WorldWideScience

Sample records for capital

  1. 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 ...

  2. 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

  3. 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…

  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. 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. 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.

  7. 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...

  8. 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)

  9. 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.

  10. 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.

  11. DOSTOYEVSKI'S "CAPITAL"

    OpenAIRE

    GUNAL, E. Zeynep

    2012-01-01

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

  12. Intellectual Capital

    OpenAIRE

    Mardešič, Jakub

    2011-01-01

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

  13. Capitalizing China

    OpenAIRE

    Joseph Fan; Randall Morck; Bernard Yeung

    2011-01-01

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

  14. Intelligence Capital

    Directory of Open Access Journals (Sweden)

    Maid Pajevic

    2011-08-01

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

  15. Intelligence Capital

    OpenAIRE

    Maid Pajevic

    2011-01-01

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

  16. Trinidadian capitalism

    OpenAIRE

    Kevin A. Yelvington

    1999-01-01

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

  17. Allergy Capitals

    Science.gov (United States)

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

  18. Dream capitalism

    OpenAIRE

    Pierson, Christopher

    2015-01-01

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

  19. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

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

  20. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

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

  1. Contagious Capitalism

    OpenAIRE

    Peter T. Leeson; Russell S. Sobel

    2006-01-01

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

  2. Flexible Capitalism

    DEFF Research Database (Denmark)

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

  3. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in...... ways that increasingly depend on a static, immobile group who are poorly paid, whose employment rights have been undermined and whose political voice is increasingly ignored. The chapter shows how Boltanski's pragmatist approach to critique as emergent from the experience of the actors themselves...... rather than being imposed by the analyst provides the basis for an understanding of how social and artistic critiques emerge. Whilst recognizing that New Spirits inevitably bears the marks of its origins in the particular context of France in the late 1990s, the chapter argues that there are key aspects...

  4. Placing social capital

    OpenAIRE

    G Mohan; J Mohan

    2002-01-01

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

  5. National accounting and capital

    OpenAIRE

    John M. Hartwick

    2012-01-01

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

  6. Capitalism and human flourishing?

    OpenAIRE

    Gasper, D.R.

    2009-01-01

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

  7. Capitalism and justification

    OpenAIRE

    Birešev Ana

    2009-01-01

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

  8. 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

  9. Intangible Capital and Ramsey Capital Taxation (updated)

    OpenAIRE

    Juan Carlos Conesa; Begoña Domínguez

    2009-01-01

    The standard analysis of optimal fiscal policy in the neoclassical growth model, e.g. Chamley (1986) and Judd (1985), aggregates different types of assets into a unique capital good and all sorts of capital taxes into a unique capital tax. There, the optimal capital tax rate is very high in the short-run and zero in the long-run and, inevitably, time-inconsistent. This paper shows that this classic result does not hold in a more disaggregated framework. As proposed in McGrattan and Prescott (...

  10. 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...

  11. Human Capital a Part of Social Capital

    OpenAIRE

    Inna Fedoryshina

    2014-01-01

    The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...

  12. Financing working capital

    OpenAIRE

    Vasile Popengă; Mirela Popescu

    2002-01-01

    The paper presents some particularities regarding the following aspects: what is working capital; shows alternative net working capital financing strategies, ranging from the most to least risky; also some sources of short-term finance

  13. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

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

  14. Measuring Irish capital

    OpenAIRE

    Keeney, Mary J.

    2007-01-01

    Irish National Income and Expenditure Accounts do not contain information on capital stocks or capital services estimation. Estimates of the national capital stock and the depreciation of its fixed assets are basic macroeconomic aggregates and are integral components for many modelling exercises. This paper will present a detailed asset-level analysis of the stocks and depreciation of Irish fixed assets and the capital formation flows used to derive them. It will apply an improved perpetual i...

  15. Welfare Enhancing Capital Imports

    OpenAIRE

    Masao Oda; Koji Shimomura; Ryuhei Wakasugi

    2007-01-01

    This paper provides a model to consider the conditions under which an acceptance of foreign capital is welfare enhancing in a multi-commodity multi-factor framework. Contrary to the pessimistic conventional wisdom of capital imports and welfare, we provide a justification for the acceptance of foreign capital and the diversification of industrial structure in developing countries. A sufficient condition for the acceptance of foreign capital to be welfare enhancing is that all domestic factors...

  16. 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...

  17. CONTROLS ON CAPITAL MOVEMENTS

    Directory of Open Access Journals (Sweden)

    Petris Sorina

    2012-12-01

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

  18. Four Books on Capitalism

    OpenAIRE

    Streeck, W.

    2009-01-01

    Christoph Deutschmann Kapitalistische Dynamik: Eine gesellschaftstheoretische Perspektive. Wiesbaden, VS Verlag, 2008 Geoffrey Ingham Capitalism. Oxford, Polity, 2008 John McMurtry The Cancer Stage of Capitalism. London, Pluto, 1999 Frederic L. Pryor The Future of U.S. Capitalism. New York, Cambridge University Press, 2002

  19. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

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

  20. 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...

  1. Human Capital, Bankruptcy and Capital Structure

    OpenAIRE

    Jonathan B. Berk; Richard Stanton; Josef Zechner

    2007-01-01

    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  2. Capital Utilization and Capital Accumulation: Theory and Evidence

    OpenAIRE

    Shapiro, Matthew D.

    1986-01-01

    A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capita accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labor, and their rates of utilization. A direct measure of capital utilization -- the work week of capital -- is incorporated into the theory and estimates. The methodology advocated by Hansen and Singleton (1982) is used to obt...

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

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

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

  4. Capital mobility. An overview

    OpenAIRE

    Arndt, H. W.

    2000-01-01

    The article analyses the problem of international capital mobility which the Asian crisis has highlighted. It points out that the problem of capital mobility ("hot money" panics) has a long history, but globalization, the opening up of national economies and technological advance have increased the risks. The article discusses four policy debated which are being pursued in the large Asian crisis literature: (i) the pros and cons of capital controls; (ii) the choice of exchange rate regime; (i...

  5. Development and Social Capital

    OpenAIRE

    Fafchamps, Marcel

    2005-01-01

    This paper examines social capital and its relation with economic development. We focus on the role that interpersonal relationships play in social exchange, whether through the market or through the provision of public goods. By facilitating search and trust, social capital can increase the efficiency of social exchange where formal institutions are weak. But the benefits from social capital are likely to be unequally distributed. Given these features, documenting empirically the benefits of...

  6. Determinants of Soil Capital

    OpenAIRE

    Ekbom, Anders

    2008-01-01

    This paper combines knowledge from soil science and economics to estimate economic determinants of soil capital. Explaining soil capital facilitates a better understanding of constraints and opportunities for increased agricultural production and reduced land degradation. This study builds on an unusually rich data set that combines data on soil capital (represented by chemical and physical properties) and economic data on household characteristics, labor supply, crop allocation, and conserva...

  7. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

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

  8. 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.

  9. KVA: Capital Valuation Adjustment

    OpenAIRE

    Andrew Green; Chris Kenyon

    2014-01-01

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

  10. Intangible Capital Accounting

    OpenAIRE

    Mihalache Arsenie-Samoil

    2010-01-01

    The new economy based on globalization is increasingly important, which shows the decisive role played by intangible capital in achieving the competitive advantage of companies. However, this intangible capital is the hidden side of a company's value, as it represents the company's intangible resources, which cannot be measured by the financial metrics used to measure tangible resources. Given the functional importance of intangible capital, several models several models were proposed by the ...

  11. Human Capital and Retirement

    OpenAIRE

    Alders, P.

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by learning-by-doing. The human capital of an employee is subject to depreciation when knowledge of technologies becomes obsolete. After a shock in technology, the worker depreciates on his human capi...

  12. Institutions and Venture Capital

    OpenAIRE

    Lerner, Josh; Tåg, Joacim

    2012-01-01

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

  13. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  14. Capital-Skill Complementarity: Does capital disaggregation matter?

    OpenAIRE

    Correa, Juan; Lorca, Miguel; Parro, Francisco

    2014-01-01

    Using Chilean manufacturing plants data, we�find: (1) the elasticity of substitution between capital and skilled labor is lower than the elasticity of substitution between capital and unskilled labor, and (2) the higher the technological component of the capital stock the larger the size of complementarity between capital and skilled labor. Our�findings show that capital, as an aggregate input, may under(over) state the complementarity between labor and the type of capital these workers actua...

  15. Capital Flows to Brazil: The Endogeneity of Capital Controls

    OpenAIRE

    Eliane A. Cardoso; Ilan Goldfajn

    1998-01-01

    This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows tha...

  16. Linguistic Capital Pays Dividends

    Science.gov (United States)

    Linse, Caroline

    2013-01-01

    Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…

  17. Human Capital and Retirement

    NARCIS (Netherlands)

    P. Alders

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by

  18. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping; Redding, Gordon

    2014-01-01

    usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal, and......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises the...

  19. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all t...... social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital.......The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all the...

  20. The capital budgeting manual

    OpenAIRE

    Segelod, Esbjörn

    1995-01-01

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

  1. Capital Humano y Productividad

    OpenAIRE

    Ángel de la Fuente

    2015-01-01

    Este trabajo contiene un breve panorama de la literatura empírica sobre capital humano y productividad y resume los resultados de mi propio trabajo sobre el tema. En conjunto, la evidencia disponible sugiere que la inversión en educación tiene un efecto positivo, significativo y cuantitativamente importante sobre el crecimiento de la productividad. De acuerdo con mis estimaciones, además, la rentabilidad social de la inversión en capital humano es mayor que la del capital físico en la mayor p...

  2. On capital gain taxation

    OpenAIRE

    Anton Miglo

    2008-01-01

    This note provides an explanation for why tax rates on capital gains are usually lower than ordinary income tax rates based on manager's agency problem related to "empire-building" or the underinvestment problem.

  3. Capital Projects Application (CPA)

    Data.gov (United States)

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

  4. Cultural Capital Today

    DEFF Research Database (Denmark)

    Prieur, Annick; Skjøtt-Larsen, Jakob; Rosenlund, Lennart

    2008-01-01

    Based on Danish survey data subjected to correspondence analysis, this article aims at carrying out a critical assessment of Pierre Bourdieu's theory of social differentiation in advanced societies as a multi-dimensional phenomenon. As his theory goes, capital volume (economic + cultural capital......) and capital composition (the relative weight of the two) are the main dimensions of social differentiation, which structure the space of social positions as well as the space of lifestyles. The central discussion of the article concerns the character of cultural capital, and the role it plays in the formation...... of social divisions. This leads to a discussion of four core questions: first, are there signs of a strong individualism and, correspondingly, a weak social structuring of lifestyles? The study does not find support for this view. Second, does classical highbrow culture play a central role as a marker...

  5. 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.

  6. Thin Capitalization Rules and Multinational Firm Capital Structure

    OpenAIRE

    Blouin, J.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2014-01-01

    This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the (internal) leverage of foreign affiliates of US multinationals, we find that thin capitalization rules affect multinational firm capital structure in a significant way. Specifically, restri...

  7. Capital mobility, tax competition, and lobbying for redistributive capital taxation

    OpenAIRE

    Lorz, Jens Oliver

    1996-01-01

    This paper analyzes the impact of international capital mobility on redistributive capital taxation and on lobbying activities by interest groups. It employs a model where different capital endowments lead to a conflict between households concerning their most preferred capital tax rate. Three main results are derived: First, redistributive source based capital taxes or subsidies decline as international tax competition intensifies. Second, lobbying activities of certain interest groups may e...

  8. Cultural capital and demand

    OpenAIRE

    Victoria Ateca - Amestoy

    2007-01-01

    In this paper we develop a theoretical model that investigates the demand for cultural goods under the assumption of cultural capital and rational addiction. We also consider the effect of a policy intervention in order to raise the initial stock of cultural capital of a given individual, both on individual demand and on supply. Finally, we discuss on the effectiveness of such policies by translating our model to a dynamic framework.

  9. Religion, Science and Capitalisms

    OpenAIRE

    Rehbein, Boike

    2014-01-01

    This paper enquires into the relation between capitalism, religion and the philosophy of science. We would tend to suppose that there are only superficial and accidental links between them. A closer analysis reveals, however, that the epistemology of contemporary science is still based on a certain interpretation of Christianity and linked to a particular type of capitalism. Science developed after Galileo and Descartes aims at universal truth but was founded on the notion of the Christian ...

  10. Embodied human capital unemployment

    OpenAIRE

    Kumaraku, Klajdi; Naqvi, Nadeem; Rexhepi, Sara

    2011-01-01

    Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such horizontally-differentiated distinct types of human capital embodied in different persons, leading to the emergence of Embodied Human Capital Unemployment. We illustrate the relevance of this new concept of unemployment to the...

  11. Social Capital and Conflict

    OpenAIRE

    Alia Aghajanian

    2012-01-01

    Conflict is either caused by, or brings about, drastic changes in the underlying social relationships between members of a community involved in the conflict. The conflict literature has taken note, and a growing number of studies attempt to determine the relationship between conflict and social capital. Unfortunately, there are many problems that have plagued the social capital literature, and conflict studies have failed to address these. This paper aims to provide a critical analysis of th...

  12. Empreendedorismo na capital amazonense

    OpenAIRE

    Filho, Aécio Flávio Ferreira da Silva

    2010-01-01

    This research was elaborated to evaluate entrepreneurship in the Capital of the Amazon State, Brazil. Its relevance is due to the non-existent literature in the subject of entrepreneurship, in the Northern Region of Brazil. The available Brazilian literary archive comprehends only the main cities located in the Southern and Northeastern Regions of the country. There is no research in the Northern Region – where the Amazon State and its Capital, Manaus, are found – and thus lies the reason for...

  13. The global capital leviathan

    OpenAIRE

    Robinson, William I.

    2011-01-01

    The money mandarins of global capitalism and their political agents are utilizing the global crisis to impose brutal austerity and attempting to dismantle what is left of welfare systems and social states in Europe, North America and elsewhere. The budgetary and fiscal crises that supposedly justify spending cuts and austerity are contrived. They are a consequence of the unwillingness or inability of states to challenge capital and their disposition to transfer the burden of the crisis to wor...

  14. Entrepreneurship and heterogeneous capital

    OpenAIRE

    Foss, Nicolai J.; Klein, Peter G.

    2008-01-01

    Entrepreneurship is ultimately about the arrangement of resources into productive activi-ties. Much of the entrepreneurship literature, however, has focused on the demand side of the market. While resource heterogeneity is a feature of many theories of the firm, such theories are not built on a systematic theory of capital. We show how the approach to capital developed by the Austrian school of economics provides a natural bridge between theory of entrepreneurship and the theory of the firm. ...

  15. 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...

  16. Measuring Natural Capital

    OpenAIRE

    Dariana Tani

    2014-01-01

    The purpose of this paper is to highlight the importance of establishing a system of natural capital accounting. Natural capital is integral to the economy and yet it is routinely taken for granted because the goods and services it provides are generally freely available. The consequence is that without prices, these resources are not being allocated efficiently within the economy and opportunities for significant gains in well-being and the possibility of long-term future growth are being lo...

  17. Measuring Social Capital

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Bjørnskov, Christian

    2007-01-01

    How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic ...... serve as institutional models for countries and regions aiming to increase their future level of social capital. More rigorous empirical research is needed within this field.......How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic...... participation and generalized trust. This measure is then applied by comparing the level of social capital in 25 countries from Western and Eastern Europe. Our nine cluster analysis shows that Switzerland has the highest score, followed by the Netherlands and Scandinavia. At the other end of the continuum we...

  18. 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...

  19. Entrepreneurs’ human and social capital

    DEFF Research Database (Denmark)

    Rezaei, Shahamak; Schøtt, Thomas; Ashourizadeh, Shayegheh;

    2014-01-01

    It is widely acknowledged that entrepreneurs' human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination, provide......, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international networking....... added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social capital...

  20. Trade Barriers on Capital Goods

    OpenAIRE

    VURAL, Gülfer

    2015-01-01

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

  1. Communication Capital Productivity: National Aspect

    OpenAIRE

    Naumik Ekaterina G.

    2012-01-01

    The article offers suggestions for assessing communication capital productivity; the contradictions that affect the value of the communication efficiency of capital (the union of the agents of the market of communication services and products allows them to increase the communication capital productivity and to decrease communication capital productivity of competitors) are formulated; the dependence of productivity on the number of communication capital customers of the communication network...

  2. Social Capital Access and Entrepreneurship

    OpenAIRE

    Stefan Bauernschuster; Oliver Falck; Stephan Heblich

    2010-01-01

    We investigate the effect of social capital access on entrepreneurship. Social capital helps entrepreneurs to overcome resource constraints. This is especially important in small communities where we often see a lack of market-oriented institutions such as venture capital firms. Entrepreneurs gain access to social capital via club memberships. Combining differences in the number of individual club memberships with differences in the importance of social capital across communities, we identify...

  3. 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...

  4. Organizational networks and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2013-01-01

    This chapter presents a framework for understanding organizational networks and social capital through the lens of “social capital ownership” as well as the private and collective goods provided through this ownership. More specifically, it argues that ownership of social capital in organizations...... is closely connected to four types of social capital – two belonging to the bridging social capital type, and two belonging to the bonding social capital type. The chapter first reviews literature on organizational social capital and then directly focuses on ownership of social capital in organizations......, as well as the derived benefits, or losses. Next, the chapter presents an empirical case apt to illustrate the theoretical findings in part one, namely the nineteenth-century Danish Cooperative Dairy Movement (Svendsen and Svendsen 2004). It is demonstrated how social capital among Danish peasants...

  5. Risk capital allocation

    DEFF Research Database (Denmark)

    Hougaard, Jens Leth; Smilgins, Aleksandrs

    sum of the risks of the individual sub-units. The question is how to allocate the risk capital of the company among the subunits in a fair way. In this paper we propose to use the Lorenz set as an allocation method. We show that the Lorenz set is operational and coherent. Moreover, we propose a set of......Risk capital allocation problems have been widely discussed in the academic literature. We consider a company with multiple subunits having individual portfolios. Hence, when portfolios of subunits are merged, a diversification benefit arises: the risk of the company as a whole is smaller than the...... new axioms related directly to the problem of risk capital allocation and show that the Lorenz set satisfies these new axioms in contrast to other well-known coherent methods. Finally, we discuss how to deal with non-uniqueness of the Lorenz set....

  6. Bank Capital Management

    OpenAIRE

    Jokipii, T.K.

    2009-01-01

    The work undertaken in this study empirically explores the determinants of regulatory bank capital bu®ers, and how they in°uence bank decisions. Focusing on bank capital management under the Basel I framework, this thesis serves to address some of the con- cerns that have been voiced regarding the implementation of the new regulation (Basel II) and the broader economic e®ects that could result. In particular, the research chapters of this thesis examine the cyclical behavior of European bank ...

  7. Governing Global Capital

    DEFF Research Database (Denmark)

    Harrington, Brooke

    in helping elites avoid taxes and other forms of regulation. The study documents how the means through which they achieve this objective - shifting billions in private capital wealth between Asia, Africa, India and Europe - and how this affects the balance of regional economic power. Drawing from an...... institutionalist perspective, the paper examines three ways in which wealth managers, both individually and through their professional society, influence regional competition for power and wealth: 1) by finding loopholes in existing policies that limit the global flow of capital; 2) by lobbying national and...

  8. Five models of capitalism

    Directory of Open Access Journals (Sweden)

    Luiz Carlos Bresser-Pereira

    2012-03-01

    Full Text Available Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

  9. 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...

  10. Contingent Capital with a Capital-Ratio Trigger

    OpenAIRE

    Paul Glasserman; Behzad Nouri

    2012-01-01

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

  11. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    OpenAIRE

    Alexandra Maßbaum; Caren Sureth

    2009-01-01

    Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Mi...

  12. Thin Capitalization Rules and Multinational Firm Capital Structure

    NARCIS (Netherlands)

    Blouin, J.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2014-01-01

    Abstract: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confide

  13. 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

  14. NANNING China's Green Capital

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Nanning,the capital city of Guangxi province,is not only the political,economic and cultural center of the province,but also plays an important role in the economic development of southwest China.Nanning's advantageous location makes the city a commercial and communication center,opening China to Southeast Asia.

  15. Human Capital and Sustainability

    Directory of Open Access Journals (Sweden)

    Garry Jacobs

    2011-01-01

    Full Text Available A study of sustainability needs to consider the role of all forms of capital—natural, biological, social, technological, financial, cultural—and the complex ways in which they interact. All forms of capital derive their value, utility and application from human mental awareness, creativity and social innovation. This makes human capital, including social capital, the central determinant of resource productivity and sustainability. Humanity has entered the Anthropocene Epoch in which human changes have become the predominant factor in evolution. Humanity is itself evolving from animal physicality to social vitality to mental individuality. This transition has profound bearing on human productive capabilities, adaptability, creativity and values, the organization of economy, public policy, social awareness and life styles that determine sustainability. This article examines the linkages between population, economic development, employment, education, health, social equity, cultural values, energy intensity and sustainability in the context of evolving human consciousness. It concludes that development of human capital is the critical determinant of long-term sustainability and that efforts to accelerate the evolution of human consciousness and emergence of mentally self-conscious individuals will be the most effective approach for ensuring a sustainable future. Education is the primary lever. Human choice matters.

