WorldWideScience

Sample records for cash rents

  1. Impact of Crop Insurance Indemnity Payments on Cash Rents and Land Values

    OpenAIRE

    Langemeier, Michael R.

    2013-01-01

    This paper examined the impact of a yield protection crop insurance product on cash rents and land values for a representative Indiana farm. The net return to land and management for scenarios that included and excluded crop insurance were very similar. Predicted cash rents and land values were not impacted by crop insurance indemnity payments.

  2. 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...

  3. Enduring Rents

    OpenAIRE

    Toke S. Aidt; Hillman, A

    2008-01-01

    Rent seeking is often studied with reference to a contemporaneous rent evaluated at a point in time. We study the social cost of rent seeking when rents endure over time, but may have to be re-contested because of imperfect rent protection, or may disappear because of deregulation. The present value of a contested rent measures the social cost of rent seeking, irrespective of imperfect rent protection and the prospect of deregulation. Rent seeking is discouraged by the inability of government...

  4. Rent Seeking

    OpenAIRE

    Shankha Chakraborty; Era Dabla-Norris

    2006-01-01

    This paper examines the relationship between rent seeking and economic performance when governments cannot enforce property rights. With imperfect credit markets and a fixed cost to rent seeking, only wealthy agents choose to engage in it, as it allows them to protect their wealth from expropriation. Hence, the level of rent seeking and economic performance are determined by the initial distribution of income and wealth. When individuals also differ in their productivity, not all wealthy agen...

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

    OpenAIRE

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

    2008-01-01

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

  6. 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...

  7. 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...

  8. Evolutionary Rent-Seeking

    OpenAIRE

    Hehenkamp, Burkhard; Leininger, Wolfgang; Possajennikov, Alex

    2001-01-01

    Tullock’s analysis of rent-seeking is reconsidered from an evolutionary point of view. We show that evolutionarily stable behavior in a rent-seeking contest differs from efficient rent-seeking behavior in a Nash equilibrium. We explore that implications of evolutionary stability for rent-seeking behavior and relate them to the well examined Nash equilibrium behavior. A most interesting result is an overdissipation law, which holds in evolutionary equilibrium.

  9. Housing 'Generation Rent'

    OpenAIRE

    McKee, Kim; Hoolachan, Jennifer Elizabeth

    2015-01-01

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

  10. 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...

  11. Rent-focused behavior and rent-seeking in the context of rent relations theory development

    OpenAIRE

    Latkov, Andrey

    2015-01-01

    The perspective directions of rent-seeking phenomenon research are allocated in the article. The algorithm of rent-seeking system research is offered. rent-focused behavior and rent-seeking strategies are differenced in the text. The special attention is paid to definition of medium-term and long-term rent-seeking effects directed to assignment of natural-resources rent on example of national economic systems of the UAE and Nauru.

  12. Rent Seeking and Innovation

    OpenAIRE

    Michele Boldrin(UniBO); Levine, David K.

    2003-01-01

    Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator remains a monopolist. For this reason, rent-seeking, both public and private, plays an important role in determining the social usefulness of innovations. This paper examines the political economy of intellectual property, analyzing the trade-off between private and public rent-seeking. While it is tr...

  13. 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...

  14. Cash Use in Australia

    OpenAIRE

    Eden Hatzvi; Jessica Meredith; Rose Kenney

    2014-01-01

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

  15. Improve your CASH flow

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  16. Rent seeking and organizational structure

    OpenAIRE

    Wärneryd, Karl

    2014-01-01

    The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political economy, although it can also take place in personal relations and within firms and bureaucracies. Rent seeking, which involves the unproductive use of resources, is however primarily associated with policies that create rents as well as rent extract...

  17. Asymmetries in Rent-Seeking

    OpenAIRE

    Giuseppe Dari-Mattiacci; Eric Langlais; Bruno Lovat; Francesco Parisi

    2013-01-01

    The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political economy, although it can also take place in personal relations and within firms and bureaucracies. Rent seeking, which involves the unproductive use of resources, is however primarily associated with policies that create rents as well as rent extract...

  18. A Rent Extraction View of Employee Discounts and Benefits

    OpenAIRE

    Anthony Marino; Jan Zabojnik

    2006-01-01

    We offer a novel view of employee discounts and in kind compensation. In our theory, bundling perks and cash compensation allows a firm to extract information rents from employees who have private information about their preferences for the perk and about their outside opportunities. We show that in maximizing profit with heterogeneous workers, the firm creates different bundles of the perk and salary in response to different employee characteristics and marginal costs of the perk. Our key re...

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

    OpenAIRE

    Rodolfo Apreda

    2004-01-01

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

  20. Is electronic cash possible?

    OpenAIRE

    Schmidt, Max; Schunter, Matthias; Weber, Arnd

    1998-01-01

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

  1. Rent Intensity and Economic Mediocrity

    OpenAIRE

    Fabella, Raul V.

    1994-01-01

    Using the share society as a metaphor for the economic system, we construct a microfoundation for the stylized observations about rent-seeking and economic performance. We introduce the concept of rent intensity and show that at symmetric Cournot-Nash equilibrium it falls as value-adding productivity rises, rises with rent-seeking reward and with number of participants. Finally, average output falls with population growth where rent-seeking overwhelms increasing return to scale.

  2. Rent Control and Unemployment Duration

    DEFF Research Database (Denmark)

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

    2005-01-01

    In this paper we analyse how rent control affects the duration of individual unemployment. In atheoretical search model we distinguish between two effects of rent control. On one hand, rentcontrol reduces housing mobility and hence mobility in the labour market. On the other hand, tomaintain rent...

  3. Det rent menneskelige

    DEFF Research Database (Denmark)

    Togeby, Ole

    2006-01-01

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

  4. Are consumers cashing out?

    OpenAIRE

    Paul W. Bauer; Daniel A. Littman

    2007-01-01

    The information age has led to many new forms of payment, including credit cards, debit cards, and online banking. In many ways, these new mechanisms seem preferable to cash. While the disappearance of cash is a very long way off, it seems people are starting to use it less.

  5. Improve your CASH flow

    DEFF Research Database (Denmark)

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

    2011-01-01

    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....

  6. Auctions with rent seeking

    OpenAIRE

    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 ana-lyze the model if the returns-to-scale parameters of both bids and efforts are unity. We present a necessary and sufficient condition for the existence of a unique Nash equilibrium. In the equilibrium each player submits the same bid, while the sum of all...

  7. Rent seeking e questione meridionale

    OpenAIRE

    Pugno Maurizio

    2000-01-01

    A model of allocation of heterogeneous individual ability between rent seeking and productive activity is proposed in order to explain the slow economic growth and high apparent unemployment of Italian Mezzogiorno. Two versions of the model are designed to capture legal rent seeking in the public sector (redundant public employees), and, respectively, illegal rent seeking in the organised criminal activity. In the first version of the model the individuals can choose to become either workers ...

  8. Rents in a welfare state

    DEFF Research Database (Denmark)

    Paldam, Martin

    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...

  9. 75 FR 7621 - Rent Schedule-Low Rent Housing

    Science.gov (United States)

    2010-02-22

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

  10. Rent Seeking: A Textbook Example

    Science.gov (United States)

    Pecorino, Paul

    2007-01-01

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

  11. Scarcity rents and airport charges

    NARCIS (Netherlands)

    G. Burghouwt; W. de Wit

    2015-01-01

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

  12. Trends of Rent-seeking Theory

    OpenAIRE

    Latkov, Andrey

    2014-01-01

    The article discusses the origin and development of the rent-seeking theory. The interim results of the rent-seeking theory are summarized. The main trends in the rent-seeking theory development are presented in modern conditions.

  13. Operating Cash Surplus Determinations

    Directory of Open Access Journals (Sweden)

    Teodor HADA

    2009-01-01

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

  14. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    financed by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm's high quality. The implications of the models are consistent with several important empirical facts about dividends......Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...

  15. 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...

  16. Capital Taxation and Rent Seeking

    OpenAIRE

    Arefiev, Nikolay; Baron, Tatyana

    2006-01-01

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

  17. Wages, Rent, Unemployment and Amenities

    OpenAIRE

    STEVEN C. DELLER

    2009-01-01

    The intent of this applied research project is to build on the Roback-Blanchflower-Oswald model linking rent, wages and unemployment to amenities. Using non-metropolitan county level US data and detailed measures of natural and built amenities I estimate a struc-tural model testing for trade-offs between rent, wages, unemployment and amenities. Results do not strictly confirm the Roback-Blanchflower-Oswald (RBO) model but there is sufficient evidence to suggest that amenities plays an importa...

  18. 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...

  19. Cash-Flow Tax

    OpenAIRE

    Parthasarathi Shome; Christian Schutte

    1993-01-01

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

  20. Rent Seeking and the Excess Burden of Taxation

    OpenAIRE

    Kahana, Nava; Klunover, Doron

    2014-01-01

    The social costs of rent seeking are generally evaluated with respect to rent dissipation. A common assumption is complete rent dissipation so that the value of a contested rent is the value of social loss. When rent seekers earn taxable income, there is interdependence between the social cost of rent seeking through rent dissipation and the excess burden of taxation. Through the addition of substitution to rent seeking beyond leisure, rent seeking increases the excess burden of taxation unde...

  1. Cash or Condition? Evidence from a Cash Transfer Experiment

    OpenAIRE

    Baird, Sarah; Mcintosh, Craig; Ozler, Berk

    2010-01-01

    Conditional Cash Transfer programs are "...the world's favorite new anti-poverty device," (The Economist, July 29 2010) yet little is known about the specific role of the conditions in driving their success. In this paper, we evaluate a unique cash transfer experiment targeted at adolescent girls in Malawi that featured both a conditional (CCT) and an unconditional (UCT) treatment arm. We ...

  2. Prices versus quantities with distributional rent seeking

    OpenAIRE

    MacKenzie, Ian A.

    2015-01-01

    This article investigates prices versus quantities when regulation generates contestable rents. A two-stage process is outlined where, in stage one, a politician selects a policy level in the presence of uncertainty. In stage two, players invest in distributional rent seeking, i.e., rent-capturing activities to obtain the rents generated from regulation. A clear distinction is derived between prices, revenue-raising quantities as well as non-revenue-raising quantities. The politician’s payo...

  3. Cash transfers and child labor

    OpenAIRE

    de Hoop, Jacobus; Rosati, Furio C.

    2014-01-01

    Cash transfer programs are widely used in settings where child labor is prevalent. Although many of these programs are explicitly implemented to improve children's welfare, in theory their impact on child labor is undetermined. This paper systematically reviews the empirical evidence on the impact of cash transfers, conditional and unconditional, on child labor. The authors find no evidenc...

  4. Cash Transfers and Child Labor

    OpenAIRE

    de Hoop, Jacobus; Rosati, Furio C.

    2014-01-01

    Cash transfer programs are widely used in settings where child labor is prevalent. Although many of these programs are explicitly implemented to improve children's welfare, in theory their impact on child labor is undetermined. This paper systematically reviews the empirical evidence on the impact of cash transfers, conditional and unconditional, on child labor. The authors find no evidenc...

  5. Accounting for the Corporate Cash Increase

    OpenAIRE

    Jake Zhao

    2014-01-01

    Why do U.S. firms hold much more cash now than they did 30 years ago? Prior empirical studies have discovered a statistically significant positive relationship between firm cash holdings and cash flow volatility. Such findings, however, are subject to endogeneity problems. In this paper, I construct a structural model of firm dynamics where cash provides a buffer against cash-flow shortfalls in the presence of costly external finance. My model finds that 63% of the increase in corporate cash ...

  6. 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...

  7. Rent Seeking and Corruption in Financial Markets

    OpenAIRE

    Asim Ijaz Khwaja; Atif Mian

    2011-01-01

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

  8. 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...

  9. High rents are holding back the recovery

    OpenAIRE

    Jefferys, Peter

    2012-01-01

    Peter Jefferys argues for building affordable social homes and reforming the private rented sector. He makes the case that lower rent is vital for economic recovery, stating, if average rents in England had risen at the rate of inflation since 2000, rather than well above, then renters would have an extra £8 billion per year of disposable income.

  10. 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.

  11. The carbon rent economics of climate policy

    International Nuclear Information System (INIS)

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

  12. Evaluation of economic rent of hydropower projects

    International Nuclear Information System (INIS)

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

  13. Rents, Selling Prices and Financing Premiums

    OpenAIRE

    G. Stacy Sirmans; Sirmans, C. F.

    1991-01-01

    This paper examines the effects of below-market financing on rents and selling prices of residential income properties. A recursive model is used to estimate rent and price equations in order to determine the effect of favourable financing on each variable. The results indicate that below-market financing has a negative effect on rent and a positive effect on selling price. Average monthly rent per unit with below-market financing is about $43 less than the average rent with current-market fi...

  14. 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. PMID:24010026

  15. Cash efficiency for bank branches

    OpenAIRE

    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 ...

  16. Community perspectives: Community check cashing

    OpenAIRE

    Daniel Leibsohn

    2011-01-01

    In May of 2009, Community Development Finance (CDF) opened the first nonprofit, full-service check cashing store in the country in Fruitvale, California. The project is designed to provide low-income households with the financial services they need, without the asset-stripping characteristics common to the fringe banking industry. In addition to providing affordable check cashing services and a payday loan product, CDF also provides financial coaching and literacy training, small business ass...

  17. Understanding the Cash Flow-Fundamental Ratio

    OpenAIRE

    Chyi-Lun Chiou

    2015-01-01

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

  18. An Investigation into Cash Flow Forecasts Practices

    OpenAIRE

    Kum, Chi Leng

    2010-01-01

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

  19. Do Democracies Breed Rent-Seeking Behavior?

    OpenAIRE

    Calderón, César; Chong, Alberto

    2005-01-01

    Using objective institutional historical data we test the link between extent, duration, and transparency in democracies and rent-seeking behavior using time-series and panel data approaches. In this paper we focus on the case of Uruguay, an ethnically homogeneous country. We find three main results. First, democratic regimes are negatively linked with rent-seeking actions. Second, the longer the duration of democracy, the less rent-seeking in a society. Third, legislation enacted more transp...

  20. On The Allocative Effects of Rent Seeking

    OpenAIRE

    Corchón, Luis C.

    2000-01-01

    We consider the effects of rent-seeking activities on resource allocation. Before rent-seeking activities take place, there are prior probabilities that an object will be given to one of several agents. The posterior probability depends on prior probabilities and the expenses incurred by all agents. In the case of two agents who equally value the object, prior and posterior probabilities coincide, and thus rent seeking has no effect on resource allocation. If there are two agents ...

