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Sample records for cash flow statements

  1. Back to Basics: Teaching the Statement of Cash Flows

    Science.gov (United States)

    Cecil, H. Wayne; King, Teresa T.; Andrews, Christine P.

    2011-01-01

    A conceptual foundation for the Statement of Cash Flows based on the ten elements of financial statements provides students with a deep understanding of core accounting concepts. Traditional methods of teaching the statement of cash flows tend to focus on statement preparation rules, masking the effect of business events on the change in cash.…

  2. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  3. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  4. STATEMENT OF CASH FLOWS - DYNAMIC IMAGE OF CHANGES IN FINANCIAL POSITION OF AN ECONOMIC ENTITY

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina Onica

    2013-12-01

    Full Text Available Annual financial statement users want the best possible information about the ability of economic agents to make payments, liquidity needs, as well as for comparing different company’s results, eliminating the impact of using different accounting methods for similar transactions. For this purpose it is necessary cash flow statement.According to a survey of 78 companies listed on the London Stock Exchange, the cash flow statement is especially useful in "Treasury analysis from operating activities" and 'coverage determination of dividends and interest cash flows net of tax'.

  5. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  6. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  7. The detection and prevention of manipulations in the balance sheet and the cash flow statement

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    Dragomir Dimitrijevic

    2015-08-01

    Full Text Available Financial statements which consist of objective, real and reliable information represent the key basis for making many business decisions. If, when writing financial statements, certain manipulation techniques are used for displaying the best possible results of transactions, the quality of financial reports will be endangered. Many financial frauds have led to a great mistrust in the system of financial reporting and the profession of accounting and auditing, which are often accused of the emergence of fraud and losing trust in the reliability of financial information by many users and economic decision makers. These are the reasons why the paper discusses the techniques of manipulation in financial statements, especially in balance sheets and cash flow statements, since these forms of manipulation are harder to detect and prevent when compared to manipulations of revenues and expenses in the income statement.

  8. Improvements of the cash-flow statement control function in financial reporting

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    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  9. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  10. Statement of Cash Flows - Concrete Aspect of the Convergence of Global Accounting in the Context of the Paradigm of New Economy

    OpenAIRE

    Gheorghe Lepadatu

    2013-01-01

    Statement of cash flows presents useful information about changing the company's financial position, allowing assessing the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury forecasts are intended to contribute to financial security and enterprise profitability by reducing financial costs. Treasury of an economic entity can be considered its strong point. The manner in which they man...

  11. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

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    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  12. Improving your CASH flow

    DEFF Research Database (Denmark)

    Brown, Chris; Loidl, Hans-Wolfgang; Berthold, Jost

    2010-01-01

    . Additionally, users of computer algebra systems can exploit the rapidly growing Haskell code base and its rich set of libraries. In particular, CASH provides a simple and effective interface for users of computer algebra systems to parallelise their algorithms using domain-specific skeletons written in Haskell....

  13. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

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    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  14. Cash flow accounting and the cost of debt

    OpenAIRE

    Lari Dashtbayaz, Mahmoud

    2011-01-01

    The aim of this study is to examine why firms may manipulate not just their earnings but also their cash flows, and to investigate the effects of this behaviour in debt markets with respect to the cost of debt. This research addresses current concerns about accounting rules (both GAAP and IFRS) which allow companies discretion in the presentation of their operating cash flow in financial statements. Using a sample of 8,684 UK and 23,935 USA firm-years from 1998 to 2010, the reported operating...

  15. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  16. Cash flow optimization in industrial enterprise

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    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  17. PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

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    Puspita Hardina Cahyaningrum

    2013-06-01

    Full Text Available This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

  18. NOKIA PERFORMANCE AND CASH FLOW ANALYSIS

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    Moscviciov Andrei

    2011-12-01

    Full Text Available In this paper the author presents the ways to analyze the performance of the company Nokia. Thus based on a system of indicators are highlighted the key situations that emphasize performance, namely: operational activity, financial balance, cash flows.

  19. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  20. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... period, for the length of the contract (or until the risk of a cash crisis ends); and (2) Provide an..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a) A contractor must be able to sustain a sufficient cash flow to perform the contract. When there is...

  1. Financial Development and Investment-Cash Flow Sensitivity

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    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  2. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

  3. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  4. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

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    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  5. Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

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    Haitham Nobanee

    2017-12-01

    Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

  6. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

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    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  7. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

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    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  8. Cash flow in the context of economic equation of continuity

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    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  9. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

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    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  10. Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

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    Dian Agustia

    2013-04-01

    Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

  11. The Cash Flow as Financial Management Tool For Small Businesses

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    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  12. Strategic Management Accounting in Organizations’ Cash Flow Control

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    Y. P. Vetrov

    2017-09-01

    Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

  13. Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

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    Letícia Goulart dos Santos

    2009-03-01

    Full Text Available Uma das principais mudanças ocorridas no cenário atual foi a aprovação da Lei 11.638/07, que, entre outras alterações, determina a substituição da Demonstração de Origense Aplicações de Recursos – DOAR pela Demonstração dos Fluxos de Caixa – DFC. Essa, mudança é considerada benéfica para os investidores e usuários da informação por ser considerada de linguagem mais simples e clara. O objetivo do presente estudo é demonstrar a situação financeira da empresa Petrobras, no período de 2005, 2006 e2007, por meio da análise dos indicadores vinculados à Demonstração dos Fluxos de Caixa, que avaliam a liquidez. Uma ferramenta ainda pouco utilizada pelos acionistas são alguns indicadores que facilitam a interpretação da situação financeira da empresa por meio do fluxo de caixa. Os índices foram classificados em quatro grupos, relacionados à cobertura do caixa, à qualidade do resultado, ao dispêndio de capital e ao retorno do fluxo de caixa. Esses têm o propósito de avaliar desde a capacidade de pagamento a téas taxas de retorno de caixa. Em termos metodológicos, a pesquisa caracteriza-se, quanto os objetivos, como um estudo descritivo, e, quanto aos procedimentos, como um estudo de caso. Por meio deste estudo pode-se por fim demonstrar a importância dessa análise comparativa para que os envolvidos tenham uma visão mais profunda da verdadeiras atuação da empresa e das condições de continuidade do seu negócio.One of the most important changes that happened on the present economical scenery itwas the approval to the law n. 11.638/07, which sets, among other alterations, thereplacement of the Statements of Source and Application of Funds for the Cash FlowStatement.This switch is considered a benefit for both investors and users of this termdue to its simple and clear words. In this way, the purpose of this study is to report onthe financial situation of the Petrobras Inc. over the period of 2005,2006 and

  14. An investigation on the effect of the corporation governance structure and free cash flow on over- investment

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    Mehdi Taghavi

    2014-03-01

    Full Text Available This study examines the impact of corporate governance structure and free cash flow on over-investment on 121 firms listed in Tehran Stock Exchange over the period 2008-2011. To measure over-investment, free cash flow and corporate governance variables based on available information reported on financial statements are gathered and using cross section regression method, different hypotheses of the survey are examined. The results indicate that among corporate governance mechanisms investigated in survey, there is a significant relationship between percentage of non-executive directors and ownership concentration with over-investment. However, there was no meaningful relationship among controlling shareholders and duality with over-investment. Furthermore, a significant relationship between free cash flow and over-investment has been found.

  15. Analysis and Planning of the Cash Flows at the “Empresa de Aseguramiento y Servicios” of the Agriculture Ministry of Santiago de Cuba, Cuba

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    María Esperanza González-del Foyo

    2015-11-01

    Full Text Available The following paper is about the analysis and planning of the cash flows at the “Empresa de Aseguramiento y Servicios” of the Agriculture Ministry of Santiago de Cuba with the goal of knowing how is generated and applied the cash at the enterprise in the period of 2008-2009 and its behavior for the year 2013. This paper makes for the five-year period related the Statements of Cash Flows and its interpretation as an analysis tool for the directors of the company, and also its foreseeing for the next period from the making of the Pro forma Financial Statements applying the method of the rate of sustainable growing of the sales. As a result of the analysis it was able to verify the difficulties of the enterprise to generate cash operative flows in opportune quantities and sufficient that limits the operation with levels of adequate solvency.

  16. The Appraisal of Data Centres: Deconstructing the Cash Flow

    OpenAIRE

    Patrick McAllister; Pavlos Loizou

    2007-01-01

    This paper analyses the appraisal of a specialized form of real estate - data centres - that has a unique blend of locational, physical and technological characteristics that differentiate it from conventional real estate assets. Market immaturity, limited trading and a lack of pricing signals enhance levels of appraisal uncertainty and disagreement relative to conventional real estate assets. Given the problems of applying standard discounted cash flow, an approach to appraisal is proposed t...

  17. The appraisal of data centres: deconstructing the cash flow \\ud

    OpenAIRE

    McAllister, Patrick; Loizou, Pavlos

    2007-01-01

    This paper analyses the appraisal of a specialized form of real estate - data centres - that has a unique blend of locational, physical and technological characteristics that differentiate it from conventional real estate assets. Market immaturity, limited trading and a lack of pricing signals enhance levels of appraisal uncertainty and disagreement relative to conventional real estate assets. Given the problems of applying standard discounted cash flow, an approach to appraisal is proposed t...

  18. Cash Flow Analysis on the Example Cormans Ltd. Galati

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    Carmen SIRBU

    2010-08-01

    Full Text Available Finding appropriate ways to use cash flows to achieve financial diagnosis is one of the hardest tasks for financial analysts. Literature stressed the advantages for financial diagnosis users, when using flow information, without offering as many practical waysto achieve it. In a market economy, the enterprise should be regarded as a system that runs through its relations with third parties (investors, creditors, budgeting, suppliers,etc... relationships which materialize through estate flows. According as these flowstake liquidity shape are interested both third parties (for reclaiming of amounts invested and gaining benefits or claiming of some claims, as well as the management unit, for only thus can the system work.

  19. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

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    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

  20. CASH-FLOW vs. MARKET-VALUE CDOs

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    SILVIU EDUARD DINCA

    2016-02-01

    Full Text Available During the past few years, in the recent post-crisis aftermath, global asset managers are constantly searching new ways to optimize their investment portfolios while financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their risk management capabilities. We will exhibit herewith a comparison between the cash-flow and market-value CDO securitizations as financial markets-based funding, investment and risks mitigation techniques, highlighting certain key structuring and implementation specifics on each of them.

  1. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

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    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  2. Accruals, cash flows and earnings in european privately held firms

    Directory of Open Access Journals (Sweden)

    Borja Amor Tapia

    2013-03-01

    Full Text Available Este trabajo examina las propiedades de los ajustes al devengo, los flujos de caja y los resultados en las empresas europeas no cotizadas. A partir de varias hipótesis sobre la persistencia de losresultados y sus componentes, encontramos que las empresas no cotizadas parecen comportarse de forma diferente a la evidencia encontrada previamente sobre las empresas cotizadas. Lasdiferencias son significativas cuando los ajustes al devengo son extremos, dado que la persistencia del ROA y de los flujos de caja siguen patrones de comportamiento distintos a los encontrados en las empresas estadounidenses cotizadas. Pero contrariamente a nuestrashipótesis, las diferencias en la persistencia no son significativas cuando las empresas no cotizadas publican resultados positivos frente a resultados negativos.This paper examines the properties of accruals, cash flows and earnings in European privately held firms. We start from several hypotheses about the persistence of earnings and its components, finding that private companies seem to behave in a different manner than the publicly traded firms tested in previous literature. As hypothesized, differences are significant when accruals are extreme, though in European private firms, persistence of ROA relative to cash flow follows a different pattern than in US public firms. But contrary to our expectations, differences in persistence are not significant when companies report positive versus negative earnings.

  3. Cross section of equity returns and assets’ fundamental cash-flow risk

    NARCIS (Netherlands)

    Galsband, V.

    2010-01-01

    The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

  4. Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, Mohammed Rezaul; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

  5. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  6. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  7. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

  8. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  9. The impact of free cash flow, equity concentration and agency costs on firm’s profitability

    OpenAIRE

    Haitham Nobanee; Jaya Abraham

    2017-01-01

    This paper examines how free cash flow and equity concentration are associated with agency costs, and how they influence the profitability of insurance firms listed on the Saudi Stock Market. The results indicate that equity concentration has no significant impact on agency costs, free cash flow has no significant impact on agency costs and agency costs have no significant impact on firm’s profitability. The findings of this study do not show any evidence to support the agency theory among in...

  10. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  11. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    First Lady

    2012-10-27

    Oct 27, 2012 ... Control by Customers: Evidences from Commercial Banks. Customers in Kisumu City, Kenya ... Key words: Debit cards, credit cards, commercial banks, Kenya. Introduction. The development of credit card is ..... has an effect of leading to cash deficits on the side of cardholders. The results also indicate an ...

  12. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  13. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  14. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  15. Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

    Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

  16. Geothermal loan guaranty cash flow model: description and users' manual

    Energy Technology Data Exchange (ETDEWEB)

    Keimig, M.A.; Rosenberg, J.I.; Entingh, D.J.

    1980-11-01

    This is the users guide for the Geothermal Loan Guaranty Cash Flow Model (GCFM). GCFM is a Fortran code which designs and costs geothermal fields and electric power plants. It contains a financial analysis module which performs life cycle costing analysis taking into account various types of taxes, costs and financial structures. The financial module includes a discounted cash flow feature which calculates a levelized breakeven price for each run. The user's guide contains descriptions of the data requirements and instructions for using the model.

  17. Modelling of project cash flow on construction projects in Malang city

    Science.gov (United States)

    Djatmiko, Bambang

    2017-09-01

    Contractors usually prepare a project cash flow (PCF) on construction projects. The flow of cash in and cash out within a construction project may vary depending on the owner, contract documents, and construction service providers who have their own authority. Other factors affecting the PCF are down payment, termyn, progress schedule, material schedule, equipment schedule, manpower schedules, and wages of workers and subcontractors. This study aims to describe the cash inflow and cash outflow based on the empirical data obtained from contractors, develop a PCF model based on Halpen & Woodhead's PCF model, and investigate whether or not there is a significant difference between the Halpen & Woodhead's PCF model and the empirical PCF model. Based on the researcher's observation, the PCF management has never been implemented by the contractors in Malang in serving their clients (owners). The research setting is in Malang City because physical development in all field and there are many new construction service providers. The findings in this current study are summarised as follows: 1) Cash in included current assets (20%), owner's down payment (20%), termyin I (5%-25%), termyin II (20%), termyin III (25%), termyin IV (25%) and retention (5%). Cash out included direct cost (65%), indirect cost (20%), and profit + informal cost(15%), 2)the construction work involving the empirical PCF model in this study was started with the funds obtained from DP or current assets and 3) The two models bear several similarities in the upward trends of direct cost, indirect cost, Pro Ic, progress billing, and S-curve. The difference between the two models is the occurrence of overdraft in the Halpen and Woodhead's PCF model only.

  18. Demonstração dos fluxos de caixa: uma análise da captação de recursos nas empresas do setor de construção civil listadas na BM&F Bovespa = Cash flow statements: an analysis of resource acquisitions by the civil architecture enterprises listed at BM&F Bovespa

    Directory of Open Access Journals (Sweden)

    Mariane Lohn

    2012-05-01

    . Recent changes in the organizational concepts and legislation present new challenges to the accounting procedures which must guarantee trustworthiness to the decisions made in accordance with recent information. In this scenery, characterized by changes and instability, the present research had as its objective to identify the forms of acquiring financial sources used by the civil architecture enterprises which negotiate their shares at BM&F Bovespa. With this aim in mind a bibliographical research was undertaken as well as data collection. The latter covered the financial statements of 2007, 2008 and 2009, and it was noticed that more than 80% of the organizations under scrutiny acquired resources through financing activities. It was noticed that in the year of 2007 the main financing activity consisted in the capital increase of the enterprises. In the years of 2008 and 2009, however, the main forms of capitalization consisted in loan capital, financing aids and the launching of debentures. It was realized that the cash flow report is a very dynamic statement concerning information on the financing sources of enterprises besides contributing to accounting harmonization, something quite important vis-à-vis the present economic sceneries in which frequent new norms and procedures demand a dynamic flux of information as well as dynamic accounting procedures.

  19. Cash flow rights versus voting rights: Corporate governance and firm value of Dutch listed firms

    NARCIS (Netherlands)

    Pepping, C.; van der Goot, T.

    2008-01-01

    The paper examines the relation between different forms of ownership and firm performance on the Dutch stock market. By using unique data on both cash flow and voting rights in the possession of a firm's board of directors and its large shareholders, the paper presents detailed analyses of corporate

  20. Financial Statements Analysis

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  1. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  2. Cash flow management of transactors on the basis of the analysis of utilization efficiecy of financial resources

    OpenAIRE

    Колодізєв, Олег Миколайович; Коцюба, Олена Володимирівна

    2015-01-01

    Differences in the interpretation of the concepts of "financial" and "money" flow are considered. Subjects of the environment, with which the company is contacted, are determined. Due to this, the cash flows generates by operating, investing and financing activities of certain parameters and characteristics. Scientific approaches to defining the essence of the concept of "effective cash flow management" are analyzed, the main stages of its management are determined

  3. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Many problems arising in the mathematics of finance involve identical money flows at regular time intervals and are solved by appropriate valuation at a focal date or by setting up an equation of value. This paper shows how such problems can be viewed as special cases of a certain class of first-order difference equations.

  4. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  5. REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

    Directory of Open Access Journals (Sweden)

    Kohoutková Růžena

    2015-12-01

    Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

  6. ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

    Science.gov (United States)

    Ted Bilek

    2008-01-01

    ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

  7. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  8. Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

  9. Cash flow management practices: An empirical study of small businesses operating in the South African retail sector

    Directory of Open Access Journals (Sweden)

    Augustine Oghenetejiri Aren

    2014-07-01

    Full Text Available The small, micro and medium business enterprises (SMMEs sector is universally acclaimed for fostering economic growth in many economies. The health of this sector is largely premised on the observance of prudent financial management tenets, mainly cash flow management. In this study we interrogate the influence of cash flow management practices on the survival or growth of the SMMEs by conducting a survey amongst the SMMES operating in the retail sector of Pretoria in South Africa. We find evidence that cash flow management is extremely important to the survival of a business, particularly small businesses, and poor cash flow management can also lead to small business failure. We also proffer policy advice as to the remedial actions needed to safeguard this sector

  10. Earnings quality, cash flow and accruals persistence from others perspectives: Empirical evidence from U.S firms

    OpenAIRE

    Nga Thi Ngoc, Phan

    2012-01-01

    The research aims to study the behavior and determinants of earnings quality and accruals persistence, examining the impact of both internal factor (components of earnings and accruals) and external factor (sign of income, economic state and business cycle). The main conclusion emerging from my study can be summarized Supporting Sloan’s conjectures; I find that persistence of earnings is higher than cash flow in high accruals firms but lower than cash flow in low accruals firms. And both extr...

  11. Determining the Future Value of Money through Alternative Methods Based on Forecast Cash Flows

    Directory of Open Access Journals (Sweden)

    Gheorghe NEGOESCU

    2014-12-01

    Full Text Available The future value of money is an important instrument used in the determination of enterprise value as current assets correction. In the current literature there are various variants for calculating this correction. The National Association of Authorized Romanian Assessors –NAARA (ANEVAR in original approved some of these methods. In this paper I propose to develop a study of determining the future value of money through alternative methods based on forecast cash flows, a study which will be the main issues of determining the current assets correction for obtaining the adjusted net asset value and the global value of the enterprise.

  12. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

    Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

  13. York Region integrated solid waste processing and transfer facility : cash flow analysis of alternatives

    Energy Technology Data Exchange (ETDEWEB)

    Balfour, B. [Gartner Lee Ltd., Markham, ON (Canada)

    2000-07-01

    Cash flow modeling exercises of the two tier waste management system in York Region was presented to encourage decision-makers to think in terms of total system costs and how to achieve a desired diversion rate. The York Region consists of 9 municipalities which collect their own waste. The region is responsible for its treatment and disposal. This paper have shown that modeling of realistic options gives decision-makers the opportunity to see the financial impact of different types of waste management systems and provides them with the potential to view the critical parameters in the cost of waste management. This paper demonstrated through modelling the impacts of various alternatives such as collection, processing, transfer and disposal, and identified achievable diversions.

  14. APPLICATION OF CASH FLOW RETURN ON INVESTMENT IN TERMS OF FINANCIAL PERFORMANCE MEASUREMENT

    Directory of Open Access Journals (Sweden)

    Kristína Jančovičová BOGNÁROVÁ

    2016-06-01

    Full Text Available Value based financial performance measures are generally presented as a major improvement over the traditional performance measures. By including a company´s cost of capital in their calculation they could be applied in order to evaluate the value creating potential of a company. On the other hand, proponents of modern financial measures highlight their correlation with company´s share return. Economic value added (EVA, market value added (MVA, cash flow return on investment (CFROI among others represent the group of modern measures of company´s financial performance. The aim of this paper is to investigate the use of CFROI as a measure of company´s financial performance. The paper outlines the calculation of this measure and also evaluates its incremental information content above selected traditional measures.

  15. A Mix Model of Discounted Cash-Flow and OWA Operators for Strategic Valuation

    Directory of Open Access Journals (Sweden)

    José I. Peláez

    2009-12-01

    Full Text Available The stock market volatility and the actual stock Exchange activity have increased the need of counting with effective methods on the part of financial analysts to achieve a division in relation to the investment actions, being also growing the demand of methodological instruments that reduce and minimize the risks and uncertainty when valuating financial actives and companies. These systems not only must use quantitative information but the inclusion of qualitative information must also bear heavily on them, as an improvement element in the adjustment of these valuating methods, with the aim of throwing a more well-conceived or less mistaken decision.In this work, the use of Discounted Cash-Flow model is proposed, with quantitative information together with the OWA operators as an inclusion method of ualitative information in the traditional valuating models, with the aim of generating an strategic valuating system which allows to develop more agreed and less mistaken valuations

  16. ChargeOut! : determining machine and capital equipment charge-out rates using discounted cash-flow analysis

    Science.gov (United States)

    E.M. (Ted) Bilek

    2007-01-01

    The model ChargeOut! was developed to determine charge-out rates or rates of return for machines and capital equipment. This paper introduces a costing methodology and applies it to a piece of capital equipment. Although designed for the forest industry, the methodology is readily transferable to other sectors. Based on discounted cash-flow analysis, ChargeOut!...

  17. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  18. Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

    This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

  19. On behavioral Arrow Pratt risk process with applications to risk pricing, stochastic cash flows, and risk control

    OpenAIRE

    Cadogan, Godfrey

    2009-01-01

    We introduce a closed form behavioural stochastic Arrow-Pratt risk process, decomposed into discrete asymmetric risk seeking and risk averse components that run on different local times in ϵ-disks centered at risk free states. Additionally, we embed Arrow-Pratt (“AP”) risk measure in a simple dynamic system of discounted cash flows with constant volatility, and time varying drift. Signal extraction of Arrow-Pratt risk measure shows that it is highly nonlinear in constant volatility for cash f...

  20. Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

    Directory of Open Access Journals (Sweden)

    Cecilia Maya Ochoa

    2004-12-01

    Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

  1. Analytical solution to the circularity problem in the discounted cash flow valuation framework

    Directory of Open Access Journals (Sweden)

    Felipe Mejía-Peláez

    2011-12-01

    Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

  2. The Role of Cash Flow in Financial Early Warning of Agricultural Enterprises Based on Logistic Model

    Science.gov (United States)

    Sun, Fengru

    2018-01-01

    This paper chooses the agricultural listed companies as the research object, compares the financial situation of the enterprise and the theory of financial early warning, combines the financial status of the agricultural listed companies, selects the relevant cash flow indicators, discusses the application of the Logistic financial early warning model in the agricultural listed companies, Agricultural enterprises get better development. Research on financial early warning of agricultural listed companies will help the agricultural listed companies to predict the financial crisis. Financial early warning model is simple to establish, operational and strong, the use of financial early warning model, to help enterprises in the financial crisis before taking rapid and effective measures, which can avoid losses. Help enterprises to discover signs of deterioration of the financial situation in time to maintain the sustainable development of agricultural enterprises. In addition, through the financial early warning model, investors can correctly identify the financial situation of agricultural enterprises, and can evaluate the financial situation of agricultural enterprises and to help investors to invest in scientific and rational, beneficial to investors to analyze the safety of investment. But also help the relevant regulatory agencies to effectively monitor the market and promote the healthy and stable development of the market.

  3. A Proposal For The Securitization Of SMEs Receivables And/Or Cash Flows By Combined Financing

    OpenAIRE

    Jose Luis Gonzalez Narro

    2013-01-01

    The expression credit is the name of the game is becoming more relevant as financing credit sales is increasingly becoming a challenge for small and medium-sized enterprises (SMEs) in Mexico. The securitization of receivables, also called monetization, helps to address the challenges of obtaining cash to finance new receivables. SMEs have to be able to offer credit and the securitizations allow them to do this by using the receivables they already have to obtain more cash to help them finance...

  4. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    Directory of Open Access Journals (Sweden)

    Tanja Markovič Hribernik

    2005-12-01

    Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

  5. Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

    Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

  6. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  7. 12 CFR 563c.102 - Financial statement presentation.

    Science.gov (United States)

    2010-01-01

    ... found in the FASB's Statement of Financial Accounting Standards No. 95 Statement of Cash Flows. IV... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Financial statement presentation. 563c.102 Section 563c.102 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY ACCOUNTING...

  8. CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

    Directory of Open Access Journals (Sweden)

    RISTI LUCIA

    2015-07-01

    Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

  9. The impact of life cycle on the value-relevance of cash flows versus accrual financial information: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Karbalaee Saleh

    2013-08-01

    Full Text Available The purpose of this research is to determine the relationship between life cycle and cash flows of automotive and machinery industry among firms whose shares are accepted in Tehran Stock exchange. The multivariate linear regression is used and the classification is based on the applied researches. The study population consists of accepted automotive and machinery industries in Tehran Stock Exchange. According to limitation in population of study, the total population has been considered and because of the nature of this research, Eviews software is used. The results indicate that the effect of cash flows are superior to accrual financial information and by increasing of the company`s life cycle and entering to maturity and decline stages, the information of cash flows and accrual flows will reduce.

  10. Pengaruh Earnings, Operating Cash Flow Dan Asset Growth Terhadap Stock Return Perusahaan Yang Terdaftar Pada Indeks Lq 45 Untuk Periode 2009-2011

    OpenAIRE

    Yulius; Tan, Yuliawati

    2013-01-01

    The objective of this research is to test the impact of earnings, operatingcash flow and asset growth to firm's stock return which listed in LQ 45index in Indonesian for 2009-2011. The result of this research is earnings,operating cash flow and asset growth have not significant effect to stockreturn both when those variabels is tested separately or silmutaneously.This result show that earnings, operating cash flow and asset growth arenot only the one to be the basis of consideration for inves...

  11. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  12. Reflections upon the statement of cash flow and ideas for its presentation using the direct method

    Directory of Open Access Journals (Sweden)

    Gustavo Roberto Rondi

    2017-11-01

    En este trabajo proponemos dos alternativas para presentar el estado por el método directo, que consolidan las ventajas del mismo en su versión tradicional, con las del método indirecto. Las propuestas incluyen la exposición de información en el cuerpo del estado o en nota complementaria, detallando cómo se determinan las distintas clases de entradas y salidas brutas de efectivo que se exponen por el método directo, partiendo de los resultados devengados y considerando los aumentos o disminuciones de activos y pasivos operativos vinculados. El método directo favorece el análisis vertical del estado de flujo de efectivo y el horizontal a lo largo de dos o más periodos. Asimismo, resulta útil la información que puede obtenerse mediante el cálculo de ratios que vinculan los distintos subtotales de este estado y con algunos del estado de resultados.

  13. Inventory model with cash flow oriented and time-dependent holding cost under permissible delay in payments

    Directory of Open Access Journals (Sweden)

    Tripathi R.P.

    2013-01-01

    Full Text Available This study develops an inventory model for determining an optimal ordering policy for non-deteriorating items and time-dependent holding cost with delayed payments permitted by the supplier under inflation and time-discounting. The discounted cash flows approach is applied to study the problem analysis. Mathematical models have been derived under two different situations i.e. case I: The permissible delay period is less than cycle time for settling the account and case II: The permissible delay period is greater than or equal to cycle time for settling the account. An algorithm is used to obtain minimum total present value of the costs over the time horizon H. Finally, numerical example and sensitivity analysis demonstrate the applicability of the proposed model. The main purpose of this paper is to investigate the optimal cycle time and optimal payment time for an item so that annual total relevant cost is minimized.

  14. International evidence of nexus between positive operating cash activities and cost of debt

    Directory of Open Access Journals (Sweden)

    Harit Satt

    2015-08-01

    Full Text Available This paper identifies the affiliation between the ending cash balance of the operating section in the cash flow statement and the bonds ratings. Our sample includes 600 companies from 26 countries. The study was conducted over a period of 18 years. An Ordered Probit regression analysis had been applied to identify how the positive cash balance of the operating section in the cash flow statement shapes the probability of escalating the bonds ratings. We find burly proof that the positive operating cash balance considerably affects the bonds ratings. In other words, when a company is able to generate enough cash from its main operating activities, the likelihood of having higher bonds ratings raises;  this entails a low cost of debt since higher bond ratings have been proven to lessen the company’s cost for raising funds (in the form of bonds. The results add more confirmation to the creditors’ rights shields and how it affects the cost of debt.

  15. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  16. Analisis Pengaruh Fund Size, Expense Ratio, Turnover Ratio, Fund Age dan Cash Flow Terhadap Kinerja Reksa Dana Saham di Indonesia (Periode 2011-2015)

    OpenAIRE

    Otniel, Fredi Tuparso

    2016-01-01

    Mutual Funds is one of the alternative investments that provide a variety of advantages: cheap, liquid, easily, professionally managed, that are expected to provide optimal retun and minimal risk for investors. Investors in mutual funds investing in stocks will choose mutual funds that provide a high return (which can be seen from the growth of the Net Asset Value of his). This study was conducted to determine the effect of fund size, expense ratio, mutual fund age, turnover and cash flow on ...

  17. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  18. Evaluation of Investment in Renovation to Increase the Quality of Buildings: A Specific Discounted Cash Flow (DCF Approach of Appraisal

    Directory of Open Access Journals (Sweden)

    Giuseppe Bonazzi

    2016-03-01

    Full Text Available The objective of this article is to develop and apply a specific discounting cash flow (DCF approach to evaluate investment in renovation to improve building quality, thus increasing energy efficiency. In this article, we develop and apply a specific net present value (NPV and an internal rate of return (IRR approach to quantify the value created for the owners of the building by the investment in renovation via energy-saving investments that produce positive externalities. The model has an applied interest because, in recent years, a lot of investments in real estate were made by owners in order to increase the green quality of the buildings, and several funds of public aid were provided by the government to stimulate these energy-saving investments. The model proposed here is applied to a case study of a 16-apartment building located in northern Italy considers the model attempts to quantify the initial investment value, the energy savings, the tax deduction of the initial investment and the terminal value of the investment as the increase in building value. The analysis shows that the model is consistent in evaluating investments to improve building quality, and investments within the context of the specific case study considered in the research have IRRs ranging from a minimum of 4.907% to a maximum of 12.980%. It could even be useful to consider a sample of cases to verify whether our results are representative of this specific case study. The model could represent a useful tool for consumers in evaluating their own investments in building renovation, from a stand-alone perspective and even by comparing them with other types of investment. The research could be developed in the future to quantify the social welfare generated by public spending via tax deductions to reduce the costs of investment in energy savings for buildings and could even be applied to new real estate projects in comparing different construction technologies and even

  19. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  20. Effects of dry period length on production, cash flows and greenhouse gas emissions of the dairy herd: A dynamic stochastic simulation model.

    Science.gov (United States)

    Kok, Akke; van Middelaar, Corina E; Mostert, Pim F; van Knegsel, Ariëtte T M; Kemp, Bas; de Boer, Imke J M; Hogeveen, Henk

    2017-01-01

    Shortening or omitting the dry period of dairy cows improves metabolic health in early lactation and reduces management transitions for dairy cows. The success of implementation of these strategies depends on their impact on milk yield and farm profitability. Insight in these impacts is valuable for informed decision-making by farmers. The aim of this study was to investigate how shortening or omitting the dry period of dairy cows affects production and cash flows at the herd level, and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of dry period length on milk yield and calving interval assumed in this model were derived from actual performance of commercial dairy cows over multiple lactations. The model simulated lactations, and calving and culling events of individual cows for herds of 100 cows. Herds were simulated for 5 years with a dry period of 56 (conventional), 28 or 0 days (n = 50 herds each). Partial cash flows were computed from revenues from sold milk, calves, and culled cows, and costs from feed and rearing youngstock. Greenhouse gas emissions were computed using a life cycle approach. A dry period of 28 days reduced milk production of the herd by 3.0% in years 2 through 5, compared with a dry period of 56 days. A dry period of 0 days reduced milk production by 3.5% in years 3 through 5, after a dip in milk production of 6.9% in year 2. On average, dry periods of 28 and 0 days reduced partial cash flows by €1,249 and €1,632 per herd per year, and increased greenhouse gas emissions by 0.7% and 0.5%, respectively. Considering the potential for enhancing cow welfare, these negative impacts of shortening or omitting the dry period seem justifiable, and they might even be offset by improved health.

  1. Effects of dry period length on production, cash flows and greenhouse gas emissions of the dairy herd: A dynamic stochastic simulation model.

    Directory of Open Access Journals (Sweden)

    Akke Kok

    Full Text Available Shortening or omitting the dry period of dairy cows improves metabolic health in early lactation and reduces management transitions for dairy cows. The success of implementation of these strategies depends on their impact on milk yield and farm profitability. Insight in these impacts is valuable for informed decision-making by farmers. The aim of this study was to investigate how shortening or omitting the dry period of dairy cows affects production and cash flows at the herd level, and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of dry period length on milk yield and calving interval assumed in this model were derived from actual performance of commercial dairy cows over multiple lactations. The model simulated lactations, and calving and culling events of individual cows for herds of 100 cows. Herds were simulated for 5 years with a dry period of 56 (conventional, 28 or 0 days (n = 50 herds each. Partial cash flows were computed from revenues from sold milk, calves, and culled cows, and costs from feed and rearing youngstock. Greenhouse gas emissions were computed using a life cycle approach. A dry period of 28 days reduced milk production of the herd by 3.0% in years 2 through 5, compared with a dry period of 56 days. A dry period of 0 days reduced milk production by 3.5% in years 3 through 5, after a dip in milk production of 6.9% in year 2. On average, dry periods of 28 and 0 days reduced partial cash flows by €1,249 and €1,632 per herd per year, and increased greenhouse gas emissions by 0.7% and 0.5%, respectively. Considering the potential for enhancing cow welfare, these negative impacts of shortening or omitting the dry period seem justifiable, and they might even be offset by improved health.

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

    Science.gov (United States)

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

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

    Science.gov (United States)

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

  4. 17 CFR 229.1010 - (Item 1010) Financial statements.

    Science.gov (United States)

    2010-04-01

    ... ENERGY POLICY AND CONSERVATION ACT OF 1975-REGULATION S-K Mergers and Acquisitions (Regulation M-A) § 229... share data, statements of cash flows, and comprehensive income required to be included in the company's... per share as of the date of the most recent balance sheet presented. (b) Pro forma information. If...

  5. Řízení cash flow při minimální ceně stavební zakázky

    OpenAIRE

    Šmýdová, Lucie

    2013-01-01

    Obsahem této diplomové práce je řízení cash flow při minimální ceně stavební zakázky „Intenzifikace čističky odpadních vod Sokolov – I. etapa“. Jsou zde srovnány dvě varianty řízení cash flow zakázky, které se liší smluvními podmínkami mezi stavebním podnikem a zhotovitelem subdodávky. V první variantě podnik požaduje splatnost faktur 90 dnů a zajištění záruk pomocí bankovní garance po subdodavateli. V další variantě subdodavatel poskytl podniku možnost využit 9% skonta při splatnosti faktur ...

  6. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  7. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    OpenAIRE

    Pisón Fernández, Irene Clara; Puime Guillén, Félix; Crespo Cibrán, Miguel Ángel

    2015-01-01

    En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

  8. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    Directory of Open Access Journals (Sweden)

    Irene Clara Pisón Fernández

    2015-06-01

    Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

  9. Code Conversion Impact Factor and Cash Flow Impact of International Classification of Diseases, 10th Revision, on a Large Multihospital Radiology Practice.

