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. 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 for...

  3. 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...

  4. 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...

  5. Cash Flow Planning.

    Science.gov (United States)

    Littman, George W., III

    1979-01-01

    Proper cash flow planning allows a school business administrator to determine the availability of cash for operating expenses, the need for bank loans to cover these expenses, and the availability of idle cash for investment. (Author)

  6. 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…

  7. 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

  8. Cash Reconciliation Tool

    Data.gov (United States)

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

  9. 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......, but in a number of cases as described in this chapter, the rents are revealed. The implicit welfare coalition, defined as voters receiving their income from the public budget, is the majority, placing the median voter within the welfare coalition. Rents are created and protected by the welfare coalition. Non...

  10. 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...

  11. 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...

  12. Improving your CASH flow

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  13. 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.

  14. Rent Control and Unemployment Duration

    DEFF Research Database (Denmark)

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

    2005-01-01

    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...

  15. Rent seeking and the economics of corruption

    OpenAIRE

    Aidt, T.S.

    2016-01-01

    The paper studies the influence of Gordon Tullock (1967) and the rent-seeking literature more generally on the study of corruption. The theoretical corruption literature with its emphasis on principal-agent relationships within government and rent creation by corruption politicians has largely, but not entirely, overlooked that contestable rents encourage unproductive use of real resources in seeking these rents. As a consequence, the literature underestimates the value of corruption control ...

  16. 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...

  17. 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...

  18. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  19. Crafty Concept Cashes In

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Hundreds of young Beijing artisans display and sell their arts and crafts through an innovative outlet It’s a strange sight being in a store without sales counters,cash registers and legions of over-zealous sales staff.Instead,the Fengguo Box,covering an area of 200 square meters in Zhongguancun Plaza in north

  20. 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...

  1. 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...

  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. Valuation when Cash Flow Forecasts are Biased

    OpenAIRE

    Richard S. Ruback

    2010-01-01

    This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside. When the omitted downside is temporary, the adjustment is to deflate the forecasts and to set the discount rate equal to the cost of capital. However, when the downside is permanent, the adjustment is to deflate the cash flows a...

  4. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency in cas

  5. Techniques for evaluating cash flow.

    Science.gov (United States)

    Sylvestre, J; Urbancic, F

    1994-01-01

    Jean Sylvestre, Ph.D., and Frank Urbancic, D.B.A., CPA, of the University of South Alabama, write that because of the financial challenges for health care, cash flow problems can arise. They offer techniques for interpreting and evaluating cash flow information as a means to more effective decision making.

  6. 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.

  7. 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.

  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. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  10. THE CASH CONVERSION CYCLE IN ROMANIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    ANDONE DIANA

    2016-02-01

    Full Text Available In this paper, we conducted a research on the equilibrium of cash operating cycle phases, between two moments: cash inflow and cash outflow. The research methodology is based on system financial ratios of 20 companies listed on Bucharest Stock Exchange in the energy industry. In this research paper it’s demonstrate how the cash conversion cash ratios system conducts to the short term company’s equilibrium.

  11. 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...

  12. 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

  13. 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)...

  14. 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...

  15. 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-

  16. 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

  17. Comparing markets rents from a user cost and reaction model

    NARCIS (Netherlands)

    Francke, M.K.

    2010-01-01

    The current policy in the Netherlands is that rents in the social housing sector are regulated and do not reflect market conditions. Housing associations are studying the possibility to partly adjust rents to the market rent, or at least they want to have insight in the size of the implicit subsidy

  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. 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.

  1. 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.

  2. 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.

  3. Cash Transfers, Basic Income and Community Building

    Directory of Open Access Journals (Sweden)

    Evelyn L. Forget

    2013-09-01

    Full Text Available The austerity movement in high-income countries of Europe and North America has renewed calls for a guaranteed Basic Income. At the same time, conditional and unconditional cash transfers accompanied by rigorous impact evaluations have been conducted in low- and middle-income countries with the explicit support of the World Bank. Both Basic Income and cash transfer programs are more confidently designed when based on empirical evidence and social theory that explain how and why cash transfers to citizens are effective ways of encouraging investment in human capital through health and education spending. Are conditional cash transfers more effective and/or more efficient than unconditional transfers? Are means-tested transfers effective? This essay draws explicit parallels between Basic Income and unconditional cash transfers, and demonstrates that cash transfers to citizens work in remarkably similar ways in low-, middle- and high-income countries. It addresses the theoretical foundation of cash transfers. Of the four theories discussed, three explicitly acknowledge the interdependence of society and are based, in increasingly complex ways, on ideas of social inclusion. Only if we have an understanding of how cash transfers affect decision-making can we address questions of how best to design cash transfer schemes.

  4. 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.

  5. 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.

  6. Factors of cash flow in farms

    Directory of Open Access Journals (Sweden)

    Miroslaw Wasilewski

    2016-02-01

    Full Text Available The study presents the determinants of the balance of cash flow from operating activities in the farms participating in the PL FADN. The effects of multiple independent variables on the balance of cash flow from operating activities were measured using the robust linear regression model. Statistically significant impact on the balance of cash flow from operating activities was from the family farm income. The agricultural type and the year of measurement had a significant impact on the development of the balance of cash flow from operating activities.

  7. 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...

  8. A Good President Rates a Cash Bonus.

    Science.gov (United States)

    Dane, Roger; Koenig, Allen E.

    1981-01-01

    Emerson College's board rewarded its president for outstanding performance with a cash bonus of 36 percent of salary. The cash bonus idea is offered as one novel compensation plan for college presidents, but it is suggested that trustees can act as opinion leaders for implementing other creative compensation plans. (MLW)

  9. 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.

  10. 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...

  11. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

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

  12. Unstop the Logjams in Your Cash Flow.

    Science.gov (United States)

    Everett, R. E.

    1989-01-01

    A cash flow analysis is charting expenditures and revenues against a factor of time. Explains how school systems can, by charting the congruency of revenues and expenditures carefully, develop an investment program to take maximum advantage of a positive cash position. (MLF)

  13. The Direct Method of Cash Flows.

    Science.gov (United States)

    Bosserman, David C.; Fischer, Mary

    2000-01-01

    Explains to college/university business officers how to comply with Governmental Accounting Standards Board Statements Nos. 34, 35, and 9, which require the direct method of presenting cash flows from operating activities and reconciliation of operating cash flows to operating income by fiscal year 2001. Institutions are urged to begin immediately…

  14. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  15. 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.

  16. 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.

  17. 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.

  18. 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

  19. 24 CFR 582.305 - Housing quality standards; rent reasonableness.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Housing quality standards; rent... Housing quality standards; rent reasonableness. (a) Housing quality standards. Housing assisted under this part must meet the applicable housing quality standards (HQS) under § 982.401 of this title—except...

  20. Election cycles in natural resource rents : Empirical evidence

    NARCIS (Netherlands)

    Klomp, Jeroen; de Haan, 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 re

  1. 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.

  2. 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".

  3. 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...

  4. Cashing in for Growth; Corporate Cash Holdings as an Opportunity for Investment in Japan

    OpenAIRE

    Galen Sher

    2014-01-01

    Over the last two decades, cash holdings in nonfinancial firms around the world have increased. This phenomenon is particularly concerning in Japan, where the success of Abenomics depends on a transition from stimulus-driven to self-sustaining growth based on private consumption and investment. This paper finds that Japanese nonfinancial firms have accumulated cash at the expense of investment and dividends, hampering this transition. The evidence suggests that cash accumulation is due to fin...

  5. Cash Advance Accounting: Accounting Regulations and Practices

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2012-12-01

    Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

  6. 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

  7. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  8. ATM cash management using genetic algorithm

    Directory of Open Access Journals (Sweden)

    Ahmadreza Ghodrati

    2013-07-01

    Full Text Available Automatic teller machine (ATM is one of the most popular banking facilities to do daily financial transactions. People use ATM services to pay bills, transfer funds and withdraw cash. Therefore, we can treat ATM as a tradition inventory problem and use simulation technique to analysis the amount of cash required on different occasions such as regular days, holidays, etc. The proposed model of this paper uses genetic algorithm to determine the replenishment cash strategy for each ATM. The survey uses all transactions accomplished during the fiscal years of 2011-2012 on one of Iranian banks named Ayande. The study categorizes various ATM based on the average daily transactions into three groups of low, medium and high levels. The preliminary results of our survey indicate that it is possible to do setup different strategies to manage cash in various banks, optimally.

  9. 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.

  10. 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.

  11. IAS 7, Statement of Cash Flows – A Closer Look

    OpenAIRE

    Muthupandian, K S

    2008-01-01

    The International Accounting Standards Committee issued the the International Accounting Standard 7, Cash Flow Statements. The objective of IAS 7 is to require the presentation or provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities. This article presents a closer look of standard (objective, scope, defi...

  12. 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.

  13. 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.

  14. Immigration and Housing Rents in Canada: A Panel Data Analysis

    OpenAIRE

    Latif, E.

    2015-01-01

    This study examines the impact of new immigration on housing rent, using Canadian province-level panel data from 1983 to 2010. In its estimations, it utilises econometric methods such as panel unit roots, panel co-integration regressions and panel vector error correction models. Both fully-modified ordinary least squares and dynamic ordinary least squares models suggest that immigration flow has a significant positive impact on housing rent in the long run. The panel vector error correction m...

  15. 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.

  16. 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

    ....html . Federal Register notices also are available electronically from http://www.gpoaccess.gov/fr... Market Rents. Please see our Federal Register notice of April 20, 2011 (76 FR 22125) for more...

  17. 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...

  18. 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.

  19. 24 CFR 401.410 - Standards for determining comparable market rents.

    Science.gov (United States)

    2010-04-01

    ... rents for project-based assistance at comparable market rents unless the PAE finds that exception rents... rents charged for properties that the PAE determines to be comparable properties (as defined in section... control and other characteristics determined by the PAE. The PAE may make appropriate adjustments...

  20. 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.

  1. 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

  2. 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.

  3. The Cash Flow Budget. Part I--Development

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    With the cash flow budget a college store manager can prepare himself and the business office to meet current obligations during periods of cash shortfall. Its development is described and guidelines are offered. (LBH)

  4. 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.

  5. Cash Sub-additive Risk Measures and Interest Rate Ambiguity

    OpenAIRE

    El Karoui, Nicole; Ravanelli, Claudia

    2007-01-01

    A new class of risk measures called cash sub-additive risk measures is introduced to assess the risk of future financial, non financial and insurance positions. The debated cash additive axiom is relaxed into the cash sub-additive axiom to preserve the original difference between the numeraire of the current reserve amounts and future positions. Consequently, cash sub-additive risk measures can model stochastic and/or ambiguous interest rates or defaultable contingent claims. Practical exampl...

  6. 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...

  7. 19 CFR 10.40 - Refund of cash deposits.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 1 2010-04-01 2010-04-01 false Refund of cash deposits. 10.40 Section 10.40... TREASURY ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE, ETC. General Provisions Temporary Importations Under Bond § 10.40 Refund of cash deposits. (a) When a cash deposit is made in lieu of surety,...

  8. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ...; (7) Estimated amounts and timing of cash receipts from lenders or other credit sources, and liquidation of loans; and (8) Estimated amount and timing of cash receipt from other sources. (f) The... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts....

  9. 12 CFR 952.5 - Community Investment Cash Advance Programs.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Community Investment Cash Advance Programs. 952... OFF-BALANCE SHEET ITEMS COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS § 952.5 Community Investment Cash... targeted community lending at the appropriate targeted income levels. (3) Each Bank may offer RDF...

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

    Science.gov (United States)

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

    2011-01-01

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

  11. Good cash flow = come in fast, go out slow!

    Science.gov (United States)

    Garvey, Sherill

    2002-07-01

    The formula for successful cash management in home care is a simple one: The agency must bring cash in as quickly as possible, while keeping expenditures at as low and slow a pace as possible. However, while the formula may be simple, success may be elusive unless agency administrators have a well-thought-out plan to handle cash management.

  12. 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...

  13. NOKIA PERFORMANCE AND CASH FLOW ANALYSIS

    Directory of Open Access Journals (Sweden)

    Moscviciov Andrei

    2011-12-01

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

  14. Conditional Cash Transfers and School Dropout Rates

    Science.gov (United States)

    Dearden, Lorraine; Emmerson, Carl; Frayne, Christine; Meghir, Costas

    2009-01-01

    This paper evaluates a United Kingdom pilot study designed to test whether a means-tested conditional cash transfer paid to 16- to 18-year-olds for staying in full-time education is an effective way of reducing the proportion of school dropouts. The transfer's impact is substantial: In the first year, full-time education participation rates…

  15. 25 CFR 141.19 - Check cashing.

    Science.gov (United States)

    2010-04-01

    ... 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 business... order. A reservation business may not give scrip, credit or other substitute for U.S. currency...

  16. 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.

  17. 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.

  18. 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.

  19. MARKET RENT DISSIPATION IN REGULATED OPEN ACCESS FISHERIES

    OpenAIRE

    Homans, Frances R.; Wilen, James E.

    2000-01-01

    Using a new model of markets in regulated open access resources, we illustrate the evolution of a fishery as demand for the product grows. We show that increased demand for fish in its fresh form shortens the fishing season and leads to the development of a market for processed fish. The model allows us to calculate the rent gains from rationalizing the fishery, and we show that much of the rent gains come on the market side as the season lengthens and more fish can be delivered to the higher...

  20. The meaning of competition between social and market rented housing

    NARCIS (Netherlands)

    Lennartz, C.; Haffner, M.E.A.; Oxley, M.J.

    2009-01-01

    When policy makers claim that rented housing has to become more competitive, there is no consensus on what competition in this context actually means. The same holds true for scientific housing research: Theories that have utilized the economic concept of competition tend to rely on implicit definit

  1. The Struggle for Rents in a Schumpterian Economy

    NARCIS (Netherlands)

    de Groot, H.L.F.

    1996-01-01

    This paper develops a two-sector endogenous growth model with a dual labour market. Trade unions strive for the extraction of as high a rent as possible from the growth generating imperfectly competitive primary sector. This union behaviour results in a non-competitive wage differential between the

  2. 18 CFR 367.1720 - Account 172, Rents receivable.

    Science.gov (United States)

    2010-04-01

    ... ACT Balance Sheet Chart of Accounts Current and Accrued Assets § 367.1720 Account 172, Rents... receivable. 367.1720 Section 367.1720 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 2005,...

  3. Cash component of conditional cash transfer program is associated with higher body mass index and blood pressure in adults.

    Science.gov (United States)

    Fernald, Lia C H; Gertler, Paul J; Hou, Xiaohui

    2008-11-01

    The cash component of Oportunidades, a large conditional cash transfer (CCT) program in Mexico, has previously been shown to be associated with better outcomes for child growth and development. The objective of this analysis was to determine whether the cash transfers were also associated with positive outcomes for adult health. Oportunidades was originally randomized across 506 rural (cash transfers because they were living in communities randomized to begin receiving transfers earlier and/or they accumulated cash at a faster rate because they had more school-aged children at baseline. Our primary findings were that a doubling of cumulative cash transfers to the household was associated with higher BMI (beta = +0.83, 95% CI 0.46, 1.20; P cash component of Oportunidades may be negatively associated with some adult health outcomes.

  4. 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.

  5. 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., ...

  6. 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 some...

  7. 75 FR 76036 - Charming Shoppes of Delaware, Inc. Accounts Payable, Rent, Merchandise Disbursement Divisions...

    Science.gov (United States)

    2010-12-07

    ... Employment and Training Administration Charming Shoppes of Delaware, Inc. Accounts Payable, Rent, Merchandise... of Charming Shoppes of Delaware, Inc., including the Accounts Payable, Rent, and Merchandise... the same division, are engaged in activities related to the supply of accounts payable,...

  8. 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...

  9. 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... housing of a modest (non-luxury) nature with suitable amenities. In addition, all rents subsidized under... that HUD would not want to utilize in setting FMRs (e.g., luxury efficiency apartments that rent...

  10. COMPARATIVE STUDY ON ACCOUNTING MODELS "CASH" AND "ACCRUAL"

    OpenAIRE

    Tatiana Danescu; Luminita Rus

    2013-01-01

    Accounting, as a source of information, can recognize the economic transactionstaking into account the time of payment or receipt thereof, as soon as they occur. There are twobasic models of accounting: accrual basis and cash basis. In the cash accounting method thetransactions are recorded only when cash is received or paid, shall not make the difference betweenthe purchase of an asset and the payment of expenditure - both of which are considered"payments". Accrual accounting achieves this d...

  11. Ranking of States and Commodities by Cash Receipts, 1991

    OpenAIRE

    Strickland, Roger P.; Johnson, Cheryl; Williams, Robert P.

    1992-01-01

    This publication identifies the 25 leading agricultural commodities produced in each State and the United States, ranked by the value of cash receipts. The major producing States, ranked by cash receipts, for each of the 25 leading commodities in the United States and for several major commodity groups are also identified. The information is derived from U.S. Department of Agriculture's cash receipts statistics for the marketing of agricultural commodities within States. The ranking of commod...

