WorldWideScience

Sample records for cash rents

  1. Corporate rent-seeking and the managerial soft-budget constraint: An incremental cash flow approach to some corporate governance issues

    OpenAIRE

    Apreda, Rodolfo

    2004-01-01

    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  2. The Farm Level Economic Impacts of Increased Cash Lease Rates

    OpenAIRE

    Raulston, J. Marc; Knapek, George M.; Richardson, James W.; Outlaw, Joe L.; Anderson, David P.

    2008-01-01

    Higher commodity price expectations have led to increases in cash lease rates nationwide. This study evaluates the farm level impacts of higher cash lease rates. Current levels of cash rents along with land tenure arrangements of specific farms are instrumental in determining the impacts of increases in lease rates.

  3. HOME Rent Limits

    Data.gov (United States)

    Department of Housing and Urban Development — In accordance with 24 CFR Part 92.252, HUD provides maximum HOME rent limits. The maximum HOME rents are the lesser of: The fair market rent for existing housing...

  4. 24 CFR 982.507 - Rent to owner: Reasonable rent.

    Science.gov (United States)

    2010-04-01

    ... whether the rent to owner is a reasonable rent in comparison to rent for other comparable unassisted units... rent to owner is not more than rent charged by the owner for comparable unassisted units in...

  5. Housing 'Generation Rent'

    OpenAIRE

    McKee, Kim; Hoolachan, Jennifer Elizabeth

    2015-01-01

    'Generation Rent' denotes young people under 35 who are spending longer periods of their life in the private rented sector (PRS) because of challenges accessing both home ownership and social rented housing1. The 2007 global financial crisis resulted in stricter mortgage lending criteria and larger deposit requirements, which are out of reach for many young people who are navigating difficult labour markets, and have been hit hard by welfare reform agendas2. Furthermore, the shrinkage of the ...

  6. 50th Percentile Rent Estimates

    Data.gov (United States)

    Department of Housing and Urban Development — Rent estimates at the 50th percentile (or median) are calculated for all Fair Market Rent areas. Fair Market Rents (FMRs) are primarily used to determine payment...

  7. 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...

  8. Cash Use in Australia

    OpenAIRE

    Eden Hatzvi; Jessica Meredith; Rose Kenney

    2014-01-01

    This article uses results from the 2013 Survey of Consumers’ Use of Payment Methods and regression analysis to examine trends in cash use in Australia. The results show that cash remained the most common form of payment, though its use relative to other payment methods has declined over recent years. Older participants were more likely to use cash than younger participants and all participants were more likely to use cash for low-value transactions relative to other payment methods. In additi...

  9. Improve your CASH flow

    DEFF Research Database (Denmark)

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

    2010-01-01

    symbolic computation. In this paper we describe a new component of SymGrid-Par known as CASH: the C omputer Algebra SH ell. CASH is a system that allows direct access to SymGrid-Par via GHCi. CASH thus allows Haskell programmers to exploit high-performance parallel computations using a system designated...

  10. Corporate Rent-Seeking and the managerial soft-budget constraint

    OpenAIRE

    Rodolfo Apreda

    2004-01-01

    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  11. Auctions with rent seeking

    NARCIS (Netherlands)

    Haan, Marco; Schoonbeek, Lambert

    2000-01-01

    We present a model which combines elements of an auction and a rent-seeking contest. Players compete for a prize. Apart from exerting lobbying efforts, they also have to submit a bid which is payable only if they win the prize. First, we analyze the model if the returns-to-scale parameters of both b

  12. HPC: Rent or Buy

    Science.gov (United States)

    Fredette, Michelle

    2012-01-01

    "Rent or buy?" is a question people ask about everything from housing to textbooks. It is also a question universities must consider when it comes to high-performance computing (HPC). With the advent of Amazon's Elastic Compute Cloud (EC2), Microsoft Windows HPC Server, Rackspace's OpenStack, and other cloud-based services, researchers now have…

  13. Is electronic cash possible?

    OpenAIRE

    Schmidt, Max; Schunter, Matthias; Weber, Arnd

    1998-01-01

    Cash-like payments in electronic commerce and at the traditional point of sale are expected to be beneficial, e.g., because of privacy protection, low transaction costs, and irrevocability. Therefore, we discuss how to design electronic cash in a way that it both mirrors the most important characteristics of raditional cash, but also fulfils the expectations which arise towards electronic means of payment. We analyse the problems and trade-offs between the different characteristics to be impl...

  14. Rent Control and Unemployment Duration

    DEFF Research Database (Denmark)

    Munch, Jacob R.; Rosholm, Michael; Svarer, Michael

    2005-01-01

    In this paper we analyse how rent control affects the duration of individual unemployment. In atheoretical search model we distinguish between two effects of rent control. On one hand, rentcontrol reduces housing mobility and hence mobility in the labour market. On the other hand, tomaintain rent...... control benefits, unemployed individuals are more likely to accept job offers in the local labour market. Based on a rich Danish data set, we find that the probability of finding a local job increases with the rent control intensity of the housing unit, whereas the probability of finding ajob outside...... the local labour market decreases with the rent control intensity....

  15. Det rent menneskelige

    DEFF Research Database (Denmark)

    Togeby, Ole

    2006-01-01

    Omtale af Michael Tomasellos teorier om at sproget som det rent menneskelige er baseret på en empati og tillid, som kommer til udtryk i at selv små børn forstår når en anden peger, hvad aber ikke gør. Udgivelsesdato: 12.april 2006......Omtale af Michael Tomasellos teorier om at sproget som det rent menneskelige er baseret på en empati og tillid, som kommer til udtryk i at selv små børn forstår når en anden peger, hvad aber ikke gør. Udgivelsesdato: 12.april 2006...

  16. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  17. Improve your CASH flow

    DEFF Research Database (Denmark)

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

    2011-01-01

    . 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.......This paper describes CASH (the Computer Algebra SHell), a new interface that allows Haskell programmers to access the complete functionality of a number of computer algebra systems directly and interactively. Using CASH, Haskell programmers can access previously-unavailable mathematical software...

  18. Conditional E-Cash

    Science.gov (United States)

    Shi, Larry; Carbunar, Bogdan; Sion, Radu

    We introduce a novel conditional e-cash protocol allowing future anonymous cashing of bank-issued e-money only upon the satisfaction of an agreed-upon public condition. Payers are able to remunerate payees for services that depend on future, yet to be determined outcomes of events. Once payment complete, any double-spending attempt by the payer will reveal its identity; no double-spending by the payee is possible. Payers can not be linked to payees or to ongoing or past transactions. The flow of cash within the system is thus both correct and anonymous. We discuss several applications of conditional e-cash including online trading of financial securities, prediction markets, and betting systems.

  19. 75 FR 7621 - Rent Schedule-Low Rent Housing

    Science.gov (United States)

    2010-02-22

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Rent Schedule--Low Rent Housing AGENCY: Office of the Chief Information Officer, HUD... McKinney Jr., Reports Management Officer, QDAM, Department of Housing and Urban Development,...

  20. Scarcity rents and airport charges

    NARCIS (Netherlands)

    G. Burghouwt; W. de Wit

    2015-01-01

    This report addresses the responses related to scarcity rents and airport charges. The Commission has asked ITF/SEO to provide evidence on scarcity rents in the London airport system. Different reports submitted in response to the Commission’s consultation make different assumptions on the way airli

  1. Rent Seeking: A Textbook Example

    Science.gov (United States)

    Pecorino, Paul

    2007-01-01

    The author argues that the college textbook market provides a clear example of monopoly seeking as described by Tullock (1967, 1980). This behavior is also known as rent seeking. Because this market is important to students, this example of rent seeking will be of particular interest to them. (Contains 24 notes.)

  2. Rents in a welfare state

    DEFF Research Database (Denmark)

    Paldam, Martin

    2015-01-01

    This chapter describes rents in Denmark, a developed welfare state in which the private sector is sharply delimitated and kept efficient by secure property rights and markets including free trade. In the public sector, rents in the form of excess costs that provide benefits are difficult to measure...

  3. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm's high quality. The implications of the models are consistent with several important empirical facts about dividends and share......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...

  4. Operating Cash Surplus Determinations

    Directory of Open Access Journals (Sweden)

    Teodor HADA

    2009-01-01

    Full Text Available The paper defines the concept of operating surplus. Then, it is compared to thegross operating surplus and the differences are identified. The two calculationmethods are presented next: (1 operating revenue less operating charges and(2 the gross operating surplus less ΔWCN (Working capital needs lessimmobilised production less stored production less other operating revenues.Then, a three year study is presented (2005-2007 and the results areinterpreted. Then, there is a correlation between the operating cash flow surplusand the operating cash flows.

  5. A theoretical evaluation of the resource rent tax for offshore oil and gas leases

    Energy Technology Data Exchange (ETDEWEB)

    Ramoo, R.T.

    1992-01-01

    This dissertation evaluates the economic and operational effects of a proposed tax instrument, the resource rent tax, for offshore oil and gas leases. The standard against which the scheme is measured is the system of competitive cash bidding used to award leases to federal tracts in the United States. The resource rent tax is an ex post fiscal device leved on the investor's net cash flow after a specified threshold rate is employed to compound forward the investor's net cast flow until a positive cumulative figure is reached. The goal of the study is to see if the resource rent tax functions in a way that improves on the unregulated market. Two types of issues are investigated: (1) questions relating to the efficiency of the system; and (2) those relating to its efficacy. Efficiency issues study the propensity for distortions in the form of transmitting incentives not consistent with the objective of maximizing net present value of the resource. The principal economic objectives of concern here are: maximizing the present value of government revenue and minimizing fiscal risk or uncertainty borne by the government. The resource rent tax is evaluated on the following criteria: its capacity to raise revenue, the resulting time path of government revenue, and the clarity and cost of administration. The conclusions of the study are threefold. First, cash bonus bidding enables the government to recover most of the value of offshore oil and gas resources without imposing an onerous regulatory burden. Second, unless the selected resource rent royalty rate and the threshold rate are such that the resulting resource value mimics the competitive outcome, investment decisions will be distorted and incentives exist for wasteful expenditure. Third, the potential perverse incentive effects of the resource rent tax reduce the value of the lease and lead to lower government revenue.

  6. Small Area Fair Market Rent

    Data.gov (United States)

    Department of Housing and Urban Development — Due to the increasing demand for more localized rents for a variety of purposes, HUD is making Small Area FMRs for all metropolitan areas available. Small Area FMRs...

  7. 24 CFR 886.110 - Contract rents.

    Science.gov (United States)

    2010-04-01

    ... approved rent level established pursuant to 24 CFR 207.19(e)(2)(i). (c) In any case, HUD shall determine... the rents paid for comparable units in the private unassisted market, nor shall the Contract Rents exceed the rents charged by the Owner to unassisted Families for comparable units. HUD shall maintain...

  8. Resource rent tax in Australia

    Energy Technology Data Exchange (ETDEWEB)

    Bradley, P.G.

    1985-01-01

    Since July 1, 1984, new (greenfield) offshore petroleum projects lying beyond the territorial sea (thus under federal control) have been subject to a Commonwealth resource rent tax (CRRT). Rules are to be laid down for calculating the economic rent to be attributed to production of any petroleum-crude oil, condensate, natural gas, LPG, or ethane. This rent is the tax base, and it is to be taxed at a rate of 40%. The first section of this paper briefly summarizes the current situation in Australia. This account is based chiefly on a series of public discussion papers (Australia, 1983, 1984a, 1984b) issued by the Commonwealth government before introducing the new tax. Then examined are certain limitations that apply to any tax system designed to appropriate realized economic rent. The following section focuses on several problems specifically associated with the CRRT that must be resolved if this approach to taxing mineral revenues is to be widely copied. In conclusion, the author reviews major remaining issues in the CRRT discussion on both the theoretical and applied levels, and return to the question of why rent-based taxes have not been more widely adopted. 18 references.

  9. From Gas to Cash

    OpenAIRE

    World Bank

    2015-01-01

    Mozambique has enjoyed strong economic growth but poverty levels are still unacceptably high. Mozambique is now in a transition period with an opportunity to plan for how resource revenues can contribute to poverty reduction and inclusive growth. Any policy to scale-up a cash transfer program will operate with a limited budget, meaning that decisions will need to be made on the optimal des...

  10. Cash-Flow Tax

    OpenAIRE

    Parthasarathi Shome; Christian Schutte

    1993-01-01

    The cash-flow tax has been proposed as an alternative to corporate income tax on grounds of clarity and simplicity in defining the tax base in the face of widespread departures from the comprehensive income tax in actual practice. Variants of the tax, with their advantages and disadvantages, demonstrate that it would require careful design. Simplicity is not an obvious property because of expectable administration problems related to tax avoidance and evasion through transfer pricing; to infl...

  11. Rent Seeking and Corruption in Financial Markets

    OpenAIRE

    Asim Ijaz Khwaja; Atif Mian

    2011-01-01

    We describe recent advances in the study of rent seeking and corruption in financial markets. We outline three areas of inquiry: (a) conceptualizing rent seeking, (b) identifying rent-provision channels and their general equilibrium impact, and (c) designing feasible remedial mechanisms. We provide suggestions for making further progress in these areas and review a variety of approaches taken in the recent literature.

  12. 24 CFR 886.112 - Rent adjustments.

    Science.gov (United States)

    2010-04-01

    ... Adjustment Factor most recently published by HUD in the Federal Register in accordance with 24 CFR part 888... unassisted housing in the area to ensure that adjustments in the Contract Rents shall not result in material differences between the rents charged for assisted and comparable unassisted units. Contract Rents may...

  13. 24 CFR 850.153 - Rent control.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Rent control. 850.153 Section 850... PROGRAM) HOUSING DEVELOPMENT GRANTS Project Management § 850.153 Rent control. A project constructed or substantially rehabilitated with a housing development grant is not subject to State or local rent...

  14. The carbon rent economics of climate policy

    International Nuclear Information System (INIS)

    By reducing the demand for fossil fuels, climate policy can reduce scarcity rents for fossil resource owners. As mitigation policies ultimately aim to limit emissions, a new scarcity for “space” in the atmosphere to deposit emissions is created. The associated scarcity rent, or climate rent (that is, for example, directly visible in permit prices under an emission trading scheme) can be higher or lower than the original fossil resource rent. In this paper, we analyze analytically and numerically the impact of mitigation targets, resource availability, backstop costs, discount rates and demand parameters on fossil resource rents and the climate rent. We assess whether and how owners of oil, gas and coal can be compensated by a carbon permit grandfathering rule. One important finding is that reducing (cumulative) fossil resource use could actually increase scarcity rents and benefit fossil resource owners under a permit grandfathering rule. For our standard parameter setting overall scarcity rents under climate policy increase slightly. While low discount rates of resource owners imply higher rent losses due to climate policies, new developments of reserves or energy efficiency improvements could more than double scarcity rents under climate policy. Another important implication is that agents receiving the climate rent (regulating institutions or owners of grandfathered permits) could influence the climate target such that rents are maximized, rather than to limit global warming to a socially desirable level. For our basic parameter setting, rents would be maximized at approximately 650 GtC emissions (50% of business-as-usual emissions) implying a virtual certainty of exceeding a 2 °C target and a likelihood of 4 °C warming. - Highlights: • Fossil resource rents form a substantial share of the global GDP. • Fossil resource owners can benefit from climate policy. • Climate targets might be influenced by rent-maximizing aspects

  15. E-Cash Payment Protocols

    Directory of Open Access Journals (Sweden)

    Shweta Srivastava

    2012-09-01

    Full Text Available E-cash is a payment system designed and implemented for making purchases over open networks such as the Internet. Need of a payment system which enables the electronic transactions are growing at the same time that the use of Internet is growing in our daily life. Present days electronic payment systems have a major problem, they cannot handle the security and the users anonymity and at the same time these systems are secure on the cost of their users anonymity. This paper shows the payment protocols for digital cash and discusses how a digital cash system can be formed by presenting a few of the present days digital cash systems in details. We also provide a comparison and determine them together to see which one of them fulfils the properties for digital cash and the required security level.

  16. Evaluation of economic rent of hydropower projects

    International Nuclear Information System (INIS)

    Existing studies have mostly estimated the ex post economic rent of hydropower for the hydroelectric system of a province or a country as a whole and have ignored the site- or project-specific variations in the economic rent of hydropower plants. Further, most of the existing studies have used simplified methods to calculate the rent ex post. This paper presents a rigorous methodology for estimation of site-specific (i.e., project specific) economic rent of hydropower ex ante. It applies the methodology in the case of a hydropower project and analyzes the sensitivity of the rent to variations in some key parameters.

  17. An Investigation into Cash Flow Forecasts Practices

    OpenAIRE

    Kum, Chi Leng

    2010-01-01

    Cash flow forecasts are the most important step in the capital budgeting process in terms of planning effectively to finance for cash deficit and invest cash surplus for capital expenditure decisions. Despite its importance, little progress has been made in its estimation process, due to the difficulty of producing accurate cash flow numbers for the analysis of capital budgeting decisions. This management project details the investigation of the cash flow forecasts practices and highlights so...

  18. Understanding the Cash Flow-Fundamental Ratio

    OpenAIRE

    Chyi-Lun Chiou

    2015-01-01

    This article investigates the use of cash flow-fundamental ratio in forecasting stock market return and examines implications behind this ratio. By presuming the dynamics of cash flow-fundamental ratio I identify the relationship between economic uncertainty and risk premium. The evidence shows that cash flow-fundamental ratio is procyclical and is a predictor of cash flow growth and excess returns. The cash flow-fundamental ratio is proved to be negatively associated with risk premium. I als...

  19. 24 CFR 884.109 - Rent adjustments.

    Science.gov (United States)

    2010-04-01

    ... assisted and comparable unassisted units, as determined by HUD: Provided, however, That this limitation shall not be construed to prohibit differences in rents between assisted and comparable unassisted...

  20. Power and rents - political influence on rent extraction: Quasi-experimental evidence for Bavaria

    OpenAIRE

    Schötz, Lukas

    2016-01-01

    The pursuit of individual rents by political representatives is recognized as one of the major shortcomings of political systems. While both legal and illegal types of rents are distributed by political decisions, research has focused primarily on illegal rent-seeking by politicians. This article examines the extent to which elected Bavarian mayors are provided with legal political rents. As independently elected councils determine the remuneration of mayors in Bavarian municipalities, an exa...

  1. 41 CFR 102-85.120 - What is shell Rent?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false What is shell Rent? 102... GSA SPACE Rent Charges § 102-85.120 What is shell Rent? Shell Rent is that portion of GSA Rent charged for the building envelope and land. (See § 102-85.35 for the definition of building shell.)...

  2. 19 CFR 148.39 - Rented automobiles.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 2 2010-04-01 2010-04-01 false Rented automobiles. 148.39 Section 148.39 Customs... automobiles. (a) Importation for temporary period. An automobile rented by a resident of the United States... (HTSUS) (19 U.S.C. 1202), without payment of duty. The automobile shall be used for the transportation...

  3. Accounting management software intellectual rent companies

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2015-12-01

    Full Text Available Економічні науки. – 2015. – № 4 (74. – P. 43–49: Table 4. – Refs.: 22. As a result of the study it has been established that intellectual rent as additional income arises resulting from the usage of intellectual property objects. At present the issue of the accounting reflection of transactions that form intellectual rent remains to be not thoroughly disclosed and requires more depth study for improving the performance of the innovative enterprises as well as for increasing the informativeness of the accounting system. In connection with the above defined organizational and methodical aspects of accounting operations with intellectual rent in assessing the rents of its type, the definition of accounts for the accounting reflection of the order determining the amount of intellectual rent on accounting data. Proposed document that would facilitate the work of accountants for the calculation of the amount of intellectual rent and provide information about the effectiveness of the company. Application of the proposed method of accounting reflect the formation and distribution of intellectual rent allows management personnel to provide the necessary innovative activity of the enterprise information management rent, since it is a type of income of the enterprise.

  4. 78 FR 42524 - Leasing versus Renting

    Science.gov (United States)

    2013-07-16

    ... GENERAL SERVICES ADMINISTRATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION Leasing versus Renting... assist in determining if there is a distinction between leasing and renting that is useful for the... address real property or its leasing. DATES: Interested parties should submit written comments to...

  5. Mine rent and the new economic system

    Energy Technology Data Exchange (ETDEWEB)

    Cadan, K. (Federalni Ministerstvo Paliv a Energetiky, Prague (Czechoslovakia))

    1989-09-01

    Reviews historical concept of ground rents with reference to works of Adam Smith and David Ricardo and to 19th century capitalism and Marxism-Leninism. Asks whether mine rents can exist under a socialist system and examines theoretical basis for mine rents, which includes socio-economic aspects, geological conditions, proximity to markets and environmental considerations. Compares mine rents with agricultural land rents and analyzes value of end product (coal) and effect of pricing method on it. Explains pricing system in Czechoslovakia, which involves 3 groupings: coking coal, coke and energy coal (including briquets), the price of each of which is set according to average costs and geological conditions. Surplus revenue (or positive mine rent) only arises therefore at mines where the production costs are lower than fixed trade prices. Discusses in general terms application of new economic system (perestroika) to concept of mine rent and assessment of mine profitability and concludes that method of pricing solid fuels will play a decisive role. 4 refs.

  6. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  7. Integrating profitability prospects and cash management

    OpenAIRE

    Décamps, Jean-Paul; Villeneuve, Stéphane

    2015-01-01

    We develop a bi-dimensional dynamic model of corporate cash management in which shareholders learn about a firm's profitability and weigh the costs and benefits of holding cash. We explicitly characterize the optimal payout policy. We explain how the evolution of the strength of shareholders' beliefs about profitability and changes in corporate cash management are intertwined. The model predicts that both cash target levels and target dividend payout ratios are increasing in profitability pro...

  8. Stochastic Control Model on Rent Seeking

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    A continuous-time stochastic model is constructed to analyze how to control rent seeking behaviors. Using the stochastic optimization methods based on the modern risky theory, a unique positive solution to the dynamic model is derived. The effects of preference-related parameters on the optimal control level of rent seeking are discussed, and some policy measures are given. The results show that there exists a unique solution to the stochastic dynamic model under some macroeconomic assumptions, and that raising public expenditure may have reverse effects on rent seeking in an underdeveloped or developed economic environment.

  9. Entrepreneurial Vision, Information, and Cash

    NARCIS (Netherlands)

    A. Boot; V. Vladimirov

    2014-01-01

    We analyze when entrepreneurial firms hoard more cash and when instead they raise more external financing to co-finance new investments. Our simple dynamic model focuses on differences in vision between the firm's manager and financiers: they may disagree about the attractiveness of new investment o

  10. Pawn Shop,Cash Cow

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    An expat in Beijing once wrote these words on his blog,"If you are anxious to exchange your valuables for cash,or want to collect some treasures in Beijing,you may visit Bao Rui Tong Pawn Shop which features agreeable environment,reliable credit,guaranteed quality and profes- sional service."That releases the com-

  11. Converting accounts receivable into cash.

    Science.gov (United States)

    Folk, M D; Roest, P R

    1995-09-01

    In recent years, increasing numbers of healthcare providers have converted their accounts receivable into cash through a process called securitization. This practice has gained popularity because it provides a means to raise capital necessary to healthcare organizations. Although securitization transactions can be complex, they may provide increased financial flexibility to providers as they prepare for continuing change in the healthcare industry. PMID:10145096

  12. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Tănase Alin-Eliodor; Calota Traian-Ovidiu

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  13. 7 CFR 3560.202 - Establishing rents and utility allowances.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Establishing rents and utility allowances. 3560.202... Establishing rents and utility allowances. (a) General. Rents and utility allowances for rental units in Agency... Agency. (b) Agency approval. All rents and utility allowances set by borrowers are subject to...

  14. 7 CFR 3560.205 - Rent and utility allowance changes.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Rent and utility allowance changes. 3560.205 Section..., DEPARTMENT OF AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Rents § 3560.205 Rent and utility allowance changes. (a) General. Borrowers must fully document that changes to rents and utility...

  15. Inflation, operating cycle, and cash holdings

    Institute of Scientific and Technical Information of China (English)

    Yanchao; Wang; Yu; Ji; Xu; Chen; Chunlei; Song

    2014-01-01

    A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash.At the macrolevel,firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation.At the microlevel,the operating cycle,which indicates the speed and turnover of corporate cash flow,also influences the corporate cash-holding strategy.Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment,which is referred to as the cash adjustment strategy.We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period.Consistent with our predictions,the empirical results indicate a significant negative association between cash holdings and the CPI,but the relationship is reversed when the CPI reaches a certain level.There is also a U-shaped relationship between operating cycle and cash holdings,and this relationship is similarly influenced by changes in the inflation level.In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously,our findings supplement the literature on firms’cash-holding strategies and provide theoretical and practical implications.

  16. Fair Electronic Cash Based on Double Signatures

    Institute of Scientific and Technical Information of China (English)

    陈晓峰; 王常杰; 王育民

    2002-01-01

    In order to decrease crimes such as money laundering, blackmailing etc. inelectronic cash systems, fair electronic cash has been a major focus of academic research inelectronic commence. When a bank finds some dubious cash or owner, the trusted entity ortrustee can help him to revoke the anonymity of the cash. In the previous protocols, the trusteeknows all the information of the cash whether he is trusted or not, that is, he can trace the useror cash unconditionally. Furthermore, the dishonest trustee may deceive a user, which meansthat he may withdraw cash while tracing other users. Such cases are unfair to the honest users.A new fair electronic cash protocol based on untrustworthy trustees is proposed in thispaper. The key idea is that the coin structure should include the signatures of both the trusteeand the bank so that the trustee shares the information of the cash with the bank, while we donot use the secret sharing scheme. In contrast with the previous protocols, neither the trusteenor the bank can trace the money without the help of the other entity. In this way, the privacyof the user is protected furthest. Also, the trustee is off-line in the protocol, which meansthat he will not be involved in withdrawing the cash. Therefore, the protocol is efficient forimplementation.

  17. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  18. 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.

  19. The Market for Electronic Cash Cards

    OpenAIRE

    Shy, Oz; Tarkka , Juha

    1998-01-01

    We develop a theoretical framework aimed to model the pricing of electronic money (electronic cash cards) and the market domain in which it will be used. We first calculate the fee structures of electronic cash- and charge-card industries for the monopoly and competitive cases. We show that the different market structures do not affect the domain of electronic cash cards and the displacement of currency in daily transactions. We provide a welfare analysis to determine whether a market equilib...

  20. 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.

  1. 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. PMID:24982931

  2. 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.

  3. 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. PMID:23614264

  4. Incentive Compatible Extraction of Natural Resource Rent

    OpenAIRE

    Cornelia Luchsinger; Adrian Müller

    2003-01-01

    The exploitation of natural resources often generates considerable economic rent. Since such so-called resource rents accrue due to innate characteristics of the resource itself thus reflecting its eco-nomic value and not due to managerial abilities of the exploiting firm, at least part of it should - as a price for the use of the resource – be collected by the owner of the resource, which is often the gov-ernment. As the owner of the resource faces a classical principal-agent problem, the in...

  5. 24 CFR 983.303 - Reasonable rent.

    Science.gov (United States)

    2010-04-01

    ... other comparable unassisted units. (2) In determining the reasonable rent, the PHA must consider factors... units in the private unassisted market, which may include comparable unassisted units in the premises or... determined, including major differences between the contract units and comparable unassisted units. (3)...

  6. 24 CFR 886.312 - Rent adjustments.

    Science.gov (United States)

    2010-04-01

    ... levels of such expenses in comparable assisted and unassisted housing in the area to ensure that... assisted and comparable unassisted units. Contract rents may be adjusted upward or downward as may be...) Comparability between assisted and unassisted units. Notwithstanding any other provisions of this...

  7. Rent seeking with efforts and bids

    NARCIS (Netherlands)

    Haan, M.A.; Schoonbeek, L.

    2003-01-01

    We introduce bids in a rent-seeking contest. Players compete for a prize. Apart from exerting lobbying efforts, they also submit a bid which is payable only if they win the prize. We show that our model has a unique Nash equilibrium in pure strategies, in which each active player submits the same bi

  8. 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...

  9. 25 CFR 141.19 - Check cashing.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Check cashing. 141.19 Section 141.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES BUSINESS PRACTICES ON THE NAVAJO, HOPI AND ZUNI RESERVATIONS General Business Practices § 141.19 Check cashing. (a) A reservation...

  10. 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.