    Science.gov (United States)

    Jalilvand, Aryan; Fleming, Margaret; Moreno, Courtney; MacFarlane, Dan; Duszak, Richard

    2018-01-01

    The 2015 conversion of the International Classification of Diseases (ICD) system from the ninth revision (ICD-9) to the 10th revision (ICD-10) was widely projected to adversely impact physician practices. We aimed to assess code conversion impact factor (CCIF) projections and revenue delay impact to help radiology groups better prepare for eventual conversion to ICD, 11th revision (ICD-11). Studying 673,600 claims for 179 radiologists for the first year after ICD-10's implementation, we identified primary ICD-10 codes for the top 90th percentile of all examinations for the entire enterprise and each subspecialty division. Using established methodology, we calculated CCIFs (actual ICD-10 codes ÷ prior ICD-9 codes). To assess ICD-10's impact on cash flow, average monthly days in accounts receivable status was compared for the 12 months before and after conversion. Of all 69,823 ICD-10 codes, only 7,075 were used to report primary diagnoses across the entire practice, and just 562 were used to report 90% of all claims, compared with 348 under ICD-9. This translates to an overall CCIF of 1.6 for the department (far less than the literature-predicted 6). By subspecialty division, CCIFs ranged from 0.7 (breast) to 3.5 (musculoskeletal). Monthly average days in accounts receivable for the 12 months before and after ICD-10 conversion did not increase. The operational impact of the ICD-10 transition on radiology practices appears far less than anticipated with respect to both CCIF and delays in cash flow. Predictive models should be refined to help practices better prepare for ICD-11. Copyright © 2017 American College of Radiology. Published by Elsevier Inc. All rights reserved.

  10. El flujo de caja como determinante de la estructura financiera de las empresas españolas. Un análisis en tiempos de crisis || Cash flow as determinant of financial structure of Spanish firms. Analysis in a crisis period

    Directory of Open Access Journals (Sweden)

    Rodríguez-Masero, Natividad

    2016-06-01

    Full Text Available Este trabajo propone el uso de la variable Flujo de Caja Contable de la Explotación (FCE como un factor con incidencia significativa en la estructura financiera de la empresa española en un periodo (2008-2012 caracterizado por dificultades para la financiación empresarial. En la literatura previa son escasos los trabajos que tienen en cuenta esta variable, midiendo la liquidez en la mayoría de los casos con datos obtenidos del Balance y la Cuenta de Resultados y no del Estado de Flujos de Efectivo (EFE. Metodológicamente se usa un análisis multivariante con datos de panel aplicados a una muestra de grandes empresas españolas no cotizadas. Adicionalmente, este trabajo se inserta en el debate teórico existente en la literatura acerca de los factores determinantes de la estructura financiera de las empresas. Los resultados indican que un modelo basado en datos del EFE, principalmente el FCE tiene capacidad predictiva de dicha estructura financiera. || This paper proposes the use of the Cash Flow from Operations (CFO obtained from Cash Flow Statement (CFS as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012 that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

  11. Annual Financial Statements � the Final Products of Accounting

    Directory of Open Access Journals (Sweden)

    Genu Alexandru Caruntu

    2016-07-01

    Full Text Available Being a tool and a first class social stake in decision making, accounting language should be understood by all users in the national area, but also across national borders, which requires an internationalization of accounting language through standardization and harmonization. The expansion and multiplication of international economic relations in which commodity and capital markets are expanding at a rapid pace, ignoring national borders, due to globalization process, require that the accounting systems should ensure through the financial statements (balance sheet, profit and loss account, statement of changes in equity, cash flow statement, accounting policies and explanatory notes accounting information comparable between countries.

  12. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio. We determine the value of the cash flows at time, t = 0 by finding the value of the discounted cash flows using a suitable discount rate. We assume that the discount ...

  13. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  14. Model řízení cash flow platební instituce na základě systémového přístupu

    OpenAIRE

    Mezera Filip; Křupka Jiří

    2015-01-01

    This article deals with the problems of cash flow (CF) management in payment institution (PI). It shows current position of PIs, their business partners and competitors in the dynamic changing situation on international markets. Main point of view is on client’s behaviours, market events, their predictability and effect on CF. Improvement in this area means reduce costs and timely settlement on banking transactions. The model of CF management works with the real business data set and therefor...

  15. 28 CFR 345.72 - Cash bonus or cash award.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Cash bonus or cash award. 345.72 Section 345.72 Judicial Administration FEDERAL PRISON INDUSTRIES, INC., DEPARTMENT OF JUSTICE FEDERAL PRISON INDUSTRIES (FPI) INMATE WORK PROGRAMS Awards Program § 345.72 Cash bonus or cash award. An inmate worker may...

  16. Interim Columbia and Snake rivers flow improvement measures for salmon: Final Supplemental Environmental Impact Statement (SEIS)

    Energy Technology Data Exchange (ETDEWEB)

    1993-03-01

    Public comments are sought on this final SEIS, which supplements the 1992 Columbia River Salmon Flow Measures Options Analysis (OA)/Environmental Impact Statement (EIS). The Corps of Engineers, in cooperation with the Bonneville Power Administration and the Bureau of Reclamation proposes five alternatives to improve flows of water in the lower Columbia-Snake rivers in 1993 and future years to assist the migration of juvenile and adult anadromous fish past eight hydropower dams. These are: (1) Without Project (no action) Alternative, (2) the 1992 Operation, (3) the 1992 Operation with Libby/Hungry Horse Sensitivity, (4) a Modified 1992 Operation with Improvements to Salmon Flows from Dworshak, and (5) a Modified 1992 Operation with Upper Snake Sensitivity. Alternative 4, Modified 1992 Operations, has been identified as the preferred alternative.

  17. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...... repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends financed...

  18. 5. Cash Transactions

    Indian Academy of Sciences (India)

    Home; Journals; Resonance – Journal of Science Education; Volume 6; Issue 4. Electronic Commerce-Cash Transactions. V Rajaraman. Series Article Volume 6 Issue 4 April 2001 pp 8-14. Fulltext. Click here to view fulltext PDF. Permanent link: http://www.ias.ac.in/article/fulltext/reso/006/04/0008-0014. Author Affiliations.

  19. Economic values and corporate financial statements.

    Science.gov (United States)

    Magness, Vanessa

    2003-07-01

    Corporate financial statements do not include environmental values. This deficiency has contributed to the criticism that company managers do not include environmental impacts in the internal decision-making process. The accounting profession has not developed effective environmental reporting guidelines. This situation contributes to a second problem: the apparent inability of corporate reports to provide useful information to external parties. It has been suggested that by using nonmarket valuation methodologies, financial statements can be used to measure progress toward sustainable development. Nonmarket valuations are not generally accepted by the accounting profession. They are too subjective to support effective decisions, and too costly to obtain. Furthermore, demand for this sort of information appears small. Some of these issues may be resolved over time. The most serious challenge, however, concerns how enhanced financial reports would be used. Financial statements are supposed to help investors assess the amount, timing, and uncertainty of future cash flows. A substantial portion of environmental value is based on nonuse benefits, much of which will never be realized in company cash flows. In other words, the role of financial statements would have to change. Furthermore, since there is no general agreement as to the meaning of "sustainable development," efforts to operationalize the term have been fraught with difficulty. Moreover, monetization of environmental values could jeopardize their preservation, leaving some to question the overall objective of this form of reporting. For these reasons, while it is to be hoped that better reporting of environmental impacts will be forthcoming, the greatest advances will likely be outside the financial statements themselves.

  20. Análise empírica de modelos de valuation no ambiente brasileiro: fluxo de caixa descontado versus modelo de Ohlson (RIV Empirical analysis of valuation models in the brazilian environment: discounted cash flow versus Ohlson's model

    Directory of Open Access Journals (Sweden)

    Fernando Caio Galdi

    2008-08-01

    Full Text Available Dentro do contexto controverso de comparações entre modelos de valuation, o presente trabalho investiga, baseado nas projeções dos analistas de mercado de capitais para empresas brasileiras, se existem diferenças entre os valores de uma empresa estimados pelo modelo de fluxo de caixa descontado (DCF e pelo modelo de Ohlson (modelo de lucros residuais - RIV. Essa abordagem é inovadora à medida que trabalhos já realizados visando à comparação entre esses modelos consideram o valor da empresa calculado com base nas informações publicadas/divulgadas pela empresa e não com base na expectativa dos agentes de mercado (como por exemplo, o analista de mercado de capitais. Entretanto, a correta implementação dos modelos em análise deve ser realizada considerando-se as expectativas dos agentes de mercado. Adicionalmente, são realizadas regressões para verificar qual dos modelos (DCF ou OHLSON explica melhor a relação preço/valor patrimonial (P/B de uma empresa em períodos futuros. As conclusões obtidas foram: i existem diferenças estatisticamente significantes para o valor estimado das empresas pelo fluxo de caixa descontado e pelo modelo de Ohlson (RIV e ii os índices P/B, calculados a partir das estimativas dos analistas (que utilizam o DCF, apresentam maior poder explicativo dos índices P/B futuros da empresa do que as estimativas do índice P/B feitas pelo modelo de Ohlson (RIV.This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are significant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF and the residual income model (OHLSON. The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i

  1. Improvements to Controls Over Cash Are Needed at Army Disbursing Stations in Kuwait and Saudi Arabia

    Science.gov (United States)

    2014-04-09

    and receipt for cash and vouchers on hand. Reporting Structure of the Army’s Disbursing Stations in Kuwait The Army disbursing station at Camp...StatementsCash Collection Voucher (SF 1131) • Check Registers • Currency Exchange Record (DD Form 2664) • Daily Agent Accountability Summary (DD Form 2665...and Inventory (DA 5513) • Safe Combination Change Ledger • Security Container Check Sheet (SF 702) • Specimen Signatures (TFS Form 3023) • Staff

  2. Techniques for cash management in scheduling manufacturing operations

    Science.gov (United States)

    Morady Gohareh, Mehdy; Shams Gharneh, Naser; Ghasemy Yaghin, Reza

    2017-10-01

    The objective in traditional scheduling is usually time based. Minimizing the makespan, total flow times, total tardi costs, etc. are instances of these objectives. In manufacturing, processing each job entails a cost paying and price receiving. Thus, the objective should include some notion of managing the flow of cash. We have defined two new objectives: maximization of average and minimum available cash. For single machine scheduling, it is demonstrated that scheduling jobs in decreasing order of profit ratios maximizes the former and improves productivity. Moreover, scheduling jobs in increasing order of costs and breaking ties in decreasing order of prices maximizes the latter and creates protection against financial instability.

  3. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    We consider the dynamics of share price, that is, upward and downward movement of share price at time t. We made use of binomial derivative pricing process of stochastic processes. Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N ...

  4. Modeling and Treatment Applicable in the Establishment of the Necessary Variables for Testing the Mathematical Model Regarding the Contribution of the Amortization Method to The Estimation of the Cash Flows from the Use of Fixed Assets – Case Study Applied to the Groups of Societies within the European Space

    Directory of Open Access Journals (Sweden)

    Marinela - Daniela MANEA

    2012-11-01

    Full Text Available The paper sets out to tackle with the problem of modeling the variables necessary for testing the suggested mathematical model – the net cash flows from using the tangible fixed assets for the year of analysis, the discount rate of the future cash flows, respectively the annual and cumulative amortization. In our attempt to prove that, starting from a given set of rules regarding amortization and complying with the considerations of the American implicit interest depreciation method, we can obtain a model through which the net cash flow from exploitation of an asset/group of assets can be expressed according to measure of the annual amortization, we considered it necessary to gradually present the successive steps of modeling the above mentioned aggregates in the practice of the societies within the European area. Likewise, there have been mentioned the limitations encountered in our research process in the set of annual financial situations of the groups of societies within the European area connected to the measurement of the above mentioned variables.

  5. 12 CFR 220.8 - Cash account.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Cash account. 220.8 Section 220.8 Banks and... BROKERS AND DEALERS (REGULATION T) § 220.8 Cash account. (a) Permissible transactions. In a cash account... sufficient funds in the account; or (ii) The creditor accepts in good faith the customer's agreement that the...

  6. The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Muncef Guizani

    2017-09-01

    Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

  7. Informational Capacity of the Financial Statements of Brazilian Banks: An Analysis from the Perspective of Liquidity Risk

    Directory of Open Access Journals (Sweden)

    Orleans Silva Martins

    2012-12-01

    Full Text Available This study aims to analyze the financial statements of Brazilian banks, from the perspective of liquidity risk by exploring whether the Statements of Cash Flows and Notes to these companies meet the requirements concerning the dissemination of liquidity risk demands by IFRS 7 and the principles of the Basel Committee. Additionally, we investigated whether the coefficients of box cover these companies, calculated from the DFC, show some respect to compliance with those requirements. For that, was raised a theoretical framework about liquidity and liquidity risk, and the role of DFC and Notes before the disclosure of information relating to liquidity. Accordingly, an exploratory study was conducted with the 28 companies that comprise the Banks segment of the BM&F Bovespa, through its financial statements for the year 2009. The main results indicate a low capacity of these informative statements about the situation and liquidity risk, given that only 60.71% of the requirements contained in the standards were met. Still, we conclude that the mere fact that it has good cash coverage ratios is not a necessary condition to be among the companies that meet the disclosure requirements of the situation and liquidity risk, or vice versa. Thus, even when companies have good liquidity indicators, the information required by the IASB and the BCBS has not been disclosed in its financial statements.

  8. SOME DISCLOSURE ASPECTS REGARDING CONSOLIDATED FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Cirstea Andreea

    2013-07-01

    Full Text Available The purpose of this article is to analyze the current state of consolidated reporting practice harmonization concerning the choice of presenting the income statement, the changes in equity, the methods used for presenting the cash flow statement, the extant methods for evaluating and reporting goodwill, the extant methods in which jointly controlled entities are accounted in the consolidated financial statements, or the choice for recognizing investments in subsidiaries, jointly controlled entities and associates in the separate statements of the parent company. In order to achieve our goal we selected the first 10 groups, in order of their capitalization value, that were listed on each of the following capital markets: London Stock Exchange, NYSE Euronext (Paris Stock Exchange and Deutsche Börse (Frankfurt Stock Exchange and we analyzed, in a qualitative and in a quantitative manner, for a period of six years starting with 2007, their consolidated financial statements with the design to establish exactly which of the aspects stated in the International Financial Reporting Standards were being used for the items presented above. In order to complete the empirical research part of the paper that addresses from a comparative perspective the evaluation of the degree of material harmony between the reporting practices of groups listed on the three stock exchanges above-mentioned, we used statistical and mathematical methods represented by the I Index first described by Van der Tas. Taking into account the fact that since 2005 all listed companies on the European stock exchanges were required to adopt the international accounting standards for their consolidated financial disclosures, the degree of material harmony was studied only in reference to those requirements that presented two methods or possibilities of disclosure.Our findings suggest that the groups analyzed present a high degree of material harmonization with respect to the reporting

  9. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

    Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

  10. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  11. Do business groups affect corporate cash holdings? Evidence from a transition economy

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

    Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

  12. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

    Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  13. Date Attachable Offline Electronic Cash Scheme

    Science.gov (United States)

    Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  14. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  15. Finance theory and hospital cash balances.

    Science.gov (United States)

    Rivenson, Howard L; Smith, Dean G

    2013-01-01

    Competing financial theories have been offered to understand hospitals' cash holding with scant recent evidence. Using data from a national sample of 608 not-for-profit hospitals, we find support for the trade-off theory which posits targeted cash balances. We do not find support for the financial hierarchy theory which posits a preference for use of cash to pay for capital investments. Findings apply to holdings of cash and marketable securities, but not board-designated funds where no model provided meaningful explanatory power.

  16. Office of Inspector General report on audit of Southwestern Federal Power System combined financial statements and supplemental schedules (with independent auditors` reports thereon) for the years ended September 30, 1997 and 1996

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-10-06

    Southwestern Federal Power System (SWFPS) encompasses the operation of 24 hydroelectric power plants by the US Army Corps of Engineers and the marketing of power and energy from those plants by the Southwestern Power Administration (Southwestern) of the US Department of Energy. This report presents the results of the independent certified public accountants` audit of the SWFPS`s combined power system statements of assets, Federal investments and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows.

  17. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will provide...

  18. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  19. Secure Electronic Cash Scheme with Anonymity Revocation

    Directory of Open Access Journals (Sweden)

    Baoyuan Kang

    2016-01-01

    Full Text Available In a popular electronic cash scheme, there are three participants: the bank, the customer, and the merchant. First, a customer opens an account in a bank. Then, he withdraws an e-cash from his account and pays it to a merchant. After checking the electronic cash’s validity, the merchant accepts it and deposits it to the bank. There are a number of requirements for an electronic cash scheme, such as, anonymity, unforgeability, unreusability, divisibility, transferability, and portability. Anonymity property of electronic cash schemes can ensure the privacy of payers. However, this anonymity property is easily abused by criminals. In 2011, Chen et al. proposed a novel electronic cash system with trustee-based anonymity revocation from pairing. On demand, the trustee can disclose the identity for e-cash. But, in this paper we point out that Chen et al.’s scheme is subjected to some drawbacks. To contribute secure electronic cash schemes, we propose a new offline electronic cash scheme with anonymity revocation. We also provide the formally security proofs of the unlinkability and unforgeability. Furthermore, the proposed scheme ensures the property of avoiding merchant frauds.

  20. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.6 Cash management... needing improvement. (b) As part of its cash management review process, an agency is expected to document... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review...

  1. Social Cash Transfers: Some Underlying Debates and Implications ...

    African Journals Online (AJOL)

    As such, this paper reviews some of the debates that engulf social cash transfers as a form of social assistance. The review showed that debates about social cash transfers generally centre on targeting, affordability, conditionalities, poverty reduction ability, utilisation of cash, market effect, cash versus food stamp, and ...

  2. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  3. Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

    OpenAIRE

    Nyborg, Kjell G.; Wang, Zexi

    2013-01-01

    The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

  4. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  5. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  6. Financial statements in the function of management decision

    Directory of Open Access Journals (Sweden)

    Mrvaljević Mirjana

    2014-01-01

    Full Text Available In this paper discuss on the role and importance of information which are provided by financial statements in business decision-making is considered. Basically, financial reports represent information basis for making economic / financial decisions for a wide range of users because they represent the key source of information about the financial position of a company at the end of a period, about the achieved results of the company for the period, about the cash flow within the company etc. In accordance with the process of globalisation, international frameworks have regulated the accounting standards which have been created and introduced in order to achieve transparency and uniformity of financial reports of any company, regardless its scope of work and the country where it does its business. The management of a company is aimed at the perception of future events and the flow of values within a company as a result of present decisions, while the accounting is ex post oriented. Nevertheless, the connections between accounting and management of a company are important and multiple because it is the effects of management decisions that are evaluated through financial statements, which are the product of company accounting in which all the business decisions are processed.

  7. Lifetime impact of cash transfer on fertility

    Directory of Open Access Journals (Sweden)

    Young-Il Albert Kim

    2014-04-01

    Full Text Available In most OECD countries, fertility level is below the natural generation replacement level, and many OECD countries implement pro-natal policies, including direct cash transfer schemes. However, evaluations of the long-run impact of such policies are surprisingly rare. We investigate whether the cash transfer increases completed fertility, exploiting a quasi-experiment from a pro-natal cash transfer called Allowance for Newborn Children (ANC. We first devise a measure of ANC impact for different birth cohorts, because the policy lasted for a decade and affected cohorts with different intensities at different ages. The results show that ANC impact on fertility has little permanent component.

  8. PARTICULARITIES REGARDING THE REFLECTION OF FOREIGN CURRENCY TRANSACTIONS IN FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Ionela Cristina Breahna Pravat

    2014-07-01

    Full Text Available The structure and the constituent parts of financial statements are regulated at a national level, mainly by Accounting regulations compliant with European Directives ̶ O.M.P.F. no. 3055/2009, but also by Accounting regulations compliant with International Financial Reporting Standards applied by the trading companies whose securities are rated on a regulated capital market ̶ O.M.P.F. no. 1286/2012. From this latter point of view, an important role is played by IAS 1 “Presentation of Financial Statements”, respectively IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Therefore, this study aims to describe a series of theoretical and practical aspects regarding the particularities of presenting elements generated by foreign currency transactions in financial statements, which are prepared in compliance with the Romanian accounting regulations ̶ balance sheet, profit and loss account, cash flow statement, statement of changes in equity, explanatory notes. The paper also approaches the effect of changes in foreign exchange rates, respectively the accounting recognition of exchange differences, which are specific to different foreign currency operations, according to national regulations (and implicitly, to European Directives, but also according to international regulations (IFRS.

  9. Corporate cash management: A study on retail sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2016-11-01

    Full Text Available Cash is the life blood of the organizations and cash management is the important aspect of any organization. Corporate cash management boosts the companies from small to giant in the competitive environment. In this study, we highlighted three factors of a good cash management practices; namely cash conversion cycle, cash holding and credit score. Influence of one factor to other help organizations manage their corporate cash more appropriately. In this study, we collected data from Capitaline corporate data base of Mumbai over the period 2002-2011. In this study we observed that due to higher credit score, companies were forced to minimize their cash conversion cycle and helped them maintain lower levels of working capital.

  10. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  11. 38 CFR 8.11 - Cash value and policy loan.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Cash value and policy loan. 8.11 Section 8.11 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Cash Value and Policy Loan § 8.11 Cash value and policy loan. (a) Provisions for cash value, paid-up insurance, and extended...

  12. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  13. Easy come-easy go divisible cash

    Energy Technology Data Exchange (ETDEWEB)

    Chan, A.; Tsiounis, Y. [Northeastern Univ., Boston, MA (United States). Coll. of Computer Science; Frankel, Y. [Sandia National Labs., Albuquerque, NM (United States)

    1996-10-16

    Recently, there has been an interest in making electronic cash protocols more practical for electronic commerce by developing e-cash which is divisible (e.g., a coin which can be spent incrementally but total purchases are limited to the monetary value of the coin). In Crypto`95, T. Okamoto presented the first practical divisible, untraceable, off-line e-cash scheme, which requires only O(log N) computations for each of the withdrawal, payment and deposit procedures, where N = (total coin value)/(smallest divisible unit). However, Okamoto`s set-up procedure is quite inefficient (on the order of 4,000 multi-exponentiations and depending on the size of the RSA modulus). The authors formalize the notion of range-bounded commitment, originally used in Okamoto`s account establishment protocol, and present a very efficient instantiation which allows one to construct the first truly efficient divisible e-cash system. The scheme only requires the equivalent of one (1) exponentiation for set-up, less than 2 exponentiations for withdrawal and around 20 for payment, while the size of the coin remains about 300 Bytes. Hence, the withdrawal protocol is 3 orders of magnitude faster than Okamoto`s, while the rest of the system remains equally efficient, allowing for implementation in smart-cards. Similar to Okamoto`s, the scheme is based on proofs whose cryptographic security assumptions are theoretically clarified.

  14. 42 CFR 436.110 - Individuals receiving cash assistance.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Individuals receiving cash assistance. 436.110... Mandatory Coverage of the Categorically Needy § 436.110 Individuals receiving cash assistance. (a) A Medicaid agency must provide Medicaid to individuals receiving cash assistance under OAA, AFDC, AB, APTD...

  15. Mountain Plains Learning Experience Guide: Marketing. Course: Cash Register Operation.

    Science.gov (United States)

    Egan, B.

    One of thirteen individualized courses included in a marketing curriculum, this course is on the fundamentals of operating a cash register. The course is comprised of four units: (1) Face of Cash Register, (2) Operating a Checkout Station, (3) Checker-Cashier Qualities, and (4) NCR 250 Electronic Cash Register. Each unit begins with a Unit…

  16. Multinational cash management and conglomerate discounts in the euro zone

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

    We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

  17. Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies

    OpenAIRE

    Tulay Yucel; Gulizar Kurt

    2002-01-01

    This paper investigates the relationship of cash conversion cycle, a tool in working capital management, with profitability, liquidity and debt structure. The data covering the period of 1995-2000, of 167 firms whose stocks are listed on the Istanbul Stock Exchange (ISE). The cash conversion cycle, profitability, liquidity and debt structure were examined comparatively in this study on the basis of period, industry and firm size. It was examined that the relationships of these variables and t...

  18. Western Area Power Administration. Combined power system financial statements

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-02-26

    This report presents the results of the independent certified public accountants` audit of the Western Area Power Administration`s combined power system statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Westerns internal control structure disclosed three new reportable conditions concerning the lack of: (1) a reconciliation of stores inventory from subsidiary ledgers to summary financial information, (2) communication of interest during construction and related adjustments to interest on Federal investment, and (3) a system to prevent and detect power billing errors. None of the conditions were considered to be material weaknesses. Western provided concurrence and corrective action plans. The auditors` report on Western`s compliance with laws and regulations also disclosed two new instances of noncompliance. Western failed to calculate nonreimbursable expenses in accordance with the Grand Canyon Protection Act and had an unexplained difference in gross Federal investment balances used to calculate interest on Federal investment. Western provided concurrence and corrective action plans for the instances.

  19. Management of corporate cash: A Study on retail sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2017-11-01

    Full Text Available Cash is the life blood of the organizations and cash management is the important aspect of any organization. Corporate cash management boosts the companies from small to giant in the competitive environment. In this study we highlight three factors of a good cash management practices. Such factors are Cash Conversion Cycle (CCC, cash holding and credit score. Influence of one factor to other helps organizations manage their corporate cash in better way. In this study, we collect data from Capitaline corporate database of Mumbai, India over the period 2002-2011. Using some regression techniques, we observe that due to higher credit score companies forced to minimize their CCC and it helped to maintain lower level of working capital.

  20. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  1. Rush for cash crops and forest protection

    DEFF Research Database (Denmark)

    Vongvisouk, Thoumthone; Broegaard, Rikke Brandt; Mertz, Ole

    2016-01-01

    , which rural farmers in part help realize through a rush for cash crop production destined to be sold in neighboring countries. Maize cultivation, for example, is rapidly expanding and grown under a contract-farming system for Vietnamese markets. At the same time, GoL attempts to increase nationwide...... forest cover and prepares for REDD+ (reducing deforestation and forest degradation). This paper explores how the recent boom in cash crops is impacting land use and livelihoods of local communities, as well as affecting forest conservation in Hua Meuang District of Huaphan Province in northeastern Laos...... Meuang District since the mid-2000s as a result of high demands for maize in Vietnam and because local authorities see the crop as a way to reduce rural poverty and reduce traditional subsistence shifting cultivation practices. Communities have increased the areas that they dedicate to maize cultivation...

  2. The Relation Between Cash Holdings and Earnings Persistence

    OpenAIRE

    Yoshinaga, Yuto

    2015-01-01

    Our research question is whether corporate cash holdings can benefit firms through improving earnings persistence which is one of the measures of earnings quality. In order to answer this question, we test whether and how cash holdings are related to earnings persistence. Our results show a strong positive relation between cash holdings and earnings persistence. Next, we examine whether this relation holds after controlling for earnings volatility, since Dichev and Tang (2009) find a strong n...

  3. 77 FR 45381 - Cash Account Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-07-31

    ... COMMISSION Cash Account Trust, et al.; Notice of Application July 25, 2012. AGENCY: Securities and Exchange...\\ Cash Account Trust, et al., Investment Company Act Release Nos. 29094 (Dec. 16, 2009) (notice) and 29109 (Jan. 12, 2010) (order). Applicants: Cash Account Trust, Cash Management Portfolio, Cash Reserve...

  4. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the pr......We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

  5. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-06-13

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users' needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  6. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

    Full Text Available Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN. In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  7. Intangible Flow Theory

    OpenAIRE

    Cardao-Pito, Tiago

    2004-01-01

    The intangible flow theory explains that flows of economic material elements (such as physical goods; or cash) are consummated by human related intangible flows (such as work flows; service flows; information flows; or communicational flows) that cannot be precisely appraised at an actual or approximate value, and have properties precluding them from being classified as assets or capitals. Therefore, although mathematical/quantitative research methodologies are very relevant for science, they...

  8. ROLE AND SIGNIFICANCE OF STATEMENT OF OTHER COMPREHENSIVE INCOME– IN RESPECT OF REPORTING COMPANIES’ PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Ildiko Orban

    2014-07-01

    following: gains and losses on remeasuring available-for-sale financial assets, gains/losses on hedging instruments in a cash flow hedge, or in an investment hedge, and gains/losses arising from translating the financial statements of foreign operations. In Hungary the IFRS consolidated report is obligatory for the listed companies at Budapest Stock Exchange, and most of these companies present other comprehensive income, but the significance and aim of this kind of income is not commonly known yet.

  9. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity and co...

  10. Cash Transfers to Increase Antenatal Care Utilization in Kisoro ...

    African Journals Online (AJOL)

    AJRH Managing Editor

    The World Health Organization recommends four antenatal visits for pregnant women in developing countries. Cash transfers have been used to incentivize participation in health services. We examined whether modest cash transfers for participation in antenatal care would increase antenatal care attendance and delivery ...

  11. Cash Management Improvement in the Navy Travel Advance System.

    Science.gov (United States)

    1984-12-01

    on reverse aide If neceeary and Identify by block number) Travel Advance Cash Advance Cash Management Travel Pay 20. ABSTRACT (Continue on reverse ...Documentation Center, Defense Logistcs Agency, Cameron Station, Alexandria, Virginia. 3. The Naval Postgraduate School Thesis, Technical Reports, and

  12. Cash Transfers to Increase Antenatal Care Utilization in Kisoro ...

    African Journals Online (AJOL)

    We examined whether modest cash transfers for participation in antenatal care would increase antenatal care attendance and delivery in a health facility in Kisoro, Uganda. Twenty-three villages were randomized into four groups: 1) no cash; 2) 0.20 United States Dollars (USD) for each of four visits; 3) 0.40 USD for a single ...

  13. Creditor rights, country governance, and corporate cash holdings

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2016-01-01

    This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much

  14. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  15. Immigration and welfare state cash benefits

    DEFF Research Database (Denmark)

    Pedersen, Peder J.

    2013-01-01

    Purpose – The purpose of this paper is to summarize existing evidence on welfare dependence among immigrants in Denmark and to produce new evidence with focus on the most recent years. Design/methodology/approach – The paper combines a broad descriptive/analytical approach with multivariate...... estimation on the impact on welfare dependence from individual background factors. Findings – The main finding is the importance of aggregate low unemployment for immigrants to assimilate out of welfare dependence. Fairly small effects are reported from policy changes intending to influence the economic...... is the finding, at a disaggregate level, of how changes in immigration policy and cyclical changes interact, influencing the assimilation into or out of dependence on cash benefit programs....

  16. Cash and non-cash payments in a long run perspective, Spain 1989-2014

    OpenAIRE

    Maixe-Altes, J. Carles; Mourelle, Estefanía

    2016-01-01

    This work investigates the relationships between the retail payment system, monetary aggregates and economic activity in Spain. This approach is taken from a new perspective: that of the transformations that have been favored by ICT in the payment system. The methodology used is based on cointegration analysis and the estimation of error correction models. Likewise, an indicator of cashless transactions is proposed in order to illustrate whether a particular society can be classified as “cash...

  17. Financial statements

    International Development Research Centre (IDRC) Digital Library (Canada)

    travel to deliver programs, through intelligence gathering, procedures, and .... Annual value (number) of agreements signed and amended. Unspent agreement ...... The financial statements are presented in Canadian dollars and all values are rounded to the nearest thousand ($000) except where otherwise indicated.

  18. Financial statements

    International Development Research Centre (IDRC) Digital Library (Canada)

    2017-06-21

    Jun 21, 2017 ... This Management's Discussion and Analysis (MD&A) provides a narrative discussion of the financial results and operational changes for the financial year ended on. 31 March 2017. This discussion should be read with the. Financial Statements and accompanying notes provided on pages 51 to 67, which ...

  19. Alaska Power Administration combined financial statements, schedules, and supplemental reports, September 30, 1997 and 1996 with independent auditors` report thereon

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-04-01

    The Alaska Power Administration (APA) will continue to encourage economic and industrial development in Alaska through implementing the sale of APA assets in a manner consistent with the authorizing legislation while balancing all the stakeholders` interests. Alaska Power Administration will provide their employees opportunities for successful career transitions and conduct an efficient transfer of assets and closeout of APA, while continuing to provide customers reliable, low-cost hydroelectric energy during the transition. The attached report presents the results of the independent certified public accounts` audit of the Alaska Power Administration`s (APA) combined power system statements of assets; Federal investment and liabilities; and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` reports on APA`s internal control structure and compliance with laws and regulations disclosed no reportable conditions or instances of noncompliance. Based on the unqualified opinion of the independent public accounting firm of KPMG Peak Marwick LLP and review of their audit work, the authors believe the financial statements fairly present the financial condition and results of the operations of APA for the period under audit.

  20. Financing Constraints, Cash-Flow Risk, and Corporate Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Viswanatha, Marc

    2011-01-01

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

  1. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    : Evidences from Commercial Banks Customers in Kisumu City, Kenya. ... Abstract. In the recent past, the banking sector in Kenya has witnessed a rapid growth, issuing thousands of credit cards and millions of debit cards to their customers.

  2. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Science World Journal. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 2, No 3 (2007) >. Log in or Register to get access to full text downloads.

  3. Mathematical Analysis of Replication by Cash Flow Matching

    Directory of Open Access Journals (Sweden)

    Jan Natolski

    2017-02-01

    Full Text Available The replicating portfolio approach is a well-established approach carried out by many life insurance companies within their Solvency II framework for the computation of risk capital. In this note,weelaborateononespecificformulationofareplicatingportfolioproblem. Incontrasttothetwo most popular replication approaches, it does not yield an analytic solution (if, at all, a solution exists andisunique. Further,althoughconvex,theobjectivefunctionseemstobenon-smooth,andhencea numericalsolutionmightthusbemuchmoredemandingthanforthetwomostpopularformulations. Especially for the second reason, this formulation did not (yet receive much attention in practical applications, in contrast to the other two formulations. In the following, we will demonstrate that the (potential non-smoothness can be avoided due to an equivalent reformulation as a linear second order cone program (SOCP. This allows for a numerical solution by efficient second order methods like interior point methods or similar. We also show that—under weak assumptions—existence and uniqueness of the optimal solution can be guaranteed. We additionally prove that—under a further similarly weak condition—the fair value of the replicating portfolio equals the fair value of liabilities. Based on these insights, we argue that this unloved stepmother child within the replication problem family indeed represents an equally good formulation for practical purposes.

  4. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The problem of management of financial stability gains the increasing relevance.The concept «financial stability of the enterprise» it is many-sided and now it isbased not only on financial performance, but also on the administrative analysis.In market economy this criterion became repent long ago, not only at the microlevel but also in all-economic scale. Financial stability of any enterprise is anability continuously to carry out the main and accompanying kinds of activity inthe conditions of admissible enterprise risk and the changing business environment for the purpose of maximizing welfare of his owners, and also strengthening’s of competitive advantages of the company taking into account interests of society and state. The purpose of work is the analysis of financial stability ofthe enterprise, and also development of actions and offers to its strengthening.

  5. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States

  6. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    In the recent past, the banking sector in Kenya has witnessed a rapid growth, issuing thousands of credit cards and millions of debit cards to their customers. The frequency in which customers use these cards for various transactions raised concerns of whether customers had lost control over their finances. Previous studies ...

  7. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    First Lady

    2012-10-27

    Oct 27, 2012 ... In the recent past, the banking sector in Kenya has witnessed a rapid growth, issuing thousands of credit ... has been tremendous improvement in the banking sector (Hanson, 1985). Whereas many world ..... commercial bank with highest branch net work in the country (see appendix. 3), it was established ...