  16. Corruption and Social Capital

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2003-01-01

    I examine the causal relation between social capiatl and corruption. A simple model illustrates potential mechanisms and yields testable implications, which I estimate in a sample of European countries. The estimated effect of social capital on corruption is found to be robust to the inclusion of a...... redistribution, which in turn reduces corruption....

  17. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

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

    We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy...

  18. Is capitalism possible?

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    1998-01-01

    In the two ages of its existence capitalism has given proof of its reformability. It was, however, anti-capitalist blueprints and ideas that constituted a continuous spiritual driving force towards reform. Today, after the collapse of real existing socialism there is an urgent need for new alternati

  19. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

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

    2012-01-01

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

  20. Towards Transnational Academic Capitalism

    Science.gov (United States)

    Kauppinen, Ilkka

    2012-01-01

    This paper contributes to current debates on the relationship between globalisation and higher education. The main argument of the paper is that we are currently witnessing transnationalisation of academic capitalism. This argument is illustrated by examining the collaboration between transnational corporations and research universities, and how…

  1. Revitalizing ecological capital

    NARCIS (Netherlands)

    Swagemakers, P.; Wiskerke, J.S.C.

    2011-01-01

    The modernization of agricultural food production has diminished and is diminishing the sustainable use of the local natural resource base, resulting in the fragmentation of landscapes and the decline of biodiversity. In this paper we analyze the revitalization of ecological capital, which provides

  2. Manage "Human Capital" Strategically

    Science.gov (United States)

    Odden, Allan

    2011-01-01

    To strategically manage human capital in education means restructuring the entire human resource system so that schools not only recruit and retain smart and capable individuals, but also manage them in ways that support the strategic directions of the organization. These management practices must be aligned with a district's education improvement…

  3. Venture Capital Backed Growth

    OpenAIRE

    Keuschnigg, Christian

    2002-01-01

    The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation driven growth.

  4. Auditing and bank capital regulation

    OpenAIRE

    Edward Simpson Prescott

    2004-01-01

    Auditing is introduced into a model of bank capital regulation. Deterministic and stochastic auditing strategies are studied. Contrary to intuition, auditing of bank risk should be focused on the safest banks because they hold the least amount of capital. Risky banks, which hold more capital, need to be audited less. The importance of auditing by regulators and penalties for non-compliance are discussed in light of the Basel II capital regulation proposals. Emphasis is placed on the importanc...

  5. Capitalism: A System of Conspiracy

    OpenAIRE

    Das, Subhendu

    2010-01-01

    There are some myths about American capitalism. Some of them are (1) Capitalism made America the richest nation, (2) Capitalism is based on self interest, and (3) America has democracy. We show that the survival of capitalism is based on several powerful conspiracy theories. We briefly describe these conspiracies. Our analysis is based on the following principles: (a) Laws of conservation, (b) System theoretic concepts, and (c) The global space time (GST) environment. Using these princip...

  6. Crony Capitalism: Caricature or Category?

    OpenAIRE

    Mazumdar, Surajit

    2008-01-01

    This paper, part of a series on Crony Capitalism and Contemporary India, examines the conceptual meaning of the term crony capitalism, which has acquired considerable popularity since it was used as an explanation for the East Asian crisis. The paper argues that the conception of crony capitalism as a description of a distinct kind of capitalism associated with the State playing a key role in the allocation process suffers from serious deficiencies and therefore does not provide a suitable fr...

  7. Entrepreneurship capital and economic performance

    OpenAIRE

    Audretsch, David B; Keilbach, Max

    2004-01-01

    The neoclassical model of the production function, as applied by Robert Solow to build the neoclassical model of growth, linked labor and capital to output. More recently, Romer and others have expanded the model to include measures of knowledge capital. In this paper we introduce a new factor, entrepreneurship capital, and link it to output in the context of a production function model. This paper explains what is meant by entrepre-neurship capital and why it should influence economic output...

  8. Technology Differences and Capital Flows

    OpenAIRE

    Sebastian Claro

    2004-01-01

    The one-to-one mapping between cross-country differences in capital returns and the direction of international capital flows is broken in a multisector world where international factor price differences are driven by technology differences. A technology-backward or low-return-to-capital country will face capital inflows or outflows after financial integration depending on whether non-tradable demand is bossted or not

  9. Market Timing and Capital Structure

    OpenAIRE

    Jeffrey A. Wurgler; Baker, Malcolm P.

    2001-01-01

    It is well known that firms tend to raise equity when their market values are high relative to book and past market values. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to past market valuations. The results are difficult to explain within traditional theories of capital structure and suggest that capital structure is the cumulative outcome of past attempts to time the equity market.

  10. Risk, capital and financial crisis

    OpenAIRE

    Ghosh, Saibal

    2014-01-01

    Employing data on over 100 banks for Gulf Cooperation Council (GCC) countries during 1996-2011, we test the relation between risk and capital. The findings indicate that banks generally increase capital in response to an increase in risk, and not vice versa. Second, there is an uneven impact of regulatory pressure and market discipline on banks attitude towards risk and capital. Additionally, Islamic banks increased their capital as compared to conventional banks.

  11. Capital Taxation and Rent Seeking

    OpenAIRE

    Arefiev, Nikolay; Baron, Tatyana

    2006-01-01

    We find the optimal capital income tax rate in an imperfectly competitive economy, where some part of recourses is devoted to rent-seeking activity. Optimal tax offsets the difference between marginal social and marginal private return to capital, which is a result of rent seeking, and the difference between the before tax interest rate and the marginal productivity of capital, which arises from imperfect competition. Optimal capital income tax rate depends neither on other tax rates nor on o...

  12. Extended Measures of Capital Transactions

    OpenAIRE

    Jorge Selaive; Beatriz Velásquez; José Miguel Villena

    2008-01-01

    In this work, we extend de jure measures of capital account restrictions previously assembled by Miniane (2004) to a set of 181 economies for the period 1996-2005. Additionally, we propose two new measures of capital account restrictions. The first excludes prudential regulation and the second weights the indices by a proxy for the enforcement of capital restrictions. We analyze global tendencies and the process of capital account liberalization in Chile. For the group of economies, we observ...

  13. MODELLING SOCIAL CAPITAL AND GROWTH

    OpenAIRE

    Yuan K. Chou

    2002-01-01

    This paper proposes three theoretical growth models incorporating social capital, based on varied expositions on the concept of social capital and the empirical evidence gathered to date. In these models, social capital impacts growth by assisting in the accumulation of human capital, by affecting financial development through its effects on collective trust and social norms, and by facilitating networking between firms that result in the creation and diffusion of business and technological i...

  14. What Drives Venture Capital Fundraising?

    OpenAIRE

    Paul A. Gompers; Josh Lerner

    1999-01-01

    We examine the determinants of venture capital fundraising in the U.S. over the past twenty-five years. We study industry aggregate, state-level, and firm-specific fundraising to determine if macroeconomic, regulatory, or performance factors affect venture capital activity. We find that shifts in demand for venture capital appear to have a positive and important impact on commitments to new venture capital funds. Commitments by taxable and tax-exempt investors seem equally sensitive to change...

  15. 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...

  16. 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

  17. Intellectual Capital: Comparison and Contrast.

    Science.gov (United States)

    Madsen, Susan R.

    2001-01-01

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

  18. Working Paper on Social capital

    DEFF Research Database (Denmark)

    Lassen Hanan, Anne

    2013-01-01

    This paper outlines the major schools within social capital theory. Contemporary authors such as Coleman, Putnam and Bourdieu are elaborated on. The paper also presents a non-exhaustive review on studies of social capital. Furthermore, a criticial discussion on social capital is reviewed, before...

  19. Pension funds and capital accumulation

    OpenAIRE

    Belan, Pascal; Michel, Philippe; Wigniolle, Bertrand

    2001-01-01

    This note presents a model in which pension funds, by holding a signifiant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and Long-run welfare.

  20. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    Directory of Open Access Journals (Sweden)

    Alexandra Maßbaum

    2009-12-01

    Full Text Available Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.

  1. Selection of intellectual capital management strategies

    OpenAIRE

    Shcherbachenko Viktoriia Oleksiivna

    2016-01-01

    This article deals with the selection of intellectual capital management strategy. The attention is paid to the structure of intellectual capital, which consists of human capital, customer capital, process capital, intellectual property, intangible assets. The algorithm of selection of intellectual capital management strategy was created by author.

  2. Social Capital in Rural Denmark

    OpenAIRE

    Svendsen, G.L.; Svendsen, Gert Tinggaard

    1999-01-01

    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted f...

  3. Performance systems and social capital

    DEFF Research Database (Denmark)

    Rasmussen, Grane Mikael Gregaard; Edwards, Kasper

    2014-01-01

    Performance systems and social capital are considered mutually exclusive. Contemporary studies show that social capital is essential in generating performance improvement. This raises an important question: “How do performance systems and social capital correspond?” This study draws on findings...... from a study on implementation of a performance system in Danish construction. The results show causalities between implementing the performance system and the emergence of social capital in construction projects. Results indicate that performance systems and social capital is not mutually exclusive...

  4. Social Capital in Rural Denmark

    DEFF Research Database (Denmark)

    Svendsen, G.L.; Svendsen, Gert Tinggaard

    1999-01-01

    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and ......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....

  5. Ensayo sobre el Capital Social

    Directory of Open Access Journals (Sweden)

    Ramón Frediani

    2011-08-01

    Full Text Available En la teoría económica existen distintas definiciones de capital: capital físico, el capital en recursos naturales, el capital financiero, el capital en infraestructura económica, el capital en infraestructura social y el capital humano. Todos ellos son condiciones necesarias para que un país alcance el desarrollo económico y social y un alto estándar y calidad de vida de sus habitantes, pero no suficientes puesto que hace falta una categoría adicional de capital. En los últimos años ha surgido el análisis de una nueva categoría: el Capital Social. El concepto se ha convertido en uno de los temas más debatidos de las ciencias sociales y políticas. Se refiere a un elemento invisible, etéreo, menos tangible que el capital humano (conocimientos y/o habilidades de los individuos o el capital físico (bienes materiales, pero que resulta decisivo para la actividad productiva, la satisfacción de las necesidades personales y el desarrollo comunitario y de una sociedad toda.

  6. Capital theory and rational choice

    Directory of Open Access Journals (Sweden)

    Golubović Nataša

    2009-01-01

    Full Text Available Almost from the very beginning of economic science the notion of capital has been the subject of numerous controversies. The main reason for the concept's controversial nature is that it explains interest and profit. In Marxian theory, where 'manner of production' determines forms of activities, mutual relationships and life of individuals, capital appears as a social phenomenon i.e. social relation. Goods and money are not capital by themselves but become capital in the capitalist way of production. Economics mainstream is based on methodological individualism upon which explanation of social phenomena and processes must be derived from individual behavior and motivation. Capital, therefore, is not a product of capitalism as a socially and historically specific form of economic organization, but is rather perceived as connected to the individual and his or her rational behavior. Rational choice is the basic and sometimes the only explanatory factor in the neoclassic theories of capital. Although theories of human and cultural capital point out the interdependence between individual activity and choice on the one hand, and social position on the other hand in the process of capitalization, the connection remains in the background and somehow unclear. A more explicit indication of the interdependence between social structure and choice can be found in the theory of social capital. The goal of this paper is to explore the role of rational choice theory in explaining the nature of capital.

  7. Capital Requirements and Banks' Leniency

    DEFF Research Database (Denmark)

    Dietrich, J. Kimball; Wihlborg, Clas

    2003-01-01

    We investigate the effect of changes in capital regulation on the strictness(leniency) of loan terms using a simple model of bank capital requirements andasset quality examinations. Banks offer different levels of `leniency' in the senseof willingness to offer automatic extensions of loans in the...... presence of temporarypayment difficulties of borrowers. Banks offering lenient (less strict) loan termsmust have higher initial levels of capital and charge higher loan rates. Whencapital requirements are increased, both strict and lenient banks hold higher levelsof initial capital and they raise loan...... rates. As capital requirements increase thedifference between initial capital levels and between interest rates of strict andlenient banks decrease. Thus, higher capital requirements in recessions tend toreduce the interest rate premium paid for leniency. If a recession is interpreted asan increase in...

  8. Contabilidad del capital intelectual

    OpenAIRE

    Myriam Ruiz Tibaná; Ramon Elias Jimenez Arias; Tito Duarte

    2007-01-01

    El capital intelectual es un valor intangible que debe incorporarse a los estados financieros, como parte de la generación de valor de todos los trabajadores de una organización. Existen algunos modelos que permiten cuantificarlo, aunque es preciso reconocer que debemos ahondar con más precisión con el objeto de contar con un mayor número de adeptos a esta importante referencia.

  9. 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.

  10. Social capital and education

    OpenAIRE

    Timur Natkhov

    2012-01-01

    Timur Natkhov, Ph.D. in Economics, Associate Professor in the Subdepartment of Institutional Economics, National Research University - Higher School of Economics, Moscow, Russian Federation. Email: The paper presents a brief evolution of studies on the relationship between education and social capital in different countries. A distinctive feature of these studies is their interdisciplinary nature, as they combine theories and methods of different social sciences.To ide...

  11. Entrepreneurial Human Capital

    OpenAIRE

    Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders

    2009-01-01

    We argue that formal schooling and wage-work experience are complementary types of human capital for entrepreneurs. Strong empirical support is found for this hypothesis as the interaction term between schooling and actual wage-work experience enters positively and significantly in a Mincer equation, whereas the effect of schooling in the absence of wage-work experience is insignificant. These results are extremely robust towards more flexible specifications, including fixed-effects estimatio...

  12. Managers and Market Capitalism

    OpenAIRE

    Rebecca Henderson; Karthik Ramanna

    2013-01-01

    In a capitalist system based on free markets, do managers have responsibilities to the system itself? If they do, should these responsibilities shape their behavior when they are engaging in the political process in an attempt to structure the institutions of capitalism? The prevailing view-perhaps most eloquently argued by Milton Friedman-is that the first duty of managers is to maximize shareholder value, and thus that they should take every opportunity (within the bounds of the law) to str...

  13. 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...

  14. Outside Entrepreneurial Capital

    OpenAIRE

    Andy Cosh; Douglas Cumming; Alan Hughes

    2005-01-01

    This paper investigates the internal versus external financing decisions among 1900 early stage privately held UK firms in 1996-1997. We study the factors that affect rejection rates in applications for outside finance among the different types of investors, taking into account the non-randomness in a firm’s decision to seek outside finance. The data support the traditional pecking order theory; firms with greater capital expenditures / profits are more likely to seek finance and apply for mo...

  15. fuente de capital humano

    Directory of Open Access Journals (Sweden)

    Ligia Becerra

    2005-01-01

    Full Text Available El capital intelectual es una concepción novedosa, tipificada como un activo intangible que agrega valor a la empresa; está formado por tres componentes: el capital organizacional, el humano y el relacional. El capital humano está relacionado con el desarrollo y los conocimientos del individuo, que permite diferenciar a un profesional de otro. El objetivo de este trabajo es analizar la formación del Contador Público egresado de la Universidad de Los Andes (ULA de Trujillo, como fuente de capital humano para su desempeño profesional. Los datos se recolectaron aplicando un cuestionario a una muestra aleatoria de 47 de estos profesionales, empleando para el análisis y presentación de los resultados técnicas estadísticas. La investigación evidencia que la mayoría de los encuestados poseen un nivel de satisfacción de medio a bajo con su formación de pregrado, señalando como principales debilidades del Plan de Estudio las áreas tributaria y cambiaria, el manejo instrumental del inglés y el conocimiento de las normativas que rigen el sistema económico. La formación en algunas de estas áreas la han mejorado a través de otras actividades de capacitación. No obstante reconocen algunas fortalezas tales como: el aprendizaje y dominio de conceptos y Principios Contables de Aceptación General, las matemáticas y estadística, el manejo de la contabilidad computarizada y las habilidades para analizar e interpretar problemas contables. Se concluye que a pesar de las deficiencias, la realización de cursos de actualización, junto con las fortalezas en la formación de la carrera, ha contribuido a que el contador público egresado de la ULA de Trujillo constituya un capital humano con ventaja competitiva.

  16. Venture Capital, Private Firms, and the Capital Acquisition Process

    OpenAIRE

    Mull, Rick H.

    1994-01-01

    This paper presents an empirical examination of the incentives motivating venture capitalists and sample of growth option intensive private firms with acute capital requirements to interact, the gains each group achieves through this association, the types of private firms successfully attracting venture capital, and mechanisms used in this funding process. Results show that venture capital backed firms achieve growth rates (1) greater than expected, and (2) greater than a matched sample of n...

  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. 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...

  19. Capital social et anthroponomie

    OpenAIRE

    Peaucelle, Irina

    2002-01-01

    Dans ce texte j'analyse les relations entre la composante Santé du capital social et la reproduction élargie de l'économie. Il s'agit aussi de discuter des méthodes d'évaluation de santé des populations pour apprécier leur potentiel de travail. En s'appuyant sur des travaux en psychologie sociale, je cherche à appréhender les rythmes anthroponomiques de l'évolution économique.

  20. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company's software caused it to lose more than...... officer, other managers and the board of directors have done differently? What lessons does this story hold for how firms should be managed and governed? And what does it say about our ability to manage risk in large modern corporations operating in increasingly fast-moving and complex global markets?...

  1. Capital social comunicativo

    Directory of Open Access Journals (Sweden)

    Darío Ángel

    2011-01-01

    Full Text Available En este artículo se buscan establecer las bases para una transformación del tradicional triángulo comunicativo emisor-mensaje-receptor, por un esquema que haga alusión a la dinámica social de la comunicación relacionada con lo público: actores-escenarios-sentidos. De esta forma, es posible conformar guías para la acción y encontrar en los actores ciudadanos de comunicación, la conformaciónde un capital social para la democracia.

  2. The Genesis of Capitalism

    DEFF Research Database (Denmark)

    Li, Xing

    2004-01-01

    foremost a transformative process involving political repercussions as being dealt with here (enforced variation, reshaping, selection and distortion). In sum, the paper intends to problematize the significance of the evolutionary explanation, the culturalist approach as well as the economistic...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first and...

  3. Contratos de capital humano

    Directory of Open Access Journals (Sweden)

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Full Text Available Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  4. Contratos de capital humano

    OpenAIRE

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  5. Developing Moral Capital in Schools

    OpenAIRE

    Çelik, Vehbi; Mevlana Üniversitesi, Eğitim Fakültesi, Eğitim Bilimleri Bölümü

    2014-01-01

    An abundance of models and approaches have been formed to develop school effectiveness. Schools have been analyzed with respect to psychological, sociological, cultural and administrative dimensions. Social and cultural capitals- as the recently developed nonmonetary forms of capital-have been investigated with respect to school organizations. Nonetheless so far there has been no in-depth research on moral capital in schools as an original concept. In the present research, the concept of mora...

  6. 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 ...

  7. Re-Thinking Social Capital

    Directory of Open Access Journals (Sweden)

    Zlatko Bukač

    2011-06-01

    Full Text Available The concept of social capital has been used very often in sociological researches over the last two decades. Measuring social capital in civil society, neighborhoods and educational systems is merely a part of its popular usage. Many sociologists tend to use the concept of social capital very freely and therefore expand the definition of social capital. The author’s personal experience indicates that there have been a great number of academic discussions, research planning and public speeches implementing the notion of social capital without taking a detailed consideration of what that concept truly entails. By overviewing the available literature on social capital, it is actually no wonder that both sociologists and the noted concept were in this confusing situation. As Field stated in his book Social Capital (Key Ideas, published in 2008, his work was “the first attempt to provide an extended introduction on increasingly influential concept of social capital” (Field 1. Quibria notes that even though there is a vast number of research conducted on social capital in many academic fields and with various approaches ‘the concept of social capital remains largely elusive’’(1. That obviously is not an obstacle because there is a constantly growing interest in social capital. A vast body of research concerning, measuring, and defining social capital is available today, which helps a researcher to analyze and compare all of the perspectives concerning social capital. This can be of great importance when researchers approach a somewhat new subject of research such as online communication and, more specifically, online games.