  12. 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.

  13. Migration as an antidote to rent-seeking?

    OpenAIRE

    Mariani, Fabio

    2007-01-01

    International audience; We develop a new mechanism through which skilled migration may influence economicperformance in the sending country. If agents can choose between acting asrent-seekers and engaging in productive activities, and only productive skills are exportable,a positive probability of migration (to a more secure economy) reduces therelative expected returns from rent-seeking, thus decreasing the proportion of skilledworkers who opt for ”parasitic” activities. Such an improvement ...

  14. 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.

  15. 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.

  16. Africa's Elites Ways of Commodifying Politics to Valorise Economic Rent

    DEFF Research Database (Denmark)

    Muchie, Mammo

    2011-01-01

    This paper starts with incredulity first. Whilst doing some research for this paper, I came across members of the top political elite from Zaire to Nigeria often taken as 'kleptocrat extraordinaire' to be also in the forefront in denoucing rennt-seeking and corruption with an equal extraordinaire...... on this dlemma in order to address how rent-seeking cleansing can be attempted to align the elites as part of the solution rather than the problem of African economic and political development....

  17. 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.

  18. 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.

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

    OpenAIRE

    Akalu, M.M.; Turner, Rodney

    2002-01-01

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

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

    NARCIS (Netherlands)

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

    2002-01-01

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

  1. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  2. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  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

    agricultural land on rent seeking and rent distribution. Results suggest that the potential for small scale farmers to organize and obtain political power determines the extent of rent seeking and rent distribution, and that while more democratic institutions may increase the share of rents going...... 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-value...

  4. Discounted cash flow valuation methods: Examples of perpetuities, constant growth and general case

    OpenAIRE

    Fernandez, Pablo

    2005-01-01

    This paper explores the discounted cash flow valuation methods. We start the paper with the simplest case: no-growth, perpetual-life companies. Then we will study the continuous growth case and, finally, the general case. The different concepts of cash flow used in company valuation are defined: equity cash flow (ECF), free cash flow (FCF), and capital cash flow (CCF). Then the appropriate discount rate is determined for each cash flow, depending on the valuation method used. Our starting poi...

  5. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... may not receive a cash working capital adjustment to its rate base unless the company or other... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital..., DEPARTMENT OF ENERGY REGULATIONS UNDER NATURAL GAS ACT RATE SCHEDULES AND TARIFFS Material To Be Filed...

  6. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  7. 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...

  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. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

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

  11. A Model for Determining School District Cash Flow Needs.

    Science.gov (United States)

    Dembowski, Frederick L.

    This paper discusses a model to optimize cash management in school districts. A brief discussion of the cash flow pattern of school districts is followed by an analysis of the constraints faced by the school districts in their investment planning process. A linear programming model used to optimize net interest earnings on investments is developed…

  12. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

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

  13. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

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

  14. 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.

  15. 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.

  16. 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

  17. Political rents in the European Union’s agriculture

    Directory of Open Access Journals (Sweden)

    Czyżewski Bazyli

    2014-12-01

    Full Text Available Występowanie rent gruntowych we współczesnym rolnictwie UE potwierdza wieloletni rosnący trend cen ziemi rolniczej. Nasuwa się jednak pytanie, czy są to przede wszystkim renty różniczkowe związane z różną wydajnością gruntów rolnych, czy renty absolutne w klasycznym rozumieniu, czy też renty polityczne w ujęciu teorii wyboru publicznego? Cele artykułu mają przede wszystkim wymiar teoriopoznawczy. Podjęto w nim próbę weryfi kacji koncepcji renty gruntowej, którą sformułowano na podstawie badań przeprowadzonych w Polsce. Tym razem jednak zakres badań obejmuje pełen przekrój struktur agrarnych UE. Według wspomnianej koncepcji źródłem współczesnej renty gruntowej jest wyższa oczekiwana produktywność kapitału w rolnictwie niż w jego otoczeniu rynkowym. Często tłumaczy się to zjawisko wypłacaniem rent politycznych w ramach WPR. Czy tak jest w istocie ? Przeprowadzone badania odpowiadają m.in. na pytanie w jakich krajach i strukturach agrarnych ewentualna różnica wspomnianej produktywności kapitału jest największa i na ile wynika to z rent politycznych, a na ile z innych czynników?

  18. 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....

  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...... involving exchange of timber rights for political support and/or material, personal benefits. Second, timber rights are allocated to persons or firms outside the timber sector allegedly as payment for political support. The paper concludes that the Voluntary Partnership Agreement between Ghana and the EU...

  20. PV potential and potential PV rent in European regions

    DEFF Research Database (Denmark)

    Hansen, Anders Chr.; Thorn, Paul

    2013-01-01

    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...... 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...

  1. Piping cash out of provincial pockets

    Energy Technology Data Exchange (ETDEWEB)

    Vanagas, S.

    1996-01-01

    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.

  2. Rush for cash crops and forest protection

    DEFF Research Database (Denmark)

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

    2016-01-01

    In many countries with large tracts of tropical forests, there is a dual focus on enhancing forest protection and increasing commercial agriculture for economic development. Laos is a case in point for this development as the Government of Laos (GoL) has a strong commitment to economic growth...... forest cover and prepares for REDD+ (reducing deforestation and forest degradation). This paper explores how the recent boom in cash crops is impacting land use and livelihoods of local communities, as well as affecting forest conservation in Hua Meuang District of Huaphan Province in northeastern Laos....... We also examine how local authorities react to these changes and navigate the contradicting policies. Furthermore, the paper analyzes to what extent the land sparing intention of land- and forest-land allocation policies are fulfilled. We found that the production of maize has rapidly expanded in Hua...

  3. Immigration and welfare state cash benefits

    DEFF Research Database (Denmark)

    Pedersen, Peder J.

    2013-01-01

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

  4. 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...

  5. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained by noise betas. We also find that the relative importance of cash flow news in explaining recent stock price run-ups and subs...

  6. 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....

  7. 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.

  8. 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.

  9. 38 CFR 6.14 - Cash value; other than special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... American Experience Table of Mortality, with interest at the rate of 31/2 percent per annum. The cash value... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Cash value; other than... DEPARTMENT OF VETERANS AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Cash Value § 6.14 Cash value;...

  10. 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…

  11. Cash balance pension plans--accounting and business implications.

    Science.gov (United States)

    Arcady, A; Mellors, F

    2001-01-01

    This article illustrates the accounting and disclosure implications of converting from traditional pensions to cash balance plans. That information is followed by a description of issues that have encouraged employers to initiate those conversions.

  12. Cash provision for profit: methodological bases of accounting

    OpenAIRE

    Панченко, Інна Анатоліївна

    2015-01-01

    The necessity of forming the cash provision for profit has been considered as well as the suggestions concerning the mechanism of its creation, reflecting in accounting and reporting has been expressed

  13. 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.

  14. 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....

  15. 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.

  16. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  17. Differentiation characteristics and influencing factors of ecological land rent among provinces in China

    Institute of Scientific and Technical Information of China (English)

    LONG Kaisheng; ZHAO Yali; ZHANG Honghui; CHEN Ligen; LU Fangfang; GU Yuanyuan

    2013-01-01

    Ecological land rent is the excess profit produced by resource scarcity,and is also an important indicator for measuring the social and economic effects of resource scarcity.This paper,by calculating the respective ecological land rents of all the provinces in China for the years 2002 and 2007,and with the assistance of the software programs ArcGIS and GeoDA,analyzes the spatial differentiation characteristics of ecological land rent; then,the influencing factors of ecological land rent differentiation among the provinces are examined using the methods of traditional regression and spatial correlation analysis.The following results were obtained:First,ecological land rent per unit of output in China shows stable distribution characteristics of being low in the southwestern and northeastern provinces,and high in Hebei and Henan provinces.There is also an increasing tendency in the central and western provinces,and a decreasing one in the eastern provinces.In general,the spatial distribution of ecological land rent per unit of output in China is quite scattered.Second,the total ecological land rent shows significant spatial aggregation characteristics,in particular the provinces in China possessing high total amounts of ecological land rent tend to be adjacent to one another,as do those with low total amounts,and the spatial difference characteristics of the eastern,central and western provinces are distinguished.The Bohai Rim,Yangtze River Delta and Pearl River Delta are shown to be highly clustering regions of total ecological land rent,while the western provinces have very low ecological land rent in terms of total amount.Third,population distribution,economic level and industrial structure were all important influencing factors influencing ecological land rent differentiation among provinces in China.Furthermore,population density,urbanization level,economic density,per capita consumption level and GDP per capita were all shown to be positively related to total

  18. 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.

  19. 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.

  20. 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.

  1. Cash benefits in long-term home care.

    Science.gov (United States)

    van den Berg, Bernard; Hassink, Wolter H J

    2008-12-01

    This paper tests empirically for differences in prices paid between parts of the cash benefit that clients may and not may keep when it is unspent. In The Netherlands, demand-side subsidies were introduced in 1996. Clients receive a cash benefit to purchase the type of home care (housework, personal care, support with mobility, organisational tasks or social support) they need from the care supplier of their choice (private care provider, regular care agency, commercial care agency or paid informal care provider). Furthermore, they negotiate with the care supplier about price and quantity. Our main findings are the following: (1) the component of the cash benefit that a client may not keep when it is unspent has a positive impact on the price of care. (2) In contrast, the components of the cash benefit a client may keep when it is unspent, have no or a negative impact on the price of care. Both results have important implications for designing health policy. If cash benefits are introduced in long-term home care in an attempt to make consumers more conscious about prices, it is only successful when consumers may keep the unspent part of the cash benefit.

  2. The impact on consumption of more cash in conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    André Oliveira Ferreira Loureiro

    2013-12-01

    Full Text Available This paper evaluates the impact of an increase in the value of the cash transfer paid to families by the Brazilian Bolsa Família program. The existence of a similar program in the state of Ceará, Bolsa Cidadão, that increases the value received by a sub-group of families, provides a unique dataset, enabling us to evaluate the effect of a higher value of transfer on the spending of comparable households. There is a significant increase in consumption, but it is smaller than the increment in the income, suggesting that the consumption of the households is not properly declared.

  3. 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

  4. The Effects of Rent Restructuring on Social Housing in English Rural Areas

    Science.gov (United States)

    Walker, Bruce

    2004-01-01

    This paper discusses the impact of central government's rent restructuring policy on social housing in rural areas in England. It examines the effect that restructuring will have on the rents set by social landlords in a set of case study areas then considers some of the likely impacts on affordability and on new investment in rural social…

  5. 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... (shelter rent plus utilities) of privately owned, decent, and safe rental housing of a modest (non-luxury.... Data Sources--2000 Census, the American Community Survey, and the Consumer Price Index As in all...

  6. 76 FR 52057 - Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation...

    Science.gov (United States)

    2011-08-19

    ... where statistically valid one-year ACS data is available. The Consumer Price Index (CPI) rent and... privately owned, decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. In....g., luxury efficiency apartments that rent for more than typical one-bedroom units). HUD...

  7. 24 CFR 888.113 - Fair market rents for existing housing: Methodology.

    Science.gov (United States)

    2010-04-01

    ... measure for the current year is less than the concentration measure at the time the FMR area first... rents that provide opportunities to rent standard quality housing throughout the geographic area in which rental housing units are in competition. The level at which FMRs are set is expressed as...

  8. 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…

  9. 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...

  10. 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...

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

    DEFF Research Database (Denmark)

    Hvid, Anna

    2013-01-01

    In recent years, a global increase in demand for agricultural commodities and land has contributed to increasing agricultural prices. This trend can be expected to continue in the future, and may result in significantly higher land rents. This paper investigates the potential distributional effects...... of increasing land rents in land-abundant developing countries from a theoretical viewpoint, and provides historical case examples to support the theoretical propositions. It is proposed that the specific characteristics of a rent-generating natural resource have implications for the concentration of economic...... 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...

  12. 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.

  13. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  14. Flow and rent-based opportunity costs of water ecosystem service provision in a complex farming system

    Directory of Open Access Journals (Sweden)

    Olivia R. Rendon

    2016-12-01

    Full Text Available Unsustainable land uses present many challenges for securing ecosystem service provision. It is also difficult to estimate the cost of a transition to more sustainable land-management practices for individual landholders. The main cost to landholders is the opportunity costs, the income foregone when changing land use for continued or enhanced ecosystem service provision. Thus accurate estimation of opportunity costs and understanding their distribution are crucial starting points for determining the economic viability and design of any payment for ecosystem services (PES scheme. We compare two opportunity cost approaches and examine the distribution of these costs for improving drinking water quality in a complex farming system in a Honduran forest catchment. Data for both approaches was collected through a survey applied to upstream catchment landholders. Our results indicate that the direct flow approach and the proxy rent approach provide comparable and consistent opportunity cost estimates. The mean net flow return ha-1 was US$1410, but this estimate was skewed, mainly by exceptionally high coffee returns and negative returns of land uses making a loss. This estimate would imply spending over US$2 million per annum for water conservation, but a revised estimate comes to US$257,057 per annum. Opportunity costs were found to vary according to differences in land use and landholder characteristics. High value cash crops upholding the local economy, such as coffee, entail much higher opportunity costs than for example cattle grazing. These results suggest that discriminate PES payments, that vary according to opportunity costs and thus discriminate between land uses and landholders, are essential. Water quality at our case study site could be managed sustainably by a scheme focusing on high-impact land uses with lower opportunity costs and closer to water sources.

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

    DEFF Research Database (Denmark)

    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...

  16. 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.

  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. Techniques for cash management in scheduling manufacturing operations

    Science.gov (United States)

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

    2016-10-01

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

  19. 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

  20. 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.

  1. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  2. The analysis of the introduction of cash registers to the business environment and the state budget

    OpenAIRE

    Zubíčková, Aneta

    2009-01-01

    The issue of cash registers has recently been updated in the Czech Republic. Their introduction assumes the elimination of the shadow economy through an increase in reported sales for business entites, who are forced to use it. Regression analysis has not demonstrated a direct effect of the cash registers on the level of reported revenues. Cash registers represent an additional burden on businesses and make conditions for doing a business more difficult. In the year of introduction of cash re...

  3. 76 FR 67105 - Cash Balance Plans; Benefit Determinations and Plan Valuations for Statutory Hybrid Plans...

    Science.gov (United States)

    2011-10-31

    ... would apply to all statutory hybrid plans. If a cash balance plan uses a fixed interest rate as of the..., however, when a cash balance plan uses a variable interest rate--e.g., a rate that changes annually under... CORPORATION 29 CFR Parts 4001, 4022, 4041, and 4044 RIN 1212-AB17 Cash Balance Plans; Benefit...

  4. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

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

  5. 19 CFR 4.23 - Certificate of payment and cash receipt.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 1 2010-04-01 2010-04-01 false Certificate of payment and cash receipt. 4.23... Certificate of payment and cash receipt. Upon each payment of tonnage tax or light money, the master of the vessel shall be given a certificate on Customs Form 1002 on which the control number of the cash...

  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. 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

  8. 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...

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

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

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

  10. 31 CFR 321.7 - Authorized cash payments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authorized cash payments. 321.7 Section 321.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL... authorized or empowered to act for a corporate legal representative so designated. The full title of...

  11. The evolution of Treasury cash management during the financial crisis

    OpenAIRE

    Paul J. Santoro

    2012-01-01

    The U.S. Treasury and the Federal Reserve System have long enjoyed a close relationship, each helping the other to carry out certain statutory responsibilities. This relationship proved beneficial during the 2008-09 financial crisis, when the Treasury altered its cash management practices to facilitate the Fed’s dramatic expansion of credit to banks, primary dealers, and foreign central banks.

  12. 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…

  13. Conditional Cash Transfer against Child Labor: Indonesia Program Keluarga Harapan

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

    This study aims to analyze whether subsidies provided by the Indonesian conditional cash transfer against child labor program (Program Keluarga Harapan: PKH) were sufficient for children to stop working and go back to schooling. Ex-post evaluations of the program found that it did not improve children's enrollment rate and reduce child labor…

  14. Investment, cash flow, and uncertainty : evidence for the Netherlands

    NARCIS (Netherlands)

    Sterken, Elmer; Lensink, Robert; Bo, Hong

    2001-01-01

    Abstract We contribute to the debate on the interpretation of investment-cash flow sensitivities by including uncertainty measures in both a simple theoretical investment model and an empirical illustration for Dutch firm-level data. Using a slightly modified version of the Kaplan-Zingales (1997) mo

  15. 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…

  16. 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...

  17. 18 CFR 367.1360 - Account 136, Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... GAS ACT Balance Sheet Chart of Accounts Current and Accrued Assets § 367.1360 Account 136, Temporary... cash investments. 367.1360 Section 367.1360 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF...

  18. 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.

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

    Directory of Open Access Journals (Sweden)

    Yongjian Shen

    2015-09-01

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

  20. 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.