  1. Entrepreneurship and Rent-Seeking Behavior

    OpenAIRE

    Dejardin, Marcus

    2011-01-01

    In this chapter, we propose a primer of the treatment that has received in the economic literature the problematic of entrepreneurship and rent-seeking behavior. It comprises the introduction of employed concepts, the discussion of the allocation of entrepreneurs between different types of economic projects, namely between innovative entrepreneurship and rent-seeking, as well as the explicative factors of the allocation. Interactions between entrepreneurship, rent-seeking and growth are consi...

  2. 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...

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

    OpenAIRE

    Schötz, Lukas

    2016-01-01

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

  4. 41 CFR 102-85.120 - What is shell Rent?

    Science.gov (United States)

    2010-07-01

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

  5. RENT CONTROL: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Sue-Mari Maass

    2012-11-01

    Full Text Available Recent case law shows that vulnerable, previously disadvantaged private sector tenants are currently facing eviction orders – and consequential homelessness – on the basis that their leases have expired. In terms of the case law it is evident that once their leases have expired, these households do not have access to alternative accommodation. In terms of the Constitution, this group of marginalised tenants have a constitutional right of access to adequate housing and a right to occupy land with legally secure tenure. The purpose of this article is to critically analyse a number of legislative interventions, and specifically rent control, that were imposed in various jurisdictions in order to provide strengthened tenure protection for tenants. The rationale for this analysis is to determine whether the current South African landlord-tenant regime is able to provide adequate tenure protection for vulnerable tenants and therefore in the process of transforming in line with the Constitution. The legal construction of rent control was adopted in pre-1994 South Africa, England and New York City to provide substantive tenure protection for tenants during housing shortages. These statutory interventions in the different private rental markets were justified on the basis that there was a general need to protect tenants against exploitation by landlords. However, the justification for the persistent imposition of rent control in New York City is different since it protects a minority group of financially weak tenants against homelessness. The English landlord-tenant regime highlights the importance of a well-structured social sector that can provide secure, long-term housing options for low-income households who are struggling to access the private rental sector. Additionally, the English rental housing framework shows that if the social sector is functioning as a "safety net" for low-income households, the private sector would be able to uphold

  6. 78 FR 42524 - Leasing versus Renting

    Science.gov (United States)

    2013-07-16

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

  7. Accounting management software intellectual rent companies

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2015-12-01

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

  8. 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...

  9. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

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

  10. Converting accounts receivable into cash.

    Science.gov (United States)

    Folk, M D; Roest, P R

    1995-09-01

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

  11. 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-

  12. Rx for low cash yields.

    Science.gov (United States)

    Tobe, Chris

    2003-10-01

    Certain strategies can offer not-for-profit hospitals potentially greater investment yields while maintaining stability and principal safety. Treasury inflation-indexed securities can offer good returns, low volatility, and inflation protection. "Enhanced cash" strategies offer liquidity and help to preserve capital. Stable value "wrappers" allow hospitals to pursue higher-yielding fixed-income securities without an increase in volatility. PMID:14560584

  13. 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.

  14. Oligopolization in collective rent-seeking

    OpenAIRE

    Kaoru Ueda

    2002-01-01

    In this paper we discuss the issue of when oligopolization in collective rent-seeking occurs, that is, when some groups retire from rent-seeking. A complete characterization of the pure-strategy Nash equilibrium in a collective rent-seeking game among m (\\geq2) heterogeneous groups is derived. The conditions of oligopolization are derived by using this result and related to the works of Nitzan [9, 10] and Hillman and Riley [3]. Also, the subgame perfect equilibrium of a simple two-stage colle...

  15. 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.

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

    OpenAIRE

    Tănase Alin-Eliodor; Calota Traian-Ovidiu

    2013-01-01

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

  17. 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.

  18. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

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

  19. A Theory of Rent Seeking with Informational Foundations

    OpenAIRE

    Lagerlöf, Johan

    2006-01-01

    I develop a model of rent seeking with informational foundations and an arbitrary number of rent seekers, and I compare the results with Tullock's (1980) classic model where the influence activities are "black-boxed." Given the microfoundations, the welfare consequences of rent seeking can be studied. In particular, I show that competition among rent seekers can be socially beneficial, since the additional information that the decision maker gets access to makes the increase in rent-seeking e...

  20. Destructive competition : oil and rent seeking in Iran

    OpenAIRE

    Bjorvatn, Kjetil; Selvik, Kjetil

    2005-01-01

    In countries with poorly developed institutions, rent seeking may impose serious costs for the economy. Our analysis demonstrates how rent seeking distorts the economy through two channels. First, there is the direct cost of the resources wasted in the rent seeking contest. Second, rent seeking distorts firms’ investment decisions, and leads to underinvestment. We conduct a case study of rent seeking in Iran in order to gain a better understanding of the phenomenon. Iran is ...

  1. Information feedback and contest structure in rent-seeking games

    OpenAIRE

    Fallucchi, Francesco; Renner, Elke; Sefton, Martin

    2012-01-01

    We investigate the effects of information feedback in rent-seeking games with two different contest structures. In the deterministic contest a contestant receives a share of the rent equal to her share of rent-seeking expenditures, while in the stochastic contest a contestant wins the entire rent with probability equal to her share of rent-seeking expenditures. In deterministic contests average expenditures converge to equilibrium levels when subjects only get feedback about own earnings, and...

  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. An Internet Based Anonymous Electronic Cash System

    OpenAIRE

    Israt Jahan; Mohammad Zahidur Rahman; K M Akkas Ali; Israt Jerin

    2015-01-01

    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-resis...

  4. Corporate Cash Holdings, National Culture, and Multinationality

    OpenAIRE

    Andres Ramirez; Solomon Tadesse

    2007-01-01

    We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against undesired states of ...

  5. Analysis and Accounting of Total Cash Flow

    OpenAIRE

    MELANIA ELENA MICULEAC

    2012-01-01

    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 consequen...

  6. The Market for Electronic Cash Cards

    OpenAIRE

    Shy, Oz; Tarkka , Juha

    1998-01-01

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

  7. Date attachable offline electronic cash scheme.

    Science.gov (United States)

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

    2014-01-01

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

  8. 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.

  9. E-Cash Payment Protocols

    OpenAIRE

    Shweta Srivastava; Vandana Saraswat

    2012-01-01

    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 p...

  10. The Nominal Rigidity of Apartment Rents

    OpenAIRE

    David Genesove

    1999-01-01

    This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among apartment rents in the U.S. between 1974-1981. 29 percent of units had no change in nominal rent from year to year. Nominal rigidity was much higher among units whose tenants continued from the previous year, than those in which the tenant turned over. This suggests that the previous year's nominal price was used as a focal point in bargaining. Most of the nominal rigidi...

  11. Accounting management software intellectual rent companies

    OpenAIRE

    T.S. Osadcha

    2015-01-01

    Економічні науки. – 2015. – № 4 (74). – P. 43–49: Table 4. – Refs.: 22. As a result of the study it has been established that intellectual rent as additional income arises resulting from the usage of intellectual property objects. At present the issue of the accounting reflection of transactions that form intellectual rent remains to be not thoroughly disclosed and requires more depth study for improving the performance of the innovative enterprises as well as for increasing the informati...

  12. 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...

  13. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

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

  14. 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.

  15. 12 CFR 220.8 - Cash account.

    Science.gov (United States)

    2010-01-01

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

  16. Szacowanie podstawy opodatkowania w przypadku umowy cash poolingu

    OpenAIRE

    Witczak, Radosław

    2013-01-01

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

  17. 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)...

  18. 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...

  19. 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.

  20. 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.

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

    International Nuclear Information System (INIS)

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

  2. INCOME DISTRIBUTION AND RENT SEEKING COSTS: A NOTE

    OpenAIRE

    MARIA ALESSANDRA ANTONELLI

    2010-01-01

    This paper analyzes a rent seeking competition where risk neutral agents have a different income. The individual income is private information but the income distribution is common information. Like the Hillman and Samet (1987) model the individual outlays in rent seeking is equal to the expected rent, but the winning probability for each agent is a function of its income. As a consequence, the social costs of the rent seeking depend on the income distribution and they can be lesser than the ...

  3. Crowding-out in productive and redistributive rent-seeking

    OpenAIRE

    Dari-Mattiacci, G.; Langlais, E.; B. Lovat; Parisi, F.

    2007-01-01

    This paper presents a general rent-seeking model in which participants decide on entry before choosing their levels of efforts. The conventional wisdom in the rent-seeking literature suggests that the rent dissipation increases with the number of potential participants and with their productivity of effort. In this paper, we show that this result of the rent-seeking literature is far from general and applies only when participants are relatively weak and enter the game with ...

  4. <> effects of rent seeking over tradable pollution permits

    OpenAIRE

    HANLEY, NICK; MacKenzie, Ian A.

    2009-01-01

    The establishment of a tradable permit market requires the regulator to select a level of aggregate emissions and then distribute the associated permits (rent) to specific groups. In most circumstances, these decisions are often politically contentious and frequently influenced by rent seeking behaviour. In this paper, we use a contest model to analyse the effects of rent seeking effort when permits are freely distributed (grandfathered). Rent seeking behaviour can influence both the share of...

  5. Solar energy, a cash machine

    International Nuclear Information System (INIS)

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

  6. 18 CFR 367.1720 - Account 172, Rents receivable.

    Science.gov (United States)

    2010-04-01

    ... receivable. (a) This account must include rents receivable or accrued on property rented or leased by the service company to others. (b) Rents receivable from associate companies must be included in account 146, Accounts receivable from associate companies (§ 367.1460)....

  7. 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...

  8. 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...

  9. 24 CFR 582.305 - Housing quality standards; rent reasonableness.

    Science.gov (United States)

    2010-04-01

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

  10. Climate change, cash transfers and health.

    Science.gov (United States)

    Pega, Frank; Shaw, Caroline; Rasanathan, Kumanan; Yablonski, Jennifer; Kawachi, Ichiro; Hales, Simon

    2015-08-01

    The forecast consequences of climate change on human health are profound, especially in low- and middle-income countries and among the most disadvantaged populations. Innovative policy tools are needed to address the adverse health effects of climate change. Cash transfers are established policy tools for protecting population health before, during and after climate-related disasters. For example, the Ethiopian Productive Safety Net Programme provides cash transfers to reduce food insecurity resulting from droughts. We propose extending cash transfer interventions to more proactive measures to improve health in the context of climate change. We identify promising cash transfer schemes that could be used to prevent the adverse health consequences of climatic hazards. Cash transfers for using emission-free, active modes of transport - e.g. cash for cycling to work - could prevent future adverse health consequences by contributing to climate change mitigation and, at the same time, improving current population health. Another example is cash transfers provided to communities that decide to move to areas in which their lives and health are not threatened by climatic disasters. More research on such interventions is needed to ensure that they are effective, ethical, equitable and cost-effective. PMID:26478613

  11. 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.

  12. 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".

  13. The Ricardian rent theory two centuries after

    OpenAIRE

    Christian Bidard

    2014-01-01

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

  14. Optimal Taxation with Rent-Seeking

    OpenAIRE

    Rothschild, Casey; Scheuer, Florian

    2014-01-01

    Recent policy proposals have suggested taxing top incomes at very high rates on the grounds that some or all of the highest wage earners are engaged in socially unproductive or counterproductive activities, such as externality imposing speculation in the financial sector. To address this, we provide a model in which agents can choose between working in a traditional sector, where private and social products coincide, and a crowdable rent-seeking sector, where some or all of earned income refl...

  15. Resources and Economic Dynamics, Technology and Rents

    OpenAIRE

    Alberto Quadrio Curzio

    2011-01-01

    The essay investigates non producible (natural) resources and rent from three points of views: stylized facts, quantitative economics and economic theory. Taking the first point of view, the author discusses how economic growth can be represented in terms of never-ending tension between scarcity and technical progress. At least since the onset of modern economic growth, whenever scarcity produced a slowdown of growth, technical progress followed and scarcity was thereby removed. Scarcity, in ...

  16. 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...

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

    OpenAIRE

    Simões, Flavio Manuel Vilas-Boas

    2012-01-01

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

  18. 25 CFR 141.19 - Check cashing.

    Science.gov (United States)

    2010-04-01

    ... may give a fully negotiable check in addition to U.S. currency when cashing a draft, check or money... or any other obligation the customer owes to the business, but in no event may the owner or...

  19. 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

  20. Cash flow forecasting in startup companies

    OpenAIRE

    Zhou, Yang

    2016-01-01

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

  1. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

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

  2. Forecasting Daily Demand in Cash Supply Chains

    OpenAIRE

    Michael Wagner

    2010-01-01

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

  3. Cash Holdings and Finance Constraints in Indian Manufacturing Firms

    OpenAIRE

    Vikash Gautam; Ashish Singh; Sarthak Gaurav

    2014-01-01

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

  4. 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.

  5. 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...

  6. Rent seeking in sequential group contests

    OpenAIRE

    Gürtler, Oliver

    2005-01-01

    In this paper, a group contest is analyzed, where the groups are allowed to determine their sharing rules either sequentially or simultaneously. It is found that in case the more numerous group determines its sharing rule prior to the smaller group, rent dissipation in the group contest is higher than in an individual contest. However, if the order of moves is endogenized, the smaller group will always act prior to the bigger group. Competition between the groups is in this way weakened and t...

  7. Loss Aversion and Rent-Seeking: An Experimental Study

    OpenAIRE

    Kong, Xiaojing

    2008-01-01

    We report an experiment designed to evaluate the impact of loss aversion on rent-seeking contests. We find, as theoretically predicted, a negative relationship between rent-seeking expenditures and loss aversion. However, for any degree of loss aversion, levels of rent-seeking expenditure are higher than predicted. Moreover, we find that the effect of loss aversion becomes weaker with repetition of the contest.

  8. Internal Rent Seeking, Works Councils, and Optimal Establishment Size

    OpenAIRE

    Beckmann, Michael; Kräkel, Matthias

    2011-01-01

    Using a microeconomic model and data from the Establishment Panel of the German Institute for Employment Research, we analyze the optimal establishment size against the background of rent-seeking workers and the influence of works councils. The theoretical part shows that establishment size has a discouragement effect on the level of individual rent seeking but also a quantity effect as the number of rent seekers increases. The interplay of both effects – together with technological considera...