  8. Crises and human capital accumulation

    OpenAIRE

    Freddy Heylen; Lorenzo Pozzi

    2007-01-01

    This paper studies the effects of crises on human capital formation. Theoretically, a crisis undermines total factor productivity, which reduces the return to working and to accumulating physical capital. If the crisis is temporary, young agents will study now and work later. Human capital rises. To test our model we rely on inflation crises as our main empirical proxy. Using GMM panel procedures, our analysis for 86 countries in 1970-2000 confirms the positive effects of crises on human capi...

  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. Capitalism and African business cultures

    OpenAIRE

    Taylor, Scott D.

    2014-01-01

    Scholars and practitioners once commonly linked 'African culture' to a distinctive 'African capitalism', at odds with genuine capitalism and the demands of modern business. Yet contemporary African business cultures reveal that a capitalist ethos has taken hold within both state and society. The success and visibility of an emergent, and celebrated, class of African big business reveals that business and profit are culturally acceptable. Existing theories of African capitalism are ill-equippe...

  11. Capital Flows and Central Banking

    OpenAIRE

    Gupta, Poonam

    2016-01-01

    Because of the steady liberalization of the capital account since the early 1990s and increased financial integration of the Indian economy, capital flows to India have moved in tandem with broad global trends. This paper looks at the extent to which India’s monetary policy has been affected by the ebbs and flows of the capital it receives. For ease of narration, the paper divides the post...

  12. 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...

  13. 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...

  14. 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...

  15. A Capital Adequacy Buffer Model

    OpenAIRE

    David Allen; Michael McAleer

    2013-01-01

    In this paper, we develop a new capital adequacy buffer model (CABM) which is sensitive to dynamic economic circumstances. The model, which measures additional bank capital required to compensate for fluctuating credit risk, is a novel combination of the Merton structural model which measures distance to default and the timeless capital asset pricing model (CAPM) which measures additional returns to compensate for additional share price risk.

  16. 77 FR 52977 - Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule

    Science.gov (United States)

    2012-08-30

    ... must assume a margin period of risk under the IMM of 20 business days for netting sets where: (1) The... Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule; Proposed... 325 RIN 3064-AD97 Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market...

  17. Social Capital and Economic Growth

    OpenAIRE

    Reino Hjerppe

    1998-01-01

    It is argued in order to explain large differences in the level of the development and the growth of economies cannot be adequately explained only by looking the traditional inputs of labour, capital and natural resources. The hypothesis is that also the role of social capital needs to be taken into account. First the concept of social capital is defined and discussed. Then the role of social capital in the development process is explained. Empirical test based on the cross-country data of 27...

  18. Exploring the social capital grid

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Patulny, Roger

    2007-01-01

    The purpose of this paper is to show that numerous studies have advanced social capital research over the past decade. Most studies have accepted the theoretical distinction between bonding and bridging social capital networks. Many, however, tend to agglomerate empirical research under the one...... catch-all social capital concept, rather than classifying it according to the bonding/bridging distinction. Furthermore, most studies make little distinction on the basis of methodology, between qualitative and quantitative approaches to investigating social capital. These omissions need to be addressed....

  19. MODELS OF CAPITAL COSTS QUANTIFICATION

    OpenAIRE

    Tomáš KLIEŠTIK; Katarína VALÁŠKOVÁ

    2013-01-01

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

  20. Building A Venture Capital Index

    OpenAIRE

    Liang Peng

    2001-01-01

    This paper builds a venture capital index from 1987 to 1999 that consists of 12,946 rounds of venture financing with 5,643 venture-backed firms. The paper uses two innovative techniques, a re-weighting procedure and a method of moment repeat sales regression, to mitigates three problems - missing data, censored data, and sample selection. We report the time series of capital flows, net asset value, and returns of the venture capital index. We find that the venture capital industry experienced...

  1. Social Capital, Value, and Measure: Antonio Negri's Challenge to Capitalism.

    Science.gov (United States)

    Day, Ronald E.

    2002-01-01

    Considers one concept in knowledge management, that of social capital, focusing on the problem of measure and value in capitalism, specifically within the period and conditions of post-Fordist production. Discusses the work of Antonio Negri and suggests the importance of knowledge management as a symptom of a turn in political economy. (Author/LRW)

  2. 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

  3. Comprehensive wealth, intangible capital, and development

    OpenAIRE

    Ferreira, Susana; Hamilton, Kirk

    2010-01-01

    Existing wealth estimates show that in most countries intangible capital is the largest share of total wealth. Intangible capital is calculated as the difference between total wealth and tangible (produced and natural) capital. This paper uses new estimates of total wealth, natural capital, and physical capital for a panel of countries to shed light on the constituents of the intangible ca...

  4. Growth Strategy with Social Capital and Physical Capital

    OpenAIRE

    Le Van, Cuong; Nguyen, Anh Ngoc; Nguyen, Ngoc-Minh

    2014-01-01

    Dans ce papier, nous étudions l'impact du capital social dans un modèle simple à la fois théorique et empirique. L'hypothèse cruciale est que le coût du capital physique, grâce aux contacts sociaux diminue par rapport aux dépenses en capital social. Dans le modèle théorique, nous montrons qu'il existe un seuil critique de l'épargne destinée aux dépenses en capital social. Les firmes dont l'épargne est inférieur à ce seuil ne vont pas investir en capital social. Nous montrons de plus que les p...

  5. 12 CFR 565.4 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Capital measures and capital category... PROMPT CORRECTIVE ACTION § 565.4 Capital measures and capital category definitions. (a) Capital measures. For purposes of section 38 and this part, the relevant capital measures shall be: (1) The total...

  6. 76 FR 11668 - Minimum Capital

    Science.gov (United States)

    2011-03-03

    ... amended. See 74 FR 5597 (January 30, 2009). As a result, the definition of ``minimum capital level'' as... by HERA. Final Rule: Capital Requirements for the Federal Home Loan Banks, 66 FR 8262, 8282-83... 12 U.S.C. 4612(d). The 60-day comment period closed on April 9, 2010. See Federal Register 75 FR...

  7. 75 FR 6151 - Minimum Capital

    Science.gov (United States)

    2010-02-08

    ... Cease and Desist Order, as amended. See 74 FR 5597 (January 30, 2009). As a result, the definition of... AGENCY 12 CFR Part 1225 RIN 2590-AA01 Minimum Capital AGENCY: Federal Housing Finance Agency. ACTION... Soundness Act that provides for a temporary increase in the minimum capital level for entities regulated...

  8. Business model and Intellectual Capital

    DEFF Research Database (Denmark)

    Lindgren, Peter; Saghaug, Kristin Margrethe

    2012-01-01

    When practicing business model (BM) innovation releasing intellectual capital (IC) strategically from SME´s BMs through the innovation process can be extremely difficult and complex to carry out especially to small and medium size enterprises (SME). There are so many opportunities and resources in...... SME´s Intellectual Capital – but how to release them?...

  9. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    's success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off...

  10. Operational risk economic capital allocation

    Science.gov (United States)

    Nikonov, Oleg I.; Vlasov, Vladimir E.; Medvedeva, Marina A.

    2013-10-01

    In the paper we describe a model of operational risk of economic capital estimation and allocation based on Loss Distribution Approach (LDA). Bank's total losses are modeled through Monte-Carlo simulations of its business units' losses. It allows to fairly distributing the corresponding capital between business units in order to assess and manage their risk adjusted performance.

  11. 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...

  12. ROMANIA’S CAPITAL MARKET

    OpenAIRE

    ROBERT SZABO; ILIE RĂSCOLEAN

    2008-01-01

    The book presents the features and the evolution of the capital market in Romania and also presents its role and efficiency in financing the economy. Also the book presents the participants in the capital market, which are defined as regulated entities, investors and issuers.

  13. 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…

  14. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

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

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

  15. 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

  16. Culture as Capital

    DEFF Research Database (Denmark)

    Kacunko, Slavko

    A collection of essays 2011-2014 By following, and reproducing, the cultural turn, the rhetoric of cultural mix and hybridism is disseminated today primarily in its crossing of trade barriers. Cultures reduced to their exchange value function as capital - an accumulative, speculative and......, ultimately, financial affair. In some of its media and site-(un)specific manifestations, process art - which aims to encompass both old and new media art - seems to resist this pressure, despite, nonetheless, not being protected from regulations and incorporations. In the present collection of his recent...... essays, Slavko Kacunko discusses the process art by crossing the disciplines of art history and comparative media-, visual- and -cultural studies. As a first approximation, several historiographical remarks on closed-circuit video installations underline their importance as a core category of process art...

  17. 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)

  18. Capital Account Liberalization as a Signal

    OpenAIRE

    1996-01-01

    We present a model in which a government's current capital controls policy signals future policies. Controls on capital outflows evolve in response to news on technology, conditional on government attitudes towards taxation of capital. When there is uncertainty over government types, a policy of liberal capital outflows sends a favorable signal that may trigger a capital inflow. This prediction is consistent with the experience of several countries that have liberalized their capital account

  19. 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...

  20. 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...

  1. Capital regulation and banks' financial decisions

    OpenAIRE

    Zhu, Haibin

    2015-01-01

    This paper develops a stochastic dynamic model to examine the impact of capital regulation on banks' financial decisions. In equilibrium, lending decisions, capital buffer and the probability of bank failure are endogenously determined. Compared to a flat-rate capital rule, a risk-sensitive capital standard causes the capital requirement to be much higher for small (and riskier) banks and much lower for large (and less risky) banks. Nevertheless, changes in actual capital holdings are less pr...

  2. Intellectual capital: Evidence from banking industry

    OpenAIRE

    Somayeh Boostani; Shabnam Fotovvat; Karam Safari

    2014-01-01

    This paper investigates different components on intellectual capital including human capital, structural capital and customer capital in banking industry in city of Salmas, Iran. The study uses the questionnaire developed by Bontis (1998) [Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63-76.] to measure the effects of human capital. The questionnaire consists of 42 questions and all of them are designed in Likert s...

  3. 78 FR 55339 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-09-10

    ... Methodology a. Recognition of Wrong-Way Risk b. Increased Asset Value Correlation Factor 4. Credit Valuation... requirement for a ratio of common equity tier 1 capital to risk-weighted assets (common equity tier 1 capital... Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline...

  4. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ... comments that appeared in the Federal Register of September 10, 2013 (78 FR 55340), regarding Regulatory... NW., Washington, DC 20429. SUPPLEMENTARY INFORMATION: In FR Doc. 2013-21357, appearing on page 55518... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel...

  5. National Capital Planning Commission Meeting Transcripts

    Data.gov (United States)

    National Capital Planning Commission — Transcripts of the monthly (with the exception of August) National Capital Planning Commission meeting transcripts are provided for research to confirm actions...

  6. Immigrant Capital and Entrepreneurial Opportunities

    Directory of Open Access Journals (Sweden)

    Malavika Sundararajan

    2016-01-01

    Full Text Available Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successful immigrant entrepreneurs with the key findings from the literature to define and develop a model of immigrant capital. Findings: Based on our grounded theory development process we show that the concept of immigrant capital as a distillate of human, cultural, economic and social capital that goes beyond expected opportunity recognition (OR drivers like prior knowledge and prior experience to differentiate and enhance the immigrant entrepreneur’s ability to recognize business opportunities compared to host country entrepreneurs. We found immigrant capital to be a consequence of being boundary spanners in host and home country networks. Implications & Recommendations: Understanding a unique resource like immigrant capital, will help immigrant as well as host country entrepreneurs further develop their opportunity recognition ability by bridging gaps and fulfilling the needs for both, immigrant and host country consumers. Contribution & Value Added: The main contribution is the theoretical development, identification and definition of the immigrant capital model and propositions that will articulate the factors that lead to the conceptualization and operationalization of immigrant capital. Furthermore, the immigrant capital model can serve host country entrepreneurs to develop cross-cultural networks and jump-start entrepreneurial activities in their home countries as well as learn how to expand their operations into global markets.

  7. Intellectual capital: Evidence from banking industry

    Directory of Open Access Journals (Sweden)

    Somayeh Boostani

    2014-09-01

    Full Text Available This paper investigates different components on intellectual capital including human capital, structural capital and customer capital in banking industry in city of Salmas, Iran. The study uses the questionnaire developed by Bontis (1998 [Bontis, N. (1998. Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2, 63-76.] to measure the effects of human capital. The questionnaire consists of 42 questions and all of them are designed in Likert scale. Cronbach alphas for human capital, structural capital and relationship capital were calculated as 0.79, 0.76 and 0.72, respectively. The implementation of Kolmogorov-Smirnov test has indicated that the data were normally distributed. Using t-student test, the study determined that while management team did not pay enough attention on human capital, there were some statistically significant evidence that social and relationship capitals gained good attention.

  8. Social capital in engineering education

    Science.gov (United States)

    Brown, Shane

    A theoretical argument is presented to suggest that engineering curriculum be designed to develop social capital. Additionally, the value of social capital in the retention of students in the College of Engineering, and the development, role, and value of social capital in an electrical engineering laboratory is evaluated. Data collected includes participant observations, informal and formal student interviews, and a researcher-designed survey. Social capital consists of interaction among individuals (networks), social rules that encourage interactions such as trust and reciprocity (norms), and the value of these networks and norms to the individual and the group. A large body of evidence suggests that social capital is valuable in terms of retention and multiple measures of academic achievement. The importance of social capital in retention was verified by students that have left engineering and those that remain, in terms of interactions with peers, teaching assistants, and engineering faculty; and a lack of sense of community in freshman engineering courses. Students that have left engineering differed in their perceptions of social capital from those that remain in their frustrations with teaching methods that encourage little discussion or opportunities to ask questions about assumptions or approaches. The open-ended nature of laboratory assignments, extensive required troubleshooting, and lack of specific directions from the teaching assistants were found to encourage the development of social capital in the laboratory setting. Degree centrality, a network measure of social capital as the number of ties an individual has within a social network, was found to be positively correlated with laboratory grade. Student perceptions of the importance of interactions with other students on success in the laboratory setting has a negative model effect on academic achievement in the laboratory. In contrast, student perceptions of the quality of interactions with

  9. Social capital and localised learning

    DEFF Research Database (Denmark)

    Lorenzen, Mark

    2007-01-01

      This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...

  10. Capital-imperialismo e neoliberalismo

    OpenAIRE

    Campagnaro, Yuri Gabriel

    2014-01-01

    Resumo: O marxismo interpreta o imperialismo desde Hilferding, com sua análise do capital financeiro em 1910. Lenin sintetizou o primeiro debate, caracterizando o imperialismo como uma nova fase do capitalismo, com monopólios e maior centralização do capital. O debate se estende à década de 1970 com Mandel, que identificou uma alteração na morfologia do capital de então. Os autores contemporâneos debatem o período do capitalismo após os anos 1970, entre eles David Harvey e Virgínia Fontes. Ch...

  11. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    2013-01-01

    This paper takes stock of recent research on patterns of cultural engagement in various European nations, with specific reference to British and Danish research. It argues that Bourdieu's original theorisation of cultural capital in ‘Distinction’ needs to be significantly updated to register the...... decline of ‘highbrow’ culture which these studies reveal. However, we argue that this shift does not entail the erosion of cultural capital itself, or the rise of the ‘cultural omnivore’, so much as the emergence of a form of ‘cosmopolitan cultural capital’. We argue that this emerging cultural capital...

  12. Capitalism, Socialism and Public Choice

    Directory of Open Access Journals (Sweden)

    Adrián Osvaldo Ravier

    2010-10-01

    Full Text Available The essay examines Schumpeter’s understanding of the capitalist process and develops a critical analysis of his explanation of why capitalism cannot survive. Part I deals with how Schumpeter understood capitalism. Part II studies why –- from his point of view — capitalism couldn’t survive. Part III analysis why it is actually socialism, as a socio-political alternative, that is impractical and must collapse from contradictions inherent in it. Part IV presents some final reflections, presenting the public choice and the thought of James M. Buchanan, as an alternative to the pessimist Schumpeterian view.

  13. Capital humain, mobilité du capital et commerce international

    OpenAIRE

    Pierre VILLA

    1998-01-01

    The outsourcing of activities have been taking a peculiar shape recently. Human capital has remote control of the factories which are produced according to the local technology, and it defines the home technology in which it commits these factories and is committed itself. We introduce this idea in a hierarchical model of international trade with two countries, three factors and two final goods: the traditional one produced with labour and capital and the modern one produced with a non traded...

  14. 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...

  15. Conventional capital, criminal capital, and criminal careers in drug trafficking

    OpenAIRE

    Wang, Wei

    2013-01-01

    Although the criminal career paradigm has explored various crime types, little effort has been conducted to systematically examine the pattern of drug trafficking careers. Ethnographic studies on drug trafficking have proposed that different forms of capital have an impact on the patterns of drug trafficking careers. The effects of conventional and criminal capital, however, have been the subject of much less empirical attention. Drawing from information on the criminal careers of 182 incarce...

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

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2007-01-01

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

  17. The Valuation of Organizational Capital

    Directory of Open Access Journals (Sweden)

    Fiala Roman, Borůvková Jana

    2012-12-01

    Full Text Available The authors’ aim was to create a model suitable for measuring organization capital. This model was produced by means of the Forward and Backward Stepwise methods, on the basis of company information. Low p-levels (approaching 0 show the statistical significance of all regression coefficients, including the intercept. Organizational capital of 2,796 companies in the Czech Republic was quantified. A statistically significant correlation between organizational capital and return on equity (ROE, as well as between organizational capital and return on assets (ROA, has been established. This article is a part of the results of the project No. 402/09/2057 ‘‘Measurement and Management of Intangible Assets Impact on Firm Performance’’ financed by Czech Science Foundation.

  18. Corporate governance and intellectual capital

    Directory of Open Access Journals (Sweden)

    Rahmat Alizadeh

    2014-01-01

    Full Text Available The purpose of this paper is to examine the association between corporate governance and Intellectual capital in the pharmaceutical companies accepted in Tehran Stock Exchange over the period 2004-2009 using a regression based model. The study investigates the impacts of three some independent variables of the corporate governance (i.e. the number of board members, the relative extent of nonexecutive to executive directors, the auditing committee. The results suggest that corporate governance had no special effect on intellectual capital in the pharmaceutical companies. Furthermore among corporate governance's variables, the first one (i.e. board size had negative impact on firms' intellectual capital and the second and the third variables had no effects on intellectual capital.

  19. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

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

  20. Oligopoly banking and capital accumulation

    OpenAIRE

    Nicola Cetorelli; Pietro F. Peretto

    2000-01-01

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

  1. International Capital Movements Under Uncertainty

    OpenAIRE

    1983-01-01

    In this paper, we analyze the determinants of international movements of physical capital in a model with uncertainty and international trade in goods and securities.In our model, the world allocation of capital is governed, to some extent, by the asset preferences of risk averse consumer-investors. In a one-good variant in the spirit of the MacDougall model, we find that relative factor abundance, relative labor force size and relative production riskiness have separate but interrelated infl...

  2. 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...

  3. Linguistic Capitalism and Algorithmic Mediation

    OpenAIRE

    Kaplan, Frédéric

    2014-01-01

    Google’s highly successful business model is based on selling words that appear in search queries. Organizing several million auctions per minute, the company has created the first global linguistic market and demonstrated that linguistic capitalism is a lucrative business domain, one in which billions of dollars can be realized per year. Google’s services need to be interpreted from this perspective. This article argues that linguistic capitalism implies not an economy of attention but an ec...

  4. OVERVIEW OF CAPITAL STRUCTURE THEORY

    OpenAIRE

    Taha, Roshaiza; SANUSI Nur Azura

    2014-01-01

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

  5. The hypothesis of cognitive capitalism

    OpenAIRE

    Vercellone, Carlo

    2005-01-01

    The aim of this presentation is to introduce some aspects of the research programme on Cognitive Capitalism. The main point that characterises this research program resides in the fact that it assume as its main pillar the social crisis of Fordism. Such a crisis manifests itself as a break with respect to the polarising tendency of the forms of knowledge informing Industrial Capitalism, thereby, realising some aspects of Marx's hypotheses concerning the notion of General Intellect. Accordingl...

  6. 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.

  7. Capital, finance, and trade collapse

    OpenAIRE

    Yang Jiao; Yi Wen

    2012-01-01

    This paper proposes a model of international trade with capital accumulation and financial intermediation. This is achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit market. The model preserves the analytical tractability of the original Melitz model despite non-trivial distribution of firms’ net worth and capital stocks. We use the model to examine the differential effects of financial and non-financial shocks on aggregat...

  8. The Era of Super Capitalism

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The world has entered the "super capitalism" era when one third of its economic activities are controlled by less than 3 percent of global financial capital. This year,a global economic recession,triggered by the U.S. subprime mortgage crisis,seems unavoidable. To tackle international financial problems,Tao Dong,Chief Economist for Asia at Credit Suisse First Boston in Hong Kong,shared his insights with China Business Journal. Excerpts follow.

  9. 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 ...

  10. 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...

  11. 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 ...