  1. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  2. 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.

  3. 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.

  4. 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.

  5. Ranking of States and Commodities by Cash Receipts, 1992

    OpenAIRE

    Strickland, Roger P.; Steele, Cheryl J.; Williams, Robert P.

    1993-01-01

    This publication presents two types of ranking information derived from the U.S. Department of Agriculture's cash receipts statistics for the marketing of agricultural commodities within States. One type is the 25 leading commodities for each State and the Nation, ranked according to the estimated value of receipts. The second is the ranking of States by receipts from each of the 25 leading U.S. commodities and by several major commodity groups. The ranking of commodities produced in a State ...

  6. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

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

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

    Science.gov (United States)

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

    2014-08-01

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

  8. 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.

  9. 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.

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

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

  12. 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

    We set up a probabilistic voting model to explore the hypothesis that tax competition improves public sector efficiency and social welfare. In the absence of tax base mobility, distortions in the political process induce vote-maximising politicians to create rents to public sector employees....... 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...

  13. 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...

  14. 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....

  15. Finding Good Areas for Renting Apartments Using Apartments Information and Users' Trajectories

    Science.gov (United States)

    Si, R.; Lu, M.; Arikawa, M.; Asami, Y.; Iwasaki, J.

    2014-04-01

    Current apartment renting web sites provide services to search apartments by attribute filters while they lack the services to help find areas that are convenient for living and meet customers' personal preference. In many cases, people not only need attributes of the apartments meeting their requirements, but also need the attributes of the area be satisfied. We propose an IT service that can find appropriate areas for customers to rent apartments while they want to move to new places. The areas are picked according to users' life styles mined from their former moving trajectories and to the attributes of the areas calculated from preferences of present rooms of users.

  16. THE BUBONIC PLAGUE OF 1349, THE WAGE-TO-RENT RATIO, AND THE ENGLISH PEASANT FAMILY

    Directory of Open Access Journals (Sweden)

    Stephanie O. Crofton

    2005-01-01

    Full Text Available The bubonic plague that swept England in 1349 provides an example of how changes in economic conditions can change norms of social behavior. The death of almost 50 percent of the population altered the returns to labor and land. As the demand for land and the supply of labor declined, rents fell and wages rose. This increased wage-to-rent ratio shifted the structure of the economy from household production to market production. In turn, these changes affected migration, family and community ties, women s labor force participation, family size, inheritance customs, the status of landowning widows, and care for the elderly.

  17. 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.

  18. Does money work? Cash transfers to ex-combatants in disarmament, demobilisation and reintegration processes.

    Science.gov (United States)

    Willibald, Sigrid

    2006-09-01

    This paper analyses the relevance and potential of cash transfers as part of the disarmament, demobilisation and reintegration (DDR) assistance packages provided to ex-combatants in transitions from war to peace. To this end, a theoretical framework is established that permits the identification of the advantages and disadvantages of using cash in DDR. Subsequently, an empirical analysis is carried out to compare selected theoretical assumptions on the use of cash with the reality of lessons learned from recent experience in Sierra Leone and other African countries. The study shows that some theoretical drawbacks commonly associated with the use of cash in DDR processes may indeed bear out in practice. At the same time, though, the paper argues that the utility of cash transfers in DDR is affected by a variety of factors that go far beyond the simple choice of employing cash, most notably decisions on payment location, eligibility criteria and targeting.

  19. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  20. Air Force Working Capital Fund: Actions Needed to Manage Cash Balances to Required Levels

    Science.gov (United States)

    2014-07-01

    may transfer budget authority only as authorized by law. “ cash levels should be maintained at 7 to 10 days of operational cost and six months of...USTRANSCOM documentation to ascertain the reasons.6 To address the second objective, we obtained and analyzed AFWCF budget documents and cash ...requirement, we analyzed DOD budget and accounting reports to determine the dollar amount of transfers made for the period. We analyzed cash transfers

  1. 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 .

  2. 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.

  3. 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...

  4. 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...

  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. 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... utilities) of privately owned, decent, and safe rental housing of a modest (non-luxury) nature with...

  7. 12 CFR 1282.19 - Affordability-Rent level definitions-tenant income is not known.

    Science.gov (United States)

    2010-01-01

    ... GOALS AND MISSION ENTERPRISE HOUSING GOALS AND MISSION Housing Goals § 1282.19 Affordability—Rent level... very low-, low-, or moderate-income families where the income of the family in the dwelling unit is not known to the Enterprise, the affordability of the unit is determined based on unit size as follows:...

  8. 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

  9. 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.

  10. 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..., and safe rental housing of a modest (non-luxury) nature with suitable amenities. In addition, all....g., luxury efficiency apartments that rent for more than typical one-bedroom units). HUD...

  11. 78 FR 61667 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2013-10-03

    ... statistically valid one-year ACS data are available. The Consumer Price Index (CPI) rent and utility indexes are... PRCS is a part of the ACS program). Moreover, HUD is using Consumer Price Index data calculated... housing of a modest (non-luxury) nature with suitable amenities. In addition, all rents subsidized...

  12. 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)...

  13. 林地地租量化研究%A Study on the Calculation of Woodland Rent

    Institute of Scientific and Technical Information of China (English)

    邹秀清; 张志云

    2001-01-01

    以马克思地租理论为指导,阐明市场经济条件下我国林地地租的内涵及特征:求出零级土地的立地指数等级和各立地等级的年级差地租,从总地租中分离出绝对地租和级差地租。%Guided by Marxist land rent theory, under the condition of market economy, the connotation and characteristics of woodland rent in our country are expounded. By calculating site index of zero-leveled woodland, annually differential woodland rent has been separated from absolute woodland rent among total rent.

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

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

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

  15. Managing the Cash and Liquidity of the Croatian Budget

    OpenAIRE

    Anto Bajo

    2005-01-01

    The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a gov...

  16. 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.

  17. 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.

  18. 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.

  19. Financing and cash flow management for the medical group practice.

    Science.gov (United States)

    Bert, Andrew J

    2008-01-01

    The expansion of a medical group practice and the addition of ancillary services require a substantial cash outlay. Obtaining proper financing to complete a successful expansion is a process that takes time, and there are critical steps that must be followed. The group's business objectives must be presented properly by developing a business plan detailing the practice and goals associated with the desired expansion. This article discusses some of the key elements that are essential in creating an overall effective business plan for the group medical practice.

  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. 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.

  2. 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.

  3. 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.

  4. 38 CFR 8.33 - Cash value for term-capped policies.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Cash value for term... NATIONAL SERVICE LIFE INSURANCE Appeals § 8.33 Cash value for term-capped policies. (a) What is a term... which premiums have been capped (frozen) at the renewal age 70 rate. (b) How can a term-capped...

  5. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

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

  6. Malawi - Public Works Programme : Conditional Cash Transfers as an Emergency Response to a National Food Shortage

    OpenAIRE

    Kalanda, Boniface; Mandala, Charles; Magwira, Joseph

    2006-01-01

    This paper reports that in the 2004-2005 growing season, Malawi experienced a drought which affected farm produce and subsequently led to country-wide food shortages. Due to the food shortage, the Malawi Government implemented a Public Works Programme -- Conditional Cash Transfers (PWP-CCT) to transfer cash income to vulnerable households to enable them buy food and agricultural inputs for...

  7. 48 CFR 53.301-1165 - Standard Form 1165, Receipt for Cash-Subvoucher.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Standard Form 1165, Receipt for Cash-Subvoucher. 53.301-1165 Section 53.301-1165 Federal Acquisition Regulations System... Standard Form 1165, Receipt for Cash-Subvoucher. EC01MY91.079...

  8. 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....

  9. The Impact of Conditional Cash Transfer Programs on Human Capital Accumulation

    Science.gov (United States)

    Latham, James David Michael

    2013-01-01

    Conditional cash transfer (CCT) programs are increasingly being used through the developing world to reduce inequality, break the intergenerational poverty cycle, and build human capital. These programs vary by country but typically make cash transfers conditional upon children meeting certain healthcare and educational standards. While previous…

  10. Normative regulation of cash flows as information provision of their accounting and control

    OpenAIRE

    TOMCHUK V.V.

    2012-01-01

    The importance of normative and legislative basis of accounting and control of cash flows is considered in the article «Normative regulation of cash flows as information provision of their accounting and control» written by Victor Vasyliyovych Tomchuk from the National Scientific Center «Institute of Agrarian Economics».

  11. 77 FR 55235 - Cash Account Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-09-07

    ...; and Investors Cash Trust, on behalf of its series, Treasury Portfolio, Central Cash Management Fund... Americas Inc. (``DIMA''), and Deutsche Bank Securities, Inc. (``DBSI''). SUMMARY: Summary of Application... investment company, and each has one or more series that operate as money market funds subject to rule...

  12. Implementation of Treasury Single Account and Strengthening of Cash Management in Vietnam

    OpenAIRE

    World Bank

    2014-01-01

    Vietnam has made progress to improve oversight and control over cash balances for the state budget. The current arrangement however falls short of a treasury single account (TSA), which has led to inefficiencies in the management of cash balances and higher than necessary borrowing costs. In response to this, the Government of Vietnam has embarked on reforms to adopt a TSA and strengthen o...

  13. 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…

  14. 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…

  15. 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

  16. 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

  17. FASB's Latest Standard: A Look at the Statement of Cash Flows.

    Science.gov (United States)

    Fischer, Mary; Blythe, Joseph C.

    1993-01-01

    A discussion of the Financial Accounting Standards Board's new accounting standard No. 117, which concerns colleges and universities as nonprofit organizations, looks at new provisions and reporting requirements. Methods for producing the required cash flow statement are outlined, and the use of cash flow ratios is examined. (MSE)

  18. 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.

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

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

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

  20. Research on the Validity Duration of Off-Line E-cash

    Institute of Scientific and Technical Information of China (English)

    PENG Bing; YANG Zong-kai; WU Shi-zhong

    2004-01-01

    To solve the drawback of the present electionic cash(E-cash) schemes that the size of bank's transcripts database expands without bound, the concept of validity duration of E-cash is introducedin this paper. Through improving the users' blind transforms ofBrands' scheme, we design an efficient off-line E-cash system basedon the restrictive blind signature and repressentation problem. The security analysis shows that the users can not forge a valid electronic coinor double spend it , in addition, the bank can not trace an honestusers' payment behaviours. In compare with Brand's scheme, our scheme reduces storage costs and computation overhead of the usersand the banks. Most of all, the electronic cashes will be authorizedwithin a limit period only, the size of bank's transcripts database becomes controllable.

  1. 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.

  2. 41 CFR 102-85.155 - What does a customer agency do if it does not agree with a Rent bill?

    Science.gov (United States)

    2010-07-01

    ... classification, appraised Rent, or the allocation of space), the agency may appeal its Rent bill to GSA. (b) GSA... review of the measurement, classification, service levels provided, or charges assessed that pertain to... contract rent passed through from the underlying lease cannot be appealed; (3) In GSA-owned space, when...

  3. 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.

  4. Le référent zoulou omniprésent

    Directory of Open Access Journals (Sweden)

    Frédéric Giraut

    2010-09-01

    Full Text Available Illustration 1 – Ephémère mémorial à la gloire de Shaka sur la plage de DurbanAuteur :  Said Boujrouf, Durban, octobre 2007.En tant qu'épopée d'un royaume précolonial conquérant et éphémère vainqueur de l'armée coloniale britannique, l'histoire zouloue avec son mythique chef Shaka a été érigée en mythe par les colonisés d’Afrique australe et par les colons britanniques et afrikaners. L'histoire guerrière a été mise scène de différents points de vue et à travers différents médias (cinéma, télé...

  5. The NBA’s Maximum Player Salary and the Distribution of Player Rents

    Directory of Open Access Journals (Sweden)

    Kelly M. Hastings

    2015-03-01

    Full Text Available The NBA’s 1999 Collective Bargaining Agreement (CBA included provisions capping individual player pay in addition to team payrolls. This study examines the effect the NBA’s maximum player salary on player rents by comparing player pay from the 1997–1998 and 2003–2004 seasons while controlling for player productivity and other factors related to player pay. The results indicate a large increase in the pay received by teams’ second highest and, to a lesser extent, third highest paid players. We interpret this result as evidence that the adoption of the maximum player salary shifted rents from stars to complementary players. We also show that the 1999 CBA’s rookie contract provisions reduced salaries of early career players.

  6. It's the rents, stupid. The political economy of the resource curse

    Energy Technology Data Exchange (ETDEWEB)

    Kolstad, Ivar; Wiig, Arne [Chr. Michelsen Institute, P.O. Box 6033 Postterminalen, N-5892 Bergen (Norway)

    2009-12-15

    A number of studies suggest that natural resources can have a negative impact on the developing prospects of countries. Empirical results suggest that political economy models of patronage and rent-seeking are central to understanding why such a resource curse arises. In other words, the resource curse is created by certain resource rents leading to dysfunctional behaviour. This article introduces the term impartiality enhancing institutions to structure policy debates by distinguishing conditions under which negative effects of resources can be mitigated. Moreover, it is argued that viewing institutions as an equilibrium outcome has implications for the analysis of institutional change. Policy initiatives that do not promote the impartiality of institutions, nor attend to the underlying interests and incentives keeping a bad institutional equilibrium in place, will not help lift the resource curse. (author)

  7. 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

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

    OpenAIRE

    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...

  9. 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.

  10. Viewpoint – Rent-Seeking in Agricultural Water Management: An Intentionally Neglected Core Dimension?

    Directory of Open Access Journals (Sweden)

    Walter Huppert

    2013-06-01

    The author, drawing on thirty-five years of experience in the field of agricultural water management and on cases from research and from development cooperation, puts forward his personal viewpoint on this matter. He contends that local as well as international professionals on different levels in the water sector are caught in multifaceted conflicts between formal objectives and hidden interests – and often tend to resort to rent-seeking behaviour themselves.

  11. Rent sharing to control non-cartel supply in the German cement market

    OpenAIRE

    2016-01-01

    A challenge for many cartels is avoiding a destabilizing increase in non-cartel supply in response to having raised price. In the case of the German cement cartel that operated over 1991-2002, the primary source of non-cartel supply was imports from Eastern European cement manufacturers. Industry sources have claimed that the cartel sought to control imports by sharing rents with intermediaries in order to discourage them from sourcing foreign supply. Specifically, cartel members would all...

  12. 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.

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

    OpenAIRE

    Zhi-Hua Hu; Qing Li; Xian-Juan Chen; Yan-Feng Wang

    2014-01-01

    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...

  14. 19 CFR 351.107 - Cash deposit rates for nonproducing exporters; rates in antidumping proceedings involving a...

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 3 2010-04-01 2010-04-01 false Cash deposit rates for nonproducing exporters... Scope and Definitions § 351.107 Cash deposit rates for nonproducing exporters; rates in antidumping... of cash deposit rates in situations where the exporter is not the producer of subject...

  15. 78 FR 64183 - Change to Existing Regulation Concerning the Interest Rate Paid on Cash Deposited To Secure...

    Science.gov (United States)

    2013-10-28

    ... to Existing Regulation Concerning the Interest Rate Paid on Cash Deposited To Secure Immigration... rate set by Treasury--3 per centum per annum--has been paid on cash bond deposits received after April... the rate of 3 percent per year on cash deposited by bond obligors to secure immigration bonds....

  16. 26 CFR 1.448-1 - Limitation on the use of the cash receipts and disbursements method of accounting.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 6 2010-04-01 2010-04-01 false Limitation on the use of the cash receipts and... Limitation on the use of the cash receipts and disbursements method of accounting. (a)-(f) (g) Treatment of... the cash method, any taxpayer to whom section 448 applies must change its method of accounting...

  17. 41 CFR 102-118.92 - How does my agency handle receipts, tickets or other records of cash payments?

    Science.gov (United States)

    2010-07-01

    ... handle receipts, tickets or other records of cash payments? 102-118.92 Section 102-118.92 Public... records of cash payments? Your agency must ensure that its employees keep the original receipts for transportation purchases over $75.00 made with cash. If it is impractical to furnish receipts in any instance...

  18. 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.

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

    DEFF Research Database (Denmark)

    Norberg, Per; Juul-Sandberg, Jakob

    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...... the rent regulation regimes in Sweden and Denmark as opposed to the »free market« in Finland. The aim is to draw conclusions on the functionality of the different and whether some things can be learned from the differences in between them. The elements of tenant »ownership rights« in the three countries...... 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...

  20. Production inventory policy under a discounted cash flow

    Directory of Open Access Journals (Sweden)

    Su Chao-Ton

    2005-01-01

    Full Text Available This paper presents an extended production inventory model in which the production rate at any instant depends on the demand and the inventory level. The effects of the time value of money are incorporated into the model. The demand rate is a linear function of time for the scheduling period. The proposed model can assist managers in economically controlling production systems under the condition of considering a discounted cash flow. A simple algorithm computing the optimal production-scheduling period is developed. Several particular cases of the model are briefly discussed. Through numerical example, sensitive analyses are carried out to examine the effect of the parameters. Results show that the discount rate parameter and the inventory holding cost have a significant impact on the proposed model.