  11. 12 CFR 220.8 - Cash account.

    Science.gov (United States)

    2010-01-01

    ... Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CREDIT BY...; cancellation or liquidation—(1) Full cash payment. A creditor shall obtain full cash payment for customer... additional payment period. (4) Cancellation; liquidation; minimum amount. A creditor shall promptly cancel...

  12. Gas power production, surplus concepts and the transformation of hydro-electric rent into resource rent

    Energy Technology Data Exchange (ETDEWEB)

    Amundsen, Eirik S. [Department of Economics, University of Bergen, Bergen (Norway)

    1997-06-01

    The paper considers the effects of introducing large scale gas power production capacity into an electricity sector based on hydropower. In this process the economic rent is transmitted from the hydro power sector to the resource rent in the gas power sector, but is along the way intermingled with ordinary producer surplus and quasi-rent stemming from increasing cost conditions in the production infrastructure and capacity constraints. The net effect on total rent generated depends on development in demand, demand elasticities, costs saved from delaying hydropower projects and the existence of producer surplus in gas power generation. The paper closes with a discussion of possible tax base changes following from the introduction of a thermal power system based on natural gas

  13. Szacowanie podstawy opodatkowania w przypadku umowy cash poolingu

    OpenAIRE

    Witczak, Radosław

    2013-01-01

    In the article the tax effects of cash pooling were presented. The scope and types of cash pooling contract were presented. The rules concerning the VAT and tax on civil law transactions and cash pooling were described. The tax effects of cash pooling caused by corporate income tax were discussed. The areas of tax risk concerning the use of cash pooling in respect of transfer pricing were given. The possibility of tax assessment in case of cash pooling was discussed.

  14. Assets Expropriation via Cash Dividends?Free Cash Flow or Tunneling

    Institute of Scientific and Technical Information of China (English)

    Jeng-Ren Chiou; Yenn-Ru Chen; Ting-Chiao Huang

    2010-01-01

    This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms’ dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  15. An Internet Based Anonymous Electronic Cash System

    Directory of Open Access Journals (Sweden)

    Israt Jahan

    2015-04-01

    Full Text Available There is an increase activity in research to improve the current electronic payment system which is parallel with the progress of internet. Electronic cash system is a cryptographic payment system which offers anonymity during withdrawal and purchase. Electronic cash displays serial numbers which can be recorded to allow further tracing. Contrary to their physical counterparts, e-cash have an inherent limitation; they are easy to copy and reuse (double-spending. An observer is a tamper-resistant device, issued by the Internet bank, which is incorporated with the Internet user’s computer that prevents double-spending physically, i.e., the user has no access to her e-cash and therefore he cannot copy them. In this paper, we shall present an anonymous electronic cash scheme on the internet which incorporates tamper-resistant device with user-module.

  16. 24 CFR 901.20 - Indicator #3, rents uncollected.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT PUBLIC HOUSING MANAGEMENT ASSESSMENT PROGRAM § 901.20 Indicator #3, rents uncollected. This indicator examines the PHA's ability to collect dwelling rent owed by residents in possession... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Indicator #3, rents...

  17. 24 CFR 582.305 - Housing quality standards; rent reasonableness.

    Science.gov (United States)

    2010-04-01

    ... as not in excess of rents currently being charged by the same owner for comparable unassisted units. For SRO, rents are calculated in accordance with 24 CFR 882.805(g). ... reasonable in relation to rents being charged for comparable unassisted units, taking into account...

  18. 27 CFR 6.35 - Renting display space.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Renting display space. 6.35 Section 6.35 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU... Renting display space. The renting of display space by an industry member at a retail...

  19. 27 CFR 6.56 - Renting display space.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Renting display space. 6.56 Section 6.56 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU... Distribution Service § 6.56 Renting display space. A promotion whereby an industry member rents display...

  20. Solar energy, a cash machine

    International Nuclear Information System (INIS)

    A first article outlines that the solar energy sector attracts investors which are looking for secure returns. It is notably the case in the United States where companies are undergoing spectacular growth: solar installations are perceived as cash flow factories. A second article comments the consequences of this evolution of investments: the photovoltaic sector is now competitive and thus enters a new dimension with a mass development (indicators of installed power as it is in 2014 and will be 2019 are given for the main markets which are USA, Chile, Europe, South Africa, India, China, Japan and Australia). A third article comments this increase of investors who decide to invest in industries related to energy transition as they perceive these investments less risky on the long term, notably in relationship with climate. The success of crowd-funding practices is briefly evoked for projects related to sustainable development

  1. Must producers earn a resource rent?

    Energy Technology Data Exchange (ETDEWEB)

    Austvik, Ole Gunnar

    2003-07-01

    In petroleum producing countries it has been a prevailing opinion that a resource rent should be earned by petroleum producers due to the commodities' non-renewable nature. An important element in this logic is that the supply of oil and natural gas is limited to relatively few places in the world. As the resources are exploited, the remaining reserves are reduced. What is extracted today cannot be extracted tomorrow. Rationing of the scarce resource takes place through pricing mechanisms. Due to the scarcity the consumers must pay a higher price than the marginal production costs, so that the amounts supplied and demanded become equal. Most producers of oil and gas and not just the ones that produce the cheapest, have therefore until now earned an economic rent.

  2. The Ricardian rent theory two centuries after

    OpenAIRE

    Christian Bidard

    2014-01-01

    We propose to re-read Ricardo's theory of rent and its modern versions. Ricardo's dynamic approach follows the transformations of a long-term equilibrium with demand. Sraffa adopted the same framework while substituting a value criterion for a physical criterion to determine the incoming marginal method, but he did not state the law of succession of methods explicitly. This prevented him to realize that his critique opens the door to all complications of capital the ory, with the consequence ...

  3. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    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.

  4. Anonymous Fingerprinting Based on Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    CHENXiaofeng; ZHANGFangguo; WANGJilin; WANGYumin

    2003-01-01

    A new anonymous fingerprinting protocol based on the principle of electronic cash is proposed in this paper.Redistributing a data item is equal to doublespending electronic cash.Contrasting with the previous coin-based anonymous fingerprinting protocol,we use the real electronic cash to trace traitors instead of the "coins" which serve only as a cryptographic primitive and have no monetary value,so it is easily understood and the bank does not need key-distribution and registration to prepare the "coina".

  5. Does direct cash flow presentation help in predicting future operating cash flow?

    OpenAIRE

    Simões, Flavio Manuel Vilas-Boas

    2012-01-01

    Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net inco...

  6. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES JURISDICTIONAL SEPARATIONS... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if...

  7. 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

  8. Cash flow forecasting in startup companies

    OpenAIRE

    Zhou, Yang

    2016-01-01

    This study examines cash flow forecasting practices in the context of the startup company phenomenon in Finland. The first objective of this study is to investigate that how cash flow forecasting has been practiced in startup companies. A startup company is a young innovative organization founded to seek a scalable and repeatable business model, in this sense growth has become the most important topic for startup companies. Therefore, secondary objective of this study is to investigate how a ...

  9. 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.

  10. Forecasting Daily Demand in Cash Supply Chains

    OpenAIRE

    Michael Wagner

    2010-01-01

    Problem statement: Previous studies focused on explaining the long run determinants of currency demand offering limited insight into the short-run determinants and co-variability of daily demand in cash supply chains. Approach: This study contrasted competing techniques of forecasting daily demand in cash supply chains in order to determine the overall performance and the potential of joint forecasting for integrated planning. A joint forecasting approach was compared with...

  11. Cash Holdings and Finance Constraints in Indian Manufacturing Firms

    OpenAIRE

    Vikash Gautam; Ashish Singh; Sarthak Gaurav

    2014-01-01

    This paper attempts to explore the effect of finance constraints by examining the propensity of firms to save cash out of cash flows. Drawing on cash-cash flow sensitivity (CCFS), we overcome the errors in attributing information in cash flows to real and financial components. We employ endogenous regime switching model for our empirical exercise. This model allows for multiple sorting variables, does not require finance constraints to increase monotonically with the sorting variables and ena...

  12. Determination of Optimal Cash Position of Mutual Fund

    Institute of Scientific and Technical Information of China (English)

    陈铭新; 张世英

    2003-01-01

    Cash position, held by mutual fund with purpose to satisfy investors′ redemption, will inevitably generate certain amount of cost. In this paper, the total cost caused by cash position is divided into opportunity cost and shortage cost, and a model is constructed to describe the relationship between total cost and cash position along with investors′ purchase and redemption, from which the formula of optimal cash position is deduced. Finally, the adjustment of optimal cash position in different market situations is discussed.

  13. Product market integration, rents and wage inequality

    DEFF Research Database (Denmark)

    Andersen, Torben M.; Sørensen, Allan

    Globalization in the form of product market integration affects labour markets and produces winners and losers. While there are aggregate gains, it is in general ambiguous how inequality is affected. We explore this issue in a Ricardian model and show that it depends on the balance between...... "protection" and "specialization" rents. In particular, wage inequality among similar workers (residual wage inequality) may be U-shaped, at first decreasing and then increasing in the process of product market integration. Consequently, there may be gains in both the efficiency and the equity dimension until...

  14. Lessee behavior under a resource rent tax

    Energy Technology Data Exchange (ETDEWEB)

    Ramoo, R.T.

    1993-12-31

    The vast mineral resources in the outer continental shelf (OCS) are exclusively owned by the US government. Rights to exploit these publicly owned resources are granted to private firms under contracts called leases. The leasing system is critical not just in determining government revenue, but also the rate and length of output from individual fields, production costs, and returns to the private developer. In general, the conditions that reduce lessee uncertainty, increase effective competition for leases, increase efficiency of resource extraction, and internalize externalities tend to favor maximum rent capture.

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

    Directory of Open Access Journals (Sweden)

    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.

  16. Rent-seeking and quota regulation of a renewable resource

    OpenAIRE

    Bergland, Harald; Clark, Derek J.; Pedersen, Pål Andreas

    2001-01-01

    The paper deals with rent-seeking behaviour among agents competing for future shares of a common renewable natural resource. Rent-seeking might become profitable when the agents expect that the distribution of the natural resource in future periods will be dependent on the agents' extraction of the resource in the past, even though high exploitation might reduce the stock that future individual quotas will be based upon. Whether aggressive rent-seeking behaviour by one agent will encourage ot...

  17. Redistribution natural resource rents for welfare society: experience Alaska

    OpenAIRE

    Sherstyukova, Karyna

    2016-01-01

    The aim of article is an investigation of mechanism and conditions of the efficiency of distribution and redistribution models of natural resources rents, as well as the World Experience of. Using of redistribution mechanism of rents for the public welfare.The study used general scientific and special methods, in particular: the dialectic, the theoretical generalization and comparison, analysis and synthesis - when determining the basic principles of the system and elements of rent redistribu...

  18. A Fair E-Cash Payment Scheme Based on Credit

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    A new fair e-cash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by bank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dispute resolution when there is a dissension between user and merchant. It can avoid the problem of partition e-cash for changes, prevent from reusing e-cash and faking e-cash. It fits justice, anonymity, non-deny and impartiality.

  19. Water rent: essence, sources of formation and accounting reflection

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2016-06-01

    Full Text Available There is the urgent necessity of the transition to a higher level of economic relations in the system of environmental management in the present conditions of economy of the country. As a result, the issues like formation of information support for water rent management, determining the ways of its calculation, distribution as well as usage of water rents require urgent solutions. The study focuses on the essence of water rent and forming organizational and methodological provisions of its accounting reflection to ensure sustainable ecological and economic development of the enterprise. As a result of research the classification of water rent, that affects reflection of such rent in accounting has been formed. It is established that the amount of water rent for accounting reflection can be defined as the difference between actual and normal profit of enterprise-water users. A number of analytical accounts of first and second order as well as the typical correspondence of accounts for accounting reflection of water rent have been suggested. The information from the Report on the formation of water rent that contains data on the sources of payback of expenses incurred for the maintenance of water bodies and the impact of ecological condition of water body on the size of water rent has been suggested to be used in order to manage the size of water rent and expenses incurred to obtain it. Thus, determining the amount of water rent will allow management personnel to adjust the activity of the company in accordance with the strategic objectives of the company’s development regarding the profitability and compliance with the concept of sustainable development.

  20. VAT Cash Accounting Scheme in Romania

    Directory of Open Access Journals (Sweden)

    BUNEA-BONTAS Cristina Aurora

    2013-05-01

    Full Text Available VAT cash accounting enables the small enterprises to account for VAT on the basis of payments received and made, instead of on tax invoices issued and received. Accordingly, the VAT payable or repayable for each accounting period is the difference between the total amount of VAT included in payments received from the customers and the total amount of VAT included in payments made to the suppliers. The VAT cash accounting scheme, recently introduced for the Romanian companies by Government Ordinance no. 15/2012, entered into force on January 1st, 2013. This article reviews the basic principles of VAT cash accounting and highlights its benefits and disadvantages. It also discusses the impact and the challenges for the Romanian companies, due to the particularities of the system.

  1. An Efficient Fair Electronic Cash System

    Institute of Scientific and Technical Information of China (English)

    Guo Tao(郭涛); Li Zhitang; Tan Yunmeng; Wu Shizhong

    2003-01-01

    In this paper, an efficient fair e-cash system is presented. Based on the improved Brands' e-cash scheme, it is expanded by adding two roles, government and judges. The user can keep unconditionally anonymous in normal transactions. Authorized by the judges, the government can remove the identity of an illegal user with the help of the bank. So such misuse as blackmailing or money laundering can be prevented. Therefore, this scheme is more efficient, more suitable for adopting pre-processing and post-processing and more practical. In the paper, the details of the scheme are described, its security is proved, and its efficiency is analyzed.

  2. CASH FLOW REPORTING AND CREATIVE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available Within the wide field of creative accounting, the main preoccupation of researchers surrounded earnings management. The current study comes to acknowledge that creative cash flow may distort the assessment of financial performance and should therefore, become a subject of the same interest for analysts and investors, as earnings management is. In order to reach the objective proposed, there are two hypotheses formulated, to be validated within the research: H1: Creative accounting distorts cash flow reporting within the boundaries of current regulations. H2: Real activity manipulation alters significantly the operating cash flow. The steps followed were analyzing the accounting standard related to cash flow statement, IAS 7, in order to uncover issues not taken into account, or options of allocation provided for accountants, which could lead to opportunistic choices and lack of comparability. The relevant literature was reviewed, so as to identify the opinions of accounting and finance specialists related to this subject, the results of their scientific process. The final step was a synthesis of relevant results and observations, which lead to the acceptance of the hypothesis of the research. Moreover, several techniques were identified, both related to creative accounting and to real activity manipulation, influencing mainly the figure reflecting operating cash flow, and thus the image on the potential of business continuity. Main conclusions were that the techniques applied were within the limits set by the standard: opportunistic allocation of dividends and interest collected or paid misallocation of certain activities like sale of receivables, but mainly recording non-recurring events into the operating cash flow, without separate notes of information or adjustments. Real activity manipulation should also be considered as it is even more difficult to detect, unless analysis is also performed on notes to financial reports and the figures

  3. Life Insurance Cash Flows with Policyholder Behavior

    Directory of Open Access Journals (Sweden)

    Kristian Buchardt

    2015-07-01

    Full Text Available The problem of the valuation of life insurance payments with policyholder behavior is studied. First, a simple survival model is considered, and it is shown how cash flows without policyholder behavior can be modified to include surrender and free policy behavior by calculation of simple integrals. In the second part, a more general disability model with recovery is studied. Here, cash flows are determined by solving a modified Kolmogorov forward differential equation. We conclude the paper with numerical examples illustrating the methods proposed and the impact of policyholder behavior.

  4. A Rent-Seeking Experiment for the Classroom

    Science.gov (United States)

    Strow, Brian Kent; Strow, Claudia Wood

    2007-01-01

    Recent research has demonstrated that active learning techniques improve student comprehension and retention of abstract economic ideas such as rent seeking. Instructors can reinforce the concept of rent seeking with a classroom game, particularly one involving real money. The authors improve upon a game first introduced by Goeree and Holt (1999)…

  5. Election cycles in natural resource rents: Empirical evidence

    NARCIS (Netherlands)

    Klomp, Jeroen; Haan, de Jakob

    2016-01-01

    We examine whether governments' natural resource rents are affected by upcoming elections and if so, whether the incumbent uses these additional rents for re-election purposes. Estimates of a dynamic panel model for about 60 countries for 1975-2011 suggest that elections increase natural resource

  6. Contesting Resources - Rent Seeking, Conflict and the Natural Resource

    NARCIS (Netherlands)

    Wick, A.K.; Bulte, E.H.

    2006-01-01

    A growing empirical literature links natural resource abundance and "pointiness" to impeded economic growth and civil strife. We develop rent seeking and conflict models that capture the most salient features of contests for resource rents, and show how both resource abundance and geographical clust

  7. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  8. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  9. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    OpenAIRE

    Odd A. Asbjørnsen

    1983-01-01

    The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

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

    OpenAIRE

    Negrea Laura Georgeta; Matis Dumitru; Mustata V. Razvan

    2011-01-01

    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...

  11. How Do Firms Finance Large Cash Flow Requirements?

    OpenAIRE

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren

    2008-01-01

    How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their leverage back to pre-shock levels by retiring debt and issuing equity. Financing patterns during a ...

  12. How Do Firms Finance Large Cash Flow Requirements?

    OpenAIRE

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren

    2008-01-01

    How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their leverage back to pre-shock levels by retiring debt and issuing equity. Financing pat...

  13. 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...

  14. CASH ACCOUNTING STANDARDIZATION IN THE PUBLIC SECTOR

    OpenAIRE

    Cenar Iuliana

    2010-01-01

    An important component of public institutions’ accounting is represented by cashaccounting. At the same time, the normalization, harmonization and convergence of accounting arethe chronological stages generated by globalization. The paper approaches aspects regarding therole of the budget within public institutions’ accounting, the management of public financialresources, the cohabitation need between cash accounting and accrual accounting, the provisionsof international accounting referentia...

  15. 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.

  16. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

    ... funds that an institution receives from the Secretary under the just-in-time payment method. (b) Excess...; and (2) Providing funds to the institution under the reimbursement payment method or cash monitoring payment method described in § 668.163(d) and (e), respectively. (Authority: 20 U.S.C. 1094)...

  17. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal. PMID:10302282

  18. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or...

  19. Hydroelectric rent and precipitation variability: the case of Norway

    International Nuclear Information System (INIS)

    Norway is about to reorganize its electricity production sector from a predominantly administered one to one which is based on market prices and principles of efficiency. The objective of this paper is to model the energy sector and to measure the size of hydro rent before and after the reorganization. We construct a regionally diversified and integrated equilibrium model of production, transmission and distribution of hydroelectricity. Particular attention is paid to the role of precipitation variability for the size and regional variation of hydro rent. We consider alternative routes for assessing the size of hydro rent in a long-run perspective. (author)

  20. Rents have been rising, not falling, in the postwar period

    OpenAIRE

    Bridget Cronin; Leonard I. Nakamura; Richard Voith

    2008-01-01

    Until the end of 1977, the U.S. consumer price index for rents tended to omit rent increases when units had a change of tenants or were vacant, biasing inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced this nonresponse bias, but substantial bias remained until 1985. The authors set up a model of nonresponse bias, parameterize it, and test it using a BLS microdata set for rents. From 1940 to 1985, t...

  1. Rents in property rights creation and implementation

    Directory of Open Access Journals (Sweden)

    Žarković Jelena

    2006-01-01

    Full Text Available The institution of property rights is increasingly being recognized as an essential building block of an economically prosperous society. The question that remains unanswered however, is how do we develop effective property rights institutions? The literature dealing with the development of property rights tends to be, in general, overly optimistic since there is a tendency to view the design of property rights institutions as optimizing decisions to economize on transaction costs and to facilitate new economic activities. On the other hand, since property rights define the distribution of wealth and political power in a society changes in property rights structures are likely to be influenced by more than pure efficiency considerations. Therefore, in order to achieve a balanced analysis of the evolution of property rights institutions our article introduces the state in the whole process. Following the propositions of the interest group theory of government we show an important relationship between rent seeking and state involvement in property rights creation. The state with a coercive power to establish and enforce property rights can also use that power, through the process of economic regulation, to redistribute property rights to politically influential interest groups. Herein lies the state failure in property rights creation.

  2. Prudency reviews, cash management issues emerge

    Energy Technology Data Exchange (ETDEWEB)

    1985-06-01

    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification.

  3. 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.

  4. HK Shop Rents to Soar as Tourism Booms

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The expansion of Abercrombie & Fitch Co and Gap Inc in Hong Kong may help push shop rents in the Central business district up almost 50 percent over the next three years, according to Jones Lang LaSalle Inc.

  5. Cash flow management in construction firms

    OpenAIRE

    Mutti, Cristine do Nascimento; Hughes, Will

    2002-01-01

    The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there ...

  6. Contesting Resources - Rent Seeking, Conflict and the Natural Resource

    OpenAIRE

    Wick, A.K.; Bulte, E.H.

    2006-01-01

    A growing empirical literature links natural resource abundance and "pointiness" to impeded economic growth and civil strife. We develop rent seeking and conflict models that capture the most salient features of contests for resource rents, and show how both resource abundance and geographical clustering can be associated with intense contests and sub-optimal economic performance. However, we also show that these relationships are not necessarily monotonous { pointiness can trigger more inten...

  7. En kop kaffe med biodiversitet og rent drikkevand, tak!

    DEFF Research Database (Denmark)

    Bosselmann, Aske Skovmand

    2012-01-01

    Salg af rent vand, CO2 -kreditter og beskyttelse af biodiversitet kan hjælpe naturen og give en ekstra indkomst til kaffefarmere, der dyrker kaffe i skyggen af træer.......Salg af rent vand, CO2 -kreditter og beskyttelse af biodiversitet kan hjælpe naturen og give en ekstra indkomst til kaffefarmere, der dyrker kaffe i skyggen af træer....

  8. Industrial Rents and Land Values in the Sydney Property Market

    OpenAIRE

    Jinu Kim

    1998-01-01

    This study aims to analyze the performance of industrial rents and land values in the Sydney property market. In the Sydney industrial property market, no growth of the rents and marginal growth of the land values in real terms has been seen between 1976 to 1996. It means that the overall return from an investment in industrial property is achieved largely from initial yield and current rental incomes, rather than rental growth and capital appreciation. The trends of real growth of industrial...

  9. A Lintner Model of Payout and Managerial Rents

    OpenAIRE

    Lambrecht, Bart M.; Myers, Stewart C.

    2012-01-01

    We develop a dynamic agency model in which payout, investment, and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout to smooth their flow of rents. Total payout (dividends plus net repurchases) follows Lintner’s (1956) target adjustment model. Payout smooths out transitory shocks to current income and adjusts gradually to changes in permanent income. Smoothing is accomplished by bo...

  10. Future Rent-Seeking and Current Public Savings

    OpenAIRE

    Ricardo J. Caballero; Pierre Yared

    2008-01-01

    The conventional wisdom is that politicians' rent-seeking motives increase public debt and deficits. This is because myopic politicians face political risk and prefer to extract political rents as early as possible. An implication of this argument is that governments will under-save during a boom, leaving the economy unprotected in the event of a downturn. This view motivates a number of fiscal rules which are aimed at cutting deficits and constraining borrowing so as to limit the size of thi...

  11. Predicting returns and rent growth in the housing market using the rent-to-price ratio: Evidence from the OECD countries

    DEFF Research Database (Denmark)

    Engsted, Tom; Pedersen, Thomas Quistgaard

    We investigate the predictive power of the rent-to-price ratio for future real estate returns and rent growth in 18 OECD countries over the period 1970 to 2011. First, we document that in most countries returns are signi…cantly predictable by the rent-price ratio. An increase (decrease) in the ra......We investigate the predictive power of the rent-to-price ratio for future real estate returns and rent growth in 18 OECD countries over the period 1970 to 2011. First, we document that in most countries returns are signi…cantly predictable by the rent-price ratio. An increase (decrease...

  12. Poker Cash Game: a Thermodynamic Description

    CERN Document Server

    Javarone, Marco Alberto

    2015-01-01

    Poker is one of the most popular card games, whose rational investigation represents also one of the major challenges in several scientific areas, spanning from information theory and artificial intelligence to game theory and statistical physics. In principle, several variants of Poker can be identified, although all of them make use of money to make the challenge meaningful and, moreover, can be played in two different formats: tournament and cash game. An important issue when dealing with Poker is its classification, i.e., as a `skill game' or as gambling. Nowadays, its classification still represents an open question, having a long list of implications (e.g., legal and healthcare) that vary from country to country. In this study, we analyze Poker challenges, considering the cash game format, in terms of thermodynamics systems. Notably, we propose a framework to represent a cash game Poker challenge that, although based on a simplified scenario, allows both to obtain useful information for rounders (i.e., ...

  13. Fair Market Rents (Fair Market Rents For The Section 8 Housing Assistance Payments Program) - National Geospatial Data Asset (NGDA)

    Data.gov (United States)

    Department of Housing and Urban Development — This dataset and map service provides information on Fair Market Rents (FMRs). FMRs are primarily used to determine payment standard amounts for the Housing Choice...

  14. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  15. A Divisible E-cash System Using Secret Sharing

    Institute of Scientific and Technical Information of China (English)

    CHEN Kai; XIAO Guozhen

    2001-01-01

    Divisibility of an e-cash is an impor-tant requirement for a practical e-cash system but hasno practical solution up to now.In this paper,a divis-ible e-cash system for some special applications is pro-posed using the secret sharing scheme.A verifiable se-cret sharing scheme based on the intractable discretelogarithm problem is put forward as the building blockin constructing the e-cash system.The e-cash systemis smart-card oriented and the card is denoted as thehonest dealer to divide the coin in the payment proto-col.The security of the divisible e-cash system can bederived directly from the security of the well-knownSchnorr identification and signature schemes and thesecurity of intractable discrete logarithm problem.

  16. Corporate governance and cash policies of multinational corporations

    OpenAIRE

    Beuselinck, C.; DELOOF, M; Vanstraelen, A.

    2012-01-01

    This study investigates cash policies of multinational corporations (MNCs) for a large sample of European MNCs and their subsidiaries in the period 1998-2004. The results are consistent with the hypothesis that cash holdings depend on a trade-off between the superior knowledge of the subsidiary over headquarters and the agency costs of discretionary behavior by the subsidiary’s management. We find that foreign subsidiaries hold more cash than domestic subsidiaries, although geographical dista...

  17. Determinants of technology usage in outsourced cash flow forecasting service

    OpenAIRE

    Kangas, Antti-Jussi

    2011-01-01

    Cash flow forecasting is an emerging cash management function and business tool that hasn’t received much scientific attention outside the finance and accounting field. Recent technological development of business process automation and networked services has enabled accounting companies to better service their clientele, focusing more towards value-added services. The purpose of this study is to examine the cash flow forecasting services offered by the accounting companies in the SME sect...

  18. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  19. From cash transfers to basic income: An unfolding Indian Agenda

    OpenAIRE

    Standing, Guy

    2014-01-01

    This article provides a review of the arguments for and against cash transfers in India, taking care to distinguish between different types of cash transfer schemes, which include a universal unconditional basic income as well as conditional schemes. The article sets out some principles by which any social policy should be judged and goes on to discuss cash transfers alongside other instruments of social policy, namely the Public Distribution System (PDS) and the Mahatma Gandhi National Ru...

  20. Cash Holdings, Corporate Governance Structure and Firm Valuation

    OpenAIRE

    Kin-Wai Lee; Cheng-Few Lee

    2009-01-01

    Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cas...

  1. Less cash on the counter: Forecasting Finnish payment preferences

    OpenAIRE

    Jyrkönen, Hanna

    2004-01-01

    Finnish payment methods have changed rapidly as payment cards have gained increasing popularity and have, to an extent, replaced cash. This article examines this phenomenon and the trends in cash and electronic payment methods in Finland. It starts with an introduction to the statistical data on different payment methods used at points of sale and their electronification, after which learning curve and dynamic regression models are employed to analyse changes in the share of cash payments. Fi...

