (IHDS). Endogeneity of fertility is addressed using instruments and controlling for household fixed effects. Family size effect is also distinguished from the sibling sex composition effect. Previous literature has often failed to take endogeneity into account and shows a negative birth order effect for girls in India. Once endoge...

  6. 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..

  7. The age of markets: low oil and gas prices and the new competition for investment capital

    International Nuclear Information System (INIS)

    This paper focuses on Iran's re-entry into the market for upstream capital to obtain the investment required to maintain current production capacity, the creation of a special contract to attract foreign investment, the impact of the US sanctions, and deals resulting from the opening-up of some offshore resources with buy-back contracts. The effects of the downturn in oil markets on Tehran's cash flow as well as foreign contractors' cash flow are reviewed, and the main concerns of the industry over the too short terms of the contract, the refusal of Iran to allow oil companies to book reserves, and the guaranteed rate of return are examined. The re-opening of Kuwait which does allow contractors to book reserves, the threat posed by Saudi Arabia if it reopens its hydrocarbon sector to foreign investment, and the potential difficulty for Iran to meet its expanded production targets are considered

  8. 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...

  9. Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

    OpenAIRE

    Colin Mayer; Koen Schoors; Yishay Yafeh

    2002-01-01

    Using a newly constructed data set, we compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly across countries, eg banks are particularly important in Germany, corporations in Israel, insurance companies in Japan and pension funds in the UK. VC investment patterns also differ across countries in terms of the stage, sector of financed companies and geographical focus of investments. We find...

  10. Tracking and replication of hedge fund optimal investment portfolio strategies in global capital markets in presence of nonlinearities

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2013-01-01

    The hedge fund represents a unique investment opportunity for the institutional and private investors in the diffusion-type financial systems. The main objective of this condensed article is to research the hedge fund’s optimal investment portfolio strategies selection in the global capital markets with the nonlinearities. We provide a definition for the hedge fund, describe the hedge fund’s organization structures and characteristics, discuss the hedge fund’s optimal investment portfolio str...

  11. Administrative and policy issues in reimbursement for nursing home capital investment.

    Science.gov (United States)

    Boerstler, H; Carlough, T; Schlenker, R E

    1991-01-01

    The way in which states reimburse for nursing home capital costs can create incentives for nursing home owners to use the home primarily as a vehicle for real estate speculation, with potentially adverse consequences for patient care. In order to help promote and control the stability, adequacy, and quality of capital investment in long-term care, an increasing number of states are using a fair-rental approach for calculating capital reimbursement. In this article we compare the fair-rental approach with traditional cost-based capital reimbursement in terms of administration and policy. We discuss issues of concern to the state (cost and reimbursement design options) and the investor (after-tax cash flows, rate of return, etc.). Our analysis suggests that fair-rental systems may be superior to traditional cost-based reimbursement in promoting and controlling industry stability, while at the same time providing an adequate return to investors, without incurring long-term increases in the costs of administering programs. PMID:1761827

  12. Utility investment in on-site solar: risk and return analysis for capitalization and financing

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Schutz, S.

    1978-09-01

    A set of financial strategies designed to accelerate the penetration of on-site solar heating and cooling systems are studied. The approach of portfolio theory or the capital asset pricing model (CAPM) is used. The major features of the CAPM is summarized including a survey of those applications which are most relevant to the analysis. These include utility return on equity calculations and project evaluation techniques. How to apply empirical results is discussed based on CAPM methods. In particular, applications to the capitalization variant of the utility investment strategy and the financing variant are distinguished. Subsidization rationales are also discussed. Empirical results to date are summarized, including estimation problems for the various risk measures. The general problem of financial risk assessment for energy technologies is reviewed. (MHR)

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

    Science.gov (United States)

    Frogner, Bianca K

    2010-01-01

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

  14. Generating capital: improving investor confidence in Ontario's electricity industry to induce new generation investment

    International Nuclear Information System (INIS)

    This paper is a critical discussion on improving investor confidence in Ontario's electricity industry to induce new generation investment. The reason that investor confidence is critical in the electric power industry is due to the fact that the industry is capital intensive, the asset life is long, it is impossible to model political/regulatory risk and political action is virtually inevitable. The paper concludes that ultimately private sector investors will bear little risk, the tax payer will be on the hook for almost all risk

  15. "The Economic Significance of Equity Capital: Lessons from Venture Investing by an Economist-Practitioner"

    OpenAIRE

    William H. Janeway

    1991-01-01

    I was motivated to address this subject by the rich irony of last year's Nobel Prize in Economics. The end of the LBO era was crowned by the recognition of work which purported to demonstrate that the value of an enterprise is independent of the volume of its debt. In response, this paper is an attempt to inform the post-Keynesian critique of Modigliani-Miller with the experience of one whose profession it is to invest equity capital in Imperfect markets under conditions of uncertainty. The "...

  16. A Dynamic Model of Female Labor Force Participation Rate and Human Capital Investment

    OpenAIRE

    Radek Szulga

    2014-01-01

    This paper develops a dynamic model of human capital investment and labor participation. The main focus is on the fact that women's labor force participation rate is U-shaped over the course of development. We also analyze the behavior of the relative education levels of men and women, the education levels of women in the labor force and outside of it, and the magnitude and sign of income and wage effects. The underlying assumption of the model is the existence of economies of scope in the tr...

  17. 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.

  18. Natural Capital Management: An Evolutionary Paradigm for Sustainable Restoration Investment - 13455

    International Nuclear Information System (INIS)

    value generated by EM projects and other investment and operational programming can be recorded and then allocated to mission and/or ecosystem needs as part of overall site, complex, and Federal decision-making. NCAMTM can also document post-restoration asset capability and value for use in weighing loss mitigation and ecosystem damage claims arising from past operational activities. A prototype NCAMTM evaluation developed at the Savannah River Site (SRS) demonstrates use of this framework as an advanced paradigm for NCA accounting and decision-making for the larger DOE complex and other enterprise using natural capital in operations. Applying a quantified value paradigm, the framework catalogues the results of activities that sustain, restore, and modernize natural assets for enterprise-wide value beyond that of compliance milestones. Capturing and assigning recapitalization value using NCAMTM concepts and tools improves effective reuse of taxpayer-sustained assets, records ecosystem service value, enables mission and enterprise optimization, and assures the sustainability of shared natural capital assets in regional pools vital to both complex sites and local and regional economies. (authors)

  19. Malaysia-West Asia Relations and Foreign Direct Investment: Proposal for an Ummah Network based on Social Capital Concept

    OpenAIRE

    Prof. Dr. Har Wai MUN; Lam Zheng LING; Liew Khai YI

    2009-01-01

    Research on foreign direct investment (FDI) often ignores the psychology aspect of relationship. The role of relationship is embedded in Bourdieu’s social capital, believing that networking and friendship could be valuable factors for attracting business. In macroeconomic context, international relations could be an important determinant in attracting foreign investment. Manifestations of this conceptualization are guanxi and “Bamboo network” in Chinese business culture. Applying to Malaysia ...

  20. Impacts of remittances on child human capital investment, educational expenditure, and living conditions of households: evidence from Turkey

    OpenAIRE

    Duman, Erkan

    2012-01-01

    This paper examines the impacts of international remittances on child human capital investment, educational expenditure, and living conditions of households. Remittances can increase family income and reduce resource constraint problems, allowing more consumption and investment. On the other hand, migration which is the main driving force behind remittances may have a disrupting effect on family structure and may result in adverse outcomes. After controlling for household wealth- the main obs...

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

    Science.gov (United States)

    Ashby, J L

    1984-01-01

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

  2. Credit risk in the pool-implications for private capital investments in Brazilian power generation

    International Nuclear Information System (INIS)

    The new Brazilian Electric Sector Regulation of 2004 introduced two negotiation markets: the regulated pool and the free market. Competition in the pool is enforced via energy auctions, where the winning generator has to sign long-term power purchase agreements simultaneously with all distributors at the bidding-price. To estimate the appropriate credit risk spread of the pool, we implement a clustering methodology to rank and rate the distributors. The results show an average spread between 5.75% and 8.5%, which corresponds to a credit rating of B- according to the spreads available in Reuters 2004. This estimation is at least 208 basis points higher than the credit rating Ba1/BB+ assigned to the distributors by the National Electric Energy Agency (ANEEL) in the periodic tariff revisions. Distributors with higher risk/spread are located in the South-Southeast, compared to the low risk/spread ones concentrated in the North-Northeast. We estimate the opportunity cost of capital in real terms in the range of 13-16% to account for the credit risk of the pool. Essential to determine the bidding price at the auctions, this estimation is higher than the 11.26% opportunity cost estimated by ANEEL. The pool's credit risk has to be taken into consideration, especially for compensating new private capital investments in Brazilian power generation

  3. 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 ...

  4. 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

  5. Energy Conservation. The Capital Investment Needs for Building Rehabilitation for Non-Profit Educational Institutions. Paper No. 2.

    Science.gov (United States)

    Energy Task Force, Washington, DC.

    This paper is one of several reports being prepared by the Energy Task Force on the impact of energy supply and cost trends on nonprofit educational institutions. This particular report focuses on the need to render educational facilities more energy-efficient through a program of capital investments focused on the rehabilitation of existing…

  6. 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…

  7. 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;}

  8. FOREIGN DIRECT INVESTMENT

    Directory of Open Access Journals (Sweden)

    Dr. Roshankumar M. Bhigania

    2012-06-01

    Full Text Available FOREIGN DIRECT INVESTMENT (FDI : Introduction – Importance of Foreign Capital – Types of Foreign Capital – Government Policy on Foreign Direct Investment –Role of Foreign Direct Investment in the inflow of Foreign Capital.

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

    OpenAIRE

    Aleksandra Szpulak

    2015-01-01

    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 ...

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

    OpenAIRE

    Radu CIOBANU; Sebastian Mădălin MUNTEANU; Irina-Eugenia IAMANDI

    2011-01-01

    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 secu...

  12. 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.

  13. Capital Investment as Real Options: A Note on Dixit-Pindyck Model.

    OpenAIRE

    Termos, Ali

    2008-01-01

    Abstract This paper applies Contingent Claims model a la Dixit and Pindyck (1994), on bank investment. Banks are indifferent between investing their assets on their own and extending loans to investors. The critical decision faced by the banker is the timing of the investment decision and its uncertainty. When banks make an irreversible investment decision they exercise the option to invest and give up the opportunity of waiting for new information to arrive. This lost option value is inco...

  14. 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. PMID:25646107

  15. Effects of a Capital Investment and a Discount Rate on the Optimal Operational Duration of an HLW Repository

    International Nuclear Information System (INIS)

    This study aims to estimate the effects of a capital investment and a discount rate on the optimal operational duration of an HLW repository. According to the previous researches of the KRS(Korea Reference System) for an HLW repository, the amounts of 7,068,200 C$K and 2,636.2 MEUR are necessary to construct and operate surface and underground facilities. Since these huge costs can be a burden to some national economies, a study for a cost optimization should be performed. So we aim to drive the dominant cost driver for an optimal operational duration. A longer operational duration may be needed to dispose of more spent fuels continuously from a nuclear power plant, or to attain a retrievability of an HLW repository at a depth of 500 m below the ground level in a stable plutonic rock body. In this sense, an extended operational duration for an HLW repository affects the overall disposal costs of a repository. In this paper, only the influence of a capital investment and a discount rate was estimated from the view of optimized economics. Because these effects must be significant factors to minimize the overall disposal costs based on minimizing the sum of operational costs and capital investments

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

    OpenAIRE

    Ghoddusi, Hamed; Siyahhan, Baran

    2011-01-01

    This paper develops a model of optimal education choice of an agentwho has an option to emigrate. Using a real options framework, weanalyze the time evolution of human capital in the country of originand investigate the role of migration possibilities in the accumulationof different types of human capital. The analysis shows that the accu-mulation of human capital depends crucially on the level of uncertaintyand the transferability of human capital across countries. Governmentsubsidies are an...

  17. Brains for Capital. The Effect of Brain Drain on Investments and Convergence

    OpenAIRE

    Piotr Stryszowski

    2006-01-01

    The empirical experience of countries hit by brain drain shows no clear impact of human capital outflow on the source economy. This study shows that by triggering the capital flows from abroad, the brain can be beneficial for the sending countries. The theoretical claim about the causal effect of brain drain on capital flows is supported by empirical analysis.