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

    OpenAIRE

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

    2001-01-01

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

  10. Rent-Seeking or Wealth-Creating: What to Choose?

    OpenAIRE

    2012-01-01

    This thesis presents a quite extensive literature review on literature concerning entrepreneurship, allocation of talent and rent-seeking. There is also a presentation of two models, one model concerning the allocation of talent and rent seeking. The second, demonstrates how rent-seeking affects investments in an economy. In the empirical part of the thesis there is a re-estimation of the results found in Murphy, Shleifer and Vishny, The Allocation of Talent: Implications for Growth (1991...

  11. Rent Seeking and Democracy in Latin America: What Drives What?

    OpenAIRE

    Calderón, César; Chong, Alberto

    2006-01-01

    Drawing on previously unused objective institutional data, we provide evidence for the causal link between rent-seeking behavior and democracy in Uruguay, a country where both rent-seeking behavior and political shifts have varied widely in the last 80 years, but where ethnolinguistic heterogeneity and income inequality have remained historically low. The latter helps better identify some “pure” political interactions and how they are linked with rent-seeking outcomes. We find that the presen...

  12. A model of capital accumulation and rent-seeking

    OpenAIRE

    2002-01-01

    A simple model incorporating rent-seeking into the standard neoclassical model of capital accumulation is presented. It embodies the idea that the performance of an economy depends on the efficiency of its institutions. It is shown that welfare is positively affected by the institutional efficiency, although output is not necessarily so. It is also shown that an economy with a monopolistic rent-seeker performs better than one with a competitive rent-seeking industry.

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

    OpenAIRE

    Sherstyukova, Karyna

    2016-01-01

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

  14. Risk-Aversion and Prudence in Rent-Seeking Games

    OpenAIRE

    Treich, Nicolas

    2009-01-01

    This paper considers a common n-agent symmetric rent-seeking game. It derives conditions so that risk-aversion and risk always decrease rent-seeking efforts. These conditions hold for any regular contest success function when risk-averse rent-seekers are also prudent. Under n = 2, prudence is a necessary and sufficient condition for risk-aversion to decrease rent-seeking efforts compared to risk-neutrality. An intuition for this result is given based on a self-protection model.

  15. INCOME DISTRIBUTION AND RENT SEEKING COSTS: A NOTE

    Directory of Open Access Journals (Sweden)

    MARIA ALESSANDRA ANTONELLI

    2010-01-01

    Full Text Available This paper analyzes a rent seeking competition where risk neutral agents have a different income. The individual income is private information but the income distribution is common information. Like the Hillman and Samet (1987 model the individual outlays in rent seeking is equal to the expected rent, but the winning probability for each agent is a function of its income. As a consequence, the social costs of the rent seeking depend on the income distribution and they can be lesser than the traditional measure pointed out by Hillman and Samet (1987.

  16. 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.

  17. 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.

  18. 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.

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

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2016-06-01

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

  20. A Rent-Seeking Experiment for the Classroom

    Science.gov (United States)

    Strow, Brian Kent; Strow, Claudia Wood

    2007-01-01

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

  1. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

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

  2. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    OpenAIRE

    Odd A. Asbjørnsen

    1983-01-01

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

  3. How Do Debit Cards Affect Cash Demand? Survey Data Evidence

    OpenAIRE

    Helmut Stix

    2003-01-01

    This paper analyzes how EFT-POS payments and ATM withdrawals affect purse cash demand. In particular, survey data about Austrian individuals are employed to estimate a cash demand equation which takes account of sample selection effects. The results reveal that purse cash demand is significantly affected by debit card usage and that there are significant differences in cash demand for individuals with different debit card usage frequencies. For example, the point estimates imply that individu...

  4. How Do Firms Finance Large Cash Flow Requirements

    OpenAIRE

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren

    2008-01-01

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

  5. 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...

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

    OpenAIRE

    Negrea Laura Georgeta; Matis Dumitru; Mustata V. Razvan

    2011-01-01

    The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, "Cash Flow is King", while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy...

  7. Easy come-easy go divisible cash

    Energy Technology Data Exchange (ETDEWEB)

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

    1996-10-16

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

  8. Cash Management Yields Many Maximum Returns.

    Science.gov (United States)

    Traynham, William W., Jr

    1987-01-01

    Outlines the cash management program developed by the Orangeburg School District (SC) for the district's funds. They take bids from banks before deciding which bank to use for all their services, including an investment program. This new system has saved $30,000 in the first year. Sidebars tell how to shop for bank services and list technical…

  9. CASH ACCOUNTING STANDARDIZATION IN THE PUBLIC SECTOR

    OpenAIRE

    Cenar Iuliana

    2010-01-01

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

  10. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2015-01-01

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

  11. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

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

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

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

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

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

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

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

  14. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

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

  15. 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. 952.5 Section 952.5 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS § 952.5 Community Investment Cash Advance Programs. (a) In general. (1) Each...

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Bridget Cronin; Leonard I. Nakamura; Richard Voith

    2008-01-01

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

  18. 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.

  19. 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.

  20. Prudency reviews, cash management issues emerge

    Energy Technology Data Exchange (ETDEWEB)

    1985-06-01

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

  1. Cash flow management in construction firms

    OpenAIRE

    Mutti, Cristine do Nascimento; Hughes, Will

    2002-01-01

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

  2. Buybacks in Treasury cash and debt management

    OpenAIRE

    Garbade, Kenneth D.; Rutherford, Matthew

    2007-01-01

    This paper examines the use of buybacks in Treasury cash and debt management. We review the mechanics and results of the buyback operations conducted in 2000-01, during a time of budget surpluses, and assess the prospective use of buybacks in the absence of a surplus. Possible future applications include (i) managing the liquidity of the new-issue markets when deficits are declining (by allowing Treasury officials to postpone a decision to discontinue a series without also being compelled to ...

  3. Immigration and welfare state cash benefits

    DEFF Research Database (Denmark)

    Pedersen, Peder J.

    2013-01-01

    policy programs and to extend the analysis to cover the period including the financial crisis years. Social implications – The paper has a potential to influence public attitudes in this area and to inform further public policy regarding benefit programs. Originality/value – The main new result 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. 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., ...

  5. 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.

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

    OpenAIRE

    Jinu Kim

    1998-01-01

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

  7. A Lintner Model of Payout and Managerial Rents

    OpenAIRE

    Lambrecht, Bart M.; Myers, Stewart C.

    2012-01-01

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

  8. House Prices, Rents, and Interest Rates under Collateral Constraints

    OpenAIRE

    Arce, Oscar; López-Salido, J David

    2006-01-01

    We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases. Individual heterogeneity on this mismatch gives rise to three different types of households: renters, landlords (i.e. buy-to-let investors, who provide the stock of houses for rent) and homebuyers who ...

  9. Forms of governance and the size of rent-seeking

    OpenAIRE

    Corchón, Luis C.

    2004-01-01

    In this paper we present a model of an organization where agents can choose between productive and rent-seeking activities. We consider two governance institutions, single ownership and corporate governance or parliament rule. Applications include models of internal organization of a firm, of a kingdom ruled either by an absolute monarch or by the parliament, and location where agents can locate either in the court and become rent-seekers, or in an industrial city and become entrepreneurs. Ou...

  10. Social norms on rent seeking and preferences for redistribution

    OpenAIRE

    Sabatini, Fabio; Sarracino, Francesco; Yamamura, Eiji

    2014-01-01

    Empirical studies have shown that preferences for redistribution are sig- nificantly correlated with expectations of future mobility and the belief that society offers equal opportunities. We add to previous research by inves- tigating the role of individual and social norms on rent seeking. We find that the individual propensity for stigmatizing rent seeking significantly and positively affects preferences for redistribution. On the other hand, living in an area where most citizens do not st...

  11. Rent-Seeking and Trade Policy: An Industry Approach

    OpenAIRE

    Robert E. Baldwin

    1984-01-01

    The model of rent-seeking presented in this paper is consistent with the observation that labor and management in an industry almost always adopt the same position concerning the desirability of import protection versus trade liberalization. The paper also discusses the size of the returns to rent-seeking relative to the costs of lobbying, factors influencing the type of government assistance sought by an industry, and ways in which the benefits and costs of protection can be made more widely...

  12. Reducing Rent Seeking by Providing Wide Public Service

    OpenAIRE

    Glazer, Amihai; Proost, Stef

    2010-01-01

    A winning coalition which sets policy cannot always ensure that members of the coalition will be the ones getting benefits. Different jurisdictions (including members of the winning coalition) may then engage in costly rent seeking. Maximizing the welfare of the winning coalition may therefore require providing services to jurisdictions which are not members of the winning coalition, thereby reducing rent seeking by members of the winning coalition. The paper shows how this mechanism can gene...

  13. Transaction cost politics, institutions for commitment and rent seeking

    OpenAIRE

    Murshed, S. Mansoob

    2001-01-01

    In developing countries, particularly in those countries that have experienced declining growth rates, institutional failure (bad policies) is closely related to development failure and growth collapses. This paper addresses the issues of commitment, compromise and rent seeking, all of which are relevant to institutional design and the formulation of optimal policies. The models in the paper are within the genre of endogenous policy formation, transaction cost politics, and models of rent see...

  14. Economic convergence and rent-seeking in Iran

    OpenAIRE

    Dreger, Christian; Rahmani, Teymur; Eckey, Hans-Friedrich

    2007-01-01

    The neoclassical growth model predicts convergence of productivity or per capita output levels across regions. If participation in the labor force is constant, convergence of per capita income is implied. We investigate this hypothesis for the Iranian economy using data on demand deposits as a proxy for GDP. Furthermore, the analysis controls for the effects of rent seeking. Due to its impact on the allocation of resources, rent-seeking is likely an impediment to overall growth. The results s...

  15. Rent Seeking/Corruption And Growth: A Simple Model

    OpenAIRE

    Angeletos, George-Marios; Kollintzas, Tryphon

    2000-01-01

    The goal of this paper is to propose a simple paradigm for understanding rent seeking and corruption in the growth context. We develop an endogenous growth model where entrepreneurs, as intermediate-good producers, may engage in rent-seeking activities. The latter are defined by the following properties: (i) their internal effect is positive; (ii) their external effect is negative; and (iii) they use real resources. Our formulation may be viewed as a parable for theft and fraud; organized cri...

  16. The Incidence of Overdissipation in Rent-Seeking Contests

    OpenAIRE

    Baye, Michael; de Vries, Casper; Kovenock, Dan

    1997-01-01

    textabstractThis paper reconsiders Tullock's analysis of rent seeking and wasteful overdissipation. The purpose of this paper is to point out that even though his original analysis of overdissipation is technically flawed, the definition of overdissipation can be modified to explain instances in which rational rent-seekers spend more to win a prize than the prize is worth. We showed before that equilibrium mixed strategies in the Tullock game do not permit overdissipation in expectation: the ...

  17. Markets in political influence: rent-seeking, networks and groups

    OpenAIRE

    Cameron K Murray

    2012-01-01

    Mainstream economic theories of rent-seeking and interest groups typically ignore the parallel, yet highly relevant, streams of research on social networks and groups. Incorporating these broader social and psychological theories into economic models of rent-seeking appear to be a promising avenue for developing an integrated theory of the market for political influence that predicts many of the observed stylised facts, and can better inform policy makers. Such a theory has the potential to p...

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

    OpenAIRE

    Bulte, Erwin; Wick, Katharina

    2005-01-01

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

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

    DEFF Research Database (Denmark)

    Bosselmann, Aske Skovmand

    2012-01-01

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

  20. Redistribution to Rent Seekers, Foreign Aid and Economic Growth

    OpenAIRE

    Roland Hodler

    2004-01-01

    This paper analyzes the consequences of redistribution of public funds to rent seekers. Therefore, it introduces redistribution to rent seeking agents into Barro's (1990) endogenous growth model with a productive public sector. It shows that the growth rate decreases in the share of the public funds that is redistributed. The public sector's relative sizes that maximize growth and welfare become also smaller in presence of redistribution. Further, if foreign aid is added to the model, the rel...

  1. Future Rent-Seeking and Current Public Savings

    OpenAIRE

    Ricardo J. Caballero; Pierre Yared

    2008-01-01

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

  2. 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...

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

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

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

  4. A Divisible E-cash System Using Secret Sharing

    Institute of Scientific and Technical Information of China (English)

    CHEN Kai; XIAO Guozhen

    2001-01-01

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

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

    OpenAIRE

    Kangas, Antti-Jussi

    2011-01-01

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

  6. Corporate governance and cash policies of multinational corporations

    OpenAIRE

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

    2012-01-01

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

  7. 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...

  8. Aplikace Business Intelligence pro vyhodnocení cash flow organizace

    OpenAIRE

    Ekart, Radim

    2015-01-01

    The thesis deals with the design and implementation of Business Intelligence solution for evaluation of cash flow in organization. In the theoretical part, author introduces the reader with theoretical knowledge of Business Intelligence, cash flow and analysis of enterprise information system Helios Green. In the practical part is description of the design and implementation of data warehouse and ana-lytic database. In the part of implementation is explained strategic planning of cash flow, e...

  9. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

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

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

    OpenAIRE

    Standing, Guy

    2014-01-01

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

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

    OpenAIRE

    Strickland, Roger P., Jr.; 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. Less cash on the counter: Forecasting Finnish payment preferences

    OpenAIRE

    Jyrkönen, Hanna

    2004-01-01

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

  13. CASH FLOW PLANNING AND OPTIMIZATION THROUGH GENETIC ALGRORITMS

    OpenAIRE

    Marco Aurelio Pacheco; Mara Noronha; Marley Vellasco; Carlos Lopes

    2000-01-01

    This article describes an intelligent system for financial planning and cashflow optimization named ICF: Intelligent Cash Flow. ICF is a computational tool for decision support which provides short-term and long-term financial managing strategies, considering financial products of the market. The ICF system makes use of Genetic Algorithms to elaborate cash flow projections which improve the company's profit for a specific period. ICF helps to deal with the complex aspects of cash flow plannin...

  14. Cash Holdings, Corporate Governance Structure and Firm Valuation

    OpenAIRE

    Kin-Wai Lee; Cheng-Few Lee

    2009-01-01

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

  15. AN ANALYSIS OF CASH WAQF PARTICIPATION AMONG YOUNG INTELLECTUALS

    OpenAIRE

    AMIRUL FAIZ OSMAN

    2014-01-01

    Considering the importance of cash waqf in developing waqf institutions and enhances the social economic of ummah. Yet, the literature that contributes to a social psychological understanding of the factors that underlie an individual's decision to donate to cash waqf has been extremely inadequate. This study therefore is aimed at examining the determinants of donor (waqif) intention to participate in giving cash waqf in the context of muslim in Malaysia particularly amongst young intellectua...