  1. 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.

  2. 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.

  3. Analysis and Utilization of Cash Flow Statement%现金流量表的分析与利用

    Institute of Scientific and Technical Information of China (English)

    李晶

    2011-01-01

    This paper introduces the practical significance of the cash flow analysis,the contents of cash flow analysis,methods of cash flow analysis, cash budgetary control, control of cash flow problems.%文章介绍了现金流量表分析的现实意义、现金流量表分析的内容、现金流量表的分析方法、现金预算控制,现金流出的控制等问题.

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

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

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

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

    Science.gov (United States)

    2014-04-09

    and receipt for cash and vouchers on hand. Reporting Structure of the Army’s Disbursing Stations in Kuwait The Army disbursing station at Camp...No. DODIG-2014-057 A P R I L 9 , 2 0 1 4 Improvements to Controls Over Cash Are Needed at Army Disbursing Stations in Kuwait and Saudi Arabia...2014 2. REPORT TYPE 3. DATES COVERED 00-00-2014 to 00-00-2014 4. TITLE AND SUBTITLE Improvements to Controls Over Cash Are Needed at Army

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina Onica

    2013-12-01

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

  8. 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.

  9. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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...

  16. 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

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

    DEFF Research Database (Denmark)

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

    2008-01-01

    Various types of 'cash transfer' are currently receiving much attention as a way of helping orphans and vulnerable children in Africa. Drawing on a qualitative study conducted in Western Kenya, this paper points to the strategy of community-based capital cash transfers (CCCT) as a particularly...... that the programme not only increased food availability, but also enhanced social capital. Further research is needed to explore the potential of CCCT in supporting orphans and vulnerable children in countries with high orphanhood rates....

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

    Science.gov (United States)

    Evans, Melanie

    2011-03-07

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

  19. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I.; de Ricquebourg, AD; Hodgson, A.

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  20. Les Glasgow Rent Strikes de 1915 ou quand la désobéissance civile des femmes contraint le législateur When Female Disobedience Lays Down the Law: the 1915 Glasgow Rent Strikes

    Directory of Open Access Journals (Sweden)

    Olivier Esteves

    2009-08-01

    Full Text Available The outbreak of World War I in 1914 generated a massive influx of workers into the Clyde area, a hugely strategic region for heavy industry (shipyards, but also ammunition factories. This influx caused rents to rise in a certain number of districts, mostly around the factories and the shipyards. In order to protest against such grossly unfair increases, the women of Glasgow and their families decided to refuse to pay the new rents. They argued that they too contributed actively to the war effort, and that, by imposing rent hikes, the landlords of Glasgow and their factors implicitly sided with the German foe, by weakening a portion of the population so instrumental in supplying the British armed forces on the continent. After several months of actively sustained civil disobedience, Parliament passed a law that fixed rents until the end of the conflict. But in actual fact the Glasgow Rent Strikes generated certain changes that were to go way beyond the peculiar context of the Great War.

  1. 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.

  2. 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.

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

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

  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. 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.

  7. 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.

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

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

  10. 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.

  11. Perceived impact of Ghana's conditional cash transfer on child health.

    Science.gov (United States)

    Owusu-Addo, Ebenezer

    2016-03-01

    A plethora of studies from sub-Saharan Africa indicate that orphaned and vulnerable children are exposed to adverse health, education and other social outcomes. Across diverse settings, conditional cash transfer (CCT) programmes have been successful in improving health outcomes amongst vulnerable children. This study explored the pathways of CCTs' impact on the health of orphans and vulnerable children in rural Ghana. Due to the multi-dimensional nature of CCTs, the programme impact theory was used to conceptualize CCTs' pathways of impact on child health. A qualitative descriptive exploratory approach was used for this study. This study drew on the perspectives of 18 caregivers, 4 community leaders and 3 programme implementers from two rural districts in Ghana. Semi-structured individual interviews were conducted with the participants. Thematic content analysis was conducted on the interview transcripts to pull together core themes running through the entire data set. Five organizing themes emerged from the interview transcripts: improved child nutrition, health service utilization, poverty reduction and social transformation, improved education and improved emotional health and well-being demonstrating the pathways through which CCTs work to improve child health. The results indicated that CCTs offer a valuable social protection instrument for improving the health of orphans and vulnerable children by addressing the social determinants of child health such as nutrition, access to health care, child poverty and education.

  12. 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...

  13. 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.

  14. 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.

  15. Perceptions of private market landlords who rent to tenants of a Housing First program.

    Science.gov (United States)

    Aubry, Tim; Cherner, Rebecca; Ecker, John; Jetté, Jonathan; Rae, Jennifer; Yamin, Stephanie; Sylvestre, John; Bourque, Jimmy; McWilliams, Nancy

    2015-06-01

    The rental of housing units by landlords to participants in Housing First (HF) programs is critical to the success of these programs. Therefore, it is important to understand the experiences of landlords with having these individuals as tenants. The paper presents findings of qualitative interviews with 23 landlords who rented to tenants from a HF program located in a small city and adjoining rural area in eastern Canada and in which approximately 75 % of tenants had been housed for at least six consecutive months at 2 years in the program. Findings showed that landlords are motivated to rent to HF tenants for financial and pro-social reasons. They reported holding a range of positive, neutral, and negative perceptions of these tenants. They identified problems encountered with some HF tenants that included disruptive visitors, conflict with other tenants, constant presence in their apartments, and poor upkeep of units. On the other hand, landlords perceived HF tenants as being mostly good tenants who are similar to their other tenants. Implications for practice in the context of HF programs are discussed.

  16. 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.

  17. [Palliative care for elderly patients living in rented housing by pharmacists].

    Science.gov (United States)

    Uno, Tatsuya; Aoyama, Miyoshi; Shibata, Kenzo

    2012-12-01

    Yanase Pharmacy Co., Ltd. actively provides home health care intervention. The present study examined the effects of drug management guidance provided as home-visit-based health care support for elderly patients living in rented housing. The subjects were 117 patients who moved into rented accommodation for the elderly between June 2009 and February 2012, and who received drug administration guidance. The majority of the subjects had intractable diseases: 74(63%)were terminally ill with cancer, 7(6%)had amyotrophic lateral sclerosis, and 2(2%)had muscular dystrophy. Home-visit-based support included accompanying physicians' visits, formulation support, participation in the conference, and the provision of drug information for home-visiting nurses. The following formulation support measures were used: reducing intravenous infusion was proposed to address terminally ill cancer patients with a large amount of sputum; advice was provided on the selection of opioids for patients with renal failure; and drug options were discussed to alleviate the symptoms of gastrointestinal obstruction. All of these measures effectively alleviated symptoms.

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. Does money matter? The effects of cash transfers on child development in rural Ecuador.

    Science.gov (United States)

    Paxson, Christina; Schady, Norbert

    2010-01-01

    A large body of research indicates that child development is sensitive to early-life environments, so that poor children are at higher risk for poor cognitive and behavioral outcomes. These developmental outcomes are important determinants of success in adulthood. Yet, remarkably little is known about whether poverty-alleviation programs improve children's developmental outcomes. We examine how a government-run cash transfer program for poor mothers in rural Ecuador influenced the development of young children. Random assignment at the parish level is used to identify program effects. Our data include a set of measures of cognitive ability that are not typically included in experimental or quasi-experimental studies of the impact of cash transfers on child well-being, as well as a set of physical health measures that may be related to developmental outcomes. The cash transfer program had positive, although modest, effects on the physical, cognitive, and socioemotional development of the poorest children in our sample.

  4. 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.

  5. 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.

  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. 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.

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

    Institute of Scientific and Technical Information of China (English)

    Weixing Cai; Cheng(Colin) Zeng; Edward Lee; Neslihan Ozkan

    2016-01-01

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

  9. The Norwegian Cash-for-Care Reform. Changing behaviour and stable attitudes

    Directory of Open Access Journals (Sweden)

    Lars Gulbrandsen

    2009-03-01

    Full Text Available In 1998 Norway introduced a cash-for-care scheme. Parent with children aged one or two were offered
    a cash-for-care benefit if they did not make use of public funded day care centres. The reform was supported by
    political parties of the centre and right and strongly opposed by parties on the left. Since 1999 ever fewer parents
    have made use of the opportunity to claim the benefit and have instead sent their children to a day care centre. At-
    titudes towards the cash-for-care reform, however, have remained very stable up to now. The principle of freedom
    of choice appears to be strongly rooted among Norwegians. The political agreement on maximum prices made
    this freedom a reality even for parents who wanted to make use of child care centres.

  10. The Norwegian Cash-for-Care Reform. Changing behaviour and stable attitudes

    Directory of Open Access Journals (Sweden)

    Lars Gulbrandsen

    2009-03-01

    Full Text Available In 1998 Norway introduced a cash-for-care scheme. Parent with children aged one or two were offered a cash-for-care benefit if they did not make use of public funded day care centres. The reform was supported by political parties of the centre and right and strongly opposed by parties on the left. Since 1999 ever fewer parents have made use of the opportunity to claim the benefit and have instead sent their children to a day care centre. Attitudes towards the cash-for-care reform, however, have remained very stable up to now. The principle of freedom of choice appears to be strongly rooted among Norwegians. The political agreement on maximum prices made this freedom a reality even for parents who wanted to make use of child care centres.

  11. 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.

  12. 78 FR 25295 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2013-04-30

    ... for Policy Development and Research, HUD. ACTION: Notice of Final Fiscal Year (FY) 2013 Fair Market.... Kahn, Economic and Market Analysis Division, Office of Economic Affairs, Office of Policy Development... URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and...

  13. 76 FR 12985 - Request for Comments on Trend Factor Methodology Used in the Calculation of Fair Market Rents

    Science.gov (United States)

    2011-03-09

    ..., decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. In addition, all... Consumer Price Index (CPI) data series for rent and utilities are used to update FMRs to the end of.... For example, monthly CPI data for all urban consumers is available nationally (as the U.S....

  14. 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... rental housing of a modest (non- luxury) nature with suitable amenities. In addition, all rents... Community Survey (ACS) data and Bureau of Labor Statistics Consumer Price Index (CPI) data. FY 2011 FMRs...

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

    NARCIS (Netherlands)

    van der Ploeg, F.

    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

  16. 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...

  17. 41 CFR 102-85.15 - What are the basic policies for charging Rent for space and services?

    Science.gov (United States)

    2010-07-01

    ... 2%) on the cost of the prospective capital investment. Each specific use of Return on Investment... customer agency. Once the ROI methodology is employed to establish Rent for a capital investment, the ROI...-owned buildings, a return on investment pricing approach if an appraisal-determined rental value...

  18. 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...

  19. Cash flow and discount rate risk in up and down markets: What is actually priced?

    OpenAIRE

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A

    2010-01-01

    This discussion paper resulted in a publication in the 'Journal of Financial and Quantitative Analysis', 2012, 47(6), 1279-1301. We test whether asymmetric preferences for losses versus gains as in Ang, Chen, and Xing (2006) also affect the pricing of cash flow versus discount rate news as in Campbell and Vuolteenaho (2004). We construct a new four-fold beta decomposition, distinguishing cash flow and discount rate betas in up and down markets. Using CRSP data over 1963--2008, we find that th...

  20. 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.

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

    DEFF Research Database (Denmark)

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

    2008-01-01

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

  2. Free cash flow, gouvernance et politique financière des entreprises françaises

    OpenAIRE

    Mehdi Nekhili; Afifa Wali Siala; Dhikra Chebbi

    2009-01-01

    (VF)La limitation du problème du free cash flow dépend de l’efficacité des mécanismes de gouvernance. Dans notre étude, nous supposons que les mécanismes de gouvernance peuvent agir directement sur le niveau du free cash flow ou indirectement à travers les politiques d’endettement et de distribution de dividendes. Sur la base d’un échantillon de 123 entreprises françaises en 2004, les résultats montrent que c’est la distribution soutenue des dividendes, et non le niveau d’endettement, qui per...

  3. 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.    

  4. 7 CFR 1484.52 - What are the guidelines for computing the value of non-cash contributions?

    Science.gov (United States)

    2010-01-01

    ... non-cash contributions? 1484.52 Section 1484.52 Agriculture Regulations of the Department of... Reimbursements § 1484.52 What are the guidelines for computing the value of non-cash contributions? (a) Computing... estimated industry rate at the person's level of employment for nonprofessional personnel. (b) Computing...

  5. 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

  6. Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

    NARCIS (Netherlands)

    Pawlina, G.; Renneboog, L.D.R.

    2005-01-01

    We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

  7. 78 FR 63974 - Student Assistance General Provisions-Subpart K-Cash Management; Extension of Public Comment...

    Science.gov (United States)

    2013-10-25

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

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

    Science.gov (United States)

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

    2014-01-01

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

  9. A Market, Operation, and Mission Assessment of Large Rural For-Profit Hospitals with Positive Cash Flow

    Science.gov (United States)

    McCue, Michael J.

    2007-01-01

    Context: National benchmark data for 2002 indicate that large rural for-profit hospitals have a median cash flow margin of 19.5% compared to 9.2% for their nonprofit counterparts. Purpose: This study aims to gain insight regarding the driving factors behind the high cash flow performance of large rural for-profit hospitals. Methods: Using 3 annual…

  10. 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...

  11. 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...

  12. 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.

  13. 26 CFR 1.6050I-2 - Returns relating to cash in excess of $10,000 received as bail by court clerks.

    Science.gov (United States)

    2010-04-01

    ... cash receipt. For purposes of this section, a clerk is the clerk's office or the office, department... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Returns relating to cash in excess of $10,000... Returns relating to cash in excess of $10,000 received as bail by court clerks. (a) Reporting...

  14. 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...

  15. 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...

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

    Science.gov (United States)

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

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

  17. CASH FLOW IMPLICATIONS OF FIXED VERSUS VARIABLE INTEREST RATE DEBT STRUCTURES

    OpenAIRE

    Moe, Lonn; Thompson, Jerry L.

    1984-01-01

    The objective of this study was to discover the magnitude of the effect variable rate loans have on net operating cash flow over the period from 1968 to 1981. This was done by comparing a variable rate loan model with a fixed rate loan model under varying debt loads for four farm types.

  18. The ABC's of Financing Church and Synagogue Libraries. Acquiring Funds, Budgeting, Cash Accounting.

    Science.gov (United States)

    Hannaford, Claudia

    The ABCs of financing church and synagogue libraries are presented in this guide as Acquiring Funds, Budgeting, and Cash Accounting. Acquiring funds and the basic means needed to start a library are described, including resources such as books, shelves, office supplies, and financial resources; ideas and methods are presented for soliciting both…

  19. 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.

  20. CREATING VALUE FOR SHAREHOLDERS BY THE USE OF CASH-FLOWS

    Directory of Open Access Journals (Sweden)

    Bandoi Anca

    2009-05-01

    Full Text Available This paper addresses a topic of great contemporaneity and of particular importance, namely the extent to which the creation of value is achieved at micro level through the cash flow. Thus, after a brief introduction, there are given short feedbacks on two

  1. 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

  2. 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...

  3. The impact of (unconditional) cash transfers on school enrollment: Evidence from Ecuador

    NARCIS (Netherlands)

    Oosterbeek, H.; Ponce, J.; Schady, N.

    2007-01-01

    This paper presents evidence about the impact on school enrollment of a program in Ecuador that gives cash transfers to the 40 percent poorest families. The evaluation design consists of a randomized experiment for families around the first quintile of the poverty index and of a regression discontin

  4. 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…

  5. 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.

  6. Improving cash flow in a down economy. How HIM can help reduce denials.

    Science.gov (United States)

    Dunn, Rose

    2009-03-01

    Maybe HIM professionals can't ease tight credit or reduce bad debt, but they can make sure their organizations get full, correct reimbursement on the first submission. HIM professionals help improve cash flow by contributing to revenue cycle management n these tough economic times-when increases in bad

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

    Science.gov (United States)

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

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Diego Sanches Corrêa

    2015-08-01

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

  9. 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…

  10. 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…

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

    NARCIS (Netherlands)

    Kaiser, Carolin

    2016-01-01

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

  12. 31 CFR 309.8 - Tenders; when cash deposit is required.

    Science.gov (United States)

    2010-07-01

    ... (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT ISSUE AND SALE OF TREASURY... Bank, or Branch or to the Bureau of the Public Debt, Washington, DC 20226. If a special envelope is not... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Tenders; when cash deposit...

  13. 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.

  14. Moral Hazard and Cash Benefits in Long-term Home Care

    NARCIS (Netherlands)

    van den Berg, B.; Hassink, W.H.J.