  12. Bridges in social capital: A review of the definitions and the social capital of social capital researchers

    OpenAIRE

    Akcomak, Semih

    2009-01-01

    There has been a recent surge of interest in social economics and social capital. Articles on social capital that are published in the last five years constitute more than 60 percent of all articles on social capital. Research on social capital is now massive and spans sociology, economics, management, political science and health sciences. Despite this interest there is still not a consensus on the definition and the measurement of social capital. This paper argues that this is due to lack o...

  13. 12 CFR 208.4 - Capital adequacy.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Capital adequacy. 208.4 Section 208.4 Banks and... Requirements § 208.4 Capital adequacy. (a) Adequacy. A member bank's capital, as defined in appendix A to this... light of all the circumstances, the bank's capital appears inadequate in relation to its...

  14. 47 CFR 32.4540 - Other capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Other capital. 32.4540 Section 32.4540... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4540 Other capital. This... capital stock, capital recorded upon the reorganization or recapitalization of the company and...

  15. Social Capital and Economic Well-being

    OpenAIRE

    Munshi Sulaiman; Farhad Ameen

    2007-01-01

    The proposition that social capital expands household welfare is tested by estimating the effects of social interactions on per capita expenditure among a sample of 810 households in northern Bangladesh. Using data from BRAC’s 2004 Social Capital Survey, ordinary least square (OLS) estimates isolate the differential effects of physical assets, human capital, and social capital [CFPR WP 16].

  16. RETROSPECTIVE OF FINANCIAL REPORTING ON CAPITAL MARKET

    OpenAIRE

    Diana Muresan

    2012-01-01

    The purpose of this paper is to develop a conceptual framework for the evolution offinancial reporting on capital market. Due to the worlwide changes, the role of financial reportingin capital market is constantly growing. Financial reporting analyzed through market perspective isstrongly correlated with issues like: capital allocation, financial statements, internationalaccounting standards and informational valences. Capital market research emphasizes the need forqualitative and transparent...

  17. Effect of Capital Markets on Environment

    OpenAIRE

    Dr. Rohit N. Desai

    2012-01-01

    Capital market is the market which gives capital to the business and individual enterprises. It generates capitalfor the long term and short term requirements of the capital market.There are three components of the Capital Market:1. Stock Market,2. Money Market,3. Foreign Exchange Market.

  18. Transmission line capital costs

    International Nuclear Information System (INIS)

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

  19. 12 CFR 303.241 - Reduce or retire capital stock or capital debt instruments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Reduce or retire capital stock or capital debt... RULES OF PRACTICE FILING PROCEDURES Other Filings § 303.241 Reduce or retire capital stock or capital... or preferred stock, or to retire any part of its capital notes or debentures pursuant to section...

  20. Distributional consequences of capital tax coordination

    OpenAIRE

    2005-01-01

    This paper has two ambitions. First, we review the economic literature on tax coordination. Second, we argue that the taxation of capital is not an issue of efficiency, but instead an issue of equity. In particular, capital tax coordination can alter the vertical distribution of income between the production factors capital and labour. Capital is in perfectly elastic supply in a small open economy. Therefore the tax incidence falls to the immobile factor, labour. By contrast, capital is in in...

  1. Dynamic Programming, Maximum Principle and Vintage Capital

    OpenAIRE

    Fabbri, Giorgio; Iacopetta, Maurizio

    2007-01-01

    We present an application of the Dynamic Programming (DP) and of the Maximum Principle (MP) to solve an optimization over time when the production function is linear in the stock of capital (Ak model). Two views of capital are considered. In one, which is embraced by the great majority of macroeconomic models, capital is homogeneous and depreciates at a constant exogenous rate. In the other view each piece of capital has its own finite productive life cycle (vintage capital). The interpretatio...

  2. Financial Integration, Technology Differences and Capital Flows

    OpenAIRE

    Sebastián Claro

    2005-01-01

    The one-to-one mapping between cross-country differences in capital returns and the size and direction of international capital flows after financial integration vanishes in a multi-sector world with a laborintensive non-tradable sector if financial liberalization generates significant swings in the demand for the non-tradable good. For example, a high return to capital country may become an exporter of capital after financial integration if access to world capital markets enhances demand for...

  3. Indian Banks’ Methods for Assessing Working Capital

    OpenAIRE

    Malhotra Gunjan; Shastry Vikram; Sinharay Soumyadeep

    2010-01-01

    Working Capital is the capital required for by a firm to sustain its day to day activities. Different firms have different approaches to finance their working capital needs. After receiving proposals for working capital loans, as a precaution banks need to assess the amount of working capital loan which can be granted and also to determine the interest rate at which the loan can be provided. The RBI and its committees have introduced new methods for the calculation of credit eligibility for t...

  4. Natural Capital: From Metaphor to Measurement

    OpenAIRE

    FENICHEL, ELI P.; Abbott, Joshua K.

    2014-01-01

    Current efforts to value ecosystem services have contributed little to the valuation of natural capital, suggesting that in practice "nature is capital" primarily serves as a metaphor. We provide a theoretically motivated approach for recovering natural capital prices that expands beyond idealized management to encompass current, likely inefficient, management institutions. Theoretically consistent capital valuation requires adjusting for the net marginal productivity of the natural capital a...

  5. Intellectual Capital Management in Transport Sector

    OpenAIRE

    Asta Znakovaitė; Arnoldina Pabedinskaitė

    2011-01-01

    This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital) are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellec...

  6. Measuring Community Strength and Social Capital

    OpenAIRE

    Stimson, Robert; Western, John; Baum, Scott; Gellecum, Yolanda Van

    2003-01-01

    In 2001/02 five case study communities in both metropolitan and regional urban locations in Australia were chosen as test sites to develop measures of community strength on four domains: natural capital; produced economic capital; human capital; and social and institutional capital. Secondary data sources were used to develop measures on the first three domains. For the fourth domain?social and institutional capital?primary data collection was undertaken through sample surveys of households. ...

  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. Toward A Reliable Cost of Capital

    OpenAIRE

    Jeremiah U. Idialu; Amos O. Arowoshegbe

    2013-01-01

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

  9. Illegal Immigration: Optimal Enforcement and Capital Mobility

    OpenAIRE

    Subhayu Bandyopadhyay

    2005-01-01

    This paper analyzes the effectiveness of enforcement in controlling illegal immigration in two scenarios, capital mobility and capital immobility in the host nation (for illegal immigrants). The source nation is assumed throughout to have immobility of capital. We show that the net enforcement expenditure is higher (lower) in the presence of capital mobility if the host nation is an importer (exporter) of capital at the target immigration level. Furthermore, we show that if the host nation is...

  10. Impact of venture capital on economic development

    OpenAIRE

    Laurinavičius, Antanas

    2014-01-01

    Object of the research is public venture capital as a tool of venture capital market incentive, innovative business start-up financing, and state policy, which helps addressing imperfect/inefficient market situations where private venture capital does not access all market players. Purpose of the research is to reveal the importance of public venture capital to the national venture capital sector, its impact on the economy and, based on the experience of European countries, to create a hypoth...

  11. Intangible Capital, Corporate Valuation and Asset Pricing

    OpenAIRE

    Danthine, Jean-Pierre; Xiangrong JIN

    2006-01-01

    Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...

  12. Mapping Italy’s social capital

    OpenAIRE

    Fabio Sabatini

    2007-01-01

    The contribution of this paper to the social capital literature is threefold. It first develops an innovative framework for measuring social capital, which allows for quantification of five different components of the multidimensional concept of social capital. Secondly, it provides a single, synthetic measure capturing that particular configuration of social capital which the literature generally associates with positive economic outcomes. Thirdly, it maps Italian social capital endowments f...

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

    OpenAIRE

    2003-01-01

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

  14. Limited Capital Market Participation and Human Capital Risk

    OpenAIRE

    Jonathan Berk; Johan Walden

    2010-01-01

    The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

  15. Capital humano y capacidad humana Human capital and human capacity

    OpenAIRE

    Sen Amartya Kumar

    1998-01-01

    En este articulo se examinan las relaciones y diferencias entre el concepto de 'capital humano' y el concepto de 'capacidad humana'. El concepto de capital humano es mas limitado puesto que solo concibe las cualidades humanas en su relación con el crecimiento económico mientras que el concepto de capacidades da énfasis a la expansión de libertad humana para vivir el tipo de vida que la gente considera valedera. Cuando se adopta esa visión mas amplia, el proceso de desarrollo no puede verse si...

  16. 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...

  17. 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.

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

    OpenAIRE

    M.N. Murthy; Sucheta Murthy

    2002-01-01

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

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

    OpenAIRE

    Ernst-Ludwig von Thadden; Enrico Perotti; Mario Bersem

    2013-01-01

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

  20. Intellectual Capital Management in Transport Sector

    Directory of Open Access Journals (Sweden)

    Asta Znakovaitė

    2011-03-01

    Full Text Available This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellectual capital factor model, the relationship between indicators, multi-asset return correlation and regression analysis and generation of alternatives to intellectual capital performance-enhancing. Following an assessment of intellectual capital of Lithuanian and Latvian transport sectors, on the basis of the results, it was found that the intellectual capital is a key factor in corporation management to increase revenue. Article in Lithuanian

  1. The measurement of social capital

    Directory of Open Access Journals (Sweden)

    Ester Villalonga-Olives

    2015-01-01

    Full Text Available Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group – such as the ability of a community to engage in collective action – as a consequence of the existence of cohesive relationships. While research often restricts itself to a single level of analysis, the benefits (and downsides of social capital accrue to both the individual as well as to the network to which he belongs. In the Dictionary of Epidemiology both the individual and collective levels of analysis were recognized in the definition of social capital.

  2. CAPITALISM IN ILLUSION AND DELUSION

    Directory of Open Access Journals (Sweden)

    DORU CÎRNU

    2011-12-01

    Full Text Available The current crisis seems to shake the foundations of contemporary society as a whole and generated increasingly more opinions that show the capitalist society has begun and continues to lose ground. This is because capitalism has changed something inside so deeply that eternal truths of capitalism – economic growth, full employment, financial stability – seem to have crashed like the New York twin towers. Beyond all the shortcomings, quite a lot in numbers, known and recognized, the world and those who analyze it agree that , at least so far, has not been invented a better mechanism to obstruct and retain tyranny and so it is possible to consider the evolution of capitalism only in and through democracy.

  3. Cost of capital to the hospital sector.

    Science.gov (United States)

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

    1988-03-01

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

  4. Insurance and the corporate cost of capital

    OpenAIRE

    Monika Wieczorek-Kosmala

    2012-01-01

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

  5. Human capital and career success

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Kato, Takao

    formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...

  6. An Index for Venture Capital

    OpenAIRE

    Quigley, John M.; Susan E. Woodward

    2003-01-01

    In this paper we build an index of value for venture capital. Our approach overcomes the problems of intermittent, infrequent pricing of private company deals by using a repeat valuation model to build the index, and it corrects for selection bias in the reporting of values. We use a unique data set from Sand Hill Econometrics. The index measures the return and risk for venture capital. Its covariance with other asset classes from 1987-1999 enables us to explore the role of venture capita...

  7. Capital humano y capacidad humana

    OpenAIRE

    Sen, Amartya Kumar

    2010-01-01

    En este articulo se examinan las relaciones y diferencias entre el concepto de 'capital humano' y el concepto de 'capacidad humana'. El concepto de capital humano es mas limitado puesto que solo concibe las cualidades humanas en su relación con el crecimiento económico mientras que el concepto de capacidades da énfasis a la expansión de libertad humana para vivir el tipo de vida que la gente considera valedera. Cuando se adopta esa visión mas amplia, el proceso de desarrollo no puede verse si...

  8. Gendered Capital: Emotional Capital and Mothers' Care Work in Education

    Science.gov (United States)

    O'Brien, Maeve

    2008-01-01

    This paper is concerned with the inequalities experienced by mothers in the performance of educational care work for their children. It is argued that the caring work carried out by mothers at transfer to second-level schooling is shaped by their ability to activate the significant resource of emotional capital; a gendered resource involving…

  9. Capital humano y capacidad humana Human capital and human capacity

    Directory of Open Access Journals (Sweden)

    Sen Amartya Kumar

    1998-12-01

    Full Text Available En este articulo se examinan las relaciones y diferencias entre el concepto de 'capital humano' y el concepto de 'capacidad humana'. El concepto de capital humano es mas limitado puesto que solo concibe las cualidades humanas en su relación con el crecimiento económico mientras que el concepto de capacidades da énfasis a la expansión de libertad humana para vivir el tipo de vida que la gente considera valedera. Cuando se adopta esa visión mas amplia, el proceso de desarrollo no puede verse simplemente como un incremento del PIB sino como la expansión de la capacidad humana para llevar una vida mas libre y mas digna.In this article the relationships and the differences between the concept of 'human capital' and the concept of 'human capability' are examined. The concept of human capital is more limited since it only conceives human qualities in relation to economic growth, whereas the concept of capabili ties puts emphasis on the expansion of human freedom to live the kind of life that people judge valuable. Whenthis broader vision is adopted, the process of development cannot be seen as simply an increase in the GNP, but rather as the expansion of the human capability to live a more free and worthy life.

  10. School Cheating and Social Capital

    Science.gov (United States)

    Paccagnella, Marco; Sestito, Paolo

    2014-01-01

    In this paper we investigate the relationship between social capital and cheating behaviour in standardized tests. Given the low-stakes nature of these tests, we interpret the widespread presence of cheating as a signal of low trust towards central education authorities and as lack of respect for the rule of law. We find that cheating is…

  11. Building Social Capital for Internationalization

    Directory of Open Access Journals (Sweden)

    Suzana Braga Rodrigues

    2012-01-01

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

  12. THE INTELLECTUAL CAPITAL OF UNIVERSITIES

    Directory of Open Access Journals (Sweden)

    Bratianu Constantin

    2009-05-01

    Full Text Available The purpose of this paper is to present some of our research results concerning the intellectual capital of universities. This is an important topic of the intellectual research area since universities are knowledge intensive organizations. They contain b

  13. Capital Punishment: An International Perspective.

    Science.gov (United States)

    Kaufman, Edy

    1983-01-01

    The debate over the death penalty in the United States has implications beyond our borders. Because of the lack of universal standards governing its use, only those countries which have abolished capital punishment may, with any moral authority, denounce its exploitation as an instrument of political expediency. (IS)

  14. Teachers, Networks and Social Capital

    Science.gov (United States)

    Healey, Kaleen

    2013-01-01

    A growing body of research suggests that school leaders and policymakers should attend to the social conditions within schools that promote instructional improvement and student achievement gains. This dissertation uses theoretical and empirical work on social capital to frame three aspects of the relationships among teachers. The three studies…

  15. Impression management as symbolic capital

    DEFF Research Database (Denmark)

    Lueg, Klarissa; Nielsen, Camilla

    2015-01-01

    Social Network Sites (SNS) play an increasingly important role in the European business world, especially with respect to cross-cultural impression management. Departing from the Bourdieusian concept of “capital,” this paper analyzes the differences in the use of two popular business SNS: XING in...

  16. Social capital and community heterogeneity

    NARCIS (Netherlands)

    Coffé, Hilde R.

    2009-01-01

    Abstract Recent findings indicate that more pronounced community heterogeneity is associated with lower levels of social capital. These studies, however, concentrate on specific aspects in which people differ (such as income inequality or ethnic diversity). In the present paper, we introduce the num

  17. 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)

  18. Capital Markets Union for Europe

    DEFF Research Database (Denmark)

    Ringe, Georg

    2015-01-01

    The merits of the “Capital Markets Union” project lie with its political importance, rather than its legal coherence or significance. Despite a number of substantial flaws, the initiation of this project comes at the right time. The Commission first and foremost sends a political message to the UK...

  19. 76 FR 74631 - Capital Plans

    Science.gov (United States)

    2011-12-01

    ...; (ii) describe how boards of directors and senior management of these bank holding companies should... assets. \\1\\ 76 FR 35351 (June 17, 2011). \\2\\ The amendments to Regulation Y are codified at 12 CFR 225.8... (Pillar 2) Related to the Implementation of the Basel II Advanced Capital Framework, 73 FR 44620 (July...

  20. Equity market and foreign capital

    OpenAIRE

    Yoko Furukawa

    2009-01-01

    I present a model that demonstrates that the market mechanism is not always effective in stabilizing an open equity market. Foreign capital inflows create multiple equilibria in the equity market, which may simultaneously trigger a currency crisis as well as an equity market crash even if the equity market is well developed.

  1. Economic Analysis of Social Common Capital

    Science.gov (United States)

    Uzawa, Hirofumi

    2005-06-01

    Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term æsocial common capital' is comprised of three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all natural environment and natural resources including the earth's atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs.

  2. Definition and Content Interpretation of Human Capital

    Directory of Open Access Journals (Sweden)

    Verhoglyadova N. I.

    2006-01-01

    Full Text Available The article is devoted to researching the nature of human capital, its internal structure, comparative characteristics of human capital and other economic categories; factors of its forming under present conditions of transformations in the economy of Ukraine.

  3. Social Capital and People with Learning Difficulties.

    Science.gov (United States)

    Riddell, Sheila; Baron, Stephen; Wilson, Alastair

    1999-01-01

    Outlines social capital theories in functionalist and Marxist traditions and their implications for people with learning difficulties. Identifies multiple factors influencing their ability to access social capital, including ability/inability to conform to social norms and economic inequities. (SK)

  4. Employee Capital:Resource or Reoccurring Nightmare

    OpenAIRE

    Murphy, James Peter

    2005-01-01

    Employee capital need not be a reoccurring nightmare for bar owners if they create a system for managing their employee capital which deals with recruitment, placement, training and development for all hospitality staff members.

  5. FINANCING TECHNOLOGY TRANSFER THROUGHT VENTURE CAPITAL

    OpenAIRE

    Gabriel Năstase; Dan Badea; Dragoş Ionuţ Năstase

    2009-01-01

    Venture capital is considered in the literature the resource for financing research-development-innovation. Therefore, addressing the concept of venture capital is primarily the definition and its classification according to national and international experience.

  6. Staged Financing in Venture capital market.

    OpenAIRE

    Damania, Priti

    2009-01-01

    The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.

  7. National Capital Planning Commission Library contents

    Data.gov (United States)

    National Capital Planning Commission — The National Capital Planning Commission library catalog is a compilation of titles, authors, years of publication and topics of books, reports and NCPC publications.

  8. Social Capital and Labour Productivity in Italy

    OpenAIRE

    Sabatini, Fabio

    2006-01-01

    This paper carries out an empirical assessment of the relationship between social capital and labour productivity in small and medium enterprises in Italy. By means of structural equations models, the analysis investigates the effect of different aspects of the multifaceted concept of social capital. The bonding social capital of strong family ties and the bridging social capital shaped by informal ties connecting friends and acquaintances are proved to exert a negative effect on labour produ...

  9. International working capital practices of Ghanaian firms

    OpenAIRE

    J. Abor

    2005-01-01

    International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and int...

  10. WORKING CAPITAL MANAGEMENT IN THE SUPPLY CHAIN

    OpenAIRE

    Marijan Karic; Maja Karic

    2012-01-01

    Working (operating) capital available for use is an important factor in the success of the business firm and the whole supply chain. Effective working capital management helps in balancing usage of capital, not only for the firm, but for the suppliers and the consumers too, that is in the best interests of all parties in the supply chain. The effects of such working capital management are particularly important for trading businesses. In this paper we discuss issues of the cash conversion cyc...

  11. Why Does Capital Flow to Rich States?

    OpenAIRE

    Sebnem Kalemli-Ozcan; Ariell Reshef; Bent Sorensen; Oved Yosha

    2007-01-01

    We study the determinants of net capital income flows within the United States. We analyze a simple multi-state neoclassical model in which total factor productivity varies across states and over time and capital flows freely across state borders. The model predicts that capital will flow to states with relatively high output growth. Since relative growth patterns are persistent such states are also high output states, which implies that high output will be associated with inflows of capital ...

  12. Taxation and Venture Capital Backed Entrepreneurship

    OpenAIRE

    Keuschnigg, Christian; Nielsen, Søren Bo

    2004-01-01

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

  13. Domestic Capital Mobility: A Panel Data Approach

    OpenAIRE

    Nagayasu, Jun

    2010-01-01

    This paper analyzes capital mobility within Japan based on the consumption-based correlation method developed by Obstfeld (1994). This thoery suggests that consumption in one region is closely related to that in other regions if the capital market is open. We test this theoretical implication in the panel data context using the dynamic factor model which enables us to estimate unobservable common factors. Then we provide evidence of perfect capital mobility and capital integration having adva...

  14. 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 ...

  15. 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.

  16. Community Development and Local Social Capital

    OpenAIRE

    Jordan, Jeffrey L.; Munasib, Abdul B.A.