  2. Energy rent and public policy: an analysis of the Canadian coal industry

    International Nuclear Information System (INIS)

    This paper analyses issues in resource rent through a case study of the Canadian coal industry. A model of the coal industry is constructed to estimate the magnitude of rent and distribution of coal rent between government and industry over the 30-year period from 1970 to 2000. Disaggregation of results by coal sector shows that rent varied widely, with one sector generating substantial rent and other sectors incurring large losses. The pattern of development of the coal sector followed what can be termed a 'rent dissipation cycle' in which the generation of rent in the profitable sector created excessively optimistic expectations that encouraged new entrants to dissipate rent by developing uneconomic capacity. The analysis also shows that the system used to collect rent was ineffective. The public owner collected only one-third of the rent on the profitable mines and collected royalty revenue from the unprofitable mines even though no rent was generated. The case study illustrates that improvements in private sector planning based on a better appreciation of resource market fundamentals, elimination of government subsidies that encourage uneconomic expansion and more effective rent collection are all needed to avoid rent dissipation and increase the benefits of energy development in producing jurisdictions. The study also illustrates that estimates of rent in the resource sector should disaggregate results by sector and make adjustments for market imperfections to accurately assess the magnitude of potential rent

  3. A NEW ANONYMITY CONTROLLED E-CASH SCHEME

    Institute of Scientific and Technical Information of China (English)

    Zhang Fangguo; Wang Changjie; Wang Yumin

    2002-01-01

    E-cash is a type of very important electronic payment systems. The complete anonymity of E-cash can be used for criminal activities, so E-cash should be anonymity controlled.Moreover, Elliptic Curve Cryptography(ECC) has been regard as the mainstream of current public cryptography . In this paper, a new anonymity controlled E-cash scheme based on ECC for the first time and using a new technology-one-time key pairs digital signature is designed, and its security and efficiency are analyzed. In our scheme, the coin tracing and owner tracing can be implemented.

  4. LIFE STYLE OF RENTED LAND OWNERS IN UBUD SUBDISTRICT

    Directory of Open Access Journals (Sweden)

    A.A. Gde Putra Pemayun

    2015-02-01

    Full Text Available This present study was intended to analyze the Life Style of the Rented Land Owners at Ubud Subdistrict. The problems of the study are formulated as follows: (1 what is the characteristic of the rented land owners at Ubud Subdistrict like? (2 How has the process of life style of the rented land owners at Ubud Subdistrict  taken place? And (3 what is the implication of the life style of the rented land owners on their lives? Qualitative method was employed in the study. The data were processed using observation, interview and documentary techniques. The workability of the law regulating the demand for land at Ubud Subdistrict motivated the land owners to rent out their land to investors. Apart from that, the internal dimension, which is made up of the economical capital, was the most important element as it could activate small, medium and big enterprises. Another aspect was image which was reflected through perception, cognition, motivation, and attitude of individuals as consumers. As an illustration, they built luxurious houses and showed off luxurious cars to show the image that they were new wealthy people. On the other hand, there was external dimension, namely, the highly rapid development of tourism, which could positively and negatively contribute to the life style of the people living at Ubud Subdistrict. Such an implication could not be avoided. The other aspect was consumerism; the consumers were around the symbol and sign. Mass media were the miracles of the object liturgy; pleasure was defined as the realization of freedom, and the human body was the main object of consumers. The last aspect was the government’s policy which determined that Ubud Subdistrict was a tourist destination. As a result, the local people had the opportunity to rent out their land which was used to expand the industry of tourism and to activate the other economic enterprises.

  5. Economic Analysis on Rent of Equipment Lease of Coal Enterprise

    Institute of Scientific and Technical Information of China (English)

    童磊; 王立杰

    2002-01-01

    Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of t he market. The problem in rent calculating of the three kind s of lease that equipment lease company of coal mining often involved was an alyzed. Hope to b e helpful to the decision-making of the equipment lease company of coal mining.

  6. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review... planning and review. (a) An agency shall periodically perform cash management reviews to identify areas...) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL...

  7. 7 CFR 273.20 - SSI cash-out.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false SSI cash-out. 273.20 Section 273.20 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM CERTIFICATION OF ELIGIBLE HOUSEHOLDS § 273.20 SSI cash-out. (a) Ineligibility. No individual who receives supplemental security income (SSI) benefits and/or State...

  8. 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'…

  9. 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...

  10. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  11. 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.

  12. Cash-based interventions: lessons from southern Somalia.

    Science.gov (United States)

    Mattinen, Hanna; Ogden, Kate

    2006-09-01

    Commodity distributions, the predominant relief response, are subject to growing criticism, while donors and humanitarian actors are increasingly viewing cash-based interventions as a viable alternative. This paper aims to contribute to the current debate on cash-based interventions by drawing on the experience of Action Contre la Faim in southern Somalia, where it has implemented cash for work programmes since 2004. The authors conclude that cash-based interventions are a feasible option in complex emergencies as well as in highly insecure environments as long as appropriate modalities are employed and objectives are clearly set in accordance with the needs and the context. Cash as a relief response offers wide-reaching possibilities for the future from both the perspective of the donor/agency and the standpoint of the beneficiary. It enables the beneficiaries to take control of the relief themselves and to adapt it to their individual requirements in a timely manner.

  13. On the use of continued fractions for electronic cash

    Directory of Open Access Journals (Sweden)

    Amadou Moctar Kane

    2010-03-01

    Full Text Available This paper presents an electronic cash scheme using the theory of continuedfractions. Continued fractions have already some utilities in cryptography such asin the cryptanalysis of RSA [17] or in the design of some stream ciphers [9]. Inorder to achieve our prepaid e-cash scheme, we will use the continued fractionexpansion of some irrationals numbers, although the same scheme can beobtain with a block cipher algorithm like AES or with some pseudo-randomgenerators. Our e-cash scheme has two aims: the first one is to create apayment system independent of current constraints such as the revocation ofanonymity (in the double spending case or the obligation for those who want touse the e-cash, to have a bank account.The second aim is to propose here a solution which prevents the copy of our ecoinsand allows if necessary the reimbursement of the user with e-cash.

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

    Directory of Open Access Journals (Sweden)

    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

  15. Bribing potential entrants in a rent-seeking contest

    NARCIS (Netherlands)

    Schoonbeek, L.

    2009-01-01

    We consider a two-stage model of a Tullock rent-seeking contest where one new potential entrant makes his appearance. In the first stage each other player can contribute to bribe this new player to commit not to enter the contest. In the second stage we have the actual contest either with or without

  16. Balti kalleim lao- ning tootmispindade rent on Riias / Kristo Kiviorg

    Index Scriptorium Estoniae

    Kiviorg, Kristo

    2005-01-01

    Ilmunud ka: Delovõje Vedomosti 21. sept. lk. 12. Tootmis- ja laopindade rent Baltimaades ja Soomes. Vt. samas: Tallinnas lao- ning tootmispinnad poolaastaga kallinenud kuni 37%; Helsingis on kõige rohkem tõusnud C-kvaliteediklassi pinnad; Tartu piirkonnas enamik saadaolevaid pindu keskmises või halvas seisukorras

  17. Declining Exhaustible Resource Rent with Small, Distinct Extractive Firms

    OpenAIRE

    John Hartwick; Andrei Bazhanov; Zhen Song

    2007-01-01

    We consider a competitive extraction industry comprising many small firms, each with a slightly different quality of mineral holdings. With "rapidly" declining quality of holding per firm we observe rent declining over and interval. We do not work with the planning solution, commonly invoked in the study of firms with distinct qualities of stock.

  18. The Incidence of Overdissipation in Rent-Seeking Contests

    NARCIS (Netherlands)

    M.R. Baye (Michael); C.G. de Vries (Casper); D. Kovenock (Dan)

    1997-01-01

    textabstractThis paper reconsiders Tullock's analysis of rent seeking and wasteful overdissipation. The purpose of this paper is to point out that even though his original analysis of overdissipation is technically flawed, the definition of overdissipation can be modified to explain instances in whi

  19. Piping cash out of provincial pockets

    International Nuclear Information System (INIS)

    The Vancouver Island Gas Pipeline Project (VIGAS) received funding in 1988, but the project ran into political delays, environmental impact studies and design changes. By the time it was finished in 1991 VIGAS was $110 million over its capital budget of $250 million. Furthermore, it was facing losses of as much as $449 million, a risk that the Province was unwilling to take on. Under a new agreement with Westcoast Energy Inc., the province will pay $120 million cash to Pacific Coast Energy Co., and cede future gas royalties to Centra Gas Inc. It will also defer repayment of $75 million in interest-free loans. The province will then phase out its subsidy for VIGAS customers over the next six years, at which point the pipeline will become an entirely commercial venture with prices based on the market rate

  20. Resource rent taxes and sustainable development: A Mongolian case study

    International Nuclear Information System (INIS)

    Economies rich in mineral resources, need to evaluate the merits of investing rents earned from resource extraction in other income generating activities to sustain the flow of income. It is hence important to estimate and assess the potential uses of the resource rent tax (RRT). This paper illustrates how the reinvestment of the RRT and other government revenue from mining can reduce the depreciation of the mine. This illustration is made with reference to a coal deposit in the Tavan-Tolgoi region of Mongolia. The paper also illustrates impact of mining on the macroeconomic performance of Mongolia. Standard macroeconomic frameworks that ignore the depreciation of mineral assets overstate economic performance. The paper also reviews the political issues and constraints that surround the implementation of the RRT. One option canvassed here is the granting of qualified custodial rights of the RRT to the mining firm. Such qualified rights are pertinent given that the RRT is legally the income owed to the State and investments in ventures such as human capital development can yield returns as high as 10% per annum. This study illustrates that even an investment option yielding an annual 3% return can make a significant difference. - Highlights: • We estimate resource rents owed to the state from energy resource extraction. • We show that mining revenues are over-stated when the depreciation of mineral assets are ignored. • We show that the investment of resource rents offers avenues for sustaining the flow of income. • We argue that the state can grant custody of the rents to mining firms for the management of investments

  1. Fair Market Rents For The Section 8 Housing Assistance Payments Program

    Data.gov (United States)

    Department of Housing and Urban Development — Fair Market Rents (FMRs) are primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for...

  2. 77 FR 69651 - Final Fair Market Rents for the Housing Choice Voucher Program for Small Area Fair Market Rent...

    Science.gov (United States)

    2012-11-20

    .../portal/datasets/fmr.html . Questions related to use of Small Area FMRs or voucher payment standards... program to better understand the programmatic impacts of changing the way voucher payment standards are... URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program for Small Area...

  3. Revenue Management approach to car rental business : Revenue Management guide for Helkama Rent Ltd

    OpenAIRE

    Rantanen, Aimo

    2013-01-01

    The purpose of this product-oriented thesis is to study revenue management as a business practise and and create a Revenue Management guide for the assigning company Helkama Rent Ltd car rental. The guide is supposed to give ideas and a structure for Revenue Management in Helkama Rent Ltd. Helkama Rent Ltd has been struggling with the profitability issues recently. Revenue Management guide will help Helkama Rent to obtain Revenue Management philosophy, and give ideas and tools for more effici...

  4. 36 CFR 18.5 - May property be leased without receiving fair market value rent?

    Science.gov (United States)

    2010-07-01

    ... without receiving fair market value rent? 18.5 Section 18.5 Parks, Forests, and Public Property NATIONAL... leased without receiving fair market value rent? Property may be leased under this part only if the lease requires payment of rent to the government equal to or higher than the property's fair market value...

  5. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  6. Analysis of non-cash Transactions in the Czech Republic

    OpenAIRE

    Boučková, Petra

    2010-01-01

    The thesis is focused on non-cash payments. It is divided into theoretical and practical part. The theoretical part describes the historical development of payment cards and forms that are accessible to the citizens. There are described current news and trends in non-cash payments. The practical part is focused on the development of non-cash transaction in the Czech Republic and comparison of the Member States of the European Union with Czech Republic. Attention is also given access to banks ...

  7. The Variability of Velocity in Cash-In-Advance Models

    OpenAIRE

    Robert J. Hodrick; Narayana Kocherlakota; Deborah Lucas

    1989-01-01

    Early cash-in-advance models have the feature that the cash-in-advance constraint always binds, implying that the velocity of money is constant. Lucas (1984) and Svensson (1985) propose a change in information structure that potentially allows velocity to vary. By calibrating a version of these models using a new solution algorithm, and using U.S. time series data on consumption growth and money growth, we find that in practice the cash-in-advance constraint almost always binds. This result i...

  8. Atomic and efficient e-cash transaction protocol

    Institute of Scientific and Technical Information of China (English)

    王茜; 杨德礼

    2004-01-01

    Atomicity is necessary for reliable and secure electronic commerce transaction and to guarantee the participants'interests. An atomic and efficient e-cash (electronic cash) transaction protocol based on the classical e-cash scheme is presented. The delivery of digital goods is incorporated into the process of payment in the protocol. Apart from ensuring all three levels of atomicity, the novel protocol features high efficiency and practicability with unfavorable strong assumption removed. Furthermore, the proposed protocol provides non-repudiation proofs for any future disputes. At last, analysis of the atomicity and efficiency is illustrated.

  9. 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...... 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....

  10. Why Chinese Consumers Prefer Housing Ownership to Renting Before Marriage: An investigation of Chinese young consumers' rent-versus-buy housing decisions

    OpenAIRE

    Du, Mingjie

    2010-01-01

    This paper aims to investigate the influential factors of Chinese young consumers’ rent-versus-buy housing decisions before marriage, and thus to explain why most Chinese consumers prefer housing ownership to renting or even regard an own-occupied housing as a prerequisite of marriage. The research was based on rich literatures concerning rent-versus-buy housing decisions and consumer decision making theory. A qualitative approach was adopted to conduct the research to gain in-depth insight o...

  11. 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…

  12. Cryptanalysis of One Fair E-cash System

    Institute of Scientific and Technical Information of China (English)

    LIU Li-hua; SHEN Hao

    2006-01-01

    The security of Canard-Traore fair e-cash system scheme was believed to depend on the strong-RSA as sumption and the Decision Diffie-Hellman assumption in groups of unknown order. But it is not the case. The ryptanalysis on Canard-Traore fair e-cash system was presented. An algorithm was designed to show that Canard Traore fair e-cash system is insecure: It is forgeability. Further, two drawbacks on Canard-Traore fair e-cash system scheme were pointed out. One is that those integer intervals for si(i= 1,…, 9) are unappropriate. The other is that the datum s3 in signature data is redundant. Moreover, a minute description of the technique to shun the challenge in the scheme was presented. The technique is helpful for designing new group signature schemes in the future.

  13. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... reliable than the assumptions on which they are based. Most important of these assumptions are—...

  14. Fair Wages and the Co-Employment of Hired and Rented Hands : An Experimental Study

    OpenAIRE

    Alewell, Dorothea; Friedrich, Colette; Güth, Werner; Kuklys, Wiebke

    2005-01-01

    A firm with stochastic demand can rely on hired hands when demand is low and rent additional labour when demand is higher. For high demand this implies the co-employment of hired hands, paid directly by the firm, and of rented hands who are paid by a rental agency. This may cause severe problems if wages differ systematically between hired and rented hands. Will rented hands accept lower wages than hired hands? Or will rented hands demand higher wages as a compensation for flexibility? Fairne...

  15. A Fundamental Contradiction in Standard Rent Theory: A Case Study on Varian's "Intermediate Microeconomics"

    OpenAIRE

    Ormazabal Sánchez, Kepa Mirena

    2004-01-01

    In this paper, I examine Varian’s treatment of rent in his textbook on Microeconomics. I argue that he holds contradictory conceptions: sometimes rent is defined as surplus over cost whereas sometimes it is defined as cost, as the opportunity cost of fixed factors. I start by arguing that the distinction between fixed and variable factors is not the key for the definition of rent; ultimately, it is monopoly. Varian’s conception of rent is, essentially, Ricardo’s: rent is extraordinary profit ...

  16. On the Brazilian ground-rent appropriated by landowners

    Directory of Open Access Journals (Sweden)

    NICOLAS GRINBERG

    2015-12-01

    Full Text Available ABSTRACTThis paper presents a measurement of the portion of the Brazilian ground-rent appropriated by agrarian landowners during 1955-2005 and assesses its importance relative to other forms of surplus value appropriated in the Brazilian economy. In pursuing this task, the paper also puts forward original estimations of several time-series that are crucial for the study of Brazilian long-term growth and development. Finally, the paper combines the measurements obtained here with those advanced in (Grinberg, 2008, 2013b to present an approximation to the evolution of the total Brazilian ground-rent during 1955-2005. The appendix presents the sources and methodology used for the estimations.

  17. Are Profits Shared Across Borders? Evidence on International Rent Sharing

    OpenAIRE

    Budd, John W.; Matthew J. Slaughter

    2000-01-01

    In the literature on rent sharing in the labor market, many studies have documented a robustly positive correlation between wages for various micro-units firms, individuals, union-firm bargaining units with profits per worker at the level of that micro-unit's industry, where industry profits are interpreted as prosperity in the product market enjoyed by firms and available for sharing with workers. But these industry studies delineate product markets by the same country as that of the micro-u...

  18. Democracy, rent seeking, and growth: Is there a U curve?

    OpenAIRE

    Hamid MOHTADI; Roe, Terry L.

    1997-01-01

    A simple two-sector endogenous growth model of government spending and growth is developed with a producing and a lobbying sector. Lobbyists divert government spending for private gains. One key innovation is this: With democratization, information (and power) becomes more diffused (public), allowing more lobbyists to lobby but reducing gains per lobbyist. Thus, aggregate rents rise with the number of lobbyists but fall with increasing competition among them. This simple mechanism produces a ...

  19. Rent seeking oligopolistic behaviour in European gasoline markets

    OpenAIRE

    Michael L. Polemis; Panagiotis N Fotis

    2015-01-01

    This paper explores the asymmetric adjustment speed of gasoline price in twelve European Union (EU) countries transmitted directly in a single stage formulation. The empirical results shed new light on the taxation effect and its role to the price asymmetry nexus, pointing that in many EU countries a crude oil price increase is passed through more forcefully than a price decrease revealing a rent-seeking oligopolistic behaviour by the marketers.

  20. Optimal Licensing Contracts with Adverse Selection and Informational Rents

    Directory of Open Access Journals (Sweden)

    Daniela MARINESCU

    2011-06-01

    Full Text Available In the paper we analyse a model for determining the optimal licensing contract in both situations of symmetric and asymmetric information between the license’s owner and the potential buyer. Next we present another way of solving the corresponding adverse selection model, using the informational rents as variables. This approach is different from that of Macho-Stadler and Perez-Castrillo.

  1. The Resource Curse and Rent-Seeking in Angola

    OpenAIRE

    Carlos P. Barros

    2012-01-01

    This paper analyses the resource curse and rent-seeking behaviour, aiming to advance the understanding of chronic poverty and underdevelopment in Angola. The paper presents a profile of Angola in terms of its politics, resources, economy and society. We find a paradox in the way that the country is currently being run. On one hand, it is adhering to sound macroeconomic policies, prescribed and drawn up by the IMF, partly intended to confront a “rentier state” characterised by widespread, high...

  2. The Control of Land Rent in the Fortified Farming Town

    OpenAIRE

    John Hartwick

    2006-01-01

    We consider costly administration at the center of a farming community surrounding a fortified village. Land rent taxation is high cost mode of financing central administration in a tax incidence sense. Participatory administration by the governed is a lower cost alternative. We speculate why the low cost option has been out-competed by its higher cost alternative throughout history. We also take up constraints on predation on farmers by a landlord at the center.

  3. A Rent-Protection Theory of Corporate Ownership and Control

    OpenAIRE

    Lucian Arye Bebchuk

    1999-01-01

    This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company's initial owner whether to maintain a lock on control when the company goes public. This decision is shown to be very much influenced by the size that private benefits of control are expected to have. Most importantly, when private benefits of control are large -...

  4. Rent-seeking and timber rights allocation in Ghana

    OpenAIRE

    Carlsen, Kirsten; Hansen, Christian Pilegaard

    2014-01-01

    This paper describes types, processes and importance of rent-seeking in the allocation of timber rights in Ghana. It is based on an analysis of 30 interviews with large-, medium- and small-scale timber firms, as well as government officials and timber industry organizations in Ghana. The paper documents that timber rights allocation is associated with both bureaucratic and political corruption. The latter comes in two forms. First, the findings suggest that well-established relationships exis...

  5. Political Parties and Rent-seeking through Networks

    OpenAIRE

    Miettinen, Topi; Poutvaara, Panu

    2006-01-01

    We argue that anti-corruption laws may provide an efficiency rationale for why political parties should meddle in the distribution of non-ideological political nominations. Anti-corruption laws forbid trade in nominations made by politicians. However, citizens may pay for gaining access to politicians, thereby becoming potential candidates for nominations. Such rent-seeking results in excessive network formation. Political parties may reduce wasteful network formation, thanks to their ability...

  6. 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.

  7. 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; Ferretti, Stefano; Gassama, Hamet; Genova, Bojana; Goulding, Colin; Janjua, Jameel; Jansaeng, Thidarat; Jousset, Frédéric; 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

    2002-07-01

    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.

  8. Cash Flow Prediction Using a Grey-Box Model

    OpenAIRE

    Pang, Yang; Opong, Kwaku; Moutinho, Luia; Li, Yun

    2015-01-01

    This paper tackles the problem of financial forecasting by extending methods developed in automation, engineering and computing science. Current methods existing in the literature for firm-level cash flows are first analysed. Then a grey-box modelling method is developed to elevate the performance of cash-flow prediction. Linear panel data modelling is used as a benchmark model. Experiments with out-of-sample tests are used to validate the grey-box approach. Encouragingly, nonlinear grey-box ...

  9. How cash transfers promote the case for basic income

    OpenAIRE

    Standing, Guy

    2008-01-01

    There has long been a minority view that providing people with cash is an effective way of combating poverty and economic insecurity while promoting livelihoods and work. The mainstream view has nevertheless been that giving people money, without conditions or obligations, promotes idleness and dependency, while being unnecessarily costly. This paper reviews recent evidence on various types of schemes implemented in developing countries, including several pilot cash transfer schemes, assessin...

  10. Conditional cash transfers, adult work incentives, and poverty

    OpenAIRE

    Skoufias, Emmanuel; Di Maro,Vincenzo

    2006-01-01

    Conditional cash transfer (CCT) programs aim to alleviate poverty through monetary and in-kind benefits, as well as reduce future levels of poverty by encouraging investments in education, health, and nutrition. The success of CCT programs at reducing poverty depends on whether, and the extent to which, cash transfers affect adult work incentives. The authors examine whether the PROGRESA program of Mexico affects adult participation in the labor market and overall adult leisure time, and they...

  11. Looking forward : the role for government in regulating electronic cash

    OpenAIRE

    Stacey L. Schreft

    1997-01-01

    With the year 2000 rapidly approaching, stored-value cards are already popular in some countries and are being introduced into the United States by private companies. Stored-value cards are one form of electronic cash—electronic substitutes for paper currency. Digital cash (also known as cybercash or ecash) is the other form of electronic cash coming into use today. It consists of bits and bytes in cyberspace and substitutes for paper currency in transactions made over the Internet.> Someday ...

  12. Chicago's water market: Dynamics of demand, prices and scarcity rents

    Science.gov (United States)

    Ipe, V.C.; Bhagwat, S.B.

    2002-01-01

    Chicago and its suburbs are experiencing an increasing demand for water from a growing population and economy and may experience water scarcity in the near future. The Chicago metropolitan area has nearly depleted its groundwater resources to a point where interstate conflicts with Wisconsin could accompany an increased reliance on those sources. Further, the withdrawals from Lake Michigan is limited by the Supreme Court decree. The growing demand and indications of possible scarcity suggest a need to reexamine the pricing policies and the dynamics of demand. The study analyses the demand for water and develops estimates of scarcity rents for water in Chicago. The price and income elasticities computed at the means are -0.002 and 0.0002 respectively. The estimated scarcity rents ranges from $0.98 to $1.17 per thousand gallons. The results indicate that the current prices do not fully account for the scarcity rents and suggest a current rate with in the range $1.53 to $1.72 per thousand gallons.

  13. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  14. 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.

  15. Cash Flow Analysis Using Methods of Measuring Financial Flows by Type of Activity

    OpenAIRE

    Spineanu-Georgescu Luciana

    2011-01-01

    Analysis of financial balance through cash flows used to estimate future cash needs based on past situation, their knowledge would be useful to both shareholders interested in the existence of sufficient cash to pay dividends and creditors who are interested in recovering loans. Equally, knowledge of future cash flows of interest to potential investors updated cash flow method is a method of evaluation of the company.

  16. Rente foncière et gestion des ressources naturelles

    OpenAIRE

    Jollivet, Marcel

    2003-01-01

    Le renouveau de l'intérêt porté aux zones agricoles marginalisées se traduit sur le plan scientifique par de nouvelles tentatives de recherches interdisciplinaires associant sciences biologiques ou écologiques et sciences sociales. L'examen de l'évolution des zones concernées met en évidence le rôle primordial de la rente foncière. Ce concept s'avère donc central dans la démarche interdisciplinaire et apparaît comme un outil possible d'une véritable interdisciplinarité. Mais, selon qu'...

  17. PV potential and potential PV rent in European regions

    DEFF Research Database (Denmark)

    Hansen, Anders Chr.; Thorn, Paul

    2013-01-01

    of PV-­‐electricity. Combined with the potential density of PV-­‐panel area based on land cover and environental restrictions, the PV energy potential and the potential PV ressource rent is calculated. These calculations enbable the model to estimate the regional patterns at NUTS 2 level......The paper provides a GIS based model for assessing the potentials of photovoltaic electricity in Europe by NUTS 2 regions. The location specific energy potential per PV-­‐panel area is estimated based on observations of solar irradiation, conversion efficiency, levelised costs and the social value...

  18. Lease allocation systems, risk aversion and the resource rent tax

    OpenAIRE

    Fraser, Rob W.

    1998-01-01

    This article examines the case of a risk‐averse mining firm facing a resource rent tax in order both to incorporate the role of the risk‐sharing quality of such a tax and to assess its implications given a government’s lease allocation system. The model develops the conditions required for an investment‐neutral RRT characterised by a threshold rate of return and a rate of tax and suggests that for an auction system of lease allocation, government revenue could be maximised by setting the tax ...

  19. Rent-seeking and timber rights allocation in Ghana

    DEFF Research Database (Denmark)

    Carlsen, Kirsten; Hansen, Christian Pilegaard

    2014-01-01

    This paper describes types, processes and importance of rent-seeking in the allocation of timber rights in Ghana. It is based on an analysis of 30 interviews with large-, medium- and small-scale timber firms, as well as government officials and timber industry organizations in Ghana. The paper...... documents that timber rights allocation is associated with both bureaucratic and political corruption. The latter comes in two forms. First, the findings suggest that well-established relationships exist between politicians and senior bureaucrats on the one side and large-scale timber firms on the other...

  20. Agricultural rent-seeking in developing countries: an empirical investigation

    DEFF Research Database (Denmark)

    Hvid, Anna

    2014-01-01

    Recent increases in demand for agricultural land has fuelled academic, as well as public, interest in the potential effects of high value agricultural land, particularly in developing countries. The dominating question seems to be: will increasing demand for agricultural land imply land grabbing...... or rural development? This article finds empirical support for a proposed theory which suggests that the extent of agricultural rent-seeking, in the form of large-scale land acquisitions, is determined by the relative political power of an elite and a farmer group. © 2014 Taylor & Francis....

  1. Rent Regulation in Jamaica: Socialist Past, Global reality, Inaction and the Working Class

    OpenAIRE

    M. Mills; P.A. Bourne; Peters, D.

    2012-01-01

    Empirical evidence has established the association between rent control and crises such as oil and World wars; yet the Jamaican governments have not reintroduced rent control and updated the Rent Restriction Act despite global recession, oil and food crises and increased poverty. The objectives of this work are: 1) To conduct a documentary analysis of prior research on the extent of the problem, and these will provide an understanding and a content for the current work; 2) To identify the iss...