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

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

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

  17. Rents in the European power sector due to carbon trading

    International Nuclear Information System (INIS)

    The European Union Emissions Trading Scheme (EU ETS) has imposed a price on the allowances for CO2 emissions of electricity companies. Integrating this allowance price into the price of electricity earns a rent for companies who have received these allowances for free. During Phase I, 2005-2007, rents corresponding to the aggregate value of allocated allowances amounted to roughly Euro 13 billion per year. However, due to the specific price-setting mechanism in electricity markets true rents were considerably higher. This is due to the fact that companies also that have not received any allowances gain additional infra-marginal rents to the extent that their variable costs are below the new market price after inclusion of the allowance price. Producers with low carbon emissions and low marginal costs thus also benefit substantially from carbon pricing. This paper develops a methodology to determine the specific interaction of the imposition of such a CO2 constraint and the price-setting mechanism in the electricity sector under the assumption of marginal cost pricing in a liberalized European electricity market. The article thus provides an empirical estimate of the true total rents of power producers during Phase I of the EU-ETS (2005-2007). The EU ETS generated in Phase I additional rents in excess of Euro 19 billion per year for electricity producers. These transfers are distributed very unevenly between different electricity producers. In a second step, the paper assesses the impact of switching from free allocation to an auctioning of allowances in 2013. We show that such a switch to auctioning will continue to create additional infra-marginal rents for certain producers and will leave the electricity sector as a whole better off than before the introduction of the EU ETS.

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

    International Nuclear Information System (INIS)

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

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

    DEFF Research Database (Denmark)

    Engsted, Tom; Pedersen, Thomas Quistgaard

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

  20. Methods and Models for the Analysis of Cash Flows

    OpenAIRE

    Constantin ANGHELACHE; Radu Titus MARINESCU; Alexandru MANOLE; Mitrut, Constantin

    2012-01-01

    This paper analyzes the cash flow, as integrated into the manufacturing process of an enterprise. Incomes and expenses are recorded based on the principles of engagement accounting, the actual cash flow in the company treasury is different from the result from the profit and loss account.

  1. 7 CFR 273.20 - SSI cash-out.

    Science.gov (United States)

    2010-01-01

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

  2. 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'…

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

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232.072-3 Section 232.072-3 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM... liquidation of loans; and (8) Estimated amount and timing of cash receipt from other sources. (f)...

  4. LIFE STYLE OF RENTED LAND OWNERS IN UBUD SUBDISTRICT

    Directory of Open Access Journals (Sweden)

    A.A. Gde Putra Pemayun

    2015-02-01

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

  5. 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...

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

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

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

  7. Regulated Prices, Rent-Seeking, and Consumer Surplus

    OpenAIRE

    Bulow, Jeremy; Klemperer, Paul

    2012-01-01

    Price controls lead to misallocation of goods and encourage rent-seeking. The misallocation effect alone ensures that a price control always reduces consumer surplus in an otherwise-competitive market with convex demand if supply is more elastic than demand; or with log-convex demand (e.g., constant-elasticity) even if supply is inelastic. The same results apply whether rationed goods are allocated by costless lottery, or whether costly rent-seeking and/or partial decontrol mitigates the inef...

  8. Contractual Incentive Provision and Commitment in Rent-Seeking Contests

    OpenAIRE

    Gürtler, Oliver

    2006-01-01

    In this paper, we consider a symmetric rent-seeking contest, where employees lobby for a governmental contract on behalf of firms. The only verifiable information is which firm is assigned the contract. We derive the optimal wage contracts of the employees and analyze, whether commitment by determining the wage contract prior to the competitor is profitable. This is indeed the case, i.e. firms prefer to move first in the wage-setting subgame. This complements previous work on rent-seeking con...

  9. 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.

  10. 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.

  11. 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

  12. Piping cash out of provincial pockets

    International Nuclear Information System (INIS)

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

  13. The Incidence of Overdissipation in Rent-Seeking Contests

    NARCIS (Netherlands)

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

    1997-01-01

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

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

    Index Scriptorium Estoniae

    Kiviorg, Kristo

    2005-01-01

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

  15. Posterior Capsular Rent: Risk Factors, Diagnosis and Management

    OpenAIRE

    Nimmi Rani; Prashant Gupta

    2014-01-01

    In spite of a steady improvement in the safety of cataract surgery since the inception of phacoemulsification, diagnosing and managing posterior capsular rent still remains a challenge. Identification of the pre-existing risk factors is of utmost importance so that precautionary modifications are done in the surgery to prevent this complication. Once it happens, timely realization and appropriate management can have excellent outcomes.

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

    International Nuclear Information System (INIS)

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

  17. 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...

  18. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

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

  19. Money and Crime in a Cash-In- Advance Model

    OpenAIRE

    Hyung Sun Choi

    2011-01-01

    A cash-in-advance model, in which holding money is risky, is constructed to study the coexistence of multiple means of payment and monetary policy implications. In steady-state equilibrium, the marginal rate of substitution of cash goods for credit goods depends on the crime rate as well as the nominal interest rate. Credit may be in use, although the return on money is not positive. With theft, a money injection reduces the crime rate and makes cash more preferable for a greater variety of g...

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

    OpenAIRE

    Boučková, Petra

    2010-01-01

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

  1. 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.

  2. 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...

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

    OpenAIRE

    Carlo Vercellone

    2008-01-01

    The current transformation of capitalism is characterised by a full-fledged comeback and proliferation of forms of rent parallel to a complete change in the relationship between wages, rent and profit. To demonstrate our hypothesis, this article is divided in two sections: in the first section we are going to examine the definitions of the categories of wages, rent and profit , and claim that the lines separating rent from profit are flexible and mobile both theoretically and historically. To...

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

    Science.gov (United States)

    2010-07-01

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

  5. 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…

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

    OpenAIRE

    Du, Mingjie

    2010-01-01

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

  7. 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.

  8. 42 CFR 436.110 - Individuals receiving cash assistance.

    Science.gov (United States)

    2010-10-01

    ... Medicaid agency must provide Medicaid to individuals receiving cash assistance under OAA, AFDC, AB, APTD... the home is considered essential to the well-being of a recipient under the State's plan for OAA,...

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

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-02-01

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

  10. Cash Flow Prediction Using a Grey-Box Model

    OpenAIRE

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

    2015-01-01

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

  11. Debit card and cash usage: a cross-country analysis

    OpenAIRE

    Eugene Amromin; Sujit Chakravorti

    2007-01-01

    During the last decade, debit card transactions grew rapidly in most advanced countries. While check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast. We use panel estimation techniques to analyze the change in transactional demand for cash resulting from greater usage of debit cards in 13 countries from 1988 to 2003. We are able to disentangle cash’s store of value function from its payment function by separating cash ...

  12. The Validity of Company Valuation Using Discounted Cash Flow Methods

    OpenAIRE

    Florian Steiger

    2010-01-01

    This paper closely examines theoretical and practical aspects of the widely used discounted cash flows (DCF) valuation method. It assesses its potentials as well as several weaknesses. A special emphasize is being put on the valuation of companies using the DCF method. The paper finds that the discounted cash flow method is a powerful tool to analyze even complex situations. However, the DCF method is subject to massive assumption bias and even slight changes in the underlying assumptions of ...

  13. Anticipated Monetary Policy in a Cash-in-Advance Economy.

    OpenAIRE

    Benoit Carmichael

    1989-01-01

    This paper analyzes the effects of perfectly foreseen monetary policy within the framework of a standard cash-in-advance economy. Anticipated monetary policy is shown to have real effects by influencing inflationary expectations. In a cash-in-advance economy, an increase in the anticipated rate of inflation reduces the return to labor supply and induces a substitution away from time spent in the labor market. The paper analyzes the implication of this substitution for the time paths of output...

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

    OpenAIRE

    Zhang, Xiaolan

    2014-01-01

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

  15. How cash transfers promote the case for basic income

    OpenAIRE

    Standing, Guy

    2008-01-01

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

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

    OpenAIRE

    Skoufias, Emmanuel; Di Maro,Vincenzo

    2006-01-01

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

  17. Changing from subsistence to cash cropping. Sakaramma's story.

    Science.gov (United States)

    Rajamma, G

    1993-10-01

    In India, conversion of land to cash-crop rather than subsistence production has effected the standard of living of rural women. Food security, which used to be attained by supplementing home-grown produce with income from agricultural labor, is now achieved with funds raised by selling cash crops. The quality of food purchased is often inferior to that formerly raised on homesteads. Greater quantities of a wider variety of food were consumed under the old system, and the quality of the food was assured. Cash is now a daily necessity, yet the supply of cash depends upon fluctuating markets beyond local control. Cash income can increase without any increase in real income, and purchases of necessary fertilizers are financed by loans with high rates of interest. Women have no control over how the increased income from cash is spent, and it is often dedicated to debt clearance, alcohol, and household items rather than food. In the past, women agricultural workers were paid in kind and received the same compensation that men received. When payments were converted to cash, women received less. Women's work has increased because they must gather fuel and fodder for the cattle after working in their own and others' fields. Formerly these raw materials were readily available from the residue of traditional crops. It is clear that traditional farming is more advantageous for small farmers than cash-cropping, but more and more small farmers are yielding to government propaganda and adopting the new system. Women are never consulted about such a switch, yet they suffer most from the loss of the flow of their nonmonetary resources into their households. PMID:12320725

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

    OpenAIRE

    Stacey L. Schreft

    1997-01-01

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

  19. ARE BRAZILIAN FIRMS SAVINGS SENSITIVE TO CASH WINDFALLS?

    OpenAIRE

    Cristiano Machado Costa; Lourenço Senne Paz

    2004-01-01

    One of the most studied topics in the corporate finance literature is the effect of financial constraints on firms' investments decisions. Trying to explain this issue, Almeida, Campello andWeisbach (2003) modeled the relationship between the financial constraints faced by firms and their demand for liquidity. They show that if one firm is financial constrained we must expect positive cash _ow sensitivity from cash windfalls, while for unconstrained firms this relation does not hold. The aim ...

  20. De determinanten van cash holdings bij Belgische KMO's

    OpenAIRE

    Vanbaelen, Niels

    2011-01-01

    Deze eindverhandeling handelt over de determinanten die een invloed kunnen hebben op het niveau van cash holdings van Belgische KMO's. Dit werkstuk beslaat zeven hoofdstukken. Eerst en vooral wordt de probleemstelling uitgewerkt in hoofdstuk één gevolgd door een definiëring van het begrip KMO in hoofdstuk twee. Vervolgens komt in hoofdstuk drie een uitgebreide literatuurstudie aan bod. In hoofdstuk vier worden de determinanten van de cash holdings besproken, welke uit de literatuurstudie voor...

  1. Managerial discretion and optimal financing policies with cash flow uncertainty

    OpenAIRE

    Alessandro Fiaschi

    2009-01-01

    Building on the work of Stulz (1990), this paper analyzes the impact of managerial discretion on optimal leverage within an agency cost model of corporate financing. Under the assumption that stockholders do not know with certainty the mean of the cash flow distribution, we argue that leverage fails to control for the amount of cash the manager can misappropriate in personal projects. We develop a model of a firm’s value maximization problem that predicts that as expected earnings uncertainty...

  2. 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.

  3. 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.

  4. STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

    Directory of Open Access Journals (Sweden)

    Maria Belen Lozano

    2015-06-01

    Full Text Available Given the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.

  5. Short-term or long-term contracts? - A rent-seeking perspective

    OpenAIRE

    Gürtler, Oliver

    2007-01-01

    In this paper, firms engage in rent seeking in order to be assigned a governmental contract. We analyze how a change in the contract length affects the firms' rent-seeking behavior. A longer contract leads to more rent seeking at a contract assignment stage, as the firms value the contract higher. On the other hand, the contract has to be assigned less often, which of course leads to less rent seeking. Finally, a longer contract makes a possible cooperation between the firms solving the rent-...

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

    OpenAIRE

    Ormazabal Sánchez, Kepa Mirena

    2004-01-01

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

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

    OpenAIRE

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

    2005-01-01

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

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

    OpenAIRE

    Spineanu-Georgescu Luciana

    2011-01-01

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

  9. MODEL OF SPATIAL EVALUATION FOR TOURISM ECO-RENT

    Directory of Open Access Journals (Sweden)

    Maja Fredotović

    2011-02-01

    Full Text Available Tourism is extremely interacted with the environment. Taking into account that tourism uses the space and related resources, it seems right to pay for the damages caused to the environment. This is the basis of the tourist spatial eco rent. The paper evaluates the space and resources used by tourism as the basis for the introduction of the tourism eco-rent in the area of Makarska Riviera, a traditional tourism destination. It is divided into three main spatial units: urban areas, bathing zone (beaches, Biokovo Park of Nature. According to natural and geographical reasoning, a number of zones with different spatial values within each spatial unit has been identified. Each unit, i.e. zone was evaluated according to various criteria relevant to the evaluation of space for tourism and tourism development purposes. Having ranked zones within each unit, using the multiriteria ranking method PROMETHEE II, comparative analysis of the obtained results was carried out as well.

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

    OpenAIRE

    Budd, John W.; Matthew J. Slaughter

    2000-01-01

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

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

    OpenAIRE

    Lucian Arye Bebchuk

    1999-01-01

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

  12. Innovation, Rent Extraction, and Integration in Systems Markets

    OpenAIRE

    Farrell, Joseph; Katz, Michael

    2001-01-01

    We consider innovation incentives in markets where final goods comprise two strictly complementary components, one of which is monopolized. We focus on the case in which the complementary component is competitively supplied, and in which innovation is important. We explore ways in which the monopoly may have incentives to confiscate efficiency rents in the competitive sector, thus weakening or destroying incentives for independent innovation. We discuss how these problems are affected if the ...

  13. 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.

  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. Migration as an antidote to rent-seeking?

    OpenAIRE

    Fabio MARIANI

    2007-01-01

    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 in the allocation oftale...

  16. Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies

    OpenAIRE

    1992-01-01

    We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not only the level of investment, but also the form. Our basic hypothesis is simple: given the now well-established scope for managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is subject to renegotiation, and a manager's pay is the outcome of an often bewildering bargaining process between management, th...

  17. Rent-seeking Contests under Symmetric and Asymmetric Information

    OpenAIRE

    Wasser, Cédric

    2010-01-01

    We consider a variant of the Tullock rent-seeking contest. Under symmetric information we determine equilibrium strategies and prove their uniqueness. Then, we assume contestants to be privately informed about their costs of effort. We prove existence of a pure-strategy equilibrium and provide a sufficient condition for uniqueness. Comparing different informational settings we find that if players are uncertain about the costs of all players, aggregate effort is lower than under both private ...