    2007-01-01

    While a substantial amount of research has been devoted to showing what social capital does, research explaining social capital itself lags behind. In this paper we examine whether local economic development can explain the variation in social capital across various geographical clusters in the state of Georgia. The findings show that even after accounting for various demographic and economic characteristics, the HDI explains the variation in a number of social capital levels (especially thos...

  17. Community Development and Local Social Capital

    OpenAIRE

    Jordan, Jeffrey L.; Anil, Bulent; Munasib, Abdul B.A.

    2010-01-01

    While a substantial amount of research has been devoted to showing what social capital does, research explaining social capital itself lags behind. The literature has a long tradition of examining the effect of social capital on local economic growth and development. In this paper we examine whether local economic development can explain the variation in social capital across various geographical clusters in the state of Georgia. We begin by devising a measurement tool, a Human Development In...

  18. 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...

  19. The Determinants of Capital Buffers in CEECs

    OpenAIRE

    D'Arack, Francesco; Levasseur, Sandrine

    2007-01-01

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

  20. Valuing the Treasury's Capital Assistance Program

    OpenAIRE

    Glasserman, Paul; Wang, Zhenyu

    2011-01-01

    The Capital Assistance Program (CAP) was created by the U.S. government in February 2009 to provide backup capital to large financial institutions unable to raise sufficient capital from private investors. Under the terms of the CAP, a participating bank receives contingent capital by issuing preferred shares to the Treasury combined with embedded options for both parties: The bank gets the option to redeem the shares or convert them to common equity, with conversion mandatory after seven yea...

  1. Determinants of capital structure: UK panel data

    OpenAIRE

    Ahi, Seyed Mohammad Ali Hamze

    2013-01-01

    ABSTRACT: The paper investigates capital structure determinants of 5 important non-financial firms listed in FTSE100. The firms are chosen from oil and gas and mining industry. The period chosen for the study is 22 years from 1990 to 2012. Firms are chosen according to capitalization in market. Theories in capital structure such as the trade-off theory, pecking order theory and agency theory are described in order to find the best possible formulation to predict the choice of capital...

  2. Capital structure dynamics in private business groups

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2010-01-01

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

  3. Capital Structure of Internet Companies: Case Study

    OpenAIRE

    Miglo, Anton; Liang, Shuting; Lee, Zhenting

    2014-01-01

    We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. We find that the trade-off theory of capital structure, pecking order theory, market timing theory and other theories cannot individually explain a firm’s capital structure. However, they can compliment each other in describing some patterns of observed b...

  4. 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...

  5. Public libraries: places creating social capital?

    OpenAIRE

    Vårheim, Andreas

    2013-01-01

    Purpose – The purpose of this paper is to show why studies of public libraries, regarding their possible contribution in creating social capital, are important for social capital research in general, and are important for library practice in particular. Design/methodology/approach – Building on the latest theoretical developments and empirical findings of social capital research, the role of the public library as a potential creator of social capital is discussed. Findings from both quantita...

  6. 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:

  7. Capital flight from resource rich developing countries

    OpenAIRE

    Kazue Demachi

    2014-01-01

    This paper analyzes the magnitude and determinants of capital flight from resource-rich developing countries (RRDCs) using macro-panel data from 21 countries from 1990 to 2011. Calculations reveal that capital flight from RRDCs was less serious than that experienced by some Latin American countries during the 1980s. In addition, capital flight was more episodic than chronic during the period studied. Econometric analysis indicates a linkage between natural resource revenues and capital flight...

  8. Refugee community organisations: a social capital analysis

    OpenAIRE

    Kellow, Alexa

    2011-01-01

    This thesis considers how refugee-led community organisations generate social capital for their service users. The concept of social capital has become popular in policy debates in recent years, and previous research has attributed social capital creation for their service users to refugee community organisations (RCOs). This research aimed to analyse the process by which social capital is created by refugee community organisations, and what this means for the members of these organisations i...

  9. 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 ...

  10. Social capital, economics and political economy

    OpenAIRE

    Guglielmo Barone; Guido de Blasio; Paolo Sestito

    2014-01-01

    The volume collects the essays presented at the conference "Social capital, economics and political economy" held in Rome on 27 June 2014. The first session analyzes definition and measurement issues about social capital. The second and third sessions examine its determinants and economic effects, respectively. The fourth session is devoted to the relationship between social capital and the public sector while the last session concentrates on the role of social capital in credit markets.

  11. 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...

  12. - SALARIOS REGIONALES Y DOTACIONES DE CAPITAL HUMANO

    OpenAIRE

    Lorenzo Serrano Martínez

    1999-01-01

    This paper analyses the regional wages in Spain and tests their relationship with the different regional human capital endowments, using an approach that takes into account the possible measurement error in human capital indicators. The results indicate that, when allowing for the possibility of regional differences in the utility provided by an equal wage, wages show a unitary elasticity respect to human capital. Therefore, with such a similar regional utility by unit of human capital, there...

  13. Human capital and regional growth in Finland

    OpenAIRE

    Pelkonen, Lea; Ylonen, Sakari

    1998-01-01

    Recent investigations of regional growth have paid a great attention to convergence of per-capita income. These studies have shown the human capital to be a significant factor in addition to labour force, capital and technical progress when explaining the economic growth. This paper examines the convergence, and in particular the impact of human capital on regional growth in Finland. We estimate a standard neoclassical growth model extended by a human capital accumulation. The regional growth...

  14. 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...

  15. 12 CFR 325.103 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... CFR 28.15(b), or to comply with asset maintenance requirements pursuant to 12 CFR 28.20; or (B) The... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Capital measures and capital category... STATEMENTS OF GENERAL POLICY CAPITAL MAINTENANCE Prompt Corrective Action § 325.103 Capital measures...

  16. Psychological Capital, Career Identity and Graduate Employability in Uganda: The Mediating Role of Social Capital

    Science.gov (United States)

    Ngoma, Muhammad; Dithan Ntale, Peter

    2016-01-01

    This paper seeks to evaluate the relationship between psychological capital, career identity, social capital and graduate employability. We also seek to evaluate the mediating role of social capital on the relationships between psychological capital, career identity and graduate employability in Uganda. A population of 480 unemployed young people…

  17. The effect of human capital, social capital, and perceptual values on nascent entrepreneurs' export intentions

    DEFF Research Database (Denmark)

    Christensen, Poul Rind; Evald, Majbritt Rostgaard; Klyver, Kim

    2011-01-01

    This study investigates the influence of human capital, social capital, and cognition on nascent entrepreneurs' export intentions. The results indicate that while human capital and social capital influence the level of intended export, cognitive characteristics, such as self-efficacy and risk...... aversion, do not seem to influence entrepreneurs' intended level of export...

  18. 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...

  19. 47 CFR 32.2681 - Capital leases.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Capital leases. 32.2681 Section 32.2681... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.2681 Capital leases. (a) This account shall include all property acquired under a capital lease. A lease qualifies as a...

  20. 75 FR 7339 - Secondary Capital Accounts

    Science.gov (United States)

    2010-02-19

    ... capital (``SC'') from non-natural person members and nonmembers. 61 FR 50696 (Sept. 27, 1996). The Board intended that SC accounts provide LICUs with additional means to accumulate capital. 61 FR 3788 (Feb. 2, 1996); 71 FR 4234 (Jan. 26, 2006). Accumulated capital could be used to expand lending and...

  1. 47 CFR 32.4510 - Capital stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a... received for capital stock issued and outstanding. (b) Subsidiary records shall be maintained so as to...

  2. Measuring Social Capital in Hamilton, Ontario

    Science.gov (United States)

    Kitchen, Peter; Williams, Allison; Simone, Dylan

    2012-01-01

    Social capital has been studied by academics for more than 20 years and within the past decade there has been an explosion of growth in research linking social capital to health. This paper investigates social capital in Hamilton, Ontario by way of a telephone survey of 1,002 households in three neighbourhood groups representing high, mixed and…

  3. Measuring Social Capital Accumulation in Rural Development

    Science.gov (United States)

    Teilmann, Kasper

    2012-01-01

    Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index. The index has been tested in LAG-Djursland, Denmark,…

  4. 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...

  5. 12 CFR 615.5200 - Capital planning.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital planning. 615.5200 Section 615.5200 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Capital Adequacy § 615.5200 Capital planning. (a) The...

  6. Is Social Capital an Effective Smoke Condenser?

    DEFF Research Database (Denmark)

    Paldam, M.; Svendsen, Gert Tinggaard

    1999-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must b...

  7. Employment flows, capital mobility, and policy analysis

    OpenAIRE

    Marcelo Veracierto

    2000-01-01

    This paper extends Hopenhayn and Rogerson's analysis of firing taxes by introducing a flexible form of capital and considering transitionary dynamics. The paper finds that capital is not important for understanding the long run and welfare effects of firing taxes. However, capital is crucial for determining the short run consequences of eliminating this type of policy.

  8. Heterogeneity of Human Capital and the Return

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer

    2015-01-01

    Human capital is an important growth factor for developing and developed countries and measuring the return to education is essential in evaluating the growth impact from human capital. Most studies use the length of education measured by the years of schooling as an indicator of human capital...

  9. Cognitive Capitalism, Education and Digital Labor

    Science.gov (United States)

    Peters, Michael A., Ed.; Bulut, Ergin, Ed.

    2011-01-01

    Cognitive capitalism--sometimes referred to as "third capitalism," after mercantilism and industrial capitalism--is an increasingly significant theory, given its focus on the socio-economic changes caused by Internet and Web 2.0 technologies that have transformed the mode of production and the nature of labor. The theory of cognitive capitalism…

  10. Capital Financing for Independent Private Schools.

    Science.gov (United States)

    Quinn, Kevin G.; Doherty, Robert F.; Wienk, Christopher O.

    This document contains summary materials from a presentation by Wye River Capital, Inc. of Annapolis, Maryland, on capital financing for independent private schools. The main sections of the presentation address: (1) overview of the capital financing process; (2) tax law considerations for tax-exempt financings by private schools; and (3) key…

  11. Natural Capital: Hard Economics, Soft Metaphor?

    Science.gov (United States)

    Winnett, Adrian

    2005-01-01

    This paper views the concept of natural capital from an economist's perspective. It begins by drawing on historical debates in economics on the nature of capital. These serve to identify central issues to do with the relationship between theory, empirics and method in the way in which the concept of capital is deployed in economic discourse. It is…

  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. 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.

  14. INSURANCE AND THE CORPORATE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Monika Wieczorek-Kosmala

    2012-04-01

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

  15. Human Capital and Business Cycle Persistence

    OpenAIRE

    Roberto Perli; Plutarchos Sakellaris

    1996-01-01

    In this paper we show that a two sector model with human capital is able to generate persistence in output growth comparable to that observed in the postwar U.S. data. The key feature is a relatively low elasticity of substitution between human capital and raw labor in the production of human capital.

  16. 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.

  17. School Social Capital and School Effectiveness

    Science.gov (United States)

    Tsang, Kwok-Kuen

    2009-01-01

    This article argues that school social capital is crucial for school effectiveness, but it has been disregarded in the traditional school administrative theory. Therefore, this article tries to illustrate the significance of school social capital to school effectiveness. School social capital is defined as the social resources embedded in internal…

  18. Venture Capital Initiative: Ohio's School Improvement Effort.

    Science.gov (United States)

    Yoo, Soonhwa; Loadman, William E.

    In 1994 the Ohio State Legislature established Venture Capital to support school restructuring. The Venture Capital school initiative is a concept borrowed from the business community in which the corporate entity provides risk capital to parts of the organization to stimulate creative ideas and to provide opportunities for local entities to try…

  19. 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.

  20. Does venture capital really foster innovation?

    OpenAIRE

    Faria, Ana Paula; Barbosa, Natália

    2013-01-01

    Using panel data of 17 European Union countries, we find robust empirical support for a positive impact of venture capital on innovation. After controlling for the potential endogenous relationship between venture capital and innovation, the results indicate that venture capital fosters innovation but mainly on a later stage.

  1. Building Social Capital through Outdoor Education

    Science.gov (United States)

    Beames, Simon; Atencio, Matthew

    2008-01-01

    Over the last 15 years, the body of literature surrounding the subject of social capital has witnessed steady growth. While sociologists have extensively discussed how social capital can be created and sustained within local communities and national contexts, there is little evidence of the social capital discourse within the outdoor education…

  2. 78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-12-20

    ... the authority for 12 CFR part 208. In the Final Rule, FR Doc. 2013-21653, published on October 11, 2013 (78 FR 62018), please correct the following: PART 208-- 0 1. Revise the authority for 12 CFR part..., and 225 Regulations H, Q, and Y RIN 7100-AD 87 Regulatory Capital Rules: Regulatory...

  3. 78 FR 62017 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-11

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

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

    Science.gov (United States)

    2010-01-28

    ...-in of the regulatory capital effects of the accounting changes, among other issues.\\9\\ \\9\\ 74 FR... Consolidated Financial Statements for Bank Holding Companies (FR Y-9C). In the NPR, the agencies requested... (HOLA), uniquely applicable to savings associations, which limits the amount of consumer loans to...

  5. Capital-intensive reactors in capital-short countries

    International Nuclear Information System (INIS)

    The most prominent of the capital-short countries is probably the United States, at least when it comes to building new electrical generating capacity. Investors are disenchanted with nuclear power after a number of regulatory fiascos. At a cost of $3000 to $5000 per kilowatt, utilities need to raise too much capital to build large nuclear power plants. The cost of smaller plants relate more directly to the financial ability of the utility to sustain the risk of construction. Through the benefits of standardization and shorter lead time will be able to satisfy the problems arising from fluctuations in demand and could provide incremental power in smaller quantities so that utilities are not confronted with rate shock issues, regulatory and political reassessments, and the like. New methods of financing power plants in developing countries, structural changes in financial contracts, and increased government support to reassure investors should improve the chances that nuclear power remains a viable option

  6. Access to capital and capital structure of the firm

    Czech Academy of Sciences Publication Activity Database

    Shamshur, Anastasiya

    -, č. 429 (2010), s. 1-36. ISSN 1211-3298 R&D Projects: GA ČR GA402/09/1595; GA MŠk LC542 Grant ostatní: MŠk(CZ) SVV-2010-261801 Institutional research plan: CEZ:MSM0021620846 Keywords : capital structure * financing decisions * credit constraints * Eastern Europe Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp429.pdf

  7. ANALYSIS OF CAPITAL STRUCTURE AND EFFICIENCY OF CAPITAL EMPLOYED IN AGRO-ALLIED FIRMS IN NIGERIA

    OpenAIRE

    Nsikan E Bassey; C.J. Arene; B.C. OKPUKPARA

    2014-01-01

    The study examines and compares the capital structure and efficiency of capital employed between listed and unlisted agro-based firms in Nigeria. Data collected from 88 agro-based firms using random sampling technique for the period 2005-2010 were analysed using Z-test, Capital Structure Ratio (CSR) and Return on Capital Employed Ratio (ROCE) analysis as well as descriptive statistics. The result revealed significant differences between the capital structure of listed and listed agro-based fi...

  8. 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...

  9. A Model of Optimal Allocations of Physical Capital and Human Capital in Three Sectors

    Institute of Scientific and Technical Information of China (English)

    ZHOU Shaobo; XUE Minggao

    2007-01-01

    The paper develops an endogenous economic growth model about allcation of physical and human capital in three sectors. Optimal allocation of physical capital and human capital in three sectors is derived, the fraction of physical and human capital in each sector is positively related. The balanced values and the growth rates at steady state are given under certain conditions.Finally relations between the fractions of human capital and parameters are analyzed elaborately.

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

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    2013-01-01

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

  11. 42 CFR 412.302 - Introduction to capital costs.

    Science.gov (United States)

    2010-10-01

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

  12. International working capital practices of Ghanaian firms

    Directory of Open Access Journals (Sweden)

    J. Abor

    2005-12-01

    Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.

  13. CAPITALS OF CORPORATION OF THE SERVICE INDUSTRY

    Directory of Open Access Journals (Sweden)

    Gonzyus S. N.

    2014-06-01

    Full Text Available The modified production function including the immaterial capitals is offered. Diagrams of capitals, including "core" and "fringe" of the capitals are formed of the material and immaterial capitals. The analysis is carried out and positive experience of innovative development of a number of the known Russian companies according to the corporate reporting is revealed. It's proved that the development of corporation of knowledge economy is provided by a dominating role of financial, human, and also the institutional and cultural and moral capitals

  14. Christianity between Capitalism and Socialism

    Directory of Open Access Journals (Sweden)

    Robert Bogešić

    2010-11-01

    Full Text Available Modern society is in an unsustainable state. There is a crisis in our political systems, economies, finances and, what is worse, in our morals and value standards. On one side, American capitalism is burdened with the struggle for profit and social justice, and on the other, Europe is burdened with a grand unifying project as a way of building stability and security. Where is the Christian church in all of this? What does Christianity offer? Is there a Christian socialism? Regardless of how the system is named – be it capitalism, socialism or something else - only a system without the basic objective of profit maximization, one that does not consume resources to the point of their exhaustion, beyond its borders, one which is not based on greed, only considering its own well-being, and that does not blame others for its mistakes, but the one that is aware of its neighbor, only that one has a future.

  15. Capital, population and urban patterns.

    Science.gov (United States)

    Zhang, W

    1994-04-01

    The author develops an approach to urban dynamics with endogenous capital and population growth, synthesizing the Alonso location model, the two-sector neoclassical growth model, and endogenous population theory. A dynamic model for an isolated island economy with endogenous capital, population, and residential structure is developed on the basis of Alonso's residential model and the two-sector neoclassical growth model. The model describes the interdependence between residential structure, economic growth, population growth, and economic structure over time and space. It has a unique long-run equilibrium, which may be either stable or unstable, depending upon the population dynamics. Applying the Hopf theorem, the author also shows that when the system is unstable, the economic geography exhibits permanent endogenous oscillations. PMID:12346957

  16. Human capital in nuclear industry

    International Nuclear Information System (INIS)

    On June 7, 2010, as part of the Atomexpo 2010 exhibition, a round-table discussion took place on the topic Human capital in the nuclear industry: challenges and solutions. The article summarizes reports made during the meeting. Tatiana Kozhevnikova, deputy director general of the Rosatom Corporation, made a report about the strategy and best human resource management practices in member companies of the Corporation. She briefly described the state of the human capital in the Russian nuclear industry and outlined the key provisions of the human resource management strategy. Attendees to the round-table discussion elaborated further on the key statements of the report. The discussion has given an evidence that the Russian nuclear industry is giving an enormous importance to human resource management and is firmly intended on successfully tacking the issues associated with the provision of sufficient staff for the industry's safe and efficient development

  17. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

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

  18. Human Capital and Organizational Effectiveness

    Directory of Open Access Journals (Sweden)

    Ioana Julieta Josan

    2013-05-01

    Full Text Available The new organizational changes caused by social, economic and politic reforms led to a shift in the strategic management of the companies. The growing need for professionals, who know how to generate profits, is growing and increase confidence of partners and clients, find new ideas and adapt to a dynamic market. Therefore, internally, we need an efficient management of human resources to find and retain the most suitable and efficient people which will increase productivity and face the increased acting globally competition. Currently, companies that succeed are the ones that integrate in their business strategy, an important component of development and valuation human capital. The paper aims to analyze and highlight the importance of human capital in the new organizational strategies, focused on achieving a high level of competitiveness, innovation and excellence.

  19. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  20. Capital Markets Union for Europe

    DEFF Research Database (Denmark)

    Ringe, Wolf-Georg

    The economic case for the recent proposal on a European ‘Capital Markets Union’ is obvious. However, the name is more symbolic than real, and the substance falls short of proposing a fully unified capital market across the EU. This short paper identifies several shortcomings of the project. In...... particular, the unclear methodological approach of the CMU project, and the lack of a clear commitment to a European enforcement or institutional mechanism weaken the benefits of the overall concept. Instead, the merits of the proposal lie in its political importance: above all, the CMU project is an attempt...... to repair the relationship with the UK and to win back support from the City of London for the European Single Market. As such, the project as a whole is certainly laudable, and it might turn out to be the right step at the right time.tion....

  1. CSR, SMEs and Social Capital

    DEFF Research Database (Denmark)

    Murillo, David; Vallentin, Steen

    2012-01-01

    This paper is a response to the opening of new lines of research on CSR and SMEs (Thompson & Smith, 1991; Spence, 1999; Moore & Smith, 2006; Spence, 2007). It seeks to explore the business case for CSR in this corporate segment. The paper, which is based on four case studies of medium-sized firms...... in the automotive sector, took the distinctive approach of trying to understand the nature of CSR-like activities developed not by best-in-class CSR-driven companies but by purely competitiveness-driven firms. The case studies provide explicit evidence that the CSR activities of SMEs and the notion...... of social capital are interrelated, turning social capital into a powerful instrument to better explain what academic literature has called silent CSR practices. The analysis that follows questions some of the basic tenets that underpin the branch of business ethics that deals with the nature of SMEs...