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

    International Nuclear Information System (INIS)

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

  19. Capital

    OpenAIRE

    Coulangeon, Philippe

    2013-01-01

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

  20. 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.

  1. The influence of international human capital and international network relationships on the cross-border investment behaviour of private equity firms

    OpenAIRE

    S. DE PRIJCKER; S. MANIGART; Wright, M; DE MAESENEIRE, W

    2009-01-01

    This paper studies the international investment behavior of private equity (PE) firms. Perspectives from international service management are integrated with human capital and network theory to test the value of international human capital and international network relationships. Using a sample of 110 private equity firms from five European countries, we demonstrate the positive influence of international human capital and show that the intensity of the foreign network decreases the likelihoo...

  2. The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis

    Directory of Open Access Journals (Sweden)

    Ahmet Gökçe Akpolat

    2014-01-01

    Full Text Available This study aims to determine the long-run impact of physical and human capital on GDP by using the panel data set of 13 developed and 11 developing countries over the period 1970–2010. Gross fixed capital formation is used as physical capital indicator while education expenditures and life expectancy at birth are used as human capital indicators. Panel DOLS and FMOLS panel cointegrated regression models are exploited to detect the magnitude and sign of the cointegration relationship and compare the effect of these physical and human capital variables according to these two different country groups. As a consequence of panels DOLS and FMOLS models, the impact of physical capital and education expenditures on GDP in the developed countries is determined as higher than the impact in the developing countries. On the other hand, the impact of life expectancy at birth on GDP is determined as higher in the developing countries.

  3. 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. PMID:27451571

  4. Inside the Philanthropic Venture Capital Investment Model: An exploratory comparative Study

    OpenAIRE

    Scalata, Maria Rosa Giovanna

    2010-01-01

    Aquesta tesi doctoral és el primer estudio exploratori sobre el procés d'inversió dels inversors de capital risc filantròpic en empreses socials. El model, des del punt de vista del finançador, uneix els principis del model tradicional de capital risc amb objectius socials. A través de la provisió de capital i de serveis no-financers a empreses socials, el capital risc filantròpic dóna suport a les necessitats de sostenibilitat de les empreses en què inverteix amb l'objectiu d'afavorir els se...

  5. 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…

  6. Financial policy and corporate investment in imperfect capital markets : the case of Korea

    OpenAIRE

    Dailami, Mansoor

    1990-01-01

    Central to the effectiveness of financial policies geared towards promoting real business investment is the interaction between corporations'financing and investment decisions. The objectives of this paper are twofold : 1) develop an integrated approach towards the problem of optimal corporate real investment and finance in the context of a financial model of a developing economy characterized by credit rationing, controlled banking sector and an organized equity market; and 2) apply the mode...

  7. Capital and chaos : fragile states, political risk and foreign direct investment

    OpenAIRE

    Graham, Benjamin A. T.

    2012-01-01

    Fragile states are trapped in cycles of poverty, violence, and instability. War and instability deter investment. Low investment retards growth, and lack of growth engenders further conflict and instability. One path out of this equilibrium is for fragile states to succeed in attracting foreign direct investment (FDI) while political risk remains high. My dissertation explores firm-level variation in how investors experience and respond to political risk, identifying types of investors who ar...

  8. 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.

  9. Cultural investment, local development and instantaneous social capital: A case study of a gathering festival in the South of Italy

    OpenAIRE

    Attanasi, Giuseppe; Casoria, Fortuna; Centorrino, Samuele; Urso, Giulia

    2012-01-01

    In this paper we show how the investment in cultural events may encourage the building of social capital and foster the development of local communities. We rely on a casestudy that we conducted about the socio-economic impact of the Festival “La Notte della Taranta†, the most important European music festival dedicated to traditional music (about 170.000 participants per year), on the sub-region of southern Italy where it is held. Our evidence is based on a large survey, consisting of ne...

  10. Capital Expenditures : Making Public Investment Work for Competitiveness and Inclusive Growth in Moldova

    OpenAIRE

    Coulibaly, Karen Stephanie; Diagne, Mame Fatou

    2014-01-01

    Moldova faces the challenge of meeting considerable public investment needs while preserving fiscal sustainability. With a rapidly aging population, high emigration, structural imbalances, and vulnerability to external shocks, Moldova will need to raise investment, productivity, and exports in order to achieve sustained growth and competitiveness. The World Bank's recently published Moldov...

  11. 26 CFR 1.857-2 - Real estate investment trust taxable income and net capital gain.

    Science.gov (United States)

    2010-04-01

    ... by which the net income from foreclosure property exceeds the tax imposed on such income by section... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-2 Real..., if a real estate investment trust has net income from foreclosure property for a taxable year...

  12. 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

  13. 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.

  14. Investments in Religious Capital: An explorative case study of Australian Buddhists

    Directory of Open Access Journals (Sweden)

    Michelle Barker

    2015-02-01

    Full Text Available Since Buddhism became Australia’s fastest growing religion in 1996, the number of adherents has continued to increase dramatically. While there is much acceptance of this in Australia’s multicultural milieu, the effects of this growth are unclear. The concept of religious capital is now being used to understand some effects of religious practice, and is developed further as a way of understanding the broader societal effects of a religion. Expressions of Buddhist religious capital in Australia are documented and placed within a framework that identifies different types of religious capital to improve understanding of both the concept of religious capital and the effects of the ongoing growth of Buddhism in Australia.

  15. 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.

  16. Homeownership and investment for social capital in Japan: Dynamic Panel approach.

    OpenAIRE

    Yamamura, Eiji

    2010-01-01

    This paper explores how the rate of home-ownership and income inequality are related to the formation of social capital using panel data from Japan during the period 1986 2006. I have used Dynamic Panel estimation to control unobserved prefecture-specific fixed effects and an endogeneity bias. I have found through this estimation that the rate of home-ownership enhances the participation in voluntary activities, leading to social capital accumulation. This is in accord with findings from the ...

  17. Firm Level Implications of Early Stage Venture Capital Investment : An Empirical Investigation

    OpenAIRE

    Keilbach, Max; Engel, Dirk

    2005-01-01

    The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With statistical matching procedures we draw an adequate control group of non­venture funded but otherwise comparable firms. The analysis confirms other findings that venture funded firms in Germany have higher number of patent applications than those in the control gr...

  18. Capital investment requirements for greenhouse gas emissions mitigation in power generation on near term to century time scales and global to regional spatial scales

    International Nuclear Information System (INIS)

    Our paper explores the implication of climate mitigation policy and electricity generation technology performance for capital investment demands by the electric power sector on near term to century time scales. We find that stabilizing GHG emissions will require additional investment in the electricity generation sector over and above investments that would be needed in the absence of climate policy, in the range of 15 to 29 trillion US$ (48–94%) depending on the stringency of climate policy during the period 2015 to 2095 under default technology assumptions. This increase reflects the higher capital intensity of power systems that control emissions as well as increased electrification of the global economy. Limits on the penetration of nuclear and carbon capture and storage technology could increase costs substantially. Energy efficiency improvements can reduce the investment requirement by 18 to 24 trillion US$ (compared to default technology climate policy assumptions), depending on climate policy scenario. We also highlight the implications of different technology evolution scenarios for different regions. Under default technology set, the heaviest investments across scenarios in power generation were observed in China, India, SE Asia and Africa regions with the latter three regions dominating in the second half of the 21st century. - Highlights: • We present electricity generation investment requirement under different scenarios. • A climate policy will lead to substantial increase in investment requirement. • Stringency of climate policy has significant implications for investments. • Technology evolution and performance alter investment requirements significantly. • China, India, Southeast Asia and Africa dominate as investment destinations

  19. 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

  20. 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”.

  1. 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.

  2. 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.

  3. 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.

  4. THE IMPACT OF FOREIGN PRIVATE INVESTMENT (FPI ON CAPITAL FORMATION IN NIGERIA, 1980-2004: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Sebastian Ofumbia Uremadu

    2008-10-01

    Full Text Available A number of possible determinants of capital formation is investigated using Nigerian data covering 1980-2004 studied. Time-series estimates are obtained using an OLS methodology which included tests for stationarity and cointegration. Empirical results showed a positive influence of cumulative foreign private investment (CFPI, index of energy consumption (INDEXEC and total banking system credit to the domestic economy (BSTCr, and a negative influence of gross national savings (GNS, domestic inflation rate (INFR, maximum lending rate (MLR, foreign exchange rate EXCHR and debt service ratio (DSR on capital formation. We discovered that foreign exchange rate leads capital formation in Nigeria, followed by index of energy consumption and then, debt service ratio. The paper therefore recommends reduction in exchange rate distortions/misalignment; increase in exports of locally manufactured goods and raw materials to raise value of local currency; earn more foreign exchange and allow market forces to fix exchange rate; increase in energy supply by providing constant electricity and infrastructure to boost industrial energy consumption; and continuous minimisation of foreign debts to reduce amount of national income used for debt servicing.

  5. Assessing and ordering investments in polluting fossil-fueled and zero-carbon capital

    OpenAIRE

    Lecuyer, Oskar; Vogt-Schilb, Adrien

    2013-01-01

    La transition vers une économie bas carbone nécessite de remplacer le capital existant, très émetteur de gaz à effet de serre (GES), par du capital partiellement ou totalement décarboné : les centrales à charbon peuvent être remplacées par du gaz de dernière génération ou des renouvelables, les véhicules thermiques inefficaces peuvent être remplacés par des véhicules thermiques efficaces ou des voitures électriques. Nous étudions le profil optimal d'investissements dans des technologies bas c...

  6. Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms

    OpenAIRE

    Ferrer, María Alejandra

    2010-01-01

    En este trabajo se analiza la sensibilidad de la inversión frente a cambios en el flujo de caja en empresas españolas, tomando como referencia de partida el papel desempeñado por los inversores de Capital Riesgo. El análisis se desarrolla en una muestra representativa de empresa españolas no cotizadas que fueron participadas por inversores de Capital de Riesgo. Aun cuando también se consideran a las empresas maduras, el principal foco de atención son Pequeñas y Medianas Empresas (PYMES) en fa...

  7. 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.

  8. Bolivarian Republic of Venezuela : Investing in Human Capital for Growth, Prosperity, and Poverty Reduction

    OpenAIRE

    World Bank

    2001-01-01

    This report draws on limited, available data to analyze selected economic, and social issues, which include better understanding of poverty, and inequality in relation to real income, and, improving the allocation of social expenditures, while increasing the effectiveness of social programs. The deterioration of social, and human capital should be prevented, by simultaneously promoting its ...

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

    Science.gov (United States)

    Cornachione, Edgard; Daugherty, Jenny

    2008-01-01

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

  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. 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 ...... in alleviating the brain drain problem....

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

    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

  13. 78 FR 61404 - Stellus Capital Investment Corporation, et al.; Notice of Application

    Science.gov (United States)

    2013-10-03

    ... the other conditions set forth in the application. 9. The Independent Directors will be provided... in, so that the Independent Directors may determine whether all investments made during the preceding... with the conditions of the order. In addition, the Independent Directors will consider at...

  14. No Small Matter : The Impact of Poverty, Shocks, and Human Capital Investments in Early Childhood Development

    OpenAIRE

    Alderman, Harold

    2011-01-01

    The relative lack of attention to early childhood development in many developing countries remains a puzzle, and an opportunity. There is increasing evidence that investments in the nutritional, cognitive, and socio-emotional development of young children have high payoffs. Researchers and development practitioners are building on this evidence to raise the topic's profile and bring it to ...

  15. Child ability and household human capital investment decisions in Burkina Faso

    OpenAIRE

    Akresh, Richard; Bagby, Emilie; de Walque, Damien; Kazianga, Harounan

    2010-01-01

    Using data they collected in rural Burkina Faso, the authors examine how children's cognitive abilities influence resource constrained households' decisions to invest in their education. This paper uses a direct measure of child ability for all primary school-aged children, regardless of current school enrollment. The analysis explicitly incorporates direct measures of the ability of each ...

  16. 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...

  17. Michigan's Infrastructure: Priorities for the Future. Capital Investment Needs 1985-1995.

    Science.gov (United States)

    Michigan Infrastructure Coalition, Lansing.

    The Michigan Infrastructure Coalition was formed to review needs and make judgments concerning priorities for future infrastructure investments in Michigan. This report describes the coalition's findings and is intended to serve as the guidelines for state elected officials. Contents include: (1) an introduction (specifying priority areas); (2)…

  18. Reducing Dependence Through Investment in Human Capital: An Assessment of Oman's Development Strategy

    OpenAIRE

    Looney, R.E.