  2. Rent seizing and environmental concerns: A parametric valuation of the Italian hydropower sector

    International Nuclear Information System (INIS)

    This paper is the first attempt to estimate the hydroelectricity rent in Italy, as several concessions are about to expire, and the first to analyze the implications of different redistribution mechanisms. Due to budgetary constraints, local authorities want to capture a higher part of the rent, thought to be considerable. At the same time, the renewal procedure entails the implementation of environmental mitigation measures, as set forth in the water framework directive. Hence, rent-seizing and environmental protection generate a major trade-off. We focus our analysis on the County of Sondrio, home to 18% of the overall hydropower capacity, where the first renewals will take place. We obtain the highest rent ever estimated for hydropower production, averaging from 30.3 €/MWh to 82.4 €/MWh. These high values explain why local authorities are pushing for the introduction of a 30% revenue sharing fee, as they would earn almost 90% of the rent, much more than the 50% currently seized. Albeit satisfying the rent-seizing objective, the proposed fee hinders the implementation of costly mitigation measures. In this paper, we advocate the adoption of a resource rent tax, as we show that it would reduce the trade-off between rent-seizing and environmental protection. - Highlights: • This paper is the first attempt to estimate the hydroelectricity rent in Italy. • We find the highest rent ever estimated for hydropower, up to 82.4 €/MWh. • We show the impact of three different rent extraction mechanism. • We demonstrate that a resource rent tax (RTT) is neutral to investments. • We show how an RTT fosters the implementation of environmental mitigation measures

  3. Institutional Underdevelopments As The Obstacle To The Economic Growth: Rent Seeking Society In Serbia

    OpenAIRE

    Aleksandra Prascevic

    2012-01-01

    The paper deals with the rent seeking preferences of the economic policymakers in Serbia which define their opportunistic motives in economic policymaking. Bearing in mind that, in broadest sense, rent seeking concept implies actions of individuals or interest groups on changing the public policy so that the income would directly or indirectly be distributed to their benefit, this in macroeconomics gives politicians the opportunity to collect rents for themselves or their close associates, us...

  4. Petro Rents, Political Institutions, and Hidden Wealth: Evidence from Bank Deposits in Tax Havens

    OpenAIRE

    Andersen, Jørgen Juel; Johannesen, Niels; Lassen, David Dreyer; Paltseva, Elena

    2013-01-01

    Do political institutions limit rent-seeking by politicians? To address this question, we study the transformation of petroleum rents into hidden wealth using unique data on bank deposits in tax havens. We find that petroleum rents are associated with increases in hidden wealth, but only when political institutions are very weak. We also discern an interesting interaction with political risk: events such as elections and domestic conflict are preceded by increases in hidden wea...

  5. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

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

    Directory of Open Access Journals (Sweden)

    Su-Yin Cheng

    2016-05-01

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

  7. Day care schemes and cash for-care at home

    DEFF Research Database (Denmark)

    Eydal, Gudny; Rostgaard, Tine

    2012-01-01

    The purpose of this chapter is to analyse and compare Nordic day-care policies, i.e. ECEC services as well as cash-for-care for children under school age. The chapter examines the legislative purpose behind the provision of the services and the cash benefits as well as the take-up rates. The review...... of day-care will also look at how the programmes are organised and funded, and at the quality indicators of the care provided. In this context, the Nordic countries will be compared with the EU average. The review of cash-for-care will assess the key elements of the programmes: the length of time...

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

    Directory of Open Access Journals (Sweden)

    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.

  9. Rent, Lease or Buy: Randomized Algorithms for Multislope Ski Rental

    CERN Document Server

    Lotker, Zvi; Rawitz, Dror

    2008-01-01

    In the Multislope Ski Rental problem, the user needs a certain resource for some unknown period of time. To use the resource, the user must subscribe to one of several options, each of which consists of a one-time setup cost (``buying price''), and cost proportional to the duration of the usage (``rental rate''). The larger the price, the smaller the rent. The actual usage time is determined by an adversary, and the goal of an algorithm is to minimize the cost by choosing the best option at any point in time. Multislope Ski Rental is a natural generalization of the classical Ski Rental problem (where the only options are pure rent and pure buy), which is one of the fundamental problems of online computation. The Multislope Ski Rental problem is an abstraction of many problems where online decisions cannot be modeled by just two options, e.g., power management in systems which can be shut down in parts. In this paper we study randomized algorithms for Multislope Ski Rental. Our results include the best possibl...

  10. The land rent category in mainstream economics and its contemporary applications

    Directory of Open Access Journals (Sweden)

    Bazyli Czyżewski

    2009-01-01

    Full Text Available The economic globalisation process makes the economic factors rotate faster. As a result the value added is intercepted by market mechanism and transferred to the economically stronger entities. That process concerns especially agriculture. There exists a crucial question whether an agricultural land factor is still capable to generate economic rents which would be the determinants of comparative advantages? On the one hand, D. Ricardo’s land rents are vanishing, H. George’s rents are provoking financial crisis, monetarists assumptions are becoming unsufficient, on the other, the land factor gains new environmental applications and there is still a hope that land rents have its origins in a real value. This paper aims at presenting the evolution of the land rents theory starting from classical economics. The author makes an attempt to answer the question if the land rent theories are still relevant and how land rent category can be implemented in agricul-tural policy of the UE? One formulates a hypothesis that the neoclassical theory of rent usually presented in economic textbooks is insufficient to describe reality reducing the sources of land rent to a low land supply flexibility and treating that as constant variable in economic models.

  11. Preparing Statement of Cash Flows from Taoist Perspectives

    OpenAIRE

    Yu-Je Lee; Jie He; Mei-Fen Wu; Ying-Qing Li; Ching-Ho Chen

    2013-01-01

    The preparation of cash-flow statement under the indirect method involves adjustments of many items. This is a highly complex process prone to errors, due to a lack of philosophical guidance. This paper finds that the concept of natural equilibrium of Chinese Taoism “… is the way of heaven to take from what has in excess in order to make good what is deficient...” can lend intellectual support to the preparation of cash flows statement under the indirect method. This approach will greatly enh...

  12. IFCN Cash Crop: Benchmarking Farms Globally Oilseed Production Costs

    OpenAIRE

    Plessmann, Frank; Ebmeyer, Christian; Goerg, Konrad

    2005-01-01

    Vegetable oil production has become one of the fastest expanding cash crop sectors in the last 50 years and it is still increasing rapidly. However the regions of expansion, the sources of plant oil and their importance vary over time. To shed light on this development it is necessary to look at the farm level production systems and their production costs for a variety of countries and oilseeds. In this paper we present the first results of the IFCN Cash Crop Network covering the internationa...

  13. 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

  14. Rent Regulation in Jamaica: Socialist Past, Global reality, Inaction and the Working Class

    Directory of Open Access Journals (Sweden)

    M. Mills

    2012-04-01

    Full Text Available Empirical evidence has established the association between rent control and crises such as oil and World wars; yet the Jamaican governments have not reintroduced rent control and updated the Rent Restriction Act despite global recession, oil and food crises and increased poverty. The objectives of this work are: 1 To conduct a documentary analysis of prior research on the extent of the problem, and these will provide an understanding and a content for the current work; 2 To identify the issues/concerns of the Rent Restriction Act; 3 To assess the issues/concerns of the Rent Restriction Act, and 4 Drawing on the knowledge of Rent Restriction Act, recommend policies or measures that can be instituted to address changes in the framework in Jamaica. The current work used mixed method approach, phenomenology and survey research. Landlords indicated that they had more right than for tenants; their complaints were the non-payment of rent; were more knowledge of Rent Restriction Act than the tenants and the majority of them did not answer the question on “Have you ever had a case where the Act was referred to?” Two times more males were knowledge about the Rent Restriction Act than that of female; more males indicated that they had rights than that of females, less females’ problem was harassment than that of males; more males gave the Rent Restriction Act a good rating compared to females and 3.5 times more males believed that the Rent Restriction Act was relevant in contemporary Jamaica. The findings provide understanding of the issues, and can be used to aid policy formulation.

  15. Time Series Prediction Method of Bank Cash Flow and Simulation Comparison

    OpenAIRE

    Wen-Hua Cui; Jie-Sheng Wang; Chen-Xu Ning

    2014-01-01

    In order to improve the accuracy of all kinds of information in the cash business and enhance the linkage between cash inventory forecasting and cash management information in the commercial bank, the first moving average prediction method, the second moving average prediction method, the first exponential smoothing prediction and the second exponential smoothing prediction methods are adopted to realize the time series prediction of bank cash flow, respectively. The prediction accuracy of th...

  16. Shareholder Rights and the Effects of Acquirer Cash Holdings on Merger Performance

    OpenAIRE

    Ning Gao and Abdulkadir Mohamed

    2015-01-01

    In the U.S., cash-rich acquirers perform better in the presence of strong shareholder rights both at deal announcement and in the long run after mergers. Cash-rich acquirers underperform only when they are less financially constrained and when their shareholders possess weak rights. In the U.K., this positive cash effect on acquirer performance persists on average. In both countries, positive cash holdings effects are stronger when an acquirer is more financially constrained and can be explai...

  17. Use and Impact of a Cash Subsidy Program.

    Science.gov (United States)

    Herman, Sandra E.

    1991-01-01

    The use and impact of a $256 monthly cash subsidy by 1,283 Michigan families with children with severe disabilities were examined. Families reported such uses as the purchase of clothing, toys, sitters, special foods, adaptive equipment, and professional services. Families indicated that the subsidy had improved family life, eased financial…

  18. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    2007-01-01

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously p

  19. Using cash cover crops to provide pollinator provisions

    Science.gov (United States)

    To date, the use of winter cover crops in MN and SD has been slow to be adopted. The short growing season and potential for late wet springs make cover crops risky to farmers with little economic return. The use of cash cover crops in this area offers the standard advantages of other cover crops, wi...

  20. Minority Interest and Agency Costs: Implications for Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Arthur E. Young

    2015-02-01

    Full Text Available There has been extensive research involving the utilization of free cash flow within an agency theory framework. This study investigates the relationship between minority interests and free cash flow on a sample of 37 firms using time-series analysis. In particular, we improve on previous studies by bringing in a time-series approach. Our data ranges from 1991 to 2008. We additionally study these relationships using the averages on both variables. Using a bivariate vector autoregressive (VAR model that captures dynamic relationships, we find that a minority interest positively affects free cash flow, whereas the opposite relationship is less evident. This is also backed by Granger causality tests. By means of impulse responses, we find that a once and for all standard deviation increase to a minority interest causes a statistically significant positive reaction on free cash flow, by the second year. Findings from the times-series analysis are consistent with previous literature stating that investors can benefit from the minority interests’ monitoring of the resources available for utilization at the managers’ discretion.

  1. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  2. 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...

  3. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... 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...

  4. 20 CFR 416.261 - What are special SSI cash benefits and when are they payable.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false What are special SSI cash benefits and when... Work Despite A Disabling Impairment § 416.261 What are special SSI cash benefits and when are they payable. Special SSI cash benefits are benefits that we may pay you in lieu of regular SSI...

  5. 20 CFR 416.262 - Eligibility requirements for special SSI cash benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Eligibility requirements for special SSI cash... Disabling Impairment § 416.262 Eligibility requirements for special SSI cash benefits. You are eligible for special SSI cash benefits if you meet the following requirements— (a) You were eligible to receive...

  6. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from...

  7. 26 CFR 20.2031-5 - Valuation of cash on hand or on deposit.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of cash on hand or on deposit. 20.2031-5 Section 20.2031-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY... § 20.2031-5 Valuation of cash on hand or on deposit. The amount of cash belonging to the decedent...

  8. International Product Market Integration, Rents and Wage Formation

    DEFF Research Database (Denmark)

    Sørensen, Allan

    International product market integration enhances both export possibilities through easier access to foreign markets, but also the import threat arising from foreign firms penetrating into the domestic market. These mechanisms affect wage formation and employment creation through many channels...... including product market rents and the possibility that jobs may be relocated across national labour markets. Possibilities and threats, however, will not in general be uniformly distributed across firms and therefore groups in the labour market. These issues are explored in a Ricardian trade model...... with imperfect competition, heterogeneity in the labour market, and decentralized wage-bargaining. The Paper analyses how product market integration affects wage formation, and identifies characteristics of winners and losers in the integration process....

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

    Energy Technology Data Exchange (ETDEWEB)

    Hartwick, J.M.

    1977-12-01

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

  10. Current economic cost, the ARENH (Regulated Access to the Historic (EDF) Nuclear Energy Supplier) price, the differential rent and the scarcity rent of nuclear power: some observations

    International Nuclear Information System (INIS)

    This article sets out to explain the ARENH mechanism, the regulated price at which the EDF (France's historic monopoly supplier) must sell part of its production to its competitors in the framework of the Nome Act (New Organisation of the Electricity Market). This price by its nature is different from the Current Economic Cost (CEC) of nuclear power, as estimated by France's Government Accounting Office in its report submitted in January 2012. These two approaches revert to the problem of the determination of the scarcity rent of nuclear power in the context of the liberalised European market, in which nuclear power benefits from a 'cost' advantage relative to thermal electricity generated from fossil fuels. Furthermore, scarcity rent is not the same thing as differential rent. Selling a nuclear kWh at the price of a 'gas' kWh at certain times results in a differential rent enabling nuclear generated power to cover fixed costs. One can only speak of scarcity rent for nuclear power when the price at which the kWh is sold allows the recovery of more than is necessary to cover overall costs of nuclear power and it is this scarcity rent and its allocation that is the subject of debate. (author)

  11. 41 CFR 102-85.145 - When are customer agencies responsible for Rent charges?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false When are customer... PROPERTY 85-PRICING POLICY FOR OCCUPANCY IN GSA SPACE Rent Charges § 102-85.145 When are customer agencies responsible for Rent charges? (a) When a customer agency occupies cancelable space, it is responsible for...

  12. 75 FR 6685 - Section 8 Housing Assistance Payments Program-Contract Rent Annual Adjustment Factors, Fiscal...

    Science.gov (United States)

    2010-02-10

    ... exceed the rent for a comparable unassisted unit of similar quality, type and age in the market area. 42... movers in unassisted market. Since HUD pays the full amount of any rent increases for assisted tenants... discount.' Turnover is lower in assisted properties than in the unassisted market, so the effect of...

  13. 76 FR 14421 - Section 8 Housing Assistance Payments Program-Contract Rent Annual Adjustment Factors (AAFs...

    Science.gov (United States)

    2011-03-16

    ... rent for a comparable unassisted unit of similar quality, type and age in the market area. 42 U.S.C... the unassisted market. Since HUD pays the full amount of any rent increases for assisted tenants... discount.'' Turnover is lower in assisted properties than in the unassisted market, so the effect of...

  14. Reducing Rents from Energy Technology Adoption Programs by Exploiting Observable Information

    NARCIS (Netherlands)

    Aalbers, R.F.T.; Vollebergh, H.R.J.; de Groot, H.L.F.

    2011-01-01

    In this paper, we study how regulators may improve upon the efficiency of their energy technology adoption programs by exploiting readily observable information to limit rent extraction by firms. Using panel data on 862 investment decisions in the Netherlands, we find that rent extraction is closely

  15. Barriers to the Adoption of Sustainable Agriculture on Rented Land: An Examination of Contesting Social Fields

    Science.gov (United States)

    Carolan, Michael S.

    2005-01-01

    While over half of the cropland in the United States is rented, interest in land tenancy within sociological circles has been sporadic at best. In light of the prevalence of rented land in agriculture--particularly in the Midwest--it is vital that further research be conducted to investigate the effect that the rental relationship has upon the…

  16. Comparative Study on the Distribution of Oil Rents in Bolivia, Colombia, Ecuador and Peru

    OpenAIRE

    World Bank, (WB)

    2005-01-01

    Oil rent accounts for a significant portion of the gross domestic product (GDP), the national budget, and the foreign-exchange revenues in the producing countries of the Sub-Andean Basin. Its availability presents an opportunity and a challenge. The issue of the management and use of the oil rent is generating increasing concern among oil companies, civil society, development agencies, and...

  17. Fighting for rents: agricultural windfall gains and social change in land-abundant developing countries

    DEFF Research Database (Denmark)

    Hvid, Anna

    2013-01-01

    and political power and hence the distribution of rents. Specifically, when it comes to agricultural land, the characteristics of land imply that the organizational capacity of farmers is a crucial determinant of the distribution of agricultural rents. The historical case examples indicate that the extent...... of organizational capacity may be determined by land inequality, the heterogeneity of farmers and the political environment....

  18. 24 CFR 888.113 - Fair market rents for existing housing: Methodology.

    Science.gov (United States)

    2010-04-01

    ... they are to be effective using Consumer Price Index (CPI) data for rents and for utilities or using... for FMR areas that do not qualify for continued use of the 50th percentile rent. (ii) For purposes of... largest number of program participants. (iii) FMR areas that do not meet the test for continued use...

  19. Is There Rent Sharing in Italy? Evidence from Employer-Employee Data

    Directory of Open Access Journals (Sweden)

    Alessia Matano

    2011-12-01

    Full Text Available Using a unique employer-employee panel database, we investigate the extent of rent sharing in Italy from 1996 to 2003. We derive the following findings. First, after controlling for the national bargaining level, there is robust evidence of rent sharing at firm level. Second, by means of fixed effects estimates we show that the sorting of high-ability workers into high-profit firms appears to play a substantial role, since it captures a significant amount of cross sectional estimates of rent sharing. Third, in accordance to the related literature the endogeneity of profits causes a severe underestimation of rent sharing. Our final IV estimate of the elasticity of wages with respect to profits per employee amounts to 6%, with a "Lester" range of 24%. Moreover, we point out that the impact of rent sharing is not homogeneous across several dimensions (gender, occupation, sector and macroarea.

  20. Heating costs and problems of renting. Prospects on future requirements on the housing market. [German Federal Republic

    Energy Technology Data Exchange (ETDEWEB)

    Weidlich, B.

    1977-03-01

    The article deals with the question of whether rising energy prices are a determining factor in house renting. For a high number of family budgets, heating costs have already reached a 40 percent share of the whole rent. From the view of these family budgets, heat costs can be a criterion in renting a house, especially since the house market has a reservoir of 300,000 to 350,000 houses to rent.

  1. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

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

    Institute of Scientific and Technical Information of China (English)

    Yongjian; Shen; Lei; Zou; Donghua; Chen

    2015-01-01

    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.

  3. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    Directory of Open Access Journals (Sweden)

    BEATRIX LIGHEZAN BREUER

    2012-12-01

    Full Text Available The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidity/cash and liquidity ratios representing the liquidity as current assets, assets implied in the determination of liquidity ratios. The end of the paper consists of the conclusions drawn from the issues presented in the paper but also our views on this research topic.

  4. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  5. Motorola cash management: The evolution of a global system

    OpenAIRE

    Holland, CP; Lockett, G; Richard, JM; Blackman, ID

    1993-01-01

    The set of interorganizational information systems used for global cash management in business markets is analyzed. A longitudinal case study of Motorola is presented. Their strategy has evolved from an internal cost saving focus to a cooperative one, yielding significant strategic benefits by the inclusion of trading partners. The financial aspects of Motorola's business relationships with trading partners and its principal bank have been transformed through a process of organizational learn...

  6. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    OpenAIRE

    BEATRIX LIGHEZAN BREUER; MIHAELA LESCONI FRUMUŞANU; ADELA BREUER; ANDRA MANCIU

    2012-01-01

    The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidit...

  7. Key input factors for discounted cash flow valuations

    OpenAIRE

    Kramná, Eva

    2014-01-01

    Business valuation becomes requisite not only because of the recent trend of mergers and acquisitions but of course regarding to identification of economic value creation sources. This paper examines weighted average cost of capital and terminal growth rate as the key input factors that is needed for discounted cash flow valuation and can alter the valuation results considerably. A practical example of this implication is given using sensitivity analysis. A special emphasize is being put on t...

  8. Free Cash Flow, Signaling and the Dividend Puzzle

    OpenAIRE

    Alan V. Douglas

    1990-01-01

    The work in this paper contributes to two of the most topical issues in the study of corporate financial policy: Free Cash Flow theory and the Dividend providing a new explanation for the dividend puzzle. It is argued that two types of asymmetric information problems are inherent in the relationship between shareholders (as principles) and managers (as the shareholders' agents), and therefore the payment scheme between them will be designed to mitigate these problems. The conflict of interest...

  9. The Long Term Impact of Cash Transfers to Poor Families

    OpenAIRE

    Anna Aizer; Shari Eli; Joseph P. Ferrie; Adriana Lleras-Muney

    2014-01-01

    We estimate the long-run impact of cash transfers to poor families on children's longevity, educational attainment, nutritional status, and income in adulthood. To do so, we collected individual-level administrative records of applicants to the Mothers' Pension program--the first government-sponsored welfare program in the US (1911-1935) --and matched them to census, WWII and death records. Male children of accepted applicants lived one year longer than those of rejected mothers. Male childre...

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

    OpenAIRE

    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 diff...

  11. The impact of retail payment innovations on cash usage

    OpenAIRE

    Ben S.C. Fung; Huynh, Kim P.; Sabetti, Leonard

    2012-01-01

    Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards. We apply causal inference methods on the 2009 Bank of Canada Method of Payment survey, a representative sample of adult Canadians' shopping behaviour for retail consumption over a three-day period. We find that using contactless credit cards and stored-value cards lead to a reduction in average...

  12. The evolution of a global cash management system

    OpenAIRE

    Holland, CP; Lockett, G.; Richard, JM; Blackman, ID

    1994-01-01

    Some companies are implementing interorganizational information systems (IOSs) with trading partners that allow them to share data and software across organizational boundaries. The authors explore the effect of IOSs on cash management from a managerial perspective and present a case study of Motorola and Citibank. Motorola’s strategy has evolved from an internal cost saving initiative to a supply chain focus yielding significant strategic benefits. Cooperation between Motorola, its suppliers...

  13. Cash transfer in Brazil and nutritional outcomes: a systematic review

    OpenAIRE

    Martins, Ana Paula Bortoletto; Canella, Daniela Silva; Baraldi, Larissa Galastri; Monteiro, Carlos Augusto

    2013-01-01

    OBJECTIVE To analyze the influence of conditional cash transfer programs on diet and nutrition outcomes among beneficiary families in Brazil. METHODS A systematic review of literature was carried out with original evaluation studies conducted in Brazil, including all types of clinical trials and observational studies. The search was conducted in PubMed, Scopus, Web of Science and LILACS databases for papers published since 1990. The studies were analyzed according to the program evaluated, pa...

  14. 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.

  15. Rent as a Share of Product and Sraffa’s Price Equations

    OpenAIRE

    Fratini, Saverio M.

    2013-01-01

    The classical economists usually regarded rent in their analyses as a share of the gross product obtained from the use of land or a mine, which was indeed the way in which rent was treated in bargaining between landowner and tenant. The paper revives this view of rent, proceeding from its historical basis through Smith’s analysis to arrive at Sraffa’s equations, and also examines the case of the introduction of a tax conceived as a tithe, to which Sraffa referred very briefly

  16. Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach

    OpenAIRE

    Jie Chen; Shawn Ni

    2010-01-01

    The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study, we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters by using information of rental units to elicit priors of the unobserved rents of units so...

  17. The Effects of Tax Competition when Politicians Create Rents to Buy Political Support

    DEFF Research Database (Denmark)

    Eggert, Wolfgang; Sørensen, Peter Birch

    . Allowing tax base mobility may be welfare-enhancing up to a point, because the ensuing tax competition will reduce rents. However, if tax competition is carried too far, it will reduce welfare by causing an underprovision of public goods. Starting from an equilibrium where tax competition has eliminated...... all rents, a coordinated rise in capital taxation will always be welfare-improving. For plausible parameter values it will even be welfare-enhancing to carry tax coordination beyond the point where rents to public sector workers start to emerge...

  18. The effects of tax competition when politicians create rents to buy political support

    DEFF Research Database (Denmark)

    Eggert, Wolfgang; Sørensen, Peter Birch

    2008-01-01

    . Allowing tax base mobility may be welfare-enhancing up to a point, because the ensuing tax competition will reduce rents. However, if tax competition is carried too far, it will reduce welfare by causing an underprovision of public goods. Starting from an equilibrium where tax competition has eliminated...... all rents, a coordinated rise in capital taxation will always be welfare-improving. For plausible parameter values it will even be welfare-enhancing to carry tax coordination beyond the point where rents to public sector workers start to emerge...

  19. Petroleum resource rent tax and the new frontiers

    Energy Technology Data Exchange (ETDEWEB)

    Hayne, C.A. [Ernst and Young, Sydney, NSW (Australia); Vine, J.A.; Baird, A.H. [BHP Petroleum, Melbourne, VIC (Australia)

    1996-12-31

    The Resource Rent Tax (RRT) in Australia evolved in the late 1970s in a climate of scarcity of world oil and perception of rising oil prices for the next decade and beyond. In the 1990s, where countries are fiercely competing for export markets, many of the fundamental assumptions which underscored the evolution of the tax in Australia are no longer appropriate. The petroleum industry has consistently tendered reasons for the inappropriateness of the tax in certain circumstances. It is essential for Government to reconsider fundamental assumptions underlying the RRT if Australian producers are to remain competitive exporters of oil and gas. This paper traces a brief history of the oil price. The fundamental assumptions upon which the RRT is based are outlined, as are the arguments which industry have advanced in criticism of the tax. The paper then questions, in light of the current competitive world economic climate, the appropriateness of these fundamental assumptions if Australian producers are to compete in an intensely international market for oil and gas industry investment. (author). 5 refs.

  20. Investing exhaustible resource rents and the path of consumption

    International Nuclear Information System (INIS)

    This study presented a brief analysis of the concept of maintaining capital intact in an economy with 2 capital goods: one produced, and one an exhaustible oil stock. Oil stock supplies a vital input flow to the economy every day. The authors characterized dollar-valued national wealth and income. The magnitude of net investment has become pivotal in measuring the sustainability of an economy. This study linked the investment of exhaustible resource rents to growth in a model with energy consumption varying through time, as in a model of optimal savings. Dollar-valued net national product was set out for the economy with the essential, but wasting oil stock. The study applied the principle of maintaining capital intact and locally unchanging consumption. The percentage change in net investment or genuine savings, relative to the market rate of interest, determines whether current consumption is rising, constant, or declining. In the case of utility discount rates, it was observed that at a point of locally unchanging consumption, the net investment equals the prevailing market rate of interest, and the level of net investment is negative. The consumption increases when the percentage change in net investment is lower than the market rate of interest, and the reverse is true when consumption decreases. The connection between zero net investment and constant consumption was clarified. The sign of current net investment was found to be a good indicator of the direction of national wealth and income. 15 refs

  1. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    Directory of Open Access Journals (Sweden)

    Mustapha Gimba Kumshe

    2013-04-01

    Full Text Available The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all times for efficient and unconstrained implementation of the annual budget. The primary goals of a good cash management system are to maintain adequate cash at hand to meet the daily cash requirements of the local government while maximizing the amount available for investment and to obtain the maximum earnings on invested funds while ensuring their safety. The local governments obtain their revenue through internal and external sources, the external sources of revenue includes federal statutory allocations and loans obtained from financial institutions and other agencies; while among the internal sources are revenue from market fees, fees collected from motor parks, street hawking fees, shop fees and other miscellaneous sources. Some of the cost effective methods of revenue collections are contracting out of revenue collections to private collection agency, designating collection points for convenience, application of e-collection method where the local governments device a means of allowing tax payers to pay their taxes online. It is recommended that proper management of funds, efficient accounting and auditing system is necessary for proper cash management.

  2. Rente und subnationale Gewalt. Der Beitrag der politischen Ökonomie

    Directory of Open Access Journals (Sweden)

    Hartmut Elsenhans

    2009-04-01

    Full Text Available Rents are a basic element of the political economy of underdeveloped economies. They hinder and often block the mechanism of social integration through gainful employment and veto the power of labour, which characterizes capitalist societies and the constitution of citizenship. The impact of rent on political structures is, however, ambiguous. Anomie is only one possible result. Hence the link between raw material exports and non-state violence is also ambiguous. Many societies, which are characterized by rents, have developed quite powerful mechanisms of keeping internal peace, possibly with limited participation. The conditions of differential impacts of rent on social structures and political behaviour call for an analysis of internal interest mediation.

  3. Increasing natural resource rents from Farmland: A curse or a blessing for the rural poor?

    DEFF Research Database (Denmark)

    Hvid, Anna

    2015-01-01

    The literature on the resource curse suggests that countries with large natural resource rents and weak institutions may experience rent seeking conflicts among different groups, potentially resulting in high inequality and welfare losses. While agricultural land has so far been categorized...... to the farmers, they may have adverse welfare effects, because they may increase the competition for rents among groups, and hence the amount of resources spent on rent seeking....... as a diffuse resource with low economic value, this categorization may no longer be appropriate, because demand for land is currently on the rise, and may continue to increase in the future. This study presents and discusses recent theoretical and empirical approaches to analyzing the effects of high...