  2. Excess capital and liquidity management

    OpenAIRE

    Toporowski , Jan

    2008-01-01

    These notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains. This approach substantially modifies the traditional view of high interest rates as a discouragement to speculation; the Keynesian and Post-Keynesian theory of liquidity preference as the opportunity cost of investment; and the notion of the liquidity premium as a factor in deter...

  3. The measurement of social capital

    OpenAIRE

    Ester Villalonga-Olives; Ichiro Kawachi

    2015-01-01

    Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance) that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group – such as the ability of a community to engage in collective action – as a consequence of the ex...

  4. Social Capital and Political Accountability

    OpenAIRE

    NANNICINI, Tommaso; Stella, Andrea; Tabellini, Guido; Troiano, Ugo

    2010-01-01

    In this paper, we empirically investigate a channel through which social capital may improve economic wellbeing and the functioning of institutions: political accountability. The main idea is that voters who share norms of generalized morality demand higher standards of behavior on their elected representavtives, are more willing to bear the cost of acquiring information, and are more likely to base their vote on criteria of social welfare rather than (narrow) personal interest. We take this ...

  5. Teaching practices and social capital

    OpenAIRE

    Algan, Yann; Cahuc, Pierre; Shleifer, Andrei

    2011-01-01

    We use several data sets to consider the effect of teaching practices on student beliefs, as well as on organization of firms and institutions. In cross-country data, we show that teaching practices (such as copying from the board versus working on projects together) are strongly related to various dimensions of social capital, from beliefs in cooperation to institutional outcomes. We then use micro-data to investigate the influence of teaching practices on student beliefs about cooperation a...

  6. Teaching Practices and Social Capital

    OpenAIRE

    Yann Algan; Pierre Cahuc; Andrei Shleifer

    2011-01-01

    We use several data sets to consider the effect of teaching practices on student beliefs, as well as on organization of firms and institutions. In cross-country data, we show that teaching practices (such as copying from the board versus working on projects together) are strongly related to various dimensions of social capital, from beliefs in cooperation to institutional outcomes. We then use micro-data to investigate the influence of teaching practices on student beliefs about cooperation b...

  7. Teaching Practices and Social Capital

    OpenAIRE

    Algan, Yann; Cahuc, Pierre; Shleifer, Andrei

    2011-01-01

    We use several data sets to consider the effect of teaching practices on student beliefs, as well as on organization of firms and institutions. In cross-country data, we show that teaching practices (such as copying from the board versus working on projects together) are strongly related to various dimensions of social capital, from beliefs in cooperation to institutional outcomes. We then use micro-data to investigate the influence of teaching practices on student beliefs about cooperation a...

  8. 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...

  9. Human capital and regional development

    OpenAIRE

    Gennaioli, Nicola; LaPorta, Rafael; L??pez-de-Silanes, Florencio; Schleifer, Andrei

    2011-01-01

    We investigate the determinants of regional development using a newly constructed database of 1569 sub-national regions from 110 countries covering 74 percent of the world's surface and 96 percent of its GDP. We combine the cross-regional analysis of geographic, institutional, cultural, and human capital determinants of regional development with an examination of productivity in several thousand establishments located in these regions. To organize the discussion, we present a new model of reg...

  10. Information and Human Capital Management.

    OpenAIRE

    Leaver, Clare; Jewitt, Ian; Bar-Isaac, Heski

    2007-01-01

    An increasingly important organisational design problem for many firms is to recoup general human capital rents while maintaining attractive career prospects for workers. We explore the role of information management in this context. In our model, an information management policy determines the statistic of worker performance that will be available to outside recruiters. Choosing different statistics affects the extent of regression to the mean which, we show, in turn affects the incidence...

  11. Essays on Corporate Capital Structure

    OpenAIRE

    Albul, Boris

    2012-01-01

    This dissertation studies capital structure decisions of levered and unlevered firms using the modeling framework of Leland (1994). The first chapter, Cash Holdings and Financial Constraints, focuses on optimal management of cash holdings by equity holders of a levered, financially constrained firm. I add financial constraints as a market friction to the traditional model. A financially constrained firm is not able to issue new equity to subsidize net operating losses and is subject to pre...

  12. Capital Taxation and Electoral Accountability

    OpenAIRE

    Toke S. Aidt; Francesco MAGRIS

    2003-01-01

    In a representative democracy, voters can use elections to protect their property by holding politicians accountable for the tax policies they implement while in office. This paper demonstrates that performance voting can - partly or wholly - solve the capital levy problem. We characterise the ?best? non-expropriating tax policies that can be sustained in a stationary Markov Perfect Equilibrium; show when this coincides with the second best tax policy; and discuss, in detail, the robustnes...

  13. Immigrant Capital and Entrepreneurial Opportunities

    OpenAIRE

    Malavika Sundararajan; Binod Sundararajan

    2016-01-01

    Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successf...

  14. Minorities, social capital and voting

    OpenAIRE

    Bevelander, Pieter; Pendakur, Ravi

    2007-01-01

    It is widely held that voter turnout among immigrants and ethnic minorities is lower than among the native born. The goal of our paper is to explore the determinants of voting, comparing immigrant, minority and majority citizens in Canada. We use the 2002 wave of the Equality Security Community Survey to explore the relationship between personal characteristics (age, sex, education, and household type) work characteristics, social capital attributes (trust in government, belonging, civic awar...

  15. Human capital, fertility and growth

    OpenAIRE

    Galor, Oded

    2006-01-01

    The demographic transition that swept the world in the past 140 years has been identified as one of the prime forces in the transition from stagnation to growth. The unprecedented increase in population growth during the early stages of industrialization was ultimately reversed. The rise in the demand for human capital in the second phase of industrialization brought about a significant reduction in fertility rates and population growth in various regions of the world, enabling economies to c...

  16. Human Capital Persistence and Development

    OpenAIRE

    Rocha, Rudi; Ferraz, Claudio; Soares, Rodrigo R.

    2015-01-01

    This paper examines the role of human capital persistence in explaining long-term development. We exploit variation induced by a state-sponsored settlement policy that attracted a pool of immigrants with higher levels of schooling to particular regions of Brazil in the late 19th and early 20th century. We show that municipalities that received settlements experienced increases in schooling that persisted over time. One century after the policy, localities that received state-sponsored settlem...

  17. Venture Capital Trade Sale Exits

    OpenAIRE

    Engløkk, Erik Aasprong; Haarstad, Robert Jansen; Høiby, Alexander Østebø

    2011-01-01

    Even though venture capital trade sale exits are the most common and successful exit vehicle, historically most academic attention has been given to IPO exits. This thesis takes the first steps towards opening the black box that is trade sale exits. The thesis is paper-based, and the main academic contributions belong to the four papers appended. This document opens with an introduction to the field of study as well as overall reflections in order to offer the reader a contextual background. ...

  18. Public Policy for Venture Capital

    OpenAIRE

    Keuschnigg, Christian; Nielsen, Søren Bo

    2001-01-01

    This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and offer a base salary as well. In addition to providing incentive compatible equity finance, they support the venture with managerial advice to raise survival chances. We analyze several policy measures add...

  19. Venture Capital and Knowledge Transfer

    OpenAIRE

    Dessi, Roberta; Yin, Nina

    2015-01-01

    This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio companies. We study the costs and benefits of these two forms of knowledge transfer, and their implications for investment, innovation, and product market competition. The model also sheds light on the ...

  20. 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...

  1. 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 ...

  2. 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.

  3. Capital social en empresas familiares

    Directory of Open Access Journals (Sweden)

    Magda Jiménez

    2011-01-01

    Full Text Available Este artículo está dirigido a caracterizar la dinámica de la gestión del capital social en empresas familiares ubicadas en Santa Ana de Coro, municipio Miranda del estado Falcón. Para ello se llevó a cabo un estudio de campo de tipo descriptivo, mediante el uso de la técnica de la encuesta, siendo la modalidad utilizada el cuestionario, con el interés de obtener datos e información directamente de las 08 empresas familiares que funcionan en este municipio. De esta manera se conoció que en las empresas familiares del municipio Miranda, el capital social representa significativamente una de las características conducentes a la sociabilidad y confianza entre los miembros de las familias conductoras de las organizaciones y los empleados no miembros de familia; y es precisamente esta dinámica la razón por la cual el capital social se convierte en un trascendental recurso para las empresas, permitiendo el acceso a otros recursos e impulsando la participación de todos los que hacen vida en la organización, y por ende el crecimiento y desarrollo económico se hace evidente, estimulando en los empleados el sentido de pertenencia, confianza, compromiso y reciprocidad, generando beneficios para la red de demandantes y consumidores.

  4. Individual social capital and survival

    DEFF Research Database (Denmark)

    Ejlskov, Linda; Mortensen, Rikke N; Overgaard, Charlotte;

    2014-01-01

    .827, 95% CI = 0.750-0.913 and HR = 0.832, 95% CI = 0.729-0.949, respectively). For men, strong social networks were associated with a higher risk of all-cause mortality (HR = 1.132, 95% CI = 1.017-1.260). Civic engagement had a similar effect for both men (HR = 0.848, 95% CI = 0.722-0.997) and women (HR...... health behaviour (HR = 0.586, 95% CI = 0.421-0.816) while no such association was found for men (HR = 0.949, 95% CI = 0.816-1.104). Analysing the specific dimensions of social capital, higher levels of trust and social network were significantly associated with lower all-cause mortality in women (HR = 0...... = 0.848, 95% CI = 0.630-1.140). CONCLUSIONS: We found differential effects of social capital in men compared to women. The predictive effects on all-cause mortality of four specific dimensions of social capital varied. Gender stratified analysis and the use of multiple indicators to measure social...

  5. Intellectual capital and relational capital: The role of sustainability in developing corporate reputation Intellectual capital and relational capital: The role of sustainability in developing corporate reputation Intellectual capital and relational capital: The role of sustainability in developing corporate reputation

    OpenAIRE

    Ignacio Rodríguez del Bosque; Patricia Martínez García de Leaniz

    2013-01-01

    Purpose: Intellectual capital offers a potential source of sustainable competitive advantage and is believed to be the source from which economic growth may sprout. However, not many papers analyze the effect of sustainability in the elements involving intellectual capital. This paper seeks to highlight the key role played by corporate sustainability on corporate reputation as one of the key components of relational capital based on the knowledge-based theory.Design/methodology/approach: Auth...

  6. Where's the capital? A geographical essay.

    Science.gov (United States)

    Jones, Gareth A

    2014-12-01

    This paper is inspired by Thomas Piketty's book Capital in the Twenty-First Century. Piketty does a wonderful job of tracing income and wealth over time, and relating changes to trends of economic and population growth, and drawing out the implications for inequality, inheritance and even democracy. But, he says relatively little about where capital is located, how capital accumulation in one place relies on activities elsewhere, how capital is urbanized with advanced capitalism and what life is like in spaces without capital. This paper asks 'where is the geography in Capital' or 'where is the geography of capital in Capital'? Following Piketty's lead, the paper develops its analysis through a number of important novels. It examines, first, the debate that Jane Austen ignored colonialism and slavery in her treatment of nineteenth century Britain, second, how Balzac and then Zola provide insight to the urban political economy of capital later in the century, and third, how Katherine Boo attends to inequality as the everyday suffering of the poor. PMID:25516349

  7. INTERRELATIONSHIPS BETWEEN HUMAN CAPITAL AND SOCIAL CAPITAL: IMPLICATIONS FOR ECONOMIC DEVELOPMENT IN TRANSITION ECONOMIES

    OpenAIRE

    Eve Parts

    2003-01-01

    One of the main tasks of the transition economies is to catch up with the advanced levels of highly developed economies. The lack of social capital is a major impediment to this process, as it does not allow taking advantage of the comparatively high level of human capital in these countries. The purpose of the current paper is to study the interrelationships between human capital and social capital, with the main emphasis on how social capital affects the accumulation of human capital. In ge...

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

    OpenAIRE

    Malcolm P. Baker; Wurgler, Jeffrey

    2015-01-01

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

  9. Capital Markets and Financial Politics: Preferences and Institutions

    OpenAIRE

    Roe Mark J.

    2012-01-01

    For capital markets to function, political institutions must support capitalism in general and the capitalism of financial markets in particular. Yet the shape, support, and extent of capital markets are often contested in the polity. Powerful elements — from politicians to mass popular movements — have reason to change, co-opt, and remove value from capital markets. And the competing capital markets’ players themselves have reason to seek rules that favor their own capital channels over thos...

  10. Capital intelectual: verdades e mitos

    Directory of Open Access Journals (Sweden)

    Maria Thereza Pompa Antunes

    2002-08-01

    Full Text Available Muito se tem comentado que os relatórios fornecidos pela Contabilidade Financeira não retratam certas realidades das empresas atualmente, tendo em vista o fato de o valor contábil das ações estar muitas vezes abaixo do seu valor de mercado. Esse contraste entre os dois valores vem sendo identificado como Capital Intelectual e apresentado como um novo conceito de administração de empresas que conduz à necessidade de aplicação de novas estratégias, de nova filosofia de gestão e novas formas de avaliação do valor da empresa. Este trabalho evidencia a verdadeira relação existente entre a Contabilidade e o Capital Intelectual. Desmistifica-se a novidade do conceito, pois comprova-se que o capital Intelectual é parte integrante do Goodwill, conceito secularmente conhecido e estudado pela Contabilidade. Os elementos intangíveis sempre foram abordados pela Contabilidade e, da mesma forma, como nunca se desprezou a sua importância, nunca se subestimou a sua complexidade. Portanto, a Contabilidade não é falha na divulgação das informações por ela registradas. Deve-se entender a finalidade de cada uma das Demonstrações Contábeis, bem como os Princípios subjacentes a elas. A falta de conhecimento, por vezes, conduz a conclusões precipitadas e errôneas. Por outro lado, qualquer que seja o rótulo atribuído aos elementos intangíveis, que sempre fizeram parte das organizações, entende-se e aceita-se que hoje, cada vez mais, o conhecimento e o gerenciamento desses elementos são relevantes para a gestão das empresas, pois o momento atual é caracterizado pela ampla aplicação do recurso do conhecimento pelo homem, que se materializa em novas tecnologias, sistemas e serviços (entendidos como ativos intangíveis que agregam valor às organizações.It has been said many times that the statements provided by Financial Accounting do not give a picture of certain realities of companies nowadays, considering the fact that, often

  11. ANALYSIS OF THE CAPITAL MARKET IN CROATIA

    Directory of Open Access Journals (Sweden)

    Maja Buljat

    2015-12-01

    Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

  12. Global capital markets: An updated profile

    Directory of Open Access Journals (Sweden)

    Filipović Miroslava

    2007-01-01

    Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

  13. Changing Endogenous Development: the Territorial Capital

    Directory of Open Access Journals (Sweden)

    Balázs István Tóth

    2011-12-01

    Full Text Available The aim of this research is to analyze territorial capital as a new paradigm to make best use of endogenous assets. The study is dealing with the preconditions, meaning and possible theoretical taxonomies of territorial capital. In this study I emphasize that the cumulative effects of regional potentials are more important than economies of scale and location factors. I present different approaches and interpretations of territorial capital, then make an attempt to create an own model. I try to find answers for questions, such as why territorial capital shows a new perspective of urban and regional development; how cognitive elements of territorial capital provide increasing return; how territorial capital influences competitiveness and what kind of relation it has with cohesion.

  14. Social capital and technological literacy in Taiwan.

    Science.gov (United States)

    Yang, Hsieh-Hua; Huang, Fen Fen; Lai, Yi-Horng; Yang, Hung-Jen; Yu, Jui-Chen

    2012-01-01

    The burgeoning interest in social capital within the technology community represents a welcome move towards a concern for the social elements of technological adaptation and capacity. Since technology plays an ever larger role in our daily life, it is necessary to articulate social capital and its relationship to technological literacy. A nationwide data was collected by area sampling, and position generator was used to measure social capital. Regression model was constructed for technological literacy. Age, gender, education, income, web access, and social capital were included as independent variables. The results show that age, gender, education, web access, and social capital were good predictors of technological literacy. It is concluded that social capital is helpful in coping with rapid technological change. Theoretical and empirical implications and future research are discussed. PMID:22619593

  15. Does cultural capital really affect academic achievement?

    DEFF Research Database (Denmark)

    Jæger, Mads Meier

    2011-01-01

    This paper provides new estimates of the causal effect of cultural capital on academic achievement. The author analyzes data from the National Longitudinal Survey of Youth – Children and Young Adults and uses a fixed effect design to address the problem of omitted variable bias which has resulted...... in too optimistic results in previous research. After controlling for family and individual fixed effects, the author reports that (1) six indicators of cultural capital have mostly positive direct effects on children’s reading and math test scores; (2) the effect of cultural capital is smaller than...... previously reported; and (3) the effect of cultural capital varies in high- and low-SES environments. Results mostly support cultural reproduction theory (cultural capital more important in high-SES environments) for cultural capital indicators capturing familiarity with legitimate culture and mostly support...

  16. Piketty's capital and social policy.

    Science.gov (United States)

    Piachaud, David

    2014-12-01

    Piketty's Capital (2014) primarily describes and analyses changes in the distribution of wealth and annual incomes. This paper focuses on his policy proposals that make up Part Four of the book. Piketty defends the 'social state' but he discusses it largely in terms of distribution and redistribution between tax units. This neglects the important role of social policy in promoting recognition and redistribution of income and opportunities that is related to gender, race, disability and sexual orientation. Nor does Piketty consider inequalities in health which effect life-time incomes, nor the impact of housing policies on house prices and the distribution of wealth. It is argued that Piketty's approach to social security is simplistic and plays down the complexity of competing policy goals. On taxation, Piketty defends progressive taxation and proposes a global capital levy. The latter proposal runs into formidable problems in seeking global taxation in a world of nation states. Rather than seeking a policy that is, for the foreseeable future, wholly politically impractical, a case is made for less idealistic but more practical and urgent tax coordination between nations to address the widespread avoidance of taxation that large corporations and the very wealthy are now permitted - taxation on which the future of the social state depends. The importance of human and social capital, which are largely set aside by Piketty, are discussed. Finally,it is argued that his approach to policy is to describe trends and propose amelioration of growing inequality rather than to identify causes of the trends and propose policies that might address the causes. Nevertheless, the importance of his work in bringing issues of inequality to the fore, especially among economists, is recognized and applauded. PMID:25516347

  17. Christianity between Capitalism and Socialism

    OpenAIRE

    Robert Bogešić

    2010-01-01

    Modern society is in an unsustainable state. There is a crisis in our political systems, economies, finances and, what is worse, in our morals and value standards. On one side, American capitalism is burdened with the struggle for profit and social justice, and on the other, Europe is burdened with a grand unifying project as a way of building stability and security. Where is the Christian church in all of this? What does Christianity offer? Is there a Christian socialism? Regardless of how t...

  18. Three Worlds of Welfare Capitalism

    DEFF Research Database (Denmark)

    Emmenegger, Patrick; Kvist, Jon; Marx, Paul;

    2015-01-01

    In this introduction to the special issue, we review the various debates spurred by Esping-Andersen’s The Three Worlds of Welfare Capitalism. Tracing its impact since the book’s publication in 1990, we show that Three Worlds continues to be the point of reference for comparative welfare state...... research. A content analysis of articles in the Journal of European Social Policy citing the book indicates that Three Worlds may even have obtained a paradigmatic status and that its claims and findings are often taken for granted rather than challenged. We conclude that Three Worlds has become a classic...

  19. Capital social en empresas familiares

    OpenAIRE

    Magda Jiménez; Henri Piña Zambrano

    2011-01-01

    Este artículo está dirigido a caracterizar la dinámica de la gestión del capital social en empresas familiares ubicadas en Santa Ana de Coro, municipio Miranda del estado Falcón. Para ello se llevó a cabo un estudio de campo de tipo descriptivo, mediante el uso de la técnica de la encuesta, siendo la modalidad utilizada el cuestionario, con el interés de obtener datos e información directamente de las 08 empresas familiares que funcionan en este municipio. De esta manera se conoció que en las...

  20. Human Capital in New Firms

    OpenAIRE

    Müller, Bettina

    2009-01-01

    This dissertation is a collection of three stand-alone research papers on the composition of human capital in newly founded firms. The papers are all empirical but they are closely related to two theoretical approaches. The first approach is the jack-ofall-trades model by Lazear (2005) and the second the O-ring theory introduced by Kremer (1993) and applied to new firms by Fabel (2004a,b) and Fabel and Weber (2005). Besides contributing to the search of stylised facts about the effects of the...

  1. Capital Market Integration and Wages

    OpenAIRE

    Peter Henry; Diego Sasson

    2009-01-01

    For three years after the typical developing country opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of seven. No such increase occurs in a control group of developing countries. The temporary increase in the growth rate of the real wage drives up the level of average annual compensation for each worker in the sample by 609 US dollars—an increase equal to 25 percent of their annual pre-libe...