    1990-01-01

    Socio-Economic Planning Sciences, vol 24, no1, 1990. Refereed Journal Article The purpose of this paper is to assess Oman's post-1970 efforts at developing its human capital. In addition, estimates are made of the factors most likely to interfere with the country's progress in this area. The main findings of the study are that while impressive gains in education have been made, this progress may be threatened by the government's excessive military expenditure plans. While defen...

  19. Investment in Human Capital during Incarceration and Employment Prospects of Prisoners

    OpenAIRE

    Giles, Margaret; Le, Anh Tram

    2009-01-01

    The costs of incarceration and recidivism to the community are substantial. These costs not only include the direct costs of imprisonment but also the opportunity costs arising from depletion of human capital and loss of output. Policy makers have emphasised the importance of rehabilitating prisoners as a way of reducing recidivism. Consequently, the management of prisoners has changed, with more prisoners being encouraged to undertake some form of education, training and/or work during their...

  20. Globalization, Technical Change, and the Skill Premium : Magnification Effects from Human-Capital Investments

    OpenAIRE

    Jürgen Meckel; Benjamin Weigert

    2003-01-01

    This paper shows that endogenous adjustments in the composition of labor supplies magnify the effects of changes in commodity prices on the measured skill premium under quite plausible conditions. These composition effects arise from decisions of individuals with heterogeneous inherent abilities about acquiring human capital. They reinforce the well-known Stolper-Samuelson effect on the measured skill premium in countries with a sufficiently high relative supply of skilled labor, but compensa...

  1. Scanning of Prospective Investment Opportunities for a Regional Venture Capital Fund

    OpenAIRE

    Mole, Richard James; Mu, Jasmine Chao-wen; Al Shuaibi, Khalid

    2007-01-01

    This study's aim was to identify start up or early stage companies in the East Midlands region with potentially high growth prospects eligible for equity financing from a government backed venture capital fund (East Midlands Early Growth Fund). A proactive approach was taken for deal generation, rather than a reactive method typically adopted by conventional venture capitalists (VCs). Initially a database of 1,004 prospective companies was generated from a variety of sources, including ...

  2. Which criteria matter most in the evaluation of venture capital investments?

    OpenAIRE

    Nunes, José Carlos; Félix, Elisabete Gomes Santana; Pires, Cesaltina Pacheco

    2014-01-01

    Structured Abstract Purpose - This study identifies the importance assigned to the various criteria used by the Portuguese Venture Capitalists (VCs) to evaluate and select early stage venture capital projects. Design/methodology/approach - The data was collected through a questionnaire answered by 20 Portuguese VCs. We use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criter...

  3. The Investment of Emerging Capital Markets and the Role of Derivative Securities

    OpenAIRE

    Tamer Korkmaz

    2001-01-01

    In this paper, we analyze the need and the role of derivative securities in the emerging capital markets to insure the risks with low costs. Emerging Markets with Derivative Securities (EMDS) can produce more financial products to attract an increased inflow of foreign and local savings to these markets. We create a portfolio index that includes the emerging countries with derivative products and we compare the index returns with the International Finance Corporation (IFC) Composite and regio...

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

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.; Urdanick, M.; Joshi, J.

    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.

  5. Europe's global responsibility to govern trade and investment sustainability: climate, capital, CAP and Cotonou

    International Nuclear Information System (INIS)

    This paper examines the progress made towards forging a Sustainable Development Strategy of the European Union on the basis of three structures of the global economy: Trade, Investment and Knowledge Generation. It identifies deficits in all three, and cites alternatives for improvement such as acknowledging ecological debt and setting up a Global Marshall Plan. It outlines how, over the medium term, compatibility with trade law could be maintained, and how Sustainability Impact Assessments (SIA) could cushion the effects of the current governance regimes. It then considers alternatives such as encouraging the EU's African, Caribbean and Pacific (ACP) partners to form Regional Trade Areas among themselves. Guidance is given regarding reform of the Common Agricultural Policy and the question as to whether the investment regime can be governed multilaterally and, if so, at which venue. (author)

  6. 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.

  7. 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

  8. Capital budgeting

    OpenAIRE

    Dorel BERCEANU; Costel IONAŞCU

    2009-01-01

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

  9. Innovative I and C technology products - ensure long-term security of capital investments

    International Nuclear Information System (INIS)

    I and C technology is one of the key systems in nuclear power plants. Keeping it at the latest state of the art is a worthwhile investment for nuclear power plant operators justified by increased safety and higher availability. The TELEPERM registered XS safety I and C technology developed by Framatome ANP, an AREVA and Siemens company, can be employed in various reactor lines made by different manufacturers. The main requirements to be met in safety I and C technology stem from its respective applications. Especially for backfitting purposes, the new system must be easy to integrate into existing concepts and solutions. Moreover, licensability in safety-related applications is an absolute must for any safety system. TELEPERM registered XS allows the broad range to be achieved which is necesssary to meet the safety requirements specific to each plant. In this way, all objectives of safety I and C in nuclear power plants can be met on one uniform systems platform. The use of TELEPERM registered XS involves only minor licensing risks, reduces operating costs, and ensures long-term security of investments. The advantages of a systems platform, such as high functionality and reliability, flexibility in use in a variety of areas, long-term support, extension of the high quantification level of the system, are documented in numerous applications all over the world. (orig.)

  10. On the tracking and replication of hedge fund optimal investment portfolio strategies in global capital markets in presence of nonlinearities, applying Bayesian filters: 1. Stratanovich – Kalman – Bucy filters for Gaussian linear investment returns distribution and 2. Particle filters for non-Gaussian non-linear investment returns distribution

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2013-01-01

    The hedge fund represents a unique investment opportunity for the institutional and private investors in the diffusion-type financial systems. The main objective of this condensed article is to research the hedge fund’s optimal investment portfolio strategies selection in the global capital markets with the nonlinearities. We provide a definition for the hedge fund, describe the hedge fund’s organization structures and characteristics, discuss the hedge fund’s optimal investment portfolio str...

  11. 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.

  12. 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。

  13. The Management of Investments in the Development of Human Capital as a Factor of the Increase of Competitiveness of an Industrial Enterprise

    OpenAIRE

    Freeman Іrina M.; Kovalchuk Konstantin F.

    2011-01-01

    In this work intercommunication of investments management in the development of human capital of an industrial enterprise is shown. The methods of investments management in the human capital of an enterprise are analysed and for validity of their investment the index of profitability of investments is offered.В работе отражена взаимосвязь управления инвестициями в развитие человеческого капитала промышленного предприятия с повышением его конкурентоспособности. Рассмотрены методы управления ин...

  14. Investing in Natural Capital for Eradicating Extreme Poverty and Boosting Shared Prosperity : A Biodiversity Roadmap for the WBG

    OpenAIRE

    World Bank Group

    2014-01-01

    The World Bank Group (WBG) has a long experience in engaging in biodiversity with world-class expertise in the field. It has been the single largest funder of biodiversity investments since the late 1980s. The WBG investments have largely been of two kinds: (1) investments in biodiversity, aimed at the conservation and sustainable use of species, habitats, and ecosystems that sustain healt...

  15. 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…

  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 Rules and Regulations (13 CFR 107). Solutions Capital I, L.P., proposes to acquire debt financing... Act''), in connection with the financing of a small concern, has sought an exemption under Sec. 312 of.... The financing is contemplated to provide growth capital for the company. The financing is...

  17. Human capital and the adoption of information and communications technologies: Evidence from investment climate survey of Pakistan

    OpenAIRE

    Mughal, Mazhar; Barassou DIAWARA

    2011-01-01

    This paper studies the impact of human capital on the adoption and diffusion of Information and Communications Technologies (ICT) in the Pakistani firms using the World Bank Enterprise Survey 2002-07. The paper considers various indicators of human capital and measures of ICT adoption and diffusion. On-the-job training, manager's level of qualification and production workers' level of education are found to positively determine the use of emails, website and other means of communication in a ...

  18. Medieval capital markets. Markets for renten between state formation and private investment in Holland (1300-1550)

    OpenAIRE

    Zuijderduijn, C.J.

    2007-01-01

    The book is structured as follows. Chapter 1 introduces medieval Holland as a significant entity for institutional-economic development by discussing how the state created a county wide societal structure. As a proto-territorial state Holland had a uniform judiciary, a government apparatus that gave shape to the public sector and regulations aimed at the capital market. At the same time the counts of Holland profited from the capital market: they used funded debt to finance state formation. L...

  19. A three pronged approach to community scale renewable energy: Education, incremental capital investment and smart grid technology

    Science.gov (United States)

    Demeo, Anna E.

    ; first hand exposure to technology, providing a sense of independence that strengthens communities, and developing a direct link between the energy people use and how that energy is created. Ultimately community scale renewable energy projects help bolster support for large-scale projects that are imperative to making real and lasting progress towards reducing emissions. Finally, technological advancements in renewable energy generation, energy storage and distribution systems, are imperative to replacing fossil fuels. The shift towards a higher penetration of renewable energy into the electric grid can be realized with the implementation of a more sophisticated smart grid, which uses dynamic demand response to alter demand to follow generation. Introduction of tidal power can serve to further stabilize the grid and reduce the amount of storage required. This work describes an interdisciplinary approach to addressing issues of energy, and thereby climate, through substantive efforts in three concentrations; energy literacy education, community driven renewable energy projects based on incremental capital investment and a smart, micro grid encompassing tidal power and other renewable energy source.

  20. 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.

  1. Bridging the gaps? Private sector development, capital flows and the investment climate in south-eastern Europe

    OpenAIRE

    Elisabetta Falcetti; Peter Sanfey; Anita Taci

    2003-01-01

    This paper provides an overview of private sector activity and investment in south-eastern Europe (SEE). The importance of the private sector is growing in all countries of the region. The private sector is dominated by small and medium-sized enterprises (SMEs) and much economic activity takes place in the untaxed informal sector. Lack of finance is a key constraint for enterprises. Foreign inflows, therefore, play a crucial role in providing a source of finance for new investment. To date, h...

  2. INTERPRETING OVERALL INEQUALITY IN CHINA: THE ROLES OF PHYSICAL CAPITAL, HUMAN CAPITAL AND SOCIAL CAPITAL

    OpenAIRE

    Yuheng LI; Westlund, Hans

    2013-01-01

    This paper investigates the relationship between overall inequality in China and the contributions of physical capital, human capital and social capital. The investment in physical capital tends to enlarge overall inequality while human capital helps to reduce the inequality. Human capital appears to be more influential than physical capital in overall inequality reduction in the research period. Social capital (people's social networks) however, does not seem to exert any impact on overall i...

  3. Crowding - in Effect of Public Investment on Private Investment

    OpenAIRE

    Toshiya Hatano

    2010-01-01

    This study investigates the effects of public investment on private investment based on Japanese empirical data. Since public capital is accumulated in tandem with the accumulation of private capital in the long-run from a historical perspective, it is quite natural that there is a positive relationship between private investment and public investment. However, some previous studies have provided evidence for the crowding-in effect of public investment on private investment while other studie...

  4. Moldova Public Expenditure Review : Capital Expenditures - Making Public Investment Work for Competitiveness and Inclusive Growth in Moldova

    OpenAIRE

    World Bank

    2013-01-01

    This public expenditure review (PER) for Moldova is the result of a body of programmatic fiscal work. This PER focuses on capital expenditure. It supports the first pillar of the country partnership strategy (improving economic competitiveness) and complements the 2012 development policy operation. In the context of economic recovery and stabilization, government requested World Bank assis...

  5. 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…

  6. Investment banks

    OpenAIRE

    Lejot, P

    2013-01-01

    Investment banking is a generic term for transactional activities involving financial intermediation conducted through open markets. It was long associated with a legal demarcation in the US and Japan that separated banks that made loans and took deposits from those that traded in securities, but now denotes risk-based activities in banks of any kind. This paper explains investment banking practices in terms of reputational capital, and contrasts the transactional skills and innovation found ...

  7. Investment in Capital Assets and Economic Performance: The U.S. Chemicals and Primary Metals Industries in Transition

    OpenAIRE

    Catherine J. Morrison

    1991-01-01

    The effects of market and technological conditions on the investment and markup behavior of firms, and their resulting impacts on economic performance, are closely interrelated and complex. In this paper determinants of and linkages among these are explored for two industries with very different performance records and development patterns over the past three decades -the chemicals and primary metals industries. The analysis is carried out using a production theory model that permits explicit...