  4. Pay and Performance in the Spanish Soccer League: Who Gets the Expected Monopsony Rents?

    OpenAIRE

    García-del-Barrio, P. (Pedro); Pujol, F. (François)

    2004-01-01

    In the labour markets that gather few companies to compete for many workers, the economic theory predicts the existence of monopsony rents. It should also be the case of the Spanish soccer industry. However, the clubs of this league do not profit from the expected rents. The purpose of this paper is to explain such a contradictory evidence. Spanish soccer labour market is characterised by the presence of some outstanding workers (soccer superstars). It means that the winner-take-all hypothesi...

  5. Varying the Intensity of Competition in a Multiple Prize Rent Seeking Experiment

    OpenAIRE

    Lisa R. Anderson; Beth A. Freeborn

    2008-01-01

    We experimentally test a rent seeking model under five levels of competition. At one extreme, a subject’s probability of winning a prize is equal to her share of the total expenditures. At lower levels of competition, a subject’s probability of winning is affected more by her own expenditures than by the expenditures of others. Predicted expenditure levels are positively associated with higher levels of competition. Consistent with previous rent seeking experiments, we find that subjects spen...

  6. On the Determinants of Labour Market Institutions: Rent Seeking vs. Social Insurance

    OpenAIRE

    Agell, Jonas

    2001-01-01

    What determines the structure of labour market institutions? I argue that common explanations based on rent seeking are incomplete. Unions, job protection, and egalitarian pay structures may have as much to do with social insurance of otherwise uninsurable risks as with rent seeking. In support of this more benign complementary hypothesis the paper presents a range of historical, theoretical, and cross-country evidence. The social insurance perspective changes substantially the positive analy...

  7. Hedonic Price-Rent Ratios, User Cost, and Departures from Equilibrium in the Housing Market.

    OpenAIRE

    Robert Hill; Iqbal A. Syed

    2012-01-01

    Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the expected capital gain { an important input into the user cost formula { is not directly observable. Using a large data set for Sydney-Australia, we show how these problems can be resolved using hedonic...

  8. Time Series Prediction Method of Bank Cash Flow and Simulation Comparison

    Directory of Open Access Journals (Sweden)

    Wen-Hua Cui

    2014-11-01

    Full Text Available In order to improve the accuracy of all kinds of information in the cash business and enhance the linkage between cash inventory forecasting and cash management information in the commercial bank, the first moving average prediction method, the second moving average prediction method, the first exponential smoothing prediction and the second exponential smoothing prediction methods are adopted to realize the time series prediction of bank cash flow, respectively. The prediction accuracy of the cash flow time series is improved by optimizing the algorithm parameters. The simulation experiments are carried out on the reality commercial bank’s cash flow data and the predictive performance comparison results show the effectiveness of the proposed methods.

  9. A Tutorial on the Discounted Cash Flow Model for Valuation of Companies

    OpenAIRE

    Jennergren, L. Peter

    1998-01-01

    All steps of the discounted cash flow model are outlined. Essential steps are: calculation of free cash flow, forecasting of future accounting data (income statements and balance sheets), and discounting of free cash flow. There is particular emphasis on forecasting those balance sheet items which relate to Property, Plant, and Equipment. There is an exemplifying valuation included (of a company called McKay), as an illustration. A number of other valuation models (abnormal earnings, adjusted...

  10. Empowering cash managers to achieve cost savings by improving predictive accuracy

    OpenAIRE

    Salas-Molina, Francisco; Martin, Francisco J.; Rodríguez-Aguilar, Juan A.; Serrà, Joan; Arcos, Josep Ll.

    2016-01-01

    Cash management is concerned with optimizing the short-term funding requirements of a company. To this end, different optimization strategies have been proposed to minimize costs using daily cash flow forecasts as the main input to the models. However, the effect of the accuracy of such forecasts on cash management policies has not been studied. In this article, using two real data sets from the textile industry, we show that predictive accuracy is highly correlated with cost savings when usi...

  11. PRE-HARVEST PRICING STRATEGIES IN OHIO CORN MARKETS: THEIR EFFECT ON RETURNS AND CASH FLOW

    OpenAIRE

    Zulauf, Carl R.; Larson, Donald W.; Alexander, Christopher K.; Irwin, Scott H.

    2001-01-01

    This paper contributes to the debate on whether pre-harvest pricing strategies can improve returns over cash sales at harvest. It also examines cash flow needs of such strategies. The analysis is conducted for Ohio corn produced from 1986 through 1999. The pre-harvest strategies evaluated (short futures, long put, synthetic long put, put-call fence) did not statistically improve returns over cash sales at harvest. However, if implemented during or before planting, these naïve strategies reduc...

  12. Cash limitations : Strategy and control on a functional level in the banking industry

    OpenAIRE

    Tingström, Lovisa; Kulesa, Linda

    2015-01-01

    In today’s ever-evolving society the use of cash is replaced by digital services in the banking sector. Some local banks restrict manual cash handling while others remove it completely. This essay examines how management accounting is affected by restricted cash handling. The theory clarifies that management accounting strategies create guidelines and provides specific framework for employees and managers in the organization. If the strategy is unclear employees may have difficulty knowing ho...

  13. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  14. Austria’s Experience with Euro Migration since the Cash Changeover

    OpenAIRE

    Doris Schneeberger; Gabriele Süß

    2007-01-01

    The introduction of the euro in 2002 offered a unique opportunity to learn more about the patterns and structures of cross-border cash movements. The Oesterreichische Nationalbank (OeNB) has carried out various surveys to analyze the migration of cash in greater depth. This article presents the results of two surveys, which demonstrate that cash is very mobile. An Austrian wallet will typically hold coins and banknotes from almost all euro area countries. Euro coins minted in countries other ...

  15. An Extension of the Internal Rate of Return to Stochastic Cash Flows

    OpenAIRE

    Gordon Hazen

    2009-01-01

    The internal rate of return (IRR) is a venerable technique for evaluating deterministic cash flow streams. Part of the difficulty in extending this measure to stochastic cash flows is the lack of coherent methods for accounting for multiple or nonexistent internal rates of return in deterministic streams. Recently such a coherent theory has been developed, and we examine its implications for stochastic cash flows. We devise an extension of the deterministic IRR, which we call the stochastic r...

  16. Tax Aggressiveness and Firm’s Cash Holdings: The Role of Corporate Social Responsibility

    Directory of Open Access Journals (Sweden)

    Ming-Lei Chang

    2016-05-01

    Full Text Available This study examines how tax aggressiveness affects the propensity of U.S. companies to stockpile cash and how the above relations are affected by the degree of corporate social responsibility (CSR activities. The empirical results find that the tax aggressiveness is positively associated with firm’s cash holdings, and when firms undertake corporate social responsibility, it mitigate the positive relation between the level of tax aggressiveness and firm’s cash holdings.

  17. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    OpenAIRE

    GHEORGHE LEPADATU

    2011-01-01

    Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main ...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  20. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  1. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  2. CASH-FLOW vs. MARKET-VALUE CDOs

    Directory of Open Access Journals (Sweden)

    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.

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  5. Openness of Economy, Foreign Investment Inflows and the Phenomenon of Rent Seeking Corruption

    Directory of Open Access Journals (Sweden)

    Syed Toqueer Akhter

    2015-08-01

    Full Text Available Rent seeking behavior has been amongst noticeable obstacles in path of economic growth and development for developing communities. Due to this the study aims at testing the hypothesis that the Rent seeking behavior among bureaucracy is being influenced by the openness of economy as well as inflows of foreign investment significantly. Model estimations imply that reforms may have an insignificant impact upon impact upon curtailing the rent seeking behavior among bureaucracy in a time series setting therefore this research will use two statistical econometric models to show the effect of corruption on the foreign direct inflow received in Pakistan. In order to pretest the impact of all the mentioned variables on rent seeking behavior generalized least square was used because its results were unbiased, consistent and the problem of Serial correlation was solved by using it. In order to quantify rent seeking behavior among bureaucracy different aspects of misuse of public offices appearing in form of petty and grand corruption were used using the variables informal sector, tax evasion, judicial outlay, G.D.P and F.D.I as percentage of G.D.P. All of the variables had proper signs aligned with the theory and all of the variables appeared to be significant except judicial outlay proving that the judiciary has been incompetent and ineffective. The robust regression showed all the same signs except in it every variable was appearing to be significant. Rent seeking corruption has been highly affecting Pakistan in adverse ways and this paper will show how many factors like judiciary is not playing effective role in limiting corruption and also how the economy is being affected by rent seeking behavior.

  6. An Efficient Fair Off-line Electronic Cash Scheme Design

    Institute of Scientific and Technical Information of China (English)

    WANGChangji; WUJianping

    2004-01-01

    This paper introduces the notion of restrictive partially blind signature scheme, which is the integration of partially blind signature scheme and restrictive blind signature scheme. Successively, this paper presents a fair off line electronic cash scheme based on the restrictive partially blind signature scheme. The expiry date and denomination are embedded in the electronic coin.Thus bank just needs to keep undue electronic coins in his coin database, which alleviates the storage pressure for the bank to check double spending. Moreover, bank needs not use different public keys for electronic coin with different denominations, and shops/users need not carry a list of bank's public keys to verify the electronic coin with different denominations. The number of modular exponentiation operations is reduced for both the user and the bank, which is achieved by introducing a new signature of proof of knowledge in the withdrawal protocol and letting the trusted third party publish two different public keys other than in previous fair off line electronic cash scheme.The scheme security is based on the random oracle model and decision Diffle-Hellman assumption.

  7. Decision models for cash-flow DSS (part 1

    Directory of Open Access Journals (Sweden)

    Razvan PETRUSEL

    2006-01-01

    Full Text Available The goal of this paper is to present some of the work conducted in order to create a cash-flow DSS that aims to improve the financial decisions of Romanian small and medium enterprise managers. In order to create the desired DSS two major stages were followed: the construction of models for various financial decisions and the implementation of those models within the knowledge base of the DSS. The present paper covers the first stage while the second stage will be presented in the next article. For a better understanding, the paper is divided into three parts: theoretical considerations, practical application of theory and conclusions. The theoretical part builds up on basic definitions and previous decision theory research, and, taking into consideration different modeling methodologies, establishes the necessary steps and tools that will be used in the second part. The second part establishes the decisional situations that will be modeled, briefly describes each of them and shows the models devised according to particularities of small and medium enterprises. The goal of this part is to create a model (variables, relations between them, etc that is suited for implementation in a cash-flow DSS. In the final part some conclusions are stated and the future research direction is established.

  8. 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. PMID:22308423

  9. Restricted common data in anonymous E-cash system

    Institute of Scientific and Technical Information of China (English)

    ZHANG Xiang-jun; CHEN Ke-fei

    2006-01-01

    Discuss the problem of infinite increasing coin list in anonymous E-cash systems, which reduce the efficiency of whole system greatly. Though some methods are suggested, no one can solve the problem with high efficiency and flexibility. Here, we use the technique of adding information in blind signatures to deal with this problem. Through adding timestamp in signatures, we can separate the valid period of all used coins into pieces. Only the coins in the last stage are recorded. So the scale of the coins list is controlled. We also analyze the anonymity of these data, and add some indispensable restrictions to them. These restrictions can ensure that the imported data don't break the anonymity of the customers. In order to fulfill these qualifications, we lead to the concept of restricted common data (RCD). Furthermore, we propose two schemes to add RCD in the blind signature. The simple one is easy to implement, while the complex one can note the value of the coin. The usage of RCD leads to little additional cost, as well as maintaining the anonymity of customers. This method fits for most kinds of anonymous E-cash systems.

  10. THE ROLE OF GROUND RENT IN ESTABLISHING THE AGRICULTURAL LAND PRICE

    Directory of Open Access Journals (Sweden)

    Ramona DOBRE

    2015-06-01

    Full Text Available The present paper aims to demonstrate the role that ground rent has in establishing the agricultural land price. In order to be able to prove the connection between the ground rent and the agricultural land price, there are submitted to debate indicators that are part of ground rent such as the positioning of the land, the distance between the land and the access roads and water source, the intrinsic qualities of the land soil, the type of land and the manner of exploitation. The debate is intended to show how and in what manner the indicators part of ground rent may influence the price of an agricultural land. The final purpose of this study is to prove that a justified land price may contribute to encourage the agricultural land transactions and therefore to develop the land market. To fulfil the purpose of this paper it is necessary to understand what land ground means, why it is important the land price and how can the agricultural land price influence the agricultural land market and the development of the agriculture overall. The main methods utilized are collecting, analyze and interpreting data and information from the specialized literature. The conclusions formulated at the end of the study allow seeing the influence of ground rent on agricultural land price, the influence of the agricultural land price on agricultural land market and the influence of agricultural land market on the development of the agriculture.

  11. 77 FR 45381 - Cash Account Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-07-31

    ..., DWS Value Series, Inc., DWS Variable Series I, DWS Variable Series II, Investors Cash Trust, Tax... listed above that do not offer multiple series. Cash Management Portfolio and DWS Equity 500 Index... among multiple Sub-Advisors; and (b) monitor and evaluate the performance of Sub-Advisors. 4....

  12. 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... defined in § 511.2, and, therefore, are subject to deobligation to the extent authorized by 24 CFR...

  13. Investment - Cash Flow Sensitivity and Financing Constraints: New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    Pallathitta, Rejie; Kabir, Rezaul; Qian, Jing

    2010-01-01

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

  14. Investment–cash flow sensitivity and financing constraints: new evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; 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 fi

  15. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  16. Conditional Cash Transfers and Education Quality in the Presence of Credit Constraints

    Science.gov (United States)

    Del Rey, Elena; Estevan, Fernanda

    2013-01-01

    We investigate the relative merits of unconditional cash transfers (UCT), conditional cash transfers (CCT), and the effects of improvements in education quality on efficiency and welfare. In our setting, some parents underinvest in their children's education because capital market imperfections prevent them from borrowing. Under sufficiently…

  17. Do Consumers Pay More Using Debit Cards than Cash? An Experiment

    OpenAIRE

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao(Institute for Strings, Cosmology and Astroparticle Physics (ISCAP) and Physics Department, Columbia University, 538 West 120th Street, New York, NY, 10027 U.S.A.)

    2014-01-01

    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 products. The evidence thus suggests that different representations of money matters for consumer behavior.

  18. 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.

  19. ID-Based Fair Off-Line Electronic Cash System with Multiple Banks

    Institute of Scientific and Technical Information of China (English)

    Chang-Ji Wang; Yong Tang; Qing Li

    2007-01-01

    ID-based public key cryptography (ID-PKC) has many advantages over certificate-based public key cryptog-raphy (CA-PKC), and has drawn researchers’ extensive attention in recent years. However, the existing electronic cash schemes are constructed under CA-PKC, and there seems no electronic cash scheme under ID-PKC up to now to the best of our knowledge. It is important to study how to construct electronic cash schemes based on ID-PKC from views on both practical perspective and pure research issue. In this paper, we present a simpler and provably secure ID-based restrictive partially blind signature (RPBS), and then propose an ID-based fair off-line electronic cash (ID-FOLC) scheme with multiple banks based on the proposed ID-based RPBS. The proposed ID-FOLC scheme with multiple banks is more efficient than existing electronic cash schemes with multiple banks based on group blind signature.

  20. Changes of levels of rent and risk in the activity of rural farms in Poland

    Directory of Open Access Journals (Sweden)

    Agnieszka Kurdyś-Kujawska

    2013-06-01

    Full Text Available Lease of agricultural land is a form of the land use. It enables to create or increase a farm, without having to pay capital-expenditure related to the purchase of land. In exchange for the land lease, the tenant agrees to pay a rent, which is a constant burden on its budget and can affect the economic situation of the farm. Changes in the value of rent result in, to a large extent, deficit of land in some areas of Poland, increase of prices and demand for agricultural land. The aim of the study was to analyse the determinants and dynamics of changes in the rates of agricultural rents. The source material for the study were data on the agricultural land market in Poland in 2000-2011 published by the IERiGŻ and GUS.

  1. Etude de différents stress chez l’abeille : le cas des glandes hypopharyngiennes

    OpenAIRE

    Baldy, Aurélie

    2009-01-01

    Depuis quelques années nous avons pu voir une hécatombe des abeilles et nos différentes expériences ont tenté de répondre au problème de la mortalité des abeilles (Apis mellifera). A partir de ce constat, nous avons voulu tester les effets de quelques stress sur différents paramètres notamment sur les glandes hypopharyngiennes qui sont importantes pour nourrir les larves. Lors de notre première expérience, nous avons testé la mortalité des abeilles face à différents paramètres ...

  2. Issues in Australasian mining taxation: the arguments for and against resource rent taxation

    Energy Technology Data Exchange (ETDEWEB)

    Hancock, G.; Gillies, A.D.S. (University of Queensland, St. Lucia, Qld. (Australia). Dept. of Mining and Metallurgical Engineering)

    1994-07-01

    Resource rent taxation systems are based on the concept that the resource owner or government should receive a proportion of the economic rent or surplus profit generated by a primary productive activity. Economic rent has been defined as additional profits in excess of the minimum rate of return necessary to attract new investment into an industry sector. Resource rent taxation schemes for the mining industry have been widely discussed and in some cases implemented over the past 20 years. The main objective of resource rent taxation has been to implement a royalty or taxation system which gives to government a higher return from more profitable mines without adversely affecting marginal mines or inhibiting investment in new mines. The structure of resource rent taxation systems is discussed, with particular emphasis on the parameters of accumulator rate, tax or royalty rate and deductible expenses. The application of the tax is examined by looking at the case in favour for imposition from the viewpoint of the Resource Owner (government) and the mine operator. Likewise, the case against this system is analyzed from the tax collector's (government or governments) point of view and that of the mine operator. It is concluded that neutrality of the tax on investment decision-making may be compromised when the possible negative effects on exploration and research and development and their impact on overall mining company performance are considered. Any application of the tax on existing operations is likely to be complex and costly for both governments and companies. However, successful application to greenfields developments has been demonstrated in Papua New Guinea. 17 refs.

  3. 20 CFR 670.620 - Are Job Corps students eligible to receive cash allowances and performance bonuses?

    Science.gov (United States)

    2010-04-01

    ... Student Support § 670.620 Are Job Corps students eligible to receive cash allowances and performance... cash allowances and performance bonuses? 670.620 Section 670.620 Employees' Benefits EMPLOYMENT AND... cash living allowances, performance bonuses, and allotments for care of dependents, and...

  4. 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. PMID:19670269

  5. On-line Payment System Survey – eCash

    Directory of Open Access Journals (Sweden)

    Marius Popa

    2009-12-01

    Full Text Available The paper presents the main aspects regarding an on-line payment system. Some characteristics of such system are presented and an existing system is analyzed. On its fundamental sense, the electronic commerce is a concept that represents the purchase and sale process or exchange of products, services, information, using o computer network, inclusively the Internet. In the most part of the cases, the electronic commerce imply on-line payments that lead to creation of some kinds of electronic money and some specific payment systems. There are described the some electronic payment mechanisms and the architecture and the functions of the on-line payment system E-Cash are depicted.

  6. Information and Communication Technologies in cash management: explanatory model

    Directory of Open Access Journals (Sweden)

    AMAIA MASEDA GARCÍA

    2006-12-01

    Full Text Available In this research it has been analysed the use of ICT (Information and Communication Technologies in the responsibilities of cash management and the references of this survey are the corporations of Basque Country. The results indicate that the ICT more utilized by firms to financial practices are financial software, Internet and electronic banking. Furthermore, this results have permitted us to develop an explanatory model of the use of ICT for the treasurer’s functions; management of receivables and payments, liquidity monitoring, shortterm treasury forecasts, management of bank balances in value data, management of relations with financial institutions, management of short-term needs, management of treasury surpluses and management of interest and exchange rate risks.

  7. The Dynamic Effect of Oil Rent on Industrial Value Added: a SVAR Approach

    OpenAIRE

    Fakhri Issaoui; Talel Boufateh; Ghassen El Montasser

    2013-01-01

    This paper studies the dynamic effect of oil rents on industrial added value in a sample of countries with different levels of development. Using a SVAR model, we tested the effect of a real shock and a nominal shock on the variables of the model. The main obtained results are three. First, we confirmed that the Dutch disease (DD) problem is a short-term phenomenon that takes place each time there is a shock on oil rents. Second, the ephemeral nature of the phenomenon confirms the neoclassica...

  8. Rent taxation and its intertemporal effects in a small open economy

    DEFF Research Database (Denmark)

    Köthenbürger, Marko; Poutvaara, Panu

    2009-01-01

    Previous literature concludes that replacing wage taxation by taxes on a fixed factor or its rents benefits future generations. However, the effects of such steady-state gains on the transition generations have been left open. In this paper, we show that taxation of rents may also increase utilit...... of the current generation provided tax revenues are earmarked to reduce wage taxes. In particular, a shift in the tax mix may yield an intergenerational Pareto-improvement when the initially prevailing tax mix is sufficiently skewed toward wage taxation....

  9. The Effect of a Sports Stadium on Housing Rents: An Application of Geographically Weighted Regression

    Directory of Open Access Journals (Sweden)

    Jorge Enrique Agudelo Torres

    2015-06-01

    Full Text Available Researchers have determined that real estate prices vary in continuous ways as a function of spatial characteristics.  In this study we examine whether geographically weighted regression (GWR provides different estimates of price effects around a sports stadium than more traditional regression techniques.  We find that an application of GWR with hedonic prices finds that the stadium has a negative external effect on housing rents that extends outward 560 meters, in contrast to the positive external effect on housing rents found using a conventional estimation technique.

  10. Imputation of housing rents for owners using models with Heckman correction

    OpenAIRE

    Hulliger, Beat; Wiegand, Gordon

    2012-01-01

    "The direct income of owners and tenants of dwellings is not comparable since the owners have a hidden income from the investment in their dwelling. This hidden income is considered a part of the disposable income of owners. It may be predicted with the help of a linear model of the rent. Since such a model must be developed and estimated for tenants with observed market rents a selection bias may occur. The selection bias can be minimized through a Heckman correction. The paper applies the H...

  11. WHY MY PARTICIPATION MATTERS: Rent-seeking with endogenous prize determination

    OpenAIRE

    Klarizze Anne Puzon; Marc Willinger

    2014-01-01

    We analyze an institutionalized rent-seeking game in which groups can endogenously choose the prize at stake, e.g. a common-pool resource. In the first stage, groups determine how much of the resource to protect and equally share. In the second stage, the unprotected fraction is competed for in a rent-seeking game. We consider two institutions varying in the extent by which subjects participate: majority voting (i.e. "unrestrained participation" where all group members participate in the prot...

  12. A new scramble for land or an unprecedented opportunity for the rural poor? Distributional consequences of increasing land rents in developing countries

    DEFF Research Database (Denmark)

    Hvid, Anna; Henningsen, Geraldine

    2014-01-01

    Price induced increases in land rents trigger an increasing incentive for rent- seeking behavior. To analyse distributional and welfare eects of increasing land rents in developing countries, we develop a game theoretic model where a large and heterogeneous group of farmers competes with a small...... and wealthy elite. The results indicate that only relatively small rent increases benet the farmers more than the elite. Moreover, political institutions have an ambiguous eect on farmers' rent share, and may even reduce overall welfare, because they induce wasteful expenditure on rent-seeking....

  13. Effects of Excess Cash, Board Attributes and Insider Ownership on Firm Value: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Nadeem Ahmed Sheikh

    2016-04-01

    Full Text Available The purpose of this paper is to investigate whether excess cash, board attributes (i.e. board size, board independence and CEO duality and insider ownership affects the value of the firm. Data were taken from annual reports of non-financial firms listed on the Karachi Stock Exchange (KSE Pakistan during 2008-2012. Pooled ordinary least squares method used to estimate the effects of excess cash and internal governance indicators on the value of the firm. Our results indicate that excess cash is significantly negatively related to firm value. Excess cash along with board size is significant and negatively related to firm value. Excess cash along with insider ownership is significant and negatively related to firm value. Control variables namely leverage and dividends are positively while firm size is negatively related to firm value in all regressions. In sum, empirical results indicate that excess cash, board size and insider ownership have material effects on the value of the firm. Moreover, findings of this study provide support to managers to understand the impact of excess cash and internal governance measures on firm value. In addition, findings provide support to regulatory authorities to frame regulations that improve the level of corporate governance in the country.

  14. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  15. 41 CFR 102-85.125 - What alternate methods may be used to establish Rent in Federally-owned space?

    Science.gov (United States)

    2010-07-01

    ... REGULATION REAL PROPERTY 85-PRICING POLICY FOR OCCUPANCY IN GSA SPACE Rent Charges § 102-85.125 What... Rent are based on private sector models. They include, but are not limited to: (a) Return on investment (ROI) approach or a similar cost recovery method used when market comparables are not available...

  16. 75 FR 11553 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2010-03-11

    ... use of FMRs or voucher payment standards should be directed to the respective local HUD program staff... URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and Moderate... Market Rents published on August 4, 2009 (74 FR 38716), HUD conducted Random Digit Dialing (RDD)...

  17. The solution to the Tullock rent-seeking game when R > 2: mixed-strategy equilibria and mean dissipation rates

    NARCIS (Netherlands)

    M.R. Baye (Michael); D. Kovenock (Dan); C.G. de Vries (Casper)

    1994-01-01

    textabstractIn Tullock's rent-seeking model, the probability a player wins the game depends on expenditures raised to the power R. We show that a symmetric mixed-strategy Nash equilibrium exists when R>2, and that overdissipation of rents does not arise in any Nash equilibrium. We derive a tight low

  18. 26 CFR 1.992-4 - Coordination with personal holding company provisions in case of certain produced film rents.

    Science.gov (United States)

    2010-04-01

    ... provisions in case of certain produced film rents. 1.992-4 Section 1.992-4 Internal Revenue INTERNAL REVENUE... produced film rents. (a) In general. Section 992(d)(2) provides that a personal holding company is not... “produced film rents” means payments received with respect to an interest in a film for the use of, or...

  19. 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.

  20. 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.

  1. Internationale Cash Flow-Rechnungen aus Eigner- und Gläubigersicht

    OpenAIRE

    Becker, Gernot M.; Seeger, Norbert

    2003-01-01

    Cash flow statements have gained popularity worldwide and are now mandatory also under German GAAP for listed companies. Based on International Accounting Standard No. 7 we review their analytical value from both a shareholder’s and a creditor’s point of view. Cash flow patterns do vary from earnings patterns. Income earned is not identical with cash received. Enron and some other spectacular insolvency cases are just examples of this. In the first part of this working paper we present the co...

  2. Boosting solar investment with limited subsidies: Rent management and policy learning in India

    International Nuclear Information System (INIS)

    In order to avoid irreversible damage to global ecosystems, new ‘green’ technologies are needed, some of which are nowhere near commercial maturity. In these cases, governments may create temporary rents to make investments ‘artificially’ attractive, but the creation of such rents involves risks of faulty allocation and political capture. This article first highlights the importance of managing rents effectively in promoting ‘green’ technologies; it then shows how India's National Solar Mission has been remarkably effective in triggering solar investments and managing the necessary subsidies, e.g. through a process of competitive reverse bidding for tariffs. Policy design and implementation also reflect considerable experimentation and learning. Some risks remain, especially regarding the enforceability of renewable energy quotas at the level of Indian states. - Highlights: • India's National Solar Mission effectively triggered solar investments. • Reverse bidding substantially decreased policy costs. • Sequenced implementation allowed for policy learning. • India's solar policy is a good example of green rent management

  3. 24 CFR 401.410 - Standards for determining comparable market rents.

    Science.gov (United States)

    2010-04-01

    ... the PAE is unable to identify at least three comparable properties within the local market, the PAE...) If necessary to go outside the market, use comparable properties as far outside the local market as... comparable market rents. 401.410 Section 401.410 Housing and Urban Development Regulations Relating...