  18. 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...... 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....

  19. Estimates of Firms' Patent Rents from Firm Market Value

    OpenAIRE

    James Bessen

    2006-01-01

    A simple formal model shows that estimates of an upper bound on the value of firms' patent rents can be obtained from regressions on Tobin's Q. I test this model on a sample of US firms and find it is robust to a variety of considerations. The estimates correspond well with implied estimates derived from previous research. Also, these upper bound estimates are only modestly higher than estimates of patent value obtained from data on patent renewals international patent filings. This suggests ...

  20. Do firms really share rents with their workers?

    OpenAIRE

    Margolis, David N.; Salvanes, Kjell Gunnar

    2001-01-01

    We use matched firm - worker panel data from France and Norway to consider observationally equivalent alternatives to the hypothesis that firms share product market rents with their workers in the form of higher wages. After documenting the main stylized fact, we find that neither the main statistical explanations (group effects in residuals and measurement error) nor sectoral shocks seem to be responsible for the observed correlation. Statistical-economic explanations (endogeneity of profits...

  1. Middlemen behaviour and generic advertising rents in competitive interrelated industries

    OpenAIRE

    Kinnucan, Henry W.

    1997-01-01

    This article focuses on the role of middlemen in determining the returns to generic advertising in a competitive industry where supply is uncontrolled, the price of marketing inputs is endogenous, and retail markets are interrelated through consumer preferences. Theoretical analysis suggests farm-gate returns (quasi-rents) are overstated when input substitution at middlemen level is ignored, a result confrmed in the empirical application. As for mark-up behaviour, represented by the farm-reta...

  2. Wages, Rents, Unemployment, and the Quality of Life

    OpenAIRE

    Wrede, Matthias

    2013-01-01

    Combining a spatial equilibrium model with a search-matching unemployment model, this paper analyzes the willingness to pay for regional amenities and the regional quality of life when wages, rents, and unemployment risk compensate for local amenities and disamenities. The results are compared with those obtained from the Rosen-Roback approach. Furthermore, the paper shows that the wage curve is negatively sloped for quasi-linear utility. Specifically, the wage rate increases and the unemploy...

  3. 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.

  4. Rent Sharing as a Driver of the Glass Ceiling Effect

    OpenAIRE

    Matano, Alessia; Naticchioni, Paolo

    2011-01-01

    In this paper we show that rent sharing plays a role in accounting for the glass ceiling effect. We make use of a unique employer-employee panel database for Italy from 1996 to 2003, which allows controlling for observed individual and firm heterogeneity and for collective bargaining. Moreover, by means of IV quantile fixed effects estimates we can cope with unobserved heterogeneity and endogeneity. We then go on to discuss the possible related explanations.

  5. Trade Reform with Quotas, Partial Rent Retention, and Tariffs.

    OpenAIRE

    Anderson, James E.; Neary, J. Peter

    1992-01-01

    Quotas are the predominant means of protection in developed countries, with quota rents commonly shared between exporter and importer. This paper derives shadow prices appropriate to evaluating trade reform under these circumstances and provides a number of useful sufficient conditions for welfare-improving "piecemeal" reform. In doing so, the authors apply the distorted (quantity-constrained) expenditure function and use implicit separability to derive more powerful results than have previou...

  6. Authoritarian regime type, oil rents and democratic transition

    OpenAIRE

    Bjørndal, Magnus

    2015-01-01

    The relationship between oil wealth and the probability of democratization has been widely investigated through the last decades. The negative effect that oil seems to have on the probability of democratization is named the oil curse. Even though the subject has been investigated by many researchers for several years, the effect of oil on the probability of democratization in different authoritarian regime types has not yet been studied statistically. This thesis investigates how oil rents af...

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

    OpenAIRE

    Hamid MOHTADI; Roe, Terry L.

    1997-01-01

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

  8. Rent-seeking and timber rights allocation in Ghana

    OpenAIRE

    Carlsen, Kirsten; Hansen, Christian Pilegaard

    2014-01-01

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

  9. Political Parties and Rent-seeking through Networks

    OpenAIRE

    Miettinen, Topi; Poutvaara, Panu

    2006-01-01

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

  10. BLUE GOLD: HYDRO-ELECTRIC RENT IN CANADA

    OpenAIRE

    Glenn Jenkins; RICHARD ZUKER

    1984-01-01

    In this study, an attempt is made to develop estimates of the value of economic rent from production of hydro-electricity. These estimates are made for the year 1979, which is the latest period for which a comprehensive set of data was available at the time this work was undertaken. The estimates are developed for the hydro-electricity generated (or used) by electric utilities in four provinces: Quebec (including Churchill Falls), Ontario, Manitoba and British Columbia. These electric systems...

  11. 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.

  12. 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...

  13. 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 is...

  14. 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 of the...

  15. Rente foncière et gestion des ressources naturelles

    OpenAIRE

    Jollivet, Marcel

    2003-01-01

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

  16. 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....

  17. Quasi-Rents and Pricing Gas in Mexico

    OpenAIRE

    Juan Rosellon; Dagobert L. Brito

    2008-01-01

    In 1997, the Comisión Reguladora de Energía of Mexico implemented a netback rule for linking the Mexican natural gas price to the Texas price. At the time, the Texas price reflected a reasonably competitive market. Since that time, there have been dramatic increases in the demand for natural gas and there are various bottlenecks in the supply of natural gas. As a result, the price of natural gas in Texas now reflects the quasi-rents created by these bottlenecks. This paper addresses the optim...

  18. 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.

  19. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Su-Yin Cheng

    2016-05-01

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

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

    DEFF Research Database (Denmark)

    Eydal, Gudny; Rostgaard, Tine

    2012-01-01

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

  2. Cash flow accounting and the cost of debt

    OpenAIRE

    Lari Dashtbayaz, Mahmoud

    2011-01-01

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

  3. Preparing Statement of Cash Flows from Taoist Perspectives

    OpenAIRE

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

    2013-01-01

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

  4. A tax proposal for a cash flow corporate tax

    OpenAIRE

    Lourdes Jerez Barroso; Joaquín Texeira Quirós

    2013-01-01

    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...

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

    OpenAIRE

    Plessmann, Frank; Ebmeyer, Christian; Goerg, Konrad

    2005-01-01

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

  6. Cash-Flow-at-Risk and Debt Capacity

    OpenAIRE

    Jankensgård, Håkan

    2008-01-01

    Cash Flow-at-Risk (CFaR) is a risk measure that conveys information on the shortfall in cash flow, associated with a certain probability, a firm could experience over a certain time period. However, to provide information on outcomes that are identified as costly by the risk management literature, in particular underinvestment due to financing constraints, a risk measure needs to make explicit reference to the firm’s presumed access to external sources of funding. What is called for is thus a...

  7. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    consumption habits of the products. The evidence thus suggests that different representations of money matters for consumer behavior. Such results further tease out the underlying mechanism of how payment methods influence spending behavior, which poses important implications for both consumers and merchants......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...

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

    OpenAIRE

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

    2012-01-01

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

  9. A Formal Theory of Firm Boundaries: A Trade-Off between Rent Seeking and Bargaining Costs

    OpenAIRE

    Yusuke Mori

    2013-01-01

    We develop a theory of firm boundaries in the spirit of transaction cost analysis, in which trading parties engage in ex post value split. We show that ex post inefficient bargaining under non-integration creates a trade-off between rent seeking and bargaining costs: while non-integration incurs lower rent-seeking costs than integration, it suffers from bargaining delay and breakdown, which never occur under integration. This result explains why rent-seeking activities within firms are likely...

  10. Human Capital, Rent Seeking, and a Transition from Stagnation to Growth

    OpenAIRE

    Lagerlöf, Nils-Petter; Tangerås, Thomas

    2005-01-01

    We present a growth model where agents divide time between rent seeking in the form of resource competition; and working in a human capital sector, interpreted as trade or manufacturing. Rent seeking exerts negative externalities on the productivity of human capital, generating multiple steady states. Adding shocks to the model -- in the form of violence in the rent seeking process, and changes in the size of the contested resource base -- the model can replicate a long phase with stagnant in...

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Aleksandra Prascevic

    2012-01-01

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

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

    OpenAIRE

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

    2013-01-01

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

  14. Price, scarcity rent, and a modified r per cent rule for non-renewable resources

    OpenAIRE

    John Livernois; Patrick Martin

    2001-01-01

    Since Hotelling's seminal paper on the optimal depletion of exhaustible resources, much has been published; yet confusion remains about whether scarcity rent and price increase or decrease as a resource is depleted when costs tend to rise with depletion. We show that Hotelling's fundamental results of rising scarcity rent and price paths are sustained and that the path of scarcity rent converges on the per cent rule, provided the objective function is concave. Predictions of non-monotonic or ...

  15. 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.

  16. The impact of energy labels and accessibility on office rents

    International Nuclear Information System (INIS)

    Energy consumption in the commercial property sector offers an important opportunity for conserving resources. In this study, we evaluate the financial implications of two elements of “sustainability” – energy efficiency and accessibility – in the market for commercial real estate. An empirical analysis of some 1100 leasing transactions in the Netherlands over the 2005–2010 period shows that buildings designated as inefficient (with an EU energy performance certificate D or worse) command rental levels that are some 6.5 percent lower as compared to energy efficient, but otherwise similar buildings (labeled A, B or C). Furthermore, this study shows that office buildings in multi-functional areas, with access to public transport and facilities, achieve rental premiums over mono-functional office districts. For policymakers, the results documented in this paper provide an indication on the effectiveness of the EU energy performance certificate as a market signal in the commercial property sector. The findings documented here are also relevant for investors in European office markets, as the importance of energy efficiency and locational diversification is bound to increase following stricter environmental regulation and changing tenant preferences. - Highlights: ► Built environment plays important role in reduction of greenhouse gas emissions. ► Energy certification of buildings may increase transparency and awareness. ► Tenants pay lower rent for less efficient commercial office buildings. ► Accessibility important determinant of commercial office rents.

  17. 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...

  18. 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

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

    OpenAIRE

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

    2014-01-01

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

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

    OpenAIRE

    Ning Gao and Abdulkadir Mohamed

    2015-01-01

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

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

    OpenAIRE

    Olubukunola Uwuigbe; Uwuigbe Uwalomwa; Ben-Caleb Egbide

    2012-01-01

    Cash has always being disregarded in financial decision making since it involves investment and financing in short term period. However, it is an important component in firm financial management decision. This study therefore investigates empirically the relationship between cash management and profitability in listed manufacturing companies in Nigeria. Cash conversion cycle is used as the measure for cash management as used in Raheman and Nasr (2007). Current ratio, debt ratio and sales grow...

  2. 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...

  3. 20 CFR 340.5 - Recovery by cash payment.

    Science.gov (United States)

    2010-04-01

    ... amounts recoverable be immediately and fully repaid in cash and any debtor shall have the absolute right to repay such amount recoverable in this manner. However if the debtor is financially unable to pay the indebtedness in a lump sum, payment may be accepted in regular installments. The amount...

  4. 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...

  5. 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. 206.6 Section 206.6 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL...

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

    Directory of Open Access Journals (Sweden)

    Arthur E. Young

    2015-02-01

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

  7. 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…

  8. 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...

  9. 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...

  10. 20 CFR 416.261 - What are special SSI cash benefits and when are they payable.

    Science.gov (United States)

    2010-04-01

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

  11. 20 CFR 416.262 - Eligibility requirements for special SSI cash benefits.

    Science.gov (United States)

    2010-04-01

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

  12. 26 CFR 20.2031-5 - Valuation of cash on hand or on deposit.

    Science.gov (United States)

    2010-04-01

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

  13. 34 CFR 668.161 - Scope and purpose (cash management rules).

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Scope and purpose (cash management rules). 668.161 Section 668.161 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.161 Scope and purpose (cash...

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    World Bank, (WB)

    2005-01-01

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

  16. 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

  17. Kuwait's political impasse and rent-seeking behaviour: a call for institutional reform

    OpenAIRE

    Al-Zumai, Fahad

    2013-01-01

    This paper deals with Kuwait’s current political paralysis and the stagnation of its democratic institutional development. In order to do so, it evaluates the ‘institutional settings’ of the Kuwaiti polity by applying rent-seeking theory. It therefore examines the spread of rent-seeking behavior as a factor that is eroding the existing political institutions.

  18. IMPROVEMENT OF RENT RELATIONS AS A FACTOR OF INCREASING THEENERGY EFFICIENCY OF UKRAINIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    А. Grazhevska

    2014-06-01

    Full Text Available The article addresses prerequisites and consequences of counterproductive rent-seeking behavior of economic agents as a factor that contributes to the low energy efficiency of the national economy.Author justifies the necessity and strategic directions of improvement of state regulation of rent relations in order to modernize the economy of Ukraine.

  19. 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...

  20. 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...

  1. 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 utility...

  2. 41 CFR 102-85.145 - When are customer agencies responsible for Rent charges?

    Science.gov (United States)

    2010-07-01

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

  3. Belgian nuclear power life extension and fuss about nuclear rents

    International Nuclear Information System (INIS)

    Nuclear decision-making is embedded in slowly evolving political, economic and financial institutions. Belgium houses extended nuclear activities, mostly under French control, for example: SUEZ-GDF and EDF own all Belgian nuclear power plants. But a 2003 law mandates the closure of Belgium's nuclear power plants at a service age of 40 years; only force majeure could lift the strict obligation. Opposition to the law argued with climate change danger, financial losses, and loss-of-load risks. The financial issue got interwoven with a fuzzy debate on the definition, height and appropriation of “nuclear rents”. As plausible hypothesis is adopted: the prospected transfer of hundreds millions of euro from power companies to the public interest will create public support for life extension. But the nuclear rents discussion had faded in July 2012 when the Belgian government admitted a 10-year life extension for TIHANGE I (962 MW) and imposed the closure of the 2×433 MW DOEL I and II. Loss-of-load risk was the government's only public argument. The opacity of the decision process and its “fifty–fifty” outcome do not allow proper testing of the hypothesis. The case illustrates that politicians cannot bind their followers except through the deployment of alternative power sources. - Highlights: • Nuclear phase-out is only successful when alternative supplies are deployed. • Politicians cannot bind their successors by words or by lawgiving. • The phase-out law exemplifies the disruption of a strong nuclear lock-in. • Life extension exemplifies the disruption of the phase-out law. • The impact of imprecise nuclear rents on life extension could not be tested

  4. 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.