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

    OpenAIRE

    Vincent Delbecque

    2008-01-01

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

  9. Venture Capital Investor Behaviour in the Backing of UK High Technology Firms: Financial Reporting and the Level of Investment

    OpenAIRE

    Gavin C. Reid; Smith, Julia A

    2005-01-01

    This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services. This evidence is used to examine: (a) the usefulness of financial accounts; (b) the implications of technopole inves...

  10. FINANCIAL-ACCOUNTING INFORMATION: A GENUINE FACTOR OF POWER IN THE CAPITAL MARKET INVESTMENT GAIN-LOSS RATIO

    Directory of Open Access Journals (Sweden)

    BONI MIHAELA STRĂOANU

    2014-05-01

    Full Text Available The main objective of accounting is to provide information to ensure a true and fair view of the financial position, financial performance and changes in financial position of the entity, for the use of such information by internal and external users, in order to sustain economic decisions. To achieve this objective, it is necessary that current accounting work to periodically synthesize generalized information that would be relevant to characterize the activity carried out by an entity within a certain time period. Globalization of capital markets has resulted in the need for consistent information, becoming stronger, understanding and comparing financial information to various corporations.

  11. Human capital and productivity

    OpenAIRE

    Fuente, Ángel de la

    2011-01-01

    This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

  12. 创业投资“阶段后移”的解释——基于博弈论的分析%Explaination of Venture Capital Investment Stage Moving Back

    Institute of Scientific and Technical Information of China (English)

    马军伟; 王剑华

    2011-01-01

    Venture capital is always the main financing form of the rising companies especially the high-tech enterprises in their early development. Adversely,we find that the stage of main venture capital investment moves back in the growing process of venture capital investment from the research. From the very first beginning,there was the problem of the venture capital stage moving back in China, which was adverse to the aim of releasing innovation energy and promoting high-tech achievements through the development of venture capital. In a word, venture capital is risk avoidance industry, and the investment stage moving back is the game between venture capital firms and venture firms.%创业投资一直是新兴企业特别是高技术企业在其发展前期阶段融资的主要形式.但我们通过研究发现,创业投资机构往往偏好创业企业或项目的中后期阶段,投资阶段呈现明显的后移趋势.我国国内创业投资机构从一开始就存在投资阶段后移的问题,与政府通过发展创业投资来促进创新创业能量的释放和推动我国高科技成果转化的出发点相悖.总体来说,我国创业投资属于风险意识较弱的一种行业,投资阶段后移是我国政府机构附属型创业投资机构与创业企业的博弈结果.

  13. Venture capital and internationalization

    OpenAIRE

    Schertler, Andrea; Tykvová, Tereza

    2009-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio companies, (iii) portfolio companies' countries and (iv) pairs of venture capitalists' and portfolio companies' countries suggest that some factors, such as viable stock markets, boost investments by dome...

  14. Investment opportunities as real options

    OpenAIRE

    Rovčanin, Adnan

    2005-01-01

    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 im...

  15. Inversión en Capital Humano y la Oferta de Trabajo

    OpenAIRE

    Joseph Ramos

    1983-01-01

    This paper explores an asymmetry between investments in human capital and those in physical or financial capital. Human capital investments are unable to separate incomes derived ,from capital from those derived from one's own work, in this way limiting t

  16. Study on Introduction Mechanism Based on Joint of Entrepreneurial Intellectual Capital Venture Investments%基于联合风险投资的创业智力资本导入机理研究

    Institute of Scientific and Technical Information of China (English)

    曾蔚; 游达明

    2011-01-01

    本文首先描述了创业企业通过吸收联合风险投资获得发展所急需的财务资本与智力资本而飞速发展的现象;然后阐述了创业智力资本的结构,探讨了基于联合风险投资的创业智力资本的导入机理;最后,进行了具体案例的剖析。%Joint venture investments are increasingly welcome by entrepreneurial enterprises. The reason is that many entrepreneurial enterprises can get their badly-needed financial capital and intellectual capital through absorbing joint venture investments and grow rapidly. This paper described the phenomenon and then expounded intellectual capital structure. Moreover, this paper analyzed the introduction mechanism of intellectual capital based on joint venture investments. Finally, the paper conducted an empirical study of a listed company in China.

  17. Institutions, Capital, and Growth

    OpenAIRE

    2010-01-01

    The international development community has encouraged investment in physical and human capital as a precursor to economic progress. Recent evidence shows, however, that increases in capital do not always lead to increases in output. We develop a growth model where the allocation and productivity of capital depends on a country's institutions. We find that increases in physical and human capital lead to output growth only in countries with good institutions. In countries with bad institutions...

  18. Capital Mobility and Asset Pricing

    OpenAIRE

    Duffie, Darrell; Strulovici, Bruno

    2009-01-01

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

  19. Overinvestment, Underinvestment, Efficient Investment Decrease, and Efficient Investment Increase

    OpenAIRE

    Hairong Tang; Yuqing Shen; Yao-Min Chiang

    2014-01-01

    Using data of Chinese listed companies, we find that the relationship between capital expenditure growth and stock return does not monotonously increase or decrease. Four types of relationships exist between capital expenditure growth and stock returns: overinvestment, underinvestment, efficient investment decrease, and efficient investment increase. The first two types show inefficient investments, whereas the last two types show efficient investments. We further explore how ownership struct...

  20. Foreign capital inflows: another Trojan horse?

    OpenAIRE

    Gerald H. Anderson; Bryan, Michael F.

    1989-01-01

    An analysis of the role of foreign investment in U.S. resource allocation, finding that the large influx of foreign capital in the 1980s has been used predominantly to fund domestic investment and consumer investment spending.

  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

    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.%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。

  2. 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

    OpenAIRE

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

    2014-01-01

    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 ...

  3. Experiences and reference on private capital invest in medical institute in other countries%国外社会资本办医经验的借鉴与启示

    Institute of Scientific and Technical Information of China (English)

    李丽; 王玲玲; 路明; 刘宇; 郭遐; 高树宽; 王俊

    2015-01-01

    随着我国医药卫生体制改革的不断深化,鼓励和引导社会资本办医,形成多元化办医格局已成为新的发展趋势,有必要学习和借鉴国外好的社会资本办医经验。从税收政策、医疗保险、人力资本管理等方面介绍了美国、德国、日本等国家的社会资本办医情况,为我国社会资本办医提供借鉴。%With the deepening of new healthcare reform, it is the trends to encourage private capital invest in medical institute and shape a diversity ownership of medical institute. It is necessary referring experiences of private capital investing medical institute from other countries. The experiences of private capital invest in medical institute from America, Germany and Japan in aspects of tax policies, medical insurance and human resources management are discussed to give some reference.

  4. Immigration Through Investment

    Science.gov (United States)

    Goldstein, Richard S.

    1978-01-01

    To qualify as an investor exempt from the labor certification requirement, the applicant must essentially establish, by documentary evidence, that he has made an investment or outlay of capital, totaling at least $40,000. (NQ)

  5. 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...... 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.......-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...

  6. Public Capital, Private Capital and Economic Growth

    OpenAIRE

    Alberto Bucci

    2012-01-01

    A growth model is presented in which productive government expenditure takes the form of a stock. Private and public capital interact with each other in two ways. The first is related to the specification of the aggregate production function (Cobb-Douglas vs. CES). The second has to do with the rates of investment in the two types of capital, and arises from the law of motion of public capital. The share of public capital devoted to output production can be exogenous or endogenous. In this fr...

  7. A Survey of Venture Capital Research

    OpenAIRE

    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 organizational structures of venture capital firms, and the relationship between general and limited partners. It discusses the work on the returns to venture capital investments. It also examines pu...

  8. 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 surro...... depression: rather, its slump helped to propel the wider collapse...

  9. 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

  10. 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

  11. Does Foreign Aid increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    2012-01-01

    We examine the idea that aid and FDI are complementary sources of foreign capital. We argue that the relationship between aid and FDI is theoretically ambiguous: aid raises the marginal productivity of capital when used to finance complementary inputs (like public infrastructure and human capital...... investments), but aid may crowd out private investments when it comes in the shape of pure physical capital transfers. Empirically, we find that aid invested in complementary inputs draws in FDI, while aid invested in physical capital crowds it out. The paper shows that the composition of aid matters for its...

  12. Worker Remittances and Capital Flows

    OpenAIRE

    Buch, Claudia M; Kuckulenz, Anja; Le Manchec, Marie-Helene

    2002-01-01

    The debate on the risks and benefits of the globalisation of international capital markets has focused on the volume and the volatility of the main capital flows — foreign direct investment (FDI), portfolio investment, and foreign bank lending. Financial transfers in the form of worker remittances have received less attention in this context. This paper provides an analysis on the magnitude of remittances, their volatility, and their relationship to other capital flows. Moreover, we provide ...

  13. EUROPEAN VENTURE CAPITAL MARKET CHARACTERIZATION

    OpenAIRE

    Félix, Elisabete Gomes Santana

    2005-01-01

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

  14. Specialization and Human Capital in Search Equilibrium

    OpenAIRE

    Mukoyama, Toshihiko; Şahin, Ayşegül

    2005-01-01

    This paper constructs a general equilibrium search-matching model with heterogeneous workers. Workers choose whether to invest in general human capital or specific human capital when they enter the labor market. We analyze how unemployment benefits affect the choice of the type of human capital investment.

  15. Investment and investment finance in Europe

    OpenAIRE

    Kolev, Atanas; Tanayama, Tanja; Wagenvoort, Rien

    2013-01-01

    Combining in-house research and work by leading academics, this report assesses how the crisis has impacted investment across the non-financial sector, in small and medium-sized enterprises (SMEs), in infrastructure, and in R&D and innovation. It explains why and where investment has declined, looking at the impact of structural imbalances, policy uncertainty, new capital requirements for banks and the fragmentation of Europe's financial markets. In terms of policy options, it warns against p...

  16. Corruption, Public Expenditure, and Human Capital Accumulation

    OpenAIRE

    Spyridon Boikos

    2013-01-01

    In this paper we investigate the effect of corruption on human capital accumulation through two channels. The first channel is through the effect of corruption on the public expenditure on education and the second channel is through the effect of corruption on the physical capital investment. Public expenditure on education affects positively human capital, while physical capital can obsolete human capital. Initially, we construct an endogenous two-sector growth model with human capital accum...

  17. 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...

  18. Banking on a level playing field : the role of social capital in the promotion process to MD in a major investment bank : is it different for women?

    OpenAIRE

    Pryce, Patricia

    2013-01-01

    This thesis analyses individual experiences of the promotion process to Managing Director within a global bank to identify the contribution made by social capital. Using Nahapiet and Ghoshal’s (1998) three-dimension framework as the theoretical lens, the thesis extends social capital research beyond its largely quantitative focus on network analysis (structural dimension) to understand more clearly the relative importance and impact of the relational and cognitive dimensions. Semi-structured ...

  19. 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...

  20. 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.

  1. Dynamic investment and financing under personal taxation

    OpenAIRE

    Morellec, Erwan; Schuerhoff, N.

    2010-01-01

    This paper examines the effects of capital gains taxation on firms’ investment and financing decisions. We develop a real options model in which the timing of investment, the decision to default, and the firm’s capital structure are endogenously and jointly determined. Our analysis demonstrates that the asymmetric taxation of capital gains and losses fosters investment by eroding the option value of waiting. It also shows that firms controlled by taxable investors employ more equity financing...

  2. THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY

    Directory of Open Access Journals (Sweden)

    Alin Marius Andrieş

    2009-12-01

    Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.

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

    OpenAIRE

    Conrad, Klaus; Seitz, Helmut

    1992-01-01

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

  4. Life-Cycle Wage Growth and Heterogeneous Human Capital

    OpenAIRE

    Carl Sanders; Christopher Taber

    2012-01-01

    Wages grow rapidly for young workers, and the human capital investment model is the classic framework to explain this growth. While estimation and the theory of human capital have traditionally focused on general human capital, both have evolved toward models of heterogeneous human capital. In this article, we review and evaluate the current state of this literature. We exposit the classic model of general human capital investment and extend it to show how a model of heterogeneous human capit...

  5. 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

    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。%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.

  6. State support of regional investment projects

    OpenAIRE

    Skopin Aleksey Olegovich

    2012-01-01

    The author provides an overview of the regulatory framework in the field of public support (at the federal level and at federation) regional investment projects in the form of capital investment. Marks a significant role in co-financing of regional investment projects Investment Fund of Russia, shows the role of regional investment funds, as a new instrument of government support for regional investment projects.