  8. Initial cash/asset ratio and asset prices: An experimental study

    Science.gov (United States)

    Caginalp, Gunduz; Porter, David; Smith, Vernon

    1998-01-01

    A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or “stock” pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices. PMID:11038619

  9. Hubungan Cash Holding dan Nilai Perusahaan di Indonesia

    Directory of Open Access Journals (Sweden)

    Bambang Sutrisno

    2017-03-01

    Full Text Available This paper aims to examine the effect of cash holding on firm value in Indonesia. This study tested empirically for the existence of a linear relationship between cash holding and firm value. Then the study examines whether or not a quadratic relationship exists. A total of 115 manufacturing firms listed on the Indonesia Stock Exchange from 2010 to 2014 were examined. This study employs panel regression with fixed effect model. The results show that a linear relationship exists between cash holding and firm value. However, a quadratic relationship does not appear between cash holding and firm value of Indonesian manufacturing firms. Thus, the result of this study supports pecking order theory

  10. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... with standard firm characteristics, our results suggest a fundamental change in firms’ financial policies: In the second half of the sample period, both established firms and IPO firms exhibit substantially higher (lower) cash (net debt leverage) levels than predicted. The unexpected changes among established...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  11. A study on management of corporate cash in consumer durable sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-02-01

    Full Text Available Cash plays essential role in modern business and economy and it is the life blood of all businesses. Therefore, cash management is the art of managing a company’s short-term resources for its ongoing activities, mobilizing funds and optimizing liquidity. Inefficient cash management may lead the company to bankruptcy. In this paper, we highlight different perspectives in which we can control the corporate cash including Cash Conversion Cycle, Cash Holding and Creditworthiness. The term Cash Conversion Cycle can be considered as a length of time between purchase of raw-materials and collection of cash from debtors. Cash holding is one of the most important financial decisions that the manager of the concerned organization has to make for the organizations. In this paper, we try to interlink among different items to control cash so that bankruptcy could be prevented and profitability would be improved by investigating on five companies from Consumer Durable sector.

  12. CASH 2021: commercial access and space habitation.

    Science.gov (United States)

    Aldrin, Andrew; Amara, Adam; Aris, Lodewijk; Baierl, Nida; Beatty, Patrick; Beaulieu, Catherine; Behnke, Torsten; Castegini, Roberta; Chauhan, Amitabh; Cojanis, Philip; Dayawansa, Pelawa; Diop, Marie; Eito, Kinya; Engle, Steve; Feretti, Stefano; Gassama, Hamet; Genova, Bojana; Goulding, Colin; Janjua, Jameel; Jansaeng, Thidarat; Jousset, Frederic; Kopik, Anatoly; Laurin, Catherine; Leggatt, Jason; Li, Hengnian; Mezzadri, Monica; Miura, Amane; Nolet, Simon; Ogami, Satoshi; Patry, Johanne; Patten, Laryssa; Payerne, Cyril; Peer, Guy; Prampolini, Marco; Rheaume, Caroline; Saary, Joan; Spehar, Daniela; Sufi, Atiya; Sun, Baosheng; Thompson, J Barry; Thomson, Ward; Trautner, Roland; Tursunmuratov, Murat; Venet, Vrata; Wilems, Elizabeth; Wilson, Helen; Wittwer, Karl; Wokke, Frank; Wu, Yansheng; Zhou, Shaobin; Zilioli, Ilaria

    2002-01-01

    Issues about commercialization of space have been a growing concern in the past decade for the space community. This paper focuses on the work from a team of 51 students attending the Summer Session Program of the International Space University in Bremen, Germany. CASH 2021 (Commercial Access and Space Habitation) documents a plan that identifies commercial opportunities for space utilization that will extend human presence in space, and will chart the way forward for the next 20 years. The group selected four commercial sectors that show the most promise for the future: tourism, entertainment, space system service, assembly and debris removal, and research and development/production. The content of this document presents the results of their research. Historical activities in each of the commercial sectors are reviewed along with the current market situation. To provide a coherent background for future commercialization possibilities a scenario has been developed. This scenario includes a postulated upon ideal future and includes social, political and economic factors that may affect the space industry over the timeline of the study. The study also presents a roadmap, within the limited optimistic scenario developed, for the successful commercialization of space leading to future human presence in space. A broad range of commercially viable opportunities, not only within the current limits of the International Space Station, but also among the many new developments that are expected by 2021 are discussed. c2002 International Astronautical Federation. Published by Elsevier Science Ltd. All rights reserved.

  13. Cash transfers for HIV prevention: considering their potential

    Directory of Open Access Journals (Sweden)

    Lori Heise

    2013-08-01

    Full Text Available Introduction: Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. Discussion: This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1 understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2 addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3 evaluating and enhancing the wider impacts of cash transfers on health and development. Conclusions: Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  14. Ten best resources on conditional cash transfers.

    Science.gov (United States)

    Marshall, Caroline; Hill, Peter S

    2015-07-01

    The world's economy is in a fragile state. Although cautiously recovering from a global recession, unemployment rates and poverty levels remain high. At the same time, food and fuel crises have resulted in skyrocketing commodity costs, straining household budgets even further than before. In the wake of these financial pressure points, there has been increased focus on social safety net programmes. More recently, Brazil's 'Bolsa Familia' conditional cash transfer (CCT) programme has celebrated its tenth-year anniversary, renewing focus on this particular aspect of social transfer programmes. This essay examines one particular aspect of these social safety net programmes: CCTs. CCT programmes are useful social programmes that have had demonstrable effects on many different populations. However, they are not a 'magic bullet' against poverty, and their image has suffered from unreasonable expectations of their impacts. This 10 best list is an ideal starting point from which a potential user can begin to understand CCTs. There remain significant gaps in the literature behind CCTs, with a particular need for much more research on emerging areas such as impacts on gender, long-term school and health outcomes, methods for increasing efficiency and adapting conditionalities within cultural contexts, among others. However, this list can function as a starting point from which the reader can gain an understanding and appreciation for what we believe to be one of the most innovative social programmes for addressing poverty worldwide. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

  15. Výkaz peněžních toků

    OpenAIRE

    Linhartová, Lucie

    2014-01-01

    The thesis focuses on a content and a relevance of a statement of cash flows in relation to business non-financial entities. It is based on the IAS 7 and supplemented by the Czech accounting standards. The thesis defines cash and cash equivalents, deals with a structure of a statement of cash flows, presents specific cash flows and ways of interpretation of cash flows. It also contains rules for creating a consolidated statement of cash flows. The practical part of the thesis examines an abil...

  16. How Effective are Cash Transfer Programs at Improving Nutritional Status?

    OpenAIRE

    Gitter, Seth R.; James Manley; Vanya Slavchevska

    2011-01-01

    Cash transfer programs have not always affected children�s nutritional status. We reviewed 30,000 articles relating cash transfer programs and height for age, finding 21 papers on 17 programs. Applying meta-analysis we examine the overarching relationship, finding that the programs� average impact on height-for-age is positive, but small and not statistically significant. We evaluate many program, child and local characteristics� correlation with estimated outcome. Conditional programs ...

  17. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  18. 20/30 Hindsight: cash management in local banks

    NARCIS (Netherlands)

    Peffer, Ron A.; Telgen, Jan

    1986-01-01

    Who would ever expect that a bank would complain about the number of calculations required to do anything, let alone cut down costs? Mr. Peffer and Dr. Telgen describe their experiences in implementing a cash management system for use by independent local banks; when they got that response—perhaps

  19. Civil Conflict and Conditional Cash Transfers: Effects on Demobilization

    National Research Council Canada - National Science Library

    Pena, Paola; Urrego, Joaquin; Villa, Juan M

    2017-01-01

    .... Paramilitary groups have also taken part in the civil conflict, playing a major role during the late 1990s. At the same time, Colombia has developed contributory and non-contributory transfer interventions, aimed at eradicating or preventing poverty. A flagship anti-poverty transfer program in Colombia is a human development-focused conditional cash transfer (CCT...

  20. Assessing the Impact of Cash Transfer Programs on Women's ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    This project will examine how Conditional Cash Transfers (CCTs) can help poor women overcome economic vulnerabilities, and assess their potential to transform gender relations at home and in the community in Tanzania. The project will generate new evidence on women's economic empowerment to support policies ...

  1. Impact of perennial cash croppin on food crop productivity. | Debela ...

    African Journals Online (AJOL)

    The argument for promoting cash crops in developing countries has generally been based on their contribution to small farmer incomes and their impact on other household activities such as household crop production through interlinked markets. While these arguments are supported by some empirical results, there is little ...

  2. Impact of cash cropping and perennial crops on food crop ...

    African Journals Online (AJOL)

    synergies or trade-offs between the two crops are scant to address the concerns that cash cropping can ..... production and productivity, we develop indices of intensity of PCC and enset cultivation. We define household i's ... study the impact of these indices on food crop production and productivity, we specify models for i.

  3. 31 CFR 321.7 - Authorized cash payments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authorized cash payments. 321.7 Section 321.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL... the will of Robert J. Smith, deceased. Tenth National Bank by John F. Green, Trust Officer, executor...

  4. Impact of perennial cash croppin on food crop productivity. | Debela ...

    African Journals Online (AJOL)

    ... production through cash income and its impact on food crops, coffee and enset can be produced to bring additional income to the household at no significant cost to food crops. The real impact of chat on the welfare of households should be viewed in terms of its opportunity costs and its contribution to household income.

  5. 42 CFR 35.66 - Expenditure of cash contributions.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false Expenditure of cash contributions. 35.66 Section 35.66 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES MEDICAL CARE AND..., guardians, or friends of patients to enable such persons to be available for the patient's comfort and...

  6. Multidimensional Targeting: Identifying Beneficiaries of Conditional Cash Transfer Programs

    Science.gov (United States)

    Azevedo, Viviane; Robles, Marcos

    2013-01-01

    Conditional cash transfer programs (CCTs) have two main objectives: reducing poverty and increasing the human capital of children. To reach these objectives, transfers are given to poor households conditioned on investments in their children's education, health, and nutrition. Targeting mechanisms used by CCTs have been generally successful in…

  7. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Emergency cash assistance to refugees. 400.52 Section 400.52 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM...

  8. Paying Students to Learn: An Ethical Analysis of Cash for Grades Programmes

    Science.gov (United States)

    Warnick, Bryan R.

    2017-01-01

    A growing number of schools have begun experimenting with giving students cash rewards to improve academic performance. This practice has come to be known as "cash-for-grades." In this article, I examine some of the philosophical and ethical questions involved with cash-for-grades programmes, rather than focusing on whether such…

  9. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C...

  10. The Management of Cash. NACUBO Professional File, Volume 9, Number 6.

    Science.gov (United States)

    Boyles, William W.

    With today's relatively high interest rates, inflationary trend, and declining public support to higher education, cash management programs are of interest to the academic business officer as well as the commercial businessman. Four areas in which the management of cash can be improved are: (1) speeding collections of cash; (2) delaying…

  11. 17 CFR 270.17f-3 - Free cash accounts for investment companies with bank custodians.

    Science.gov (United States)

    2010-04-01

    ....17f-3 Free cash accounts for investment companies with bank custodians. No registered investment company having a bank custodian shall hold free cash except, upon resolution of its board or directors, a... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Free cash accounts for...

  12. 17 CFR 240.3b-14 - Definition of cash management securities activities.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of cash management... Under the Securities Exchange Act of 1934 Definitions § 240.3b-14 Definition of cash management securities activities. The term cash management securities activities means securities activities that are...

  13. Does EVA performance evaluation improve the value of cash holdings? Evidence from China

    Directory of Open Access Journals (Sweden)

    Yongjian Shen

    2015-09-01

    Full Text Available This paper investigates the influence of the economic value added (EVA performance evaluation, issued in 2010 by the State-owned Assets Supervision and Administration Commission of the State Council, on the value of the cash holdings of central state-owned enterprises (CSOEs. We find that EVA performance evaluation has some influence on the overinvestment of CSOE cash holdings and significantly increases the value of CSOE cash holdings compared with the cash holdings of local state-owned enterprises. The greater value of CSOE cash holdings derives from underinvestment modification and overinvestment restraint. The value of cash holdings increases more for companies with better accounting performance. Thus, the EVA performance evaluation policy increases CSOE efficiency. This study contributes to the emerging literature related to cash holdings and the economic consequences of the EVA performance evaluation policy. It expands the literature related to investor protection in countries experiencing economic transition.

  14. Účetní výkazy, jejich struktura a sestavení v účetních softwarech

    OpenAIRE

    ŠVIHELOVÁ, Tereza

    2015-01-01

    The theoretical part of this paper is focused on importance and functions of financial statements. This is followed by characterization of the main financial statements: balance sheet or also known as a statement of the financial position of the company, profit and loss statement or abbreviated P&L statement and cash flow statement. Further it is dedicated to the individual items of the balance sheet and profit and loss statement, economic results and methods of cash flow statement. The pract...

  15. Flow

    DEFF Research Database (Denmark)

    2009-01-01

    Flow er en positiv, koncentreret tilstand, hvor al opmærksomhed er samlet om en bestemt aktivitet, som er så krævende og engagerende, at man må anvende mange mentale ressourcer for at klare den. Tidsfornemmelsen forsvinder, og man glemmer sig selv. 'Flow' er den første af en række udsendelser om...

  16. The McCash technique for Dupuytren's disease: our experience.

    Science.gov (United States)

    Zoubos, Aristides B; Stavropoulos, Nikolaos A; Babis, George C; Mavrogenis, Andreas F; Kokkalis, Zinon T; Soucacos, Panayotis N

    2014-01-01

    This study presents the clinical outcomes of 35 hands with Dupuytren's Disease treated with the McCash technique between 1990 and 2009. Of the 31 patients (28 males and three females, mean age 53 yrs), four patients had bilateral involvement (12.9%). Thirty hands had no previous medical or surgical treatment for the disease, while the remaining five hands had been operated on at least once. The mean contracture of metacarpophalangeal (MCP) joint improved from 42.14° to 1.83°, while that of the proximal interphalangeal (PIP) joint improved from 62.60° to 7.09°. All wounds healed within a mean 9.8 weeks. Sensory evaluation revealed no permanent numbness. With realistic expectations, clear documentation, meticulous surgical technique and implementation of a demanding post-operative rehabilitation program, an acceptable outcome may be achieved with the McCash technique for Dupuytren's disease.

  17. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    Directory of Open Access Journals (Sweden)

    Prana Wahyu Nisasmara

    2016-12-01

    Full Text Available This research aims to understand the influence of profitability, capital structure, cash holding, and GCG (Good Corporate Governance on firm value.  The samples of this study were the property sector and real estate companies listed on Indonesia Stock Exchange (IDX in the period of 2008-2013. The data used from the annual report company. The methods of data analysis were multiple regression models and analyzed using IBM SPSS software. The results of this study are profitability has no influence on firm value, capital structure has positive influence on firm value, cash holding has no influence on firm value and GCG a has a positive influence on firm value.

  18. The Impact of Conditional Cash Transfers on Marriage and Divorce

    OpenAIRE

    Gustavo J Bobonis

    2009-01-01

    A growing number of less-developed countries have introduced conditional cash transfer programs in which funds are targeted to women. Economic models of the family suggest that these transfer programs may lead to marital turnover among program beneficiaries. Data from the experimental evaluation of the PROGRESA program in Mexico is used to provide new evidence on the short-run impacts of targeted transfers on couples' union dissolution and individuals' new union formation decisions. We find t...

  19. Oyster Mushroom as Cash-Crop Fungus Cultivated

    OpenAIRE

    Dewi, Ai Suminarti

    2017-01-01

    Oyster mushroom (Pleurotus ostreatus) is a fungus that much-loved by the community. In addition to the delicious, oyster mushrooms are also very beneficial to the health of the body. High nutritional content with a variety of essential amino acids contained in it, Oyster mushrooms also contain other compounds that are important for the medical aspects. It is easily cultivated and derives income as cash for the farmer. In nature, oyster mushrooms grow only in certain seasons in limited quanti...

  20. Contingency management for cocaine treatment: cash vs. vouchers.

    Science.gov (United States)

    Festinger, David S; Dugosh, Karen L; Kirby, Kimberly C; Seymour, Brittany L

    2014-08-01

    The efficacy of contingency management (CM) for treating drug abuse is well supported. The most widely used form of CM is voucher-based reinforcement therapy (VBRT), where clients receive an escalating schedule of vouchers that can be redeemed for goods and services for meeting treatment goals. Though generally rejected due to concerns about potential harms to drug using participants, research suggests that cash may be a more effective reinforcer. This three-group randomized trial compared the efficacy of cash-based reinforcement therapy (CBRT) to VBRT and a non-CM condition on cocaine abstinence and treatment attendance; and examined whether CBRT resulted in greater levels of harm than VBRT. Findings indicated that the CBRT was as effective as VBRT when compared to the non-CM condition and that it did not increase rates of drug use, cravings, or high-risk behaviors. Future research should examine potential cost savings associated with a cash-based CM approach as this could have important implications for the wider adoption of the CM model. Copyright © 2014 Elsevier Inc. All rights reserved.

  1. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

    Full Text Available The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.

  2. Conditional Cash Transfers and HIV/AIDS Prevention: Unconditionally Promising?

    Science.gov (United States)

    Kohler, Hans-Peter; Thornton, Rebecca

    2012-06-01

    Conditional cash transfers (CCT) have recently received considerable attention as a potentially innovative and effective approach to the prevention of HIV/AIDS. We evaluate a conditional cash transfer program in rural Malawi which offered financial incentives to men and women to maintain their HIV status for approximately one year. The amounts of the reward ranged from zero to approximately 3-4 months wage. We find no effect of the offered incentives on HIV status or on reported sexual behavior. However, shortly after receiving the reward, men who received the cash transfer were 9 percentage points more likely and women were 6.7 percentage points less likely to engage in risky sex. Our analyses therefore question the "unconditional effectiveness" of CCT program for HIV prevention: CCT Programs that aim to motivate safe sexual behavior in Africa should take into account that money given in the present may have much stronger effects than rewards offered in the future, and any effect of these programs may be fairly sensitive to the specific design of the program, the local and/or cultural context, and the degree of agency an individual has with respect to sexual behaviors.

  3. Flow

    DEFF Research Database (Denmark)

    Knoop, Hans Henrik

    2006-01-01

    FLOW. Orden i hovedet på den fede måde Oplevelsesmæssigt er flow-tilstanden kendetegnet ved at man er fuldstændig involveret, fokuseret og koncentreret; at man oplever stor indre klarhed ved at vide hvad der skal gøres, og i hvilket omfang det lykkes; at man ved at det er muligt at løse opgaven...

  4. DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

    Directory of Open Access Journals (Sweden)

    Muhammad Rizky Prima Sakti

    2016-08-01

    Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

  5. An informatics benchmarking statement.

    Science.gov (United States)

    Pigott, K; de Lusignan, S; Rapley, A; Robinson, J; Pritchard-Copley, A

    2007-01-01

    Benchmarking statements provide a mechanism for making academic standards explicit within a subject area. They allow comparisons between courses to be based on learning outcomes rather than by defining a curriculum. No such statement has been produced for informatics. In the absence of any established benchmarking statements for informatics a new biomedical informatics course at St. George's has developed a first benchmarking statement - which defines the skills knowledge and understanding a biomedical informatics student should acquire by the time they complete the course. Review of national biomedical science and computing subject benchmarking statements and academic educational objectives and national occupational competencies in informatics. We have developed a twenty-item benchmarking statement and this is available on-line at: http://www.gpinformatics.org/benchmark2006/. This benchmarking statement includes a definition and justification for all twenty statements. We found international educational objectives and national informatics competencies useful and these are mapped to each one. National subject benchmarks for computing and biomedical science were less useful and have not been systematically mapped. Benchmarking the skills, knowledge and understanding that a student should acquire during their course of study may be more useful than setting a standard curriculum. This benchmarking statement is a first step towards defining the learning outcomes and competencies a student of this discipline should acquire. The international informatics community should consider moving from a standard curriculum to an agreed subject benchmarking statement for medical, health and biomedical informatics.

  6. Cash by any other name? Evidence on labelling from the UK Winter Fuel Payment

    OpenAIRE

    Beatty, Timothy K. M.; Blow, Laura; Thomas F. Crossley; O’Dea, Cormac

    2011-01-01

    Standard economic theory implies that the labelling of cash transfers or cash-equivalents (e.g. child benefits, food stamps) should have no effect on spending patterns. The empirical literature to date does not contradict this proposition. We study the UK Winter Fuel Payment (WFP), a cash transfer to older households. Exploiting sharp eligibility criteria in a regression discontinuity design, we find robust evidence of a behavioural effect of the labelling. On average households spend 41% of ...

  7. Turning a Shove into a Nudge? A "Labeled Cash Transfer" for Education

    OpenAIRE

    Najy Benhassine; Florencia Devoto; Esther Duflo; Pascaline Dupas; Victor Pouliquen

    2015-01-01

    Conditional Cash Transfers (CCTs) have been shown to increase human capital investments, but their standard features make them expensive. We use a large randomized experiment in Morocco to estimate an alternative government-run program, a "labeled cash transfer" (LCT): a small cash transfer made to fathers of school-aged children in poor rural communities, not conditional on school attendance but explicitly labeled as an education support program. We document large gains in school participati...

  8. Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia

    Directory of Open Access Journals (Sweden)

    Bambang Sutrisno

    2016-12-01

    Full Text Available The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding. 

  9. Metaheuristics for the risk-constrained cash-in-transit vehicle routing problem

    OpenAIRE

    TALARICO, Luca; Sörensen, Kenneth; Springael, Johan

    2013-01-01

    This paper proposes a variant of the well-known capacitated vehicle routing problem that models the problem of routing vehicles in the cash-in-transit industry by introducing a risk constraint. In this problem, which is called the risk-constrained cash-in-transit vehicle routing problem (rctvrp), the risk associated with a robbery, which is assumed to be proportional both to the amount of cash being carried and the time or the distance covered by the vehicle carrying the cash, is limited by a...

  10. Impact of Cash Transfer on Food Security: A Review

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

    Full Text Available Cash transfer (CTs is an increasingly popular social protection mechanism used by many developing countries to improve the food security and nutritional status of lower socio-economic groups. This paper is a review of the literature regarding the impact of CT programs on the food security of recipient households in the developing countries, including Iran. We looked for all original studies, performed in the developing countries and published in any language, containing at least one outcome related to food and nutritional security of the beneficiary population using Pub Med, Iran Medex, SID (Scientific Information Database, ISI (Information Sciences Institute database, INP (Iran’s Nutrition Publication Abstracts, IRANDOC and Magiran. Searches used the following terms or keywords: “household food security”, “household food insecurity” and “cash transfer” on any publication published within 1990-2015. A total of 12 studies evaluating the influence of CT programs on the recipients’ food and nutrition security were identified. CT programs have the potential to deliver a range of benefits not only through reducing extreme poverty but also by providing effective support for broader human development objectives, including better nutrition, as well as health and education outputs and outcomes. The extent to which programs can have these different impacts will depend critically on the availability of complementary services, the local context, and the specifics of program design, including the transfer value. However, findings in Iran suggest that the replacement of staple food subsidies by CT has led to a significant increase in household food insecurity (especially marginal or mild food insecurity. Keywords: Household food security, Cash transfer, Developing countries

  11. Liquid money or hard cash? Drowning into granular material

    CERN Document Server

    Bagnoli, Franco

    2016-01-01

    In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very different points of view: Is money hard and cold, or rather liquid and "jingling" ("moneta sonante")? As usual, we shall investigate this topic starting from some comics about the duck family.

  12. Cash Management in the Defense Working Capital Funds

    National Research Council Canada - National Science Library

    1997-01-01

    ... (formerly the Defense Business Operations Fund) was identified during our audit of the Fund Balance With Treasury Account of the FY 1996 Consolidated Financial Statements of the Defense Business Operations Fund...

  13. Soft currencies, cash economies, new monies: past and present.

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms.

  14. Soft currencies, cash economies, new monies: Past and present

    Science.gov (United States)

    Guyer, Jane I.

    2012-01-01

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms. PMID:22308423

  15. Teaching Philosophy Statements

    Science.gov (United States)

    Faryadi, Qais

    2015-01-01

    This article examines the rationale for my teaching philosophy. Using a personal perspective, I explain my objectives, mission, and vision in writing my philosophy of teaching statements. This article also creates a road map and reference points for educators who want to write their own teaching philosophy statements to help them make informed…

  16. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

    ... entitled to disability cash benefits on the basis of your work activity but your visual impairment is..., SURVIVORS AND DISABILITY INSURANCE (1950- ) Determining Disability and Blindness Blindness § 404.1586 Why... entitled to disability cash benefits as a statutorily blind person, we will find that you are no longer...

  17. DETERMINANTS OF RURAL FARMERS PREFERENCE FOR CASH-LESS TRANSACTIONS IN IMO STATE

    Directory of Open Access Journals (Sweden)

    Igwe Ikenna UKOHA

    2017-04-01

    Full Text Available The preference for cash-less transaction by Nigerians cannot be exaggerated, but despite its patronage, there exist limited access and utilization of the cash-less technologies among farmers in South-East Nigeria. The study analysed the determinants of rural farmers’ preference for cash-less transactions in Imo state, South-East Nigeria. Multi-stage sampling technique was employed in selection of 100 farmers for the study. The determinant of rural farmers’ preference for cash-less transactions in Imo State, was achieved using logit model. The result of the analysis showed that age (5%, gender (10% education levels of the farmers (1%, user friendliness of technologies (5%, transaction charge (5% and security of transactions (5% were found to be the major determinants of farmers preference for cash-less transactions based on their levels of significance. Centred on the findings, the study recommended the strengthening of the use of cash-less transaction by farmers by providing a favourable financial environment through better orientation programs, so as to enable a smooth transition from a cash-based economy to cash-less economy.

  18. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants... Information System. Copies of these forms and issuances may be obtained from HUD Field Offices. Drawdowns...

  19. Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

    Full Text Available In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better value of equity (the lower financial risk. Not taking into account the profitable influence of cash value and other non-operating assets can negatively affect on result of final value of enterprise, reducing it. In the article two alternative approaches (separate and inclusive of cash value is presented. Also main determinants of estimating value of cash are described as well as potential threats of its valuation.

  20. Eastern Europe and Russian Federation - Distributional impact of cash and in-kind social transfers in Eastern Europe and Russia

    OpenAIRE

    Milanovic, Branko

    1992-01-01

    The author empirically explores the distributional impactof social transfers in cash and in-kind in Russia and Eastern Europe. He shows that cash transfers, on the whole, are distributed almost uniformly (equally per capita) regardless of one's position in income distribution. By contrast, in market economies, absolute amounts of cash transfers decline as one moves up the income ladder. The family allowance is the only type of cash transfer that is somewhat focused on the poor in the socialis...

  1. Internal friction between fluid particles of MHD tangent hyperbolic fluid with heat generation: Using coefficients improved by Cash and Karp

    Science.gov (United States)

    Salahuddin, T.; Khan, Imad; Malik, M. Y.; Khan, Mair; Hussain, Arif; Awais, Muhammad

    2017-05-01

    The present work examines the internal resistance between fluid particles of tangent hyperbolic fluid flow due to a non-linear stretching sheet with heat generation. Using similarity transformations, the governing system of partial differential equations is transformed into a coupled non-linear ordinary differential system with variable coefficients. Unlike the current analytical works on the flow problems in the literature, the main concern here is to numerically work out and find the solution by using Runge-Kutta-Fehlberg coefficients improved by Cash and Karp (Naseer et al., Alexandria Eng. J. 53, 747 (2014)). To determine the relevant physical features of numerous mechanisms acting on the deliberated problem, it is sufficient to have the velocity profile and temperature field and also the drag force and heat transfer rate all as given in the current paper.

  2. 26 CFR 31.3121(i)-1 - Computation to nearest dollar of cash remuneration for domestic service.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Computation to nearest dollar of cash... Revenue Code of 1954) General Provisions § 31.3121(i)-1 Computation to nearest dollar of cash remuneration... dollar any payment of cash remuneration for domestic service described in section 3121(a)(7)(B) (see § 31...

  3. Comments on contingency management and conditional cash transfers.

    Science.gov (United States)

    Higgins, Stephen T

    2010-10-01

    This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT.

  4. EXCESS CASH HOLDINGS DAN KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    Directory of Open Access Journals (Sweden)

    Yessica Tria Christina

    2014-02-01

    Full Text Available This research provides an empirical evidence about the effect of institutional ownerships as a proxy of information transparancy on excess cash holdings. Manufacture companies listed on BEI from years 2002 to 2011 are employed. The results show that the higher the proportion of institutional ownership, the lower the excess cash holdings. Informational transparancy, as one of the requirements of good corporate governance, can in fact lower the chance of aggrevating the manager’s behavior to practice excess cash holdings that can lower the company’s efficiency.

  5. Investigating the persistence of earnings components and pricing test of abnormal changes in cash

    Directory of Open Access Journals (Sweden)

    Yaser Ahmadi

    2013-03-01

    Full Text Available This paper investigates the persistence of earnings components and pricing test of abnormal changes in cash for selected firms listed on Tehran Stock Exchange (TSE. The proposed study gathers the necessary data from 166 firms over the period 2004-2012 from firms whose shares were actively traded on TSE market. The study uses Panel data and with the implementation of linear regression technique examines four hypotheses. The results indicate that abnormal negative changes in cash are more persistence than positive abnormal changes. In addition, both positive and negative abnormal changes are more persistence than accruals. Market also has a good perception on abnormal positive and negative changes in cash.

  6. Cash grants in humanitarian assistance: a nongovernmental organization experience in Aceh, Indonesia, following the 2004 Indian Ocean Tsunami.

    Science.gov (United States)

    Doocy, Shannon; Johnson, Diane; Robinson, Courtland

    2008-06-01

    Historically, cash interventions, as opposed to material or in-kind aid, have been relatively uncommon in the humanitarian response to emergencies. The widespread implementation of cash-based programs following the 2004 Indian Ocean tsunami provided an opportunity to examine cash distributions following disasters. The Mercy Corps cash grant program in Aceh, Indonesia, was a short-term intervention intended to assist in recompensing losses from the December 2004 tsunami. An evaluation of the Mercy Corps cash grant program was conducted for the 12-month period following the tsunami using program monitoring data and a systematic survey of cash grant beneficiaries. in 2005, the cash grant program disbursed more than US$3.3 million to more than 53,000 beneficiaries; the average cash grant award was US$6390, which was shared by an average of 108 beneficiaries. In a beneficiary survey, more than 95% of respondents reported the grant allocation processes were fair and transparent and that grant funds were received. The Mercy Corps experience with cash programs suggests that cash interventions in the emergency context, when properly administered, can have an immediate impact and serve as an efficient mechanism for providing assistance. Organizations involved in humanitarian relief, particularly donors and nongovernmental organizations, should consider incorporating cash-based interventions as an element of their response in future emergencies.

  7. Visualizing Accounting Transaction Flows into Financial Statements

    Science.gov (United States)

    Jones, Daniel J.

    2012-01-01

    Professors who teach the introductory accounting course should ask themselves: "What are the core concepts that I wish to have my non-majors remember if I meet them at their ten-year alumni class reunion?" There is a fundamental logic to financial accounting. This teaching note presents foundational accounting concepts in a manner that…

  8. Determinants of corporate cash holdings: Evidence from Portuguese publicly traded firms

    Directory of Open Access Journals (Sweden)

    Fernandes, Filipa

    2017-05-01

    Full Text Available This paper investigates the determinants of cash holdings of publicly traded Portuguese firms. We find that such firms hold less cash than similar companies operating in countries where both shareholders and creditors’ rights are more tightly protected by the law. In addition, our regression results suggest that leverage, other liquid assets, and firm growth are negatively correlated with our sample firms’ cash holdings whereas long-term debt and financial distress are positively correlated. Our findings cannot be reconciled with just one of the existent theories (trade-off, pecking order and free cashflow theory, and emphasize the importance of a country’s legal, institutional, and economic environment for explaining firms’ cash holdings decisions.

  9. 45 CFR 260.32 - What does the term “WtW cash assistance” mean?

    Science.gov (United States)

    2010-10-01

    ... GENERAL TEMPORARY ASSISTANCE FOR NEEDY FAMILIES (TANF) PROVISIONS What Rules Generally Apply to the TANF...) of this chapter, WtW cash assistance only includes benefits that: (1) Meet the definition of...

  10. Development of the caregivers attitude scale on home care of schizophrenics (CASHS)

    National Research Council Canada - National Science Library

    Balasubramanian, N; Sathyanarayana Rao, T S; D'Sa, Juliana Linnette

    2014-01-01

    .... This article describes the development of a Likert scale, the Caregivers Attitude Scale on Home Care of Schizophrenics CASHS, which is a 31-item self-reported instrument that quantifies three aspects...

  11. The nutrition and health impact of cash cropping in west Africa: a historical perspective.

    Science.gov (United States)

    Brun, T A

    1991-01-01

    The impact of cash cropping in West Africa cannot be isolated from its social and historical background. Among the many changes brought to West African economies by cash cropping since the beginning of the century, the present document shows how the extension of trade with European merchants and colonizers created new sets of values and criteria for wealth. Food crops gradually lost their prominent cultural and economics roles to the benefit of export crops or goods. Traditional systems of agricultural production were profoundly disrupted by military actions. They imposed colonial rule and control of trade of tropical crops and goods. Forced labor and compulsory (poorly paid) work assignments were instituted for private and public enterprises: construction of roads, railways, public buildings and plantations. The main justification was the need for cheap labor to cultivate, transport and build roads for the extraction of raw materials. This in turn caused massive migrations from countries such as Burkina Faso (Upper Volta) to Ivory Coast. Cash cropping made systematic collection of taxes possible. An imposition on a per capita basis became the rule and the major incentive of small farmers to engage in commercial farming. Cash cropping made also possible extensive monetarization of West Africa. This results in both favorable and unfavorable effects on the quality of the diet. In profoundly disrupted traditional societies, the diffusion of new consumption patterns was easier and faster. It led to massive food imports of wheat, rice, sugar, alcohol, etc. Cash cropping was (and still is) practiced as a 'mining' agriculture, exhausting soils and deteriorating their fertility for extended periods of time. In the Sudanian and Sahelian zones cash cropping conflicted with the cultivation of grains because peak demands for labor were similar. Therefore, millet and sorghum production declined. Cash cropping was developed in response to the need of European economies for

  12. Is the Conditionality Necessary in Conditional Cash Transfer Programmes? Evidence from Mexico

    OpenAIRE

    John Hoddinott

    2008-01-01

    Conditional cash transfers (CCTs) are an increasingly popular tool for poverty alleviation. Drawing on lessons learned from programmes in a variety of countries ? notably Mexico?s PROGRESA programme ? they are now found throughout the developing world. CCTs give cash transfers to households that meet specific conditions or undertake certain actions, such as ensuring that school-age children go to school or that pre-school children regularly see a nurse or doctor. (...)

  13. A Survey Study on Customer Experience in Banking Cash Management Products and, Participation Banking Example

    OpenAIRE

    DİRİCAN, Cüneyt

    2016-01-01

    Banking as a safe bridge of risk management balances relation between deposit and loan. In the growing trend of interest-free banking Turkey practice, Participation Banking is working to fix the expectations of customers with reasonable solutions. For corporate customers with comprehensive cash management expectations, producing appropriate and fast solutions are important for a positive and sustainable customer experience. Cash Management covers collection of trade receivables and short -ter...

  14. Land grab. More investors offer hospitals cash for their real estate as providers hunt for capital.

    Science.gov (United States)

    Evans, Melanie

    2011-03-07

    More real estate investors are offering hospitals cash for real estate as providers tap into their assets for capital. But if REITs are banking on providers cashing in their real estate chips, that's not happening yet, says Mike O'Keefe, left, of Navigant Consulting. The capital flooding into healthcare real estate has met with a limited supply of sellers. "That's what's driving some of this consolidation," O'Keefe said.

  15. 38 CFR 8.33 - Cash value for term-capped policies.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Cash value for term-capped policies. 8.33 Section 8.33 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Appeals § 8.33 Cash value for term-capped policies. (a) What is a term-capped policy? A term-capped policy is a...

  16. International remittances, cash transfer assistance and voter turnout in Mexico.

    Science.gov (United States)

    López García, Ana Isabel

    2018-01-01

    Most research on the political consequences of international migration conceptualizes financial remittances as being a substitute for state-provided assistance. This paper tests the actual validity of this assumption. Using data from the 2012-2016 Americas Barometer, the analysis confirms previous findings on the negative impact of financial remittances on electoral turnout intentions. However it reveals that this effect does not vary according to an individual's beneficiary status of Conditional Cash Transfer (CCT) assistance. This finding is corroborated using data aggregated at the municipal level within Mexico. Accordingly, voter turnout rates in a given municipality for the 2012 presidential election are negatively associated with the percentage of households receiving remittances in that municipality. However, this association does not vary with the spending on CCT assistance within a given municipality. The evidence thus suggests that financial remittances undermine electoral participation through mechanisms other than the substitution of state-sponsored assistance, and as such further research is needed for us to discover what is really going on here.