  2. Capital Market Integration and Wages

    OpenAIRE

    Anusha Chari; Peter Blair Henry; Diego Sasson

    2009-01-01

    For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries. The temporary increase in the growth rate of the real wage drives up the level of average annual compensation for each worker in the sample by 487 US dollars--an increase equal to nearly one-fifth of their annual pre-liberaliza...

  3. Three Essays in Venture Capital

    OpenAIRE

    Wang, Fan

    2015-01-01

    This thesis examines various issues related to venture capital (VC) firms. The thesis consists of three essays that try to answer the following questions: Do local VC firms benefit from their syndication experience with foreign partners? Do VC firms benefit from their directorships in mature public companies? What do we know about the failure of VC firms? The first essay examines the benefits of cross-border syndication to ‘local’ (in the context of the first essay, Asian) VC firms. The main ...

  4. States, Social Capital and Cooperation

    DEFF Research Database (Denmark)

    Anthony, Denise L.; Campbell, John L.

    2011-01-01

    This paper reflects on Elinor Ostrom’s classic book, Governing the Commons, and much work in sociology, political science and organization studies that has appeared since its publication. We do so in order to expand our understanding of the conditions under which cooperation occurs resulting in the...... production of collective goods. We explore two issues that were underdeveloped in her book that have subsequently received much attention. First, we discuss how states can facilitate cooperative behavior short of coercively imposing it on actors. Second, we discuss how social capital can facilitate or...

  5. Social Capital and Savings Behaviour

    DEFF Research Database (Denmark)

    Newman, Carol; Tarp, Finn; Van Den Broeck, Katleen

    organizations increases the proportion of liquid assets held in the form of deposits that yield a return. Our results imply that targeting information on the benefits of deposit saving through formal networks or groups would be effective in increasing the number of households that save at grassroots level.......We explore the extent to which social capital can play a role in imparting information about the returns to saving where potential knowledge gaps and mistrust exists. Using data from Vietnam we find strong evidence to support the hypothesis that information transmitted via reputable social...

  6. Capital psicológico

    OpenAIRE

    Salessi, Solana

    2013-01-01

    El término “capital”, originalmente utilizado en el campo de la economía y las finanzas, constituye un vocablo ampliamente difundido para representar diversos dominios. En este sentido, por ejemplo, la expresión “capital psicológico” es utilizada por los psicólogos organizacionales para designar los recursos psíquicos individuales que representan la valoración positiva de las circunstancias y la probabilidad de éxito basada en el esfuerzo y la perseverancia. En el marco de la psicología organ...

  7. Academic Words and Academic Capitalism

    OpenAIRE

    Billig, Michael

    2013-01-01

    This paper suggests that it is the best and worst of times for academic work. It is the best of times because there are more academics publishing than ever before. It is the worst of times because there is much unnecessary publication. Working in the competitive conditions of academic capitalism, academics feel impelled to keep publishing, whether or not they have anything to say. The pressures to publish continually and to promote one’s own approach are reflected in the way that social scien...

  8. Literacy, Human Capital and Growth

    OpenAIRE

    Serge Coulombe; Jean-François Tremblay

    2004-01-01

    We derive synthetic time series over the 1960-1995 period on the literacy level of labor market entrants from the demographic profile of the 1994 International Adult Literacy Survey. This information is then used as a measure of investment in education in a two-way error correction panel data analysis of cross-country growth for a set of 14 OECD countries. The central result of the paper is that direct measures of human capital based on literacy scores outperform measures based on years of sc...

  9. Varieties of capitalism in crisis?

    DEFF Research Database (Denmark)

    Bruff, Ian; Horn, Laura

    2012-01-01

    In this introduction to the special issue, we provide a brief overview of the two distinct but connected meanings of the phrase ‘varieties of capitalism in crisis’: (1) the crisis of empirical political economies under conditions of capitalist diversity; and (2) the crisis of the institutionalist...... special issue, we consider key aspects of what could constitute an alternative conceptual apparatus: uneven development, variegation, and labour. We conclude by calling for greater dialogue and reflexivity across all of the literatures which study capitalist diversity, for we still have much to learn from...

  10. 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...

  11. Property and capital structure of the enterprise

    OpenAIRE

    PLÁTOVÁ, Lenka

    2013-01-01

    This bachelor thesis analyses as the financial and capital structure of the specific company in its particular context so the level of managament of this company situated in Jihlava. The first part focuses on the general characteristics of the property and capital of the company and it also includes the methods and indicators that are used in the practical part. The thesis starts with the brief introduction of the company and then it mentions its analysis of the financial and capital structure.

  12. Capital Export, Unemployment, and Illegal Immigration

    OpenAIRE

    Schulze, Gunther G

    1996-01-01

    This paper analyses capital export controls under majority voting. It is shown that individuals vote according to their factor endowment ratio. An individual’s optimal restriction is tighter, the lower their capital-labour ratio and the larger the country; it is also tighter if unemployment prevails. If there is illegal immigration, however, results are dramatically reversed: the conflict of interests collapses and all individuals favour unrestricted capital export until immigration is elimin...

  13. Information, Diversification, and Cost of Capital

    OpenAIRE

    Hughes, John S; Jing LIU; LIU Jun

    2005-01-01

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

  14. 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.

  15. 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...

  16. Fair value accounting and regulatory capital requirements

    OpenAIRE

    Tatsuya Yonetani; Yuko Katsuo

    1998-01-01

    This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 1, "Impact of capital requirements on bank risk taking: empirical evidence." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.

  17. The Malaysian Capital Controls: A Success Story?

    OpenAIRE

    Prema-Chandra Athukorala

    2007-01-01

    This paper aims to contribute to the debate on the use of temporary controls on capital outflows as a crisis resolution measure my examining the outcome of Malaysia’s radical response to the 1997-98 financial crisis. The analysis suggests that carefully designed temporary capital controls were successful in providing Malaysian policy makers a viable setting for aiding the recovery process through the standard Keynesian therapy. Capital controls also assisted banking and corporate restructurin...

  18. Rawlsian justice and welfare-state capitalism

    OpenAIRE

    Yuen, Ho-yin; 袁浩然

    2014-01-01

    Rawls emphasizes in his later writings that his theory of justice as fairness is not a defense of welfare-state capitalism. He argues that welfare-state capitalism cannot be an acceptable regime for justice as fairness because its ideal institutional description fails to satisfy the two principles of justice in various ways. Against Rawls, I argue in this thesis that his rejection of welfare-state capitalism is not justified. I begin by clarifying an ambiguity regarding what arrangements...

  19. Celebrity capital: redefining celebrity using field theory

    OpenAIRE

    Driessens, Olivier

    2013-01-01

    This article proposes to redefine celebrity as a kind of capital, thereby extending Bourdieu’s field theory. This redefinition is necessary, it is argued, because one of the main limitations shared by current definitions of celebrity is their lack of explanatory power of the convertibility of celebrity into other resources, such as economic or political capital. Celebrity capital, or broadly recognizability, is conceptualized as accumulated media visibility that results from recurrent media r...

  20. Thomas Piketty’s capitalism revisited

    OpenAIRE

    Milovanović Milić

    2015-01-01

    Thomas Piketty’s international best selling Capital in the Twenty-First Century lays out his theory of a long-run rise in income inequality under capitalism. It is written as a manifesto urging reintegration of social sciences. A number of reviewers judged it on ideological grounds, labeling it either as a revolution in economic thinking, or dismissing it offhandedly. Piketty’s theory of rising inequality is based on the two Fundamental Laws of Capitalism, ...

  1. The Crisis of Intellectual Monopoly Capitalism

    OpenAIRE

    Ugo Pagano

    2012-01-01

    The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical relations among firms and between capital and labor because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 TRIPS agreements, the gro...

  2. Crude Carrier Consolidation and Capital Cost

    OpenAIRE

    T T Gilje; J Dinwoodie; J Challacombe

    2002-01-01

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

  3. Antinomias del Capital en el Siglo XXI

    OpenAIRE

    Estrada, Fernando

    2014-01-01

    Thomas Piketty's "Capital in the 21st century" has been the most important book economy in recent times. Its aim integrates the debate theories of growth, income distribution, inequality and differences between the extremes income and income of the majority. The work predicts a slow increase in the share of capital income and inequality. His proposal for a global tax on capital is a way to evaluate such tendencies.

  4. Deferred Tax Assests and Bank Regulatory Capital

    OpenAIRE

    Gallemore, J.

    2012-01-01

    Abstract: In this study, I examine three issues: (1) whether the probability of bank failure is increasing in the proportion of regulatory capital composed of deferred tax assets (DTA), (2) whether market participants incorporate the increased failure risk associated with the DTA component of capital into their assessments of credit risk, and (3) whether the rules governing the inclusion of DTA into capital encourage risk-taking behavior. Using a sample of U.S. commercial banks, I find that b...

  5. Child labour, human capital and life expectancy

    OpenAIRE

    Giam Pietro Cipriani

    2015-01-01

    This paper studies new mechanisms through which human capital and longevity interact with child labour and endogenous fertility. When children provide old age support in the form of care and companionship, the economy may display multiple development regimes: a development trap with low human capital and large use of child labour or a high steady state with high longevity and human capital and low child labour. A situation with indeterminacy of equilibrium outcomes may also occur if child mor...

  6. WORKING CAPITAL MANAGEMENT IN TELECOMMUNICATION SECTOR

    OpenAIRE

    Akinwande, Gbenga Segun

    2010-01-01

    ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies ineffi...

  7. 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...

  8. Quality Issues in Human Capital Management

    OpenAIRE

    Ion PETRESCU

    2009-01-01

    Human capital and its management are important because give the possibility to organizations to use more productively the personnel by means of measurements, analysis and evaluations than by suppositions. We notice in parallel that the increasing interest towards human capital of the company is more and more obvious. The success, the performance and competition of the companies depend in great measure on the content and quality of human capital management, That is why, the key-word of human c...

  9. Human Capital Prospective on Corporate Opportunity Identification

    OpenAIRE

    Koutu, Khushboo

    2012-01-01

    Entrepreneurial activities within firms have been a centre of attraction for researchers in past years. Human capital is yet another unexplored prospective affecting and contributing towards entrepreneurship. To understand how individual operate entrepreneurially within firm, we intend to explore how human capital is developed and how structure and practices in internal and external environment of the firm (in this case focusing on Samsung Electronics Corporation) affects human capital develo...

  10. Corporate governance and internal capital markets

    OpenAIRE

    Glaser, M; Sautner, Z.; Villalonga, B.

    2008-01-01

    We exploit an exogenous shock to corporate ownership structures created by a recent tax reform in Germany to explore the causal link between corporate governance and internal capital markets. We find that firms with more concentrated ownership are less diversified and have a less active but more efficient internal capital market. Our findings provide direct evidence in support of Scharfstein and Stein's (2000) model, which suggests that internal capital misallocations are partly a result of p...

  11. Natural Resource Abundance and Human Capital Accumulation

    OpenAIRE

    Jean-Philippe C. Stijns

    2001-01-01

    This study examines indicators of human capital accumulation together with data for natural resource abundance and rents in a panel of 102 countries running from 1970 to 1999. Mineral wealth makes a positive and marked difference on human capital accumulation. Matching on observables reveals that cross-country results are not driven by a third factor such as overall economic development. Political stability does seem to affect both human capital accumulation and subsoil wealth, but not enough...

  12. NATURAL RESOURCES AND INTERNATIONAL CAPITAL FLOWS

    OpenAIRE

    MAGDEFRAU Melissa; THOMAS Snyder

    2013-01-01

    This study examines the relationship between international capital flows and natural resources, with a focus on natural resources’ detrimental effect on institutions. In a cross-country OLS regression, natural resources appear to have a negative relationship with capital inflows when institutional quality is not controlled for. However, natural resources have a positive or insignificant relationship with capital inflows when institutions are controlled for. In a two-stage OLS regression, natu...

  13. 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...

  14. Venture Capital Contracting Under Asymmetric Information

    OpenAIRE

    Jeffrey Trester

    1993-01-01

    The author develops a model of venture capital contracting in which the entrepreneur and venture capitalist contract under symmetric information. A condition of asymmetric information may arise subsequent to the first contract. The author shows that this condition makes debt contracts infeasible and leads to the use of preferred equity contracts. The author notes that discussions of the relation between venture capital and capital structure are rare. This paper expands the literature by addre...

  15. Human capital and externalities in cities

    OpenAIRE

    Ciccone, Antonio; Peri, Giovanni

    1999-01-01

    We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling in cities increases their aggregate labor productivity by 8 to 11 percent. We find no evidence for aggregate human capital externalities in cities however although we use three different approaches. Our main theoretical cont...

  16. Unbundled Institutions, Human Capital and Growth

    OpenAIRE

    Sambit Bhattacharyya

    2008-01-01

    We investigate the partial effects of institutions and human capital on growth. We find that cross-country regressions of the log-level of per capita GDP on instrumented measures of institutions and schooling are uninformative about the relative importance of institutions and human capital in the long run because of multicollinearity problems. Using dynamic panel regressions we show that both institutions and human capital have significant effects on growth. Using Rodrik's (2005) four-way par...

  17. Valuation of Social Capital and Environmental Externalities

    OpenAIRE

    2000-01-01

    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  18. Valuation of social capital and environmental externalities

    OpenAIRE

    Aslaksen, Iulie; Brekke, Kjell Arne

    2000-01-01

    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  19. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    OpenAIRE

    Dumitru-Cristian OANEA

    2014-01-01

    The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the ...

  20. Capital Structure Decisions: Evidence from Singapore

    OpenAIRE

    Chang, Xin Yu

    2015-01-01

    This dissertation examines the determinants of capital structure in Singapore listed companies. Most prior empirical studies investigate the determinants of capital structure in developed countries, particularly in the United States and Europe, with only a few examining this topic in Asia Pacific. This dissertation focuses on Singapore to find out the factors that affect Singapore listed companies’ capital structure decision. The dissertation uses panel data from the Worldscope database which...

  1. Human Capital, Asset Allocation, and Life Insurance

    OpenAIRE

    Roger Ibbotson; Peng Chen; Moshe Milevsky; Xingnong Zhu

    2005-01-01

    Financial planners and advisors have recently started to recognize that human capital must be taken into account when building optimal portfolios for individual investors. But human capital is not just another pre-endowed asset class that must be included as part of the portfolio frontier. An investor's human capital contains a unique mortality risk, which is the loss of all future income and wages in the unfortunate event of premature death. However, life insurance in its various guises and ...

  2. 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,

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

    Directory of Open Access Journals (Sweden)

    Silvije Orsag

    2014-12-01

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

  4. IT CAPITAL AND ECONOMIC GROWTH IN JAPAN

    OpenAIRE

    Nakanishi, Yasuo

    2011-01-01

    This article presents an empirical investigation of the role of IT(Information Technology)capital in the Japanese macroeconomy, with a particular focus on the adjustment of IT capital stock. We use the Translog model in this study and treat IT capital as the only quasi-fixed factor. We found that the shadow price of IT capital was largely decreased, and that there was a significant difference in the shadow prices between the beginning of the measurement periods and in recent years. There ...

  5. CAPITAL SOCIAL COMO FATOR DE DESENVOLVIMENTO LOCAL

    OpenAIRE

    Mendonca, Kamila Vieira; Pinheiro, Jose Cesar

    2008-01-01

    O presente estudo verificou e avaliou o grau de acumulação de capital social como fator de desenvolvimento local, do assentamento Che Guevara, localizado no município de Ocara, no Estado do Ceará. O índice de capital social (ICS) foi calculado com base nas respostas de um questionário elaborado com variáveis mensuráveis e que refletem o estoque de capital social. A comunidade dispõe de um grau mediano de capital social.-------------This study verified and evaluated the degree of accumulation ...

  6. Capital intelectual e a vantagem competitiva

    OpenAIRE

    Nunes, André Gomes Ferreira dos Santos

    2013-01-01

    Capital Intelectual pode ser o mais importante activo de uma empresa no desenvolvimento e criação de valor para ela própria e obtenção de uma vantagem competitiva sustentável. Representando o conhecimento necessário para fazer face ao ambiente externo o Capital Intelectual é único no mercado. Esta investigação reúne evidências de que o Capital Intelectual tem influência na Vantagem Competitiva de uma organização. O caminho que leva o Capital Intelectual a impactar sobre a Vantagem Competitiva...

  7. Employment protection and capital-labor ratios

    OpenAIRE

    Janiak, Alexandre; Wasmer, Etienne

    2014-01-01

    Employment protection (EPL) has a well known negative impact on labor flows as well as an ambiguous but often negative effect on employment. In contrast, its impact on capital accumulation and capital-labor ratio is less well understood. The available empirical evidence suggests a non-monotonic relation between capital-labor ratios and EPL: positive at very low levels of EPL, and then negative. We explore the theoretical effects of EPL on physical capital in a model of a firm facing labor fri...

  8. Employment Protection and Capital-Labor Ratios

    OpenAIRE

    Janiak, Alexandre; Wasmer, Etienne

    2014-01-01

    Employment protection (EPL) has a well known negative impact on labor flows as well as an ambiguous but often negative effect on employment. In contrast, its impact on capital accumulation and capital-labor ratio is less well understood. The available empirical evidence suggests a non-monotonic relation between capital-labor ratios and EPL: positive at very low levels of EPL, and then negative. We explore the theoretical effects of EPL on physical capital in a model of a firm facing labor fri...

  9. EPL and capital-labor ratios

    OpenAIRE

    Alexandre Janiak; Etienne Wasmer

    2012-01-01

    Employment protection (EPL) has a well known negative impact on labor flows as well as an ambiguous but often negative effect on employment. In contrast, its impact on capital accumulation and capital-labor ratio is less well understood. The available empirical evidence suggests a hump-shaped relation between capital-labor ratios and EPL: positive at very low levels of EPL, and then negative. We explore the theoretical effects of EPL on physical capital in a model of a firm facing labor frict...

  10. The multitudinous creativity of the contemporary capitalisms

    Directory of Open Access Journals (Sweden)

    Ionuț Bârliba

    2015-12-01

    Full Text Available Creative Capitalism, Multitudinous Creativity, Radicalities and Alterities, Edited by Giuseppe Cocco and Barbara Szaniecki, Lexington Books, Lanham. Boulder. New York. London, 2015, 269p.

  11. 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...

  12. 'Blue' social capital and work performance

    DEFF Research Database (Denmark)

    Grøn, Sisse; Svendsen, Gunnar Lind Haase

    2012-01-01

    (Progoulaki & Roe 2011). This challenges social capital on board, i.e. the resources inherent in network cooperation associated with norms of reciprocity and trust (Putnam 2000: 19). Fragmentizing ‘blue’ social capital should however be restored, because work performance depends on the quality of cooperation...... findings suggest that a balance between three types of social capital – bonding, bridging and linking – is needed to achieve a high-performance work system (Gittell et al. 2010). Hence, main actors within the shipping sector should take ‘blue’ social capital into account in order to increase work...

  13. 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.

  14. Capital--its application, access and attitudes.

    Science.gov (United States)

    Bohlmann, R C

    1996-01-01

    Access to capital for group or network development is generally through one of three sources: current revenue, borrowing, or outside investors. Groups often have not planned well for their financial future, and consequently when integration or managed care opportunities arise, they can be without the necessary funds. This article addresses the acquisition of capital in the context of application (need), access (resources), and attitudes (concerns). Determining capital needs is the starting point, followed by investigating institutional resources, and then investigating the attitudes of the group toward accessing the needed capital. PMID:10159459

  15. 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.

  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. Measuring Social Capital Accumulation in Rural Development

    DEFF Research Database (Denmark)

    Teilmann, Kasper

    2012-01-01

    Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index. The...... index has been tested in LAG-Djursland, Denmark, and the study further investigates whether the organisational affiliation, project financing, and LAG co-financing can explain the degree of social capital accumulation. Furthermore, the author has tested if there are connections between motivation for...

  18. Social and Symbolic Capital in Firm Clusters

    DEFF Research Database (Denmark)

    Gretzinger, Susanne; Royer, Susanne

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

  19. Developing measures of intellectual capital for the venture capital industry in Taiwan

    OpenAIRE

    Chung-Chu Liu

    2013-01-01

    The Taiwanese venture capital industry has played a critical role in the development of the Taiwan it industry. The purpose of this study is to construct and prioritize the intellectual capital measures of venture capital in Taiwan and to formulate a strategy map based on these measures. A thorough interview was used to collect the data, while the content analysis method and the analytic hierarchy process were used to analyze the data. Intellectual capital can be categorized into three dimens...