  7. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    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 in the......  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...... 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...

  8. ANALYSIS OF THE RELATIONSHIP BETWEEN DISCLOSED VOLUME OF INVESTMENT IN INFORMATION SYSTMES AND MARKET VALUE OF OPEN CAPITAL BRAZILIAN COMPANIES IN THE ELECTRIC ENERGY SECTOR ANÁLISE DA RELAÇÃO ENTRE VOLUME DE INVESTIMENTOS EM SISTEMAS DE INFORMAÇÃO DIVULGADOS E VALOR DE MERCADO DAS EMPRESAS BRASILEIRAS DE CAPITAL ABERTO DO SETOR DE ENERGIA ELÉTRICA

    Directory of Open Access Journals (Sweden)

    Cássia Maria Gurgel Marinho Fernandes

    2007-07-01

    Full Text Available The objective of this article is to identify how the market value of open capital Brazilian companies behaves in light of investment in information systems. The research sample consists 10 open capital Brazilian companies in the electric energy sector that had their administrative reports published on the site: Comissão de Valores Mobiliários, between 1997 and 2004. Investments in information system was identified on the companies’ Administration Report by the following terms: information system, information technology, generation work, electric energy distribution and transmit ion, system’s expansion, maintenance and security, telecommunications, electronic trades, e-business, Companies Resources Planning (CRP and professional practice and development. The methodology used involved log-linear returns estimated by Ordinary Least Squares (OLS for information in panel data, in which there is a combination of temporary series with transversals information (cross-section. In order to guarantee strong results, three types of panel data were tested. The research results emphasize the hypothesis H1, in which the value invested in information systems, circulated in the annual administration reports of open capital Brazilian electric energy block companies, affects the market value of these companies. The hypothesis H2, in which the magnitude of variation of this value it is a function of the variation in investment in information systems was rejected by this research. Keywords: Information system. Investment. Market value. Este trabalho tem o objetivo de identificar como o valor de mercado das empresas brasileiras de capital aberto se comporta diante de mudanças nos investimentos em sistemas de informação. A amostra da pesquisa é composta por 10 empresas brasileiras de capital aberto do setor de energia elétrica que possuem seus relatórios administrativos publicados no sítio da Comissão de Valores Mobiliários (CVM, no período de 1997 a

  9. Exa mining The Measurement Methods of Investment Properties of Real Estate Investment Trusts According to Turkish Accounting Standard 40: Investment Properties Standard

    OpenAIRE

    Emine Çına Bal

    2015-01-01

    Recently, the real estate industry has developed rapidly in Turkey. As an investment tool,investment in real estate became essential. Within the framework of the Capital Markets Law, organized by the Capital Markets Board of Turkey real estate investment trusts, real estate, real estate-based projects, and real estate capital market instruments by investing in a portfolio management company operating in the specific type. In this study, measurement m...

  10. Companies with foreign capital on background of companies without foreign capital in kujawsko-pomorske voivodship

    OpenAIRE

    Iwona Sobczak

    2010-01-01

    This article is a trial of taking share in discussion about the importance of foreign capital for the economy of kujawsko-pomorskie voivodship through the presentation of companies with foreign capital on the background of companies without foreign capital. The aim of this paper is comparing the companies with foreign capital and companies without foreign capital from kujawsko-pomorskie voivodship according to: capital resources, employment, investment outlays and financial results.

  11. 人力资本投资视角下的物业管理行业人才流失问题研究%Research on the problem of brain drain in property management industry-----Based on the perspective of human capital investment

    Institute of Scientific and Technical Information of China (English)

    黄晓莉

    2015-01-01

    近年来物业管理行业人才流失现象严重.经调研发现,物业管理行业人才流失的一大原因在于物业管理企业人力资本投资不足.本文从物业管理行业人力资本投资的角度,分析探求影响物业管理行业人力资本投资决策的因素,并从人力资本投资的视角,提出解决物业管理行业人才流失问题的对策.%In recent years, the property management industry brain drain hardly. The research found the reason why the talent loss seriously lies in the lack of hu-man capital investment in property management industry. This paper focuses on the human capital investment;to explore the influence factors of human capital invest-ment decision. Accordingly, put forward countermeasures to solve the brain drain of property management industry from the angle of human capital investment.

  12. Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds

    OpenAIRE

    Cumming, Douglas J.; Jeffrey G. MacIntosh

    2003-01-01

    Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners). By contrast, Canadian Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax break...

  13. Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment

    OpenAIRE

    Razin, Assaf; Sadka, Efraim; Yuen, chi-wa

    1998-01-01

    Foreign direct investment (FDI) is observed to be a predominant form of capital flows to low and middle income countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into productive investment in the presence of asymmetric information between the managing owners of firms and other portfolio stakeholders. We emphasize the crucial role played by FDI in sustaining equity-financed capital investment for economies plagued by such inf...

  14. Determinants of Foreign Portfolio Investments in Turkey

    OpenAIRE

    Abdulkadir Kaya; Turan Ondes

    2013-01-01

    Accelerating with financial globalization, foreign capital is increasingly becoming an important financing instrument as well as a source of financing for sovereign countries. Especially in the early 1990s, the rapid liberalization of national capital markets paved the path to the worldwide mobilization of capital factors. As an element of foreign capital, foreign portfolio investments provide debt-free sources of borrowing, facilitate the effective allocation of capital and expand local capi...

  15. Capital budgeting and procurement practices

    OpenAIRE

    Philippe Burger; Ian Hawkesworth

    2013-01-01

    Capital investment is a key function of government. However, for a number of reasons it has proven difficult for governments to ensure that capital investment represents value for money, is affordable, and is budgeted and accounted for in a prudent and transparent manner. This article discusses these challenges facing governments. Using the findings of a survey conducted among OECD countries and enhanced engagement countries in 2012, this article provides an overview of what governments are d...

  16. New Insights on the ICT Sector in Germany - Empirical Studies on ICT Firm Growth and Knowledge Spillover, ICT Cooperation Networks, and Early Stage Venture Capital Investments

    OpenAIRE

    Schröder, Christian

    2014-01-01

    Chapter 2: 200 ICT companies based in Germany were interviewed to find out which regional and company specific factors have a measurable direct impact on corporate growth. The analysis found that firm age and size, export ratio, expenditure on research and development, product innovation, venture capital and concrete cooperation between companies have a direct effect on the growth of ICT companies. Surprisingly active participation in an ICT cluster has a negative impact on company growth...

  17. Venture capital fondy v České republice

    OpenAIRE

    HUBENÁ, Jana

    2009-01-01

    The diploma thesis is divided in two main parts. In the first part the thesis describes the concept of venture capital, it provides venture capital concept definition and clarifies possibilities of utilisation of venture capital. The work shows creating funds, gives definition of a founder, funds rules and their priorities, ways of checking investments and the process of the final phase, i.e. evaluation. Kind of venture capital investment, investment process length, quantity of provided tools...

  18. 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

  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 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

  1. Management of Financial and Investing Provision of Business Innovative Development

    OpenAIRE

    Olena Moroz; Tetyana Piliavoz

    2012-01-01

    The special features of using of venture capital as a way of attracting investments for innovative development have been defined. The comparative characteristic of the types of venture capital investments has been done. The ways of companies' participation in venture financing through forming small businesses, small business ventures or their own operating specialized investment firms of venture capital have been investigated. The mechanism of functioning of the corporate venture investment h...

  2. Venture capital returns, new firms and social networks

    OpenAIRE

    Ewens, Michael

    2010-01-01

    These chapters study the return of venture capital investments with a focus on outliers and examine the formation of new firms that invest in entrepreneurial companies. First, I formulate a model and estimator of venture capital (VC) returns motivated by the entrepreneurial firm life-cycle and the extreme return outcomes of typical venture capital investments. The model incorporates tail events and the estimator corrects for sample selection bias and endogenous investment holding periods. I f...

  3. Investment Management Of Natural Resources

    OpenAIRE

    Vitaliy Pylypiv; Vladimir Pavlenko

    2013-01-01

    The problem aspects of the effective use of natural resources income flow are described. Directions of economic development policy formation on the basis of capitalization of natural resources are defined. Advantages of natural capital investment management through the institute of trust fund are grounded. The features of functioning of trust fund of natural resources are exposed.

  4. 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...

  5. 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…

  6. 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。

  7. 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

    Directory of Open Access Journals (Sweden)

    Sophie Pommet

    2012-11-01

    Full Text Available 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-risqueurs ont un impact différencié sur la performance des start-up. Nos résultats suggèrent en outre que l'environnement national a une influence sur le mode de sortie des entreprises.This article examines the profitability of venture capitalists’ investment strategies located in France, Germany and the United-Kingdom. We study 3474 financed firms extracted from the database Thomson Private Equity, and gain insight into the impact of specialization (by industry and by development stage and syndication on the performance of start-ups (measured by their mode of exit. We show that the different strategies used by venture capitalists have a differentiated impact on the mode of exit. Our results also show that the institutional environment exerts a certain influence.

  8. 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

  9. APPLICATIONS OF SOCIAL CAPITAL THEORY

    OpenAIRE

    Schmid, A. Allan; Robison, Lindon J.

    1995-01-01

    Experiments and studies were conducted to investigate the role of social capital. Social capital (relationship to others) is a productive asset which is a substitute for and complement to other productive assets. The productivity of social capital leads to the expectation that firms and individuals invest in relationships. Data were collected to answer the following questions: Does the identity (relationship) of trading partners affect selling and buying prices; the acceptance of catastrophic...

  10. Venture Capital and Innovation Strategies

    OpenAIRE

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

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the first to examine the association of venture capital funding with a company’s choice of innovation strategies. We employ a unique dataset of over 10,000 innovative Dutch companies, some of which receiv...

  11. Human Capital and Genetic Diversity

    OpenAIRE

    Sequeira, Tiago; Santos, Marcelo,; Ferreira-Lopes, Alexandra

    2013-01-01

    The determinants of human capital have been studied sparsely in the literature. Although there is a huge literature on the determinants of schooling linked with the quality of schooling, there are not many contributions that explore the deep determinants of investment in, quantity and quality of human capital. This paper investigates the relationship between human capital and the ancestral genetic diversity of populations. It highlights a strong hump-shaped relationship between genetic divers...

  12. Fiscal Policy, Investment and Long-Run Economic Growth: Evidence from Indonesia

    OpenAIRE

    Yuniarto Hadiwibowo

    2010-01-01

    This paper reviews the impact of fiscal policy on investment and economic growth in Indonesia. Investment accelerates physical capital accumulation. In turn, physical capital contributes to economic growth. Using vector error correction approach, we find significant relationships between fiscal policy variables and investment. Government revenue and current expenditure influence investment negatively. On the other hand, government development expenditure increases investment and economic grow...

  13. 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.

  14. 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.

  15. Hedge Fund Investments: Risk Management Perspectives

    OpenAIRE

    Financial Systems and Bank Examination Department

    2007-01-01

    Hedge funds in Japan have recently been attracting more capital from institutional investors, including financial institutions. This paper highlights the relevant risk management issues for hedge fund investments. An investor investing in hedge funds requires a different risk management procedure from the investor investing in traditional securities. This is because the investor is actually investing in the hedge fund managers' investment skills and needs to monitor multiple entities involved...

  16. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

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

  17. FDI Outflows and Domestic Investment

    OpenAIRE

    Dasgupta, Nandita

    2016-01-01

    The recent phenomenon of rising outward foreign direct investment (OFDI) flows has raised serious policy concerns about its effects on the domestic investment and capital formation in the countries of origin of such FDI flows. Does OFDI stimulate domestic investment or does it crowd it out? The concern arises because OFDI activities could shift not only some of the production activities from home to foreign destinations but also could possibly threaten the availability of scarce financial res...

  18. External Reporting of Human Capital in Malaysia

    OpenAIRE

    Ching Choo Huang; Zubaidah Zainal Abidin; Kamaruzaman Jusoff

    2009-01-01

    Human capital information which is vital for effective management of resources is usually only accessible internally within an organization.  However, information regarding human capital or human resource investments and the return on these investments are currently not presented in the annual reports systematically and consistently.  This paper examines the extent of the disclosure of human capital in the annual reports of Malaysian top companies based on the concept of Human Resource Costin...

  19. 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...