  17. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

    Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.

  18. The impact of conditional cash transfers on marriage and divorce.

    Science.gov (United States)

    Bobonis, Gustavo J

    2011-01-01

    A growing number of less-developed countries have introduced conditional cash transfer programs in which funds are targeted to women. Economic models of the family suggest that these transfer programs may lead to marital turnover among program beneficiaries. Data from the experimental evaluation of the PROGRESA program in Mexico is used to provide new evidence on the short-run impacts of targeted transfers on couples' union dissolution and individuals' new union formation decisions. We find that, although the overall share of women in union does not change as a result of the program, marital turnover increases. Intact families eligible for the transfers experienced a modest (0.32 percentage points) increase in separation rates, with most of the effect concentrated among young and relatively educated women households. In contrast, young single women with low educational attainment levels experienced a substantial increase in new union formation rates. The marital transition patterns are consistent with the workhorse economic model of the marriage market-individuals with the greatest prospects to start new unions and those who may become more attractive in the marriage market are more likely to transition out of existing relationships and form new ones.

  19. CERN Fellows, don’t splash that cash!

    CERN Multimedia

    Anaïs Schaeffer

    2013-01-01

    When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age.   As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...

  20. Small farms, cash crops, agrarian ideals, and international development.

    Science.gov (United States)

    Effland, Anne

    2010-01-01

    This address is an exploration of a lifetime of disparate and often conflicting observations about how different people view what is right and good for agriculture, food, and farmers around the world. The exploration utilizes the concept of wicked problems to focus on the issue of differing historical interpretations of global agricultural development. Sandra Batie defines wicked problems as "dynamically complex, ill-structured, public problems" for which "there can be radically different views and understanding of the problem by different stakeholders, with no unique 'correct' view." The wicked problem construct is applied to four core ideas in the history of agricultural development -- small farms, cash crops, agrarian ideals, and international development -- to demonstrate the potential for using this concept to approach complex problems of historical interpretation and contribute to solutions to the challenges of global agricultural development. The author suggests historians should acknowledge contradictory interpretations adn work toward reconciliation and synthesis, where it is possible and, where not, toward a clear explication of the basis for remaining differences. The author also encourages historians to seek multidisciplinary research opportunities that will help bring insights about historical context to policy deliberations.

  1. Cash Management and Corporate Profitability: A Study of Selected Listed Manufacturing Firms in Nigeria

    Directory of Open Access Journals (Sweden)

    Olubukunola Uwuigbe

    2012-02-01

    Full Text Available Cash has always being disregarded in financial decision making since it involvesinvestment and financing in short term period. However, it is an important component in firmfinancial management decision. This study thereforeinvestigates empirically the relationship betweencash management and profitability in listed manufacturing companies in Nigeria. Cash conversioncycle is used as the measure for cash management asused in Raheman and Nasr (2007. Current ratio,debt ratio and sales growth were used as control variables. This study utilizes secondary data whilePearson’s correlation and regression analysis wereused in analyzing the data for a sample of 15 listedmanufacturing companies in Nigeria between 2005-2009.The results of the empirical findings showthat there is a strong negative relationship between cash conversion cycle and profitability of thefirms. It means that as the cash conversion cycle increases it will lead to decreasing profitability of thefirms. The study therefore recommends that managerscan create a positive value for the shareholdersby reducing the cash conversion cycle to a possibleminimum level and also accounts receivablesshould be kept at an optimal level. This study willalso help companies in nigeria see the need forcash mangement techniques.

  2. Does Cash Contribute to Value? A Comparison of Constrained and Unconstrained Firms in China and Germany

    Directory of Open Access Journals (Sweden)

    Wei Zhang

    2015-11-01

    Full Text Available A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access the (low quality capital markets. We study for the industrialized countries of China and Germany whether corporate cash holdings contribute to shareholder value in both constrained and unconstrained firms. In contradiction to previous literature on emerging markets, we find that the marginal value of cash is not smaller than 1 in China, so that agency costs do not dominate. We, however, find marginal values of cash lower than 1 for unconstrained firms in both countries, implying that in these firms agency costs of cash holdings exist. For constrained firms we find marginal values significantly larger than 1 in both countries. This indicates difficulties in accessing the financial markets for these firms. These difficulties prove to be larger in China than in Germany for small and service firms, but not for high growth firms.

  3. A DECISION SUPPORT MODEL FOR THE CASH REPLENISHMENT PROCESS IN SOUTH AFRICAN RETAIL BANKING

    Directory of Open Access Journals (Sweden)

    Susan Adendorff

    2012-01-01

    Full Text Available

    ENGLISH ABSTRACT: A scientifically-based decision-making procedure for determining the amount of cash to be held at a cash point of a retail bank at any time without compromising customer service levels or incurring undue cost was developed. A typical retail bank branch 's total withdrawal and deposit patterns were investigated. The cost parameters relevant to the cash replenishment process were quantified. Alternate policies were developed to significantly reduce the cost of inventory and the average amount of cash carried. By using the model, it was shown that the cost of carrying cash inventory could be reduced by 13 per cent and the average cash inventory by 52 per cent.

    AFRIKAANSE OPSOMMING: 'n Wetenskaplik-gefundeerde besluitnemingsprosedure is ontwikkel om te bepaal hoeveel kontant gehou moet word op enige tydstip by 'n kontantvoorsieningspunt van 'n handelsbank sonder om klientediens te kompromitteer of om onnodige koste aan te gaan. 'n Tipiese handelsbanktak se totale onttrekkings- en depositopatrone is ondersoek. Die kosteparameters relevant tot die kontantaanvullingsproses is gekwantifiseer. Alternatiewe beleide is ontwikkel om 'n betekenisvolle voorraadkostevermindering asook 'n vermindering van die gemiddelde hoeveelheid kontant wat gedra word, te behaal. Deur die model te gebruik, is daar getoon dat die voorraaddrakoste met 13 persent en die gemiddeldekontantvoorraad met 52 persent verminder kon word.

  4. Could cash and good parenting affect child cognitive development? A cross-sectional study in South Africa and Malawi.

    Science.gov (United States)

    Sherr, Lorraine; Macedo, Ana; Tomlinson, Mark; Skeen, Sarah; Cluver, Lucie Dale

    2017-05-12

    Social protection interventions, including cash grants and care provision have been shown to effectively reduce some negative impacts of the HIV epidemic on adolescents and families. Less is known about the role of social protection on younger HIV affected populations. This study explored the impact of cash grants on children's cognitive development. Additionally, we examined whether combined cash and care (operationalised as good parenting) was associated with improved cognitive outcomes. The sample included 854 children, aged 5 - 15, participating in community-based organisation (CBO) programmes for children affected by HIV in South Africa and Malawi. Data on child cognitive functioning were gathered by a combination of caregiver report and observer administered tests. Primary caregivers also reported on the economic situation of the family, cash receipt into the home, child and household HIV status. Parenting was measured on a 10 item scale with good parenting defined as a score of 8 or above. About half of families received cash (55%, n = 473), only 6% (n = 51) reported good parenting above the cut-off point but no cash, 18% (n = 151) received combined cash support and reported good parenting, and 21% (n = 179) had neither. Findings show that cash receipt was associated with enhanced child cognitive outcomes in a number of domains including verbal working memory, general cognitive functioning, and learning. Furthermore, cash plus good parenting provided an additive effect. Child HIV status had a moderating effect on the association between cash or/plus good parenting and cognitive outcomes. The association between cash and good parenting and child cognitive outcomes remained significant among both HIV positive and negative children, but overall the HIV negative group benefited more. This study shows the importance of cash transfers and good parenting on cognitive development of young children living in HIV affected environments. Our data clearly

  5. Corporate Information Management Financial Statements

    National Research Council Canada - National Science Library

    Gimble, Thomas

    1995-01-01

    The audit objective was to determine whether the OASD(C31) methods for preparing FY 1996 CIM, general purpose financial statements will result in auditable and complete general purpose financial statements...

  6. Statement on Plagiarism

    Indian Academy of Sciences (India)

    Home; Journals; Resonance – Journal of Science Education; Volume 13; Issue 5. Statement on Plagiarism. S Mahadevan N Mukunda. Editorial Volume 13 Issue 5 May 2008 pp 403-404. Fulltext. Click here to view fulltext PDF. Permanent link: http://www.ias.ac.in/article/fulltext/reso/013/05/0403-0404. Author Affiliations.

  7. Consolidating Financial Statements.

    Science.gov (United States)

    Wood, Marcia R.

    This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…

  8. Consolidated financial statements

    OpenAIRE

    Kalvasová, Veronika

    2010-01-01

    This work provides basic information about consolidation and consolidated financial statements. In the beginning there are definisions of the members of the group under discussion and their relationship. Hereafter concepts of consolidation, accounting methods and methods of consolidation are discussed. It also compares approach of different accounting systems to consolidation.

  9. Účetní výkazy, jejich struktura a sestavení v účetních softwarech

    OpenAIRE

    NOVÁKOVÁ, Radka

    2010-01-01

    The objective of this bachelor thesis is the composition of financial statements in different software for accounting. This task was preceded by characteristic of financial statements, expecially the balance sheet, statement profit and loss alias income statement and cash flow statement alias cash flow. This problem is devoted to the theoretical part of my bachelor thesis. I draw supporting documents for this part mostly from the recommended literature. The practical part is devoted to compos...

  10. Cash transfer and microfinance interventions for tuberculosis control: review of the impact evidence and policy implications.

    Science.gov (United States)

    Boccia, D; Hargreaves, J; Lönnroth, K; Jaramillo, E; Weiss, J; Uplekar, M; Porter, J D H; Evans, C A

    2011-06-01

    To quantify the impact of cash transfer and microfinance interventions on a selected list of tuberculosis (TB) risk factors and assess their potential role in supporting TB control. Published and unpublished references identified from clinical and social electronic databases, grey literature and web sites. Eligible interventions had to be conducted in middle- or low-income countries and document an impact evaluation on any of the following outcomes: 1) TB or other respiratory infections; 2) household socio-economic position; and 3) factors mediating the association between low household socio-economic position and TB, including inadequate health-seeking behaviours, food insecurity and biological TB risk factors such as human immunodeficiency virus (HIV) and adult malnutrition. Interventions targeting special populations were excluded. Fifteen cash transfer schemes (four unconditional and 11 conditional) and seven microfinance programmes met the eligibility criteria. No intervention addressed TB or any other respiratory infection. Of 11 cash transfer and four microfinance interventions, respectively seven and four reported a positive impact on indicators of economic well-being. A positive impact on household food security was documented in respectively eight of nine and three of five cash transfer and microfinance interventions. Improved health care access was documented respectively in 10 of 12 cash transfer and four of five microfinance interventions. The only intervention evaluating impact on HIV incidence was a microfinance project that found no effect. No cash transfer or microfinance interventions had an impact on adult malnutrition. Cash transfer and microfinance interventions can positively impact TB risk factors. Evaluation studies are urgently needed to assess the impact of these social protection interventions on actual TB indicators.

  11. The Effects of Cash Management Services in Participation Bankingand Employee Perception Analysis With the Help of Survey Study

    OpenAIRE

    DİRİCAN, Cüneyt

    2016-01-01

    Participation Banking fills an important gap in the financialservices by increasing its share in Turkey. Cash Management ingeneral covers collections and payments transactions derivingfrom receivables and short term debts in the balance sheet ofthe companies. Cash Management in banking covers payments,transfers and collection services. In this study, the perception ofa participation bank employees on cash management services isexamined by survey-study under the general performance ratios ofpa...

  12. 25 CFR 115.818 - What happens if an Indian adult does not cash his or her per capita check?

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false What happens if an Indian adult does not cash his or her... Funds § 115.818 What happens if an Indian adult does not cash his or her per capita check? (a) If an Indian adult does not cash his or her per capita check within twelve (12) months of the date the check...

  13. Measuring The Impact Of Cash Transfers And Behavioral 'Nudges' On Maternity Care In Nairobi, Kenya.

    Science.gov (United States)

    Cohen, Jessica; Rothschild, Claire; Golub, Ginger; Omondi, George N; Kruk, Margaret E; McConnell, Margaret

    2017-11-01

    Many patients in low-income countries express preferences for high-quality health care but often end up with low-quality providers. We conducted a randomized controlled trial with pregnant women in Nairobi, Kenya, to analyze whether cash transfers, enhanced with behavioral "nudges," can help women deliver in facilities that are consistent with their preferences and are of higher quality. We tested two interventions. The first was a labeled cash transfer (LCT), which explained that the cash was to help women deliver where they wanted. The second was a cash transfer that combined labeling and a commitment by the recipient to deliver in a prespecified desired facility as a condition of receiving the final payment (L-CCT). The L-CCT improved patient-perceived quality of interpersonal care but not perceived technical quality of care. It also increased women's likelihood of delivering in facilities that met standards for routine and emergency newborn care but not the likelihood of delivering in facilities that met standards for obstetric care. The LCT had fewer measured benefits. Women preferred facilities with high technical and interpersonal care quality, but these quality measures were often negatively correlated within facilities. Even with cash transfers, many women still used poor-quality facilities. A larger study is warranted to determine whether the L-CCT can improve maternal and newborn outcomes.

  14. Development of cash management products in Serbia and impact on the profitability of banks

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2014-01-01

    Full Text Available Cash management products are in the function of promotion of the company's business, i.e. of liquidity management. The objective of this work is to determine the level of development of the Cash Management products in Serbia and their impact on the profitability and cost optimisation of a bank. Domestic banks established with foreign capital, primarily from Austria and Italy, were the first to introduce the initial contemporary Cash Management Products by the end of 2002, thanks to the development of electronic banking and relocation of the domestic payment transfers into the business banks. In addition, the analysis will show that banks with a clear focus on cooperation with the corporate clients are continuously developing this group of products in Serbia (Raiffeisen Bank, UniCredit Bank, Banca Intesa, Erste Bank. The research covers parallel presentation of development of the Cash Management products both of the domestic banks and their head offices abroad by the end of the year 2009 and the year 2012. The results of conducted research point out at the fact that the domestic banks established with the Italian capital (Banca Intesa and UniCredit Bank have taken over the leading role in the introduction of the new and more modern Cash Management products thanks to the good sector of information technology that is present in Serbia.

  15. Python Switch Statement

    Directory of Open Access Journals (Sweden)

    2008-06-01

    Full Text Available The Python programming language does not have a built in switch/case control structure as found in many other high level programming languages. It is thought by some that this is a deficiency in the language, and the control structure should be added. This paper demonstrates that not only is the control structure not needed, but that the methods available in Python are more expressive than built in case statements in other high level languages.

  16. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  17. A Survey Study on Customer Experience in Banking Cash Management Products and, Participation Banking Example

    Directory of Open Access Journals (Sweden)

    Cüneyt DİRİCAN

    2016-04-01

    Full Text Available Banking as a safe bridge of risk management balances relation between deposit and loan. In the growing trend of interest-free banking Turkey practice, Participation Banking is working to fix the expectations of customers with reasonable solutions. For corporate customers with comprehensive cash management expectations, producing appropriate and fast solutions are important for a positive and sustainable customer experience. Cash Management covers collection of trade receivables and short -term debt payments. In this study, in the light of the financial ratios of participation banking within the banking industry, a participation bank customers' experiences and expectations in cash management products and services were evaluated with the survey methodology and its importance were also examined.

  18. How efficient are municipalities in activating cash-help recipients in Denmark

    DEFF Research Database (Denmark)

    Weatherall, James; Beltov, Tor

    Previous studies do not analyse activation starts as the parameter of interest in evaluating labour market programs. In this paper we evaluate municipality ability to activate cash-help recipients, which helps recipients gain the necessary skills vital to future regular employment in Denmark. A D...... that have a similar social and economic structure or through technological innovation developed through cooperation with other institutions.......Previous studies do not analyse activation starts as the parameter of interest in evaluating labour market programs. In this paper we evaluate municipality ability to activate cash-help recipients, which helps recipients gain the necessary skills vital to future regular employment in Denmark...... policy (ALMP) practices and organisation can only determine activation participation to a certain extent because unemployed cash-help recipient ability affects participation in activation. Municipalities can improve activation efficiency levels in the future by emulating the efficient municipalities...

  19. Community-based capital cash transfer to support orphans in Western Kenya

    DEFF Research Database (Denmark)

    Skovdal, Morten; Mwasiaji, W.; Morrison, J.

    2008-01-01

    promising method of supporting orphans and carers. Qualitative data were obtained from 15 orphans and 26 caregivers in Bondo District, Kenya, beneficiaries of a CCCT programme run by a partnership between the community, the government social services department and a foreign donor. Our findings suggest......Various types of 'cash transfer' are currently receiving much attention as a way of helping orphans and vulnerable children in Africa. Drawing on a qualitative study conducted in Western Kenya, this paper points to the strategy of community-based capital cash transfers (CCCT) as a particularly...

  20. A large neighbourhood metaheuristic for the risk-constrained cash-in-transit vehicle routing problem

    OpenAIRE

    TALARICO, Luca; Sörensen, Kenneth; Springael, Johan

    2014-01-01

    In this paper, we propose a new metaheuristic to solve the Risk constrained Cash-in-Transit Vehicle Routing Problem (rctvrp). The rctvrp is a variant of the well-known capacitated vehicle routing problem and models the problem of routing vehicles in the cash-in-transit sector. In the rctvrp, the risk associated with a robbery represents a critical aspect that is treated as a limiting factor instead of the vehicle capacity which is typical of capacitated vehicle routing problems. The risk of b...

  1. A large neighbourhood metaheuristic for the risk-constrained cash-in-transit vehicle routing problem

    OpenAIRE

    TALARICO, Luca; Springael, Johan; Sörensen, Kenneth; Talarico, Fabio

    2017-01-01

    Abstract: In this paper, we propose a new metaheuristic to solve the Risk constrained Cash-in-Transit Vehicle Routing Problem (RCTVRP). The RCTVRP is a variant of the well-known capacitated vehicle routing problem and models the problem of routing vehicles in the cash-in-transit sector. In the RCTVRP, the risk associated with a robbery represents a critical aspect that is treated as a limiting factor subject to a maximum risk threshold. A new metaheuristic, called ACO-LNS is developed. It com...

  2. Cash transfer as a social policy instrument or a tool of adjustment policy: from indirect subsidies (to energy and utilities) to cash subsidies in Iran, 2010-2014

    OpenAIRE

    Meskoub, M.

    2015-01-01

    Cash transfers (CT) whether as income support to the elderly, poor households or other vulnerable groups have been hailed as one of the most innovative and effective social policy initiatives in the developing world. Available evidence suggest that their success would depend on their financial sustainability, low inflation and maintenance of a broad social policy support in areas such as food, health, education and housing. It is against this international experience and evidence that this pa...

  3. Why cash-based budgeting still prevails in an era of accrual-based reporting in the public sector

    NARCIS (Netherlands)

    van Helden, Jan; Reichard, Christoph

    2016-01-01

    This paper discusses the phenomenon that governments in many Western countries have transferred their cash-based systems into accrual-based systems for reporting purposes during the last decades, while still retaining cash-based budgeting systems. The main question we want to answer is whether there

  4. 77 FR 67399 - State Street Corporation, Putnam Cash Reconciliations Team, Including On-Site Leased Workers From...

    Science.gov (United States)

    2012-11-09

    ..., doing business as (D/B/A) ZeroChaos, were employed on-site at State Street Corporation, Putnam Cash... Employment and Training Administration State Street Corporation, Putnam Cash Reconciliations Team, Including On-Site Leased Workers From APC Workforce Solutions II, LLC, D/B/A ZeroChaos, Quincy, MA; Amended...

  5. Women's Relationship Power Modifies the Effect of a Randomized Conditional Cash Transfer Intervention for Safer Sex in Tanzania.

    Science.gov (United States)

    Cooper, Jan E; McCoy, Sandra I; Fernald, Lia C H; de Walque, Damien; Dow, William H

    2017-08-03

    This study tests whether women's relationship power modifies the effect of a conditional cash transfer (CCT) on STI risk. We analyzed 988 women enrolled in the RESPECT study in Tanzania, a yearlong, randomized-controlled trial testing the effectiveness of a CCT to reduce STI incidence. Women were randomized at the individual level to a no-cash control group, a low-cash, or a high-cash study arm. After one year, there was no main effect of study arm on risk of having an STI among women. However, in tests of heterogeneity, the effect of the CCT varied by a woman's relationship power (adjusted RRs of the interaction term for women with higher relationship power: RR 0.567 (95% CI 0.240-0.895) for high cash and RR 1.217 (95% CI 0.794-1.641) for low cash). Specifically, women with higher relationship power in the low cash transfer arm had an elevated risk of testing positive for an STI, whereas women with high relationship power in the high cash transfer arm had a decreased risk of testing positive for an STI.

  6. Do Annual Stock Price Effects of Extreme Cash Dividend Pay-Out Events Differ from Their Short Term Effects?

    NARCIS (Netherlands)

    von Eije, Johan; Muckley, Cal

    2015-01-01

    In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual returns of dividend initiating and omitting firms and firms

  7. Effects of a Modified Conditional Cash Transfer Program in Two American Cities: Findings from Family Rewards 2.0

    Science.gov (United States)

    Miller, Cynthia; Miller, Rhiannon; Verma, Nandita; Dechausay, Nadine; Yang, Edith; Rudd, Timothy; Rodriguez, Jonathan; Honig, Sylvie

    2016-01-01

    Family Rewards was an innovative approach to poverty reduction in the United States that was modeled on the conditional cash transfer (CCT) programs common in lower- and middle-income countries. The program offered cash assistance to low-income families, provided that they met certain conditions related to family health care, children's education,…

  8. Implementing a Conditional Cash Transfer Program in Two American Cities: Early Lessons from Family Rewards 2.0

    Science.gov (United States)

    Dechausay, Nadine; Miller, Cynthia; Quiroz-Becerra, Victoria

    2014-01-01

    In 2007, New York City launched the first test of a conditional cash transfer program in the United States. Called Family Rewards, the program sought to break the intergenerational cycle of poverty by offering cash assistance to poor families to reduce immediate hardship, but conditioned this assistance on families' efforts to improve their…

  9. Impact of Implementation of Direct Cash Transfer Program 2008/2009 on Household Consumption in Central Java Province

    Science.gov (United States)

    Subanti, S.; Hakim, A. R.; Hakim, I. M.

    2017-04-01

    This study aims to see the impact of direct cash transfer program for 2008/2009 on household consumption of food, nonfood, education, and health in Central Java Province. The study is expected to provide important findings for the improvement of a similar program in the future. This study findings that (1) the increasing in food and non-food consumption for direct cash transfer recipients than non direct cash transfer recipients; (2) the impact of households expenditure on education for direct cash transfer recipients is higher than non direct cash transfer recipients; (3) the impact of households expenditure on health for direct cash transfer recipients is lower than non direct cash transfer recipients. This study recommended that (1) implementation of direct cash transfer program 2008/2009 must be managed to be better because this program can defend household welfare. It shows from several indicators of well-being such as consumption spending, education, and health; (2) data targets for poor households (very poor, poor, nearly poor) must be updated.

  10. 78 FR 63974 - Student Assistance General Provisions-Subpart K-Cash Management; Extension of Public Comment...

    Science.gov (United States)

    2013-10-25

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF EDUCATION Student Assistance General Provisions--Subpart K--Cash Management; Extension of Public Comment Period..., ``Student Assistance General Provisions--Subpart K--Cash Management''. ED is extending the comment period to...

  11. POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS. A REGIONAL LATIN AMERICAN ANALYSIS

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2009-01-01

    Full Text Available Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor. Un dólar invertido en activos líquidos tiene un valor presente neto negativo. Confirmamos los costos de agencia de no distribuir los flujos de caja.

  12. a cash flow eoq inventory model for non- deteriorating items with ...

    African Journals Online (AJOL)

    Keywords: Demand, Inventory, Non-Deterioration, Inflation,. Delay in payments ... the EOQ gives us a good indication of whether or not present order quantities are ... f: Inflation rate k: The net discount rate of inflation (k = r – f). Ye: The interest earned per dollar in stocks per unit time by the. Full Length R esearch A rticle. 5. 6 ...

  13. A cash flow EOQ inventory model for non-deteriorating items with ...

    African Journals Online (AJOL)

    This study presents an inventory model to determine an optimal ordering policy for non-deteriorating items and time independent demand rate with delay in payments permitted by the supplier under inflation and time discounting, and the rate is assumed to be constant.This study determines the best cycle period and optimal ...

  14. A cash flow oriented EOQ model under permissible delay in payments

    African Journals Online (AJOL)

    demand rate with delay in payments permitted by the supplier under inflation and time discounting. Mathematical models have been derived under two different situations, i.e. Case I: The permissible delay period is less than or equal to replenishment cycle period for settling the account and Case II: The permissible delay ...

  15. Discounted Cash Flow (DCF) Analysis for Craven County Project New Source Review

    Science.gov (United States)

    This document may be of assistance in applying the New Source Review (NSR) air permitting regulations including the Prevention of Significant Deterioration (PSD) requirements. This document is part of the NSR Policy and Guidance Database. Some documents in the database are a scanned or retyped version of a paper photocopy of the original. Although we have taken considerable effort to quality assure the documents, some may contain typographical errors. Contact the office that issued the document if you need a copy of the original.

  16. The Double-Edged Sword Effects of Mechanisms Disconnecting Cash-Flow Rights From Voting Rights

    DEFF Research Database (Denmark)

    Fattoum, Asma; Guedri, Zied

    On the one hand, defensive mechanisms such as dual class shares, pyramid structures and pact agreements may produce positive effects on firm performance because they enable CEOs to make long-term and risky investments without being worried by short-term market forces and risk-averse shareholders....

  17. Cash Flow Diagramming In Line of Balance Technique by Using Matlab

    OpenAIRE

    Tabakh, Alireza Bajgiran

    2010-01-01

    Contractors often encounter with repetitive types of projects that contain several identical or similar units. These multi-unit projects are characterized by repeating activities. The known construction planning techniques such as Bar Chart and Network Diagramming method are not suitable and sufficient for repetitive types of projects. For these kinds of projects, Line of Balance planning techniques (LOB) are mainly used. For all construction projects, costs and times must be m...

  18. Cash Flow and the Economic Environment in the Risaralda service companies

    Directory of Open Access Journals (Sweden)

    Gabriel Eduardo Escobar Arias

    2014-01-01

    Full Text Available To relate cashflow to the economic environment in which a business exists it is important to study and how the environment forms a context for investment, finance and operational decisions. The main aim is to determine the relationship between cashflow in certain service companies in Risaralda and the behaviour of the economic environment of the region over the period 2002-2011. Cashflow for businesses in the sector is shown and compared with macro-variables. The results show no correlation between cashflows and macro-variables.

  19. POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS IN EQUITY VALUATION. A CRITICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2009-01-01

    Full Text Available Profesionales y la mayoría de los académicos de valoración incluyen los cambios en activos líquidos (dividendos potenciales en los flujos de efectivo. Esta práctica generalizada y equivocada es incompatible con la teoría básica de finanzas. Se presentan argumentos económicos, teóricos y empíricos para apoyar esta tesis. Los argumentos económicos dicen que para la valoración sólo se deben considerar flujos de caja; los teóricosmuestran cómo los dividendos potenciales conducen a contradicciones y a pérdidas de arbitraje. Los argumentos empíricos sugieren que los inversionistas descuentan los dividendos potenciales con altas tasas de descuento, lo que significa que el cambio en activos líquidos destruyen valor. Por tanto, al valorar los flujos de caja, se debería considerar sólo los pagos que en realidad ocurren.

  20. Corporate control mechanisms, voting and cash flow rights, and the performance of Dutch firms

    NARCIS (Netherlands)

    Chirinko, Robert; Garretsen, Harry; Sterken, Elmer

    2003-01-01

    This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate

  1. Limited Cash Flow on Slot Machines: Effects of Prohibition of Note Acceptors on Adolescent Gambling Behaviour

    Science.gov (United States)

    Hansen, Marianne; Rossow, Ingeborg

    2010-01-01

    This study addresses the impact of prohibition of note acceptors on gambling behaviour and gambling problems among Norwegian adolescents. Data comprised school surveys at three time points; 2004 and 2005 (before intervention) and 2006 (after intervention). Net samples comprised 20.000 students aged 13-19 years at each data collection. Identical…

  2. An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firm-Level Panel Data

    Directory of Open Access Journals (Sweden)

    Abdul Ghafar Ismail

    2005-01-01

    Full Text Available Since the pioneering work of Gurley and Shaw (1955, the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000.

  3. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  4. 1987 Statement on Software Copyright: An ICCE Policy Statement.

    Science.gov (United States)

    Computing Teacher, 1987

    1987-01-01

    Building on the 1983 policy statement developed by the International Council for Computers in Education (ICCE), this statement recommends the adoption of a school district copyright policy, adoption of the suggested software use guidelines, and use of the copyright page of software documentation to ascertain user's rights, obligations, and licence…

  5. EU Universities’ Mission Statements

    Directory of Open Access Journals (Sweden)

    Liudmila Arcimaviciene

    2015-04-01

    Full Text Available In the last 10 years, a highly productive space of metaphor analysis has been established in the discourse studies of media, politics, business, and education. In the theoretical framework of Conceptual Metaphor Theory and Critical Discourse Analysis, the restored metaphorical patterns are especially valued for their implied ideological value as realized both conceptually and linguistically. By using the analytical framework of Critical Metaphor Analysis and procedurally employing Pragglejaz Group’s Metaphor Identification Procedure, this study aims at analyzing the implied value of the evoked metaphors in the mission statements of the first 20 European Universities, according to the Webometrics ranking. In this article, it is proposed that Universities’ mission statements are based on the positive evaluation of the COMMERCE metaphor, which does not fully correlate with the ideological framework of sustainability education but is rather oriented toward consumerism in both education and society. Despite this overall trend, there are some traceable features of the conceptualization reflecting the sustainability approach to higher education, as related to freedom of speech, tolerance, and environmental concerns. Nonetheless, these are suppressed by the metaphoric usages evoking traditional dogmas of the conservative ideology grounded in the concepts of the transactional approach to relationship, competitiveness for superiority, the importance of self-interest and strength, and quantifiable quality.

  6. Cash and vouchers: a good thing for the protection of beneficiaries?

    Directory of Open Access Journals (Sweden)

    Michelle Berg

    2013-09-01

    Full Text Available The international humanitarian community has moved from the more traditional approach of providing in-kind assistance to the use of cash and vouchers. In situations of displacement they can work as a dignified, easily accessible form of assistance.

  7. 42 CFR 436.230 - Essential spouses of aged, blind, or disabled individuals receiving cash assistance.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Essential spouses of aged, blind, or disabled individuals receiving cash assistance. 436.230 Section 436.230 Public Health CENTERS FOR MEDICARE & MEDICAID... Coverage of the Aged, Blind, and Disabled § 436.230 Essential spouses of aged, blind, or disabled...

  8. Cash Transfers and Mayoral Elections: The Case of Sao Paulo's Renda Mínima

    Directory of Open Access Journals (Sweden)

    Diego Sanches Corrêa

    2015-08-01

    Full Text Available Several recently published studies analyze the effects of national conditional cash transfer (CCT programs, such as the Brazilian Bolsa Família and the Mexican Oportunidades, on presidential elections. Most of them show that these programs boost incumbents' electoral support among the poor. This research note is the first scholarly attempt to investigate this phenomenon at a lower-level unit of a federal state, by assessing the impact of a municipal cash transfer program on a mayoral election. Specifically, it investigates whether Renda Mínima, the cash transfer program of the city of Sao Paulo, affected beneficiaries' electoral behavior in favor of the incumbent candidate in the 2004 mayoral election. This note analyzes survey data from CEBRAP/IBOPE and shows that cash transfers did, indeed, affect beneficiaries' behavior in the predicted direction, but only in cases where they did not benefit from any other CCT program, such as the federal Bolsa Família or the São Paulo state Renda Cidadã. These results suggest that the pro-incumbent effect of CCT programs may be diluted by similar programs launched by governments at other tiers of a federation, even if they are led by the same party.

  9. Cash or In-kind Transfers? Evidence from a Randomised Controlled Trial in Delhi, India

    NARCIS (Netherlands)

    Gangopadhyay, Shubhashis; Lensink, Robert; Yadav, Bhupesh

    2015-01-01

    This article examines a randomised intervention in Delhi, India, that provided unconditional cash transfers to a group of households as a replacement for the food security offered by a below-poverty-level card. The experimental approach can differentiate beneficial effects due to either

  10. Cash or In-kind Transfers? Evidence from a Randomised Controlled Trial in Delhi, India

    NARCIS (Netherlands)

    Gangopadhyay, Shubhashis; Lensink, Robert; Yadav, Bhupesh

    2015-01-01

    Abstract: This article examines a randomised intervention in Delhi, India, that provided unconditional cash transfers to a group of households as a replacement for the food security offered by a below-poverty-level card. The experimental approach can differentiate beneficial effects due to either

  11. 17 CFR 275.206(4)-3 - Cash payments for client solicitations.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Cash payments for client... for client solicitations. (a) It shall be unlawful for any investment adviser required to be... client at the time of the solicitation or referral; or (iii) Other than a solicitor specified in...

  12. 38 CFR 6.15 - Cash value; special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... age 96 plan policy. Provisions for cash value shall become effective at the completion of the first policy year; all values and net single premiums are as prescribed by the Secretary and published in VA... endowment at age 96 plan policy. 6.15 Section 6.15 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF...

  13. 31 CFR 355.4 - Is there a time limit on cashing a fiscal agency check?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Is there a time limit on cashing a fiscal agency check? 355.4 Section 355.4 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT REGULATIONS...

  14. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from the Cash Management Improvements Fund. 206.10 Section 206.10 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT...

  15. 31 CFR 355.3 - Where can I cash my fiscal agency check?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Where can I cash my fiscal agency check? 355.3 Section 355.3 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT REGULATIONS GOVERNING FISCAL...

  16. Bitcoin as cash in terms of the european anti-money laundering directive

    NARCIS (Netherlands)

    Kaiser, Carolin

    2016-01-01

    The European Anti-Money Laundering Directive 2015/849 sets out detailed rules for the prevention of money laundering and terrorist financing. It presents a clear framework for financial institutions, covering both cash and electronic payments systems. However, the directive fails to regulate digital

  17. Retailer’s optimal ordering policies with cash discount and progressive payment scheme derived algebraically

    Directory of Open Access Journals (Sweden)

    Alok kumar

    2011-10-01

    Full Text Available This study presents optimal ordering policies for retailer when supplier offers cash discount and two progressive payment schemes for paying of purchasing cost. If the retailer pays the outstanding amount before or at first trade credit period M, the supplier provides r_1cash discount and does not charge any interest. If the retailer pays after M but before or at the second trade period N offered by the supplier, the supplier provides r_2 cash discount and charges interest on unpaid balance at the rate 〖Ic〗_1 . If retailer pays the balance after N, (N>M then the supplier does not provide any cash discount but charges interest on unpaid balance at the rate 〖Ic〗_2. The primary objective of this paper is to minimize the total cost of inventory system. This paper develops an algebraic approach to determine the optimal cycle time, optimal order quantity and optimal relevant cost. Numerical example are also presented to illustrate the result of propose model and solution procedure developed.

  18. Families Coping without Earnings or Government Cash Assistance. Assessing the New Federalism: An Urban Institute Program to Assess Changing Social Policies. Occasional Paper.