  5. IRR: Stata module to calculate the (periodic) internal rate of return for a series of periodic cash flows.

    OpenAIRE

    Maximo Sangiacomo

    2013-01-01

    irr calculates the (periodic) internal rate of return for a series of periodic cash flows. These cash flows do not have to be constant, however, the cash flows must occur at regular intervals, such as months or years (if the cash flow payments are monthly, then the resulting rate of return is multiplied by 12 for the annual rate of return).

  6. From the Grabbing Hand to the Helping Hand: A Rent Seeking Model of China's Township-Village Enterprises

    OpenAIRE

    Che, Jiahua

    2002-01-01

    I present a study of ownership of firms under government rent seeking. Using its control of regulated inputs, a government agency extracts rents from a manager who undertakes an investment. Such a government rent seeking activity leads to a typical hold-up problem. Government ownership is shown to serve as a second best commitment mechanism through which the government agency will restrain itself from the rent seeking activity and even offer the manager support and favor such as tax breaks an...

  7. Rent-Seeking, Hierarchy and Centralization: Why the Soviet Union Collapsed So Fast and What it Means for Market Economies

    OpenAIRE

    Guinevere Liberty Nell

    2011-01-01

    Opening of the archives confirmed that the Soviet Union was a hierarchical economy driven by planning, not a rent-seeking society. Rent-seeking could not govern the classical socialist society because lower-level officials could not trust their superiors to collaborate. Individual incentives would have favored widespread rent-seeking in the absence of punishment, therefore loosening of control during perestroika infused the system with rent-seeking and triggered the collapse of the planned ec...

  8. Rent distribution effect of a price reduction in the Dutch gas transport market. A scenario analysis of regulatory policy, market form and rent allocation

    International Nuclear Information System (INIS)

    As part of the larger energy market deregulation program, the Dutch Office of Energy Regulation (DTe) has developed the habit to force the Dutch gas transport enterprise (Gas Transport Services GTS) to lower its prices. In this report, we simulate the welfare effects of a five per cent transport price reduction. DTe's key argument is that lower gas transport prices will benefit the end-user. Indeed, that might well be the case. However, at least three observations complicate matters substantially: Observation 1: government ownership. GTS is government -owned, and the dominant shipper (Gasunie Trade and Supply) is partly so (50 %). Hence, lost revenues from the gas transport business will all emerge at the debit side of the government's budget, and part of the shippers' rent returns in the government's pockets. Observation 2: imperfect competition. Firms enter into the competitive game to make profits. Shippers are not different. So, apart from in the extreme case of perfect competition (or, more generally, perfect contestability), part of the rents will end up in the pockets of the shippers, rather than the endconsumers. Observation 3: rent export. The Netherlands are not an isolated island in the European gas ocean. Not only is the majority of gas transported in the Netherlands exported to foreign end-users, but apart from that have foreign owners a large stake in Dutch shippers. As a result, given the fact that the Dutch industry is not autarktic, part of the rents will always be distributed, or will always 'leak' away, to foreign consumers and shippers (or their shareholders). These three observations together have three important implications. First, state ownership implies that much rent allocation is simply a matter of circulating money from one government sub-budget to the other (Observation 1). Second, given that the industry is imperfectly competitive, part of the rents will not be passed on to the endconsumers (Observation 2). Third, it is unavoidable

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Bagnoli, Franco

    2016-01-01

    In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very diff...

  11. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    OpenAIRE

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

    2012-01-01

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

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

    OpenAIRE

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

    2014-01-01

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

  13. Animal spirits in cash-in-advance economies

    OpenAIRE

    Stefano Bosi; Frédéric Dufourt; Francesco Magris

    2007-01-01

    The possibility of indeterminacy and sunspot fluctuations in dynamic rational expectations models has been often questioned on empirical grounds, for such models are widely believed to rely on implausibly high degrees of increasing returns to scale and/or other controversial calibrations of economic fundamentals. In this paper, we study the occurrence of such phenomena in a standard (one-sector) optimal growth model with endogenous labor supply and a partial cash-in-advance constraint on cons...

  14. Executive compensation, macroeconomic conditions, and cash flow cyclicality

    OpenAIRE

    Colonnello, Stefano

    2016-01-01

    I model the joint effects of debt, macroeconomic conditions, and cash flow cyclicality on risk-shifting behavior and managerial pay-for-performance sensitivity. I show that risk-shifting incentives rise during recessions and that the shareholders can eliminate such adverse incentives by reducing the equity-based compensation in managerial contracts. I also show that this reduction should be larger in highly procyclical firms. Using a sample of U.S. public firms, I provide evidence supportive ...

  15. The impact of retail payment innovations on cash usage

    OpenAIRE

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

    2012-01-01

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

  16. The evolution of a global cash management system

    OpenAIRE

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

    1994-01-01

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

  17. Determinanten van de cash positie van Belgische KMO's

    OpenAIRE

    Bocken, Michaël

    2010-01-01

    KMO's hebben onder meer omwille van hun grootte minder mogelijkheden om beroep te doen op de financiële markt dan grotere ondernemingen. Er zijn dan ook verschillende theorieën rond de diverse motieven die KMO's hebben om cash bij te houden, zoals bijvoorbeeld het voorzorgsmotief. Het opzet van deze eindverhandeling was dan ook om deze verschillende motieven te vinden en te onderzoeken. Dit werd gedaan aan de hand van het bestuderen van literatuur, waarin dan uiteindelijk drie relevante t...

  18. Key input factors for discounted cash flow valuations

    OpenAIRE

    Kramná, Eva

    2014-01-01

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

  19. Free Cash Flow, Signaling and the Dividend Puzzle

    OpenAIRE

    Alan V. Douglas

    1990-01-01

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

  20. Bytes of cash: Banking, computing and personal finance

    OpenAIRE

    Philips, Jim

    1996-01-01

    Notions of banking and finance have gradually changed over the past decade at the personal level, with the increasing spread of personal computers, personal finance software, and online services. Technological advances however have been hindered by administrative inertia in most traditional banks and the lack of accepted national and international policies for the management of digital cash. The radical efficiencies of virtual banking, in the absence of paper records, files, and documents, me...

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

    DEFF Research Database (Denmark)

    Hvid, Anna

    2013-01-01

    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......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...

  2. X-efficiency versus Rent Seeking in Chinese banks: 1997-2006

    OpenAIRE

    Matthews, Kent; Guo, Jianguang; Zhang, Xu

    2008-01-01

    This study demarcates cost-inefficiency in Chinese banks into X-inefficiency and rent-seeking-inefficiency. A protected banking market not only encourages weak management and X-inefficiency but also public ownership and state directed lending encourages moral hazard and bureaucratic rent seeking. This paper uses bootstrap non-parametric techniques to estimate measures of X-inefficiency and rent-seeking inefficiency for the 4 state owned banks and 10 joint-stock banks over the period 1997-2006...

  3. 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...... path dependency and social-economic structures of today, it is not possible to pick a best practice. With regard to the purpose of the rent regulation being protecting of tenants »right of ownership« in the same way as »society« protect true owners, conclusions on how the rent regulation could be...

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

    OpenAIRE

    Jie Chen; Shawn Ni

    2010-01-01

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

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

    OpenAIRE

    Fratini, Saverio M.

    2013-01-01

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

  6. Investing exhaustible resource rents and the path of consumption

    International Nuclear Information System (INIS)

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

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

    Directory of Open Access Journals (Sweden)

    Wen-Hua Cui

    2014-11-01

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

  8. Rent-Seeking and Peak-Load Pricing of Public Services

    OpenAIRE

    Dwight R. Lee; Paul W. Wilson

    1990-01-01

    Examines the pricing of usage in a government-provided facility in the presence of rent seeking over the distribution of the revenues raised. Distinguishes government prices and market prices in terms of the control over the revenues raised.

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

    DEFF Research Database (Denmark)

    Hvid, Anna

    2015-01-01

    The literature on the resource curse suggests that countries with large natural resource rents and weak institutions may experience rent seeking conflicts among different groups, potentially resulting in high inequality and welfare losses. While agricultural land has so far been categorized 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...... farmers, they may have adverse welfare effects, because they may increase the competition for rents among groups, and hence the amount of resources spent on rent seeking....

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

    DEFF Research Database (Denmark)

    Eggert, Wolfgang; Sørensen, Peter Birch

    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...... 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...

  11. 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...... 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...

  12. Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Bena, Jan

    -, č. 556 (2006), s. 1-38 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics

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

    OpenAIRE

    Jennergren, L. Peter

    1998-01-01

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

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

    OpenAIRE

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

    2016-01-01

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

  15. Debit card interchange fees generally lead to cash-promoting cross-subsidisation

    OpenAIRE

    Leinonen, Harry

    2011-01-01

    Cards and cash are competing payment instruments at point-of-sale. The twosided market platform theory, based on general benefit assumptions, supports the use of multilateral interchange fees for card payments as a means of promoting the use of cards. However, analysis of the issue from the concrete processing cost viewpoint leads to the opposite conclusion: collection of debit card interchange fees by issuers results in subsidisation of cash and so actually promotes the use of cash instead o...

  16. Do debit cards decrease cash demand? Evidence from a causal analysis using Principal Stratification

    OpenAIRE

    Mercatanti, Andrea; Li, Fan

    2015-01-01

    It has been argued that innovation in transaction technology may modify the cash holding behaviour of agents, as debit card holders may either withdraw cash from ATMs or purchase items using POS devices at retailers. In this paper, within the Rubin Causal Model, we investigate the causal effects of the use of debit cards on the cash inventories held by households using data from the Italy Survey of Household Income and Wealth (SHIW). We adopt the principal stratification approach to incorpora...

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

    OpenAIRE

    Doris Schneeberger; Gabriele Süß

    2007-01-01

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

  18. 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 .

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

    OpenAIRE

    Tingström, Lovisa; Kulesa, Linda

    2015-01-01

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

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

    OpenAIRE

    Gordon Hazen

    2009-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Ming-Lei Chang

    2016-05-01

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

  2. Cash management behavior of firms and its structural change in an emerging money market

    OpenAIRE

    Kytönen, E. (Erkki)

    2004-01-01

    Abstract Driven by fast evolution in the money market during the past two decades, financial and technological innovations, increasing competition, and internationalizing of businesses, cash and treasury management has become an increasingly important function in most firms. It is reasonable to expect that the role of financial transactions in the cash management process in adding to firm value has increased its importance and changed the cash management behavior of...

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

    OpenAIRE

    GHEORGHE LEPADATU

    2011-01-01

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

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

    OpenAIRE

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

    2001-01-01

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

  5. The Relationship Between Cash Flow And Capital Expenditure: Evidence From German Automobile Sector

    OpenAIRE

    Saffarizadeh, Navid

    2014-01-01

    ABSTRACT: The present study investigates the long run equilibrium relationship between cash flow and capital expenditure in German automobile sector as one of the leaders of the automobile industry in the world. Johansen co-integration test confirmed the relationship between cash flow and capital expenditure in the long run. Cash flow has significant and inelastic impact on capital expenditure (-0.963). Error correction model reveals that capital expenditure in German automobile sector conver...

  6. 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.

  7. Direct Distribution of Rents and the Resource Curse in Iran: A Micro-econometric Analysis

    OpenAIRE

    Farzanegan, Mohammad Reza; Habibpour, Mohammad

    2014-01-01

    Resource-rich economies and ethnically divided societies are linked to higher income inequality at the macro level. Our goal is to empirically examine the income inequality and welfare effects of the direct distribution of resource rents and subsequent taxation in Iran. We use rich micro survey data covering 140,000 individuals from more than 36,000 Iranian urban and rural households in 2009. Our micro-simulations show that the direct distribution of resource rents among all citizens and the ...

  8. Lobbying and Rent-Seeking for Public Goods in a Fiscally Centralized system

    OpenAIRE

    Cheikbossian, G.

    2004-01-01

    We analyze a centralized system as one in which a political authority finances by general taxation two local public goods each one associated with a particular region. Because individuals in the two regions have different preferences, they engage in rent-seeking activities to influence centralized policy-making in their preferred direction. Several results emerge from the analysis and in particular rent-seeking is shown to be increasing in taste heterogeneity and in the degree of spillovers.

  9. PREMISES AND ECONOMIC CONSEQUENCES OF RENT-SEEKING BEHAVIOUR ON THE BANKING SERVICE MARKET IN UKRAINE

    Directory of Open Access Journals (Sweden)

    N. Grazhevska

    2016-02-01

    Full Text Available The paper analyzes premises of rent-seeking behaviour of economic actors on the banking service market in Ukraine. The authors determine essential economic consequences of rent-seeking behaviour in the national banking system and put forward some practical recommendations for improvement of governmental regulation of banking system as an important factor of strengthening of economic competitiveness and national security in Ukraine.

  10. Housing Market and Agglomeration of Rent-Seeking Activities: Implications for Regional Development

    OpenAIRE

    Peng, Shin-Kun

    2014-01-01

    Rent-seeking is defined as exercising privileges or expending resources in order to obtain uncompensated gain by redistributing the wealth of others without reciprocating any benefits back to society through wealth creation. This paper pioneers in analyzing the agglomeration of rent-seeking activities in geography and the corresponding impact on regional economies. First of all, we construct a theoretical model based on the standard settings in the literature of economic geography with two ty...

  11. Rent-seeking versus Productive Activities in a Multi-task Experiment

    OpenAIRE

    Oosterbeek, Hessel; Sloof, Randolph; Sonnemans, Joep

    2006-01-01

    This discussion paper has led to a publication in the 'European Economic Review', 55(5), 630-43.Incentive instruments like asset ownership and performance pay often have to strike a balance between the productive incentives and the rent-seeking incentives they provide. Standard theory predicts that a given instrument becomes less attractive when the effectiveness of rent-seeking activities increases. More recent theories that emphasize the importance of reciprocity, however, suggest that this...

  12. Rent seeking, interest groups and environmental lobbying: Cane Farmers versus Great Barrier Reef Protectionists

    OpenAIRE

    Beard, Rodney

    2007-01-01

    In this paper an interest group model of rent seeking behaviour between sugarcane farmers and environmental protectionists is developed. The motivation for this scenario comes from the debate over fertilizer run-off and its possible impact on Queensland’s Great Barrier Reef. The paper takes Gordon Tullock’s rent-seeking model and applies it to the bargaining process over controls on fertilizer application in an effort to learn something about the likely political outcomes of this ...