    2004-01-01

    This paper tests empirically for ex-post moral hazard in a system based on demandside subsidies. In the Netherlands, demand-side subsidies were introduced in 1996. Clients receive a cash benefit to purchase the type of home care (housework, personal care, support with mobility, organisational tasks

  15. The failure of introducing market institution in a rent sector into an economy in transition

    Energy Technology Data Exchange (ETDEWEB)

    Locatelli, C.; Finon, D

    2003-07-01

    Privatisation is at the heart of the structural reforms for economies in transition. In theory, the main aim of privatisation is to change the structures of corporate governance in order to improve the efficiency of the enterprises and to assure their long-term future in a competitive environment. The adoption of formal market institutions would be sufficient to secure the new property rights, in particular because the new holders of the rights to control assets would have a great incentive to encourage the definition of new judicial rules that would guarantee their rights of ownership. In Russia that did not happen. The paper discusses the narrowed vision of institutional change, without consideration of the previous environment of formal and informal institutions, and the need to put together the institutional infrastructure that is needed for the market institutions to function. It offers explanations of the 'unexpected' results of the reforms in a capital-intensive natural resource industry, namely the hydrocarbons industry characterized by the opportunity of rent extraction by the exportation. It demonstrates right holders' interest for the weakness of the 'rule of law'. It demonstrates that the incompatibility of these institutions with the initial informal and formal institutions has led to adaptations that are strongly path-dependent, under the need to preserve a minimum of inter-industrial coherence. (authors)

  16. Effect of castration on performance and profitability of finishing cattle in rent feedlot

    Directory of Open Access Journals (Sweden)

    Marcos Aurélio Lopes

    2011-01-01

    Full Text Available Effects of castration on performance and profitability of finishing beef cattle in feedlot was evaluated and compared to no-castrated animals. Data came from a rent feedlot of beef cattle, conducted from August to November of 2005. Half of 50 animals, randomly chosen, were castrated by knife 18 days before the beginning of feedlot. Averages of initial body weight for castrated and no-castrated animals were 341kg and 347kg, while for final body weight were 437kg and 463kg, respectively. Were considered as expenses arroba value of thin cattle (R$50.00, and R$2.85 daily expenses per animal paid by cattle owner to “boitel”; and were considered as earnings sale of fat cattle at R$56.14 and R$54.14/arroba, respectively for castrated and no-castrated animals. For profitability analysis, CU$TO BOVINO CORTE software was utilized. Was tested the mean differences between castrated and intact groups by Student t test of average daily weight gains (GMPD and total weight gain (GMPT. Was acceptable the minimum level of confidence of 95%. Statistical analysis was performed in SPSS 17.0 program. Effect of castration negatively influenced animals´ performance, evaluated by weight gain, and, consequently profitability of the system, evaluated by net margin. Earnings from sale of additional arrobas of no-castrated animals were enough to compensate penalization practiced by packinghouses for these animals.

  17. Modifications vibrationnelles induites par différentes vapeurs acides sur les polyanilines

    Science.gov (United States)

    Cochet, M.; Quillard, S.; Buisson, J. P.; Lefrant, S.; Louarn, G.

    1998-06-01

    We present a comparative study of conductive form of polyaniline, i.e, polyemeraldine doped with HCl vapor or with HCSA upon m-cresol vapor. UV-Vis.-nir absorption measurements on polyaniline thin films, vs acid vapors time exposure, have been made. In the same way, Raman spectra have been recorded with different excitation lines from the blue and red ranges to the infrared region. Finally, an assignment of Raman bands observed, is proposed and confirmed by vibrational calculations based on valence-force-field. Nous présentons une étude comparative de la forme conductrice de la polyaniline, c'est-à-dire de la polyéméraldine dopée par des vapeurs d'HCl ou dopée par l'acide camphre sulfonique (HCSA) sous vapeurs de m-crésol. Des mesures d'absorption UV-Vis-proche infrarouge sur des films minces de polyaniline, en fonction du temps d'exposition aux vapeurs acides, ont été réalisées. Parallèlement, les spectres Raman ont été obtenus pour différentes longueurs d'onde d'excitation allant du visible jusqu'au proche infrarouge. Finalement, une attribution des bandes Raman observées est proposée et confirmée par des calculs vibrationnels basés sur des champs de force de valence.

  18. 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

  19. 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

  20. CONSIDERATIONS REGARDING REMUNERATION OF THE FACTOR OF PRODUCTION “ORE” - THE MINING RENT SYSTEM IN ROMANIA

    Directory of Open Access Journals (Sweden)

    SORIN-IULIU MANGU

    2011-01-01

    Full Text Available The setting mechanism of the remuneration proper to the factors of production is not different from the merchandise price determination, in this case the type of the market pattern being. When the price of the production factors is determined it must be considered both the type of the market where the goods are sold (as output of the manufacture process and the type of the market where the production factors are provided (engaged. Among the incomes determined by using the production factors mix, the rent represents a very important one. Due to its long term existence, the revenue of rent is one of the economical notion, which has the largest application and the most different signification. For a long time, the rent was attached to the use of the natural resources, especially to those of the earth. Nowadays the application area of this notion has been extended over some other factors of production. In Romania, on the ground of the mining branch development, there were not too many reason of the economic efficiency and the theoretical developments with reference to the costs generated by using the factors of production were ignored. The correct substantiation of the decisions with reference to the application of the national mineral potential can’t ignore the costs generated by the remuneration of the production factor in the mining revenue system.

  1. Green auctions and reduction of information rents in payments for environmental services: an experimental investigation in Sunan County, northwestern China.

    Directory of Open Access Journals (Sweden)

    Xiaohong Deng

    Full Text Available Reducing information rents is an important task for government agencies wishing to purchase maximal environmental services with limited budgets. This paper reports on several green auction options for reducing information rents and improving the performance of the "Grain for Green" Payments for environmental services (PES program implemented in northwestern China. In r experimental auctions and investigations, door-to-door interviews were conducted and bidding envelopes and survey questionnaires were used to determine the offers and the foregone profits of the participants. Three scenarios are analyzed in this paper: a uniform price auction, a discriminatory price auction, and an opportunity-cost system. The results show that compared to the uniform price auction system, the other auction systems can increase the cost-effectiveness of conservation contracting. Competitive bidding can reveal true opportunity costs and can reduce information rents extracted from the government by farmers using private information. The demographics and average bids of these auction types were also analyzed. "Perfect information" in the opportunity-cost offer system has the best performance but is very hard to implement in reality. The results of this research show that the auction is a valuable tool for purchasing conservation contracts in northwestern China, but that in the future, the performance of these auctions should be studied with relaxed model assumptions.

  2. 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.

  3. Composition of Rent and How Extracted by the Network Participants%网络参与者的租金来源与实现途径

    Institute of Scientific and Technical Information of China (English)

    王琴

    2009-01-01

    Value can be created through inter-organizational relationships, but not all participants can get benefit or get equal benefit from network cooperation. This paper addresses the issue of what types of rents,generated through network, are extracted by participating firms. We differentiate participant's rents between common rent and private rent and further divided into three sources: appropriated common rent, internal quasi-rent and net inbound spillover rent. All the three rents are related to the partner's resource base and resource nature.Appropriated common rent is created from the shared resourced of all participants and should be distributed among all members; quasi-rent and net inbound spillover rent come from the firm's non-shared resources which is effected by shared resources and partner's non-shared resources.%网络合作虽然可以产生协同协应,但并非所有参与者都能够从中获取均等收益.本文从网络参与者的角度分析了其从网络合作中的获益,认为参与者的租金主要来源于共有租金和私有租金两个方面,具体细分为可占用的共有租金、内部准租金和溢入租金净值三种类型.这三类租金的实现与参与者所拥有的资源基础和资源属性密切相关,可占用的共有租金是网络参与者通过资源交换、联合、共享而创造的共有租金在不同参与者之间分配的结果;内部准租金和溢入租金净值是参与者的私有资源(或非共享资源)产生的独有的、不与其他参与者分享的私有租金,私有租金的实现也与网络合作密不可分.

  4. 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...... 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......) 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...

  5. 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.

  6. The study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehdi Darvish Narenjbon

    2016-09-01

    Full Text Available The study aimed to the study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange. Free cash flows as an independent variable and earnings management, as a dependent variable. The statistical population consists of companies listed in Tehran Stock Exchange during the years 2010 till 2012, which based on the systematic removal method, 67 companies were sampled. In this study, to measure earnings management, Jones’ the modified model was used and to determine free cash flow, Len and Pelson’s model. In the present study, it was conducted to investigate first descriptive statistic of the research variables and then test variance heterogeneity and test F-Limaer; and finally carry with regression test to confirm or reject any of the research hypotheses. There is a significant relationship between free cash flows and earnings management.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. Cash income, intrahousehold cooperative conflict, and child health in central Mozambique.

    Science.gov (United States)

    Pfeiffer, James

    2003-01-01

    This study presents qualitative data on individual cash income generation and intrahousehold bargaining in a sample of 100 households in central Mozambique. It is now recognized that intrahousehold resource allocation patterns can be critical determinants of children's health in the developing world. Recently developed "bargaining-power" models suggest that individual incomes are often not pooled in households and that decisions are the result of a bargaining process that involves cooperation and conflict between men and women. Women's income, many believe, is more often spent on child welfare. Development projects should target benefits to women for greater impact on child health. Some argue that households consist of separate, gendered spheres of economic responsibility that intersect through a "conjugal contract" that defines the terms of cooperation. The findings here support the "separate-spheres" depiction of the household and reveal women's subordinated position in the external cash economy, which undermines their intrahousehold bargaining power.

  14. Knowledge Rent Effect to Knowledge Production and Control Mechanisms%“知识租”对知识生产的影响及治理机制

    Institute of Scientific and Technical Information of China (English)

    吴黎正; 米俊

    2012-01-01

    In the era of knowledge economy, knowledge will become the core of the organization of production factors, knowledge producers by virtue of its knowledge will get a lot of rent. This rent is the knowledge rent. The cause of knowledge rent is extremely complicated, the great danger based on the analysis of knowledge rent on the reasons for the basis of knowledge rent, put forward governance model and solutions.%知识经济时代,“知识”将成为组织的核心生产要素,知识生产者凭借其拥有的知识将会得到大量的“租”,这种“租”就是“知识租”。“知识租”的产生原因是极其复杂的,其危害性很大。在分析“知识租”产生原因的基础上,提出了“知识租”的治理模型,并给出了解决思路。

  15. The War Against Generational Poverty: A Comparative Study of Conditional Cash Transfer Programs in Brazil, Chile, and Jamaica

    Science.gov (United States)

    2014-12-01

    GENERATIONAL POVERTY : A COMPARATIVE STUDY OF CONDITIONAL CASH TRANSFER PROGRAMS IN BRAZIL, CHILE, AND JAMAICA by Renaldo R. Rodgers December... POVERTY : A COMPARATIVE STUDY OF CONDITIONAL CASH TRANSFER PROGRAMS IN BRAZIL, CHILE, AND JAMAICA 5. FUNDING NUMBERS 6. AUTHOR(S) Renaldo R...each adopted, to a greater or lesser extent, the same social welfare policies to combat poverty and income inequality and to enhance human capital. By

  16. The availability of emergency obstetric care in the context of the JSY cash transfer programme in Madhya Pradesh, India

    OpenAIRE

    2016-01-01

    Background: Since 2005, India has implemented a national cash transfer programme, the Janani Suraksha Yojana (JSY), which provides women a cash transfer upon giving birth in an existing public facility. This has resulted in a steep rise in facility births across the country. The early years of the programme saw efforts being made to strengthen the ability of facilities to provide obstetric care. Given that the JSY has been able to draw millions of women into facilities to give birth (there ha...

  17. Information asymmetries and the value-relevance of cash flow and accounting figures: empirical analysis and implications for managerial accounting

    OpenAIRE

    Rapp, Marc Steffen

    2010-01-01

    While some of the modern performance measures used in managerial accounting rely on cash flow based figures others try to take advantage of the information content of accounting figures. However, whether the additional information content in the accrual components of earnings improves the internal performance measurement is an open empirical question. To shed light on this question, I examine the correlation between operating cash flows and earnings with firm's total shareholder returns. Usin...

  18. Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk

    OpenAIRE

    Bartram, Söhnke M.

    2007-01-01

    This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and significant exposures are more frequent at longer horizons. The percentage of firms for which stock price and earnings exposures are significantly different is relatively low, though it increases with ...

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

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

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

  20. 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.

  1. The Politics of the diffusion of Conditional Cash Transfers in Latin America

    OpenAIRE

    Paola Pena

    2014-01-01

    Abstract Is the emergence and rapid expansion of Conditional Cash Transfers (CCTs) in Latin America associated with the turn to the left in Latin American politics? The paper applies a modified version of the Dolowitz and Marsh (2000) Policy Transfer Framework to successive waves of policy diffusion in nineteen countries in the region. The analysis did not find a “New Left” footprint in the motivations, actors, and lesson-drawing processes that characterised the expansion of CCTs. It conclude...

  2. 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.

  3. Are Cash Transfers a Silver Bullet? Evidence from the Zambian Child Grant

    OpenAIRE

    Sudhanshu Handa; David Seidenfeld; Benjamin Davis; Gelson Tembo; Zambia Cash Transfer Evaluation Team

    2014-01-01

    We document the broad impacts of the Zambian Government’s Child Support Grant , including on consumption, livelihood strengthening, material welfare of children, young child feeding, investment in assets, productive activities and housing after two years, making this one of the first studies to demonstrate both protective and productive impacts of a national unconditional cash transfer programme. However impacts in areas such as child nutritional status and schooling depend on initial conditi...

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

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

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

  5. Reliability and criterion validity of an observation protocol for working technique assessments in cash register work.

    Science.gov (United States)

    Palm, Peter; Josephson, Malin; Mathiassen, Svend Erik; Kjellberg, Katarina

    2016-06-01

    We evaluated the intra- and inter-observer reliability and criterion validity of an observation protocol, developed in an iterative process involving practicing ergonomists, for assessment of working technique during cash register work for the purpose of preventing upper extremity symptoms. Two ergonomists independently assessed 17 15-min videos of cash register work on two occasions each, as a basis for examining reliability. Criterion validity was assessed by comparing these assessments with meticulous video-based analyses by researchers. Intra-observer reliability was acceptable (i.e. proportional agreement >0.7 and kappa >0.4) for 10/10 questions. Inter-observer reliability was acceptable for only 3/10 questions. An acceptable inter-observer reliability combined with an acceptable criterion validity was obtained only for one working technique aspect, 'Quality of movements'. Thus, major elements of the cashiers' working technique could not be assessed with an acceptable accuracy from short periods of observations by one observer, such as often desired by practitioners. Practitioner Summary: We examined an observation protocol for assessing working technique in cash register work. It was feasible in use, but inter-observer reliability and criterion validity were generally not acceptable when working technique aspects were assessed from short periods of work. We recommend the protocol to be used for educational purposes only.

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

    Directory of Open Access Journals (Sweden)

    Elizabeth Tilley

    2016-10-01

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

  7. Implementation of Fair-exchange and Anonymous Online E-cash Protocol for E-commerce

    Directory of Open Access Journals (Sweden)

    Harshita

    2016-08-01

    Full Text Available In the world of internet, e-commerce is one of the most prominent sectors where user wants to shop and pay online for online products. E-cash is one of these payment methods. In e-cash, every time a unique string is generated for user so that user uses that string to pay for any online product. At the time of online purchasing a trust should be maintain between customers and merchant such that the product price which is going to pay by customer is fair or not, the merchant is indeed genuine to deliver the product after getting online payment or not. Trust issues are resolved by using fair exchange concept at the time of online purchasing. Anonymity is also a major concern; it means that true identity of users must be hidden from merchant. By keeping these issues in mind we proposed a protocol which ensures users anonymity by using e-cash payment method and fair exchange by using off-line TTP which invokes by customer when any dispute occur from merchant side. In this paper, we implement our proposed protocol and also analyze its performance and compare it with other protocol.

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

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

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

  10. Cash transfer program and education investment: A model for social evolution

    Science.gov (United States)

    Schimit, P. H. T.; Monteiro, L. H. A.; Omar, N.

    2014-03-01

    Assume that the households of a country are socially classified according to the monthly total income, and that they can be part of a lower, a middle or an upper class. By using multi-agent systems, here we model and simulate the economic evolution of households which earn a wage, pay taxes and invest in education. The return of the education investment is monthly added to the salary of the family, and it is function of the corresponding grand total put in education along the time. When a family is unemployed, we consider that it receives cash due to a social program made by the government. The time evolution of the percentages of households belonging to each class is investigated by varying the government investment in such a program of cash transfer and the proportion of employed households in the population. We show that the government should invest in the unemployed lower class if it intends a growth of the middle class. We also propose and analyze a mean-field approximation written in terms of ordinary differential equations. In addition, we verify that our model fits real data from Brazil, in the period between 2003 (when the cash transfer program Bolsa Família was launched) and 2011.