    Science.gov (United States)

    Zedlewski, Sheila R.; Nelson, Sandi; Edin, Kathryn; Koball, Heather; Pomper, Kate; Roberts, Tracy

    This study sought to determine why some families live outside the government cash income support system despite extreme poverty. Qualitative interviews were conducted with 95 extremely poor families (cash income below 50 percent of the federal poverty level living without employment income or government cash assistance). The interview sample was…

  19. The effects of national cash awards for science teaching on recipients and their peers

    Science.gov (United States)

    Weld, Jeffrey Donn

    Cash teaching awards available to science teachers in the U.S. have goals to improve science teaching. This study assessed the effectiveness of five national cash award programs at identifying exemplars and inspiring better science teaching. Award winning secondary science teachers provided their perceptions of the effects of an award on their own teaching and on the profession as a whole. Randomly selected secondary science teachers across the U.S. reported their perceptions of the effects of the existence of awards on their own teaching and on the profession. Program directors for the five national cash awards were interviewed to determine the intentions and strategies of their award programs. The criteria that guide the selection of award winners were found to align with research-supported exemplar characteristics, but the methods used for identifying outstanding teachers were found to be inadequate for that purpose. Award winning science teachers perceive awards to result from, rather than to inspire, good teaching. Their motivation derives from student achievement and a job well done. The valued effects of winning an award are the recognition and increased respect that follow. Award winners perceive awards as difficult to win, minimally motivating, and frequently causing of dissension among peers. In most respects award winners perceive increased intrinsic rewards to accompany recognition through cash awards. Randomly selected U.S. science teachers who have not won cash awards perceive them as poor motivational incentives because too few awards exist, the basis for recognition is unclear, and the award itself is not a valued outcome. Most science teachers consider themselves good teachers and would apply for an award despite doubts that they would win. Direct comparisons reveal that winners and nonwinners have widely divergent opinions of awards. Winners of lesser cash amounts have the same perceptions of awards as winners of greater cash amounts. Effective

  20. Preference on cash-choice task predicts externalizing outcomes in 17-year-olds.

    Science.gov (United States)

    Sparks, Jordan C; Isen, Joshua D; Iacono, William G

    2014-03-01

    Delay-discounting, the tendency to prefer a smaller-sooner reward to a larger-later reward, has been associated with a range of externalizing behaviors. Laboratory delay-discounting tasks have emerged as a useful measure to index impulsivity and a proclivity towards externalizing pyschopathology. While many studies demonstrate the existence of a latent externalizing factor that is heritable, there have been few genetic studies of delay-discounting. Further, the increased vulnerability for risky behavior in adolescence makes adolescent samples an attractive target for future research, and expeditious, ecologically-valid delay-discounting measures are helpful in this regard. The primary goal of this study was to help validate the utility of a "cash-choice" measure for use in a sample of older adolescents. We used a sample of 17-year-old twins (n = 791) from the Minnesota Twin Family Enrichment study. Individuals who chose the smaller-sooner reward were more likely to have used a range of addictive substances, engaged in sexual intercourse, and earned lower GPAs. Best fitting biometric models from univariate analyses supported the heritability of cash-choice and externalizing, but bivariate modeling results indicated that the correlation between cash-choice and externalizing was determined largely by shared environmental influences, thus failing to support cash-choice as a possible endophenotype for externalizing in this age group. Our findings lend further support to the utility of cash-choice as a measure of individual differences in decision making and suggest that, by late adolescence, this task indexes shared environmental risk for externalizing behavior.

  1. Home care in Austria: the interplay of family orientation, cash-for-care and migrant care.

    Science.gov (United States)

    Österle, August; Bauer, Gudrun

    2012-05-01

    This article discusses the development of the home care sector in Austria. It analyses what impacts the interplay of the traditional family orientation to care, a universal cash-for-care scheme (reaching about 5% of the population) and a growing migrant care sector have on formal home care in Austria. The article is based on an analysis of research papers, policy documents and statistical data covering the period from the introduction of the cash-for-care scheme in 1993 up to 2011. Some authors have argued that generous cash benefits with no direct link to service use - as in the case of Austria - limit the development of home care, particularly in countries with a traditionally strong family orientation towards long-term care. Additionally, a tradition of family care and an emphasis on cash benefits may be conducive to the employment of migrant carers in private households, as a potential substitute for both family care and formal care. Despite this context, Austria has seen a substantial increase in formal home care over the past two decades. This has been driven by clients using their increased purchasing power and by policy priorities emphasising the extension of home care. Migrant care work was regularised in 2007, and the analysis suggests that while migrant care has usually worked as a substitute for other care arrangements, migrant care can also become a more integral element of care schemes. The article concludes that family orientation, unconditional cash benefits and the use of migrant carers do not necessarily preclude the development of a strong social service sector. However, there is a risk that budgetary limitations will primarily affect social service development. © 2011 Blackwell Publishing Ltd.

  2. ENVIRONMENTAL TECHNOLOGY VERIFICATION JOINT (NSF-EPA) VERIFICATION STATEMENT AND REPORT, PERFORMANCE OF INDUCTION MIXERS FOR DISINFECTION OF WET WEATHER FLOWS, US FILTER/STRANCO PRODUCTS WATER CHAMP R F SERIES CHEMICAL INDUCTION SYSTEM

    Science.gov (United States)

    The Wet-Weather Flow Technologies Pilot of the EPA's Technology Verification (ETV) Program under a partnership with NSF International has verified the performawnce of the USFilter/Stranco Products chemical induction mixer used for disinfection of wet-weather flows. The USFilter t...

  3. Usage of internal statements in making consolidated financial statement

    Directory of Open Access Journals (Sweden)

    V.N. Herman

    2016-12-01

    Full Text Available The emergence of the consolidated financial statements is the result of integration processes in the businesses that lead to pooling of different companies. As consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they let you gauge the overall health of an entire group of companies as opposed to one company’s standalone position. Consolidation of financial statements requires from the participants of joining elaborating their individual statements. The article describes the general scheme of consolidation process and defines the key trends of consolidation adjustments, in particular, financial investments, internal operations, goodwill and exchange rate differences. It is found out that to get information about internal operations and financial investments such data have to be synthesized from internal statements. This approach allows using the same accounting methods to parent and subsidiary entities. The objects, the users and the subject domain of internal statements are determined in order to make consolidation of financial statements of joining.

  4. Bargeld als elementarer Bestand einer freiheitlichen Gesellschaftordnung. Cash as an elementary component of liberal social order

    Directory of Open Access Journals (Sweden)

    Manfred O.E. Hennies

    2016-08-01

    Full Text Available Since state institutions began using account screening, in the bank sector, not only in cases of suspicion, but as a standard procedure for monitoring account and invest-ment data, much of the illegal transfer of funds has shifted towards cash payments. In order to hinder, or even do away with such illegal monetary transactions, the EU is considering two possible courses of action; one moderate and one more radical. The moderate solution would see the introduction of legislation restricting the amount of cash used in payments. Several countries already have such legislation. It is possible that this limit could be adjusted by governments ad hoc, and could even be set at zero. This would be the radical course of action; doing away completely with cash payments. The consequence would be that the transfer of money would only be possible by bank transfer from account to account. Representatives of the banking sector are in favour of the campaign to eliminate the use of cash transactions, as this would lead to advantages within the banking indus-try. However, there would be many disadvantages for the general public. In the world of commerce, contractual liberty is a fundamental principle. All contracting parties have the right, within the law, to negotiate the terms of a contract to be signed, laying down goods or payment (cash included to be made, as a part of the contract. Thus, legislation restricting the use of cash would be a breach of the free-dom of rights as laid down in the constitution of any EU country. The question as to whether or not to do away with the use of 500, - Euro bank notes is of little interest to legal and private monetary transactions, as these are seldom used in such cases. Since these notes are a simple way of transporting large sums of money unnoticed, their use is mainly limited to the world of illegal transactions where large sums of money need to be moved, as in the case of money laundering

  5. Childhood obesity case statement.

    Science.gov (United States)

    Esposito, Paul W; Caskey, Paul; Heaton, Lisa E; Otsuka, Norman

    2013-04-01

    The goal of this publication is to raise awareness of the impact of childhood obesity on the musculoskeletal health of children and its potential long-term implications. Relevant articles dealing with musculoskeletal disorders either caused by or worsened by childhood obesity were reviewed through a Pub Med search. Efforts to recognize and combat the childhood obesity epidemic were also identified through Internet search engines. This case statement was then reviewed by the members of the pediatric specialty group of the US Bone and Joint Initiative, which represents an extensive number of organizations dealing with musculoskeletal health. Multiple musculoskeletal disorders are clearly caused by or worsened by childhood obesity. The review of the literature clearly demonstrates the increased frequency and severity of many childhood musculoskeletal disorders. Concerns about the long-term implications of these childhood onset disorders such as pain and degenerative changes into adulthood are clearly recognized by all the member organizations of the US Bone and Joint Initiative. It is imperative to recognize the long-term implications of musculoskeletal disorders caused by or worsened by childhood obesity. It is also important to recognize that the ability to exercise comfortably is a key factor to developing a healthy lifestyle and maintaining a healthy body weight. Efforts to develop reasonable and acceptable programs to increase physical activity by all facets of society should be supported. Further research into the long-term implications of childhood musculoskeletal disorders related to childhood obesity is necessary. Copyright © 2013 Elsevier Inc. All rights reserved.

  6. Environmental Impact Statement Filing Guidance

    Science.gov (United States)

    Describes how to submit an environmental impact statement through the e-NEPA electronic submission system. Describes how EPA submits a notice of availability in to the Federal Register and how the comment time period if set forth.

  7. Incidental Take Statement (ITS) Tracking

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Incidental Take Statement (ITS) Tracking Spreadsheet was created in 2012 and is updated annually by the NMFS GARFO Protected Resources Division. It is used to...

  8. Writing Your UCAS Personal Statement.

    OpenAIRE

    Parkinson, Tess

    2010-01-01

    The personal statement on the UCAS form is your best opportunity to "sell" yourself to the universities of your choice. Here, Tess Parkinson, a psychology admissions tutor, gives inside advice on how to approach what may seem a daunting task.

  9. It's Time to Implement GASB Statement 54

    Science.gov (United States)

    Heinfeld, Gary; Nuehring, Bert

    2012-01-01

    In February 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, "Find Balance Reporting and Governmental Fund Type Definitions." This statement changes how a fund balance is classified on the face of the government fund financial statements and refines the definitions for government fund types. The statement's…

  10. Handler statement on smale case.

    Science.gov (United States)

    G, D S

    1967-09-22

    Philip Handler, chairman of the National Science Board, has issued the following statement, reprinted in part, concerning the relationship between Stephen Smale, the Berkeley mathematician, and the National Science Foundation, of which the board is the highest-ranking advisory body. The statement was delivered to Science following completion of an article on the Smale case for the issue of 15 September, but prior to publication.

  11. Are interim management statements redundant?

    OpenAIRE

    Schleicher, T.; Walker, Martin

    2015-01-01

    In 2004 the Transparency Directive increased the reporting frequency by mandating the Interim Management Statement (IMS). However, only nine years later, the EU announced that it was making quarterly reporting voluntary again arguing that IMSs are redundant as they are unlikely to contain any additional information not already required by the Market Abuse Directive (MAD). The current paper tests this argument empirically. For that it collects data on trading statements from a post-MAD pre-IMS...

  12. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review

    National Research Council Canada - National Science Library

    Benjamin M Hunter; Sean Harrison; Anayda Portela; Debra Bick

    2017-01-01

    .... Methods This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care...

  13. Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments

    Directory of Open Access Journals (Sweden)

    Ajid ur Rehman

    2016-05-01

    Full Text Available This study is intended to find out the motives of cash holding in Chinese firms and theories associated with these motives. The study is unique because it not only estimates the adjustment speed of corporate cash holdings but also discuss several firm specific factors that affects cash holdings in Chinese firms with special reference to Chinese SOEs and NSOEs. An extensive set of panel data comprising 1632 A listed Chines firms, over a period from 2001 to 2013 are taken for analysis. The study reports a lower adjustment coefficient for Chinese firms compared to other developed nations. The study finds that target level of cash holdings in Chinese firms is better explained by Trade off and Pecking order theories. To cope with issues of endogeneity and serial correlation the study apply GMM and random effects model with an added AR (autoregressive term.

  14. Impact of Treatment Subsidies and Cash Payouts on Treatment Choices at the End of Life.

    Science.gov (United States)

    Finkelstein, Eric; Malhotra, Chetna; Chay, Junxing; Ozdemir, Semra; Chopra, Akhil; Kanesvaran, Ravindran

    To examine the extent to which financial assistance, in the form of subsidies for life-extending treatments (LETs) or cash payouts, distorts the demand for end-of-life treatments. A discrete choice experiment was administered to 290 patients with cancer in Singapore to elicit preferences for LETs and only palliative care (PC). Responses were fitted to a latent class conditional logistic regression model. We also quantified patients' willingness to pay to avoid and willingness to accept a less effective LET or PC-only. We then simulated the effects of various LET subsidy and cash payout policies on treatment choices. We identified three classes of patients according to their preferences. The first class (26.1% of the sample) had a strong preference for PC and were willing to give up life expectancy gains and even pay for receiving only PC. The second class (29.8% of the sample) had a strong preference for LETs and preferred to extend life regardless of cost or quality of life. The final class (44.1% of the sample) preferred LETs to PC, but actively traded off costs and length and quality of life when making end-of-life treatment choices. Policy simulations showed that LET subsidies increase demand for LETs at the expense of demand for PC, but an equivalent cash payout was not shown to distort demand. Patients with cancer have heterogeneous end-of-life preferences. LET subsidies and cash payouts have differing effects on the use of LETs. Policymakers should be mindful of these differences when designing health care financing schemes for patients with life-limiting illnesses. Copyright © 2016. Published by Elsevier Inc.

  15. Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} A dividend decision of a firm is an outcome of various considerations. These considerations differ across time and industry. Based on asymetric information – agency theory thougtht, this study re-examined various variables that have a bearing on the dividend decision of a firm. In addition to examining the impact of corporate fundamentals on  dividend policy, the study also analyzed the effect of expropriation trigger variables (family ownership, cash funds, the level of diversification and Related Party Transaction/RPT on a dividend policy. The results of panel logistic regression indicated that Cash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinants of the dividend policy for Indonesian listed public companies, observed during 2002 to 2010.   Keywords: dividend policy-pay and not pay cash dividend, expropriation, asymmetry information, agency theory,  family ownership, cash funds, level of diversification, related party transaction, panel data analysis.

  16. THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

    Full Text Available Economic Value Added (EVA a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.

  17. The risk constrained cash-in-transit vehicle routing problem with time windows

    OpenAIRE

    TALARICO, Luca; Sörensen, Kenneth; Springael, Johan

    2013-01-01

    This paper proposes a variant of the Vehicle Routing Problem in which a particular kind of risk constraint has been introduced to model the problem of routing vehicles in the cash-in-transit industry and a hard time window constraint, with no waiting times, delimits the customer's visit within a specified time interval. Two metaheuristic algorithms have been developed to cope with medium and large instances of the problem. In a computational experiment, the best parameter settings for each al...

  18. 38 CFR 8.12 - Payment of the cash value of National Service Life Insurance in monthly installments under...

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Payment of the cash value of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. 8.12 Section 8.12 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Cash Value and Policy Loan ...

  19. Counterexamples to Moffatt's statements on vortex knots.

    Science.gov (United States)

    Bogoyavlenskij, Oleg

    2017-04-01

    One of the well-known problems of hydrodynamics is studied: the problem of classification of vortex knots for ideal fluid flows. In the literature there are known Moffatt statements that all torus knots K_{m,n} for all rational numbers m/n (0vortex knots for each one of the considered axisymmetric fluid flows. We prove that actually such a uniformity does not exist because it does not correspond to the facts. Namely, we derive a complete classification of all vortex knots realized for the fluid flows studied by Moffatt and demonstrate that the real structure of vortex knots is much more rich because the sets of mutually nonisotopic vortex knots realized for different axisymmetric fluid flows are all different. An exact formula for the limit of the hydrodynamic safety factor q_{h} at a vortex axis is derived for arbitrary axisymmetric fluid equilibria. Another exact formula is obtained for the limit of the magnetohydrodynamics safety factor q at a magnetic axis for the general axisymmetric plasma equilibria.

  20. The Impact of Conditional Cash Transfer on Toilet Use in eThekwini, South Africa

    Directory of Open Access Journals (Sweden)

    Elizabeth Tilley

    2016-10-01

    Full Text Available In the developing world, having access to a toilet does not necessarily imply use: infrequent or non-use limits the desired health outcomes of improved sanitation. We examine the sanitation situation in a rural part of South Africa where recipients of novel, waterless “urine-diverting dry toilets” are not regularly using them. In order to determine if small, conditional cash transfers (CCT could motivate families to use their toilets more, we paid for urine via different incentive-based interventions: two were based on volumetric pricing and the third was a flat-rate payment (irrespective of volume. A flat-rate payment (approx. €1 resulted in the highest rates of regular (weekly participation at 59%. The low volumetric payment (approx. €0.05/L led to regular participation rates of only 12% and no increase in toilet use. The high volumetric payment (approx. €0.1/L resulted in lower rates of regular participation (35%, but increased the average urine production per household per day by 74%. As a first example of conditional cash transfers being used in the sanitation sector, we show that they are an accepted and effective tool for increasing toilet use, while putting small cash payments in the hands of poor, largely unemployed populations in rural South Africa.

  1. E-precision agriculture for small scale cash crops in Tobasa regency

    Science.gov (United States)

    Putra Simanjuntak, Panca; Tiurniari Napitupulu, Pangeran; Pratama Silalahi, Soni; Kisno; Pasaribu, Norlina; Valešová, Libuše

    2017-09-01

    Cash crop is a promising sector in Tobasa regency; however, the trend showed a negative change of the cash crop production in. This research aims to develop an application which is based on Arduino for watering and fertilizing corn land. The result of using e-precision agriculture based on embedded system is 100% higher than the conventional one and the risk of harvesting failure using the embedded system decreased to 50%. Embedded system in this study acquired critical environment measurements which at last affected the yield raising and risk reduction. As the result, the use of e-precision agriculture provided a framework to be used by different stakeholders to implement e-agriculture platform that supports marketing of agricultural production since the system is proven to save the material and time which finally reduces the risk of harvesting failure and increases the yield. In other words, the system is able to economize the use of water and fertilizer on a small corn land. The system will be developed for more efficiency in material loss and the mobile-based application development to reach sustainable rural development particularly for cash-crop farmers.

  2. STUDY ON THE APPLICATION OF CASH ACCOUNTING SYSTEM FOR VAT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

    Full Text Available The cash accounting system for VAT has been implemented in Romania as of 1 January 2013 and now turns one year of application in Romania. Since its implementation the system has sparked controversy, being harshly criticised by professional accountants in Romania and elsewhere. Criticisms mainly concerned the following issues: no possibility to choose to apply the system, breach of the VAT neutrality principles, maximum period of 90 days to postpone the chargeability of VAT for unpaid deliveries, while VAT deduction was subject to payment of the value of goods and services invoiced without specifying any term. In this article we would like to examine the extent to which the legislative changes that came into effect as of 1 January 2014 improve the cash accounting system for VAT in Romania. We will also analyse to what extent the system applied in 2013 has brought advantages/disadvantages to the economic entities in Romania based on a survey carried out on a heterogeneous sample of companies in the county of Gorj, regarded as nationally representative. Finally, we intend to compare the cash accounting system for VAT in Romania with its UK counterpart.

  3. Social marketing principles enhance enrollment in the cash and counseling demonstration and evaluation.

    Science.gov (United States)

    Simon-Rusinowitz, Lori; Mahoney, Kevin J; Marks, Lori N; Simone, Kristin; Zacharias, B Lee

    2009-01-01

    Using focus group data, this article discusses the use of social marketing principles to enhance enrollment in the Cash and Counseling Demonstration and Evaluation (CCDE). Focus groups were conducted in person and by conference call in two CCDE states, Arkansas and Florida. In Florida, Department of Elder Affairs and Developmental Services Program (DS) staff participated in seven focus groups. In Arkansas, four focus groups were conducted with professionals likely to come into contact with Medicaid consumers who are eligible for Arkansas' cash option program. Focus group transcripts were coded according to the project research questions. Several important lessons emerged including the importance of(a) conducting process evaluation activities, such as the social marketing focus groups, early during program implementation; (b) using multiple approaches and contacts to inform potential consumers and their families about a new, complex program; (c) carefully selecting and training personnel to conduct outreach and enrollment activities; and (d) developing specific messages to include in marketing the cash option. Using social marketing principles to examine CCDE enrollment has provided important information to enhance this program.

  4. The Effect of Corporate Tax Avoidance on the Level of Corporate Cash Holdings: Evidence from Indonesian Public Listed Companies

    Directory of Open Access Journals (Sweden)

    Muhammad Irham Kurniawan

    2017-12-01

    Full Text Available This study aims to examine the effect of corporate tax avoidance to the corporate cash holdings. Recent tax avoidance research found that tax avoidance is able to facilitate managerial rent extraction in the form of transfer of resources owned by the company. This study attempts to test how the relationship of tax avoidance with the amount of cash held by the company. The sample consists of 46 non-financial, non-property, non-real estate and non-construction companies from 2009-2016, with a total 368 observations. The study uses two different cash holdings measures to test the robustness of the research results. This study cannot find evidence that tax avoidance have a significant relationship to the level of cash holdings in public companies in Indonesia. Both measurements of cash holdings gave the same conclusions to the results of the study. This study provides an insight that agency theory in the context of tax avoidance and corporate cash holdings in developing countries such as Indonesia needs to be explored further as the agency conflict in Indonesia as a developing country is more principal-principal conflicts.

  5. Exploring the potential of a conditional cash transfer intervention to reduce HIV risk among young women in Iringa, Tanzania.

    Science.gov (United States)

    Kennedy, Caitlin E; Brahmbhatt, Heena; Likindikoki, Samuel; Beckham, Sarah W; Mbwambo, Jessie K; Kerrigan, Deanna

    2014-01-01

    Cash transfer programs seek to alter structural determinants of HIV risk such as poverty and gender inequality. We sought to explore the feasibility and potential effectiveness of a cash transfer intervention for young women as part of combination HIV prevention in Iringa, Tanzania. Qualitative, in-depth interviews were conducted with 116 stakeholders and residents from the region, including key informants, service delivery users, and members of key populations. Most respondents felt a cash transfer program would assist young women in Iringa to have more control over sexual decision-making and reduce poverty-driven transactional sex. Respondents were divided on who should receive funds: young women themselves, their parents/guardians, or community leaders. Cash amounts and suggested target groups varied, and several respondents suggested providing microcredit or small business capital instead of cash. Potential concerns included jealousy, dependency, and corruption. However, most respondents felt that some intervention was needed to address underlying poverty driving some sexual risk behavior. A cash transfer program could fill this role, ultimately reducing HIV, sexually transmitted infections, and unintended pregnancies. As increased attention is given to economic and structural interventions for HIV prevention, local input and knowledge should be considered in a program design.

  6. Areva half-year report june 30, 2006; Areva rapport semestriel 30 juin 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    This document is the half-year financial report of the Areva group for 2006. It presents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by business division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to the half-year end; 5 - Consolidated financial statements: Statutory auditors' report on the interim consolidated financial statements for the period January 1, 2006 to June 30, 2006, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements.

  7. Investor Flows to Asset Managers

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Musto, David K.; Wermers, Russ

    2014-01-01

    Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds' managers, the pricing and comovement of the assets they trade, the stability...... of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial...... decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools...

  8. SOME APECTS REGARDING THE CONSOLIDATED FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Szora Tamas Atila

    2012-12-01

    Full Text Available The study is divided into four parts: in the introduction are presented the theoretical aspects of the consolidated financial statements and the consolidation methods. During the second part are shown the structure rates calculated prior and after the consolidation, and in the third are calculated the financial rates of return and the effective tax rates of fixed assets. The conclusion of this study presents that although the consolidated entity is not a tax, it presents the group effort without the internal flows between entities within the group. In terms of the world scientific research typology used by the authors, it refers to descriptive research, explanatory research and applied research. In terms of the novelties, brought by this study, it is specifically determined, based on the actual database, the evolution of structure indicators, indicators of balance, the financial profitability indicators of corporate companies prior to and after consolidation.

  9. Higher magnitude cash payments improve research follow-up rates without increasing drug use or perceived coercion.

    Science.gov (United States)

    Festinger, David S; Marlowe, Douglas B; Dugosh, Karen L; Croft, Jason R; Arabia, Patricia L

    2008-07-01

    In a prior study [Festinger, D.S., Marlowe, D.B., Croft, J.R., Dugosh, K.L., Mastro, N.K., Lee, P.A., DeMatteo, D.S., Patapis, N.S., 2005. Do research payments precipitate drug use or coerce participation? Drug Alcohol Depend. 78 (3) 275-281] we found that neither the mode (cash vs. gift card) nor magnitude ($10, $40, or $70) of research follow-up payments increased rates of new drug use or perceptions of coercion. However, higher payments and payments in cash were associated with better follow-up attendance, reduced tracking efforts, and improved participant satisfaction with the study. The present study extended those findings to higher payment magnitudes. Participants from an urban outpatient substance abuse treatment program were randomly assigned to receive $70, $100, $130, or $160 in either cash or a gift card for completing a follow-up assessment at 6 months post-admission (n congruent with 50 per cell). Apart from the payment incentives, all participants received a standardized, minimal platform of follow-up efforts. Findings revealed that neither the magnitude nor mode of payment had a significant effect on new drug use or perceived coercion. Consistent with our previous findings, higher payments and cash payments resulted in significantly higher follow-up rates and fewer tracking calls. In addition participants receiving cash vs. gift cards were more likely to use their payments for essential, non-luxury purchases. Follow-up rates for participants receiving cash payments of $100, $130, and $160 approached or exceeded the FDA required minimum of 70% for studies to be considered in evaluations of new medications. This suggests that the use of higher magnitude payments and cash payments may be effective strategies for obtaining more representative follow-up samples without increasing new drug use or perceptions of coercion.

  10. Proportion of beneficiaries and factors affecting Janani Suraksha Yojana direct cash transfer scheme in Puducherry, India

    Directory of Open Access Journals (Sweden)

    K Rajarajan

    2016-01-01

    Full Text Available Introduction: Janani Suraksha Yojana (JSY direct benefit transfer scheme was launched in the year 2013 in India and there is a paucity of information affecting it. The study aimed to assess the proportion of eligible beneficiaries utilizing JSY direct cash benefit transfer in Puducherry and to identify its barriers and facilitating factors. Methods: This cross sectional study was conducted from January to March 2015 among 152 eligible JSY beneficiaries residing in rural and urban field practice areas of a tertiary care institution in Puducherry, India. Data were collected using a pretested semi structured questionnaire and presented as proportion or percentages. Results: About 144 beneficiaries participated in the study with a response rate of 94.7%. About 46% (66 of them availed cash transfer benefit. The mean time of receiving the benefit is 95.8 days (interquartile range 60–120 days. Among those who have not received (78, about 49 (62.8% had not applied and 29 (37.18% filled applications were rejected due to various reasons. About 77.1% (111 of beneficiaries were informed about JSY scheme through health workers. About 52.1% (75/144 still preferred direct bank transfer through the bank. The reasons for not availing benefits includes not having a bank account (24.3%, followed by not having Aadhaar number (9.7%, 11.8% had no ration card, and 13.8% stayed in their mother house. Conclusion: Majority of the beneficiaries did not receive direct cash transfer benefits in urban area than rural area and there is a need to simplify the procedures to improve the uptake of services to this group.

  11. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions.

    Science.gov (United States)

    Rappaport, A; Sirower, M L

    1999-01-01

    In 1988, less than 2% of large deals were paid for entirely in stock; by 1998, that number had risen to 50%. The shift has profound ramifications for shareholders of both the acquiring and acquired companies. In this article, the authors provide a framework and two simple tools to guide boards of both companies through the issues they need to consider when making decisions about how to pay for--and whether to accept--a deal. First an acquirer has to decide whether to finance the deal using stock or pay cash. Second, if the acquirer decides to issue stock, it then must decide whether to offer a fixed value of shares or a fixed number of them. Offering cash places all the potential risks and rewards with the acquirer--and sends a strong signal to the markets that it has confidence in the value not only of the deal but in its own stock. By issuing shares, however, an acquirer in essence offers to share the newly merged company with the stockholders of the acquired company--a signal the market often interprets as a lack of confidence in the value of the acquirer's stock. Offering a fixed number of shares reinforces that impression because it requires the selling stockholders to share the risk that the value of the acquirer's stock will decline before the deal goes through. Offering a fixed value of shares sends a more confident signal to the markets, as the acquirer assumes all of that risk. The choice between cash and stock should never be made without full and careful consideration of the potential consequences. The all-too-frequent disappointing returns from stock transactions underscore how important the method of payment truly is.

  12. Did Inflation Really Soar After the Euro Cash Changeover? Indirect Evidence from ATM Withdrawals

    OpenAIRE

    Paolo Angelini; Francesco Lippi

    2005-01-01

    The introduction of the euro notes and coins during the first months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this paper we gather indirect evidence on the behaviour of prices from the analysis of cash withdrawals from ATM and their determinants....

  13. Internal Controls Over the Army, General Fund Cash and Other Monetary Assets Held in Southwest Asia

    Science.gov (United States)

    2010-01-08

    Unrestricted Army reports can be accessed from .mil and gao.gov domains over the Internet at https://www.aaa.army.mil/. Air Force Audit Agency reports...can be accessed from .mil domains over the Internet at https://wwwd.my.af.mil/afknprod/ASPs/cop/Entry.asp?Filter=OO by those with Common Access...of TOl8I Local Currency ~ Authority (I ... ) 11.526 U.I 7 7 . ,.,., _em- .’ • V ...... of MonINy USO Cash DIsbInements (laS! 3 monIha; .vervge

  14. Proposal for an IT Security Standard for Preventing Tax Fraud in Cash Registers

    Science.gov (United States)

    Neuhaus, Mathias; Wolff, Jörg; Zisky, Norbert

    This paper describes a technology solution for preventing tax fraud in electronic cash registers (ECR) and point of sale (POS) systems. The solution is based on electronic signatures, and as a result, any alterations to protected data will be detected. The signed transaction data can be stored on various electronic memory devices. Technical provisions enable the estimation of transaction volumes, even after tampering or loss of data. In this way the solution presented here differs significantly from other fiscal solutions where a pattern of approvals for ECRs and permanent technical supervision of the market is necessary. This paper is focused on the architecture, the protocols and the usability of the proposed system.

  15. In Brief: Geoengineering draft statement

    Science.gov (United States)

    Showstack, Randy

    2009-04-01

    The American Meteorological Society (AMS) has prepared a draft policy statement on geoengineering the climate system, which the AMS Council is considering for approval. The statement notes, “Geoengineering will not substitute for either aggressive mitigation or proactive adaptation. It could contribute to a comprehensive risk management strategy to slow climate change and alleviate its negative impacts, but the potential for adverse and unintended consequences implies a need for adequate research, appropriate regulation, and transparent consideration.” The statement, if adopted, indicates that AMS recommends enhanced research on the scientific and technological potential for geoengineering the climate system; additional study of the historical, ethical, legal, political, and societal aspects of the geoengineering issues; and the development and analysis of policy options to promote transparency and international cooperation in exploring geoengineering options along with restrictions on reckless efforts to manipulate the climate system. AMS is accepting comments on the draft statement until 23 April. For more information, visit http://ametsoc.org/policy/draftstatements/index.html#draft.

  16. 2009 Elections: The Candidates Statements

    Science.gov (United States)

    TechTrends: Linking Research and Practice to Improve Learning, 2009

    2009-01-01

    This article presents the candidates for the 2009 Association for Educational Communications and Technology (AECT) election and their statements. The candidates are: (1) Andy Gibbons (President-Elect); (2) Barbara B. Lockee (President-Elect); (3) Mary Jean Bishop (At-Large Representative); and (4) Deepak Subramony (At-Large Representative). In…

  17. COMPARATIVE FINANCIAL STATEMENTS. CONVERGENCE VERSUS DIVERGENCE

    Directory of Open Access Journals (Sweden)

    Nicolae ECOBICI

    2010-09-01

    Full Text Available In this paper I compared the Romanian financial statements with the US GAAP financial statements in terms of two criteria: first the reference period and secondly the shape, structure and content of financial statements. Nowadays the two accounting systems, the French and Anglo-Saxon, tend to harmonize. I will present the convergences and the divergences between the financial statements of Romania, subject to OMFP 3055/2009, in parallel with the Anglo-Saxon accounting system.

  18. 12 CFR 1410.6 - Certified statements.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Certified statements. 1410.6 Section 1410.6 Banks and Banking FARM CREDIT SYSTEM INSURANCE CORPORATION PREMIUMS § 1410.6 Certified statements. (a) Forms. The certified statements required to be filed by insured banks under the provisions of section 5...

  19. 27 CFR 7.54 - Prohibited statements.

    Science.gov (United States)

    2010-04-01

    ... statement should not encourage you to drink or increase your alcohol consumption for health reasons;” or (2... a reproduction of an approved label. (c) Alcoholic content. (1) Advertisements shall not contain the...,” or any other statement of alcoholic content, or any statement of the percentage and quantity of the...

  20. Biological Awareness: Statements for Self-Discovery.

    Science.gov (United States)

    Edington, D.W.; Cunningham, Lee

    This guide to biological awareness through guided self-discovery is based on 51 single focus statements concerning the human body. For each statement there are explanations of the underlying physiological principles and suggested activities and discussion ideas to encourage understanding of the statement in terms of the human body's functions,…

  1. Areva half-year report June 30, 2008; Areva rapport semestriel 30 juin 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    This document is the half-year financial report of the Areva group for 2008. It presents: 1 - the highlights of the period: key data (Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet data); Outlook; 2 - the events subsequent to half-year closing; 3 - the consolidated financial statements: Statutory Auditors' report on half-year 2008 information for the period January 1, 2008 to June 30, 2008, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of change in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2008.

  2. 7 CFR 1493.400 - General statement.

    Science.gov (United States)

    2010-01-01

    ... increase or maintain U.S. exports to a foreign market and where private U.S. exporters would be unwilling... foreign exchange will be available for scheduled payments. In providing this credit guarantee facility... interfere with markets for cash sales. The program is targeted toward those countries where the guarantees...

  3. Cash transfers and early childhood care and education in Zimbabwe: A critical inquiry to discourse, theory and practice

    Directory of Open Access Journals (Sweden)

    Hilton Nyamukapa

    2016-07-01

    Full Text Available Cash transfer based social protection can potentially contribute positively upon targeted beneficiaries on a variety of developmental aspects. This study explored the pilot and scaled-up phases of the Harmonised Social Cash Transfer program to determine impacts towards improving under-eight children’s access to food, education, and health services. Stories of significant change were gathered in retrospect from purposively sampled caregivers and children beneficiaries. Based on thematic and guided analysis, it emerged that the programmes’ theoretical and practical approaches renders the interventions less effective as impact assessment is narrowed to the early childhood cohort. This is furthered by relatively insufficient size of grants disbursed per household and commodity supply-side challenges. Consequently, a review to theoretical and practical tenets of the cash transfer approach becomes imminent in the Zimbabwean context. Targeting criteria needs refinement and supplemented with policy and multi-faceted public investment to address underlying limitations to impact on young children.

  4. Energy self-reliance, net-energy production and GHG emissions in Danish organic cash crop farms

    DEFF Research Database (Denmark)

    Halberg, Niels; Dalgaard, Randi; Olesen, Jørgen E

    2008-01-01

    -energy production were modeled. Growing rapeseed on 10% of the land could produce bio-diesel to replace 50-60% of the tractor diesel used on the farm. Increasing grass-clover area to 20% of the land and using half of this yield for biogas production could change the cash crop farm to a net energy producer......Organic farming (OF) principles include the idea of reducing dependence of fossil fuels, but little has been achieved on this objective so far in Danish OF. Energy use and greenhouse gas (GHG) emissions from an average 39 ha cash crop farm were calculated and alternative crop rotations for bio......, and reduce GHG emissions while reducing the overall output of products only marginally. Increasing grass-clover area would improve the nutrient management on the farm and eliminate dependence on conventional pig slurry if the biogas residues were returned to cash crop fields...

  5. When There Is No Welfare: The Income Packaging Strategies of Mothers Without Earnings or Cash Assistance Following an Economic Downturn

    Directory of Open Access Journals (Sweden)

    Kristin S. Seefeldt

    2015-11-01

    Full Text Available The 1996 welfare reform law sought to reformulate single mothers’ income package, replacing cash welfare checks with paychecks. However, many single mothers have not been able to do that and have neither earnings nor cash assistance. Among a sample of single mothers in Los Angeles and southeast Michigan, we find that when single mothers lose jobs and do not receive cash assistance, they package income from a variety of sources (such as other public assistance programs and informal child support, find others in their social networks to pay their bills, or move in with others. However, their income packaging strategies are fraught with challenges. Benefits from certain public programs are difficult to secure; financial assistance from friends and family members can quickly vanish, particularly if a partner is deported or jailed; and doubling up with others often leads to living in crowded and unsafe conditions.