  13. The appearance of homo rivalis: Social preferences and the nature of rent seeking

    OpenAIRE

    Herrmann, Benedikt; Orzen, Henrik

    2008-01-01

    While numerous experiments demonstrate how pro-sociality can influence economic decision-making, evidence on explicitly anti-social economic behavior has thus far been limited. In this paper we investigate the importance of spite in experimental rent-seeking contests. Although, as we show, existing evidence of excessive rent-seeking is in theory compatible with fairness considerations, our social preference elicitations reveal that subjects’ investments are driven by spite, not fairness or re...

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

    OpenAIRE

    Robert Hill; Iqbal A. Syed

    2012-01-01

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

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

    OpenAIRE

    Agell, Jonas

    2001-01-01

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

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

    OpenAIRE

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

    2004-01-01

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

  17. 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.

  18. Purely Internal Rate of Return and Investment Decisions: A Cash-Flow Perspective

    OpenAIRE

    Carlo Alberto Magni

    2010-01-01

    The recent notion of Average Internal Rate of Return (AIRR) [Magni 2010, The Engineering Economist, 55(2), 150-180] completely solves the long-standing problem of the internal rate of return (IRR). While the AIRR is a return measure, this paper presents a cash-flow measure, namely the ratio of net cash flow (i.e., cash inflows minus cash outflows) to capital invested. It is a purely internal measure because, unlike the AIRR, it does not depend on the market rate, and is a return measure as we...

  19. Riadenie cash-flow v nadnárodnej korporácii

    OpenAIRE

    Oravčík, Vladimír

    2009-01-01

    Aim of this bachelor work is Management of cash-flow in multinational corporation. Goal of this work is measuring and analyzing management of liquidity and cash-flow in L'Oreal ČR. Paper is aimed on indicators of liquidity and report of cash-flow. From this indicators and report is made conclusion on a financial state of company. The end of paper is dealing with management of financial finds. It collates management of financial funds by theoretical model and by cash-pooling

  20. Resource rents: The effects of energy taxes and quantity instruments for climate protection

    International Nuclear Information System (INIS)

    Carbon dioxide emissions correspond to fossil resource use. When considering this supply side of climate protection, crucial questions come to fore. It seems likely that owners of fossil resources would object to emission reductions. Moreover, policy instruments such as taxes may not be effective at all: it seems individually rational to leave no fossil resources unused. In this context, it can be expected that economic sectors will react strategically to climate policy, aiming at a re-distribution of rents. To address these questions, we investigate the effectiveness, efficiency, and resource rents for energy taxes, resource taxes, and quantity rationing of emissions. The analysis is based on a game theoretic growth model with explicit factor markets and policy instruments. Market equilibrium depends on a government that acts as a Stackelberg leader with a climate protection goal. We find that resource taxes and quantity rationing achieve this objective efficiently, energy taxation is only second-best. The use of quantity rationing to achieve climate protection generates substantial rents for resource owners. - Highlights: ► Resource taxes and quantity rationing (carbon budgets) are efficient. ► Carbon budgets increase resource rents, while taxes decrease rents. ► Resource owners may support climate protection. ► Climate protection introduces a climate rent.

  1. 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.

  2. CASH-FLOW vs. MARKET-VALUE CDOs

    Directory of Open Access Journals (Sweden)

    SILVIU EDUARD DINCA

    2016-02-01

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

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

    International Nuclear Information System (INIS)

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

  4. Order to Cash -prosessin kehittäminen

    OpenAIRE

    Koponen, Titta

    2016-01-01

    Opinnäytetyön tavoitteena oli tutkia, kuinka kohdeyrityksen Order to Cash -prosessia kehittämällä saadaan lyhennettyä prosessin läpimenoaikaa sekä parantamaan asiakaspalvelua tuottamalla asiakkaalle enemmän arvoa. Tavoitteena oli myös laatia yritykselle OTC -prosessikuvaus ja kehittää prosessia. OTC-prosessi käsittää yrityksen tilaus-toimitusprosessin, logistisen asiakaspalvelun sekä kassavirran ja luotonvalvonnan osalta maksuehdot ja perinnän. Viitekehyksenä tutkimukselle oli Lean-menete...

  5. 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.

  6. 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.

  7. Unstash the Cash! Corporate Governance Reform in Japan

    OpenAIRE

    Chie Aoyagi; Giovanni Ganelli

    2014-01-01

    Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehen...

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

    Directory of Open Access Journals (Sweden)

    Razvan PETRUSEL

    2006-01-01

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

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

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

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

  10. 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.

  11. 26 CFR 1.401(k)-1 - Certain cash or deferred arrangements.

    Science.gov (United States)

    2010-04-01

    ... rulings issued by the Department of Labor. See 29 CFR 2510.3-102. (3) Rules applicable to cash or deferred... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Certain cash or deferred arrangements. 1.401(k)-1 Section 1.401(k)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE...

  12. 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…

  13. 29 CFR 531.27 - Payment in cash or its equivalent required.

    Science.gov (United States)

    2010-07-01

    ... require payments of the prescribed wages, including overtime compensation, in cash or negotiable... term “wage” does not appear in section 7, all overtime compensation must be paid in cash and may not be... its legislative history which demonstrates the intention to provide one rule for the payment of...

  14. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants... defined in § 511.2, and, therefore, are subject to deobligation to the extent authorized by 24 CFR...

  15. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

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

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

    OpenAIRE

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

    2014-01-01

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the products. The evidence thus suggests that different representations of money matters for consumer behavior.

  17. ORGANIZATION OF ACCOUNTING AND INTERNAL CHECK CASH FLOW AND PAYMENT ON BASE BUSINESS OF AUTOMOBILE MAINTENANCE SERVICING

    OpenAIRE

    Kashchenko, O.

    2010-01-01

    The article is devoted topical questions of organization of accounting and internal check cash flow and payment on base business of automobile maintenance servicing. Defined the problem of accounting and control cash flows are formulated proposals to address them.

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

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

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

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

    Institute of Scientific and Technical Information of China (English)

    Chang-Ji Wang; Yong Tang; Qing Li

    2007-01-01

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

  20. Measuring the Social Costs of Rent-Seeking in Agriculture-Based Rural Development Projects in Developing Countries

    OpenAIRE

    Fleming, Euan

    1996-01-01

    Identification and measurement of the social costs of rent-seeking (and associated rentdefending and rent-avoiding) in projects in developing countries have been neglected. This is in spite !1f a voluminous literature on the methodology and practice of project evaluation, an.i intense scrutiny of project activities by agencies responsible for their funding. The potential for social costs from rent-seeking in such projects is explored in this paper, with some illustrative ex,mples from agricul...

  1. On the cost of rent-seeking by government bureaucrats in a Real-Business-Cycle framework

    OpenAIRE

    2013-01-01

    This paper studies the wasteful effect of bureaucracy on the economy by addressing the link between rent-seeking behavior of government bureaucrats and the public sector wage bill, which is taken to represent the rent component. In particular, public officials are modeled as individuals competing for a larger share of those public funds. The rent-seeking extraction technology in the government administration is modeled as in Murphy et al. (1991) and incorporated in an otherwise standard Real-...

  2. 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.

  3. Rent-seeking mechanism for safety supervision in the Chinese coal industry based on a tripartite game model

    International Nuclear Information System (INIS)

    There are extensive governmental rent-seeking activities in safety supervision of the Chinese coal industry. The rents come from industry safety barriers, low resource taxes, and privilege policies for coalmining enterprises. The rent-seeking mechanism was analyzed using a model comprising dynamic games with incomplete information. The equilibrium results indicate that the probability of national supervision is influenced by penalties and bribery: there is negative correlation with penalties and positive correlation with bribery. The rent-seeking probability of a governmental safety supervision department is influenced by several factors, and positively correlates with the cost of national supervision. The probability of bribery of coalmining enterprises is influenced by several factors, and positively correlates with wages of governmental departments and a reasonable rent-seeking range. Reversed rent-seeking reduces the probability of bribery, but it's not worth recommending. Some recommendations are proposed. - Highlights: • We analyze rent-seeking mechanism for safety supervision in the coal industry. • A dynamic game with incomplete information for Chinese coal industry is built. • Reversed rent-seeking is proposed as a new rent-seeking form. • We analyze the selection probability of the three participants. • We give some policies about how to enhance safety supervision

  4. 20 CFR 670.620 - Are Job Corps students eligible to receive cash allowances and performance bonuses?

    Science.gov (United States)

    2010-04-01

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

  5. THE ECONOMICS OF THERAPY - CLIENTS, COLLEAGUES, CASH AND COMPETITION

    DEFF Research Database (Denmark)

    Thomas, Daniel; Jacobsen, Stine Lindahl; Ledger, Alison;

    This roundtable features an international panel of music therapists exploring what happens when music therapy and business collide. Can 21st century music therapy care for clients, colleagues, cash and competitors? Thought-­‐provoking presentations will connect participants with approaches that...... in our profession alongside our culturally bio-­‐diverse practices and ecological approaches. Research (Ledger 2010) found that music therapists were uncertain about gaining support and securing funding. Our approach with commissioners may include consultative services, but what do managers and...... need help? Can we arket and advertise our services responsibly and reliably? Should music therapy students be taught basic strategies for business development and reflect on their own qualities as potential entrepreneurs? Working within a “for-­‐profit” business model makes some people uncomfortable...

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

    Directory of Open Access Journals (Sweden)

    AMAIA MASEDA GARCÍA

    2006-12-01

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

  7. Comments on contingency management and conditional cash transfers.

    Science.gov (United States)

    Higgins, Stephen T

    2010-10-01

    This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT. PMID:19670269

  8. 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.

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

    OpenAIRE

    Baldy, Aurélie

    2009-01-01

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

  10. Rent-seeking and grandfathering: The case of GHG trade in the EU

    DEFF Research Database (Denmark)

    Brandt, Urs Steiner; Svendsen, Gert Tinggaard

    2002-01-01

    reduction. Our main question is whether the final choice of allocation rule can be explained by potential industrial net winners involved in the policy making process. We answer this question by using rent-seeking theory and by analysing the Green Paper hearing replies from the main industrial groups. In...... other words, we want to explain and observe how rent-seeking (or lobbyism) affects the design of environmental regulation and energy policy in favour of well-organized industrial interest groups. We argue that some firms are likely to reap a net gain from being regulated by a grandfathered emission...... trading system. This is so because total costs of emission reduction and lobbyism are likely to be smaller than the total rents from having this type of regulation....

  11. 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.

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

    OpenAIRE

    Fakhri Issaoui; Talel Boufateh; Ghassen El Montasser

    2013-01-01

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

  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. 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.

  15. Identifying Variables Influencing Tenant Affordability to Pay Rent in Ipoh City Council Public Housing

    Directory of Open Access Journals (Sweden)

    Salleh Nor Aini

    2014-01-01

    Full Text Available Affordability reflects the challenges faced by households in balancing the real cost of housing and non housing expenditures against income limitations placed upon the household. Various methods have been introduced to measure housing affordability among households. This study was undertaken to identify the variables influencing tenant affordability to pay rent. Data was obtained through questionnaire distribution on 350 MBI public housing tenants using the strata sampling technique. This study found that only ethnic group variable significantly influenced the ability to pay rent. The study’s findings proved that different ethnic groups faced different housing costs liabilities attributable to different socioeconomic status.

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

    OpenAIRE

    Hulliger, Beat; Wiegand, Gordon

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Nadeem Ahmed Sheikh

    2016-04-01

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

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

    DEFF Research Database (Denmark)

    Hvid, Anna; Henningsen, Geraldine

    2014-01-01

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

  19. Payment Scale Economies and the Replacement of Cash and Stored Value Cards

    OpenAIRE

    Wilko Bolt; David Humphrey

    2006-01-01

    Debit cards in Europe replace many medium value cash payments while stored value cards were designed to replace small value cash transac-tions. Unit cost considerations dictated a two-card (or single card) dual technology approach to cash replacement since unit costs were too high to use debit cards alone for low value transactions. We estimate payment scale economies and illustrate the change in processing volume likely needed to permit debit cards to cost-e¤ectively replace a greater porti...

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

    OpenAIRE

    Becker, Gernot M.; Seeger, Norbert

    2003-01-01

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

  1. Measuring the impact of social cash transfers on poverty and inequality in Namibia

    OpenAIRE

    Sebastian Levine; Servaas van der Berg; Derek Yu

    2009-01-01

    This paper reviews the system for social cash transfers in Namibia, a middle-income country with a long experience in making available a universal and non-contributory old age pension, child grants using means-testing and quasi-conditionalities and other cash transfers. The paper traces the origins of the cash transfers back to the country’s past annexation into apartheid South Africa and shows how Namibia’s system is now faced with a set of distinct challenges that are particularly pertinent...

  2. 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.

  3. 41 CFR 102-85.125 - What alternate methods may be used to establish Rent in Federally-owned space?

    Science.gov (United States)

    2010-07-01

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

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

    Science.gov (United States)

    2010-04-01

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

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

    NARCIS (Netherlands)

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

    1994-01-01

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

  6. 24 CFR 982.617 - Shared housing: Rent and voucher housing assistance payment.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Shared housing: Rent and voucher housing assistance payment. 982.617 Section 982.617 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued) OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN...

  7. Strategická analýza podniku Jíša Rent-car

    OpenAIRE

    Jíša, Josef

    2009-01-01

    The topic of the thesis is a strategy analysis of Jíša Rent-car s.r.o. It describes and rates the internal and external company environment, its competitive position and recommends the most suitable strategy for company development.

  8. 24 CFR 888.113 - Fair market rents for existing housing: Methodology.

    Science.gov (United States)

    2010-04-01

    ... estimates of rent plus the cost of utilities, except telephone. FMRs are housing market-wide estimates of... eligible to use FMRs set at the 50th percentile may be eligible for a higher payment standard under § 982... home space rental (for the voucher program under part 982 of this title) is: (1) 40 percent of the...

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

    Science.gov (United States)

    Mendoza, Roger Lee

    2015-01-01

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

  10. 75 FR 4271 - Refinement of Income and Rent Determination Requirements in Public and Assisted Housing Programs...

    Science.gov (United States)

    2010-01-27

    ... February 11, 2009, at 74 FR 6839, HUD published a notice in the Federal Register seeking public comment on... URBAN DEVELOPMENT 24 CFR Parts 5 and 92 RIN 2501-AD48 Refinement of Income and Rent Determination..., 5.518, 5.609 and 92.203 published at 74 FR 4832, January 27, 2009, which were delayed at 74 FR...

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Vercellone, Carlo

    2008-01-01

    Une version beaucoup plus complète et approfondie de cet article a été publiée en français : Vercellone C. (2007), « La nouvelle articulation rente, salaire et profit dans le capitalisme cognitif », in European Journal of Economic and Social Systems, Volume 20 – n° 1/2007, pp.45-64.