  4. Rents From the Essential Health Benefits Mandate of Health Insurance Reform.

    Science.gov (United States)

    Mendoza, Roger Lee

    2015-01-01

    The essential health benefits mandate constitutes one of the most controversial health care reforms introduced under the U.S. Affordable Care Act of 2010. It bears important theoretical and practical implications for health care risk and insurance management. These essential health benefits are examined in this study from a rent-seeking perspective, particularly in terms of three interrelated questions: Is there an economic rationale for standardized, minimum health care coverage? How is the scope of essential health services and treatments determined? What are the attendant and incidental costs and benefits of such determination/s? Rents offer ample incentives to business interests to expend considerable resources for health care marketing, particularly when policy processes are open to contestation. Welfare losses inevitably arise from these incentives. We rely on five case studies to illustrate why and how rents are created, assigned, extracted, and dissipated in equilibrium. We also demonstrate why rents depend on persuasive marketing and the bargained decisions of regulators and rentiers, as conditioned by the Tullock paradox. Insights on the intertwining issues of consumer choice, health care marketing, and insurance reform are offered by way of conclusion. PMID:26075546

  5. The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision

    Directory of Open Access Journals (Sweden)

    Michael Makovi

    2015-11-01

    Full Text Available Gordon Tullock is acknowledged for being the first to recognize the true costs of rent-seeking as including not only the Harberger triangle but also the Tullock rectangle. This rectangle does not constitute merely a lossless transfer of wealth, but it causes a misallocation of resources as rent-seekers invest resources in lobbying. However, a close reading of Tullock’s writings shows that his arguments are formulated in a holistic fashion, speaking of what is efficient or inefficient for society. Rent-seeking is inefficient because it reduces societal welfare. But according to a methodologically individualist and subjectivist economics, such a claim is invalid. We must distinguish between positive economic fact and normative moral philosophy. We call for a reconstruction of utility and welfare economics based on methodological individualism and subjectivism with implications for the theories of monopoly and competition: practices which Neoclassical perfect-competition theory considers to be evidence of rent-seeking should instead be deemed as indications of genuine competition Political economy should be concerned with ascertaining which institutions will best enable individuals to pursue their individually subjective ends – or else economists should be explicit about their normative preferences and political philosophies.

  6. 41 CFR 102-85.130 - How are exemptions from Rent granted?

    Science.gov (United States)

    2010-07-01

    ... superseding GSA order. A copy of the order may be obtained from the Office of Portfolio Management, General... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false How are exemptions from Rent granted? 102-85.130 Section 102-85.130 Public Contracts and Property Management Federal...

  7. 24 CFR 982.613 - Group home: Rent and voucher housing assistance payment.

    Science.gov (United States)

    2010-04-01

    ...) Meaning of pro-rata portion. For a group home, the term “pro-rata portion” means the ratio derived by... owner for an assisted person may not exceed the pro-rata portion of the reasonable rent for the group...-rata portion of the payment standard amount on the PHA payment standard schedule for the group...

  8. 24 CFR 982.617 - Shared housing: Rent and voucher housing assistance payment.

    Science.gov (United States)

    2010-04-01

    .... (a) Meaning of pro-rata portion. For shared housing, the term “pro-rata portion” means the ratio... for the family may not exceed the pro-rata portion of the reasonable rent for the shared housing... standard amount on the PHA payment standard schedule for the family unit size; or (2) The pro-rata...

  9. Living with the state: The incomes and work incentives of tenants in the social rented sector

    OpenAIRE

    Giles, Christopher; Johnson, Paul; McCrae, Julian; Taylor, Jayne

    1996-01-01

    This report analyses the changing economic positions of tenants in subsidised public housing. It shows how low their incomes are today, how these low incomes interact with higher rents and the housing benefit system to reduce their returns to work and looks at a number of reforms to the benefit system.

  10. 78 FR 47339 - Proposed Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single...

    Science.gov (United States)

    2013-08-05

    ... valid one-year ACS data is available. The Consumer Price Index (CPI) rent and utility indexes are used... the ACS program). Moreover, HUD is using Consumer Price Index data calculated specifically for Puerto... electronically from http://www.gpoaccess.gov/fr/index.html , the U.S. Government Printing Office Web...

  11. 75 FR 46958 - Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation...

    Science.gov (United States)

    2010-08-04

    ..., and more recent Consumer Price Index (CPI) rent and utility indexes. HUD continues to use ACS data in.... Data Sources--2000 Census, the American Community Survey, and the Consumer Price Index As in all post... Consumer Price Index (CPI) data. FY 2011 FMRs are FY 2010 FMRs updated by replacing the CPI data used......

  12. 77 FR 46447 - Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation...

    Science.gov (United States)

    2012-08-03

    ... statistically valid one-year ACS data is available. The Consumer Price Index (CPI) rent and utility indexes are used to further update the data from 2010 to the end of 2011. HUD continues to use ACS data in... each year. The primary uses of FMRs are to determine payment standards for the Housing Choice...

  13. 76 FR 52057 - Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation...

    Science.gov (United States)

    2011-08-19

    ... support Alternative 1 (use of overall Consumer Price Index (CPI) data) because local and regional CPI... where statistically valid one-year ACS data is available. The Consumer Price Index (CPI) rent and... use of a fuel oil-specific index if one was available, but believes that the price of heating fuel...

  14. Rent Control and Virtual Prices: A Case Study for Interwar Belgium

    NARCIS (Netherlands)

    L.J.H. Bettendorf (Leon); E. Buyst (Erik)

    1997-01-01

    textabstractAfter World War I rent control became a cornerstone of housing policy in many European countries, resulting in quantity constraints on the demand for housing. The theory on complete demand systems provides a framework for analyzing the effects of these policies on consumption. As a test

  15. 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.

  16. How Many Disability Beneficiaries Forgo Cash Benefits Because of Work? Evidence from a New Measure.

    OpenAIRE

    Jody Schimmel; David Stapleton

    2012-01-01

    This issue brief summarizes findings from a longer report by Mathematica's disability experts, who used a new indicator to determine how many beneficiaries receiving Social Security Disability Insurance and Supplemental Security Income forgo cash benefits because of work.

  17. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    Directory of Open Access Journals (Sweden)

    Ezzeddine Ben Mohamed

    2014-06-01

    Full Text Available Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969, we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a to show the impact of CEOs’ optimism in the relationship between investment and internal cash flow. Our results report a positive and significant coefficient of investment to cash flow for the full sample. While, on estimations of our model using sub-sample of more and less constrained firms, we find that the sensitivity exists stronger only for totally constrained group. We find also that board characteristics can reduce investment policy’s distortions.

  18. EMPIRICAL STUDY CONCERNING THE VIEWS ON THE FORMAT OF CASH FLOW STATEMENTS

    Directory of Open Access Journals (Sweden)

    LUCIAN IOAN SABĂU

    2012-11-01

    Full Text Available Following the proposals about the new IFRS that would replace the existing standards on financial statement presentation in IFRSs, IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows, we conduct an empirical study on the opinions regarding the format of the cash flow statement, and the most appropriate method of presentation. The objective of this research is to develop a critical analysis based on this literature, regarding the most appropriate method of presenting cash flow statements. The results of our research is that the direct method is the most adequate for statement of cash flows, being confirmed by most studies reviewed, most researchers considering this method of reporting as the most appropriate and useful, compared with reporting by using the indirect method.

  19. 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

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. Comfort and patient-centred care without excessive sedation:the eCASH concept

    OpenAIRE

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P; Ball, Jonathan A.; Spronk, Peter; Longrois, Dan; Strom, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-01-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH-early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as th...

  6. The Moderating Effect of Ownership Structure on the Relationship between Free Cash Flow and Asset Utilisation

    OpenAIRE

    Takiah Mohd Iskandar; Rina Br Bukit; Zuraidah Mohd Sanusi

    2012-01-01

    Based on agency theory, ownership structure plays a role in monitoring managerial opportunistic behaviour. This study examines how different forms of ownership structures including foreign ownership, government ownership, and managerial ownership moderate the relationship between free cash flow and asset utilisation. This cross-sectional study involves companies listed on Bursa Malaysia. The results of a hierarchical multiple regression analysis show a negative relationship between free cash ...

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

    OpenAIRE

    Piotr Szczepankowski

    2007-01-01

    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 va...

  8. Cash Flow Forecasting as an Element of Integrated Reporting: An Empirical Study

    OpenAIRE

    R. G. Kaspina; L. A. Molotov; L. E. Kaspin

    2015-01-01

    The article is devoted to the practical aspects of integrated reporting cash flow forecasts. The proposed formationmethod is based on the fuzzy logics and the procedure of expert evaluations.As the result of a premade theoretical analysis of integrated reporting, an algorithm for cash flow forecasting hasbeen developed. Additionally, an example of practical application of the covered method based on integratedreporting data of JSC Nizhnekamskneftekhim has been included.

  9. Cash flow statement in financial statement analysis for small and medium sized enterprises

    OpenAIRE

    Hyvönen, Valtteri

    2016-01-01

    BACKGROUND AND MOTIVATION A new EU's accounting directive (2013/34/EU) focuses on the reliefs for financial statement disclosures of SMEs. Although directive 2013/34/EU is not taking a stand on cash flow preparation, in Finland a working group set by the Ministry of employment and economy has proposed that only large companies would be obliged to prepare cash flow statement as a part of financial statement. The Finnish parliament accepted the proposal in the part of renewed accounting law...

  10. Development Chutes and Ladders: A Joint Impact Evaluation of Asset and Cash Transfers in Brazil

    OpenAIRE

    Fitz, Dylan

    2013-01-01

    Land reforms provide large transfers of assets that enable households to increase investments in agriculture, but they can also lead to increases in human capital. Similarly, conditional cash transfers incentivize human capital investments, but they can also increase productive investments in agriculture. Thus, both programs have direct and indirect effects and may even complement each other, as land reforms provide productive assets that increase the returns to investments while cash transfe...

  11. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

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

    OpenAIRE

    Yessica Tria Christina; Erni Ekawati

    2014-01-01

    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 pr...

  13. Effects of Excess Cash, Board Attributes and Insider Ownership on Firm Value: Evidence from Pakistan

    OpenAIRE

    Nadeem Ahmed Sheikh; Muhammad Imran Khan

    2016-01-01

    The purpose of this paper is to investigate whether excess cash, board attributes (i.e. board size, board independence and CEO duality) and insider ownership affects the value of the firm. Data were taken from annual reports of non-financial firms listed on the Karachi Stock Exchange (KSE) Pakistan during 2008-2012. Pooled ordinary least squares method used to estimate the effects of excess cash and internal governance indicators on the value of the firm. Our results indicate that...

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

    OpenAIRE

    KAMIL AKINTUNDE

    2013-01-01

    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-correcti...

  15. Probabilistic Business Failure Prediction in Discounted Cash Flow Bond and Equity Valuation

    OpenAIRE

    Skogsvik, Kenth

    2006-01-01

    The purpose of the paper is to incorporate probabilistic business failure predictions in discounted cash flow (DCF) models for the valuation of company bonds and owners´ equity. The analysis shows that period-specific probabilities of business failure are instrumental to the assessment of expected values of cash flows in such models. Under somewhat restrictive conditions the failure risk can alternatively be accommodated through an adjustment of the discount rate, i.e. expected values of futu...

  16. Conditional Cash Transfers and Education Quality in the Presence of Credit Constraints

    OpenAIRE

    Elena Del Rey; Fernanda Estevan

    2011-01-01

    We investigate the relative merits of unconditional cash transfers (UCT), conditional cash transfers (CCT), and improvements in education quality on efficiency and welfare. In our setting some parents under-invest in their children's education because capital market imperfections prevent them from borrowing. When credit constrained households can be perfectly targeted by the government, we show that CCT are more effective than UCT in enhancing efficiency and equivalent in terms of welfare. Wh...

  17. Cash Accounting in the Equation of the Budget Execution and of the Public Management

    OpenAIRE

    Iuliana Cenar

    2009-01-01

    Accounting is the instrument used by the management of a public institution to satisfy the need for information and to direct their decisions. The state’s treasury is the public institution that ensures the perpetuation of the cash based accounting. The paper approaches the following: the treasury’s role in achieving the execution phase of the budgetary process, methods of changing into cash the budgetary incomes and to pay the expenses, the accounting instruments of the various transactions ...

  18. Measuring the Impact of Cash Crops on Household Expenditure and Poverty in Rural Viet Nam

    OpenAIRE

    Nguyen Viet, Cuong

    2008-01-01

    This paper measures the impacts of cash crops on household consumption expenditure and poverty in rural Viet Nam using data from the Viet Nam household living standards surveys (VHLSSs) of 2002 and 2004. It has been found that revenues from cash crops have positive and statistically significant impacts on per capita expenditure. More specifically, an increase of 1 Viet Nam dong (VND) in rice revenues leads to an increase of 0.019 VND in per capita expenditure, and the corresponding figures fo...

  19. Do cash transfers improve birth outcomes? Evidence from matched vital statistics, social security and program data

    OpenAIRE

    Amarante, Veronica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea

    2011-01-01

    There is limited empirical evidence on whether unrestricted cash social assistance to poor pregnant women improves children's birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15% reduction in the incidence of low birthweight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother's smok...

  20. Estimated Effects on the Supplemental Nutrition Assistance Program of Eliminating California's SSI Cash-Out Policy.

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

    This report evaluates how eliminating Supplemental Security Income (SSI) cash-out would affect SNAP (formerly the Food Stamp Program) eligibility and benefits for Californians receiving SSI and for nonelderly, nondisabled family members living with them. In 1974, California opted to “cash out†recipients SSI benefits from SNAP. In lieu of SNAP eligibility for low-income seniors and people with disabilities receiving SSI, the state increased the State Supplementary Payments by $10.

  1. Estimated Effects on the Supplemental Nutrition Assistance Program of Eliminating Californias SSI CashOut Policy

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

    This report evaluates how eliminating Supplemental Security Income (SSI) cash-out would affect SNAP (formerly the Food Stamp Program) eligibility and benefits for Californians receiving SSI and for nonelderly, nondisabled family members living with them. In 1974, California opted to “cash out†recipients SSI benefits from SNAP. In lieu of SNAP eligibility for low-income seniors and people with disabilities receiving SSI, the state increased the State Supplementary Payments by $10.

  2. Towards cash transfer interventions for tuberculosis prevention, care and control: key operational challenges and research priorities

    OpenAIRE

    Boccia, D.; D. Pedrazzoli; Wingfield, T; Jaramillo, E; Lönnroth, K.; Lewis, J.; Hargreaves, J; Evans, CA

    2016-01-01

    Background Cash transfer interventions are forms of social protection based on the provision of cash to vulnerable households with the aim of reduce risk, vulnerability, chronic poverty and improve human capital. Such interventions are already an integral part of the response to HIV/AIDS in some settings and have recently been identified as a core element of World Health Organization’s End TB Strategy. However, limited impact evaluations and operational evidence are currently available to inf...

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

    OpenAIRE

    , Wei Zhang; Henk von Eije; Wim Westerman

    2015-01-01

    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 th...

  4. 货币性私有收益与避税寻租%Monetary Private Benefits and Rent-seeking through Tax Avoidance

    Institute of Scientific and Technical Information of China (English)

    陈冬

    2014-01-01

    复杂不透明的避税交易为公司高管的自利行为提供了机会。国企高管薪酬激励扭曲程度较大,所握权力缺乏监督,当他们从显性薪酬契约中获得的货币性私有收益较低时,可以通过避税交易寻租,此时国有上市公司避税程度较大;国有上市公司与子公司、受同一母公司控制的其他公司发生的异常关联交易、以及对异常经营活动现金流的操纵是国企高管避税寻租的实现途径。但是,“四大”审计并不能对高管避税寻租产生治理作用。%Complex and opaque tax avoidance transactions provide opportunities for high-rank-ing managers'opportunistic behaviors.The incentive distortion degree of State-owned enterprises 'high-ranking managers is higher than those of Non-SOEs because their compensation are regula-ted.High-ranking managers of SOEs like to seek hidden benefits and the companies'tax avoid-ance degree is high when they gain low monetary benefits from remuneration contracts.Abnor-mal related party transactions and real earnings managements through abnormal operating cash flow aggravate the relation between monetary benefits and tax avoidance.But,the"Big 4"audi-tors do not inhibit the rent-seeking through tax avoidance.

  5. The use of cash transfers for HIV prevention--are we there yet?

    Science.gov (United States)

    Taaffe, Jessica; Cheikh, Nejma; Wilson, David

    2016-01-01

    Poverty and social inequality are significant drivers of the HIV epidemic and are risk factors for acquiring HIV. As such, many individuals worldwide are at risk for new HIV infection, especially young women in East and Southern Africa. By addressing these drivers, social protection programmes may mitigate the impact of poverty and social inequality on HIV risk. There is reason to believe that social protection can be used successfully for HIV prevention; social protection programmes, including cash transfers, have led to positive health outcomes and behaviour in other contexts, and they have been used successfully to promote education and increased income and employment opportunities. Furthermore, cash transfers have influenced sexual behaviour of young women and girls, thereby decreasing sexual risk factors for HIV infection. When HIV outcomes have been measured, several randomised controlled trials have shown that indirectly, cash transfers have led to reduced HIV prevalence and incidence. In these studies, school attendance and safer sexual health were directly incentivised through the cash transfer, yet there was a positive effect on HIV outcomes. In this review, we discuss the growth of social protection programmes, their benefits and impact on health, education and economic potential, and how these outcomes may affect HIV risk. We also review the studies that have shown that cash transfers can lead to reduced HIV infection, including study limitations and what questions still remain with regard to using cash transfers for HIV prevention.

  6. The use of cash transfers for HIV prevention--are we there yet?

    Science.gov (United States)

    Taaffe, Jessica; Cheikh, Nejma; Wilson, David

    2016-01-01

    Poverty and social inequality are significant drivers of the HIV epidemic and are risk factors for acquiring HIV. As such, many individuals worldwide are at risk for new HIV infection, especially young women in East and Southern Africa. By addressing these drivers, social protection programmes may mitigate the impact of poverty and social inequality on HIV risk. There is reason to believe that social protection can be used successfully for HIV prevention; social protection programmes, including cash transfers, have led to positive health outcomes and behaviour in other contexts, and they have been used successfully to promote education and increased income and employment opportunities. Furthermore, cash transfers have influenced sexual behaviour of young women and girls, thereby decreasing sexual risk factors for HIV infection. When HIV outcomes have been measured, several randomised controlled trials have shown that indirectly, cash transfers have led to reduced HIV prevalence and incidence. In these studies, school attendance and safer sexual health were directly incentivised through the cash transfer, yet there was a positive effect on HIV outcomes. In this review, we discuss the growth of social protection programmes, their benefits and impact on health, education and economic potential, and how these outcomes may affect HIV risk. We also review the studies that have shown that cash transfers can lead to reduced HIV infection, including study limitations and what questions still remain with regard to using cash transfers for HIV prevention. PMID:27002355

  7. Invoicing and Financial Forecasting of Time and Amount of Corresponding Cash Inflow

    Directory of Open Access Journals (Sweden)

    Dragan Simić

    2011-09-01

    Full Text Available Cash is the centre of all financial decisions. It is used as basis for the future investment projections and enterprises' financial plans. A concept of intelligent system for financial forecasting, the dynamic of issuing invoices and receiving corresponding cash inflow for fair exhibitions is presented in this article. This intelligent system is based on artificial intelligent method case-based reasoning (CBR where the previous experience for new forecasting is taken into account. This research is a discussion about the problem of invoice curve and the corresponding cash inflow curve at the moment of the fair exhibition. The invoice curve reaches its saturation point, while the cash inflow curve is still far away from the saturation point. The solution to this problem is the saturation point for the cash inflow curve. Therefore managers want to know how high the cash inflow of some services would at a certain point of time in the future, with respect to invoicing. If they could predict reliably enough what would happen in the future, they could plan important business activities to ensure faster invoiced income and future activities. Methodological aspects have been tested, in practice, as a part of the management information system development project for Novi Sad Fair company.

  8. Family control,institutional environment and cash dividend policy:Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Zhihua; Wei; Shinong; Wu; Changqing; Li; Wei; Chen

    2011-01-01

    Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.

  9. 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.

  10. 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.

  11. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  12. 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.

  13. OPERATIONAL CIRCULAR No. 4 (REV. 1) – USE OF VEHICLES BELONGING TO OR RENTED BY CERN

    CERN Multimedia

    2012-01-01

    Operational Circular No. 4 (Rev. 1) entitled “Use of vehicles belonging to or rented by CERN”, approved by the Director-general following discussion in the Standing Concertation Committee meeting of 15 February 2012, is available on the intranet site of the Human Resources Department: https://hr-docs.web.cern.ch/hr-docs/opcirc/opcirc.asp It cancels and replaces Operational Circular No. 4 entitled “Conditions for use by members of the CERN personnel of vehicles belonging to or rented by CERN” of April 2003. This new version enables, in particular, to include CERN contractors and their personnel, to harmonize the structure of the circular with other circulars and to simplify the procedures by permitting electronics forms. Department Head Office HR Department

  14. Are physicians profit or rent seekers? Some evidence from state economic growth rates.

    Science.gov (United States)

    Reilly, Mary; Santerre, Rexford E

    2013-01-01

    Previous research has debated whether physicians act as profit- or rent-seekers. We argue that these two models of physician behavior can be tested by observing empirically the relationship between physician density and economic growth rates. A direct (inverse) relationship provides evidence for the profit-seeking (rent-seeking) theory of physician behavior. We empirically examine the impact of physician density on the economic growth of all US states over the period from 1973 to 2009. The empirical analysis generally finds a statistically significant and direct relationship between physician density and the growth of gross state product. The results are robust with respect to state- and time-fixed effects, individual state time trends, and 2SLS (two-stage least squares) estimation. Thus, in support of the profit-seeking theory of physician behavior, the findings reveal that physicians generally have a positive impact on the growth of the US economy.

  15. Are physicians profit or rent seekers? Some evidence from state economic growth rates.

    Science.gov (United States)

    Reilly, Mary; Santerre, Rexford E

    2013-01-01

    Previous research has debated whether physicians act as profit- or rent-seekers. We argue that these two models of physician behavior can be tested by observing empirically the relationship between physician density and economic growth rates. A direct (inverse) relationship provides evidence for the profit-seeking (rent-seeking) theory of physician behavior. We empirically examine the impact of physician density on the economic growth of all US states over the period from 1973 to 2009. The empirical analysis generally finds a statistically significant and direct relationship between physician density and the growth of gross state product. The results are robust with respect to state- and time-fixed effects, individual state time trends, and 2SLS (two-stage least squares) estimation. Thus, in support of the profit-seeking theory of physician behavior, the findings reveal that physicians generally have a positive impact on the growth of the US economy. PMID:24199520

  16. Consumer Shopping Costs as a Cause of Slotting Fees: A Rent-Shifting Mechanism

    OpenAIRE

    Stéphane CAPRICE; von Schlippenbach, Vanessa

    2010-01-01

    Analyzing a sequential bargaining framework with one retailer and two suppliers of substitutable goods, we show that slotting fees may emerge as a result of a rent-shifting mechanism when consumer shopping costs are taken into account. If consumers economize on their shopping costs by bundling their purchases, their buying decision depends rather on the price for the whole shopping basket than on individual product prices. This induces complementarities between the goods offered at a retail o...

  17. One-stop shopping as a cause of slotting fees: A rent-shifting mechanism

    OpenAIRE

    Stéphane CAPRICE; von Schlippenbach, Vanessa

    2013-01-01

    Consumers increasingly prefer to bundle their purchases into a single shopping trip, inducing complementaries between initially independent or substitutable goods. Taking this one-stop shopping behavior into account, we show that slotting fees may emerge as a result of a rent-shifting mechanism in a three-party negotiation framework, where a monopolistic retailer negotiates sequentially with two suppliers about two-part tariff contracts. If the goods are initially independent or sufficiently ...

  18. Kebijakan Ekonomi Politik Stated-Centered dan Rent-Seeking Behavior dalam Kebijakan Pangan Impor Beras

    Directory of Open Access Journals (Sweden)

    Wahyu Riawanti

    2011-05-01

    Full Text Available This present a critical assessment of the political economy that underlie food policy and rice import in Indonesia. State-centric behavior and rent-seeking practices are important determinants of food policy formulation in Indonesia. The study analyzes the importation of rice by the Indonesian government. Study result show that rice policy is based on three main point which are: relationship between farmer's term of trade (NTP, ruse production and distribution; and political power in policy formulation.

  19. The effects of rent-sharing on the gender wage gap in the Israeli manufaturing sector

    OpenAIRE

    Navon, Guy; Tojerow, Ilan

    2006-01-01

    This paper analyzes the impact of workplace characteristics on individual wages based on a unique cross-section matched employer-employee dataset for the Israeli private manufacturing sector in 1995; especially, we examine the effects of the interaction between rent-sharing and wages on the gender wage gap. The empirical findings show that individual compensation is significantly and positively related to firms' profits-per-employee even when controlling for group effects in the residuals, in...

  20. Lease maturity and initial rent: is there a term structure for UK commercial property leases?

    OpenAIRE

    Bond, S A; Loizou, P.; McAllister, Patrick (Hrsg.)

    2005-01-01

    This paper investigates the relationship between lease maturity and rent in commercial property. Over the last decade market-led changes to lease structures, the threat of government intervention and the associated emergence of the Codes of Practice for commercial leases have stimulated growing interest in pricing of commercial property leases. Seminal work by Grenadier (1995) derived a set of hypotheses about the pricing of different lease lengths in different market conditions. Whilst there...

  1. Celestial marriage and earthly rents: interests and the prohibition of polygamy.

    Science.gov (United States)

    Anderson, G M; Tollison, R D

    1998-01-01

    Just prior to the Civil War, the US government set out on a relentless campaign to eliminate polygamy within the Mormon Church. This paper offers evidence that the political restrictions on the practice of polygamy were the result of rent seeking by potential beneficiaries of such laws (the Edmonds Act of 1882). Polygamy created benefits for women, but reduced the welfare of most men, in a time period when only adult males had the franchise.

  2. Disordered land-rent competition in China’s periurbanization: case study of Beiqijia Township, Beijing

    OpenAIRE

    Jieming Zhu; Tingting Hu

    2009-01-01

    Land development for nonagricultural uses in China’s periurban areas has been driven by the rapid urbanization which has made the areas an intense mixture of urban and rural activities. The taking of land-rent differentials derived from land-use change is also a strong driving force for land conversion. In addition to formal land developments, informal and quasi-formal land developments have been induced by the institution of incomplete and ambiguously delineated collective land rights which ...

  3. Audit risk and rent extraction: Evidence from a randomized evaluation in Brazil

    OpenAIRE

    Litschig, Stephan; Zamboni, Yves

    2011-01-01

    We report results from a randomized policy experiment designed to test whether increased audit risk deters rent extraction in local government procurement and service delivery in Brazil. Our estimates suggest that temporarily increasing annual audit risk by about 20 percentage points reduced the share of audited resources involved in corruption by about 10 percentage points and the proportion of procurement processes with evidence of corruption by about 15 percentage points. The corruption re...

  4. Overbidding and overspreading in rent-seeking experiments: Cost structure and prize allocation rules

    OpenAIRE

    Chowdhury, Subhasish; Sheremeta, Roman; Turocy, Theodore

    2014-01-01

    We study experimentally the effects of cost structure and prize allocation rules on the performance of rent-seeking contests. Most previous studies use a lottery prize rule and linear cost, and find both overbidding relative to the Nash equilibrium prediction and significant variation of efforts, which we term ‘overspreading.’ We investigate the effects of allocating the prize by a lottery versus sharing it proportionally, and of convex versus linear costs of effort, while holding fixed the N...

  5. Dietary aluminium Intake Level for Rent Animals in a Primary and Secondary Aluminium Industry Surrounding Area

    OpenAIRE

    Mărioara Drugă; Alexandru Trif; Mihai Drugă; Ducu Ştef; Ştefan Munteanu

    2010-01-01

    The study was carried out in an aluminium industry surrounding area on purpose to evaluate dietary aluminium intake level for rent animals originated from fodder and water consumed by them. There were taken feed and water samples in different periods and from increasing distances from industrial platform, determined the aluminium level by atomic spectroscopy and calculated the rations for cattle and poultry. Conclusions: aluminium dietary intake level by ration depends by forage period for st...

  6. Do Tenure Differences Influence the Improvement of Quality of Rented Land? Empirical Evidence from Rural Ghana

    OpenAIRE

    Owusu, Victor; Gunning, Jan Willem; Burger, Kees

    2007-01-01

    The implications of migrant agricultural production for the environment have interested policy makers in sub-Saharan Africa of late. The impacts in the region of migrant destination may be short-term including initial felling of trees, intensive land use, and application of techniques. In the longer term, tenants are expected to adjust their techniques to that of the indigenous landowners. This paper explains how migrant tenants manage the quality of rented plots in the absence of clearly def...