  6. A Cash Waqf Investment Model: An Alternative Model for Financing Micro-Enterprises in Malaysia

    Directory of Open Access Journals (Sweden)

    Jarita Duasa

    2016-02-01

    Full Text Available This study was designed to empirically determine: (i to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM. The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

  7. The gains from early intervention in Europe: Fiscal surveillance and fiscal planning using cash data

    Directory of Open Access Journals (Sweden)

    Andrew Hughes Hallett

    2012-06-01

    Full Text Available The use of real-time cash data allows us to make accurate intra-annual forecasts of an economy’s fiscal position, and to issue early warning signals for the need to correct fiscal imbalances. This paper shows how those signals can be used to design the necessary fiscal corrections, and discusses the gains that can be achieved from such interventions. Examples from Germany and Italy show that large corrections are often necessary early on to make adjustments later on acceptable and to keep debt ratios from escalating. There is a credibility issue here; we find the difference between front-loaded and back-loaded adjustment schemes is likely to be vital for the time consistency of fiscal policymaking. We also show that, without early interventions, the later deficit reductions typically double in size – meaning governments become subject to the excessive deficit procedure and significant improve-ment tests more often. Thus the budget savings from early intervention and the use of cash data are significant; in our examples they are similar in size to the operating budget of the department of housing and urban development in Germany. Similar results apply in other Eurozone countries.

  8. THE EFFECT OF AGROCLIMATIC FACTORS ON CASH CROPS PRODUCTION IN NIGERIA.

    Directory of Open Access Journals (Sweden)

    KAMIL AKINTUNDE

    2013-09-01

    Full Text Available This study examined the effects of agroclimatic factors on the yield of cash crops in Nigeria and other variables such as producer prices, exchange rate and level of national income (GDP. The effects of total rainfall, mean temperature, sunshine hour, relative humidity, radiation, exchange rate and GDP on the yields of three cash crops (Cocoa, Palm Kernel and Palm Oil were estimated for the period 1970-2003 in Nigeria. The methods of analysis employed in the study were mainly error-correction model (ECM within the context of co-integration theory. The results showed that all the variables are not stationary at their levels and thus, a need for differencing once to attain stationary. Statistical significance of the error-correction terms for the three produce validates the existence of an equilibrium relationship among the variables in each of these co-integrating vectors. However, producer price, temperature and GDP were the most significant factors influencing the yield of cocoa while only exchange rate was the most significant factors for the palm produce.

  9. How your bank balance buys happiness: The importance of "cash on hand" to life satisfaction.

    Science.gov (United States)

    Ruberton, Peter M; Gladstone, Joe; Lyubomirsky, Sonja

    2016-08-01

    Could liquid wealth, or "cash on hand"-the balance of one's checking and savings accounts-be a better predictor of life satisfaction than income? In a field study using 585 U.K. bank customers, we paired individual Satisfaction With Life Scale responses with anonymized account data held by the bank, including the full account balances for each respondent. Individuals with higher liquid wealth were found to have more positive perceptions of their financial well-being, which, in turn, predicted higher life satisfaction, suggesting that liquid wealth is indirectly associated with life satisfaction. This effect persisted after accounting for multiple controls, including investments, total spending, and indebtedness (which predicted financial well-being) and demographics (which predicted life satisfaction). Our results suggest that having readily accessible sources of cash is of unique importance to life satisfaction, above and beyond raw earnings, investments, or indebtedness. Therefore, to improve the well-being of citizens, policymakers should focus not just on boosting incomes but also on increasing people's immediate access to money. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  10. Brazil's conditional cash transfer program associated with declines in infant mortality rates.

    Science.gov (United States)

    Shei, Amie

    2013-07-01

    Conditional cash transfer programs are innovative social safety-net programs that aim to relieve poverty. They provide a regular source of income to poor families and are "conditional" in that they require poor families to invest in the health and education of their children through greater use of educational and preventive health services. Brazil's Bolsa Família conditional cash transfer program, created in 2003, is the world's largest program of its kind. During the first five years of the program, it was associated with a significant 9.3 percent reduction in overall infant mortality rates, with greater declines in postneonatal mortality rates than in mortality rates at an earlier age and in municipalities with many users of Brazil's Family Health Program than in those with lower use rates. There were also larger effects in municipalities with higher infant mortality rates at baseline. Programs like Bolsa Família can improve child health and reduce long-standing health inequalities. Policy makers should review the adequacy of basic health services to ensure that the services can respond to the increased demand created by such programs. Programs should also target vulnerable groups at greatest risk and include careful monitoring and evaluation.

  11. Can Social Protection Weaken Clientelism? Considering Conditional Cash Transfers as Political Reform in the Philippines

    Directory of Open Access Journals (Sweden)

    Arun Ranga Swamy

    2016-01-01

    Full Text Available Since poverty is often believed to be a root cause of clientelism, government policies to reduce poverty should also help to reduce clientelism. However, scholars studying clientelism are more likely to view social policy as a potential resource for clientelist politicians. This article examines this paradox in the Philippine context by offering a general framework to identify when social welfare policies are likely to reduce clientelism, and by applying this framework to the Philippines, focusing on the Pantawid Pamilyang Pilipino conditional cash transfer programme, or Pantawid. I argue that the policies that are most likely to undercut clientelism are universal social protection policies that provide poor families with security, although these are the least acceptable to middle-class taxpayers. This is exemplified by the Philippines, which has tended to introduce social policies that increase the scope for clientelism by making discretionary allocation more likely, rather than policies that offer income security to the poor. The Pantawid programme attempts to overcome these problems by introducing a centralised targeting mechanism to identify beneficiaries and by guaranteeing the benefit to all eligible families, but like all conditional cash transfer programs falls short of guaranteed and universal social protection.

  12. Mushrooms and Cash Crops Can Coexist in Mountain Livelihoods: Wild Mushrooms as Economic and Recreational Resources in the Greater Mekong

    Directory of Open Access Journals (Sweden)

    Timothy McLellan

    2017-02-01

    Full Text Available Cash crop cultivation and harvesting of non-timber forest products (NTFPs are both important parts of rural livelihood portfolios worldwide. In mountainous areas of the Greater Mekong Subregion, government programs, scholars, and private-sector interests have promoted both as strategies for rural economic development. NTFPs are also often championed as an incentive for rural communities to protect forests. However, little is known about how cash crops and NTFPs interact in the daily lives and economic decisions of rural people in this region, or how they may differentially encourage forest conservation practices and values. With a focus on mushrooms as an NTFP and maca, rubber, and tea as cash crops, we conducted household surveys and key informant interviews in 2 prefectures of Yunnan, China, and 1 province in northern Thailand. Based on the results of this research, we make 4 key arguments. First, although cash crops are generally perceived to diminish the importance of NTFPs such as mushrooms in rural livelihoods, the potential also exists for complementarity between these 2 livelihood strategies. Second, while some species of wild edible mushroom incentivize forest conservation, others may incentivize practices that have a negative impact on forest ecosystems. Third, even in households where NTFPs make little or no contribution to livelihoods, people are likely to value forests for supporting, regulating, and cultural ecosystem services. Fourth, even households that rely primarily on cash crops may value NTFP collection as a leisure activity. The latter phenomenon is previously unreported in NTFP research, and we suggest that it also reflects a blind spot in ecosystem services research. Mushrooms and cash crops can coexist in mountain livelihoods; wild mushrooms are both economic and recreational resources in the Greater Mekong.

  13. Consolidated financial statements for fiscal year 1996

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-02-01

    The following overview and accompanying audited financial statements have been prepared for Fiscal Year (FY) 1996 to report the financial position and the results of operations of the Department of Energy. These statements include the consolidated Statement of Financial Position and the consolidated Statement of Operations and Changes in Net Position. The statements have been prepared in accordance with the Office of Management and Budget Bulletin No. 94-01, Form and Content for Agency Financial Statements, and were developed in accordance with the hierarchy of accounting standards described therein. The overview provides a narrative on the Department of Energy`s mission, activities, and accomplishments. Utilizing performance measures as the primary vehicle for communicating Departmental accomplishments and results, this overview discusses the most significant measures while others are discussed in the supplemental information to the financial statements.

  14. 9 CFR 203.16 - Mailing of checks in payment for livestock purchased for slaughter, for cash and not on credit.

    Science.gov (United States)

    2010-01-01

    ... livestock purchased for slaughter, for cash and not on credit. 203.16 Section 203.16 Animals and Animal... of checks in payment for livestock purchased for slaughter, for cash and not on credit. (a) The Grain... sells livestock to a packer, market agency, or dealer, who is purchasing for slaughter, may not intend...

  15. Mean-Variance Portfolio Selection with a Fixed Flow of Investment in ...

    African Journals Online (AJOL)

    We consider a mean-variance portfolio selection problem for a fixed flow of investment in a continuous time framework. We consider a market structure that is characterized by a cash account, an indexed bond and a stock. We obtain the expected optimal terminal wealth for the investor. We also obtain a closed-form ...

  16. Cash settlement impact on fed cattle futures contract basis risk in Brazil

    Directory of Open Access Journals (Sweden)

    Thereza Christina Pippa Rochelle

    2000-06-01

    Full Text Available This paper examines the impact of cash settlement on the Commodities & Futures Exchange (Bolsa de Mercadorias & Futuros, BM&F fed cattle futures contract basis risk, in nine regions in Brazil. The analysis was conducted only during the contract maturity months, and the random component of the basis series, which represents the risk, was isolated through successive lags in the original series. Then, the standard deviations of the random component of the basis (that represent basis risk were regressed on dummy variables for cash settlement and seasonal effects. The regression model was estimated for every location and sex. The results lead to the conclusion that basis risk has been reduced after the introcustion of cash settlement for both male and female animals in all nine regions. Moreover, basis risk is lower for contract maturity months placed in the first half of the year than in for those in the second semester.Este artigo examina o impacto da introdução da liquidação financeira sobre o risco de base do contrato futuro de boi gordo da Bolsa de Mercadorias & Futuros (BM&F, em nove regiões no Brasil. A análise foi conduzida durante o mês de vencimento dos contratos e o componente aleatório das séries da base, que representa o risco, foi isolado através de defasagens sucessivas nas séries originais. Então, realizou-se uma análise de regressão dos desvios-padrões do componente aleatório da base contra variáveis binárias, para os efeitos da introdução da liquidação financeira e da sazonalidade. Os resultados levaram à conclusão de que o risco de base foi reduzido após a introdução da liquidação financeira para machos e fêmeas, em todas as regiões consideradas. Além disso, o risco de base apresentou-se menor para contratos com meses de vencimento no primeiro semestre do ano em relação aos com vencimento no segundo.

  17. 20 CFR 670.620 - Are Job Corps students eligible to receive cash allowances and performance bonuses?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Are Job Corps students eligible to receive... TRAINING ADMINISTRATION, DEPARTMENT OF LABOR THE JOB CORPS UNDER TITLE I OF THE WORKFORCE INVESTMENT ACT Student Support § 670.620 Are Job Corps students eligible to receive cash allowances and performance...

  18. The effect of unconditional cash transfers on adult labour supply: A unitary discrete choice model for the case of Ecuador

    NARCIS (Netherlands)

    Mideros, A.; O'Donoghue, C.

    2014-01-01

    We examine the effect of unconditional cash transfers by a unitary discrete labour supply model. We argue that there is no negative income effect of social transfers in the case of poor adults because leisure could not be assumed to be a normal good under such conditions. Using data from the

  19. The Impact of a Cash Transfer Program on Cognitive Achievement: The "Bono de Desarrollo Humano" of Ecuador

    Science.gov (United States)

    Ponce, Juan; Bedi, Arjun S.

    2010-01-01

    Throughout Latin America, conditional cash transfer (CCT) programs play an important role in social policy. These programs aim to influence the accumulation of human capital, as well as reduce poverty. In terms of educational outcomes, a number of impact evaluation studies have shown that such programs have led to an increase in school enrollment,…

  20. Promoting Child Development through Group-Based Parent Support within a Cash Transfer Program: Experimental Effects on Children's Outcomes

    Science.gov (United States)

    Fernald, Lia C. H.; Kagawa, Rose M. C.; Knauer, Heather A.; Schnaas, Lourdes; Guerra, Armando Garcia; Neufeld, Lynnette M.

    2017-01-01

    We examined effects on child development of a group-based parenting support program ("Educación Inicial" - EI) when combined with Mexico's conditional cash transfer (CCT) program ("Prospera," originally 'Oportunidades" and "Progresa"). This cluster-randomized trial included 204 communities (n = 1,113 children in…

  1. Development and the Temporality of its Exchange. How an Eastern Yucatec Village Made Cash Transfer Promises Accountable

    Directory of Open Access Journals (Sweden)

    Andrés Dapuez

    2016-09-01

    Full Text Available This paper explores how three temporalities of exchange amend the reception of cash transfers for development in a village in Eastern Yucatan, Mexico. Based on participant observation and in-depth interviews of recipients of cash transfers from Procampo and Oportunidades, this study reveals that ritual promising functions as a means of temporal regulation in most transactions of this sort, and that the recipients hold their government accountable for promises and commitments regarding cash transfers. In assessing the temporal ranges and effectiveness of these transfers by alluding to previous stipulations that sustain the exchange and make it understandable and bearable as a promise, the people in this village consider the objectives of the Procampo and Oportunidades programs to be implausible. Accountability with respect to the long-term effects of these transfers is not, however, based only on local impressions of a state that procrastinates in its “engagement” with peasants. As the timetable established for the accumulation of human capital also exceeds the time limits of responsible promising, these cash transfer programs cannot be evaluated in terms of their fulfilled or unfulfilled promises.

  2. 19 CFR 351.107 - Cash deposit rates for nonproducing exporters; rates in antidumping proceedings involving a...

    Science.gov (United States)

    2010-04-01

    ...; rates in antidumping proceedings involving a nonmarket economy country. 351.107 Section 351.107 Customs... Scope and Definitions § 351.107 Cash deposit rates for nonproducing exporters; rates in antidumping proceedings involving a nonmarket economy country. (a) Introduction. This section deals with the establishment...

  3. Do Conditional Cash Transfers for Schooling Generate Lasting Benefits? A Five-Year Followup of PROGRESA/Oportunidades

    Science.gov (United States)

    Behrman, Jere R.; Parker, Susan W.; Todd, Petra E.

    2011-01-01

    Conditional cash transfer (CCT) programs link public transfers to human capital investment in hopes of alleviating current poverty and reducing its intergenerational transmission. However, little is known about their long-term impacts. This paper evaluates longer-run impacts on schooling and work of the best-known CCT program, Mexico's…

  4. Social protection investments, human capital, and income growth: Simulating the returns to social cash transfers in Uganda

    NARCIS (Netherlands)

    Dietrich, Stephan; Malerba, Daniele; Barrientos, Armando; Gassmann, Franziska; Mohnen, Pierre; Tirivayi, Nyasha; Kavuma, Susan; Matovu, Fred

    2017-01-01

    In this paper we assess the short- and mid-term effects of two cash transfer programmes in Uganda in terms of child underweight, school attainment, and the monetary returns to these indirect effects. Using a micro-simulation approach we test how the scale-up of these pilot interventions could affect

  5. Using Incentives to Change How Teenagers Spend Their Time: The Effects of New York City's Conditional Cash Transfer Program

    Science.gov (United States)

    Morris, Pamela; Aber, J. Lawrence; Wolf, Sharon; Berg, Juliette

    2012-01-01

    This report presents the results of an innovative study designed to provide a more detailed understanding of how parents and their teenage children were affected by the Opportunity NYC-Family Rewards program, a comprehensive conditional cash transfer program. The three-year program, launched by the Center for Economic Opportunity in the Mayor's…

  6. Educational Impacts and Cost-Effectiveness of Conditional Cash Transfer Programs in Developing Countries: A Meta-Analysis

    Science.gov (United States)

    García, Sandra; Saavedra, Juan E.

    2017-01-01

    We meta-analyze for impact and cost-effectiveness 94 studies from 47 conditional cash transfer programs in low- and middle-income countries worldwide, focusing on educational outcomes that include enrollment, attendance, dropout, and school completion. To conceptually guide and interpret the empirical findings of our meta-analysis, we present a…

  7. The Responses of Youth to a Cash Transfer Conditional on Schooling: A Quasi-Experimental Study

    DEFF Research Database (Denmark)

    Humlum, Maria Knoth; Vejlin, Rune Majlund

    2013-01-01

    We estimate the effect of cash transfers given to youth conditional on high school attendance on the labor supply decisions and academic performance of youth. We exploit differences in the size of the total transfer received based on timing of birth to identify the causal effects of interest....... Specifically, individuals born late in a quarter receive a larger total transfer than comparable individuals born early in the following quarter. We find that the transfer increases the labor market participation of youth and the number of months worked. The estimated effect is larger for individuals from low......-income families. The results suggest that some youths are borrowing constrained. Since we find no evidence of corresponding effects on academic performance, alleviating the constraint appears only to affect consumption decisions and not human capital investment....

  8. A case of musical preference for Johnny Cash following deep brain stimulation of the nucleus accumbens

    Directory of Open Access Journals (Sweden)

    Mariska eMantione

    2014-05-01

    Full Text Available Music is among all cultures an important part of the live of most people. Music has psychological benefits and may generate strong emotional and physiological responses. Recently, neuroscientists have discovered that music influences the reward circuit of the nucleus accumbens, even when no explicit reward is present. In this clinical case study, we describe a 60-year old patient who developed a sudden and distinct musical preference for Johnny Cash following deep brain stimulation targeted at the nucleus accumbens for treatment-refractory obsessive-compulsive disorder. This case report substantiates the assumption that the nucleus accumbens is involved in musical preference, based on the observation of direct stimulation of the accumbens with deep brain stimulation. It also shows that accumbens DBS can change musical preference without habituation of its rewarding properties.

  9. Price level determination and seigniorage in a cash-in-advance economy with inside money

    OpenAIRE

    Stéphane Dupraz

    2011-01-01

    Une monnaie interne est introduite dans un modèle d'équilibre général monétaire avec production. Ce dernier comprend des actifs financiers, dont certains sont les dépôts à vue, un passif des banques utilisé comme moyen de paiement. La demande de monnaie provient d'une contrainte d'encaisses préalables. Il est montré que la substitution d'une monnaie interne à la monnaie externe généralement utilisée dans les modèles de Cash-In-Advance peut fortement nuancer les deux principales caractéristiqu...

  10. Empirical analysis on future-cash arbitrage risk with portfolio VaR

    Science.gov (United States)

    Chen, Rongda; Li, Cong; Wang, Weijin; Wang, Ze

    2014-03-01

    This paper constructs the positive arbitrage position by alternating the spot index with Chinese Exchange Traded Fund (ETF) portfolio and estimating the arbitrage-free interval of futures with the latest trade data. Then, an improved Delta-normal method was used, which replaces the simple linear correlation coefficient with tail dependence correlation coefficient, to measure VaR (Value-at-risk) of the arbitrage position. Analysis of VaR implies that the risk of future-cash arbitrage is less than that of investing completely in either futures or spot market. Then according to the compositional VaR and the marginal VaR, we should increase the futures position and decrease the spot position appropriately to minimize the VaR, which can minimize risk subject to certain revenues.

  11. Time Discounting and Credit Market Access in a Large-Scale Cash Transfer Programme

    Science.gov (United States)

    Handa, Sudhanshu; Martorano, Bruno; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2017-01-01

    Summary Time discounting is thought to influence decision-making in almost every sphere of life, including personal finances, diet, exercise and sexual behavior. In this article we provide evidence on whether a national poverty alleviation program in Kenya can affect inter-temporal decisions. We administered a preferences module as part of a large-scale impact evaluation of the Kenyan Government’s Cash Transfer for Orphans and Vulnerable Children. Four years into the program we find that individuals in the treatment group are only marginally more likely to wait for future money, due in part to the erosion of the value of the transfer by inflation. However among the poorest households for whom the value of transfer is still relatively large we find significant program effects on the propensity to wait. We also find strong program effects among those who have access to credit markets though the program itself does not improve access to credit. PMID:28260842

  12. Family/children cash benefits in Serbia: The analysis and policy recommendations

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

    Full Text Available Around 400 thousand children in Serbia are covered with cash-benefits targeting poor children representing 31.7% of the total number of children in 2011. Additionally, around 60 thousand families receive birth grants that is more than 90% of the newly born. When it comes to child-birth related leaves, there were around 37 thousand beneficiaries in 2012. This means that around 50% of the newly born children’s parents are covered with maternity/parental leave, while the coverage of employed mothers is almost full. Coverage of the poor children, particularly by the financial social assistance (FSA, can be considered inadequate. When it comes to targeting (vertical efficiency, FSA is targeted quite well, while there is scope for improvement of the inclusion error within the child-allowance program. When the adequacy of cash benefits targeting poor children is analyzed from the perspective of meeting the basic needs, then the amount is at the verge of being acceptable and differs for different kinds of families - single parent and families with very young children (0-2 being better off. However, when compared to the minimum wage, the cumulative amount of FSA and child allowance is lower only for one- child families. Total expenditures for cash-benefits connected to children amount to 1.4%of GDP - 1.21% being related to ESSPROS family/children function and 0.18% for the FSA for families with children. When compared to the EU, the total expenditure is below the EU average, with the birth related expenditures being higher and child allowance lower than the EU average. The first group of recommendations for cash benefits aimed at families with children relate to the improvement of adequacy and coverage of benefits aiming at poverty reduction, while respecting budget constraints. The increase of benefits for children above 14 years old - increase of child allowance or/and assigning higher weights (0.5 instead of 0.3 for the FSA’s equivalence scale

  13. Is health of the aging improved by conditional cash transfer programs? Evidence from Mexico.

    Science.gov (United States)

    Behrman, Jere R; Parker, Susan W

    2013-08-01

    Conditional cash transfer (CCT) programs link public transfers to human capital investment in the hopes of alleviating current poverty and reducing its intergenerational transmission. Whereas nearly all studies of their effects have focused on youth, CCT programs may also have an impact on aging adults by increasing household resources or inducing changes in allocations of time of household members, which may be of substantial interest, particularly given the rapid aging of most populations. This article contributes to this underresearched area by examining health and work impacts on the aging for the best-known and most influential of these programs, the Mexican PROGRESA/Oportunidades program. For a number of health indicators, the program appears to significantly improve health, with larger effects for recipients with a greater time receiving benefits from the program. Most of these health effects are concentrated on women.

  14. [The impact of conditional cash transfers on health status: the Brazilian Bolsa Familia Programme].

    Science.gov (United States)

    Rivera Castiñeira, Berta; Currais Nunes, Luis; Rungo, Paolo

    2009-01-01

    Conditional cash transfers are becoming the standard approach to reducing poverty levels; the Brazilian Bolsa Familia Program, in particular, is the largest program of this kind, and the evaluation of its impact allows for drawing some interesting conclusions, which may apply to other countries. In this paper, the lack of positive results in terms of both health status and modification of unhealthy habits is underlined. Among different causes, which are discussed here, the existence of barriers on the supply side appears as the most important limitation for obtaining better results. The positive impact of this program on both education and poverty reduction however, allows for predicting improvements in health status in the long run.

  15. Straight talk. New approaches in healthcare. Outsourcing in the business office increases cash.

    Science.gov (United States)

    Harris, Dave; Johnson, Paul; Kurz, Steven; Lufty, Steve; Swiss, Drew

    2004-10-18

    Want more cash? Rather than simply sending old patient balances to collection agencies in knee-jerk fashion, sophisticated business offices are scrutinizing their days in accounts receivable, determining what types of accounts and dollar balances to outsource for collection and when to outsource them. In this installment of Straight Talk, we look at the outsourcing strategies in the business offices of three healthcare systems: 266-bed Tuomey Healthcare System, Sumter, S.C.' 3-hospital, 1,062-bed Montefiore Medical Center, New York; and 14,200-bed, 30-hospital New York Presbyterian Health System, New York. Modern Healthcare and PricewaterhouseCoopers present Straight Talk. The session on outsourcing of business office functions was held on September 23, 2004 at Modern Healthcare's Chicago headquarters. Charles S. Lauer, publisher of Modern Healthcare, was the moderator.

  16. Artichoke (Cynara scolymus L. as cash-cover crop in an organic vegetable system

    Directory of Open Access Journals (Sweden)

    Anna LENZI

    2015-11-01

    Full Text Available In organic vegetable systems green manure crops play an important role as a nitrogen source, but they cover the soil for several months without producing a direct income. Globe artichoke (Cynara scolymus L. provides both heads to be harvested and particularly abundant plant residues to be possibly incorporated into the soil, so it may play a double role of cash and cover crop. This paper describes an on-farm study in which seed-propagated artichoke, cultivated as an annual crop, preceded zucchini squash and lettuce cultivated in sequence within a vegetable organic system. Artichoke produced about 7 t ha-1 of saleable heads and left, after harvest, 50.3 t ha-1 of fresh biomass usable as green manure. Zucchini squash and lettuce following artichoke showed a significant increase in yield when artichoke residues were incorporated into the soil. Furthermore, a residual positive effect of green manure on soil fertility was detected after lettuce harvest. 

  17. An EPQ model under cash discount and permissible delay in payments derived without derivatives

    Directory of Open Access Journals (Sweden)

    Huang Yung-Fu

    2007-01-01

    Full Text Available The main purpose of this paper is to investigate the case where the retailer’s unit selling price and the purchasing price per unit are not necessarily equal within the economic production quantity (EPQ framework under cash discount and permissible delay in payments. We establish the retailer’s inventory system as a cost minimization problem to determine the retailer’s optimal inventory cycle time, optimal order quantity and optimal payment time. This paper provides an algebraic approach to determine the optimal cycle time, optimal order quantity and optimal payment time. This approach provides one theorem to efficiently determine the optimal solution. Some previously published results of other researchers are deduced as special cases. Finally, numerical examples are given to illustrate the result and the managerial insights are also obtained.

  18. Is Health of the Aging Improved by Conditional Cash Transfer Programs? Evidence From Mexico

    Science.gov (United States)

    Behrman, Jere R.

    2013-01-01

    Conditional cash transfer (CCT) programs link public transfers to human capital investment in the hopes of alleviating current poverty and reducing its intergenerational transmission. Whereas nearly all studies of their effects have focused on youth, CCT programs may also have an impact on aging adults by increasing household resources or inducing changes in allocations of time of household members, which may be of substantial interest, particularly given the rapid aging of most populations. This article contributes to this underresearched area by examining health and work impacts on the aging for the best-known and most influential of these programs, the Mexican PROGRESA/Oportunidades program. For a number of health indicators, the program appears to significantly improve health, with larger effects for recipients with a greater time receiving benefits from the program. Most of these health effects are concentrated on women. PMID:23494570

  19. STUDY ON INCREASING THE SHARE CAPITAL BY NEW CONTRIBUTIONS IN CASH AND IN KIND

    Directory of Open Access Journals (Sweden)

    CARUNTU GENU ALEXANDRU

    2016-06-01

    Full Text Available Selecting the means, techniques and financing tools is the correct expression of a financial policy placement. Essentially, the financial policy consists in determining the weight that equity and borrowed capitals have and must have into the company resources, taking into account their actual cost. It is envisaged the high share of capital in total equity, which represents long term resources in company’s activity and which knows more ways to move over time. The share capital is equal to the nominal value of inscriptions or shares, respectively the value of the contribution in kind or in cash mentioned in the memorandum. Over the life of the company's existence, the share capital may increase by new contributions, by incorporation of reserves and by debt conversion of the company, respectively of the claims that creditors have on it

  20. FEATURES OF CONSOLIDATED FINANCIAL STATEMENTS: FOREIGN EXPERIENCE

    Directory of Open Access Journals (Sweden)

    S. V. KUCHER

    2016-12-01

    Full Text Available The article researches the features of preparation and submission of the consolidated financial statements of the world countries of different systems of accounting standardization in order to identify the areas of accounting improvement for the process of consolidation of financial reporting indicators. The main problems of consolidated financial statements preparation by business entities in Ukraine are determined. The author determines the theoretical and practical problems of consolidation of financial statements of organizational and methodical character. The comparative analysis of the features of standardization process of financial statements consolidation in the world countries is carried out. The main differences in the requirements for the formation of consolidated financial statements indicators of such countries as the French Republic, the Federal Republic of Germany, the Republic of Belarus and the People’s Republic of China are outlined. The main directions of scientific researches on the improvement of accounting and analytical support for the preparation of consolidated financial statements are formed.

  1. The Coronal Analysis of SHocks and Waves (CASHeW) framework

    Science.gov (United States)

    Kozarev, Kamen A.; Davey, Alisdair; Kendrick, Alexander; Hammer, Michael; Keith, Celeste

    2017-11-01

    Coronal bright fronts (CBF) are large-scale wavelike disturbances in the solar corona, related to solar eruptions. They are observed (mostly in extreme ultraviolet (EUV) light) as transient bright fronts of finite width, propagating away from the eruption source location. Recent studies of individual solar eruptive events have used EUV observations of CBFs and metric radio type II burst observations to show the intimate connection between waves in the low corona and coronal mass ejection (CME)-driven shocks. EUV imaging with the atmospheric imaging assembly instrument on the solar dynamics observatory has proven particularly useful for detecting large-scale short-lived CBFs, which, combined with radio and in situ observations, holds great promise for early CME-driven shock characterization capability. This characterization can further be automated, and related to models of particle acceleration to produce estimates of particle fluxes in the corona and in the near Earth environment early in events. We present a framework for the coronal analysis of shocks and waves (CASHeW). It combines analysis of NASA Heliophysics System Observatory data products and relevant data-driven models, into an automated system for the characterization of off-limb coronal waves and shocks and the evaluation of their capability to accelerate solar energetic particles (SEPs). The system utilizes EUV observations and models written in the interactive data language. In addition, it leverages analysis tools from the SolarSoft package of libraries, as well as third party libraries. We have tested the CASHeW framework on a representative list of coronal bright front events. Here we present its features, as well as initial results. With this framework, we hope to contribute to the overall understanding of coronal shock waves, their importance for energetic particle acceleration, as well as to the better ability to forecast SEP events fluxes.

  2. Poverty and perceived stress: Evidence from two unconditional cash transfer programs in Zambia.

    Science.gov (United States)

    Hjelm, Lisa; Handa, Sudhanshu; de Hoop, Jacobus; Palermo, Tia

    2017-03-01

    Poverty is a chronic stressor that can lead to poor physical and mental health. This study examines whether two similar government poverty alleviation programs reduced the levels of perceived stress and poverty among poor households in Zambia. Secondary data from two cluster randomized controlled trials were used to evaluate the impacts of two unconditional cash transfer programs in Zambia. Participants were interviewed at baseline and followed over 36 months. Perceived stress among female caregivers was assessed using the Cohen Perceived Stress Scale (PSS). Poverty indicators assessed included per capita expenditure, household food security, and (nonproductive) asset ownership. Fixed effects and ordinary least squares regressions were run, controlling for age, education, marital status, household demographics, location, and poverty status at baseline. Cash transfers did not reduce perceived stress but improved economic security (per capita consumption expenditure, food insecurity, and asset ownership). Among these poverty indicators, only food insecurity was associated with perceived stress. Age and education showed no consistent association with stress, whereas death of a household member was associated with higher stress levels. In this setting, perceived stress was not reduced by a positive income shock but was correlated with food insecurity and household deaths, suggesting that food security is an important stressor in this context. Although the program did reduce food insecurity, the size of the reduction was not enough to generate a statistically significant change in stress levels. The measure used in this study appears not to be correlated with characteristics to which it has been linked in other settings, and thus, further research is needed to examine whether this widely used perceived stress measure appropriately captures the concept of perceived stress in this population. Copyright © 2017 UNICEF. Published by Elsevier Ltd.. All rights reserved.

  3. The Coronal Analysis of SHocks and Waves (CASHeW framework

    Directory of Open Access Journals (Sweden)

    Kozarev Kamen A.

    2017-01-01

    Full Text Available Coronal bright fronts (CBF are large-scale wavelike disturbances in the solar corona, related to solar eruptions. They are observed (mostly in extreme ultraviolet (EUV light as transient bright fronts of finite width, propagating away from the eruption source location. Recent studies of individual solar eruptive events have used EUV observations of CBFs and metric radio type II burst observations to show the intimate connection between waves in the low corona and coronal mass ejection (CME-driven shocks. EUV imaging with the atmospheric imaging assembly instrument on the solar dynamics observatory has proven particularly useful for detecting large-scale short-lived CBFs, which, combined with radio and in situ observations, holds great promise for early CME-driven shock characterization capability. This characterization can further be automated, and related to models of particle acceleration to produce estimates of particle fluxes in the corona and in the near Earth environment early in events. We present a framework for the coronal analysis of shocks and waves (CASHeW. It combines analysis of NASA Heliophysics System Observatory data products and relevant data-driven models, into an automated system for the characterization of off-limb coronal waves and shocks and the evaluation of their capability to accelerate solar energetic particles (SEPs. The system utilizes EUV observations and models written in the interactive data language. In addition, it leverages analysis tools from the SolarSoft package of libraries, as well as third party libraries. We have tested the CASHeW framework on a representative list of coronal bright front events. Here we present its features, as well as initial results. With this framework, we hope to contribute to the overall understanding of coronal shock waves, their importance for energetic particle acceleration, as well as to the better ability to forecast SEP events fluxes.

  4. Boosting health insurance coverage in developing countries: do conditional cash transfer programmes matter in Mexico?

    Science.gov (United States)

    Biosca, Olga; Brown, Heather

    2015-03-01

    Achieving universal health insurance coverage is a goal for many developing countries. Even when universal health insurance programmes are in place, there are significant barriers to reaching the lowest socio-economic groups such as a lack of awareness of the programmes or knowledge of the benefits to participating in the insurance market. Conditional cash transfer (CCT) programmes can encourage participation through mandatory health education classes, increased contact with the health care system and cash payments to reduce costs of participating in the insurance market. To explore if participation in a CCT programme in Mexico, Oportunidades, is significantly associated with self-reported enrolment in a public health insurance programme. Cross-sectional data from 2007 collected on 29 595 Mexican households where the household head is aged between ages 15 and 60 were analysed. A logit model was used to estimate the association between Oportunidades participation and awareness of enrolment in a public health insurance programme. Participation in the Oportunidades programme is associated with a 25% higher likelihood of being actively aware of enrolment in Seguro Popular, a public health insurance scheme for the lowest socio-economic groups. Participation in the Oportunidades CCT programme is positively associated with awareness of enrolment in public health insurance. CCT programmes may be used to promote participation of the lowest socio-economic groups in universal public health insurance systems. This is crucial to achieving universal health insurance coverage in developing countries. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

  5. New statement of leave format

    CERN Multimedia

    HR Department

    2009-01-01

    Following the communication of the Standing Concertation Committee published in Weekly Bulletin No. 18-19 of 27 April 2009, the current statement of leave on monthly pay slips has been replaced with the EDH Leave Transactions report that displays the up-to-date situation of individual leave balances at all times. The report is available on EDH. Additionally, the layout of the pay slip has been modernised. The new version of the pay slip will be send out from September 2009 onwards. Finance and Purchasing Department, Personnel Accounting Human Resources Department, Organisation and Procedures General Infrastructure Services Department, Administrative Information Services

  6. 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...

  7. ATTITUDE STATEMENTS AS POSITIVE AND NEGATIVE REINFORCEMENTS.

    Science.gov (United States)

    GOLIGHTLY, C; BYRNE, D

    1964-11-06

    The finding that attraction is a function of attitude similarity has been interpreted as a special case of the effect of positive and negative reinforcements on attraction. A simple discrimination learning task was employed in which the reinforcements were attitude statements similar and dissimilar to the opinions of the subject. The presentation of similar attitude statements after each correct response and dissimilar attitude statements after each incorrect response significantly changed response probability. The hypothesis that such statements could be used as reinforcers in a learning situation was thus confirmed.

  8. 17 CFR 1.35 - Records of cash commodity, futures, and option transactions.

    Science.gov (United States)

    2010-04-01

    ..., contracts, confirmation statements, telex printouts, invoices, and warehouse receipts or other documents of... paragraph describing with particularity the contract market's system(s) in place to comply with this... Regulations 1.35(a-1) (2) and (4), (d), (j) or (k), as appropriate. (Approved by the Office of Management and...