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

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

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

  12. Contingency management in cocaine abusers: a dose-effect comparison of goods-based versus cash-based incentives.

    Science.gov (United States)

    Vandrey, Ryan; Bigelow, George E; Stitzer, Maxine L

    2007-08-01

    Goods-based contingency management interventions (e.g., those using vouchers or prizes as incentives) have demonstrated efficacy in reducing cocaine use, but cost has limited dissemination to community clinics. Recent research suggests that development of a cash-based contingency management approach may improve treatment outcomes while reducing operational costs of the intervention. However, the clinical safety of providing cash-based incentives to substance abusers has been a concern. The present 16-week study compared the effects of goods-based versus cash-based incentives worth $0, $25, $50, and $100 on short-term cocaine abstinence in a small sample of cocaine-dependent methadone patients (N = 12). A within-subject design was used; a 9-day washout period separated each of 8 incentive conditions. Higher magnitude ($50 and $100) cash-based incentives (checks) produced greater cocaine abstinence compared with the control ($0) condition, but a magnitude effect was not seen for goods-based incentives (vouchers). A trend was observed for greater rates of abstinence in the cash-based versus goods-based incentives at the $50 and $100 magnitudes. Receipt of $100 checks did not increase subsequent rates of cocaine use above those seen in control conditions. The efficacy and safety data provided in this and other recent studies suggest that use of cash-based incentives deserves consideration for clinical applications of contingency management, but additional confirmation in research using larger samples and more prolonged periods of incentive delivery is needed.

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

    Science.gov (United States)

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

    2014-01-01

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

  14. Permanentnost primitivne akumulacije, ali o privatni lastnini, komodifikaciji in povratku rente

    Directory of Open Access Journals (Sweden)

    Jernej Prodnik

    2011-06-01

    moderne in zagovarja nujnost absolutne demokracije pri upravljanju, vzpostavljanju in dojemanju skupnega. /// English title: The Permanence of Primitive Accumulation, or: On the Private Property, Commodification and Return of the Rent /// Abstract: In his analysis of current social antagonisms, the author starts from a critique of political economy and focuses on two historically and politically/theoretically important concepts, without which it would not be possible to understand the development of the capitalist system and the way it currently functions: primitive accumulation and modern private property. Newer interpretations of the process of primitive accumulation (Perelman, DeAngelis, Harvey start from the premise that primitive accumulation is not just a historical period belonging to the past, but a necessarily present part of capital in its expansion and search for news ways out of recurring crises. This permanence of primitive accumulation, which Harvey refers to as accumulation-by-disposses sion, in which a key factor is the difference between the generation and existence of capital, helps us to understand the ever present processes of capital expansion and their often violent incorporation of various fields. Although these processes are an always-already-present characteristic of capitalism, by manifesting themselves, they have marked the past decades, when capital has attempted to resolve its own profitability crisis through financialisation and privatisation. At the same time, because the existence of the modern form of private property has appeared as an important condition for capitalist accumulation and as that element which facilitates the effective functioning, development and expansion of capitalist relations of production, at the beginning of the article, this socially constructed phenomenon of modern society, which, through a process of reductionism, makes it almost impossible to consider different forms of ownership such as common forms of property

  15. Soil erosion and mitigation measures on rented and owned fields in Uruguay: the impact of transgenic soya and foreign investors

    Science.gov (United States)

    Caon, Lucrezia; Kessler, Aad; Keesstra, Saskia; Cruze, Rick

    2014-05-01

    Governments, companies and individuals with financial capital to invest, are worldwide buying or renting land in developing or third world countries. Uruguay is a developing country whose economy is mainly based on agriculture. Since 2000 many foreigners started to invest in the Uruguayan agricultural sector and to practice intensive large-scale agriculture. The significant presence of foreigners in the country is proven by the fact that almost 360 000 ha out of the 500 000 ha forming the study area were managed by foreigners in 2012. Nowadays farmers have abandoned the traditional crop rotation plan that included pasture to produce grain for export, and transgenic soya (soya RR) became the main crop planted by both foreigners and locals. Besides the high soil erosion rates related to having soya as main crop, planting soya implies the use of glyphosate, a broad-spectrum systemic herbicide leading to important environmental impacts. It is commonly said that foreigners investing in poor countries are exploiting the local natural resources aiming to get the highest possible profit from them. Is this a valid assumption in Uruguay? The purpose of this study was to compare the land management style of foreign and local farmers and to relate it to the soil erosion occurring in the study area. The land tenure (rented or owned fields) and the type of farmer interviewed ("individual farmer" equivalent to L.L.C. or "anonymous society" equivalent to P.L.C.) were taken into consideration during the analysis. Based on what stated by the farmers interviewed, the soil erosion simulations considered the seven most popular crop rotation plans on rented and owned fields, three ideals crop rotation plans, the application of no mitigation measures, and the construction of terraces and conservation buffers. Depending on the crop rotation plan, soils characterized by slope gradients higher than 2 resulted in soil erosion rates higher than the 7 ton/ha/year allowed by law. The highest

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

    Science.gov (United States)

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

    2008-07-01

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

  17. The Impact of Cash Budgets on Poverty Reduction in Zambia : A Case Study of the Conflict between Well-Intentioned Macroeconomic Policy and Service Delivery to the Poor

    OpenAIRE

    Dinh, Hinh T.; Adugna, Abebe; Myers, Bernard

    2002-01-01

    Facing runaway inflation and budget discipline problems in the early 1990s, the Zambian government introduced the so-called cash budget in which government domestic spending is limited to domestic revenue, leaving no room for excess spending. The authors review Zambia's experience during the past decade, focusing on the impact of the cash budget on poverty reduction. They conclude that after some initial success in reducing hyperinflation, the cash budget has largely failed to keep inflation ...

  18. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

    One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

  19. An investigation into the impact of ownership structure on the level of cash holdings in the companies accepted in Tehran Stock Exchange Market

    Directory of Open Access Journals (Sweden)

    Kaveh Azinfar

    2016-10-01

    Full Text Available Liquidity of a company is the ability to meet cash commitments before the deadline. Selecting from cash spending or cash holdings by the managers is of great importance for the owners of the company. Various factors can be effective in determining the level of company’s liquidity. Ownership structure of companies is one of these factors which may lead to companies’ behavioral change. This change is derived from monitoring activities by different investors in this structure. This study was an attempt to assess the impact of ownership structure on the level of companies’ cash holdings in creating appropriate ownership in connection with creating the level of cash holdings. In this study, ownership structure has been categorized into four types of institutional ownership, managerial ownership, corporate ownership, and foreign ownership. In this regard, the impact of institutional, managerial, corporate, and foreign variables on the level of cash holdings has been investigated. For every category of ownership, a hypothesis was proposed and its impact on the level of cash holdings was tested. The statistical sample of the research included 96 companies from 2004 to 2013. The statistical method of testing the hypotheses in this study was multiple regressions through panel data. The findings revealed a significant relationship between institutional, managerial, and foreign ownership and the level of cash holdings; however, there was no significant relationship between corporate ownership of the company and the level of cash holdings.

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

    Science.gov (United States)

    Rajarajan, K.; Kumar, S. Ganesh; Kar, Sitanshu Sekhar

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

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

  2. Relative efficacy of cash versus vouchers in engaging opioid substitution treatment clients in survey-based research.

    Science.gov (United States)

    Topp, Libby; Islam, M Mofizul; Day, Carolyn Ann

    2013-04-01

    Concerns that cash payments to people who inject drugs (PWID) to reimburse research participation will facilitate illicit drug purchases have led some ethical authorities to mandate department store/supermarket vouchers as research reimbursement. To examine the relative efficacy of the two forms of reimbursement in engaging PWID in research, clients of two public opioid substitution therapy clinics were invited to participate in a 20-30 min, anonymous and confidential interview about alcohol consumption on two separate occasions, 4 months apart. Under the crossover design, at Time 1, clients of Clinic 1 were offered $A20 cash as reimbursement, while clients of Clinic 2 were offered an $A20 voucher; at Time 2, the form of reimbursement was reversed. Using clinic records to determine the denominator (number of clients dosed), we found that compared with clients offered a voucher, a significantly higher proportion of clients who were offered cash participated in the survey (58% (139/241) vs 74% (186/252); χ(2)=14.27; p=0.0002). At first participation, respondents most commonly reported planning to purchase food/drinks/groceries (68%), cigarettes (21%) and transport/fuel (11%) with their payments, with those reimbursed in cash more likely to report planning to fund transport/fuel (19% vs 1%; ppayment. Results demonstrate that modest cash payments enhanced recruitment of this group, an important consideration given the challenges of delineating the parameters of a population defined by illegal activity, seemingly without promoting excessive additional drug use.

  3. Cash Flow Risk Study:a Survey%现金流风险研究综述

    Institute of Scientific and Technical Information of China (English)

    刘金霞; 韩立岩; 娄静; 王哲兵

    2012-01-01

    The paper summarizes recent researches and applications in domestic and foreign literature regarding cash flow risks.It explains the key issues,major contributions and policy implications of the branch of study,and it relates to cash flow at risk,cash flow volatility and cash flow risk management,in order to help better understand corporate cash flow risk and improve corporate governance.%本文按照文献相应分类及时间顺序,对现金流风险理论及其经验研究进行了梳理,较为系统的总结了现有研究的关键问题和主要贡献。文章着重阐述和评价了风险现金流度量、现金流风险信息传递、现金流风险管理策略等三方面的研究成果,以期对现金流风险在内部控制、公司治理、宏观调控等理论和应用方面提供有益的思路和方向。

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

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    We examine the joint predictability of return and cash flow within a present value framework, by imposing the implications from a long-run risk model that allow for both time-varying volatility and volatility uncertainty. We provide new evidence that the expected return variation and the variance...... risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  5. Legal rights, efficiency and citizen involvement in the administration of social security cash benefits

    DEFF Research Database (Denmark)

    Von Hielmcrone, Nina

    2010-01-01

    The Danish social security legislation has been distinguished in recent years by an intense growth in rules and regulations. Numerous laws and ordinances have been promulgated, which make it extremely difficult for both citizens and authorities to come to grips with the laws, much less to gain...... an overview. In order to improve efficiency in administering cash benefits and reduce cost, the Danish government has relied on the transfer of support benefits to bulk administration with the aid of Information Technology (IT). While the use of IT has enabled complicated calculations, it has given rise...... to social security legislation, but also to other areas of the law which are characterised by bulk administration....

  6. Cash-In-Advance Constraints in a Schumpeterian Growth Model with an Endogenous Market Structure

    OpenAIRE

    Chien-Yu Huang; Juin-Jen Chang; Lei Ji

    2013-01-01

    This paper explores the macro effects of monetary policy in a Schumpeterian growth model with an endogenous market structure and distinct cash-in-advance (CIA) constraints on consumption, production, and two distinct types of R&D investment - in-house R&D and entry investment. We show that the CIA constraints work through various channels and the effects of monetary policy depend on the strength of each channel. Although ination seems like a uniform tax imposed on the whole economy, an identi...

  7. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  8. Eradicating diseases: The effect of conditional cash transfers on vaccination coverage in rural Nicaragua.

    Science.gov (United States)

    Barham, Tania; Maluccio, John A

    2009-05-01

    Despite significant global efforts to improve vaccination coverage against major childhood diseases, vaccination rates are below 90%. To eradicate diseases such as measles, however, vaccination rates close to 95% are needed. We use a randomized experiment to investigate the effect of a demand incentive, a conditional cash transfer program, in improving vaccination coverage in rural Nicaragua. Double-difference estimates show the program led to large increases in vaccination coverage, and these resulted in vaccination levels greater than 95% for some vaccines. Effects were especially large for children who are typically harder to reach with traditional supply-side interventions.

  9. Consumer-driven health plans: latest challenge to practices' cash flow.

    Science.gov (United States)

    Hajny, Tom

    2007-01-01

    CDHPs are here to stay. Employers welcome CDHPs because they drive costs away from themselves and into the hands of both consumers and provides. The consumer will make medical purchase decisions tempered by personal economic considerations. The providers are left to figure it all out with the hope their cash flow, cost budgets, and customer service will not be negatively impacted. It will not be easy. Practices must become educated on how CDHPs work, become knowledgeable about specific HSA scenarios in their market, develop optimum processes and procedures, and train staff.

  10. Documenting Spreadsheets with Pseudo-Code: an Exercise with Cash-Flow and Loans

    CERN Document Server

    Paine, Jocelyn

    2009-01-01

    "Look before you leap"; "a stitch in time saves nine"; "more haste, less speed". Many proverbs declare the wisdom of planning before doing. We suggest how to apply this to Excel, by explaining and specifying spreadsheets before coding them, so there will always be documentation for auditors and maintenance programmers. The specification method uses "pseudo-code": code that, for precision and conciseness, resembles a programming language, but is not executable. It is, however, based on the notation used by our Excelsior spreadsheet generator, which is executable. This paper is structured as a tutorial, in which we develop a simple cash-flow and loans spreadsheet.

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

    Directory of Open Access Journals (Sweden)

    Simin Banifatemi Kashi

    2015-09-01

    Full Text Available 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 firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

  12. CLASSIFICATION OF INTERESTS AND DIVIDENDS IN THE STATEMENT OF CASH FLOWS OF BRAZILIAN COMPANIES

    OpenAIRE

    Silvestre, Lara Núbia; Malaquias, Rodrigo Fernandes

    2015-01-01

    The aim of this paper was to verify the classification of interests and dividends in the Statement of Cash Flow of Brazilian listed companies. We used a sample of 66 companies: 22 that also trade stocks on the New York Stock Exchange, 22 that belong to the New Market of BM&FBOVESPA, and 22 of the Traditional Market of BM&FBOVESPA. In each Statement, we observed how the interest and the dividends were classified. The following results were obtained: i) interest received and dividends p...

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

    DEFF Research Database (Denmark)

    Humlum, Maria Knoth; Vejlin, Rune Majlund

    2013-01-01

    . Specifically, individuals born late in a quarter receive a larger total transfer than comparable individuals born early in the following quarter. We find that the transfer increases the labor market participation of youth and the number of months worked. The estimated effect is larger for individuals from low......We estimate the effect of cash transfers given to youth conditional on high school attendance on the labor supply decisions and academic performance of youth. We exploit differences in the size of the total transfer received based on timing of birth to identify the causal effects of interest...

  14. 如何进行现金流量表分析%How to analyze the cash flow statement

    Institute of Scientific and Technical Information of China (English)

    2013-01-01

      在日益崇尚“增值为金,现金至尊”的现代理财的环境中,对信息使用者而言,现金流量表的分析变得越来越重要。文章分析了现金流量表的目的、意义和基于现金流量表的评价以及阅读流量表时应注意的问题。%In the modern financial environment,with an increasingly advocating“appreciation for gold and cash supreme”,the analysis of cash flow statement is becoming more and more important to information users. The objective,significance,evaluation based on the cash flow statement and notices in reading it are analysed in this paper.

  15. The Preparation Skills of Cash Flow Statement%现金流量表的编制技巧

    Institute of Scientific and Technical Information of China (English)

    唐有川

    2011-01-01

    本文通过对现金流量表编制三个基本过程的判断,利用日记账的形式,对日常的经济业务的判断分析来进行逐笔登记现金流量表,并以实际发生的业务为例,流利地编制出现金流量表.%Based on the judgement on three basic process of drawing up a cash flow statement, this paper used the form of daily to register the cash flow statement according to the judgment analysis of journal economic business, and fluently register the cash flow statement based on the actual business.

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

    Directory of Open Access Journals (Sweden)

    Mehdi Taghavi

    2014-03-01

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

  17. A Study on Correlation Between Car Use Tax and Urban Space Development:Based on Bid Rent Function of Urban Land-use

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Based on the model of the bid rent function in a mono-centric city,this paper,by introducing the concept of opportunity cost and extending partial equilibrium analysis to general equilibrium analysis,conducts a theoretical analysis on the possibility that the typical car use taxes including fuel consumption tax,traffic congestion tax,and parking tax can affect the urban space development through their impact on transport cost and the rent bid under certain conditions.Some conclusions drawn from the comparison might be useful when it comes to the practical problems of urban space development.

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

    Directory of Open Access Journals (Sweden)

    Andrew Hughes Hallett

    2012-06-01

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

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

    Science.gov (United States)

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

    2016-08-01

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

  20. Cash Income Diversification in Rural Small Holder Cassava Producing Households of Nigeria

    Directory of Open Access Journals (Sweden)

    Achike, AI.

    2008-01-01

    Full Text Available The issue of poverty alleviation for the people of less developed nations of the world has currently assumed the status of a recurring decimal. This is particularly critical for sub-Saharan Africa, because, the region contains a growing share of the world's absolute poor, with most of these found among rural farm households. High variability in crop yield and thus income variability arising from the vagaries of weather makes income diversification important for these households in order to improve their economic status. This paper, based on primary data collected as part of the Collaborative Study of Cassava in Africa, identified factors that drive cash income diversification decisions among rural farm households of Nigeria. Using Heckman's two-stage model, it separates the first discrete decision of whether or not to engage in noncrop income activities from the continuous decision of how much non-crop income is needed by the household. While the level of formal education of the household head, good market access conditions and availability of initial liquidity stimulate the first decision to start non-crop income activities, only household characteristics (also including the level of formal education of the household head drive the extent of non-crop cash income earned by the household. These observations further underscore the need for investing in people – education, and in infrastructure – improving market access, as potent tools for economic empowerment.