  7. STUDY OF DEPRESSION AMONG MEDICAL STUDENTS OF DIFFE RENT PATHIES IN NANDED CITY, MAHARASHTRA .

    OpenAIRE

    Sahu; Inamdar; Mohammed; Saleem; Gadekar; Sonkar; Doibale

    2013-01-01

    ORIGINAL ARTICLE Journal of Evolution of Medical and Dental Sciences / Volume 2/ Issue 22/ June 3, 2013 Page 3978 STUDY OF DEPRESSION AMONG MEDICAL STUDENTS OF DIFFE RENT PATHIES IN NANDED CITY, MAHARASHTRA . P. C. Sahu 1 , I. F. Inamdar 2 , Mohammed Ubaidulla 3 , Saleem Tambe 4 , Gadekar R.D 5 , V. K. Sonkar 6 , M. K. Doibale 7 . 1. Post Graduate Student, Department of Community Medi cine, Dr. Shankarrao Chavan Gov...

  8. A Bi-modal Model for Chinese Cities: City Size, Car Use and Land Rent

    Institute of Scientific and Technical Information of China (English)

    DAI Teqi; WANG Liang; ZHOU Binxue

    2016-01-01

    China is experiencing rapid urbanization and motorization.Urban transport congestion poses a challenge to the cities of China.Policies have been made trying to control the car use and the land use in Chinese cities without sound modelling researches.The existing literature on monocentric city modelling has shown that the parameters are critical for the outcome of the modelling.Following the Alonso-type monocentric model,this paper introduces a bi-modal model to simulate the city size,the distribution of land rent and the modal substitution in Chinese cities.We set the key parameters according to the recent available data of China's cities,and re-explain the hypothesis of the model.Then we make a sensitivity analysis to reveal the impacts of key parameters on the Chinese cities.According to the results,we find that the wage,the price of car use and the agriculture rent have significant impacts on city size.The land supply for the private transport or the public transport has the strongest impacts on car use and the level of transport congestion.The total population of the city and the wage level have strong impacts on land rent.Some results are counter-intuitive,but explainable.We also discuss implication of these results for policy making.

  9. La quinoa en Bolivie : une culture ancestrale devenue culture de rente

    OpenAIRE

    Winkel T.; Del Castillo C.; Mahy G.

    2008-01-01

    Quinoa in Bolivia: an ancestral crop changed to a cash crop with " organic fair-trade " labeling. This paper presents a review of the litterature on the physiology and diversity of quinoa (Chenopodium quinoa Willd.). Since about 15 years, this Andean crop experiences a great commercial success in the organic and fair-trade food networks. Selected and cultivated for thousands of years in the Andean highlands, quinoa shows a remarkable tolerance to environmental stresses, particularly to drough...

  10. Two-Dimensional Effort in Patent-Race Games and Rent-Seeking Contests: The Case of Telephony

    Directory of Open Access Journals (Sweden)

    João Ricardo Faria

    2014-05-01

    Full Text Available Using the political-economic history of the development of telephony during the 1870s as a backdrop, this paper studies a two-player Tullock contest that includes both research effort (R&D and legal effort (i.e., rent-seeking effort. The two types of efforts complement each other and positively influence the payoff of the contest. We assume that legal effort affects the prize value, increasing the winner’s prospective rents, and research effort impacts the probability of winning the contest. The results of the model break new ground in showing that research effort is a function of legal effort, wherein research effort increases with rent-seeking effort. The model also shows the existence of a strategic equivalence between rent seeking and patent races.

  11. The Governance Slack Model: A cash flow approach for the budgeting and accountability of some corporate governance issues

    OpenAIRE

    Apreda, Rodolfo

    2002-01-01

    This paper introduces a cash flow model to budget and monitor distinctive matters usually arising in corporate governance. By enlarging the standard cash flow model widely used in Finance, and avoiding some of its downsides, it sets up a composite of cash flows called governance slack, which amounts to a comprehensive budget for the most usual governance issues. This slack has a dual structure whose dynamics keeps track of uses and sources of its components, preventing likely agency problems ...

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

    OpenAIRE

    Jie-Sheng Wang; Chen-Xu Ning

    2015-01-01

    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 s...

  13. Micro-foundations of producer power in Colombia and the Philippines: Towards a political understanding of rents

    OpenAIRE

    Ramos, Charmaine G.

    2015-01-01

    This paper examines rent-creating state interventions in Colombia and the Philippines, where the authority to mobilise agricultural levies collected from leading agro-export sectors were delegated to producer associations. It investigates why coffee levies in Colombia are associated with production and welfare-enhancing outcomes, while coconut levies in the Philippines are depicted as non-developmental rent capture. The paper forwards an explanation based on a comparison of the basis in polit...

  14. Impact of the types of clusters on the innovation output and the appropriation of rents from innovation

    OpenAIRE

    2013-01-01

    The ability to generate innovations and capture the rents from innovation are important for firms’ competitive advantage. Increasingly firms seek knowledge abundant locations, or industry clusters, to access novel knowledge and generate innovations through knowledge recombinations (Schumpeter, 1934). We examine how different types of clusters impact on the innovation output, the knowledge flows among the clustered firms and, ultimately, on who captures the rents from innovation. The type of...

  15. 42 CFR 436.210 - Individuals who meet the income and resource requirements of the cash assistance programs.

    Science.gov (United States)

    2010-10-01

    ... for Coverage of Families and Children and Aged, Blind, and Disabled Individuals, Including Pregnant... income and resource requirements of the appropriate cash assistance program for their status (that...

  16. ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

    Directory of Open Access Journals (Sweden)

    R. Anastasia Endang Susilawati

    2010-06-01

    Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

  17. A Multi-Objective Fuzzy Linear Programming Model for Cash Flow Management

    Directory of Open Access Journals (Sweden)

    A. M. El-Kholy

    2014-08-01

    Full Text Available Although significant research work has been conducted on cash flow forecast, planning, and management, the objective is constantly the maximization of profit/final cash balance, or minimization of total project cost. This paper presents a multi-objective fuzzy linear programming model (FLP for resolving the optimization problem of three conflicting objectives: final cash balance, cost of money, and initial cash balance. The proposed model depends on Jiang et al. (2011 Model. In the new formulation, both the advanced payment and delay of owner's progress payment one period were considered. Literature concerned with cash flow studies and models for construction projects was reviewed. Fuzzy linear programming applications in literature was presented and it's concept was then described. Jiang et al. (2011 Model is presented. The proposed model development was then presented. The proposed model was validated using an example project. An optimization of each individual objective was performed with a linear programming (LP software (Lindo that gave the upper and lower bounds for the multi-objective analysis. Fuzzy linear programming was then applied to optimize the solution. Four cases are considered: considering advanced payment and delay of owner's progress payment one period simultaneously, then separately, and neglecting advanced payment and delay of owner's progress payment. Penalty of delayed payment have been also considered. Analysis of the results revealed that the model is an effective decision making tool to be used by industry practitioners with reasonable accuracy.

  18. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  19. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile 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 concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  20. Atomic and anonymous e-Cash transaction protocol with off-line TTP

    Institute of Scientific and Technical Information of China (English)

    王茜; 李朝阳; 杨德礼

    2004-01-01

    Atomicity and anonymity are desirable properties for reliable and security e-Cash transaction and the guarantee of the participants' interests. But there are conflicts between these two properties. In this paper, an atomic and anonymous e-Cash transaction protocol with off-line TTP (Trust Third Party) based on the extended CEMBS is presented. The novel protocol is analyzed for its atomicity and anonymity. The results of the analysis show that it not only provides atomicity and anonymity under unreliable communication and dishonest partici-pants, but also features high efficiency and practicability. The new protocol also avoids transaction from a am-biguous state. Furthermore, it will be referenced often for the application of the atomic e-Cash transaction proto-col.

  1. A Fair Off-Line Electronic Cash Scheme Based on Restrictive Partially Blind Signature

    Institute of Scientific and Technical Information of China (English)

    王常吉; 吴建平; 段海新

    2004-01-01

    A fair off-line electronic cash scheme was presented based on a provable secure restrictive partially blind signature.The scheme is more efficient than those of previous works as the expiry date and denomination information are embedded in the electronic cash,which alleviates the storage pressure for the bank to check double spending,and the bank need not use different public keys for different coin values,shops and users need not carry a list of bank's public keys to verify in their electronic wallet.The modular exponentiations are reduced for both the user and the bank by letting the trustee publish the public values with different structure as those of previous electronic cash schemes.The scheme security is based on the random oracle model and the decision Diffie-Hellman assumption.The scheme can be easily extended to multi-trustees and multi-banks using threshold cryptography.

  2. 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.

  3. 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.

  4. The New Darwinism of the Payment System: Will Bitcoin Replace our Cash-based Society?

    Directory of Open Access Journals (Sweden)

    Wonglimpiyarat J

    2016-01-01

    Full Text Available This paper is concerned with the new Darwinism of the payment system. The researcher discusses the payment system to understand if Bitcoin would replace our cash-based society. The analysis is based on the technology S-curve and Schumpeter’s model of economic development. At present, there are problems hindering Bitcoin innovation to achieve a wide adoption as the innovation is not well received by the government central banks around the world. It is interesting to see that the swing of S-curves is not strong enough to cause a paradigm shift according to the Schumpeterian concept of creative destruction. The results have shown parallel S-curve trajectories of electronic money innovations signifying a move from a cash-based economy towards a less cash society. The study provides useful implications to support the diffusion of Bitcoin innovation.

  5. Earnings Management before Rights Issues and the Subsequent Cash Transfer in Chinese Firms

    Science.gov (United States)

    Tsai, Bi-Huei

    2009-08-01

    Unlike private enterprises in developed markets, political influence is profound upon Chinese state-dominated firms. Under this consideration, this paper demonstrates how political impact interferes in Chinese managers' decisions. State-assigned managers were found to deliberately transfer cash raised via rights issues from the public shareholders to the state by cash dividends in order to please Chinese politicians. Especially, to meet the regulatory requirement of rights issues, managers from firms which distributed more cash dividends in the same year of rights issues were more likely to inflate earnings before rights issues. The earnings inflation which managers use to boost firm's incomes is defined as "earnings management." Furthermore, the empirical results also exhibit that firm's close relationship with the state enables managers to obtain approvals of rights issues easily, which reduces the firm's earnings management tendency. The manager's incentives of earnings management is closely attributed to the political intervention.

  6. Voluntary disclosing cash flow statement in non-listed medium sized companies

    DEFF Research Database (Denmark)

    Schøler, Finn

    2012-01-01

    . For this reason we conducted a multiple-case study, where we formulated a structured questionnaire and made partly open-ended interview with each one of the case-companies’ accountably responsible persons, i.e. one of the guys who signed the annual report. Among the majority of the answers we found a common......In Denmark, like some other EU Member States, medium-sized companies are requested to present a cash flow statement, but there are exemption rules similar to those for subgroups’ exemption to their presentation of consolidated financial statements. In a sample consisting of the paper versions...... of annual reports from 385 Danish non-listed medium-sized companies who were disclosing a cash flow statement as part of their annual report, we found that in a few cases, the companies were exempted to presentation of consolidated financial statements, but disclosing the cash flow statement voluntarily...

  7. 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.

  8. Comfort and patient-centred care without excessive sedation: the eCASH concept.

    Science.gov (United States)

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P; Ball, Jonathan A; Spronk, Peter; Longrois, Dan; Strøm, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-06-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH-early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as the default presumption for intensive care unit (ICU) patients in the absence of recognised medical requirements for deeper sedation. Effective pain relief is the first priority for implementation of eCASH: we advocate flexible multimodal analgesia designed to minimise use of opioids. Sedation is secondary to pain relief and where possible should be based on agents that can be titrated to a prespecified target level that is subject to regular review and adjustment; routine use of benzodiazepines should be minimised. From the outset, the objective of sedation strategy is to eliminate the use of sedatives at the earliest medically justifiable opportunity. Effective analgesia and minimal sedation contribute to the larger aims of eCASH by facilitating promotion of sleep, early mobilization strategies and improved communication of patients with staff and relatives, all of which may be expected to assist rehabilitation and avoid isolation, confusion and possible long-term psychological complications of an ICU stay. eCASH represents a new paradigm for patient-centred care in the ICU. Some organizational challenges to the implementation of eCASH are identified. PMID:27075762

  9. Price and Volume Reactions to Cash Dividend Announcements: Evidence from Taiwan

    OpenAIRE

    Jack J. W. Yang; Tsung-Shin Wu

    2014-01-01

    Are stock market investors concerned with obtaining abnormal returns by acquiring certain information? This paper studied the effect of ex-dividend date for cash-dividend policy. We try to demonstrate the existence of abnormal returns by examining stock trading situations before and after the ex-dividend date. We find that abnormal returns exist for listed Taiwan firms before and after the ex-dividend date. If an investor buys the stock of a firm who adopts a cash-dividend payout at the closi...

  10. Integrating The Abc Method Of Costs Calculation And Cash Value Added

    OpenAIRE

    Marius Sorin DINCA; Gheorghita DINCA

    2010-01-01

    In our paper we intend to explore the possibility of integrating the ABC method of cost calcula-tion with cash based value measure, i.e. the Cash Value Added. Our purpose is to develop an instrument for the management of productive companies that will allow them to administrate the proc-ess of value creation at the level of individual products or services. The activity based costing (ABC) method of cost calculation can be extended to the way of allo-cating the capital costs to individual prod...

  11. 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.

  12. PERFORMANCE ASSESSMENT OF MAJOR U.S. AIRLINES VIA CASH FLOW RATIOS

    OpenAIRE

    Stepanyan Armen

    2013-01-01

    The paper addresses the assessment of major U.S. airlinesâ€(tm) liquidity and solvency based on information disclosed in the statements of cash flows as part of their 10-K Form annual reports filed with the Securities and Exchange Commission. Conducting financial statement analysis for major U.S. airlines has generated deep interest in and a significant importance towards using various frequently used cash flow ratios to gauge U.S. airlinesâ€(tm) viability both in the short term and long term...

  13. Do Cash Transfers Improve Birth Outcomes? Evidence from Matched Vital Statistics, Program and Social Security Data

    OpenAIRE

    Amarante, Verónica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea

    2012-01-01

    There is limited empirical evidence on whether cash social assistance to poor pregnant women improves children’s birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15 to 17% reduction in the incidence of low birth weight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother’s smoking al...

  14. Who Bears Firm-Level Risk? Implications for Cash Flow Volatility

    OpenAIRE

    Xiaolan Zhang

    2014-01-01

    Public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in intra-firm risk sharing between workers and capital owners accounts for more than 50\\% of the variation in firm-level cash flow volatility. I develop a theory in which wages can act either as a hedge or as leverage, depending on the history of the productivity shocks the firm has faced. Heterogeneous roles of workers in the firm are...

  15. Understanding Impact Variation in Family Rewards: The Role of Schools and Neighborhoods on a Conditional Cash Transfer Program

    Science.gov (United States)

    Wolf, Sharon; Aber, J. Lawrence; Morris, Pamela A.

    2013-01-01

    In 2007, the Center for Economic Opportunity (CEO) in the Mayor's Office of the City of New York mounted the first holistic Conditional Cash Transfer (CCT) initiative in an economically advanced, services rich jurisdiction. The initiative is known as Opportunity NYC-Family Rewards (henceforth "Family Rewards"). CCTs offer cash assistance…

  16. 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

    ... of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. 8... SERVICE LIFE INSURANCE Cash Value and Policy Loan § 8.12 Payment of the cash value of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. (a) Effective January...

  17. 46 CFR 308.525 - Application for decrease in amount of cash collateral fund, Form MA-305.

    Science.gov (United States)

    2010-10-01

    ... fund, Form MA-305. 308.525 Section 308.525 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF... Insurance § 308.525 Application for decrease in amount of cash collateral fund, Form MA-305. Application for decrease in the amount of the cash collateral deposit fund shall be made on Form MA-305, which may...

  18. 77 FR 67399 - State Street Corporation, Putnam Cash Reconciliations Team, Including On-Site Leased Workers From...

    Science.gov (United States)

    2012-11-09

    ... Employment and Training Administration State Street Corporation, Putnam Cash Reconciliations Team, Including..., applicable to workers and former workers of State Street Corporation, Putnam Cash Reconciliation Team, Quincy..., doing business as (D/B/A) ZeroChaos, were employed on-site at State Street Corporation, Putnam...

  19. 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

  20. Can Conditional Cash Transfers Improve Education and Nutrition Outcomes for Poor Children in Bangladesh? Evidence from a Pilot Project

    OpenAIRE

    Ferre, Celine; Sharif, Iffath

    2014-01-01

    There is an increasing recognition that investment in human development at an earlier age can have a significant impact on the lifetime earnings capacity of an individual. This notion is the basis for the popularity of conditional cash transfer programs to help boost child health and education outcomes. The evidence on the impact of conditional cash transfers on health and education outcomes, ...

  1. 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…

  2. 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

    Directory of Open Access Journals (Sweden)

    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.

  3. Marx’s Ground Rent Theory and Innovation of China’s Urban Land System

    Institute of Scientific and Technical Information of China (English)

    Jiefang; ZHU

    2015-01-01

    China’s traditional urban land system is established in highly centralized planned economy. This system negates functions of value law and economic law fundamentally,so it is not favorable for establishment of market mechanism and development of market economy. This study took Marx’s ground rent theory as guidance,combined existing problems of China’s land use system,and made analysis on innovation of China’s urban land system from property right system,land market and land price.

  4. Dietary aluminium Intake Level for Rent Animals in a Primary and Secondary Aluminium Industry Surrounding Area

    Directory of Open Access Journals (Sweden)

    Mărioara Drugă

    2010-05-01

    Full Text Available The study was carried out in an aluminium industry surrounding area on purpose to evaluate dietary aluminium intake level for rent animals originated from fodder and water consumed by them. There were taken feed and water samples in different periods and from increasing distances from industrial platform, determined the aluminium level by atomic spectroscopy and calculated the rations for cattle and poultry. Conclusions: aluminium dietary intake level by ration depends by forage period for studied species, rations structure and distance from industrial platform and didn’t reach toxic level in any case.

  5. Reducing appropriable quasi rents to combat the hold-up problem in contract agriculture

    DEFF Research Database (Denmark)

    Karantininis, Kostas; Graversen, Jesper Tranbjerg

    2005-01-01

    This paper examines the problem of hold-up in the agri-food sector. Production contracts offered to future Danish Broiler producers give rise to specific investments and appropriable quasi rents. Farmers are vulnerable to opportunistic behaviour by poultry processors which materializes in lower......, when building the broiler house, to prepare a viable future change in production from broilers to pigs. This will increase the bargaining power to farmers and may result in higher producer prices. Based on the general model of the hold-up problem with co-specific investments (Koss & Eaton, 1997...

  6. Energy Effi ciency in Rent Seeking Economies: Is Credit Capable of Breaking the Energy Curse?

    OpenAIRE

    Dmitry Burakov

    2015-01-01

    In this article, we set ourselves a task of determining a potential of using credit for improving energy effi ciency in the economy of rent seeking. Based on cross-country analysis and using channels’ approach to estimation of institutions’ and market’s effi ciency we come to conclusion that persistently low energy effi ciency in East European countries may be a result of low quality market institutions. Testing a hypothesis of credit being the source of improving energy effi ciency (e.g., th...

  7. The new articulation of wages, rent and profit in cognitive capitalism

    OpenAIRE

    Vercellone, Carlo

    2008-01-01

    Une version beaucoup plus complète et approfondie de cet article a été publiée en français : Vercellone C. (2007), « La nouvelle articulation rente, salaire et profit dans le capitalisme cognitif », in European Journal of Economic and Social Systems, Volume 20 – n° 1/2007, pp.45-64.; In the transition toward a cognitive capitalism, the transformations of the social organisation of production are strictly connected to those of income distribution. This evolution is deeply characterised by the ...

  8. Upward only rent reviews versus indexation: an investigation into the impact of differing mechanisms upon market efficiency within the commercial real estate sector

    OpenAIRE

    Seibel, Caroline; Cheetham, Tony

    2011-01-01

    The purpose of this study was to investigate whether the traditional, upward-only rent review clauses in English commercial leases can be replaced by rent indexation. Analysis of the existing literature found widespread criticism of upward-only rent reviews. Most importantly, they represent a disadvantage for tenants and an advantage for landlords. Contrary to this, analysis of the qualitative data, gathered through semi-structured interviews with professionals, showed that property market fo...

  9. Jak lze využít údaje z výkazu Cash flow v řízení firmy

    OpenAIRE

    Bradáčová, Lenka

    2010-01-01

    This bachelor's thesis deals with analysis of the cash flow statement. The aim is to analyze the cash flow statement of Rybářství Velké Meziříčí, a. s. for the three past financial years and apply the investment evaluation methods to the specific investment of the company. Then the cash flow is used in certain indicators and business is evaluated by one of the methods using cash flow.

  10. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

    ..., 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... evidence, does not meet the definition of blindness and your disability does not continue under the...

  11. 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.

  12. 38 CFR 8.33 - Cash value for term-capped policies.

    Science.gov (United States)

    2010-07-01

    ... 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 National Service Life Insurance policy prefixed with “V” or Veterans Special Life Insurance policy prefixed with “RS,” issued on a 5-year level premium term plan...

  13. The Impact of an Unconditional Cash Transfer on Early Child Development: The Zambia Child Grant Program

    Science.gov (United States)

    Seidenfeld, David; Prencipe, Leah; Handa, Sudhanshu; Hawkinson, Laura

    2015-01-01

    Little research has been conducted on unconditional cash transfers (UCTs) despite their growing prevalence in Africa, including South Africa, Zambia, Zimbabwe, Kenya, Malawi, Lesotho, and Uganda. In this study, researchers implemented a randomized control trial with over 2,500 households to investigate the impact of Africa's child grant program on…

  14. 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.

  15. Using cash cover crops to provide pollinator provisions in the Upper Midwest

    Science.gov (United States)

    To date, the use of winter cover crops in MN and SD has been slow to be adopted. The short growing season and potential for late, wet springs make cover crops risky to farmers with little economic return. The use of cash cover crops in this area offers the standard advantages of other cover crops, w...

  16. The Influence of Conditional Cash Transfers on Eligible Children and Their Siblings

    Science.gov (United States)

    Lincove, Jane Arnold; Parker, Adam

    2016-01-01

    Conditional cash transfers (CCTs) are used to reduce poverty while incentivizing investments in children. Targeting CCTs to certain groups of children can improve efficiency, but positive effects on eligible children may be offset by reductions in investments for ineligible siblings. Using data from Nicaragua, we estimate program effects on…

  17. 76 FR 2712 - Sara Lee Corporation, Master Data, Cash Applications, Deductions, Collections, Call Center...

    Science.gov (United States)

    2011-01-14

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employment and Training Administration Sara Lee Corporation, Master Data, Cash Applications, Deductions, Collections, Call Center, Information Technology, Accounts Payable, General Accounts, Financial Accounts, Payroll, and Employee Master Data...

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

    NARCIS (Netherlands)

    C. Pepping; T. van der Goot

    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

  19. New York City's First Conditional Cash Transfer Program: What Worked, What Didn't

    Science.gov (United States)

    Riccio, James; Miller, Cynthia

    2016-01-01

    This report summarizes the findings of a long-term evaluation of Opportunity NYC--Family Rewards, an experimental, privately funded, conditional cash transfer (CCT) program to help families break the cycle of poverty. Family Rewards was the first comprehensive CCT program in a developed country. Launched in 2007 by New York City's Center for…

  20. ECONOMIC EVALUATION OF CROPSHARE AND CASH LEASE CONTRACTS IN SOUTH DAKOTA AND NEBRASKA

    OpenAIRE

    Janssen, Larry; Cole, John D.; Xu, Xuan; Johnson, Bruce B.

    2002-01-01

    Factors influencing choice of share or cash rental leases for cropland are examined using a 1996 dataset containing 1071 lease contracts in Nebraska and in South Dakota. Logistic regression results indicate tenant's age, capital position, and relationship with landlord were more important than leased land use or crop management variables.

  1. 41 CFR 301-51.101 - Which payment methods are considered the equivalent of cash?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 4 2010-07-01 2010-07-01 false Which payment methods... Carrier Transportation § 301-51.101 Which payment methods are considered the equivalent of cash? Use of one of the following payment methods of this section to procure common carrier transportation...

  2. Cash cropping, subsistence agriculture, and nutritional status among mothers and children in lowland Papua New Guinea.

    Science.gov (United States)

    Shack, K W; Grivetti, L E; Dewey, K G

    1990-01-01

    The influence of cash crop income, subsistence agriculture, and purchased foods on nutritional status was examined among three ethnic groups in lowland Papua New Guinea. In their home areas, these groups had been hunter-gatherers, agriculturalists, and hunter-gatherers with limited agriculture. Multiple regression revealed that cash crop income was positively associated with anthropometric status and energy intake among children. Expenditure on food was related to the child's arm circumference but not to nutrient intake. The amount of food planted in the garden was not related to child nutritional status. In contrast, the amount of food planted was positively associated with body mass index of mothers. Consumption of rice and fish was related to food expenditures. Nutritional status was better among families who were agriculturalists prior to resettlement than among hunter-gatherers. The former had more income from cash crops, smaller households, and planted more food in their gardens. Therefore, cash cropping need not decrease nutritional status if home gardens are maintained.

  3. ARE THE EUROPEAN UNION CAP’S SUBSIDIES A POLITICAL RENT? AN ATTEMPT AT METHODOLOGY DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Bazyli Czyżewski

    2014-03-01

    Full Text Available According to the “induced innovation model of agricultural development” there exist mechanisms for this sector’s participation in contributing to economic development, as well as in sharing its benefits. Nonetheless, inefficiencies of the market that distort market signals, constitute a barrier of the latter process. Therefore, the so-called “surplus drainage” from agriculture takes place. The authors claim that it is possible to objectively measure a “surplus drainage” from agriculture as a result of market failure. Assuming that rural areas generate public goods (i.e. a landscape, a biodiversity, rural culture and tradition, unique food quality, food safety, food security speculative land investors have lower willingness to contribute to its creation, than family farms. This is why agrarian policy levies more duties on them (institutional barriers and favours farmers. The mentioned premises imply that the CAP’s subsidies should not be perceived as political rents according to its classical definition. Only a part of subsidies left after subtracting a value of “surplus drainage” and a compensation of public goods has a hallmark of the rent. A valuation of these values is an important scientific challenge.

  4. À la rencontre d’une trajectoire familiale différente : l’adoption internationale

    Directory of Open Access Journals (Sweden)

    Patricia Germain

    2009-01-01

    Full Text Available L’adoption internationale a contribué à reconfigurer, ces dernières années, la réalité de nombreuses familles, plus particulièrement dans les pays industrialisés. Ces familles nécessitent de la préparation et de l’accompagnement avant, pendant et après l’adoption. Ces trajectoires familiales différentes demandent aux nombreux intervenants des milieux de la périnatalité et de la petite enfance de réfléchir à propos de leurs modes d’interventions auprès de ces familles. Cet article présente les éléments de réflexion et de recommandations qui ont émergé lors de l’atelier à propos de l’adoption internationale lors du colloque «À la rencontre des parents ». L’importance du soutien et de l’accompagnement se profile dans les discussions des participants issus de différents milieux communautaires, hospitaliers et universitaires.

  5. Rent control and other aspects of tenancy law in Sweden, Denmark and Finland

    DEFF Research Database (Denmark)

    Norberg, Per; Juul-Sandberg, Jakob

    are also compared and leads up to the question of whether they should be assessed as so important in relation to contractual principles that one can state that a tenant has a »right of ownership« to a home in the three countries. Analysing rent regulation regimes understanding the importance of path......In the Nordic EU member states legislation on landlord’s and tenant’s rights is defined from a socio-economic aspect. The three countries share a common legal »core« which originates from common contract law principles. Tenancy law regulation is different in major areas – especially rent regulation....... In other areas the regulation is quite alike and the results are most often a result of trying to keep the balance between the tenant’s rights to dispose over a home contrary to the landlord’s rights as a property owner. This paper will explore some different aspects of tenancy law regulation – especially...