  9. THE IT ANNUAL REPORTS USED IN THE FINANCIAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Nechita Anca

    2010-07-01

    Full Text Available In the paper the authors presented the importance of financial reporting system used in financial analysis of IT firms. Thus were presented balance sheet, income statement and cash flows.

  10. Basic Finance

    Science.gov (United States)

    Vittek, J. F.

    1972-01-01

    A discussion of the basic measures of corporate financial strength, and the sources of the information is reported. Considered are: balance sheet, income statement, funds and cash flow, and financial ratios.

  11. GASB 35: The New Financial Reporting Requirements for Public College and Universities.

    Science.gov (United States)

    Qayoumi, Mohammad H.

    2001-01-01

    Presents the basic financial reporting elements of the Governmental Accounting Standards Board (GASB-35) for public colleges and universities, including statements of net assets and cash flow reporting. The GASB-35's impact on facilities managers is discussed. (GR)

  12. Comparison of the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program on household food security and dietary diversity in the face of rising food prices: ways forward for a more nutrition-sensitive program.

    Science.gov (United States)

    Baye, Kaleab; Retta, Negussie; Abuye, Cherinet

    2014-09-01

    In light of the continuing rise in food prices during and after the 2008 world food crisis, whether food and cash transfers are equally effective in improving food security and diet quality is debatable. To compare the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program (PSNP) on household food security and dietary diversity. Data on household dietary diversity, child anthropometry, food security, and preference of transfer modalities (food, cash, or mixed) were generated from a cross-sectional survey of 195 PSNP beneficiary households (67 receiving food and 128 receiving cash) in Hawella Tulla District, Sidama, southern Ethiopia. Most beneficiaries (96%) reported food shortages, and 47% reported food shortages that exceeded 3 months. Households receiving cash had better household dietary diversity scores (p = .02) and higher consumption of oils and fats (p = .003) and vitamin A-rich foods (p = .002). Compared with households receiving food, households receiving cash were more affected by increases in food prices that forced them to reduce their number of daily meals (p food (82%) preferred to continue receiving food, households receiving cash (56%) preferred a mix of food and cash. Households receiving cash had better household dietary diversity than households receiving food, a result suggesting that cash transfers may be more effective. However, the continuing rise infood prices may offset these benefits unless cash transfers are index-linked to food price fluctuations.

  13. Comparison of two cash transfer strategies to prevent catastrophic costs for poor tuberculosis-affected households in low- and middle-income countries: An economic modelling study

    Science.gov (United States)

    Lönnroth, Knut; Boccia, Delia

    2017-01-01

    Background Illness-related costs for patients with tuberculosis (TB) ≥20% of pre-illness annual household income predict adverse treatment outcomes and have been termed “catastrophic.” Social protection initiatives, including cash transfers, are endorsed to help prevent catastrophic costs. With this aim, cash transfers may either be provided to defray TB-related costs of households with a confirmed TB diagnosis (termed a “TB-specific” approach); or to increase income of households with high TB risk to strengthen their economic resilience (termed a “TB-sensitive” approach). The impact of cash transfers provided with each of these approaches might vary. We undertook an economic modelling study from the patient perspective to compare the potential of these 2 cash transfer approaches to prevent catastrophic costs. Methods and findings Model inputs for 7 low- and middle-income countries (Brazil, Colombia, Ecuador, Ghana, Mexico, Tanzania, and Yemen) were retrieved by literature review and included countries' mean patient TB-related costs, mean household income, mean cash transfers, and estimated TB-specific and TB-sensitive target populations. Analyses were completed for drug-susceptible (DS) TB-related costs in all 7 out of 7 countries, and additionally for drug-resistant (DR) TB-related costs in 1 of the 7 countries with available data. All cost data were reported in 2013 international dollars ($). The target population for TB-specific cash transfers was poor households with a confirmed TB diagnosis, and for TB-sensitive cash transfers was poor households already targeted by countries’ established poverty-reduction cash transfer programme. Cash transfers offered in countries, unrelated to TB, ranged from $217 to $1,091/year/household. Before cash transfers, DS TB-related costs were catastrophic in 6 out of 7 countries. If cash transfers were provided with a TB-specific approach, alone they would be insufficient to prevent DS TB catastrophic costs in 4

  14. Comparison of two cash transfer strategies to prevent catastrophic costs for poor tuberculosis-affected households in low- and middle-income countries: An economic modelling study.

    Science.gov (United States)

    Rudgard, William E; Evans, Carlton A; Sweeney, Sedona; Wingfield, Tom; Lönnroth, Knut; Barreira, Draurio; Boccia, Delia

    2017-11-01

    Illness-related costs for patients with tuberculosis (TB) ≥20% of pre-illness annual household income predict adverse treatment outcomes and have been termed "catastrophic." Social protection initiatives, including cash transfers, are endorsed to help prevent catastrophic costs. With this aim, cash transfers may either be provided to defray TB-related costs of households with a confirmed TB diagnosis (termed a "TB-specific" approach); or to increase income of households with high TB risk to strengthen their economic resilience (termed a "TB-sensitive" approach). The impact of cash transfers provided with each of these approaches might vary. We undertook an economic modelling study from the patient perspective to compare the potential of these 2 cash transfer approaches to prevent catastrophic costs. Model inputs for 7 low- and middle-income countries (Brazil, Colombia, Ecuador, Ghana, Mexico, Tanzania, and Yemen) were retrieved by literature review and included countries' mean patient TB-related costs, mean household income, mean cash transfers, and estimated TB-specific and TB-sensitive target populations. Analyses were completed for drug-susceptible (DS) TB-related costs in all 7 out of 7 countries, and additionally for drug-resistant (DR) TB-related costs in 1 of the 7 countries with available data. All cost data were reported in 2013 international dollars ($). The target population for TB-specific cash transfers was poor households with a confirmed TB diagnosis, and for TB-sensitive cash transfers was poor households already targeted by countries' established poverty-reduction cash transfer programme. Cash transfers offered in countries, unrelated to TB, ranged from $217 to $1,091/year/household. Before cash transfers, DS TB-related costs were catastrophic in 6 out of 7 countries. If cash transfers were provided with a TB-specific approach, alone they would be insufficient to prevent DS TB catastrophic costs in 4 out of 6 countries, and when increased enough

  15. THE IMPLEMENTATION OF CASH WAQF IN THE PESANTREN OF AL-AMIEN PRENDUAN SUMENEP REGENCY OF MADURA

    Directory of Open Access Journals (Sweden)

    Moch. Cholid Wardi

    2016-07-01

    Full Text Available Abstract:Cash waqf still becomes the frame in the ulama’ debate, especially in Hanafiyah and Syâfi`îyah schools. Therefore, it requires deeper insight either empirically from the field or theoritically in Islamic law analysis through aqwâl al-`ulamâ’, so that the concept and the legal basis of its management and development can be known. This paper discusses about productive waqf and the uniqueness of the application of management of cash waqf  in a pesantren (Islamic boarding school. Besides, the standardisation of the law applied in the implementation of the cash waqf which encompasses: al-Qur'an, Hadits, fiqh rules, and aqwâl al-`ulamâ’ needs to be analyzed fo find out a conclusion of the implementation status. In the implementation, there are many unique things which are interesting to analyze, namely the use of the institution fund which is oriented to develop cash waqf and the exictence of waqf board which becomes the highest decision maker. It means that the highest leader is no longer on the foundation but on the waqf board because all of the pesantren’s assets become waqf   property, even the body and everything valuable to them are made as waqf assets.Abstrak:Cash waqf  atau biasa disebut dengan wakaf tunai ini masih menjadi bingkai dalam perdebatan ulama, lebih-lebih dari golongan Hanafiyah dan Syâfi’îyah. Oleh karenanya, ia perlu digali informasi baik secara empiris di lapangan maupun secara teoritis dalam kajian hukum Islam melalui aqwâl al-`ulamâ’ sehingga dapat diketahui konsep dan dasar hukum yang dipakai dalam pengelolaan dan pengembangannya. Tulisan ini membahas wakaf produktif dan keunikan pelaksanaan manajemen wakaf tunai di pesantren. Di samping itu, standarisasi hukum yang digunakan dalam implementasi perwakafan tunai ini (cash waqf yang meliputi: al-Qur`ân, Hadits, kaidah fiqhiyah, kaidah ushuliyah, dan aqwâl al-‘ulamâ perlu dikaji untuk menemukan kesimpulan status pelaksanaannya. Dalam

  16. 16 CFR 1.86 - Supplemental statements.

    Science.gov (United States)

    2010-01-01

    ... PROCEDURES Procedures for Implementation of the National Environmental Policy Act of 1969 § 1.86 Supplemental statements. Except for proposals for legislation, as provided in CEQ Regulation (40 CFR 1502.9(c)), the Commission shall publish supplements to either draft or final environmental statements if: (a) The Commission...

  17. 78 FR 48672 - Environmental Impacts Statements;

    Science.gov (United States)

    2013-08-09

    ... From the Federal Register Online via the Government Publishing Office ENVIRONMENTAL PROTECTION AGENCY Environmental Impacts Statements; Notice of Availability Responsible Agency: Office of Federal... Environmental Impact Statements Filed 07/29/2013 Through 08/02/2013 Pursuant to 40 CFR 1506.9. Notice Section...

  18. Statement of Ethical Principles and Standards.

    Science.gov (United States)

    Journal of College Student Development, 1990

    1990-01-01

    Provides the text of the "Statement of Ethical Principles and Standards" of the American College Personnel Association. The statement notes that its contents complement the American Association of Counseling and Development's "Ethical Standards" (1988) by addressing issues particularly relevant to college student affairs…

  19. 17 CFR 230.252 - Offering statement.

    Science.gov (United States)

    2010-04-01

    ..., language and pagination. The requirements for offering statements are the same as those specified in § 230... Officer, a majority of the members of its board of directors or other governing body, and each selling... that contains the following language: This offering statement shall become qualified on the 20th...

  20. 78 FR 26727 - Pension Benefit Statements

    Science.gov (United States)

    2013-05-08

    ... Benefits Security Administration 29 CFR Part 2520 RIN 1210-AB20 Pension Benefit Statements AGENCY: Employee.... SUMMARY: The Department of Labor (Department) is developing proposed regulations regarding the pension... pension benefit statements required of defined contribution plans. First, the Department is considering a...

  1. 20 CFR 405.351 - Closing statements.

    Science.gov (United States)

    2010-04-01

    ... Employees' Benefits SOCIAL SECURITY ADMINISTRATION ADMINISTRATIVE REVIEW PROCESS FOR ADJUDICATING INITIAL DISABILITY CLAIMS Administrative Law Judge Hearing § 405.351 Closing statements. You or your representative may present a closing statement to the administrative law judge— (a) Orally at the end of the hearing...

  2. 78 FR 23247 - Policy Statement Concerning Assistance

    Science.gov (United States)

    2013-04-18

    .... \\25\\ In a liquidity crisis situation, the Corporation would work with the System banks to ensure the... CORPORATION Policy Statement Concerning Assistance AGENCY: Farm Credit System Insurance Corporation. ACTION: Policy statement. SUMMARY: The Farm Credit System Insurance Corporation (Corporation or FCSIC) announces...

  3. Position Statement on Active Outdoor Play

    Science.gov (United States)

    Tremblay, Mark S.; Gray, Casey; Babcock, Shawna; Barnes, Joel; Costas Bradstreet, Christa; Carr, Dawn; Chabot, Guylaine; Choquette, Louise; Chorney, David; Collyer, Cam; Herrington, Susan; Janson, Katherine; Janssen, Ian; Larouche, Richard; Pickett, William; Power, Marlene; Sandseter, Ellen Beate Hansen; Simon, Brenda; Brussoni, Mariana

    2015-01-01

    A diverse, cross-sectorial group of partners, stakeholders and researchers, collaborated to develop an evidence-informed Position Statement on active outdoor play for children aged 3–12 years. The Position Statement was created in response to practitioner, academic, legal, insurance and public debate, dialogue and disagreement on the relative benefits and harms of active (including risky) outdoor play. The Position Statement development process was informed by two systematic reviews, a critical appraisal of the current literature and existing position statements, engagement of research experts (N = 9) and cross-sectorial individuals/organizations (N = 17), and an extensive stakeholder consultation process (N = 1908). More than 95% of the stakeholders consulted strongly agreed or somewhat agreed with the Position Statement; 14/17 participating individuals/organizations endorsed it; and over 1000 additional individuals and organizations requested their name be listed as a supporter. The final Position Statement on Active Outdoor Play states: “Access to active play in nature and outdoors—with its risks— is essential for healthy child development. We recommend increasing children’s opportunities for self-directed play outdoors in all settings—at home, at school, in child care, the community and nature.” The full Position Statement provides context for the statement, evidence supporting it, and a series of recommendations to increase active outdoor play opportunities to promote healthy child development. PMID:26062040

  4. 7 CFR 1a.1 - General statement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false General statement. 1a.1 Section 1a.1 Agriculture Office of the Secretary of Agriculture LAW ENFORCEMENT AUTHORITIES § 1a.1 General statement. This part sets forth the rules issued by the Secretary of Agriculture to implement section 1337 of Public Law 97...

  5. Developing cancer warning statements for alcoholic beverages.

    Science.gov (United States)

    Pettigrew, Simone; Jongenelis, Michelle; Chikritzhs, Tanya; Slevin, Terry; Pratt, Iain S; Glance, David; Liang, Wenbin

    2014-08-03

    There is growing evidence of the increased cancer risk associated with alcohol consumption, but this is not well understood by the general public. This study investigated the acceptability among drinkers of cancer warning statements for alcoholic beverages. Six focus groups were conducted with Australian drinkers to develop a series of cancer-related warning statements for alcohol products. Eleven cancer warning statements and one general health warning statement were subsequently tested on 2,168 drinkers via an online survey. The statements varied by message frame (positive vs negative), cancer reference (general vs specific), and the way causality was communicated ('increases risk of cancer' vs 'can cause cancer'). Overall, responses to the cancer statements were neutral to favorable, indicating that they are unlikely to encounter high levels of negative reaction from the community if introduced on alcoholic beverages. Females, younger respondents, and those with higher levels of education generally found the statements to be more believable, convincing, and personally relevant. Positively framed messages, those referring to specific forms of cancer, and those using 'increases risk of cancer' performed better than negatively framed messages, those referring to cancer in general, and those using the term 'can cause cancer'. Cancer warning statements on alcoholic beverages constitute a potential means of increasing awareness about the relationship between alcohol consumption and cancer risk.

  6. 75 FR 8988 - Environmental Impact Statements; Availability

    Science.gov (United States)

    2010-02-26

    ... Environmental Impact Statements; Availability AGENCY: National Park Service. ACTION: Notice of availability for the Record of Decision on the Final Environmental Impact Statement, disposition of Bureau of Mines... 102(2)(C) of the National Environmental Policy Act of 1969 (42 U.S.C. 4332(C)), the National Park...

  7. 37 CFR 2.33 - Verified statement.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Verified statement. 2.33 Section 2.33 Patents, Trademarks, and Copyrights UNITED STATES PATENT AND TRADEMARK OFFICE, DEPARTMENT OF COMMERCE RULES OF PRACTICE IN TRADEMARK CASES The Written Application § 2.33 Verified statement. (a) The...

  8. Position Statement on Active Outdoor Play.

    Science.gov (United States)

    Tremblay, Mark S; Gray, Casey; Babcock, Shawna; Barnes, Joel; Bradstreet, Christa Costas; Carr, Dawn; Chabot, Guylaine; Choquette, Louise; Chorney, David; Collyer, Cam; Herrington, Susan; Janson, Katherine; Janssen, Ian; Larouche, Richard; Pickett, William; Power, Marlene; Sandseter, Ellen Beate Hansen; Simon, Brenda; Brussoni, Mariana

    2015-06-08

    A diverse, cross-sectorial group of partners, stakeholders and researchers, collaborated to develop an evidence-informed Position Statement on active outdoor play for children aged 3-12 years. The Position Statement was created in response to practitioner, academic, legal, insurance and public debate, dialogue and disagreement on the relative benefits and harms of active (including risky) outdoor play. The Position Statement development process was informed by two systematic reviews, a critical appraisal of the current literature and existing position statements, engagement of research experts (N=9) and cross-sectorial individuals/organizations (N=17), and an extensive stakeholder consultation process (N=1908). More than 95% of the stakeholders consulted strongly agreed or somewhat agreed with the Position Statement; 14/17 participating individuals/organizations endorsed it; and over 1000 additional individuals and organizations requested their name be listed as a supporter. The final Position Statement on Active Outdoor Play states: "Access to active play in nature and outdoors--with its risks--is essential for healthy child development. We recommend increasing children's opportunities for self-directed play outdoors in all settings--at home, at school, in child care, the community and nature." The full Position Statement provides context for the statement, evidence supporting it, and a series of recommendations to increase active outdoor play opportunities to promote healthy child development.

  9. ICCE Publishes Statement on Software Copyright Violations.

    Science.gov (United States)

    Electronic Learning, 1983

    1983-01-01

    The Policy Statement on Network and Multiple Machine Software of the International Council for Computers in Education (ICCE) calls for cooperation between educators, software developers, and vendors in preventing software piracy. This summary includes a suggested district policy statement on software copyright. (MBR)

  10. Accept & Reject Statement-Based Uncertainty Models

    NARCIS (Netherlands)

    E. Quaeghebeur (Erik); G. de Cooman; F. Hermans (Felienne)

    2015-01-01

    textabstractWe develop a framework for modelling and reasoning with uncertainty based on accept and reject statements about gambles. It generalises the frameworks found in the literature based on statements of acceptability, desirability, or favourability and clarifies their relative position. Next

  11. Position Statement on Active Outdoor Play

    Directory of Open Access Journals (Sweden)

    Mark S. Tremblay

    2015-06-01

    Full Text Available A diverse, cross-sectorial group of partners, stakeholders and researchers, collaborated to develop an evidence-informed Position Statement on active outdoor play for children aged 3–12 years. The Position Statement was created in response to practitioner, academic, legal, insurance and public debate, dialogue and disagreement on the relative benefits and harms of active (including risky outdoor play. The Position Statement development process was informed by two systematic reviews, a critical appraisal of the current literature and existing position statements, engagement of research experts (N = 9 and cross-sectorial individuals/organizations (N = 17, and an extensive stakeholder consultation process (N = 1908. More than 95% of the stakeholders consulted strongly agreed or somewhat agreed with the Position Statement; 14/17 participating individuals/organizations endorsed it; and over 1000 additional individuals and organizations requested their name be listed as a supporter. The final Position Statement on Active Outdoor Play states: “Access to active play in nature and outdoors—with its risks— is essential for healthy child development. We recommend increasing children’s opportunities for self-directed play outdoors in all settings—at home, at school, in child care, the community and nature.” The full Position Statement provides context for the statement, evidence supporting it, and a series of recommendations to increase active outdoor play opportunities to promote healthy child development.

  12. Peran Growth Opportunities, Free Cash Flow, dan Relative Issue Size dalam Reaksi Pasar terhadap Pengumuman Right Issue

    Directory of Open Access Journals (Sweden)

    Synthia Atas Sari

    2007-03-01

    Full Text Available Right issue is when a firm announces its plan to publicly offer additional shares of common stock after Initial Public Offering (IPO. The aim of this research are to test market stock price and examine the role of growth opportunities in stock price reaction to right issue announcement. Sample was taking from companies which been listed in Jakarta Stock Exchange and publish right issue from 1998 to 2005. To measure growth opportunities, the companies were divided into 2 groups, growth and mature. This classification using Tobin’s q proxy method (market-book value ratio. The research have final conclusion, that is at right issue announcement in Jakarta Stock Exchange, market give positive reaction and statistically significant, and so in normal period.

  13. Competitiveness, Diversification and the International Higher Education Cash Flow: The EU's Higher Education Discourse amidst the Challenges of Globalisation

    Science.gov (United States)

    Mayo, Peter

    2009-01-01

    This paper focuses on the EU discourse on Higher Education and analyses this discourse within the context of globalisation. Importance is attached to the issues of lifelong learning, competitiveness, diversification, entrepreneurship, access, knowledge society, modernisation, quality assurance, innovation and creativity, governance and business-HE…

  14. Resonating Statements: Discursive acts in IT projects

    DEFF Research Database (Denmark)

    Hjelholt, Morten; Jensen, Tina Blegind

    2015-01-01

    IT projects are often complex arrangements of technological components, social actions, and organizational transformation that are difficult to manage in practice. This paper takes an analytical discourse perspective to explore the process of legitimizing IT projects. We introduce the concept...... of resonating statements to highlight how central actors navigate in various discourses over time. Particularly, the statements and actions of an IT project manager are portrayed to show how individuals can legitimize actions by connecting statements to historically produced discourses. The case study...... of an IT project in a Danish local government spans a two-year time period and demonstrates a double-loop legitimization process. First, resonating statements are produced to localize a national IT initiative to support the specificity of a local government discourse. Second, the resonating statements are used...

  15. Control of Bank Consolidated Financial Statements Quality

    Directory of Open Access Journals (Sweden)

    Margarita S. Ambarchyan

    2013-01-01

    Full Text Available The author presents the multiple linear regression model of bank consolidated financial statements quality. The article considers six characteristics that can be used to estimate the level of bank consolidated financial statements quality. The multiple linear regression model was developed, using the results of point-based system of consolidated financial statements of thirty European bank and financial groups on the basis of the developed characteristics. The author offers to use the characteristic significance factor in the process of consolidated financial statements appraisal by points. The constructed regression model is checked on accuracy and statistical significance. The model can be used by internal auditors and financial analytics as an instrument for bank and non-bank consolidated financial statements quality control

  16. Persistence Statements: Describing Digital Stickiness

    Directory of Open Access Journals (Sweden)

    John Kunze

    2017-08-01

    Full Text Available In this paper we present a draft vocabulary for making “persistence statements.” These are simple tools for pragmatically addressing the concern that anyone feels upon experiencing a broken web link. Scholars increasingly use scientific and cultural assets in digital form, but choosing which among many objects to cite for the long term can be difficult. There are few well-defined terms to describe the various kinds and qualities of persistence that object repositories and identifier resolvers do or don’t provide. Given an object’s identifier, one should be able to query a provider to retrieve human- and machine-readable information to help judge the level of service to expect and help gauge whether the identifier is durable enough, as a sort of long-term bet, to include in a citation. The vocabulary should enable providers to articulate persistence policies and set user expectations.

  17. 17 CFR 210.6-07 - Statements of operations.

    Science.gov (United States)

    2010-04-01

    ... affiliates. If non-cash dividends are included in income, the bases of recognition and measurement used in... increase or decrease during the period in the unrealized appreciation or depreciation in the value of...

  18. PENGARUH PERUBAHAN RETURN ON ASSETS, PERUBAHAN DEBT TO EQUITY RATIO DAN PERUBAHAN CASH RATIO TERHADAP PERUBAHAN DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Yuli Soesetio

    2008-02-01

    Full Text Available Dividend Payout Ratio used to calculate all of revenue that will be accepted by stockholders as cash dividend, usually explained as percentage. This research was conducted to know several factors that affected change of Dividend Payout Ratio and to know the significance level and the correlation between dependent and independent variable. Analysis instrument used was parametric statistic. Based on the result of statistic test,  The Change of Return on Asset (X1, The Change of Debt to Equity Ratio (X2,  were able to explain dependent variable of the change Dividend Payout Ratio, and The Change of CashRatio can’t explain dependent variable of the change Dividend Payout Ratio

  19. Promoting healthy behaviours and improving health outcomes in low and middle income countries: a review of the impact of conditional cash transfer programmes

    National Research Council Canada - National Science Library

    Ranganathan, Meghna; Lagarde, Mylene

    2012-01-01

    To provide an overview of Conditional Cash Transfer (CCT) programmes in low and middle income countries and present the evidence to date on their contribution to improvements in health and the encouragement of healthy behaviours...

  20. HPTN 068: A Randomized Control Trial of a Conditional Cash Transfer to Reduce HIV Infection in Young Women in South Africa-Study Design and Baseline Results.

    Science.gov (United States)

    Pettifor, Audrey; MacPhail, Catherine; Selin, Amanda; Gómez-Olivé, F Xavier; Rosenberg, Molly; Wagner, Ryan G; Mabuza, Wonderful; Hughes, James P; Suchindran, Chirayath; Piwowar-Manning, Estelle; Wang, Jing; Twine, Rhian; Daniel, Tamu; Andrew, Philip; Laeyendecker, Oliver; Agyei, Yaw; Tollman, Stephen; Kahn, Kathleen

    2016-09-01

    Young women in South Africa are at high risk for HIV infection. Cash transfers offer promise to reduce HIV risk. We present the design and baseline results from HPTN 068, a phase III, individually randomized trial to assess the effect of a conditional cash transfer on HIV acquisition among South African young women. A total of 2533 young women were randomized to receive a monthly cash transfer conditional on school attendance or to a control group. A number of individual-, partner-, household- and school-level factors were associated with HIV and HSV-2 infection. After adjusting for age, all levels were associated with an increased odds of HIV infection with partner-level factors conveying the strongest association (aOR 3.05 95 % CI 1.84-5.06). Interventions like cash transfers that address structural factors such as schooling and poverty have the potential to reduce HIV risk in young women in South Africa.

  1. "No one says 'No' to money" - a mixed methods approach for evaluating conditional cash transfer schemes to improve girl children's status in Haryana, India

    National Research Council Canada - National Science Library

    Krishnan, Anand; Amarchand, Ritvik; Byass, Peter; Pandav, Chandrakant; Ng, Nawi

    2014-01-01

    Haryana was the first state in India to launch a conditional cash transfer (CCT) scheme in 1994. Initially it targeted all disadvantaged girls but was revised in 2005 to restrict it to second girl children of all groups...

  2. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review

    Science.gov (United States)

    Hunter, Benjamin M.; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    Background Cash transfers and vouchers are forms of ‘demand-side financing’ that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years. Methods This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637). Results Data from 51 studies (15 more than previous reviews) and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services) can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes. Conclusion Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects. PMID:28328940

  3. Benefits in cash or in kind? A community consultation on types of benefits in health research on the Kenyan Coast.

    Science.gov (United States)

    Njue, Maureen; Molyneux, Sassy; Kombe, Francis; Mwalukore, Salim; Kamuya, Dorcas; Marsh, Vicki

    2015-01-01

    Providing benefits and payments to participants in health research, either in cash or in kind, is a common but ethically controversial practice. While much literature has concentrated on appropriate levels of benefits or payments, this paper focuses on less well explored ethical issues around the nature of study benefits, drawing on views of community members living close to an international health research centre in Kenya. The consultation, including 90 residents purposively chosen to reflect diversity, used a two-stage deliberative process. Five half-day workshops were each followed by between two and four small group discussions, within a two week period (total 16 groups). During workshops and small groups, facilitators used participatory methods to share information, and promote reflection and debate on ethical issues around types of benefits, including cash, goods, medical and community benefits. Data from workshop and field notes, and voice recordings of small group discussions, were managed using Nvivo 10 and analysed using a Framework Analysis approach. The methods generated in-depth discussion with high levels of engagement. Particularly for the most-poor, under-compensation of time in research carries risks of serious harm. Cash payments may best support compensation of costs experienced; while highly valued, goods and medical benefits may be more appropriate as an 'appreciation' or incentive for participation. Community benefits were seen as important in supporting but not replacing individual-level benefits, and in building trust in researcher-community relations. Cash payments were seen to have higher risks of undue inducement, commercialising relationships and generating family conflicts than other benefits, particularly where payments are high. Researchers should consider and account for burdens families may experience when children are involved in research. Careful context-specific research planning and skilled and consistent communication about

  4. The War Against Generational Poverty: A Comparative Study of Conditional Cash Transfer Programs in Brazil, Chile, and Jamaica

    Science.gov (United States)

    2014-12-01

    integrating the extremely poor and indigent , who it was discovered were not receiving intended cash from the state, into the national social welfare... indigent , and its ability to supply social services as demanded by the population.25 In a counter to generally positive evaluations of Solidario, Silvia...designed for a small part of the population, namely the indigent . Its relatively small size means that the program can take a more novel approach to

  5. Benefits in Cash or in Kind? A Community Consultation on Types of Benefits in Health Research on the Kenyan Coast

    Science.gov (United States)

    Njue, Maureen; Molyneux, Sassy; Kombe, Francis; Mwalukore, Salim; Kamuya, Dorcas; Marsh, Vicki

    2015-01-01

    Background Providing benefits and payments to participants in health research, either in cash or in kind, is a common but ethically controversial practice. While much literature has concentrated on appropriate levels of benefits or payments, this paper focuses on less well explored ethical issues around the nature of study benefits, drawing on views of community members living close to an international health research centre in Kenya. Methods The consultation, including 90 residents purposively chosen to reflect diversity, used a two-stage deliberative process. Five half-day workshops were each followed by between two and four small group discussions, within a two week period (total 16 groups). During workshops and small groups, facilitators used participatory methods to share information, and promote reflection and debate on ethical issues around types of benefits, including cash, goods, medical and community benefits. Data from workshop and field notes, and voice recordings of small group discussions, were managed using Nvivo 10 and analysed using a Framework Analysis approach. Findings and Conclusions The methods generated in-depth discussion with high levels of engagement. Particularly for the most-poor, under-compensation of time in research carries risks of serious harm. Cash payments may best support compensation of costs experienced; while highly valued, goods and medical benefits may be more appropriate as an ‘appreciation’ or incentive for participation. Community benefits were seen as important in supporting but not replacing individual-level benefits, and in building trust in researcher-community relations. Cash payments were seen to have higher risks of undue inducement, commercialising relationships and generating family conflicts than other benefits, particularly where payments are high. Researchers should consider and account for burdens families may experience when children are involved in research. Careful context-specific research planning

  6. Benefits in cash or in kind? A community consultation on types of benefits in health research on the Kenyan Coast.

    Directory of Open Access Journals (Sweden)

    Maureen Njue

    Full Text Available Providing benefits and payments to participants in health research, either in cash or in kind, is a common but ethically controversial practice. While much literature has concentrated on appropriate levels of benefits or payments, this paper focuses on less well explored ethical issues around the nature of study benefits, drawing on views of community members living close to an international health research centre in Kenya.The consultation, including 90 residents purposively chosen to reflect diversity, used a two-stage deliberative process. Five half-day workshops were each followed by between two and four small group discussions, within a two week period (total 16 groups. During workshops and small groups, facilitators used participatory methods to share information, and promote reflection and debate on ethical issues around types of benefits, including cash, goods, medical and community benefits. Data from workshop and field notes, and voice recordings of small group discussions, were managed using Nvivo 10 and analysed using a Framework Analysis approach.The methods generated in-depth discussion with high levels of engagement. Particularly for the most-poor, under-compensation of time in research carries risks of serious harm. Cash payments may best support compensation of costs experienced; while highly valued, goods and medical benefits may be more appropriate as an 'appreciation' or incentive for participation. Community benefits were seen as important in supporting but not replacing individual-level benefits, and in building trust in researcher-community relations. Cash payments were seen to have higher risks of undue inducement, commercialising relationships and generating family conflicts than other benefits, particularly where payments are high. Researchers should consider and account for burdens families may experience when children are involved in research. Careful context-specific research planning and skilled and consistent

  7. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review.

    Directory of Open Access Journals (Sweden)

    Benjamin M Hunter

    Full Text Available Cash transfers and vouchers are forms of 'demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years.This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637.Data from 51 studies (15 more than previous reviews and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes.Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects.

  8. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review.

    Science.gov (United States)

    Hunter, Benjamin M; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    Cash transfers and vouchers are forms of 'demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years. This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637). Data from 51 studies (15 more than previous reviews) and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services) can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes. Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects.

  9. India's JSY cash transfer program for maternal health: Who participates and who doesn't - a report from Ujjain district

    Directory of Open Access Journals (Sweden)

    Sidney Kristi

    2012-01-01

    Full Text Available Abstract Background India launched a national conditional cash transfer program, Janani Suraksha Yojana (JSY, aimed at reducing maternal mortality by promoting institutional delivery in 2005. It provides a cash incentive to women who give birth in public health facilities. This paper studies the extent of program uptake, reasons for participation/non participation, factors associated with non uptake of the program, and the role played by a program volunteer, accredited social health activist (ASHA, among mothers in Ujjain district in Madhya Pradesh, India. Methods A cross-sectional study was conducted from January to May 2011 among women giving birth in 30 villages in Ujjain district. A semi-structured questionnaire was administered to 418 women who delivered in 2009. Socio-demographic and pregnancy related characteristics, role of the ASHA during delivery, receipt of the incentive, and reasons for place of delivery were collected. Multinomial regression analysis was used to identify predictors for the outcome variables; program delivery, private facility delivery, or a home delivery. Results The majority of deliveries (318/418; 76% took place within the JSY program; 81% of all mothers below poverty line delivered in the program. Ninety percent of the women had prior knowledge of the program. Most program mothers reported receiving the cash incentive within two weeks of delivery. The ASHA's influence on the mother's decision on where to deliver appeared limited. Women who were uneducated, multiparious or lacked prior knowledge of the JSY program were significantly more likely to deliver at home. Conclusion In this study, a large proportion of women delivered under the program. Most mothers reporting timely receipt of the cash transfer. Nevertheless, there is still a subset of mothers delivering at home, who do not or cannot access emergency obstetric care under the program and remain at risk of maternal death.

  10. Can conditional cash transfers improve the uptake of nutrition interventions and household food security? Evidence from Odisha's Mamata scheme.

    Directory of Open Access Journals (Sweden)

    Kalyani Raghunathan

    Full Text Available There is considerable global evidence on the effectiveness of cash transfers in improving health and nutrition outcomes; however, the evidence from South Asia, particularly India, is limited. In the context of India where more than a third of children are undernourished, and where there is considerable under-utilization of health and nutrition interventions, it is opportune to investigate the impact of cash transfer programs on the use of interventions. We study one conditional cash transfer program, Mamata scheme, implemented in the state of Odisha, in India that targeted pregnant and lactating women. Using survey data on 1161 households from three districts in the state of Odisha, we examine the effect of the scheme on eight outcomes: 1 pregnancy registration; 2 receipt of antenatal services; 3 receipt of iron and folic acid (IFA tablets; 4 exposure to counseling during pregnancy; 5 exposure to postnatal counseling; 6 exclusive breastfeeding; 7 full immunization; and 8 household food security. We conduct regression analyses and correct for endogeneity using nearest-neighbor matching and inverse-probability weighting models. We find that the receipt of payments from the Mamata scheme is associated with a 5 percentage point (pp increase in the likelihood of receiving antenatal services, a 10 pp increase in the likelihood of receiving IFA tablets, and a decline of 0.84 on the Household Food Insecurity Access Scale. These results provide the first quantitative estimates of effects associated with the Mamata scheme, which can inform the design of government policies related to conditional cash transfers.

  11. Barriers to immunization coverage in DRC: An analysis of the GAVI-Alliance cash-based support

    OpenAIRE

    Paulo Ferrinho; Mohammed Dramé

    2013-01-01

    Context: Although many countries have improved their vaccination coverage in recent years, the Democratic Republic of Congo (DRC) remains with unsatisfactory levels. Aims: The objective of this study is to document the relative importance of the factors that have influenced the immunization coverage in DRC and to understand the extent to which cash support to the DRC by the Global Alliance for Vaccines and Immunisation (GAVI) addresses these issues. Materials and Methods: Data were collected ...

  12. Cash-Cow into the Purse of Malaysian Property Investors: Students Housing Investment

    Directory of Open Access Journals (Sweden)

    Zubairu Abubakar Ghani

    2017-08-01

    Full Text Available Growing demand for higher education (HE and increasing students enrolment in higher education institutions (HEI has been a global issue especially in the last three decades and housing the growing student population has become a dilemma for all concern HEIs stakeholders. Globally increasing demand for HE and enrolment has long been not corresponding with student housing supply. Most HEIs provide housing accommodation for a small proportion of their total students’ population while the majority depend on private rental sector for their alternative housing. In most of the HEIs neighbouring community residential houses were rented out to students. These houses are not sufficient to accommodate the teaming student population because the market is dominated by traditional small-scale private developers. However, with the continuing expansion and demand for HE, increasing enrolment and increasing students housing demand, the study highlighted and suggested for private investors to pull up and dig into student housing investment. This will ameliorate and fill the shortfall created by inadequacy of HEIs housing provision. Student housing investment is a resilient market, lucrative venture and guaranteed cash cow.