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

    OpenAIRE

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

    1996-01-01

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

  14. How to make the clean development mechanism sustainable-The potential of rent extraction

    International Nuclear Information System (INIS)

    The clean development mechanism (CDM) should foster sustainable development and greenhouse gas emission reductions. The design of the CDM and first experience suggest that it may not achieve these goals. Developing countries hosting CDM projects may lose cheap emission reduction possibilities for their own future use, and sustainable development and technology transfer may not take place. On the other hand, the CDM has the potential to generate considerable rents if permit prices are high or costs low. To account for equity and distributional issues, a deliberate decision on how to distribute these rents could be taken and the potential failure of the CDM in meeting its goals calls for some further regulation. I suggest to combine these two issues and to extract the rents by a profit tax. Ideally, the tax revenues could contribute to national sustainable development strategies, to offset external costs imposed by CDM projects and to extract part of the resource rent they may generate. The international character of the CDM could offer a frame for internationally coordinated tax design. This would hedge against a potential race to the bottom

  15. 41 CFR 102-85.130 - How are exemptions from Rent granted?

    Science.gov (United States)

    2010-07-01

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

  16. 24 CFR 984.304 - Total tenant payment, family rent, and increases in family income.

    Science.gov (United States)

    2010-04-01

    ... set forth in 24 CFR part 913. (2) Section 8 FSS program: Calculation of family rent. For the rental... regulations set forth in 24 CFR § 982.505. (b) Increases in FSS family income. Any increase in the earned... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Total tenant payment, family...

  17. Did rent deregulation alter tenure choice decisions in the Czech Republic?

    Czech Academy of Sciences Publication Activity Database

    Tsharakyan, Ashot; Zemčík, Petr

    2016-01-01

    Roč. 24, č. 2 (2016), s. 335-360. ISSN 0967-0750 R&D Projects: GA ČR(CZ) GAP404/12/1446 Institutional support: RVO:67985998 Keywords : Czech Republic * rent regulation and deregulation * real estate prices Subject RIV: AH - Economics Impact factor: 0.423, year: 2014

  18. Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Bena, Jan; Hanousek, Jan

    -, č. 291 (2006), s. 1-45. ISSN 1211-3298 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : rent extraction * large shareholders * corporate governance Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp291.pdf

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

    Science.gov (United States)

    2010-04-01

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

  20. 75 FR 33821 - Section 8 Random Digit Dialing Fair Market Rent Surveys

    Science.gov (United States)

    2010-06-15

    ... URBAN DEVELOPMENT Section 8 Random Digit Dialing Fair Market Rent Surveys AGENCY: Office of the Chief... incorrect. The Department has used this random digit dialing (RDD) survey methodology for 15 years, as... lists the following information: Title of Proposal: Section 8 Random Digit Dialing Fair Market...

  1. Accrual-based accounting system versus cash-based accounting: An empirical study in municipality organization

    Directory of Open Access Journals (Sweden)

    Mahbobeh Arab

    2013-01-01

    Full Text Available There are many cases, where we may wish to choose a good accounting system and would like to learn how they work and the advantages and disadvantages of each so we can choose the better one for a business. In this paper, we present an empirical survey to understand whether we can choose accrual or cash accounting system. The proposed study designs a questionnaire among 220 experts in area of accounting affairs. The survey considers four sub hypotheses and one main hypothesis to see whether there are reliable rules and regulations in accrual-based accounting compared with cash accounting or not. Similarly, the survey investigates whether accrual-based accounting is more informative, comprehensive and provides better comparative results compared with cash accounting. The results indicate that accrual-based account performs better in terms of all mentioned criteria and it is a better method for managing accounting affairs compared with cash accounting systems.

  2. 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.

  3. 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.

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

    OpenAIRE

    Jody Schimmel; David Stapleton

    2012-01-01

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

  5. 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

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

    OpenAIRE

    Takiah Mohd Iskandar; Rina Br Bukit; Zuraidah Mohd Sanusi

    2012-01-01

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

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

    OpenAIRE

    Piotr Szczepankowski

    2007-01-01

    In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial) are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better va...

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

    OpenAIRE

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

    2015-01-01

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

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

    OpenAIRE

    Hyvönen, Valtteri

    2016-01-01

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

  10. The costs of paying: Private and social costs of cash and card systems

    OpenAIRE

    Bergman, Mats; Guibourg, Gabriela; Segendorf, Björn

    2007-01-01

    Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding threshold...

  11. The Costs of Paying – Private and Social Costs of Cash and Card Payments

    OpenAIRE

    Bergman, Mats; Guibourg, Gabriela; Segendorf, Björn

    2007-01-01

    Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding threshold...

  12. From Cash to Accrual Budgeting and Accounting in the Public Sector: The Dutch Experience

    OpenAIRE

    van der Hoek, M. Peter

    2005-01-01

    Traditionally, governments used to deploy input-based budgeting systems and cash-based accounting systems. However, these systems do not provide the information that is necessary for a government to operate efficiently and effectively. Therefore, a growing number of countries have already shifted or are planning to shift from cash-based tot some form of accrual accounting in the public sector. Usually, the implementation of some accrual-based system is linked to wider financial management ref...

  13. Hedging media sales cash flow at otavamedia - A risk management method for closely held companies

    OpenAIRE

    Reenpää, Joonas

    2014-01-01

    Objectives of the thesis: The objective of this thesis is to discover whether Otavamedia, a Finnish media company, can utilize its' publicly listed competitors' shares as a tool of risk management for its media sales cash flow. The risk associated with media sales cash flow is the inevitable effect it has on shareholders' funds available for distribution. The advantage the company has is the advance knowledge of media advertising growth, which is generally found to be vastly cyclical and ...

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

    OpenAIRE

    Nguyen Viet, Cuong

    2008-01-01

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

  15. Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System

    OpenAIRE

    Zoltan Pozsar

    2011-01-01

    Through the profiling of institutional cash pools, this paper explains the rise of the "shadow" banking system from a demand-side perspective. Explaining the rise of shadow banking from this angle paints a very different picture than the supply-side angle that views it as a story of banks' funding preferences and arbitrage. Institutional cash pools prefer to avoid too much unsecured exposure to banks even through insured deposits. Short-term government guaranteed securities are the next best ...

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

    OpenAIRE

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

    2016-01-01

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

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

    OpenAIRE

    Nadeem Ahmed Sheikh; Muhammad Imran Khan

    2016-01-01

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

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

    OpenAIRE

    KAMIL AKINTUNDE

    2013-01-01

    This study examined the effects of agroclimatic factors on the yield of cash crops in Nigeria and other variables such as producer prices, exchange rate and level of national income (GDP). The effects of total rainfall, mean temperature, sunshine hour, relative humidity, radiation, exchange rate and GDP on the yields of three cash crops (Cocoa, Palm Kernel and Palm Oil) were estimated for the period 1970-2003 in Nigeria. The methods of analysis employed in the study were mainly error-correcti...

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

    OpenAIRE

    Skogsvik, Kenth

    2006-01-01

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

  20. The importance of check-cashing businesses to the unbanked: racial/ethnic differences

    OpenAIRE

    Greene, William H.; Sherrie L. W. Rhine; Maude Toussaint-Comeau

    2003-01-01

    The roughly 9.5 percent of all U.S. families that are without some type of transaction account (unbanked) are disproportionately represented by minorities. The unbanked often must rely on alternative ways to carry out basic financial transactions such as cashing payroll checks and paying bills. This study analyzes unique survey data and finds that a consumer's decision to patronize check-cashing businesses is jointly made with the decision to be unbanked. For the unbanked, these businesses ar...

  1. Diverse tipologie di venture capital e relazione tra investimenti e cash flow

    OpenAIRE

    Fabio Bertoni; Massimo G. Colombo; Annalisa Croce

    2009-01-01

    The impact of venture capital financing on the investment cash flow sensitivity - In this paper we study the effect of venture capital (VC) financing on firms’ investments in a longitudinal sample of 374 Italian unlisted new-technology-based firms (NTBFs) observed over the 10-year period from 1994 to 2003. In particular, we consider the influence of VC on both firms’ investment levels and the sensitivity of investments to firms’ cash flows. We also distinguish the effects of VC financing acc...

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

    OpenAIRE

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

    2011-01-01

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

  3. Securities loans collateralized by cash: reinvestment risk, run risk, and incentive issues

    OpenAIRE

    Frank Keane

    2013-01-01

    Securities loans collateralized by cash are by far the most popular form of securities-lending transaction. But when the cash collateral associated with these transactions is actively reinvested by a lender’s agent, potential risks emerge. This study argues that the standard compensation scheme for securities-lending agents, which typically provides for agents to share in gains but not losses, creates incentives for them to take excessive risk. It also highlights the need for greater scrutiny...

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

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

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

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

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

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

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

    OpenAIRE

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

    2016-01-01

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

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

    OpenAIRE

    Elena Del Rey; Fernanda Estevan

    2011-01-01

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

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

    OpenAIRE

    Fitz, Dylan

    2013-01-01

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

  9. Cash, food, or vouchers?: Evidence from a randomized experiment in northern Ecuador

    OpenAIRE

    Hidrobo, Melissa; Hoddinott, John F.; Peterman, Amber; Margolies, Amy; Moreira, Vanessa

    2012-01-01

    The debate over whether to provide food assistance and the form that this assistance should take has a long history in economics. Despite the ongoing debate, little rigorous evidence exists that compares food assistance in the form of cash versus in-kind. This paper uses a randomized evaluation to assess the impacts and cost-effectiveness of cash, food vouchers, and food transfers. We find that all three modalities significantly improve the quantity and quality of food consumed. However, diff...

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Yessica Tria Christina; Erni Ekawati

    2014-01-01

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

  12. Lagos-Wright vs. Cash-in-Advance: Government Policy Response to War-Expenditure Shocks

    OpenAIRE

    Fernando M. Martin

    2011-01-01

    I pit the Lagos-Wright micro founded model of money with the reduced-form cash-in-advance model in terms of their predictions for the response of government policy to war-expenditure shocks. The Lagos-Wright model performs well qualitative and quantitatively. Depending on specific assumptions about preferences, the cash-in-advance model either has some qualitative or quantitative shortcomings.

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

    OpenAIRE

    , Wei Zhang; Henk von Eije; Wim Westerman

    2015-01-01

    A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access th...

  14. Labour's Record on Cash Transfers, Poverty, Inequality and the Lifecycle 1997 - 2010

    OpenAIRE

    John Hills

    2013-01-01

    Cash transfers (benefits and tax credits) are crucial to the way that inequalities develop over time. This paper looks at how Labour's aims, policies and achievements on poverty and inequality related to its reforms of and spending on cash transfers. - Labour's aims for poverty and inequality were selective. 'Equality of opportunity' was the stated aim, rather than equality of outcome - with a focus on lifting the lowest incomes, not reducing the highest ones. - Labour gave priority to reduci...

  15. 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. PMID:25073762

  16. 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...

  17. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

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

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  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. 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.

  4. 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.

  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. PMID:27002355

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

    Science.gov (United States)

    Reilly, Mary; Santerre, Rexford E

    2013-01-01

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

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

    International Nuclear Information System (INIS)

    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.

  8. Housing and Health in Ghana: The Psychosocial Impacts of Renting a Home

    Directory of Open Access Journals (Sweden)

    Philip Baiden

    2010-02-01

    Full Text Available This paper reports the findings of a qualitative study investigating the impacts of renting a home on the psychosocial health of tenants in the Accra Metropolitan Area (AMA in Ghana. In-depth interviews (n = 33 were conducted with private renters in Adabraka, Accra. The findings show that private renters in the AMA face serious problems in finding appropriate and affordable rental units, as well as a persistent threat of eviction by homeowners. These challenges tend to predispose renters to psychosocial distress and diminishing ontological security. Findings are relevant to a range of pluralistic policy options that emphasize both formal and informal housing provision, together with the reorganization and decentralization of the Rent Control Board to the district level to facilitate easy access by the citizenry.

  9. 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

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

    OpenAIRE

    Jie-Sheng Wang; Chen-Xu Ning

    2015-01-01

    In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO) algorithm combined with the least squares method (LMS) to optimize the adaptive network-based fuzzy inference s...

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

    OpenAIRE

    Apreda, Rodolfo

    2002-01-01

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

  12. The safety of cash and debit cards: a study on the perception and behaviour of Dutch consumers

    OpenAIRE

    Anneke Kosse

    2010-01-01

    This paper investigates the impact of consumers' safety perception on debit card and cash usage. A conceptual framework of safety perception and payment behaviour is introduced and tested with 2008 consumer survey data. The results demonstrate that consumers' payment preferences for cash and debit cards are strongly affected by how consumers assess the likelihood and seriousness of safety incidents related to cash, debit cards and ATM withdrawals. Risk aversion, personal characteristics and p...

  13. A study on relationship between capital employed efficiency and operating cash flow: Evidence from Tehran Stock Exchange

    OpenAIRE

    Mohammad Hassani; Mehri Misaghi

    2013-01-01

    Capital employed efficiency is one of the intellectual capital components based on value added intellectual capital model. It is calculated by dividing value added on capital employed. Operational cash flow is made from operating activities. It is expected that created value added from capital employed could make more operational cash flow. This paper investigates the relationship between capital employed efficiency and operating cash flow. To test this hypothesis, data has been collected fro...

  14. 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.

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

    OpenAIRE

    Navon, Guy; Tojerow, Ilan

    2006-01-01

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

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

    OpenAIRE

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

    2005-01-01

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

  17. Neoliberal Nomads: Housing Insecurity and the Revival of Private Renting in the UK

    OpenAIRE

    John Bone

    2014-01-01

    This paper offers a critical analysis, including insights from the fledgling sub-discipline of neurosociology, with the aim of challenging some of the key assumptions informing the state supported revival of the UK private rented sector (PRS) as a mainstream form of housing tenure. As is widely recognised, the PRS’s expansion has occurred in tandem with the long running decline of social housing and the more recent reversal in the longstanding trend towards increasing owner occupation. This...

  18. Internal Capital Markets inside Financial Firms : Rent-Seeking Behavior Versus Cost of Capital

    OpenAIRE

    M. Idriss GHODBANE

    2002-01-01

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

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

    OpenAIRE

    Idriss Ghodbane, Mohamed

    2002-01-01

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

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

    OpenAIRE

    Stéphane CAPRICE; von Schlippenbach, Vanessa

    2010-01-01

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