  20. Capital gains, total returns and saving rates

    OpenAIRE

    Michael Hudson

    2013-01-01

    To focus on the dynamics of how financial wealth is created, obtained, and valued, this paper (1) distinguishes capital gains from income by measuring total returns, and (2) contrasts the capitalized value of rentier income (rent extraction rights and privileges from land, natural resources, and monopolies) from that of industrial profits on tangible capital investment.

  1. Venture capital in New England secondary cities

    OpenAIRE

    Carole Carlson; Prabal Chakrabarti

    2007-01-01

    Over the past two decades, venture capital has been one of the major drivers of the U.S. economy. This article examines venture capital investment in secondary cities, cities outside of the 40 largest U.S. metropolitan statistical areas (MSAs), including New England secondary cities, and identifies factors that may explain how certain smaller cities attract venture capital.

  2. 创业投资引导基金运行模式研究%Venture capital investment introducing fund operationmode research

    Institute of Scientific and Technical Information of China (English)

    潘勤燕; 朱未萍

    2012-01-01

    近年来国内创业投资引导基金的快速发展,为本土创业投资行业发展提供了契机,也为科技型中小企业解决融资问题提供了新的渠道。本文通过对创业投资引导基金运作模式的分析研究,归纳出引导基金在运作过程中存在的监管问责制度缺失、资金退出渠道不通畅等问题,并提出了完善制度建设、引入独立监管机构、增加综合性服务平台解决资本退出问题等政策建议。%The domestic guiding fund for the venture capital(GFVC),develops rapidly in recent years.It offers chance for local venture capital development,and also provides a new channel for solving the financing problem of the technological SME.This article analysis investigating realistic situation,summed up the GFVC is lack of regulatory accountability system and funds exit channels and other problems in the process of its operation.In this foundation,putting forward policy recommendations about perfecting system construction,the introduction of independent regulatory agencies,increasing integrated service platform to solve the information asymmetry and capital exit and so on.

  3. A Survey of Venture Capital in Europe : Implications for the Chinese Venture Capital Market

    OpenAIRE

    2010-01-01

    Despite the rapid growth of the European VC market, few Chinese academic researchers have studied it. In this paper, I make a detailed description of the European venture capital market, and hope to withdraw some lessons from Europe for the development of the venture capital market in China. After some theoretical reviews about the definition of venture capital, the structure of a venture capital market and the determinants of venture capital investments, the paper describes the history an...

  4. Erotic Capital

    OpenAIRE

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

    2016-01-01

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

  5. 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.

  6. Capital Income Taxation and Tax Criteria in International Capital Markets

    OpenAIRE

    Hannu Piekkola

    1995-01-01

    The study analyses the capital income taxation of foreign-source income, where residence and source criteria are the two well-known tax criteria. The study presents a globally optimal tax rule which equalizes the shadow price of capital in the countries and which is assumed to be a weighted average of the return on savings and on investment, i.e. depending on the gross rate of return to the extent that capital contributes to the capital used, and on the net interest rate to the extent that ca...

  7. Communitarianism, Oppositional Cultures, and Human Capital Contagion: Theory and Evidence from Formal versus Koranic Education

    OpenAIRE

    Dev, Pritha; Mberu, Blessing; Pongou, Roland

    2013-01-01

    We analyze the implications of communitarianism-the tendency of people to organize into separate culturally homogeneous groups-for individual and group inequality in human capital accumulation. We propose a non-cooperative social interactions model where each individual decides how much time to invest in human capital versus ethnic capital, and his utility from investment in either form of capital is increasing in the investment of his ethnic group in that form of capital. We find that, in eq...

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

    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。

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

    OpenAIRE

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

    2015-01-01

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

  10. Optimal capital income taxation in a two sector economy

    OpenAIRE

    Selim, Sheikh

    2007-01-01

    We extend the celebrated Chamley-Judd result of zero capital income tax and show that the steady state optimal capital income tax is nonzero, in general. In particular, we find that the optimal plan involves zero capital income tax in investment sector and a nonzero capital income tax in consumption sector. In a two sector neoclassical economy, interdependence of labour and capital margins allows the government to choose an optimal policy that involves nonzero tax on capital income. The disto...

  11. 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.

  12. Intangible Capital and International Income Differences

    OpenAIRE

    Aamir Rafique Hashmi

    2008-01-01

    I add intangible capital to a variant of the neoclassical growth model and study the implications for cross-country income differences. I calibrate the parameters associated with intangible capital by using new estimates of investment in intangibles by Corrado et al. (2006). When intangible capital is added to the model, the TFP elasticity of output increases from 2.14 to 2.64. This finding implies that the addition of intangible capital increases the ability of the neoclassical growth model ...

  13. A bottleneck capital model of development

    OpenAIRE

    Jordan Rappaport

    2002-01-01

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

  14. Innovation, Capital Accumulation and Economic Transition

    OpenAIRE

    Keuschnigg, Christian; Kohler, Wilhelm

    1996-01-01

    Abstract: This paper explores some links between trade, human capital investment and innovation-based growth in the context of Eastern European economies in transition. Specifically, we calibrate a two region model with trade in differentiated high-tech products and a homogeneous traditional commodity. Human capital, or the quality of the skilled labour force, as well as physical capital are accumulated. Human capital remains finite in the long-run but depends endegenously on education and is...

  15. 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:

  16. VENTURE CAPITAL FINANCING IN EMERGING ECONOMIES

    OpenAIRE

    Valentina Diana RUSU; Carmen TODERASCU

    2016-01-01

    The problem of how financing through venture capital functions in environments that significantly differ from mature and developed markets, begins to be an important issue for researchers. In this article we aim to analyze the venture capital practice in the emerging markets. Obtaining venture capital is different from applying for a loan, because venture capitalists are usually very selective in deciding where to invest. We analyze the venture capital financing process, and what the conditio...

  17. The Cost of Capital: Some Issues

    OpenAIRE

    Nigel Dews

    1988-01-01

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

  18. 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. PMID:10187243

  19. 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.

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

    OpenAIRE

    Michael Basch; Gonzalo García-Huidobro

    1997-01-01

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

  1. 75 FR 47860 - Kohlberg Capital Corporation; Notice of Application

    Science.gov (United States)

    2010-08-09

    ... equity growth capital to privately-held middle market companies and its investment objective is to... COMMISSION Kohlberg Capital Corporation; Notice of Application August 3, 2010. AGENCY: Securities and... Application: Kohlberg Capital Corporation (``Kohlberg Capital'') requests an order to permit it to...

  2. Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation

    OpenAIRE

    Christopher House; Shapiro, Matthew D.

    2008-01-01

    Investment decisions are inherently forward-looking. The payoff of acquiring capital goods, particularly long-lived capital goods, is governed almost exclusively by events in the far future. Because the timing of the investment itself does not affect future payoffs, there are strong incentives to delay or accelerate investment to take advantage of predictable intertemporal variations in cost. For sufficiently long-lived capital goods, these incentives are so strong that the intertemporal elas...

  3. Distortionary Taxes and Public Investment in a Model of Endogenous Investment Specific Technological Change

    OpenAIRE

    Bishnu, Monisankar; Ghate, Chetan; Gopalakrishnan, Pawan

    2011-01-01

    We construct a model of endogenous investment specific techological change in which the stock of public capital influences the real price of capital goods. We show that the growth and welfare maximizing tax rates coincide in the planned economy. When factor income taxes finance public investment infintely many tax-subsidy combinations can decentralize the planner's allocations. The optimal capital income tax can be positive in this environment. We then augment the model to incorporate adminis...

  4. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex...... 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...

  5. Mathematical analysis of investment systems

    Science.gov (United States)

    Zhu, Q. J.

    2007-02-01

    Investment systems are studied using a framework that emphasize their profiles (the cumulative probability distribution on all the possible percentage gains of trades) and their log return functions (the expected average return per trade in logarithmic scale as a function of the investment size in terms of the percentage of the available capital). The efficiency index for an investment system, defined as the maximum of the log return function, is proposed as a measure to compare investment systems for their intrinsic merit. This efficiency index can be viewed as a generalization of Shannon's information rate for a communication channel. Applications are illustrated.

  6. Private investment in rental housing

    OpenAIRE

    Dent, P; Doling, J.

    1990-01-01

    The aim of this paper is to examine the investment record of the private rented sector as a way of understanding the prospects for private investment. A capital-asset-pricing model is used which enables investors, on the basis of the risk characteristics of investing in private rental housing, to quantify the rate of return they might require from investing in this sector. Aggregate data are used to show that in much of Britain fair rents have been greater than the target rate of return ident...

  7. 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.

  8. 股权结构、会计稳健性与资本投资效率研究综述%The Research on Ownership Structure,Accounting Conservatism and the Efficiency of Capital Investment

    Institute of Scientific and Technical Information of China (English)

    伍青萍; 郭桂花

    2012-01-01

      The company’s ownership structure cause the principal-agent problems and asymmetric information between the stakeholders, resulting in the non-efficiency of the company’s investment behavior,But accounting conservatism is a coordination mechanism which can coordinate the conflict of interest between the company’s contracting parties,and it also can effectively reduce the agency costs of the contracting parties,Improving accounting conservatism has its practical significance in Chinese capital market,and should fully reflect the value of the governance of accounting conservatism.%  公司的股权结构引发利益相关者间的委托代理问题和信息不对称问题,从而导致公司的非效率投资行为,而会计稳健性作为一种协调公司契约各方利益冲突的机制,它能有效降低契约各方的代理成本,在中国资本市场中提高会计稳健性有其现实意义,并且应充分体现会计稳健性的治理价值。

  9. A Theory of Slow-Moving Capital and Contagion

    OpenAIRE

    Acharya, Viral V; Shin, Hyun Song; Yorulmazer, Tanju

    2009-01-01

    Fire sales that occur during crises beg the question of why sufficient outside capital does not move in quickly to take advantage of fire sales, or in other words, why outside capital is so slow-moving. We propose an answer to this puzzle in the context of an equilibrium model of capital allocation. Keeping capital in liquid form in anticipation of possible fire sales entails costs in terms of foregone profitable investments. Set against this, those same profitable investments are rendered il...

  10. New Housing Supply and the Dilution of Social Capital

    OpenAIRE

    Christian A. L. Hilber

    2010-01-01

    This paper examines the role of local housing supply conditions for social capital investment. Using an instrumental variables approach and data from the Social Capital Community Benchmark Survey, it is documented that the positive link between homeownership and individual social capital investment is largely confined to more built-up neighborhoods (with more inelastic supply of new housing). The empirical findings provide support for the proposition that in these localities house price capit...

  11. Investment in Forest Land: Aspects of Risk and Diversification

    OpenAIRE

    W. L. Mills, Jr.; Hoover, William L

    1982-01-01

    This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge ...

  12. Portfolio Risk and Returns from Timber Asset Investments

    OpenAIRE

    Clair H. Redmond; Frederick W. Cubbage

    1988-01-01

    This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge ...

  13. SIGNIFICANT FOREIGN DIRECT INVESTMENT (FDI) IN ECONOMICS

    OpenAIRE

    Simona Mihaela POPOVICI

    2009-01-01

    Investments in development are essential to any economic system (business, civil organization or public institution, sector, national economy, etc..). Through them ensures the creation, consolidation, reclamation, improvement and growth of any of the system. Regarding foreign direct investment in recent years has been a pretty big interest worldwide in attracting foreign capital, some countries managed to attract higher foreign direct investment, other foreign investment portfolio, and only a...

  14. The Effect of Deficit Finance on Human Capital

    OpenAIRE

    Philip A. Trostel

    1995-01-01

    A study that measures the effects of human capital investment on the deficit financing costs of government spending finds that the lower current and higher future tax rates of deficit financing increases opportunity costs and reduces the benefits of investments.

  15. 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.

  16. Investment Appraisal Process

    OpenAIRE

    Akalu, M.M.; Turner, Rodney

    2001-01-01

    textabstractThis case study examines the capital budgeting practices of two chemical companies. It is found that the companies apply the value management tools to supplement the DCF measures. In addition, the R&D projects are assessed using qualitative methods. Moreover, the study revealed the symptom of a trend shift in the choice of investment appraisal techniques from traditional DCF to the newly crafted value management models.

  17. Investment Projects Analyse Methodology

    OpenAIRE

    Simen Antoneta

    2012-01-01

    The IFIs analyze methodology of investment projects based on dynamic methods of assessment and financial analysis in which the predominant component is to update the flow of revenues and expenses. IFIs have adopted the method of analysis based on internal rate of return (financial and economic), considered the most appropriate because it allows comparison with the appropriate cost of capital, the reference standard for financial analysis in market economies. The expression of projects efficie...