  20. Knowledge management: Exploring the relationship between human capital and organisation structure capital

    OpenAIRE

    Al-Halak, A; Al-Karaghouli, W; Ghoneim, A; Koufopoulos, D

    2010-01-01

    Human capital and its impact on the organisation structure capital are of paramount importance in the modern business organisations. This research in progress, which investigates and analyses the role that human capital plays in the determination of the organisation structure capital. The study is based on wide spectrum of current literature, which presents theoretical and practical research on the subject of study. Knowledge Management (KM) is systematic process based on models and technolog...

  1. Human capital, social capital and organizational performance: A structural modeling approach

    OpenAIRE

    J. Augusto Felicio; Eduardo Couto; Jorge Caiado

    2013-01-01

    This research evaluates the human capital and social capital of managers and its influence on the performance of small and medium-sized Portuguese companies. We resorted to the structural modeling methodology approach applied to a sample of 192 small and medium companies aged between four and fifteen years from five different activity sectors. It was concluded that human capital affects social capital and the experience and cognitive ability influence personal relations and complicity. The or...

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

    OpenAIRE

    Boujelbene, Mohamed

    2013-01-01

    The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC) on cost of Equity capital. The empirical research is based on companies listed in the French SBF 120 stock market index. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components (human capital, structural) and the cost of equity. However, the negative impact of the relational cap...

  3. Social Capital in the creation of Human Capital and Economic Growth: A Productive Consumption Approach

    OpenAIRE

    Dinda, Soumyananda

    2006-01-01

    Social capital is a broad term containing the social networks and norms that generate shared understandings, trust and reciprocity, which underpin cooperation and collective action for mutual benefits, and creates the base for economic prosperity. This study deals with the formation of social capital through development of human capital that is created from productive consumption. This paper attempts to formalize incorporation of social capital (SK). This paper sets up a one-sector growth mod...

  4. The incidence of capital income taxes: does capital benefit from increased factor mobility?

    OpenAIRE

    González-Páramo Martínez-Murillo, José Manuel

    1992-01-01

    We characterize the role of capital and labor mobility in the shifting of capital taxes in a 2x2 general-equilibrium model with partially-mobile factors. This is done by means of an intuitive decomposition of the incidence of a selective capital tax into a "specificity effect" and a "mobility effect".

  5. "Capitalizing on Sport": Sport, Physical Education and Multiple Capitals in Scottish Independent Schools

    Science.gov (United States)

    Horne, John; Lingard, Bob; Weiner, Gaby; Forbes, Joan

    2011-01-01

    This paper draws on a research study into the existence and use of different forms of capital--including social, cultural and physical capital--in three independent schools in Scotland. We were interested in understanding how these forms of capital work to produce and reproduce "advantage" and "privilege". Analysis is framed by a multiple capitals…

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

    Science.gov (United States)

    Hinton, Kip Austin

    2015-01-01

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

  7. 13 CFR 307.17 - Uses of capital.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Uses of capital. 307.17 Section... Funds § 307.17 Uses of capital. (a) General. RLF Capital shall be used for the purpose of making RLF...) Restrictions on use of RLF Capital. RLF Capital shall not be used to: (1) Acquire an equity position in...

  8. 12 CFR 325.102 - Notice of capital category.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Notice of capital category. 325.102 Section 325... POLICY CAPITAL MAINTENANCE Prompt Corrective Action § 325.102 Notice of capital category. (a) Effective date of determination of capital category. A bank shall be deemed to be within a given capital...

  9. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital...

  10. 12 CFR 6.3 - Notice of capital category.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Notice of capital category. 6.3 Section 6.3... Capital Categories § 6.3 Notice of capital category. (a) Effective date of determination of capital category. A bank shall be deemed to be within a given capital category for purposes of section 38 of...

  11. 12 CFR 3.6 - Minimum capital ratios.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Minimum capital ratios. 3.6 Section 3.6 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES Minimum Capital Ratios § 3.6 Minimum capital ratios. (a) Risk-based capital ratio....

  12. Social Capital Theory: Implications for Women's Networking and Learning

    Science.gov (United States)

    Alfred, Mary V.

    2009-01-01

    This chapter describes social capital theory as a framework for exploring women's networking and social capital resources. It presents the foundational assumptions of the theory, the benefits and risks of social capital engagement, a feminist critique of social capital, and the role of social capital in adult learning.

  13. Social capital, product imitation and growth with learning externalities

    OpenAIRE

    Agénor, Pierre-Richard; Dinh, Hinh T.

    2013-01-01

    Links between social capital, human capital, and product imitation are studied in an overlapping generations model of endogenous growth where the key benefit of social capital is to promote imitation. There is also a two-way interaction between imitation and human capital. Building social capital (which brings direct utility) requires time. Because life expectancy is endogenously related t...

  14. Developing Cosmopolitan Capital: Gaining Cosmopolitan Capital Through Study Abroad

    OpenAIRE

    Sólrún H. Guðmundsdóttir 1988

    2015-01-01

    Þessi lokaritgerð rannsakar hugtakið heimsborgaraauður (e. Cosmopolitan Capital) í sambandi við menntunartækifæri íslenskra ungmenna. Heimsborgaraauður er þá þær fjölþjóðlegu bjargir, eins og hæfni í tungumálum, jákvæðni gagnvart menningarlegri fjölbreytni og alþjóðleg reynsla sem gerir fólki kleift að afla sér því menningarlæsi og hæfni sem að nútímahnattvæðing krefst. Hugtakið er kannað á tveimur grundvöllum, það er í fyrsta lagi hlutverk innflytjenda á heimsborgaraauð landsins í heild og í...

  15. Human Capital Composition and Economic Growth

    Science.gov (United States)

    Tsai, Chun-Li; Hung, Ming-Cheng; Harriott, Kevin

    2010-01-01

    The objective of this paper is to analyze the effect of various compositions of human capital on economic growth. We construct alternative measures of human capital composition using five fields of study. In each instance, the measure represents the number of graduates in the respective field as a percentage of all graduates. The measures are as…

  16. 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…

  17. 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.

  18. Social Capital: Its Constructs and Survey Development

    Science.gov (United States)

    Enfield, Richard P.; Nathaniel, Keith C.

    2013-01-01

    This article reports on experiences and methods of adapting a valid adult social capital assessment to youth audiences in order to measure social capital and sense of place. The authors outline the process of adapting, revising, prepiloting, piloting, and administering a youth survey exploring young people's sense of community, involvement in…

  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. Corporate Social Responsibility Under Authoritarian Capitalism

    DEFF Research Database (Denmark)

    Hofman, Peter S.; Moon, Jeremy; Wu, Bin

    2015-01-01

    This article introduces the concept of corporate social responsibility (CSR) in the seemingly oxymoronic context of Chinese “authoritarian capitalism.” Following an introduction to the emergence of authoritarian capitalism, the article considers the emergence of CSR in China using Matten and Moon’s...

  1. Intellectual capital of the European Union 2008

    NARCIS (Netherlands)

    Stam, Christiaan; Andriessen, Daan

    2009-01-01

    In 2004 the report Intellectual capital of the European Union was published (Andriessen and Stam, 2004). This report provided insight in the value of the intellectual capital of the 15 countries of the European Union, in relationship to the goals set by the European Council in March 2000. Since this

  2. Management Consulting Practice on Intellectual Capital

    NARCIS (Netherlands)

    Andriessen, Daan

    2005-01-01

    Today, Intellectual Capital plays a principal role in the delivery of corporate performance. This importance is reflected in the fact that companies, without the force of any regulations, start to produce intellectual capital statements to communicate their performance; accounting guidelines are bei

  3. 76 FR 56363 - Capital Project Management

    Science.gov (United States)

    2011-09-13

    ... Federal Transit Administration 49 CFR Part 633 RIN 2132-AA92 Capital Project Management AGENCY: Federal...: This proposal would transform the current FTA rule for project management oversight into a discrete set... the necessary management capacity and capability of a sponsor of a major capital project; spell...

  4. 76 FR 67400 - Capital Project Management

    Science.gov (United States)

    2011-11-01

    ... TRANSPORTATION Federal Transit Administration 49 CFR Part 633 RIN 2132-AA92 Capital Project Management AGENCY... Capital Project Management to December 2, 2011, to allow interested parties time to carefully review the.... SUPPLEMENTARY INFORMATION: On September 13, 2011, FTA published an NPRM in the Federal Register (76 FR...

  5. A REVIEW OF THE CAPITAL STRUCTURE THEORIES

    Directory of Open Access Journals (Sweden)

    Visinescu Sorin

    2009-05-01

    Full Text Available In this paper the authors survey capital structure theories, from the start-up point, which is considered Modigliani and Miller’s capital structure irrelevance theorem, to recent theories, such as the pecking order and the market timing theory. For each t

  6. Human Capital : Incentive and Job Design

    OpenAIRE

    Strych, Jan-Oliver

    2014-01-01

    This dissertation is designed to shed light on how firms design incentives and jobs to solve problems they encounter during the lifeCycle of human capital. It addresses firm-specific and general human capital acquisition, job rotation, and internal governance of firms.

  7. Capital Structure, Strategic Competition, and Governance

    NARCIS (Netherlands)

    T.T. Nguyen (Thuy Thu)

    2008-01-01

    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a fi

  8. Capital Punishment for Juveniles: Albert French's "Billy."

    Science.gov (United States)

    Darlington, Sonja

    1998-01-01

    Analyzes Albert French's novel "Billy" and its exploration of the United States' use of capital punishment for young criminals. Addresses the underlying causes of Billy's execution. Discusses specific themes and issues that teachers can use for classroom discussions of capital punishment. (RS)

  9. 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

  10. Queer Cultural Capital: Implications for Education

    Science.gov (United States)

    Pennell, Summer Melody

    2016-01-01

    This article takes the concept of cultural capital from Yosso's (2005) work and transforms the model for queer communities. While Yosso identified five forms of cultural capital in communities of color (familial, aspirational, navigational, resistant, and linguistic), the author identifies an additional form: transgressive. Queer cultural capital…

  11. Family Capital: Implications for Interventions with Families

    Science.gov (United States)

    Belcher, John R.; Peckuonis, Edward V.; Deforge, Bruce R.

    2011-01-01

    Social capital has been extensively discussed in the literature as building blocks that individuals and communities utilize to leverage system resources. Similarly, some families also create capital, which can enable members of the family, such as children, to successfully negotiate the outside world. Families in poverty confront serious…

  12. Capital in the Twenty-First Century

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    Review essay on: Capital in the Twenty-First Century. By Thomas Piketty . Translated by Arthur Goldhammer . Cambridge, Mass.: The Belknap Press of Harvard University Press, 2014. viii + 685 pp......Review essay on: Capital in the Twenty-First Century. By Thomas Piketty . Translated by Arthur Goldhammer . Cambridge, Mass.: The Belknap Press of Harvard University Press, 2014. viii + 685 pp...

  13. A Shift towards Academic Capitalism in Finland

    Science.gov (United States)

    Kauppinen, Ilkka; Kaidesoja, Tuukka

    2014-01-01

    Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued…

  14. Academic Capitalism in the Pasteur's Quadrant

    Science.gov (United States)

    Mendoza, Pilar

    2009-01-01

    Based on previous empirical studies, in this work the author presents an analysis of the role of context in academic capitalism. In particular, she argues that the literature on academic capitalism fails to properly acknowledge disciplinary and institutional differences, which results in an oversimplification of the effects of industry-academia…

  15. Toward A Reliable Cost of Capital

    Directory of Open Access Journals (Sweden)

    Jeremiah U. Idialu

    2013-07-01

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

  16. Population Aging and International Capital Flows

    OpenAIRE

    Domeij, David; Floden, Martin

    2003-01-01

    We use the neoclassical growth framework to model international capital flows in an economy with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in particular after 1985.

  17. 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".

  18. The Operational Risk – Minimum Capital Requirements

    OpenAIRE

    Gabriela Victoria Anghelache; Ana Cornelia Olteanu

    2009-01-01

    This paper aims to present how to quantify the minimum capital requirement for operational risk using three approaches proposed by the Basel Committee to identify optimal allocation of capital, given that until recently to this risk has been allocated a minimum attention, considering that it has a low impact on the business of financial institutions.

  19. New Superintendents: Trust, Networking, and Social Capital

    Science.gov (United States)

    Ripley, Joan; Mitchell, Roxanne M.; Richman, John A.

    2013-01-01

    This instrumental case study explored how five newly appointed superintendents identified key stakeholders and built trust and social capital with stakeholders in their districts. Stakeholder, trust, and social capital theory were the lenses that guided this study. We utilized a pragmatic research design and thematic data analysis to interpret our…

  20. Human Capital Development: Comparative Analysis of BRICs

    Science.gov (United States)

    Ardichvili, Alexandre; Zavyalova, Elena; Minina, Vera

    2012-01-01

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

  1. Political Capital in a Market Economy

    Science.gov (United States)

    Nee, Victor; Opper, Sonja

    2010-01-01

    This research applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China's market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages.…

  2. A Human Capital Approach to Career Advising

    Science.gov (United States)

    Shaffer, Leigh S.; Zalewski, Jacqueline M.

    2011-01-01

    We began this series by addressing the challenges of career advising in a volatile, uncertain, complex, and ambiguous environment. In this article, we define human capital and suggest that advisors encourage students to utilize the principle of maximizing human capital when making decisions. We describe the personal traits and attitudes needed to…

  3. Making Teachers' Pedagogical Capital Visible and Useful

    Science.gov (United States)

    Henningsson-Yousif, Anna; Aasen, Solveig Fredriksen

    2015-01-01

    Purpose: The purpose of this paper is to compare methods of working with pedagogical capital in teacher and mentor education. The author makes an account of the development of the concept of pedagogical capital and relates it to the theoretical context of practice theory. Empirical data will substantiate the theoretical discussion of teachers'…

  4. State Spending on Higher Education Capital Outlays

    Science.gov (United States)

    Delaney, Jennifer A.; Doyle, William R.

    2014-01-01

    This paper explores the role that state spending on higher education capital outlays plays in state budgets by considering the functional form of the relationship between state spending on higher education capital outlays and four types of state expenditures. Three possible functional forms are tested: a linear model, a quadratic model, and the…

  5. A REVIEW OF THE CAPITAL STRUCTURE THEORIES

    OpenAIRE

    Visinescu Sorin; Popescu Luigi

    2009-01-01

    In this paper the authors survey capital structure theories, from the start-up point, which is considered Modigliani and Miller’s capital structure irrelevance theorem, to recent theories, such as the pecking order and the market timing theory. For each t

  6. Taxation and venture capital-backed entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...

  7. RAROC Based Capital Budgeting and Performance Evaluation: A Case Study of Bank Capital Allocation

    OpenAIRE

    Christopher James

    1996-01-01

    This paper describes the RAROC system developed at Bank of America (B of A) in order to examine how risk-based capital allocation models work. I begin by discussing the economic rational for allocating capital in a diversified organization like the B of A. Drawing on recent work by Froot and Stein (1995) and Stein (1996), I argue that the capital budgeting process used by the B of A resembles the operation of an internal capital market in which businesses are allocated capital with the object...

  8. Human Capital, Wealth, and Renewable Resources

    Directory of Open Access Journals (Sweden)

    Wei-Bin ZHANG

    2014-05-01

    Full Text Available This paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resource sector and education sector. We take account of three ways of improving human capital: Arrow’s learning by producing (Arrow, 1962, Uzawa’s learning by education (Uzawa, 1965, and Zhang’s learning by consuming (Zhang, 2007. The model describes a dynamic interdependence among wealth accumulation, human capital accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the productivity of the resource sector, the utilization efficiency of human capital, the propensity to receive education, and the propensity to save upon dynamic paths of the system.

  9. Intellectual Capital Statements -When Rhetoric meets Logic

    DEFF Research Database (Denmark)

    Krag, Lotte

    of representation is calculus and mathematical rules. To illustrate the importance of describing a firm by not only using numbers the article illustrates the differences between intellectual capital statements and traditional balance sheets. The intellectual capital statement is often accused of not...... being a valid document to assess a company's value by, but this article argues that although intellectual capital statements make use of another way of presenting arguments than traditional balance sheets do they are still valid for describing a firm. The article argues that the intellectual capital...... statement uses rhetoric and thus should be analyzed accordingly instead of being compared with traditional accounting. Finally, the case of Byggeplandata is used as an illustration of how rhetoric is applied in an intellectual capital statement....

  10. Is Social Capital a Good Concept?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Sønderskov, Kim Mannemar

    2013-01-01

    This paper explores whether the concept of social capital as popularized by Robert Putnam is a good social science concept. Taking Gerring’s work on concept evaluation as the starting point, the paper first presents a set of criteria for conceptual ‘goodness’ and discusses how social capital...... performs on these criteria. It is argued that social capital eventually may be a good concept if it can be shown empirically to be a unidimensional concept. An empirical section therefore explores the validity of the unidimensionality assumption and rejects it in four separate tests at both the individual...... and aggregate level. We conclude that even if social capital has been a remarkably productive idea, it is not a good concept as most popular conceptualizations define social capital as several distinct phenomena or as phenomena that already have been conceptualized under other labels....

  11. Volatility of Capital Flows to Emerging Economies

    Directory of Open Access Journals (Sweden)

    Katia Rocha

    2013-09-01

    Full Text Available The paper proposes a panel model to the determinants of capital flow volatility to a group of 18 emerging market economies (EME in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets – stocks, bonds and derivatives. The EME analyzed represented roughly 95% of the Emerging Markets Bond Index Global – EMBIG in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements - BIS (2009. The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system.

  12. Human capital in low-tech manufacturing

    DEFF Research Database (Denmark)

    Hansen, Teis; Winther, Lars; Hansen, Ronnie Fibæk

    2014-01-01

    An essential feature associated with the rise of the knowledge economy has been the increasing focus on the importance of human capital as a precondition for economic growth. Human capital has been found to have a positive impact on the economic growth of high-tech industries, however, the...... influence of human capital on the development of low-tech industries is yet to be analysed. This paper provides such an examination of low-tech industries based on an analysis of employment data within manufacturing industries in Denmark in the period 1993–2006. The findings highlight, first, that human...... capital appears to be equally important for economic development in low-tech industries and, second, that the divide between the large urban regions, especially Copenhagen, and the rest of the country plays the primary role in explaining the geography of human capital. These findings stress the relevance...

  13. Communitarianism and social capital: convergences

    Directory of Open Access Journals (Sweden)

    João Pedro Schmidt

    2015-08-01

    Full Text Available The communitarian paradigm, as formulated by Amitai Etzioni, has as one of its central theses the balance between State, community and market. The problem addressed in this research is that if the communitarian paradigm is a conceptual framework consistent with the assumptions of theories of social capital. The answer is positive, considering that the thesis of the balance of the three spheres rejects the unilateral emphasis on the coercive power of the state and the self-regulation of the market, and provides a central role to the community as a space of creation and recreation of the values that guide life in society. The method is deductive and the research technique is a review of the aliterature.

  14. Deradiating the former uranium capital

    International Nuclear Information System (INIS)

    The city that once proclaimed itself The Uranium Capital of America is in the process of divorcing itself from the radioactive element - literally as well as symbolically. The last vestiges of uranium are being shoveled from the community. The removal is part of the federal Department of Energy's (DOE) Remedial Action program. It was established in 1972 to clean up areas of the country in which radiation exposure in excess of normal background levels could be attributed to wastes from DOE-operated uranium processing plants. Grand Junction was the first area to qualify. A good portion of the city is built on radioactive tailings - by-products of a uranium-processing industry. The DOE and the Environmental Protection Agency established guidelines for action levels of radiation. The standards were extrapolated from data from studies of lung cancer incidence in uranium miners in Europe and the US

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

    Directory of Open Access Journals (Sweden)

    Mohamed Ali Boujelbene

    2013-06-01

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

  16. Studying the Impact of Intellectual Capital at Industrial Enterprises on Their Market Capitalization

    Directory of Open Access Journals (Sweden)

    L Ustinova

    2014-09-01

    Full Text Available The study sets a task of identifying the impact of intellectual capital structure components on the significance of capitalization of industrial sector enterprises of the Russian Federation.The bottom line of the predicted data by method of indicators is:• Human capital has no significant effect on qualitative characteristics of fuel and energy, metallurgic and food industry enterprises.• Customer capital, less than other factors, has an impact on the capitalization of electric power complex, machine building and construction sectors. It is in these sectors that the negative values of variables are recorded.• Least of all structural capital components impact the indicators of mining, metallurgic and electric power enterprises. Maximum value, and hence the influence, the structural capital exerts on construction sector enterprises.This study is a great asset to make up the programmes for effective resources management of non-material character for managers of the enterprises of industrial economic sector.

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

    OpenAIRE

    Haufler, Andreas

    1996-01-01

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

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

    OpenAIRE

    Abel Elizalde; Rafael Repullo

    2007-01-01

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

  19. 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...

  20. 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...