  6. Resource rent taxation and benchmarking-A new perspective for the Swiss hydropower sector

    Energy Technology Data Exchange (ETDEWEB)

    Banfi, Silvia, E-mail: sbanfi@ethz.c [Centre for Energy Policy and Economics, ETH Zurich, Zuerichbergstrasse 18, ZUE, CH-8032 Zurich (Switzerland); Filippini, Massimo [Centre for Energy Policy and Economics, ETH Zurich, Zuerichbergstrasse 18, ZUE, CH-8032 Zurich (Switzerland); Universita della Svizzera italiana, Department of Economics, Via Giuseppe Buffi 13, CH-6900 Lugano (Switzerland)

    2010-05-15

    The electricity generation in Switzerland is mainly based on hydropower (55% of total production). The exploitation of water in the hydropower sector can generate significant so-called resource rents. These are defined by the surplus return above the value of capital, labor, materials, and energy used to exploit hydropower. In Switzerland, hydropower producers pay to the State a fixed fee per kW gross capacity. With this system the substantial differences in costs, revenues and in the production characteristics of the hydropower plants are not taken into account. In this context, the following paper has two main goals: (1) to discuss the introduction in the Swiss hydropower sector of a new payment system based on a resource rent tax; (2) To propose a combination of a RRT system with a benchmarking analysis of the production cost obtained through the estimation of a stochastic frontier variable cost function. We estimate a true random effects stochastic frontier variable cost function using panel data in order to overcome the asymmetric information problem. In addition, using the information on cost efficiency of the single companies, we show how to introduce in the RRT scheme a benchmark system which gives incentives to minimize the production costs.

  7. Resource rent taxation and benchmarking. A new perspective for the Swiss hydropower sector

    Energy Technology Data Exchange (ETDEWEB)

    Banfi, Silvia [Centre for Energy Policy and Economics, ETH Zurich, Zuerichbergstrasse 18, ZUE, CH-8032 Zurich (Switzerland); Filippini, Massimo [Centre for Energy Policy and Economics, ETH Zurich, Zuerichbergstrasse 18, ZUE, CH-8032 Zurich (Switzerland); Universita della Svizzera italiana, Department of Economics, Via Giuseppe Buffi 13, CH-6900 Lugano (Switzerland)

    2010-05-15

    The electricity generation in Switzerland is mainly based on hydropower (55% of total production). The exploitation of water in the hydropower sector can generate significant so-called resource rents. These are defined by the surplus return above the value of capital, labor, materials, and energy used to exploit hydropower. In Switzerland, hydropower producers pay to the State a fixed fee per kW gross capacity. With this system the substantial differences in costs, revenues and in the production characteristics of the hydropower plants are not taken into account. In this context, the following paper has two main goals: (1) to discuss the introduction in the Swiss hydropower sector of a new payment system based on a resource rent tax; (2) To propose a combination of a RRT system with a benchmarking analysis of the production cost obtained through the estimation of a stochastic frontier variable cost function. We estimate a true random effects stochastic frontier variable cost function using panel data in order to overcome the asymmetric information problem. In addition, using the information on cost efficiency of the single companies, we show how to introduce in the RRT scheme a benchmark system which gives incentives to minimize the production costs. (author)

  8. Rent Seeking and Group Interest on Petroleum Revenue in the Nigerian Economy: a Causality Approach

    Directory of Open Access Journals (Sweden)

    G.N. Ogbonna

    2013-04-01

    Full Text Available The study examines rent seeking and group interest on petroleum income and the effect on the Nigerian economy. To achieve the objective of this paper, relevant secondary and primary data were obtained from published scholar works and questionnaires and relevant statistical models were used for analysis. The study reveals that rent seeking and group interest is a fundamental problem affecting the socio-economic and political development of Nigeria with impunity by the political class, the mafia, militants, Boko Haram and oil cabals in order to share in the resource pie as a result of the huge petroleum income accruable to the nation. It does not only penalize or disrupt productive activities, distorts the entire economy and hinders economic growth where significant percent of public funds and oil revenue are diverted into their personal accounts and private pockets. On the basis of this result, the paper concludes that for the huge amount of petroleum income in Nigeria to improve the living standards of the people, the citizens must show a high level of ethical behavior of integrity, honesty and accountability for the level of massive corruption in the country to be minimized for the citizens to benefit from the huge petroleum income in Nigeria.

  9. 26 CFR 31.3401(a)(4)-1 - Cash remuneration for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Cash remuneration for service not in the course....3401(a)(4)-1 Cash remuneration for service not in the course of employer's trade or business. (a) Cash remuneration paid for services not in the course of the employer's trade or business performed by an...

  10. 26 CFR 31.3401(a)(11)-1 - Remuneration other than in cash for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Remuneration other than in cash for service not... Tax at Source § 31.3401(a)(11)-1 Remuneration other than in cash for service not in the course of employer's trade or business. (a) Remuneration paid in any medium other than cash for services not in...

  11. 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

  12. Electronic Cash System with Multiple Banks%多银行电子现金系统

    Institute of Scientific and Technical Information of China (English)

    张方国; 张福泰; 王育民

    2001-01-01

    Secure and efficient electronic payment systems are significant for electronic commerce. Electronic cash (e-cash, or digital cash) is a very important electronic payment system. The first electronic cash scheme was suggested by Chaum in 1982. In the scheme the technique of blind signatures was used to guarantee the privacy of users. But this complete anonymity of electronic cash can be used for criminal activities, such as money laundering, blackmailing[7]. To overcome this drawback, J. Camenisch et al.[6] and Y. Frankel et al.[4] proposed the concept of ‘Fair Off-line Electronic Cash’ independently in 1996. They also presented two schemes of fair off-line electronic cash. The untraceability of fair off-line electronic cash is not completely. It can be revoked by a trusted third party so that the criminal activities making use of the complete anonymity of electronic cash can be prevented. By now the electronic coins in fair electronic cash schemes available are issued by only one bank. However, in practice a shop and its users may use different banks so it is more convenient to use electronic coins issued by multiple banks. The purpose of this paper is to present a fair electronic cash system that is applicable to the situation where the shop and its users may use different banks. Since in a country or district there may be more than one banks who are able to issue electronic cash. We assume these banks form a group under control of an authorized party such as the Central Bank of the country, we propose a model for fair electronic cash issued by multiple banks for the first time. A scheme of fair electronic cash with multiple banks in which a user can be traced is presented by using the improved group signature scheme of Cam97[5] and group blind signature scheme of Lys98[6]. Our system of fair electronic cash with multiple banks has the following properties: (1) The user can spend his electronic coin anonymously. No bank can trace any

  13. A win-win marginal rent analysis for operator and consumer under battery leasing mode in China electric vehicle market

    Energy Technology Data Exchange (ETDEWEB)

    Li Zhe, E-mail: lizhe1212@gmail.com [State Key Laboratory of Automotive Safety and Energy, Tsinghua University, Beijing 100084 (China); Ouyang Minggao, E-mail: ouymg@tsinghua.edu.cn [State Key Laboratory of Automotive Safety and Energy, Tsinghua University, Beijing 100084 (China)

    2011-06-15

    Recently battery leasing has been introduced into the market by automobile manufacturers and power suppliers due to its potential to reduce the purchase cost of electric vehicles (EVs). However, the profit prospect of battery leasing is still uncertain. This paper takes the views of both the operators and consumers and calculates the 'win-win' marginal rent, which not only ensures the profitability of operators, but also allows consumers a lower expenditure than using Internal combustion engine vehicles (ICVs) and EVs with embedded batteries. Battery cost, vehicle weight, gasoline and electricity price, and the discount rate have impacts on the rent. Battery cost plays a dominant role and a battery cost >5 Yen /W h fails to enable the survival of battery leasing to all types of EVs. Battery leasing would be more competitive when focusing on heavier EVs. At least one of the three thresholds is required for the existence of rent pricing range for a 1000 kg EV: gasoline retail price >6 Yen /L, electricity price <0.6 Yen /kW h, or the discount rate <7%. Typically, the feasible battery rent range is 0.34-0.38 Yen /W h/year for a 1000 kg EV under the present battery cost 2 Yen /W h and China current gasoline and electricity prices. - Highlights: > Rent pricing for EV battery leasing must obey win-win rule for BLO and consumers. > Rent is affected by battery cost, vehicle weight, energy price and discount rate. > Battery cost plays dominant role for the BLO survival as described in '5-3-2' Law. > Heavier EVs are more suitable for battery leasing when battery cost is high. > The profitability of BLO is sensitive to the price of gasoline and electricity.

  14. A win-win marginal rent analysis for operator and consumer under battery leasing mode in China electric vehicle market

    International Nuclear Information System (INIS)

    Recently battery leasing has been introduced into the market by automobile manufacturers and power suppliers due to its potential to reduce the purchase cost of electric vehicles (EVs). However, the profit prospect of battery leasing is still uncertain. This paper takes the views of both the operators and consumers and calculates the 'win-win' marginal rent, which not only ensures the profitability of operators, but also allows consumers a lower expenditure than using Internal combustion engine vehicles (ICVs) and EVs with embedded batteries. Battery cost, vehicle weight, gasoline and electricity price, and the discount rate have impacts on the rent. Battery cost plays a dominant role and a battery cost >5 Yen /W h fails to enable the survival of battery leasing to all types of EVs. Battery leasing would be more competitive when focusing on heavier EVs. At least one of the three thresholds is required for the existence of rent pricing range for a 1000 kg EV: gasoline retail price >6 Yen /L, electricity price <0.6 Yen /kW h, or the discount rate <7%. Typically, the feasible battery rent range is 0.34-0.38 Yen /W h/year for a 1000 kg EV under the present battery cost 2 Yen /W h and China current gasoline and electricity prices. - Highlights: → Rent pricing for EV battery leasing must obey win-win rule for BLO and consumers. → Rent is affected by battery cost, vehicle weight, energy price and discount rate. → Battery cost plays dominant role for the BLO survival as described in '5-3-2' Law. → Heavier EVs are more suitable for battery leasing when battery cost is high. → The profitability of BLO is sensitive to the price of gasoline and electricity.

  15. Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

    Institute of Scientific and Technical Information of China (English)

    WANG Lei

    2012-01-01

    The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China’s listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China’s agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

  16. The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

    International Nuclear Information System (INIS)

    The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

  17. 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

  18. Sustainable Rent-Based Closed-Loop Supply Chain for Fashion Products

    Directory of Open Access Journals (Sweden)

    Zhi-Hua Hu

    2014-10-01

    Full Text Available The textile and clothing industry generates much pollution and consumes a large amount of resources. Improper uses and disposal of clothing products make the problems much more severe. Fast fashion products shorten the valid lifecycle and generate more waste than regular clothing products. Considering the features of fashion products, a system of a rent-based closed-loop supply chain is developed to improve the sustainability of fashion products. The supply chain processes (fashion design and manufacturing, laundry, logistics and disposal, the operations management issues (inventory management, closed-loop logistics, human-clothing matching, booking system and the rental pricing and the sustainability promotion aspects (customization, responsive system, culture and policy aspects are investigated by devising sustainable strategies. The rationalities of the developed system and strategies are reviewed and elucidated in detail. The results may contribute to building sustainable closed-loop fashion supply chains, the related information systems and operational and managerial mechanisms.

  19. How to spend it: Resource wealth and the distribution of resource rents

    International Nuclear Information System (INIS)

    Natural resource revenues differ from other government revenues both in their time profile, and in their political and legal status: they are volatile and exhaustible, and belong to all citizens of the country in which they are located. This paper discusses the theory of natural resource revenues and examines expenditure practices in a range of resource-rich countries. It considers both the distributional impact and the efficiency of expenditure policies, focusing on the extent to which they succeed in providing all citizens with their share of the benefits due to natural resources. - Highlights: ► We examine the relationship between resource rents and government resource revenues. ► We discuss the intertemporal management of resource revenues in theory and in practice. ► We critically examine existing policies for distributing resource revenues to populations.

  20. La quinoa en Bolivie : une culture ancestrale devenue culture de rente "bio-équitable" = Quinoa in Bolivia : an ancestral crop changed to a cash crop with "organic fair-trade" labeling

    OpenAIRE

    Del Castillo, Carmen; Mahy, G.; Winkel, Thierry

    2008-01-01

    This paper presents a review of the litterature on the physiology and diversity of quinoa (Chenopodium quinoa Willd.). Since about 15 years, this Andean crop experiences a great commercial success in the organic and fair-trade food networks. Selected and cultivated for thousands of years in the Andean highlands, quinoa shows a remarkable tolerance to environmental stresses, particularly to drought and cold. The present knowledges on quinoa physiology, though fragmentary, show a high cold resi...

  1. 24 CFR 1000.124 - What maximum and minimum rent or homebuyer payment can a recipient charge a low-income rental...

    Science.gov (United States)

    2010-04-01

    ... homebuyer payment can a recipient charge a low-income rental tenant or homebuyer residing in housing units... Activities § 1000.124 What maximum and minimum rent or homebuyer payment can a recipient charge a low-income... charge a low-income rental tenant or homebuyer rent or homebuyer payments not to exceed 30 percent of...

  2. 24 CFR 1000.130 - May a recipient charge a non low-income family rents or homebuyer payments which are more than 30...

    Science.gov (United States)

    2010-04-01

    ... recipient charge a non low-income family rents or homebuyer payments which are more than 30 percent of the family's adjusted income? Yes. A recipient may charge a non low-income family rents or homebuyer payments... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false May a recipient charge a non...

  3. La quinoa en Bolivie : une culture ancestrale devenue culture de rente

    Directory of Open Access Journals (Sweden)

    Winkel T.

    2008-01-01

    Full Text Available Quinoa in Bolivia: an ancestral crop changed to a cash crop with " organic fair-trade " labeling. This paper presents a review of the litterature on the physiology and diversity of quinoa (Chenopodium quinoa Willd.. Since about 15 years, this Andean crop experiences a great commercial success in the organic and fair-trade food networks. Selected and cultivated for thousands of years in the Andean highlands, quinoa shows a remarkable tolerance to environmental stresses, particularly to drought and cold. The present knowledges on quinoa physiology, though fragmentary, show a high cold resistance of the plants, and the capacity to recover high photosynthetic activity after drought. Under field conditions, the genetic diversity in local landraces and the crop practices also contribute notably to the adaptation of quinoa to climatic hazards.

  4. Fuzziness, democracy, control and collective decision-choice system a theory on political economy of rent-seeking and profit-harvesting

    CERN Document Server

    Dompere, Kofi Kissi

    2014-01-01

    This volume presents an analysis of the problems and solutions of the market mockery of the democratic collective decision-choice system with imperfect information structure composed of defective and deceptive structures using methods of fuzzy rationality. The book is devoted to the political economy of rent-seeking, rent-protection and rent-harvesting to enhance profits under democratic collective decision-choice systems. The toolbox used in the monograph consists of methods of fuzzy decision, approximate reasoning, negotiation games and fuzzy mathematics. The monograph further discusses the rent-seeking phenomenon in the Schumpeterian and Marxian political economies where the rent-seeking activities transform the qualitative character of the general capitalism into oligarchic socialism and making the democratic collective decision-choice system as an ideology rather than social calculus for resolving conflicts in preferences in the collective decision-choice space without violence.    

  5. 41 CFR 102-85.15 - What are the basic policies for charging Rent for space and services?

    Science.gov (United States)

    2010-07-01

    ... not provide a minimum return (OMB discount rate for calculating the present value of yearly costs plus 2%) on the cost of the prospective capital investment. Each specific use of Return on Investment... (accomplished using appraisal procedures); (2) Rent based on actual cost of the lease, including the costs...

  6. 77 FR 71195 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2012-11-29

    ... related to use of FMRs or voucher payment standards should be directed to the respective local HUD program... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and...

  7. 78 FR 25295 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2013-04-30

    ...://www.huduser.org/portal/datasets/50per.html . Questions related to use of FMRs or voucher payment... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and...

  8. The politics of power : the political economy of rent-seeking in electric utilities in the Philippines

    OpenAIRE

    Hasnain, Zahid; Matsuda, Yasuhiko

    2011-01-01

    This paper takes advantage of unique intra-country variation in the Philippines power sector to examine under what conditions politicians have an incentive to "capture" an electric utility and use it for the purposes of rent-seeking. The authors hypothesize that the level of capture is determined by the incentives of, and the interactions between, local and national politicians, where the ...

  9. Why do many resource-rich countries have negative genuine saving? Anticipation of better times or rapacious rent seeking

    NARCIS (Netherlands)

    F. van der Ploeg

    2010-01-01

    We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected capi

  10. 77 FR 61157 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2012-10-05

    ... statistically valid one-year ACS data are available. The Consumer Price Index (CPI) rent and utility indexes are....gpoaccess.gov/fr/index.html , the U.S. Government Printing Office Web site. Complete documentation of the..., the project-based voucher, and any other programs requiring their use. Today's notice provides...

  11. 76 FR 60967 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2011-09-30

    ... statistically valid one-year ACS data are available. The Consumer Price Index (CPI) rent and utility indexes are....gpoaccess.gov/fr/index.html , the U.S. Government Printing Office Web site. Complete documentation of the... on October 1 of each year. The primary uses of FMRs are to determine payment standards for...

  12. 75 FR 61253 - Final Fair Market Rents for Fiscal Year 2011 for the Housing Choice Voucher Program and Moderate...

    Science.gov (United States)

    2010-10-04

    ..., FY 2010 FMRs are updated using 2008 American Community Survey (ACS) data, and Consumer Price Index... Community Survey (ACS) data and Bureau of Labor Statistics Consumer Price Index (CPI) data. FY 2011 FMRs are... June 2008. HUD uses six months of 2008 and 12 months of 2009 CPI rent and utilities price index data...

  13. 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.

  14. A Fair E-Cash Scheme Based on Elliptic Curve Cryptography

    Institute of Scientific and Technical Information of China (English)

    WANG Changji; WU Jianping; DUAN Haixin

    2004-01-01

    A new fair off-line electronic cash scheme on elliptic curve cryptography was presented. The new scheme is more efficient than those by extending fair off-line electronic cash scheme from finite field into elliptic curve cryptography and introducing a new elliptic curve discrete logarithm assumption. The expiry date and denomination are embedded into the blindly signed coin by integrating partially blind signature with restrictive blind signature. A bank need not use different public keys for different coin values, shops and users need not carry a list of bank's public keys to verify in their electronic wallet. At the same time, the bank just needs to keep undue electronic coins for double spending check in his database, thus bank's database can be dramatically reduced.

  15. 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.

  16. 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.

  17. Income Transfers and Maternal Health: Evidence from a National Randomized Social Cash Transfer Program in Zambia.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Seidenfeld, David; Tembo, Gelson

    2016-02-01

    There is promising recent evidence that poverty-targeted social cash transfers have potential to improve maternal health outcomes; however, questions remain surrounding design features responsible for impacts. In addition, virtually no evidence exists from the African region. This study explores the impact of Zambia's Child Grant Program on a range of maternal health utilization outcomes using a randomized design and difference-in-differences multivariate regression from data collected over 24 months from 2010 to 2012. Results indicate that while there are no measurable program impacts among the main sample, there are heterogeneous impacts on skilled attendance at birth among a sample of women residing in households having better access to maternal health services. The latter result is particularly interesting because of the overall low level of health care availability in program areas suggesting that dedicated program design or matching supply-side interventions may be necessary to leverage unconditional cash transfers in similar settings to impact maternal health.

  18. 42 CFR 435.210 - Individuals who meet the income and resource requirements of the cash assistance programs.

    Science.gov (United States)

    2010-10-01

    ... Coverage as Categorically Needy Options for Coverage of Families and Children and the Aged, Blind, and... income and resource requirements of the appropriate cash assistance program for their status (that...

  19. 42 CFR 435.211 - Individuals who would be eligible for cash assistance if they were not in medical institutions.

    Science.gov (United States)

    2010-10-01

    ... Options for Coverage as Categorically Needy Options for Coverage of Families and Children and the Aged... cash assistance program appropriate for their status (that is, AFDC or SSI, or optional...

  20. 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.

  1. 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...

  2. 煤炭企业现金流管理研究%Study on Cash Flow Management of Coal Enterprise

    Institute of Scientific and Technical Information of China (English)

    赵金鹏

    2012-01-01

    分析了企业现金流管理的目标和原则,对企业经营活动产生的现金流、投资活动产生的现金流和筹资活动产生的现金流如何管理提出了建议。%The paper analyzed the target and principle of the cash flow management for the enterprise.The paper provided the proposals on how to manage the cash flow occurred from the enterprise business activities,the cash flow occurred from the investment activities and the cash flow occurred from the financing activities.

  3. What does free cash flow tell us about hospital efficiency? A stochastic frontier analysis of cost inefficiency in California hospitals.

    Science.gov (United States)

    Pratt, William R

    2010-01-01

    Hospitals are facing substantial financial and economic pressure as a result of health plan payment restructuring, unfunded mandates, and other factors. This article analyzes the relationship between free cash flow (FCF) and hospital efficiency given these financial challenges. Data from 270 California hospitals were used to estimate a stochastic frontier model of hospital cost efficiency that explicitly takes into account outpatient heterogeneity. The findings indicate that hospital FCF is significantly linked to firm efficiency/inefficiency. The results indicate that higher positive cash flows are related to lower cost inefficiency, but higher negative cash flows are related to higher cost inefficiency. Thus, cash flows not only impact the ability of hospitals to meet current liabilities, they are also related to the ability of the hospitals to use resources effectively. PMID:20973372

  4. An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

    OpenAIRE

    Chuangxia Huang; Xin Ma; Qiujun Lan

    2014-01-01

    The value of a company’s cash holdings is currently a hot issue in corporate finance research. Current studies have not reached a unified conclusion. Moreover, no one has ever studied that from the perspective of information asymmetry. However, there still exist disputes about the measurement of the degree of information asymmetry. Previous studies mostly adopt single index to analysis this issue, and the economic meaning it represents only reflects some information of asymmetric information,...

  5. Using the non-cash forms of payment of foreign invoices

    OpenAIRE

    Rusanov, Aleksandr

    2013-01-01

    Bachelor’s work dealing with cashless payment transactions with orientation on foreign payments. The dissertation is divided into two parts: The first part consists of the classification and characteristics of non-cash forms of payment which you can use in foreign payments. It also includes a description of the legal standards and the course of transaction. The second part is analyzed and described by selected commercial payment transaction, is given specific examples and the way of pay...

  6. How Cash and Counseling Affects Informal Caregivers Findings from Arkansas Florida and New Jersey

    OpenAIRE

    Leslie Foster; Randall Brown; Barbara Phillips; Barbara Lepidus Carlson

    2005-01-01

    This report estimates the effects of Cash and Counseling on caregivers who were providing the most unpaid assistance to adult beneficiaries at the time beneficiaries volunteered for the demonstration. Despite variations in design and implementation across states, all three demonstration programs positively affected the well-being of caregivers. On average, caregivers of treatment group members were less likely than their control group counterparts to report high levels of physical and financi...

  7. Optimal Financing Decisions of Two Cash-Constrained Supply Chains with Complementary Products

    OpenAIRE

    Yuting Li; Tong Chen; Baogui Xin

    2016-01-01

    In recent years; financing difficulties have been obsessed small and medium enterprises (SMEs); especially emerging SMEs. Inter-members’ joint financing within a supply chain is one of solutions for SMEs. How about members’ joint financing of inter-supply chains? In order to answer the question, we firstly employ the Stackelberg game to propose three kinds of financing decision models of two cash-constrained supply chains with complementary products. Secondly, we analyze qualitatively these m...

  8. Cash Transfers and Child Nutrition: What we know and what we need to know

    OpenAIRE

    Sudhanshu Handa; Amber Peterman; Richard de Groot; Luigi Peter Ragno; Tia Palermo; UNICEF Innocenti Research Centre

    2015-01-01

    This paper aims to provide a comprehensive overview of the impacts of cash transfer programmes on the immediate and underlying determinants of child nutrition, including the most recent evidence from impact evaluations across sub-Saharan Africa. It adopts the UNICEF extended model of care conceptual framework of child nutrition and highlights evidence on the main elements of the framework – food security, care and health care. It finds that several key gaps should be addressed in future inclu...

  9. The incremental information content of earnings, working capital from operations, and cash flows

    OpenAIRE

    Simin Banifatemi Kashi; Mohsen Hamidian; Ali Baghani

    2015-01-01

    This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that ...

  10. Three Essays on Intended and not Intended Impacts of Conditional Cash Transfers

    OpenAIRE

    Perova, Elizaveta

    2010-01-01

    Targeted to the poorest households, Conditional Cash Transfers (CCTs) may constitute up to 30 percent of the households' monthly consumption. An unexpected increase in income of such magnitude is likely to affect behavior of the beneficiaries beyond the changes envisioned by the creators of the program and imposed by the conditions. My dissertation focuses on such unintended impacts of the CCT programs. I explore the impact of Juntos, a CCT program in Peru, on political participation and intr...

  11. A Fair Off-Line E-Cash System with Group Signature

    Institute of Scientific and Technical Information of China (English)

    SU Yun-xue; ZHU Yue-fei

    2004-01-01

    This paper describes the research results and development of fair off-line e-cash systems so far, and points out that in these systems, the bank can compute the double-spender's account secret key, thus the bank can impersonate the double-spender to withdraw from the double-spender's account.This article utilizes anonymity control and group signature to address this shortcoming.

  12. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    OpenAIRE

    Dian Agustia

    2013-01-01

    The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method,...

  13. Two essays on share repurchases, diversification discount and analyst cash flow forecasts

    OpenAIRE

    Wang, Huoxin; 王火欣

    2014-01-01

    This thesis consists of two essays. The first essay examines the effect of share repurchase on the diversification discount of multi-segment firms. The second essay investigates how firms’ decisions of share repurchases are influenced by analysts’ cash flow forecasts (CFF). In the first essay, I investigate the relation between the market reaction to share repurchase announcements and multi-segment firms’ diversification discount. Prior studies have shown that information asymmetry causes...

  14. A Comparison between Discounted Cash Flow and Residual Earning Models for Use in Equity Valuation

    OpenAIRE

    Niu, Jie

    2005-01-01

    This paper mainly tries to answer three questions by comparing the discounted cash flow model (DCF) and residual earning model (REM). Firstly, which model will perform better in the valuation of equity? Secondly, how about the robustness of the different model? That is, will they give the same result under different assumptions, such as growth rates, evaluation horizons? Thirdly, which model has better explainability on the share price of traded firms? The empirical research result indicates ...

  15. Dynamic Programming Models and Algorithms for the Mutual Fund Cash Balance Problem

    OpenAIRE

    Juliana Nascimento; Warren Powell

    2010-01-01

    Fund managers have to decide the amount of a fund's assets that should be kept in cash, considering the trade-off between being able to meet shareholder redemptions and minimizing the opportunity cost from lost investment opportunities. In addition, they have to consider redemptions by individuals as well as institutional investors, the current performance of the stock market and interest rates, and the pattern of investments and redemptions that are correlated with market performance. We for...

  16. Analisis Pengaruh Cash Position, Debt To Equity Ratio, Dan Return On Assets Terhadap Divident Payout Ratio

    OpenAIRE

    Marlina, Lisa; Danica, Clara

    2010-01-01

    The purpose of the research is to examine the factors which is influence Dividend Payout Ratio in manufactur sector of Bursa Efek Indonesia (BEI). The research use fundamental factors of company: financial ratio which is liquidity ratio represent by Cash Position (CP), leverage ratio represent by Debt Equity Ratio (DER) as independent variable, profitability ratio represent by Return On Assets (ROA), and dependent variable represent by Dividend Payout Ratio (DPR). The result of research in...

  17. Comfort and patient-centred care without excessive sedation: the eCASH concept

    OpenAIRE

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P.; Ball, Jonathan A.; Spronk, Peter; Longrois, Dan; Strøm, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-01-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH—early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as th...

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

    OpenAIRE

    Nadica Ivanovska

    2014-01-01

    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 calcula...

  19. An Efficient Restrictive Blind Signature Scheme with Applications to Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    In this paper, a new restrictive blind signature scheme is proposed. Compared with Brands restrictive blind signature scheme, our scheme is even more restrictive and efficient. And our scheme is proved secure, too. A new withdrawal protocol of electronic cash system is designed by using our restrictive blind signature scheme, which is more efficient than the withdrawal protocol and is more appropriate for adopting pre-processing and post-processing.

  20. Distributional impacts of cash allowances for children: A microsimulation analysis for Russia and Europe

    OpenAIRE

    Popova, Daria

    2014-01-01

    This paper analyses programmes of cash allowances for children and compares their effectiveness in combating child poverty in Russia and four EU countries – Sweden, Germany, Belgium and the United Kingdom. These countries are selected as representatives of alternative family policy models. Using microsimulation models (RUSMOD and EUROMOD), this paper estimates the potential gains if the Russian system were re-designed along the policy parameters of these countries and vice versa. Such an ex...