  18. Investment Appraisal Process

    OpenAIRE

    2001-01-01

    This case study examines the capital budgeting practices of two chemical companies. It is found that the companies apply the value management tools to supplement the DCF measures. In addition, the R&D projects are assessed using qualitative methods. Moreover, the study revealed the symptom of a trend shift in the choice of investment appraisal techniques from traditional DCF to the newly crafted value management models.

  19. Capital cost estimate

    Science.gov (United States)

    1975-01-01

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

  20. 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.

  1. THE IMPORTANCE OF VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    IRINA ANGHEL-ENESCU

    2013-05-01

    Full Text Available Created in the United States of America, Venture Capital is an asset class which attracted recently the attention of the policy makers all over the world. But the concept is still not clearly defined and understood. This paper attempts at introducing in the concept, its characteristics, and reviewing some of the benefits Venture Capital investments can bring at both the macroeconomic level, by looking at the correlation with the economic growth, and at the microeconomic level, for the portfolio companies.

  2. Insider Ownership and Capital Constraints

    OpenAIRE

    Hobdari, Bersant

    2007-01-01

    We analyze the impact of corporate governance structures on access to capital using a unique and rich panel data for a large and representative sample of Estonian firms over the period 1993 through 1999. We distinguish among five different governance structures and provide estimates on the impact of each of them on capital constraints. Our results indicate that: (i) separate regimes exist in investment behavior; (ii) the likelihood of being financially constrained is higher in firms that are ...

  3. Stock market and capital market

    OpenAIRE

    Dziková, Iveta

    2012-01-01

    The bachelor thesis provides an overview of selected topics related to the capital market. For completeness, the first part deals with the financial market whose characteristics can then be applied to the capital market. Furthermore, the stock exchange with its important features is introduced as well as the over-the-counter market, which is recently undergoing dramatic changes. Investment instruments are also listed in the thesis and the nature of the individual groups that make up the finan...

  4. Asset Pricing with Home Capital

    OpenAIRE

    Michal Pakos

    2008-01-01

    I analyze a stylized consumption-based asset pricing model that features heterogeneous agents and household capital, and discover a novel recession risk factor related to the cross-sectional second moments of the corresponding investments into such home capital. In order to fully isolate the orthogonal effects at work, I completely shut off the well-known mechanism of Constantinides and Duffie (1996) by explicitly stipulating homoscedastic cross-sectional distribution of nondurable goods and ...

  5. Displaced Capital

    OpenAIRE

    Valerie A. Ramey; SHAPIRO, MATTHEW D

    1998-01-01

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

  6. Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

    International Nuclear Information System (INIS)

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  7. Economic Instability and Aggregate Investment

    OpenAIRE

    Robert S. Pindyck; Solimano, Andres

    1993-01-01

    Recent literature suggests that because investment expenditures are irreversible and can be delayed, they may be highly sensitive to uncertainty. The authors briefly summarize the theory, stressing its empirical implications. Then, using cross-section and time-series data for a set of developing and industrial countries, they explore the empirical relevance of irreversibility and uncertainty to aggregate investment. They find that: (a) the volatility of the marginal profitability of capital (...

  8. 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

  9. Human Capital Externalities with Monopsonistic Competition

    OpenAIRE

    Kaas, Leo

    2008-01-01

    This paper provides a novel microeconomic foundation for pecuniary human capital externalities in a labor market model of monopsonistic competition. Multiple equilibria arise because of a strategic complementarity in investment decisions.

  10. Entrepreneurship capital and economic growth

    OpenAIRE

    Audretsch, David B.

    2009-01-01

    This paper shows how and why the Solow growth accounting framework is useful for linking entrepreneurship capital to economic growth. The knowledge filter impedes the spillover of knowledge for commercialization, thereby weakening the impact of knowledge investments on economic growth. By serving as a conduit for knowledge spillovers, entrepreneurship is the missing link between investments in new knowledge and economic growth. Entrepreneurship is an important mechanism permeating the knowled...

  11. The Capital Asset Pricing Model

    OpenAIRE

    André F. Perold

    2004-01-01

    The Capital Asset Pricing Model (CAPM) revolutionized modern finance. Developed in the early 1960s by William Sharpe, Jack Treynor, John Lintner and Jan Mossin, the model provided the first coherent framework for relating the required return on an investment to the risk of that investment. This paper lays out the key ideas of the model, places its development in a historical context, and discusses its applications and enduring importance to the field of finance.

  12. Foreign Direct Investment Drivers in Romania

    OpenAIRE

    Andreea TRIMBITAS; Andrei VECERDEA

    2013-01-01

    Foreign Direct Investment (FDI) represents a condition sine qua non for a sustainable development of Romania, taking into consideration the fact that the domestic capital is not enough to assure a positive and significant growth. The present study uses the multiple linear regression to determine the main factors which influence FDI level in Romania. The international reserve and the capital market index BET have a direct and positive impact on the foreign investment flow, while the short, med...

  13. Financing constraints, irreversibility and investment dynamics

    OpenAIRE

    Caggese, Andrea

    2001-01-01

    We develop a structural model of an industry with many entrepreneurial firms in order to investigate the cyclical behaviour of aggregate fixed investment, variable capital investment and output. In particular, we consider an environment in which the entrepreneur cannot borrow unless the debt is secured by collateral and cannot sell fixed capital without liquidating her whole business. We show that, when these entrepreneurs experience persistent idiosyncratic and aggregate shocks, the inter-pl...

  14. 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...

  15. A Review of Capital Budgeting Practices

    OpenAIRE

    Davina F. Jacobs

    2008-01-01

    A key challenge in government budgeting is to define an appropriate balance between current and capital expenditures. Budgeting for government capital investment also remains not well-integrated into the formal budget preparation process in many countries. This paper aims to provide an overview of past and current budgeting practices for public investment. The study will also provide a comparison between the budget practices between low-income countries and developed countries and make a seri...

  16. Capital gains taxation under different tax regimes

    OpenAIRE

    Sureth, Caren; Langeleh, Dirk

    2005-01-01

    This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate tax system with double taxation of profits on corporate and personal level, a shareholder relief system, that reduces double taxation completely. It can be shown that general analytical solutions for ...

  17. Optimal capital stock and financing constraints

    OpenAIRE

    Saltari, Enrico; Giuseppe, Travaglini

    2011-01-01

    In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.

  18. Énvironmental Economics and Venture Capital

    OpenAIRE

    Emanuel Shachmurove; Yochanan Shachmurove

    2010-01-01

    What are the effects of macroeconomic variables on venture-backed capital investment in environmentally friendly industries in the United States? What is the significance of location in determining both the number of deals and amount of investment by venture capital in the Clean-tech industry? The Clean-tech sector encompasses those firms that actively incorporate environmental concerns into their products and services. The sector contains environmentally progressive companies from many diffe...

  19. Distribution Dynamics in European Venture Capital

    OpenAIRE

    Stolpe, Michael

    2003-01-01

    This paper evaluates the evolution of European venture capital investments since 1990, using the distribution dynamics methodology. It tests and rejects the hypothesis that the international allocation of venture capital investments is driven by a pathdependent process of agglomeration, in which a country?s initial advantage is transformed into a long-term lead. Instead, the evidence from a cross section of 13 European countries is more favourable for the alternative hypothesis, which explain...

  20. 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.

  1. Essays in Investment Theory

    International Nuclear Information System (INIS)

    shocks. Each player has the choice between two technologies: a large unit and a small one. We prove that different equilibria may exist depending on the parameters' values: a simultaneous investment equilibrium in the small unit or two mixed strategy equilibria. The inaction regions where both technologies provide expected net payoffs that are similar to each other do not survive the introduction of preemption. The choice value is thus equal to zero. Lastly, chapter 4 examines the problem of optimally allocating a fixed budget to a number of different investment projects. The marginal productivity of capital in a budget is first increasing then decreasing with the amount of capital invested in it. When the total budget is below some lower cutoff the share invested in a project can be discontinuous and non-monotone in the total budget. Ultimately, an upper cutoff is reached. Above it, all projects receive more capital as the budget increases. If the projects are identical, each will get the same budget. (author)

  2. 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....

  3. 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…

  4. Capital Reallocation and Liquidity with Search Frictions

    OpenAIRE

    Yong Kim

    2009-01-01

    an environment where both investment and asset liquidity are determined endogenously. This provides a natural framework to analyze the interaction between capital reallocation and liquidity in response to aggregate shocks, which I assess quantitatively. The search model of capital reallocation exhibits strong internal propagation, and can generate substantial changes in factor utilization following aggregate shocks.

  5. 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".

  6. 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. PMID:19049999

  7. Geography and Industry Meets Venture Capital

    OpenAIRE

    Yochanan Shachmurove

    2007-01-01

    Do certain regions inherently enjoy an advantage in venture capital investment decisions? And how do industry characteristics affect venture capital activity? These questions fall under the reemerging study of economic geography, which suggests the importance of industrial location to economic decision making. Through the lens of economic geography, this paper examines the impact of industrial and regional characteristics on venture capital activities from 1996 to 2005. Analyzing venture capi...

  8. Sustainable Development and Human Resource Capital

    OpenAIRE

    Tisdell, Clement A.

    2000-01-01

    Human resources are central to economic development and can be increased in value and productivity by investment in human beings e.g. in their education and health. But for a considerable period in the past economists stressed the importance of the accumulation of man-made physical capital for economic growth and development to the neglect of human resource capital. Nevertheless, in the second half of the 20th century the importance of human resource capital (particularly education) for econo...

  9. 75 FR 31383 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-03

    ... review DOT's complete Privacy Act Statement in the Federal Register published on April 11, 2000 (65 FR... available in the Federal Register at 74 FR 37763; it is also set forth in Appendix B of FTA's ``FY 2011... Executive Order 12866 and the Regulatory Policies and Procedures of the Department of Transportation (44...

  10. Sri Lanka : Investment in Human Capital

    OpenAIRE

    World Bank

    2014-01-01

    Education is one of the most important determinants of economic performance in the modern world. This is true of both countries and individuals. The main characteristic which distinguishes between advanced economies, middle-income economies and low-income countries, is the knowledge content of their production activities and processes. Economic activities and products have become increasin...

  11. Sri Lanka: Investment in Human Capital

    OpenAIRE

    Aturupane, Harsha; Savchenko, Yevgeniya; Shojo, Mari; Larsen, Kurt

    2014-01-01

    Education is one of the most important determinants of economic performance in the modern world. This is true of both countries and individuals. The main characteristic which distinguishes between advanced economies, middle-income economies and low-income countries, is the knowledge content of their production activities and processes. Economic activities and products have become increasingly knowledge and skill-intensive in recent years. In addition, the importance of knowledge and skills is...

  12. 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.

  13. ROI (return on investment): its role in voluntary hospital planning.

    Science.gov (United States)

    Cleverley, W

    1990-01-01

    Return on investment is the primary financial criterion used to evaluate the desirability of capital investment in investor-owned firms. Voluntary health care firms need to examine more carefully their return-on-investment levels. The potential loss of capital cost payment in the Medicare program and the removal of tax-exempt financing would raise the effective cost of capital to voluntary health care firms significantly. Many health care providers might find that they are no longer going concerns if capital costs increase much more. PMID:10103693

  14. 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.

  15. GLOBALIZATION AND FOREIGN DIRECT INVESTMENTS

    OpenAIRE

    Maria - Ramona SARBU

    2015-01-01

    Much discussed and analyzed globalization is a multidimensional and complex process having today a significant magnitude as compared to the past, manifested through various forms of internationalization of production, foreign direct investment (FDI) flows, transnational corporations (TNCs), technology transfers, capital movements, migration flows, amplifying competition between investors and the connections between markets. The complexity phenomenon of globalization contributes to the diversi...

  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. 77 FR 4885 - Rural Business Investment Program

    Science.gov (United States)

    2012-02-01

    ..., the Agency published an Interim Rule for the Rural Business Investment Program (RBIP) (69 FR 32200... to meet the capital requirements. On December 23, 2011 (76 FR 80217), the Agency published an amended...-Cooperative Service Rural Utilities Service 7 CFR Part 4290 RIN 0570-AA80 Rural Business Investment...