  13. Conflict between conservation and development: cash forest encroachment in Asian elephant distributions.

    Science.gov (United States)

    Liu, Peng; Wen, Hui; Harich, Franziska K; He, Changhuan; Wang, Lanxin; Guo, Xianming; Zhao, Jianwei; Luo, Aidong; Yang, Hongpei; Sun, Xiao; Yu, Yang; Zheng, Shaobo; Guo, Jing; Li, Li; Zhang, Li

    2017-08-03

    Over the last 4 decades, China has undergone major economic development, resulting in considerable impacts on its wildlife populations and habitats. It is essential to quantify the conflict between development and conservation to assist with policy-making because forestry policies and market trends affected indirectly the distribution of Asian elephants. Here, we mapped the historical distribution of elephants versus human land use. Elephant distributions appear to occur in unbroken natural forests only. However, over the 40-year period, the distribution ranges have become smaller and fragmented, with natural forest area also declining by 16%. The monoculture of cash trees is encroaching on natural forests. Over the past 10 years, rubber plantations have become concentrated in the south, with extensive natural forests and scattered rubber farms being converted to tea plantations, due to changes in governmental policies and product prices. Through mapping the spatial changes in the distribution of rubber and tea plantations, our study is expected to help local managers to incorporate the needs of endangered elephants through creating space when planning plantations, especially in Xishuangbanna and the south part of Pu'er. In conclusion, restoring elephant habitat and establishing ecological corridors are critical for the survival of elephants in this region.

  14. The cost-effectiveness of cash versus lottery incentives for a web-based, stated-preference community survey.

    Science.gov (United States)

    Gajic, Aleksandra; Cameron, David; Hurley, Jeremiah

    2012-12-01

    We present the results of a randomized experiment to test the effectiveness and cost-effectiveness of response incentives for a stated-preference survey of a general community population. The survey was administered using a mixed-mode approach, in which community members were invited to participate using a traditional mailed letter using contact information for a representative sample of the community; but individuals completed the survey via the web, which exploited the advantages of electronic capture. Individuals were randomized to four incentive groups: (a) no incentive, (b) prepaid cash incentive ($2), (c) a low lottery (10 prizes of $25) and (d) a high lottery (2 prizes of $250). Letters of invitation were mailed to 3,000 individuals. In total, 405 individuals (14.4%) contacted the website and 277 (9.8%) provided complete responses. The prepaid cash incentive generated the highest contact and response rates (23.3 and 17.3%, respectively), and no incentive generated the lowest (9.1 and 5.7%, respectively). The high lottery, however, was the most cost-effective incentive for obtaining completed surveys: compared with no incentive, the incremental cost-effectiveness ratio (ICER) per completed survey for high lottery was $13.89; for prepaid cash, the ICER was $18.29. This finding suggests that the preferred response incentive for community-based, stated-preference surveys is a lottery with a small number of large prizes.

  15. Functional Limitations, Depression, and Cash Assistance are Associated with Food Insecurity among Older Urban Adults in Mexico City.

    Science.gov (United States)

    Vilar-Compte, Mireya; Martínez-Martínez, Oscar; Orta-Alemán, Dania; Perez-Escamilla, Rafael

    2016-01-01

    To examine factors associated with food insecurity among urban older adults (65 years and older). Three hundred and fifty two older adults attending community centers in a neighborhood of Mexico City were surveyed for food insecurity, functional impairments, health and mental health status, cash-transfer assistance, socio-demographic characteristics, social isolation, and the built food environment. Having at least primary education and receiving cash-transfers were significantly associated with a lower probability of being moderately-severely food insecure (OR=0.478 and 0.597, respectively). The probability of moderate-severe food insecurity was significantly higher among elderly at risk of depression (OR=2.843), those with at least one activity of daily living impaired (OR=2.177) and those with at least one instrumental activity of daily living impaired (OR=1.785). Higher educational attainment and cash-transfers may have a positive influence on reducing food insecurity. Depression and functional limitations may increase the likelihood of food insecurity among older adults.

  16. Stakeholder Orientation in Cruise Lines’ Mission Statements

    Directory of Open Access Journals (Sweden)

    Lara Penco

    2017-11-01

    Full Text Available Consistent with the extant management literature, mission statements are crucial for the sustainability and growth of any firms and have been considered to be a tool for the strategic management process. Despite the considerable attention awarded to this theme, the role of the mission statement in the strategic management of tourism firms has not been sufficiently highlighted. The present paper tries to bridge this literature gap and aims to (i analyze the content of mission statements; and (ii investigate the stakeholder orientation of cruise line mission statements. We apply a content analysis method to analyze the mission statements of 44 cruise lines, employing three different perspectives: (1 the inclusion of stakeholder groups; (2 mentions of specific “mission” components; (3 reference to four goals usually assigned to mission statements. The analysis was performed using the software package QDA-Miner. The results suggest that it is possible to identify four clusters of firms that present similar content in their mission statements, and that cruise companies tend to reserve a major attention to customers. This contribution presents some valuable research implications mainly useful for researchers and academics, but also maybe of benefit to professionals and investors.

  17. European position statement on lung cancer screening

    DEFF Research Database (Denmark)

    Oudkerk, Matthijs; Devaraj, Anand; Vliegenthart, Rozemarijn

    2017-01-01

    Lung cancer screening with low-dose CT can save lives. This European Union (EU) position statement presents the available evidence and the major issues that need to be addressed to ensure the successful implementation of low-dose CT lung cancer screening in Europe. This statement identified...... specific actions required by the European lung cancer screening community to adopt before the implementation of low-dose CT lung cancer screening. This position statement recommends the following actions: a risk stratification approach should be used for future lung cancer low-dose CT programmes...... need to set a timeline for implementing lung cancer screening....

  18. Performance Enhancement using SQL Statement Tuning Approach

    Directory of Open Access Journals (Sweden)

    Hitesh Kumar SHARMA

    2017-07-01

    Full Text Available Tuning your SQL statements may be one of the most important tasks you can do to improve the performance of your Oracle system. By tuning your SQL statements to be as efficient as possible, you use your system to its full potential. Some of the things you can do to improve the efficiency of your SQL statements may involve as little effort as rewriting the SQL to take advantage of some property of your database or perhaps even changing the structure of the database itself.

  19. 損益計算書と現金収支についての考察 : 利益と現金の関係

    OpenAIRE

    田中, 雅章; 福田, 哲也; Masaaki, TANAKA; Tetsuya, FUKUDA; 鈴鹿国際大学短期大学部; 遠山会計事務所

    1999-01-01

    Successful operating management requires different skills in different industries, but good cash management is the same in every industry. Understanding and managing cash flows is vitally important. Cash is the lifeblood of a new or growing company. It is a rejuvenation tonic that gives life to tired businesses, a fertilizer that grows profits from sales field thought barren. The income statement reports the results of operating activities. These results come from the inflows and outflows of ...

  20. Statement for Doppler waveforms analysis.

    Science.gov (United States)

    Mahé, Guillaume; Boulon, Carine; Desormais, Ileana; Lacroix, Philippe; Bressollette, Luc; Guilmot, Jean-Louis; Le Hello, Claire; Sevestre, Marie-Antoinette; Pernod, Gilles; Constans, Joel; Boissier, Christian; Bura-Rivière, Alessandra

    2017-08-01

    Peripheral artery disease of the lower limbs (PAD) is a common disease. Evaluation of PAD is primarily based on non-invasive examinations with analysis of the arterial Doppler signal being a key element. However, the description of arterial Doppler waveforms morphologies varies considerably across medical schools and from country to country. In order to overcome this issue, the French College of Teachers for Vascular Medicine (Collège des Enseignants de Médecine Vasculaire; CEMV) has summarised the published data on Doppler waveforms analysis and proposes a new "Saint-Bonnet" classification system to describe Doppler waveforms morphologies. The simplified Saint-Bonnet classification comprises eight types and allows taking into account if the Doppler signal does not revert to baseline. This classification, which is based on previous classifications, could improve the descriptions of both physiological and pathological waveforms, recorded in lower limb arteries. According to the reviewed literature, recommendations about the use of Doppler waveforms are proposed. This statement is a preamble to reach an international consensus on the subject, which would standardize the description of arterial waveforms and improve the management of PAD patients.

  1. Financial Statement Analysis for Nonprofit Organizations

    OpenAIRE

    Travaglini, Claudio

    2007-01-01

    A financial statement analysis framework for nonprofit organizations is proposed, based on Nonprofit Commission of Certified Public Accountants Association (Commissione Aziende Nonprofit Ordine Nazionale Dottori Commercialisti) for Italian Nonprofits.

  2. Defense Departmental Reporting Systems - Audited Financial Statements

    National Research Council Canada - National Science Library

    Granetto, Paul

    2001-01-01

    .... The Chief Financial Officers Act requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards...

  3. Final Range Wide Environmental Impact Statement

    National Research Council Canada - National Science Library

    Botdorf, Charles

    2001-01-01

    This Final Range Wide Environmental Impact Statement presents the impacts associated with the direct, indirect, and cumulative effects of mission diversification and changes to land use for Yuma Proving Ground, Arizona...

  4. 7 CFR 900.350 - General statement.

    Science.gov (United States)

    2010-01-01

    ... and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE GENERAL REGULATIONS Procedure for Determining the Qualification of Cooperative Milk Marketing Associations § 900.350 General statement. Cooperative marketing associations apply for qualification by the Secretary under the Federal milk order...

  5. Online, Batch and CICS Social Security Statement

    Data.gov (United States)

    Social Security Administration — A database that contains client preference information for the SSA initiated Social Security Statement as well as other data including SSN, disposition for paper SS...

  6. EPA USDA Agricultural Equipment Statement of Principles

    Science.gov (United States)

    The Agricultural Equipment Statement of Principles was developed jointly between EPA and USDA at the request of agriculture industry stakeholders seeking support for programs to assist farmers looking to invest in cleaner agricultural equipment

  7. 40 CFR 156.68 - First aid statement.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 23 2010-07-01 2010-07-01 false First aid statement. 156.68 Section... aid statement. (a) Product as sold and distributed. Each product must bear a first aid statement if... with water prior to use, the label may also include a statement describing how the first aid measures...

  8. 40 CFR 1502.9 - Draft, final, and supplemental statements.

    Science.gov (United States)

    2010-07-01

    ... statements. 1502.9 Section 1502.9 Protection of Environment COUNCIL ON ENVIRONMENTAL QUALITY ENVIRONMENTAL IMPACT STATEMENT § 1502.9 Draft, final, and supplemental statements. Except for proposals for legislation as provided in § 1506.8 environmental impact statements shall be prepared in two stages and may be...

  9. 22 CFR 216.7 - Environmental impact statements.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Environmental impact statements. 216.7 Section... Environmental impact statements. (a) Applicability. An Environmental Impact Statement shall be prepared when... Environmental Impact Statement relating to paragraph (a)(2) of this section shall comply with the CEQ...

  10. 46 CFR 504.7 - Environmental impact statements.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Environmental impact statements. 504.7 Section 504.7... POLICY ANALYSIS § 504.7 Environmental impact statements. (a) General. (1) An environmental impact... environmental impact statements. (1) A draft environmental impact statement (DEIS) will initially be prepared in...

  11. 32 CFR 651.23 - Environmental impact statement.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 4 2010-07-01 2010-07-01 true Environmental impact statement. 651.23 Section...) ENVIRONMENTAL QUALITY ENVIRONMENTAL ANALYSIS OF ARMY ACTIONS (AR 200-2) Records and Documents § 651.23 Environmental impact statement. An Environmental Impact statement (EIS) is a detailed written statement required...

  12. 21 CFR 201.61 - Statement of identity.

    Science.gov (United States)

    2010-04-01

    ... 21 Food and Drugs 4 2010-04-01 2010-04-01 false Statement of identity. 201.61 Section 201.61 Food...: GENERAL LABELING Labeling Requirements for Over-the-Counter Drugs § 201.61 Statement of identity. (a) The... features a statement of the identity of the commodity. (b) Such statement of identity shall be in terms of...

  13. 21 CFR 801.61 - Statement of identity.

    Science.gov (United States)

    2010-04-01

    ... 21 Food and Drugs 8 2010-04-01 2010-04-01 false Statement of identity. 801.61 Section 801.61 Food... DEVICES LABELING Labeling Requirements for Over-the-Counter Devices § 801.61 Statement of identity. (a... principal features a statement of the identity of the commodity. (b) Such statement of identity shall be in...

  14. 28 CFR 10.2 - Language of registration statement.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Language of registration statement. 10.2... ON ACTIVITIES WITHIN THE UNITED STATES Registration Statement § 10.2 Language of registration statement. Registration statements must be in English if possible. If in a foreign language they must be...

  15. 48 CFR 37.602 - Performance work statement.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Performance work statement... CATEGORIES OF CONTRACTING SERVICE CONTRACTING Performance-Based Acquisition 37.602 Performance work statement. (a) A Performance work statement (PWS) may be prepared by the Government or result from a Statement...

  16. Culture and Corporate Governance Statement Disclosure

    OpenAIRE

    Theo Christopher; Salleh Hassan

    2005-01-01

    This study examines the influence of culture on Corporate Governance Statement disclosure in the annual reports of the major airline companies in Malaysia and Australia. The cultural research of Hofstede (1980) and the accounting value dimensions of Gray (1988) imply that Malaysian Airlines, from a large power distance country, will disclose less Corporate Governance Statement information in their annual report than Qantas Airlines, from a small power distance country. The results obtained fr...

  17. How to Write an Outcome Statement.

    Science.gov (United States)

    Dickerson, Pamela S

    2015-09-01

    Educators within the health professions are increasingly asked to demonstrate outcomes of educational interventions. Within academia and clinical practice, educators are expected to measure, monitor, and, in many cases, report outcomes of their work. As continuing education transitions to a more deliberate emphasis on outcomes, common questions include how to identify and measure outcomes and how to write an outcome statement. This article will focus on how to write an outcome statement. Copyright 2015, SLACK Incorporated.

  18. Political Competition and the Diffusion of Conditional Cash Transfers in Brazil

    Directory of Open Access Journals (Sweden)

    Denilson Bandeira Coêlho

    2012-12-01

    Full Text Available What factors determine the diffusion of social policies? This article exam - ines the launching of conditional cash transfer programs by Brazilian munici - palities to explore this problem. The literature of political science asserts that such programs have been widely implemented because they correspond to an al - ternative policy strategy adopted by governments facing opposition to implement universal public policies. So, political competition would be at the root of CCT launching. This article presents an alternative explanation. From 1995 to 2001, local governments created or emulated the Bolsa Escola Program (BEP in all regions of the country. Such a path continued after the lauching of the national Bolsa Escola by the federal government. Why did some local governments decide to adopt the national BEP and others did not? To answer these questions, the research tests the influence of structural, internal and external variables on the dissemination of CCT programs. Two main hypotheses are tested. The first as - serts that local political competition is positive for policy diffusion. The second hypothesis claims that party alignment between the municipal and federal levels increases the likelihood of municipalities adopting the federal BEP. The research uses Event History Analysis to test statistically the impact of political incentives on policy diffusion among São Paulo State’s municipalities. Two types of policy diffusion are examined: horizontal and vertical. The findings confirm that polit - ical competition influences the horizontal diffusion among municipalities. Unex - pectedly, vertical diffusion does not occur because of party alignment or political competition. Rather, levels of socioeconomic development drive policy emulation.

  19. Conditional cash transfer programs and the health and nutrition of Latin American children.

    Science.gov (United States)

    Segura-Pérez, Sofia; Grajeda, Rubén; Pérez-Escamilla, Rafael

    2016-08-01

    To 1) describe the benefits, conditions, coverage, funding, goals, governance, and structure of well-established conditional cash transfer programs (CCTs) in Latin America and 2) identify their health and nutritional impacts among children under 5 years old. A realist review was conducted. CCTs were included if they met the following inclusion criteria: 1) current national-level program; 2) coverage of at least 50% of the target population; 3) continuous operation at scale for 10+ years; 4) clear description of structure, funding sources, and governance; 5) both health/nutrition- and education-related conditions for participation; and 6) available impact evaluation studies with health, development, and/or nutrition indicators among children under 5 years old. Three CCTs (one each in Brazil, Colombia, and Mexico) met the criteria. There was consistent evidence that the three CCTs selected for review had positive impacts on child health and nutrition outcomes in their respective countries. In all three countries, the programs were scaled up and positive impacts were documented relatively quickly. All three programs had strong political support and clear and transparent governance structures, including accountability and social participation mechanisms, which might explain their success and sustainability. CCTs in Latin America have had a positive impact on child health and nutrition outcomes among the poorest families. A key challenge for the future is to reform these programs to help families move out of not only extreme poverty but all poverty in order to lead healthy and productive lives, as called for in the post-2105 Sustainable Development Goals.

  20. CONTEMPORARY APPROACHES OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION

    Directory of Open Access Journals (Sweden)

    Sziki Klara

    2012-12-01

    Full Text Available In this paper we chose to present two components of the financial statements: the profit and loss account and the cash flow statement. These summary documents and different indicators calculated based on them allow us to formulate assessments on the performance and profitability on various functions and levels of the company’s activity. This paper aims to support the hypothesis that the accounting information presented in the profit and loss account and in the cash flow statement is an appropriate source for assessing company performance. The purpose of this research is to answer the question linked to the main hypothesis: Is it the profit and loss statement or the cash flow account that reflects better the performance of a business? Based on the literature of specialty studied we tried a conceptual, analytical and practical approach of the term performance, overviewing some terminological acceptations of the term performance as well as the main indicators of performance analysis on the basis of the profit and loss account and of the cash flow statement: aggregated indicators, also known as intermediary balances of administration, economic rate of return, rate of financial profitability, rate of return through cash flows, operating cash flow rate, rate of generating operating cash out of gross operating result. At the same time we had a comparative approach of the profit and loss account and cash flow statement, outlining the main advantages and disadvantages of these documents. In order to demonstrate the above theoretical assessments, we chose to analyze these indicators based on information from the financial statements of SC Sinteza SA, a company in Bihor county, listed on the Bucharest Stock Exchange.

  1. Predictive Power and Value Relevance of Comprehensive Income Statement: an analysis of Brazilian companies listed on the BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Marcello Angotti

    2016-09-01

    Full Text Available The study aimed to analyze if the information about comprehensive income (CI and its individual components have predictive power to determine the Operating Cash Flow of the subsequent period (OCFt+1 at the Brazilian capital market companies. The research methodology has used financial data collected from Economatica® and CVM databases. The sample selection was performed considering the availability of variables: OCFt+1 and share prices. The period analyzed comprehended the years 2012-2014. It were used quantitative valuation techniques, establishing two moments of study: the first moment by testing the hypothesis that CI has greater predictive power than Net Income (NI for forecasting OCFt+1 (528 firms/years; and the second moment by testing the hypothesis that CI and its components have a value relevance at the Brazilian capital market (605 firms/years. The results suggest that the analysis of the consolidated CI individually would not be incremental for forecasting OCFt+1. However, an increase was observed in the predictive capacity for OCFt+1, with the inclusion of Other Comprehensive Income (OCI. Could not be verified, with aggregate disruption of the individual items of OCI, incremental capacity to determine the OCFt+1. It was observed that the Equity and NI have value relevance, but that is not confirmed to consolidated CI. Added to that, only the cash flow hedge was significant to explain the market value of the company, indicating there is informational benefit to stakeholders that employ the CI in their analysis.

  2. Southeastern Federal Power Program. Combined financial statements, September 30, 1996 and 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-05-01

    The Southeastern Federal Power Program (SEFPP) consists of all activities associated with the production, transmission and disposition of Federal power marketed under Section 5 of the Flood Control Act of 1944 from projects in the ten southeastern states. The ten states are: Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Tennessee, and Kentucky. Power is marketed to customers in 11 states - the above ten plus Illinois. SEFPP includes the accounts of two separate Federal government agencies- the Southeastern Power Administration (Southeastern) of the Department of Energy and the U.S. Army Corps of Engineers (Corps). Southeastern purchases, transmits, and markets power within four separate power systems (each including one or more Corps generating projects for which rates are set). Specific and joint-use costs allocated to power are included in the attached statements of assets. Federal investment and liabilities under utility plant and cash. The accounts of SEFPP are maintained in conformity with generally accepted accounting principles and the Uniform System of Accounts prescribed for electric utilities by the Federal Energy Regulatory Commission (FERC). SEFPP`s accounting policies also reflect requirements of specific legislation and executive directives issued by the applicable government agencies. Southeastern and Corps properties and income are exempt from taxation. Southeastern and the Corps receive Congressional appropriations through the Department of Energy (DOE) and the Department of Defense to finance their operations. The Corps also receives Congressional appropriations to finance construction of its hydroelectric projects.

  3. Flow Rounding

    OpenAIRE

    Kang, Donggu; Payor, James

    2015-01-01

    We consider flow rounding: finding an integral flow from a fractional flow. Costed flow rounding asks that we find an integral flow with no worse cost. Randomized flow rounding requires we randomly find an integral flow such that the expected flow along each edge matches the fractional flow. Both problems are reduced to cycle canceling, for which we develop an $O(m \\log(n^2/m))$ algorithm.

  4. 10 CFR 51.29 - Scoping-environmental impact statement and supplement to environmental impact statement.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 2 2010-01-01 2010-01-01 false Scoping-environmental impact statement and supplement to environmental impact statement. 51.29 Section 51.29 Energy NUCLEAR REGULATORY COMMISSION (CONTINUED... Environmental Policy Act-Regulations Implementing Section 102(2) Scoping § 51.29 Scoping-environmental impact...

  5. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems.

    Science.gov (United States)

    Abolhallaje, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-10-01

    Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. This comparative study was conducted in 2013 to compare financial management and movement from cash-based to accrual-based accounting in health sector in the countries such as the United States, Britain, Canada, Australia, New Zealand, and Iran. Library resources and reputable databases such as Medline, Elsevier, Index Copernicus, DOAJ, EBSCO-CINAHL and SID, and Iranmedex were searched. Fish cards were used to collect the data. Data were compared and analyzed using comparative tables. Developed countries have implemented accrual-based accounting and utilized the valid, reliable and practical information in accrual-based reporting in different areas such as price and tariffs setting, operational budgeting, public accounting, performance evaluation and comparison and evidence based decision making. In Iran, however, only a few public organizations such as the municipalities and the universities of medical sciences use accrual-based accounting, but despite what is required by law, the other public organizations do not use accrual-based accounting. There are advantages in applying accrual-based accounting in the public sector which certainly depends on how this system is implemented in the sector.

  6. The government of Kenya's cash transfer program reduces the risk of sexual debut among young people age 15-25.

    Directory of Open Access Journals (Sweden)

    Sudhanshu Handa

    Full Text Available The aim of this study is to assess whether the Government of Kenya's Cash Transfer for Orphans and Vulnerable Children (Kenya CT-OVC can reduce the risk of HIV among young people by postponing sexual debut. The program provides an unconditional transfer of US$20 per month directly to the main caregiver in the household. An evaluation of the program was implemented in 2007-2009 in seven districts. Fourteen Locations were randomly assigned to receive the program and fourteen were assigned to a control arm. A sample of households was enrolled in the evaluation in 2007. We revisited these households in 2011 and collected information on sexual activity among individuals between 15-25 years of age. We used logistic regression, adjusted for the respondent's age, sex and relationship to caregiver, the age, sex and schooling of the caregiver and whether or not the household lived in Nairobi at baseline, to compare rates of sexual debut among young people living in program households with those living in control households who had not yet entered the program. Our results, adjusted for these covariates, show that the program reduced the odds of sexual debut by 31 percent. There were no statistically significant effects on secondary outcomes of behavioral risk such as condom use, number of partners and transactional sex. Since the CT-OVC provides cash to the caregiver and not to the child, and there are no explicit conditions associated with receipt, these impacts are indirect, and may have been achieved by keeping young people in school. Our results suggest that large-scale national social cash transfer programs with poverty alleviation objectives may have potential positive spillover benefits in terms of reducing HIV risk among young people in Eastern and Southern Africa.

  7. Effect of conditional cash transfer on choice and utilization of contraceptives among newly married couples in Satara district

    Directory of Open Access Journals (Sweden)

    Asha K Pratinidhi

    2014-01-01

    Full Text Available Context: Satara district of western Maharashtra is in late expanding phase of demographic cycle. Postponement of first pregnancy with the use of reversible contraceptives is the need of the hour. Since 2007, Satara district is implementing a conditional cash transfer scheme second honeymoon package (SHP. Objectives: The objectives of this study are: (1 To find out the effect of conditional cash transfer on choice and utilization of contraceptives among participants of SHP. (2 To identify various barriers to the use of contraceptives. Materials and Methods: This was an evaluation study of a community based interventional program. Cases were the participants of SHP program while the controls were the couples residing in the same village as that of participants and married in the same year. Enquiries were made about their knowledge of contraceptives, reasons of postponement, choice of contraceptives, problems faced while using them, perceived benefits of participation, reasons for non-participation and non-use of contraceptives, etc. Results: This study has found out that 24.8% controls and 57.6% participant couples were having knowledge of contraception before their marriage. Amongst the participants of the scheme and controls, male condom was the most popular method used by 80.8% participants, followed by oral pills by 9.22% couples. Contraception prevalence rate among control couples was 17.6%, while that in participants was 91.8%. Resistance from family members, side-effects and failure of contraceptives were some of the barriers to their use. Conclusions: Conditional cash transfer has encouraged the use of contraceptives in acceptors of SHP. By participating in SHP and postponing first pregnancy 15.8% could complete their education, job/career betterment achieved by 16.4% and 19.3% adored marital pleasure.

  8. Cash transfers for HIV prevention: what do young women spend it on? Mixed methods findings from HPTN 068

    OpenAIRE

    MacPhail, Catherine; Khoza, Nomhle; Selin, Amanda; Julien, Aim?e; Twine, Rhian; Wagner, Ryan G.; Gom?z-Oliv?, Xavier; Kahn, Kathy; Wang, Jing; Pettifor, Audrey

    2017-01-01

    Background Social grants have been found to have an impact on health and wellbeing in multiple settings. Who receives the grant, however, has been the subject of discussion with regards to how the money is spent and who benefits from the grant. Methods Using survey data from 1214 young women who were in the intervention arm and completed at least one annual visit in the HPTN 068 trial, and qualitative interview data from a subset of 38 participants, we examined spending of a cash transfer pro...

  9. Review Of The Revenue Recognition In Accordance With Statement Of Financial Accounting Standard PSAK No.23 2010 At Damri Corporation

    Directory of Open Access Journals (Sweden)

    Debbie Christine

    2015-08-01

    Full Text Available ABSTRACT One of the components of financial statements that are considered useful to look at the condition of the company namely the income statement. One component of the income statement are income the main problems in accounting revenue is determining when revenue recognition. Activities of the company will be deemed ineffective and inefficient when revenue recognition is not done properly. Therefore the recognition of revenue have been set in PSAK No.232010. According to PSAK 232010 revenue is the gross inflow of economic benefits arising from the normal activities of an entity during a period when those inflows result in increases in equity that is not derived from the contribution of investors. The main income earned Damri Corporation is selling the economic city bus bus with air conditioner and Trans Metro Bandung to society or passengers. Damri Corporation is a State-Owned Enterprises SOEs engaged in the provision of transport services one of them a city bus. Final assignment method used is descriptive method descriptive observational methods that analyze about the condition of the company. Damri Corp. apply accrual basis as for recognizing revenue. Application of revenue recognition is done by Damri Corporation in accordance with PSAK No. 232010 in which revenue is recognized on the basis of PSAK No. 232010. The possibility that the economic benefits associated with the transaction will be obtained by the entity and the amount of revenue can be measured reliably. Revenue Recognition In accordance with PSAK No.232010 at Damri Corporation can be concluded that the basic recording of revenue recognition is used Damri Corporation accrual basis accrual basis of revenue recognition is where the income from the sale of goods or services is recognized in the period of the transaction although cash has not been received by the company the transaction has been recorded and recognized as revenue.

  10. Final environmental statement for the geothermal leasing program

    Energy Technology Data Exchange (ETDEWEB)

    1973-12-31

    This second of the four volumes of the Geothermal Leasing Program final impact statement contains the individual environmental statements for the leasing of federally owned geothermal resources for development in three specific areas: Clear Lake-Geysers; Mono Lake-Long Valley; and Imperial Valley, all in California. It also includes a summary of the written comments received and departmental responses relative to the Draft Environmental Impact Statement issued in 1971; comments and responses on the Draft Environmental Impact Statement; consultation and coordination in the development of the proposal and in the preparation of the Draft Environmental Statement; and coordination in the review of the Draft Environmental Statement.

  11. The impacts of International Financial Reporting Standards Adoption on Financial Statements : The case of Nigeria

    OpenAIRE

    Akinyemi, Olumide Akindele

    2012-01-01

    The Adoption of International Financial Reporting Standards (IFRS) has changed the way and manner in which financial statements are prepared, reported or presented. Globalization of capital markets requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different pra...

  12. Corporate Statements in the Facilities Industry

    DEFF Research Database (Denmark)

    Holzweber, Markus

    In today’s services business domain, especially in facility services and facilities management (FM), customers are becoming more informed as to the level of choice and competition for their custom. This has led businesses to develop and maintain strategic elements of corporate statements that wil......In today’s services business domain, especially in facility services and facilities management (FM), customers are becoming more informed as to the level of choice and competition for their custom. This has led businesses to develop and maintain strategic elements of corporate statements...... statements from FM organizations was selected and linked to financial data. The article reveals that the FM services industry would benefit from the concept of capability coherence. Findings showed that FM organizations showing higher scores of capability coherence have higher profitability scores....

  13. Consensus statement on genetic research in dementia

    DEFF Research Database (Denmark)

    Rikkert, M.G. Olde; der, V van; Burns, A.

    2008-01-01

    In this article, the authors describe how the European Dementia Consensus Network developed a consensus on research ethics in dementia, taking into account the questions posed by the era of genetic research and its new research methods. The consensus process started with a Delphi procedure...... procedure fuelled the development of the consensus statement, which is presented in this paper. The consensus statement aims to stimulate ethically acceptable research in the field of dementia and the protection of vulnerable elderly patients with dementia from application of inadequate research methods...

  14. Resource Contingency Program : Draft Environmental Impact Statement.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administration.

    1995-02-01

    In 1990, the Bonneville Power Administration (BPA) embarked upon the Resource Contingency Program (RCP) to fulfill its statutory responsibilities to supply electrical power to its utility, industrial and other customers in the Pacific Northwest. Instead of buying or building generating plants now, BPA has purchased options to acquire power later if needed. Three option development agreements were signed in September 1993 with three proposed natural gas-fired, combined cycle combustion turbine CT projects near Chehalis and Satsop Washington and near Hermiston, Oregon. This environmental impact statement addresses the environmental consequences of purchasing power from these options. This environmental impact statement addresses the environmental consequences of purchasing power from these options.

  15. Significance of past statements: speech act theory.

    Science.gov (United States)

    Gordon, Joanne

    2013-09-01

    In W v M, a judge concluded that M's past statements should not be given weight in a best interests assessment. Several commentators in the ethics literature have argued this approach ignored M's autonomy. In this short article I demonstrate how the basic tenets of speech act theory can be used to challenge the inherent assumption that past statements represent an individual's beliefs, choices or decisions. I conclude that speech act theory, as a conceptual tool, has a valuable contribution to make to this debate.

  16. Has Financial Statement Information become Less Relevant?

    DEFF Research Database (Denmark)

    Thinggaard, Frank; Damkier, Jesper

    as the total market-adjusted return that could be earned from investment strategies based on foreknowledge of financial statement information. It answers the question: Are investments based on financial statement information able to capture progressively less information in security returns over time......? The sample is based on non-financial companies listed on the Copenhagen Stock Exchange in the period 1984-2002. Our analyses show that all the applied accounting measures are value-relevant as investment strategies based on the information earn positive market-adjusted returns in our sample period...

  17. Bayesian Nonlinear Assimilation of Eulerian and Lagrangian Coastal Flow Data

    Science.gov (United States)

    2015-09-30

    1 DISTRIBUTION STATEMENT A. Approved for public release; distribution is unlimited. Bayesian Nonlinear Assimilation of Eulerian and...Develop and apply theory, schemes and computational systems for rigorous Bayesian nonlinear assimilation of Eulerian and Lagrangian coastal flow data...of coastal ocean fields by assimilation of Eulerian and Lagrangian flow data. - Apply our DO and GMM-DO schemes, as well as their theoretical

  18. The Usefulness of Cash Budgets in Micro, Very Small and Small Retail Enterprises Operating in the Cape Metropolis

    Directory of Open Access Journals (Sweden)

    Almaree KEMP

    2015-03-01

    Full Text Available The concept of Small Medium and Micro Enterprises (SMMEs were introduced by the South African government by way of the Small Business Act No. 102 of 1996. Here SMMEs are defined as small business entities that are managed by one or more owner(s while operating in any sector or sub-sector of the national economy. The main roles of SMMEs are to alleviate poverty, reduce unemployment and uplift the South African economy. South African SMMEs are responsible for employing more than half of the national workforce and are believed to contribute up to 34.8% towards the national Gross Domestic Product. Unfortunately an estimated 80% of South African SMMEs fail within their first 5 years of existence; particularly due to the realisation of micro economic factors and macroeconomic factors. Included in micro economics factors which influence SMMEs is the utilisation of formal financial performance measures. For this research study the main objective of this paper was to establish the extent to which cash budgets (a formal financial performance measure assist SMME leaders to make sound business decisions in the Cape Metropolis. The study was descriptive in nature and quantitative research methods were used to collect data from 51 SMME leaders. All respondents had to adhere to a set of pre-determined delineation criteria. From the analysed data it is evident that SMME leaders (managers and/or owners regard cash budgets as important to make sound business decisions however, respondents made limited use thereof.

  19. The experience of cash transfers in alleviating childhood poverty in South Africa: mothers' experiences of the Child Support Grant.

    Science.gov (United States)

    Zembe-Mkabile, Wanga; Surender, Rebecca; Surrender, Rebecca; Sanders, David; Jackson, Debra; Doherty, Tanya

    2015-01-01

    Cash transfer (CT) programmes are increasingly being used as policy instruments to address child poverty and child health outcomes in developing countries. As the largest cash-transfer programme in Africa, the South African Child Support Grant (CSG) provides an important opportunity to further understand how a CT of its kind works in a developing country context. We explored the experiences and views of CSG recipients and non-recipients from four diverse settings in South Africa. Four major themes emerged from the data: barriers to accessing the CSG; how the CSG is utilised and the ways in which it makes a difference; the mechanisms for supplementing the CSG; and the impact of not receiving the grant. Findings show that administrative factors continue to be the greatest barrier to CSG receipt, pointing to the need for further improvements in managing queues, waiting times and coordination between departments for applicants trying to submit their applications. Many recipients, especially those where the grant was the only source of income, acknowledged the importance of the CSG, while also emphasising its inadequacy. To maximise their impact, CT programmes such as the CSG need to be fully funded and form part of a broader basket of poverty alleviation strategies.

  20. Cashew cultivation in Guinea-Bissau – risks and challenges of the success of a cash crop

    Directory of Open Access Journals (Sweden)

    Luís Catarino

    2015-10-01

    Full Text Available In recent decades a boom in cashew (Anacardium occidentalecultivation has taken place in Guinea-Bissau, leading to the replacement of traditional slash-and-burn agriculture by a cash crop. As a result, the country is currently one of the world’s largest producers of raw cashew nuts and the cashew sector has acquired enormous importance in Guinea-Bissau’s economy. Changes induced by the cashew boom at social and environmental levels are yet to be analyzed and understood. The present study provides an account of the process of cashew expansion in Guinea-Bissau, reviews the current situation and discusses its future prospects. The cashew tree was introduced into the country by the Portuguese in the XIXth century, but only effectively expanded in the mid-1980s. It is largely cultivated by small farmers around villages and also plays a role in land ownership, since land tenure practices are linked to the planting of trees. The effects of this cashew boom on habitat fragmentation, fire regimes and biodiversity are still to be assessed. On the other hand, the spread of pests and diseases is becoming a problem. Strong dependence on a single cash crop also renders the country vulnerable to market fluctuations, entailing risks to local producers and the national economy. In the medium term, losses of export earnings can occur, which may impact the living standards and food security of Bissau-Guineans both in urban and rural areas.