  1. Is there any future for cash crops in developing countries? The case of vanilla.

    Directory of Open Access Journals (Sweden)

    L. Smutka

    2011-03-01

    Full Text Available A generally used ter m for easy mar ketable commodities usually with high prices is cash crops As a result of it these commodities are produced by many developing and especially least developed countries (LDC. These crops have witnessed fluctuation in prices during the last decade. We can suppose that these products would be the domain of developing countries nevertheless the opposite is true. Vanilla is a very good example of those products especially because just ver y few producers exist. We can suppose that vanilla trade would be the sphere of very few producers and beside that the agents would deal mostly with the demand site on the international mar ket. However, the international vanilla mar ket shows slight differences. Nevertheless, it can be grown just in very few areas. Madagascar belongs between the most well known producers. The aim of this paper is to analyse the international vanilla trade with regards to the production and consumption side and specifics of cash crops in general. International vanilla trade is even higher than the production itself. These results indicate that vanilla is being re-exported and the trade is not just a nor mal commodity trade but being use as a investment instr ument as well.

  2. Acceptability and feasibility of cash transfers for HIV prevention among adolescent South African women.

    Science.gov (United States)

    MacPhail, Catherine; Adato, Michelle; Kahn, Kathleen; Selin, Amanda; Twine, Rhian; Khoza, Samson; Rosenberg, Molly; Nguyen, Nadia; Becker, Elizabeth; Pettifor, Audrey

    2013-09-01

    Women are at increased risk of HIV infection in much of sub-Saharan Africa. Longitudinal and cross-sectional studies have found an association between school attendance and reduced HIV risk. We report feasibility and acceptability results from a pilot of a cash transfer intervention conditional on school attendance paid to young women and their families in rural Mpumalanga, South Africa for the prevention of HIV infection. Twenty-nine young women were randomised to intervention or control and a cash payment based on school attendance made over a 2-month period. Quantitative (survey) and qualitative (focus group and interview) data collection was undertaken with young women, parents, teachers and young men in the same school. Qualitative analysis was conducted in Atlas.ti using a framework approach and basic descriptive analysis in Excel was conducted on the quantitative data. Results indicate it was both feasible and acceptable to introduce such an intervention among this population in rural South Africa. There was good understanding of the process of randomisation and the aims of the study, although some rumours developed in the study community. We address some of the changes necessary to ensure acceptability and feasibility of the main trial.

  3. Etude comparative des différents systèmes d'alimentation au cours du gavage des canards

    OpenAIRE

    Paquot épouse Negny, Virgine

    2002-01-01

    Les méthodes de gavage des canards ont beaucoup évolué ces dernières années. Pour faire face à un marché de plus en plus compétitif, la filière « canards gras » s'est organisée : cette rationalisation de la production se traduit par la mise en place de techniques de plus en plus performantes et l'utilisation de pâtées de maïs broyé. Après un rappel du mécanisme d'apparition de la stéatose hépatique de gavage, cette étude expose les différents essais réalisés pour mesurer l'influence des techn...

  4. Micro-Nano : des comportements différents, des procédés à adapter

    OpenAIRE

    Guillemin, Jean-Philippe; Lamy, Peggy; Thomas, Gérard; Bonnefoy, Olivier

    2005-01-01

    6 pages; L'arrivée de nanomatériaux parmi les différents matériaux utilisés en pyrotechnie pose de nombreux problèmes de mise en œuvre. En effet, leurs propriétés texturales particulières ne permettent pas de les utiliser comme des matériaux classiques. Il est impératif d'adapter les procédés de mise en œuvre habituels. Pour obtenir l'adéquation de ces nouveaux matériaux et de nos procédés, des études spécifiques du comportement des nanomatériaux au cours des procédés de mise en œuvre par cou...

  5. Integrated modelling of nitrate loads to coastal waters and land rent applied to catchment-scale water management

    DEFF Research Database (Denmark)

    Refsgaard, A.; Jacobsen, T.; Jacobsen, Brian H.

    2007-01-01

    The EU Water Framework Directive (WFD) requires an integrated approach to river basin management in order to meet environmental and ecological objectives. This paper presents concepts and full-scale application of an integrated modelling framework. The Ringkoebing Fjord basin is characterized...... basin water management plans. The paper also includes a land rent modelling approach which can be used to choose the most cost-effective measures and the location of these measures. As a forerunner to the use of basin-scale models in WFD basin water management plans this project demonstrates...... by intensive agricultural production and leakage of nitrate constitute a major pollution problem with respect groundwater aquifers (drinking water), fresh surface water systems (water quality of lakes) and coastal receiving waters (eutrophication). The case study presented illustrates an advanced modelling...

  6. Integrated modelling of nitrate loads to coastal waters and land rent applied to catchment scale water management

    DEFF Research Database (Denmark)

    Jacosen, T.; Refsgaard, A.; Jacobsen, Brian H.

    in river basin management. Point sources (e.g. sewage treatment plant discharges) and distributed diffuse sources (nitrate leakage) are included to provide a modelling tool capable of simulating pollution transport from source to recipient to analyse effects of specific, localized basin water management...... plans. The paper also includes a land rent modelling approach which can be used to choose the most cost effective measures and the location of these measures. As a forerunner to the use of basin scale models in WFD basin water management plans this project demonstrates potential and limitations......Abstract The EU WFD requires an integrated approach to river basin management in order to meet environmental and ecological objectives. This paper presents concepts and full-scale application of an integrated modelling framework. The Ringkoebing Fjord basin is characterized by intensive...

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

    OpenAIRE

    Tanja Markovič Hribernik; Monika Kirbiš

    2005-01-01

    On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject) and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member st...

  8. 19 CFR 113.40 - Acceptance of cash deposits or obligations of the United States in lieu of sureties on bonds.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 1 2010-04-01 2010-04-01 false Acceptance of cash deposits or obligations of the... § 113.40 Acceptance of cash deposits or obligations of the United States in lieu of sureties on bonds... Public Note: Securities must be described by title, date of maturity, rate of interest,...

  9. 45 CFR 286.130 - Does the receipt of Welfare-to-Work (WtW) cash assistance count towards a Tribe's TANF time limit?

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Does the receipt of Welfare-to-Work (WtW) cash... and Processing § 286.130 Does the receipt of Welfare-to-Work (WtW) cash assistance count towards a Tribe's TANF time limit? (a) For purposes of an individual's time limit for receipt of TANF...

  10. 30 CFR 285.508 - What rent payments must I pay on ROW grants or RUE grants associated with renewable energy projects?

    Science.gov (United States)

    2010-07-01

    ... RUE grants associated with renewable energy projects? 285.508 Section 285.508 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE RENEWABLE ENERGY ALTERNATE USES OF... § 285.508 What rent payments must I pay on ROW grants or RUE grants associated with renewable...

  11. A 27-Year-Old Man With Acute Severe Low Back Pain and Bilateral Leg Swelling That Prompted Renting a Wheelchair for Mobility.

    Science.gov (United States)

    Williams, John G; Phan, Huy; Winston, Helena R; Fugit, Randolph V; Graney, Bridget; Jamroz, Brant; English, Benjamin; Chan, Edward D

    2017-02-01

    A 27-year-old man with OSA, posttraumatic stress disorder, and chronic mechanical back pain presented with a 3-day history of acute atraumatic worsening of his low back pain as well as right groin numbness that was exacerbated by walking. He also complained of bilateral leg "heaviness," pain, and swelling, all becoming so severe that he rented a wheelchair for mobility.

  12. 无证书离线电子现金方案%Certificateless off Line Scheme for Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    朱英宏; 赵怀勋; 苏光伟

    2009-01-01

    Aiming at the problem that the public key and key trustee must be proved by certificate in electronic cash schemes, this paper proposes a certificateless off line electronic cash scheme. It uses the bilinear pairing to structure the frame of certificateless authentication in electronic cash, solves the problem of users' key trustee and improves the security of electronic cash. This scheme reduces the processes of identity authentication and increases the rate and efficiency of the trade. It constructs a simple and effective key exchange method. Analysis results of security and feasibility show that the scheme is reliable.%在电子现金方案中,需要使用证书证明公钥和密钥的托管,针对该问题提出一种无证书离线电子现金方案,运用双线性对构造电子现金中的无证书认证框架,解决用户密钥托管问题,提高电子现金中密钥的安全性.该方案减少身份认证步骤,提高交易速度和效率,构造一种简单有效的密钥交换方法.安全性和可行性分析结果表明该方案可靠.

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

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

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

  14. Impact of the Kenya Cash Transfer for Orphans and Vulnerable Children on early pregnancy and marriage of adolescent girls.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Huang, Carolyn; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2015-09-01

    There is promising evidence that poverty-targeted cash transfer programs can have positive impacts on adolescent transitions to adulthood in resource poor settings, however existing research is typically from small scale programs in diverse geographic and cultural settings. We provide estimates of the impact of a national unconditional cash transfer program, the Kenya Cash Transfer for Orphans and Vulnerable Children, on pregnancy and early marriage among females aged 12 to 24, four years after program initiation. The evaluation was designed as a clustered randomized controlled trial and ran from 2007 to 2011, capitalizing on the existence of a control group, which was delayed entry to the program due to budget constraints. Findings indicate that, among 1549 females included in the study, while the program reduced the likelihood of pregnancy by five percentage points, there was no significant impact on likelihood of early marriage. Program impacts on pregnancy appear to work through increasing the enrollment of young women in school, financial stability of the household and delayed age at first sex. The Kenyan program is similar in design to most other major national cash transfer programs in Eastern and Southern Africa, suggesting a degree of generalizability of the results reported here. Although the objective of the program is primarily poverty alleviation, it appears to have an important impact on facilitating the successful transition of adolescent girls into adulthood.

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

    DEFF Research Database (Denmark)

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

    2008-01-01

    -energy production were modeled. Growing rapeseed on 10% of the land could produce bio-diesel to replace 50-60% of the tractor diesel used on the farm. Increasing grass-clover area to 20% of the land and using half of this yield for biogas production could change the cash crop farm to a net energy producer...

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

    NARCIS (Netherlands)

    Mideros, A.; O'Donoghue, C.

    2014-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

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

  18. Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2005-01-01

    Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine thi

  19. 7 CFR 240.4 - Cash in lieu of donated foods for nonresidential child and adult care institutions.

    Science.gov (United States)

    2010-01-01

    ... and adult care institutions. 240.4 Section 240.4 Agriculture Regulations of the Department of... LIEU OF DONATED FOODS § 240.4 Cash in lieu of donated foods for nonresidential child and adult care... or adult care institutions participating in the Child and Adult Care Food Program. FNS shall pay...

  20. 78 FR 36545 - Notice of Ability To Pay-Cash-out Settlement Agreement for the Jefferson City Residential Yards...

    Science.gov (United States)

    2013-06-18

    ... AGENCY Notice of Ability To Pay--Cash-out Settlement Agreement for the Jefferson City Residential Yards... Jefferson City Residential Yards Site in Jefferson City, Jefferson County, Montana (Site). The Site consists of 19 residential yards, a portion of a U.S. Postal Service property, and sections of Spring...

  1. 浅谈企业现金流量管理%Talking about the cash flow management in the enterprise

    Institute of Scientific and Technical Information of China (English)

    毛宇新

    2012-01-01

      企业发展的内在潜力和动力取决于企业经营活动的现金流,一个有活力的企业必定要有足够的现金支付能力。因此,从企业的现金流量管理有利于企业制定战略决策、有利于企业健康稳定持续发展、能够提高企业市场价值等方面阐述了企业管理的重要意义,并提出了我国企业现金流管理存在的问题以及加强我国企业现金流量管理的建议和措施。%  Inherent potential and dynamics of enterprise development depend on cash flows from operating activities, a vibrant enterprise must have sufficient liquidity. Therefore, from cash flow management is conducive to enterprise development strategy for enterprise deci-sion-making, business-friendly, healthy, stable areas of sustainable development, to improve the enterprise's market value describes the importance of enterprise management, and raised the issue of cash flow management in enterprises in our country and strengthen cash flow management in China and measures.

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

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Andrés Dapuez

    2016-09-01

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

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

    Science.gov (United States)

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

    2017-01-01

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

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

    Science.gov (United States)

    Ponce, Juan; Bedi, Arjun S.

    2010-01-01

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

  6. 40 CFR 35.3565 - Specific cash draw rules for authorized types of assistance from the Fund.

    Science.gov (United States)

    2010-07-01

    ... Federal share of incurred project costs multiplied by the ratio of the guarantee reserve to the amount...) All projects method. A State may draw cash based on the incurred project costs multiplied by the ratio of the Federal portion of the reserve to the total reserve multiplied by the ratio of the...

  7. 技术创新网络租金分配的仿真分析%The Simulation Analysis on Rent Allocation of Technology Innovation Network

    Institute of Scientific and Technical Information of China (English)

    杨娟; 阮平南; 刘晓燕

    2015-01-01

    Enterprises forming innovation network aims to adapt to changing market demands,integrate resources and share risks by the flexibility of organization.The network members can obtain economic earnings and innovation values,which is network rent above the sum of individual enterprise earnings.Whether the rent allocation is reasonable will affect the opportunistic behavior of network members and the success or failure of network cooperation.Therefore it has important theoretic and actual meanings to discuss the rent allocation strategies.It analyzes the influential factors on rent allocation and raised three kinds of allocation strategies.It compares the advantage and disadvantage of the three strategies using the method of multi-agent simulation.Finally it concludes that the allocation strategy based on innovation capability tends to be polarization,the allocation strategy based on learning capability creates rent slowly,and the allocation strategy based on resource niche is conductive to the stability and development of technology innovation network.%技术创新网络租金分配是否合理将影响到网络合作的成败.本研究分析了影响租金分配的因素,提出了3种分配策略,运用多主体仿真的方法比较了这3种分配策略的优劣,最后得出:基于创新能力的分配策略容易出现两级分化的现象,基于学习能力的分配策略获取租金的速度较慢,基于资源位的分配策略更利于技术创新网络的稳定与发展.

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

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

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

  9. Household-based cash transfer targeting strategies in Zimbabwe: are we reaching the most vulnerable children?

    Science.gov (United States)

    Robertson, Laura; Mushati, Phyllis; Eaton, Jeffrey W; Sherr, Lorraine; Makoni, Jeremiah C; Skovdal, Morten; Crea, Tom; Mavise, Gideon; Dumba, Lovemore; Schumacher, Christina; Munyati, Shungu; Nyamukapa, Constance; Gregson, Simon

    2012-12-01

    Census data, collected in July 2009, from 27,672 children were used to compare the effectiveness, coverage and efficacy of three household-based methods for targeting cash transfers to vulnerable children in eastern Zimbabwe: targeting the poorest households using a wealth index; targeting HIV-affected households using socio-demographic information (households caring for orphans, chronically-ill or disabled members; child-headed households); and targeting labour-constrained households using dependency ratios. All three methods failed to identify large numbers of children with poor social and educational outcomes. The wealth index approach was the most efficient at reaching children with poor outcomes whilst socio-demographic targeting reached more vulnerable children but was less efficient.

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

    Science.gov (United States)

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

    2014-03-01

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

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

    Directory of Open Access Journals (Sweden)

    CARUNTU GENU ALEXANDRU

    2016-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Yuting Li

    2016-04-01

    Full Text Available 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 models and find the joint financing decision of the two supply chains is the most optimal one. Lastly, we conduct some numerical simulations not only to illustrate above results but also to find that the larger are cross-price sensitivity coefficients; the higher is the motivation for participants to make joint financing decisions; and the more are profits for them to gain.

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

    Directory of Open Access Journals (Sweden)

    Huang Yung-Fu

    2007-01-01

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

  14. Valuation of imaging centers: alternative methods and detailed description of the discounted cash flow approach.

    Science.gov (United States)

    Russell, Philip J

    2007-01-01

    Medical imaging centers are an increasingly integral part of the medical services landscape in America. There are many instances in which owners and potential buyers of these enterprises want to ascertain the value of the businesses. There is an industry of professionals who provide expert valuation services for many types of businesses using various recognized alternative methods, some of which are more appropriate than others when valuing an imaging center. The federal government has prescribed parameters for all valuations if they lead to transactions in which fair market value is mandated, and it also expects transactions to adhere to more generalized laws relating to entities that provide services to Medicare patients. Radiologists who own, or who are contemplating ownership of, imaging center operations need to understand the principles of valuation, specifically the factors that are involved in a discounted cash flow determination of fair market value.