  18. Sustainable investment in Turkey: issue brief

    OpenAIRE

    Ararat, Melsa; Yurtoğlu, Burçin B.; Yurtoglu, Burcin B.; Suel, Esra

    2011-01-01

    IFC launched a series of sustainable investment country reports initially covering the largest emerging capital markets attracting global portfolio investors: Brazil, India, and China. Further reports have been added to the series covering Sub-Saharan Africa, the Middle East and North Africa, and Turkey. This Issue Brief 's the summary version of the report, “Sustainable Investment in Turkey,”

  19. 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.

  20. International migration and human capital formation

    OpenAIRE

    Jellal, Mohamed; Wolff, François charles

    2003-01-01

    We consider a model of international migration with heterogeneity in the skill level of workers which accounts for country-specific educational investment, unemployment expectations and return to the origin country. We prove that migrants invest less than natives in human capital formation because of return migration, so that migrants are more likely to be unemployed and to have flatter earnings profiles.

  1. 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

  2. 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.

  3. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because it...... forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  4. Public and Private Saving and Investment

    OpenAIRE

    Eric VAN WINCOOP; Marrinan, Jane

    1993-01-01

    Several authors have shown that models with perfect international capital mobility can generate high correlations between aggregate savings and investment, as observed in the data. In this paper we decompose aggregate saving and investment into their two component parts, private and public. This leads to some striking observations. In almost all of the 15 OECD countries we investigate during the period 1975-1989, the private sector saving-investment gap closely mirrors the government sector s...

  5. Bottlenecks in Ramping Up Public Investment

    OpenAIRE

    van der Ploeg, Frederick

    2012-01-01

    A windfall in a developing economy with capital scarcity and investment adjustment costs facing a temporary windfall should be used to give more consumption to poorer present generations and to speed up development by ramping up public investment and paying off debt taking due account of the increasing inefficiency as investment gets ramped up. The optimal strategy requires negative genuine saving; the permanent income requires zero genuine saving. The optimal real consumption increments are ...

  6. Diversification, Exchange Risks and Corporate International Investment

    OpenAIRE

    Jongmooo Jay Choi

    1989-01-01

    All international investments inevitably have some diversification consequences. Yet the literature on foreign direct investment accords only a limited role to diversification or financial variables. This paper develops a theory of corporate international investment from the standpoint of finance in an environment where the segmentation of international capital markets for individuals or the presence of agency costs provide some independence to corporate decisions separate from shareholders. ...

  7. FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTH

    OpenAIRE

    George Ciobanu

    2007-01-01

    How does foreign direct investment triggered by foreign economic growth affect domestic economic activity? Estimates produced using foreign GDP growth rates for changes in foreign activity indicate that 10% greater foreign capital investment is associated with 2.2% greater domestic investment, and that 10% greater foreign employee compensation is associated with 4.0% greater domestic employee compensation. Changes in foreign and domestic sales, assets, and numbers of employees are likewise po...

  8. Economic Perspectives on Investments in Teacher Quality

    OpenAIRE

    Margaret L. Plecki

    2000-01-01

    This article reviews and critiques the ways in which researchers have used both productivity theory and human capital theory in efforts to measure the returns on investments in improving teacher quality. While studies utilizing these theories to measure investment returns provide useful insights, a critical need exists for research that advances our knowledge about the conceptual links between investments in teacher quality policies and improved student performance. The article also discusses...

  9. Wage and Employment Effects of Payroll Taxes and Investment Subsidies

    OpenAIRE

    Frode JOHANSEN; Klette, Tor Jakob

    1997-01-01

    Using a panel of manufacturing plants we study how payroll taxes and investment subsidies affect wages and demand for labor and capital. We exploit the regional subsidy schemes for labor and capital in Norway. Our empirical analysis finds that a large part of changes in payroll taxes is shifted over to wages. This result suggests that changes in payroll taxes have a limited direct effect on employment. Our study of investment subsidies finds evidence of substitution between labor and capital,...

  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. Touristic Investments in Saranda Region

    Directory of Open Access Journals (Sweden)

    Rakela Thano

    2013-04-01

    Full Text Available Development of tourism, in general presuppose completing of significant capital investment by the state and the private sector. Many times, it happens that investments done by the state and private sector for the touristic development, of a country, or of a region are not enough for the development of tourism. In such a situation, it helps foreign investments, which help touristic sector completing the touristic offer. Touristic investments are the second essential element of general expenditure after the touristic consume. The purpose of this research study is to analyze the development of investments (public and private ones in Saranda Region comparing them with general investments done in Albania and needs for investments in this sector. The given data belong to: Municipality of Saranda, INSTAT, Annual book of Statistics, Ministry of Tourism and Bank of Albania. Making a comparative analyze, we reached the conclusions that, to have the development of tourism, we required not only private investments, but even public investments and a strong collaboration between private and public sector

  12. THE FORMATION OF HUMAN CAPITAL IN UNIVERSITY EDUCATION

    OpenAIRE

    Evgeniya Alekseevna Kurenkova

    2015-01-01

    Human development is the basis of social progress in the modern world. University education has an important role in the formation of human capital. The form of human capital has tangible and intangible investments. Intangible investment is higher education. The aim of the article is to show the formation of the human capital in university education. The modern university is a dynamic category, aimed at training competent mobile specialists ready to continuous self-education, self-improvement...

  13. Sustainable venture capital - catalyst for sustainable start-up success?

    OpenAIRE

    Bocken, N.M.P.

    2015-01-01

    To address global sustainability challenges, major investments are required in sustainable businesses that deliver triple bottom line results. Although interest in sustainable businesses is on the rise, these businesses are not yet widespread. Venture capital investment has a key role to play in the development of sustainable start-ups. The research area of ‘sustainable’ venture capital is still emerging. More research is required to understand how venture capital can support the development ...

  14. Immigration Policy, Equilibrium Unemployment, and Underinvestment in Human Capital

    OpenAIRE

    Lumpe, Christian; Weigert, Benjamin

    2007-01-01

    We analyse the impact of different immigration policies on human capital investment in a search-theoretic model. This class of model features unemployment and underinvestment in human capital. We show that an immigration policy aiming at well educated immigrants leads to rising educational attainment of natives and can be Pareto-improving. In combination with education subsidies, underinvestment in human capital can be removed such that a Pareto-optimal investment level of natives is reached....

  15. Intangible capital: The key to growth in Europe

    OpenAIRE

    Piekkola, Hannu

    2011-01-01

    Intangibles and especially organisational capital are an important source of capital deepening in European countries, albeit with significant cross-country differences. The GDP in the EU27 area is 5.5% higher if certain categories of expenditure, which have until now been considered as current costs, are classified as investments in intangibles. Intangible capital investment markedly improves the profitability of companies, given the productivity-wage gap, and leads to increasing returns in i...

  16. Venture Capital in Europe's Common Market: A Quantitative Description

    OpenAIRE

    Schertler, Andrea

    2001-01-01

    This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. European markets for private equity vary considerably with respect to the investments in young high-technology enterprises, as well as with respect to the types of passive investors who invest capital in private equity funds. In some countries, private equity investors predominantly receive capital from bank...

  17. 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,...

  18. 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…

  19. 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…

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

    NARCIS (Netherlands)

    M. Cremers; R. Huang; Z. Sautner

    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

  1. 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

  2. Capital gains

    International Nuclear Information System (INIS)

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

  3. Celebration Capitalism

    OpenAIRE

    Boykoff, Jules

    2014-01-01

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

  4. Inflation, Taxation, and Corporate Investment: A q-Theory Approach

    OpenAIRE

    Summers, Lawrence H.

    1980-01-01

    This paper presents an analysis of the effects of tax policy on capital accumulation and valuation based on James Tobin's q theory of investment. As Tobin has explained, aggregate investment can be expected to depend in a stable way on q, the ratio of the stock market valuation of existing capita1 to its replacement cost. For example, increases in the rate of return on physical capital raise its market value and cause increased investment until equilibrium is restored. Although models linking...

  5. Does Government Public Capital Expenditure Matter?: Evidence for Canada

    OpenAIRE

    Dadgostar, Bahram; Mirabelli, Frank

    1998-01-01

    Does the provision of Canadian government capital expenditures and government deficits displace private economic activity? In the U.S., Erenburg (1993) found that private sector investment spending is enhanced by expected increases in public spending on infrastructure, while also showing that deficit spending has no significant effect on private investment. There is no empirical study to date that addresses the relationship between government capital investment and government debt on private ...

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

    OpenAIRE

    Idriss Ghodbane, Mohamed

    2002-01-01

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

  7. 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.

  8. 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...

  9. Investment Policy, Internal Financing and ownership Concentration in the UK

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.

    2000-01-01

    This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate investment a

  10. A successful capital treadmill

    International Nuclear Information System (INIS)

    A summary of the operating economics of the Winter Cummings Sand Pool, a horizontal well development project with a sustained rate of development, was presented. A total of 58 horizontal wells have been drilled over a time span of seven years. The production performance of the first pilot wells indicated that development of the pool by horizontal wells could be economically viable. Since its inception the Winter field development was considered to have become a capital treadmill with an incremental rate of return on the incremental investment of 240 percent (a 24 million dollar net operating cash flow for a 10 million dollar investment). Current development status and production forecasts were also discussed. 21 figs

  11. International venture capital perspective

    International Nuclear Information System (INIS)

    'Full text:' The emerging fuel cell industry is characterized by global cooperation and partnerships in commercial, technical, and financial aspects. In this talk, we would like to provide observations about international venture capital focused on fuel cells globally. The talk will refer to experiences Conduit Ventures has had with its portfolio companies and other investors in various countries. We discuss our approach to working with portfolio companies who are geographically remote from our main office in London. We also discuss the process of making investment decisions on possible investments in various countries. The talk will conclude with insights and 'lessons learned' which may be of interest to fellow members of Fuel Cells Canada. (author)

  12. `Brain drain' without migration: Capital market integration and capital-skill complementarities

    OpenAIRE

    Yasuhiro Sato; Kristian Behrens

    2006-01-01

    We analyze the impacts of capital market integration on the skill composition of labor, using a framework in which heterogeneous agents decide to invest in the acquisition of skills and where production exhibits increasing returns in the available skill range (i.e., capital-skill complementarity).

  13. 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。

  14. Modeling energy technology choices. Which investment analysis tools are appropriate?

    International Nuclear Information System (INIS)

    A variety of tools from modern investment theory appear to hold promise for unraveling observed energy technology investment behavior that often appears anomalous when analyzed using traditional investment analysis methods. This paper reviews the assumptions and important insights of the investment theories most commonly suggested as candidates for explaining the apparent ''energy technology investment paradox''. The applicability of each theory is considered in the light of important aspects of energy technology investment problems, such as sunk costs, uncertainty and imperfect information. The theories addressed include the capital asset pricing model, the arbitrage pricing theory, and the theory of irreversible investment. Enhanced net present value methods are also considered. (author)

  15. The Return to Capital in China

    OpenAIRE

    Chong-En Bai; Chang-Tai Hsieh; Yingyi Qian

    2006-01-01

    China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not appear to be s...

  16. 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...... 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....

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

    OpenAIRE

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

    2008-01-01

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

  18. Mode of international investment and endogenous risk of expropriation

    OpenAIRE

    Dadasov, Ramin; Lorz, Oliver

    2010-01-01

    In this paper, we develop a politico-economic model to analyze the relationship between the mode of international investment and institutional quality in a non-democratic capital importing country. Foreign investors from a capital-rich North can either purchase productive assets in a capital-poor South and transfer their capital within integrated multinational firms or they can form joint ventures with local asset owners. The South is ruled by an autocratic elite that may use its political po...

  19. MACEDONIAN STOCK EXCHANGE: DEVELOPMENT OF INVESTMENT BANKING AS OPPORTUNITY FOR LARGER INVESTMENTS IN NATIONAL ECONOMY

    Directory of Open Access Journals (Sweden)

    Ivanovska Nadica

    2011-12-01

    Full Text Available Institutional concentration of financial aggregates as well their market allocation through stock exchange is one of the basic conditions for efficient and fast economic growth.Full implementation of above mentioned functions also means appropriate place for investment banking, and their activities on primary capital market. This can be opportunity for larger investments in national economy and tourism.

  20. 26 CFR 1.58-6 - Regulated investment companies; real estate investment trusts.

    Science.gov (United States)

    2010-04-01

    ... TREASURY INCOME TAX INCOME TAXES Tax Preference Regulations § 1.58-6 Regulated investment companies; real... real estate investment trust, accelerated depreciation on section 1250 property (sections 57(a)(2) and... or trust, other than the capital gains item of tax preference and, in the case of a real...