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

    Directory of Open Access Journals (Sweden)

    Mariska eMantione

    2014-05-01

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

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

    Science.gov (United States)

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

    2009-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Anna LENZI

    2015-11-01

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

  18. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  19. Cost benefit pathways to zero emission housing: Implications for household cash-flows in Melbourne

    Energy Technology Data Exchange (ETDEWEB)

    Moore, T., Email: Trivess.moore@rmit.edu.au; Morrissey, J.; Horne, R. [RMIT University, Melbourne, Victoria (Australia). Centre for Design

    2010-07-01

    The debate regarding climate change has seen significant focus on the requirement to increase energy efficiency and seek alternative sources of energy generation as part of the solution to reducing greenhouse gas (GHG) emissions. Sustainability literature highlights the potential of the residential sector to contribute to significant greenhouse gas emissions reductions. In this context, recent housing policies, not only in Australia but internationally, have addressed the implementation of minimum energy efficient housing standards. Recent UK, European and USA policy articulates a goal of zero emission housing by 2020. In Australia, while research has indicated that the introduction of the '5 stars' mandatory building envelope performance standard has resulted in a 20% increase in energy efficiency over pre 5 star homes, housing energy efficiency remains a contested policy area. The costs and benefits of more energy efficient housing are frequently argued in terms of a trade off between sustainability and affordability, and debate is focused particularly on upfront capital costs. There is a lack of clear cost benefit information on the impact of higher energy efficiency standards, and similarly on the impacts of integrating renewable energy strategies with energy efficiency strategies. Furthermore, actual impacts at the household cash-flow level have not been studied. This research therefore investigates the lifetime economic and environmental costs and benefits of improved sustainable housing options, including renewable energy options. Analysis focuses on four scenarios of improved housing performance for current and typical housing types in Melbourne, Australia. Research outputs seek to inform current debates surrounding low-emissions housing options by providing a case-book of evidence on household budget level impacts, in terms of monthly cash flows, of improved housing performance options.

  20. Acceptability of conditions in a community-led cash transfer programme for orphaned and vulnerable children in Zimbabwe.

    Science.gov (United States)

    Skovdal, Morten; Robertson, Laura; Mushati, Phyllis; Dumba, Lovemore; Sherr, Lorraine; Nyamukapa, Constance; Gregson, Simon

    2014-10-01

    Evidence suggests that a regular and reliable transfer of cash to households with orphaned and vulnerable children has a strong and positive effect on child outcomes. However, conditional cash transfers are considered by some as particularly intrusive and the question on whether or not to apply conditions to cash transfers is an issue of controversy. Contributing to policy debates on the appropriateness of conditions, this article sets out to investigate the overall buy-in of conditions by different stakeholders and to identify pathways that contribute to an acceptability of conditions. The article draws on data from a cluster-randomized trial of a community-led cash transfer programme in Manicaland, eastern Zimbabwe. An endpoint survey distributed to 5167 households assessed community members' acceptance of conditions and 35 in-depth interviews and 3 focus groups with a total of 58 adults and 4 youth examined local perceptions of conditions. The study found a significant and widespread acceptance of conditions primarily because they were seen as fair and a proxy for good parenting or guardianship. In a socio-economic context where child grants are not considered a citizen entitlement, community members and cash transfer recipients valued the conditions associated with these grants. The community members interpreted the fulfilment of the conditions as a proxy for achievement and merit, enabling them to participate rather than sit back as passive recipients of aid. Although conditions have a paternalistic undertone and engender the sceptics' view of conditions being pernicious and even abominable, it is important to recognize that community members, when given the opportunity to participate in programme design and implementation, can take advantage of conditions and appropriate them in a way that helps them manage change and overcome the social divisiveness or conflict that otherwise may arise when some people are identified to benefit and others not.

  1. Can cash transfers improve determinants of maternal mortality? Evidence from the household and community programs in Indonesia.

    Science.gov (United States)

    Kusuma, Dian; Cohen, Jessica; McConnell, Margaret; Berman, Peter

    2016-08-01

    Despite global efforts in maternal health, 303,000 maternal deaths still occurred globally in 2015. One explanation is a considerable inequality in maternal mortality and the sources such as nutritional status and health utilization. One strategy to fight health inequality due to poverty is conditional cash transfer (CCT). Taking advantage of two large clustered-randomized trials in Indonesia from 2007 to 2009, this paper provides evidence on the effects of household cash transfers (PKH) and community cash transfers (Generasi) on determinants of maternal mortality. The sample sizes are 14,000 households for PKH and 12,000 households for Generasi. After two years of implementation, difference-in-differences (DID) analyses show that the two programs can improve determinants of maternal mortality with Generasi provides positive impact in some aspects of determinants, but PKH does not. Generasi improves maternal health knowledge, reduces financial barriers to accessing health services and improves utilization of health services, increases utilization among higher-risk women, improves posyandu equipment, and increases nutritional intake. As for PKH, evidence shows its strongest effects only on utilization of health services. Both programs, however, are unlikely to have a large effect on maternal mortality due to design and implementation issues that might significantly reduce program effectiveness. While the programs improved utilization, they did so at community-based facilities not equipped with emergency obstetric care. In the midst of popularity of household cash transfer, our results show that community cash transfer offers a viable policy alternative to improve the determinants of maternal mortality by allowing more flexibility in activities and at lower cost by monitoring at community level.

  2. 上市公司现金储备量的实证研究%An Empirical Study on Public Company Cash Reserves

    Institute of Scientific and Technical Information of China (English)

    熊风; 龚群子

    2014-01-01

    通过利用2003~2013年中国上市公司的面板数据,研究影响上市公司现金储备量的因素,并对比金融危机前后公司的现金储备行为。研究发现,公司现金流量、资产负债率和净资产收益率的增加会引起公司现金储备量的增加,并且公司规模越小,现金储备比例越大,托宾q与公司现金储备无明显关系,金融危机使上市公司现金储备偏好进一步增强。%The study presenting public companies between 2003 and 2013, examines the factors and their respective impacts on cash reserves held by public company in China, as well as the cash reserves changes in global financial crisis. The empirical result shows that the increase of cash reserves can be caused by the rise of cash flow, asset-liability ratio or ROE. Moreover, the smaller the company’s size, the more the cash reserves added. There is an ambiguous relation between Tobin q and cash reserves. Increasing cash reserves happened after financial crisis.

  3. Analysis of the structure analysis of the enterprise cash flow table%企业现金流量表结构分析浅探

    Institute of Scientific and Technical Information of China (English)

    王爱华

    2014-01-01

    The cash flow is the lifeblood of the survival and development of enterprises,the cash flow situation directly reflect the health situation of the enterprise the organization of the organism,is an important index to measure the enterprise value.Structural analysis of the cash flow statement,the cash flow is relevant to the data base on the comparison and analysis of different projects,to clear the cash inflow, formation and cash outflows,analyzes the main factors which affect the amount of cash or a certain time period,and provide scientific basis for the managers of the enterprise to seize the key cash flow management,optimal allocation and use so as to realize the enterprise cash.%现金流量是企业生存和发展的命脉,现金流量状况直接反映企业这一组织有机体的健康情况,是衡量企业价值的重要指标。现金流量表的结构分析,就是在现金流量有关数据的基础上对不同项目间的比较与分析,旨在明确现金流入、流出的构成及现金余额的形成情况,分析一定时期内影响现金额增减变化的主要因素,为企业管理者抓住现金流量管理重点提供科学依据,从而实现企业现金的最佳配置和使用。

  4. Mineral nitrogen in the course of a cash crop and two livestock rotations - first results from the long-term monitoring Trenthorst

    OpenAIRE

    2008-01-01

    The long-term monitoring Trenthorst, situated near Lübeck in a temperate maritime climate on loamy soils, was established in 2003 and compares two cash crop and three livestock farming systems. We studied the soil mineral nitrogen contents of one cash crop and two livestock farms, specialised in dairy cows and goats/oilseeds resp., with the hypothesis that the livestock farms show a more even course of Nmin in the rotation and a higher rotation mean. The rotation average of Nmin in the cash c...

  5. Integrated modelling of nitrate loads to coastal waters and land rent applied to catchment-scale water management.

    Science.gov (United States)

    Refsgaard, A; Jacobsen, T; Jacobsen, B; Ørum, J-E

    2007-01-01

    The EU Water Framework Directive (WFD) requires an integrated approach to river basin management in order to meet environmental and ecological objectives. This paper presents concepts and full-scale application of an integrated modelling framework. The Ringkoebing Fjord basin is characterized by intensive agricultural production and leakage of nitrate constitute a major pollution problem with respect groundwater aquifers (drinking water), fresh surface water systems (water quality of lakes) and coastal receiving waters (eutrophication). The case study presented illustrates an advanced modelling approach applied in river basin management. Point sources (e.g. sewage treatment plant discharges) and distributed diffuse sources (nitrate leakage) are included to provide a modelling tool capable of simulating pollution transport from source to recipient to analyse the effects of specific, localized basin water management plans. The paper also includes a land rent modelling approach which can be used to choose the most cost-effective measures and the location of these measures. As a forerunner to the use of basin-scale models in WFD basin water management plans this project demonstrates the potential and limitations of comprehensive, integrated modelling tools.

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

    Directory of Open Access Journals (Sweden)

    Moch. Cholid Wardi

    2016-07-01

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

  7. Experience in public-rent-house building scheme design%公租房建筑方案设计体会

    Institute of Scientific and Technical Information of China (English)

    王亮

    2011-01-01

    结合具体工程实例,对重庆市公租房建筑方案设计进行了阐述,分别介绍了公租房项目规划设计思想、规划设计布局、户型设计、交通设计及配套公建等方面的内容,对今后其他城市同类项目规划设计具有指导意义。%Combining with specific engineering case,it describes the public-rent-house building scheme design in Chongqing city,and respectively introduces the design thinking,planning and design layout,housing model design,traffic design and matching public facilities in public-rent-house project,which has guiding significance for future similar project plan and design in other cities.

  8. Research on urban old residential renovation for Low-rent housing%面向廉租房的城市旧住宅改造研究

    Institute of Scientific and Technical Information of China (English)

    曹阳

    2011-01-01

    通过对城市发展中遗留的大量旧住宅进行改造研究,分析当前低收入人群的居住生活需求,提出面向廉租房的旧住宅改造建议,以及旧住宅改造方式,探讨旧住宅改造廉租住宅的可能性。%Through the study on a large number of old residential left when urban development,analysis of the current demand for low-income people's living,proposed proposals on urban old residential renovation for Low-rent housing and renovated the way for old house,explored the renovation of the old low-rent residential housing possibilities.

  9. Franchissement du seuil dans un laser monomode à milieu actif homogène : étude spectrale auto-cohérente

    Science.gov (United States)

    Boucher, Y. G.

    2006-10-01

    Nous présentons une étude auto-cohérente du franchissement du seuil dans un laser monomode à milieu actif homogène. Nous obtenons pour la puissance, la longueur d'onde et la largeur de raie des expressions universelles en coordonnées normalisées, continûment valables de part et d'autre du seuil.

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

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

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

  11. INSTRUMENTS FOR THE IMPROVEMENT OF CASH FLOW AND FOR THE RATIONALIZATION OF SHORT-TERM FINANCIAL INVESTMENT APPLIED BY MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    DOREL MATES

    2012-11-01

    Full Text Available The cash flow of the company is an essential element for the application and development of a fluency activity where the payment terms are considered according to the agreement and contracts. Concerning the multinational companies, it is the finance controller’s task to perform a strict, realistic and predictive record regarding the subsequent cash flow of the company. The most important items that influence the existence and the assessment of a realistic operational cash flow are the following: accounts receivable, external open credit lines, headquarter treasury approved amounts, accounts payable, wages. Another tool to improve the global performance of the company is the cash-pool that can be used only for same currencies for the main countries involved in.

  12. Dynamic Renting Decision Based on Option Method%基于期权方法的动态租赁决策

    Institute of Scientific and Technical Information of China (English)

    郑明川

    2003-01-01

    Many researches concentrated on the analysis of leasing decisions, which afford no flexibility to adjust the term of the leasing during its life. Since these analyses are based on Discounted Cash Flow, it is inadequate for valuing the various options written into many leasing contracts. In this paper, a leasing decision with several real options was analyzed. An option-based numerical analysis is used here with an exampite to value such. discrete-time type of real options.

  13. Examining the link between cash flow, market value, and research and development investment spending in the medical device industry.

    Science.gov (United States)

    Schmutz, Bryan P; Santerre, Rexford E

    2013-02-01

    Unlike the pharmaceutical industry, no empirical research has focused on the factors influencing research and development (R&D) spending in the medical device industry. To fill that gap, this study examines how R&D spending is influenced by prior year cash flow and corporate market value using multiple regression analysis and a panel data set of medical device companies over the period 1962-2008. The empirical findings suggest that the elasticities of R&D spending with respect to cash flow and corporate market value equal 0.58 and 0.31, respectively. Moreover, based upon these estimates, simulations show that the recently enacted excise tax on medical devices, taken alone, will reduce R&D spending by approximately $4 billion and thereby lead to a minimum loss of $20 billion worth of human life years over the first 10 years of its enactment.

  14. Studying the Effect of Level of Cash Holding & Ownership Concentration on Corporate Value in Tehran Stocks & Exchange Market

    Directory of Open Access Journals (Sweden)

    Mohammad eyvazian

    2016-03-01

    Full Text Available The present research is aimed to study the effect of the level of cash holdings and concentration of ownership on the corporate value. The statistical society of the research is comprised of the companies which are accepted in Tehran Stocks & Exchange Market. The final sample includes 495 companies. The research is of applied type and also, executively, it is descriptive. The required information has been extracted and gathered through field and library methods. Testing the research hypotheses has been done using Pearson correlation test, multi-variable linear regression and Excel and SPSS20 software. Results indicate that there is a meaningful relationship between the level of cash holdings and ownership concentration with the corporate value.

  15. Household determinants of bushmeat and eru (Gnetum africanum) harvesting for cash in the Democratic Republic of Congo

    DEFF Research Database (Denmark)

    Bakkegaard, Riyong Kim; Nielsen, Martin Reinhardt; Thorsen, Bo Jellesmark

    2016-01-01

    products found in the reserve for cash. We analyse the factors determining the choice of engaging in collection of bushmeat and eru (Gnetum africanum) and the factors determining the success (outcome) in collection using the Heckman selection model. This model explicitly separates estimation of selection....... Greater market distance being a female-headed household and greater age of household heads negatively affected selection into eru collection, reflecting characteristics of cash harvesting activities. Low education and more local knowledge characterised more successful outcome of eru collection, whereas...... having more household labour tended to lower outcomes of both bushmeat and eru collection suggesting that labour pools engaged in these activities were not sufficiently skilled, or that a higher proportion was consumed in such households. We discuss our findings in relation to the role...

  16. Cash Payments and Awards to Servicemen of the Red Army During the Great Patriotic War of 1941–1945 years

    Directory of Open Access Journals (Sweden)

    Alexander P. Abramov

    2016-06-01

    Full Text Available On the basis of the historical and sociological material provides information on the measures of the Soviet state leadership during the Great Patriotic War for the implementation of social policy in respect of soldiers of the Red Army, which were reflected in the cash incentives, rewards, social guarantees and food security. The author notes that the implementation of social management practices at each stage of warfare timely adjustments depending on acquired combat experience and the strategic objectives of war. Existing wartime system of pay, cash awards and social guarantees in respect of staff of the army and the rear of the Red Army was not a major, but significant moral incentive to the representatives of all arms and services.

  17. Actual Condition of Paddy Field Levee Maintenance by Various Farm Households including Large-scale Farming in the Developed Land Renting Area

    Science.gov (United States)

    Sakata, Yasuyo

    The survey of interview, resource acquisition, photographic operation, and questionnaire were carried out in the “n” Community in the “y” District in Hakusan City in Ishikawa Prefecture to investigate the actual condition of paddy field levee maintenance in the area where land-renting market was proceeding, large-scale farming was dominant, and the problems of geographically scattered farm-land existed. In the study zone, 1) an agricultural production legal person rent-cultivated some of the paddy fields and maintained the levees, 2) another agricultural production legal person rent-cultivated some of the soy bean fields for crop changeover and land owners maintained the levees. The results indicated that sufficient maintenance was executed on the levees of the paddy fields cultivated by the agricultural production legal person, the soy bean fields for crop changeover, and the paddy fields cultivated by the land owners. Each reason is considered to be the managerial strategy, the economic incentive, the mutual monitoring and cross-regulatory mechanism, etc.

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

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

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

  19. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  20. A Fair e-cash Scheme%一个公正的电子货币方案

    Institute of Scientific and Technical Information of China (English)

    王常吉; 裴定一

    2001-01-01

    In this paper, we propose a fair e-cash scheme based on [1]. On the one hand, User's anonymity is protected in our system ,On the other hand,bank can trace e-coin and owner of e-coin with the help of the group manager ,so it can prevent laundering ,corruption and kidnapping ,and the security of the scheme is based on strong RSA assumption and decision Diffie-Hellman assumption.