WorldWideScience

Sample records for cash rents

  1. Rent Control

    African Journals Online (AJOL)

    macuser

    The article considers the nature of rent control as a regulatory law that should ideally accord with the ..... for instance to terminate a periodic tenancy the landlord might lose some commercial gain, if anything at all. ...... the tenant with a proprietary interest but rather affords the tenant with a "status of irremovability". A statutory ...

  2. HOME Rent Limits

    Data.gov (United States)

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

  3. Rent Control with Rent Discrimination Revisited.

    Science.gov (United States)

    Shepherd, A. Ross; McDonald, John F.

    1997-01-01

    Questions the recently developed arguments (per George Kondor and R. Arnott) that rent controls can increase the quantity of housing supplied. Maintains that tenant favorable regulatory programs constrict profit, mobility, development, and construction. Argues that any subsequent increases in housing are due to price discrimination. (MJP)

  4. 50th Percentile Rent Estimates

    Data.gov (United States)

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

  5. Cash Reconciliation Tool

    Data.gov (United States)

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

  6. Cash flow statement

    Directory of Open Access Journals (Sweden)

    Pavlović Miloš

    2013-01-01

    Full Text Available A cash flow is "bloodstream" of business and without constant cash flow a company would not be able to function. The cash flow statement is statutory financial report that provides information to the interested parties on cash inflows and outflows from operating, investing and financing activities during the accounting period. This paper will discuss the origin and significance of the cash slow statement; in addition, we will define the main categories of this statement and present the methodology of its composition in accordance with IAS 7.

  7. 24 CFR 982.507 - Rent to owner: Reasonable rent.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.507 Rent to owner: Reasonable rent. (a) PHA determination. (1) The PHA may not.... To make this determination, the PHA must consider: (1) The location, quality, size, unit type, and...

  8. 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...

  9. Design of forest rent accounting

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2016-12-01

    Full Text Available The urgent task for the effective functioning of the national economy is the need to reflect income from the use of forest resources in accounting, which will allow management personnel to prove the effectiveness of environmental protection measures, to assess the amount of expenses taken during restoration and protection of forest resources. The study aims at identifying characteristics of forest rent to determine the amount and its reflection in the accounting for its management. The author understands a forest rent as the income received from the owner of forest resources. The above procedure for determining the amount of forest rent can be used to display it in the accounting. A forest rent is a type of business income, so for its reflection in the accounting it is proposed to open the analytical accounts to account 79 named «Financial results». To determine the amount of forest rent and its reflection in the accounting the author suggests the calculation form of a forest rent. In order to manage the size of a forest rent and expenses incurred to obtain it the author proposes to use the information from the developed report about the forest rent formation. The displaying forest rents in accounting will provide accurate and deep information to the management about the revenue and assets of a company. The rational use of forest resources and accounting reflection of a forest rent will strengthen control over the influence of human activity on natural resources and keep the conception of sustainable development.

  10. Conditional E-Cash

    Science.gov (United States)

    Shi, Larry; Carbunar, Bogdan; Sion, Radu

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

  11. 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, 451...

  12. 24 CFR 982.509 - Rent to owner: Effect of rent control.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.509 Rent to owner: Effect of rent control. In addition to the rent reasonableness...

  13. 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...

  14. Rents in a welfare state

    DEFF Research Database (Denmark)

    Paldam, Martin

    2015-01-01

    This chapter describes rents in Denmark, a developed welfare state in which the private sector is sharply delimitated and kept efficient by secure property rights and markets including free trade. In the public sector, rents in the form of excess costs that provide benefits are difficult to measure......-governmental organizations have been coopted to serve large welfare expenditure programs that benefit the welfare coalition....

  15. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...

  16. Improving your CASH flow

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  17. 5. Cash Transactions

    Indian Academy of Sciences (India)

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

  18. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available 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. Cash flow analysis

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This chapter addresses the cash flow analysis of dual-purpose power plants. The topics discussed include the impact of inflation (including the relative inflation of individual cost components such as purchased power, supplemental power, standby charges, buy back rate, heating fuel costs, power plants costs, staffing, maintenance, insurance, and administrative charges), controlling costs, purchased power and fuel price projections, varying the assumptions, financing, and modeling of tax impacts

  1. Audit Risk and Rent Extraction: Evidence from a Randomized Evaluation in Brazil

    OpenAIRE

    Yves Zamboni; Stephan Litschig

    2016-01-01

    We report results from a randomized policy experiment designed to test whether increased audit risk deters rent extraction in three areas of local government activity in Brazil: procurement, health service delivery and cash transfer targeting. Our estimates suggest that temporarily increasing annual audit risk by about 20 percentage points reduced the share of audited resources involved in corruption in procurement by about 10 percentage points and the proportion of procurement processes with...

  2. 24 CFR 850.153 - Rent control.

    Science.gov (United States)

    2010-04-01

    ... 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 control... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Rent control. 850.153 Section 850...

  3. 24 CFR 983.303 - Reasonable rent.

    Science.gov (United States)

    2010-04-01

    ... PROJECT-BASED VOUCHER (PBV) PROGRAM Rent to Owner § 983.303 Reasonable rent. (a) Comparability requirement... that affect market rent, such as: (i) The location, quality, size, unit type, and age of the contract... the housing assistance payment based on the comparability analysis may not have any direct or indirect...

  4. 24 CFR 886.112 - Rent adjustments.

    Science.gov (United States)

    2010-04-01

    ... to adjustments of the dollar amount stated in the Contract as the Maximum Unit Rent. It does not... increased amounts commensurate with Contract Rent adjustments up to the maximum annual amount of housing... written request for a rent increase submitted by the owner and properly supported by substantiating...

  5. Cash transfers and domestic violence.

    Science.gov (United States)

    Hidrobo, Melissa; Fernald, Lia

    2013-01-01

    Violence against women is a major health and human rights problem yet there is little rigorous evidence as to how to reduce it. We take advantage of the randomized roll-out of Ecuador's cash transfer program to mothers to investigate how an exogenous increase in a woman's income affects domestic violence. We find that the effect of a cash transfer depends on a woman's education and on her education relative to her partner's. Our results show that for women with greater than primary school education a cash transfer significantly decreases psychological violence from her partner. For women with primary school education or less, however, the effect of a cash transfer depends on her education relative to her partner's. Specifically, the cash transfer significantly increases emotional violence in households where the woman's education is equal to or more than her partner's. Copyright © 2012 Elsevier B.V. All rights reserved.

  6. The carbon rent economics of climate policy

    International Nuclear Information System (INIS)

    Kalkuhl, Matthias; Brecha, Robert J.

    2013-01-01

    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

  7. Evaluation of economic rent of hydropower projects

    International Nuclear Information System (INIS)

    Shrestha, Ram M.; Abeygunawardana, A.M.A.K.

    2009-01-01

    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.

  8. Optimal ratio of cash and non-cash payments

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

  9. Management of business economic growth as function of resource rents

    Science.gov (United States)

    Prljić, Stefan; Nikitović, Zorana; Stojanović, Aleksandra Golubović; Cogoljević, Dušan; Pešić, Gordana; Alizamir, Meysam

    2018-02-01

    Economic profit could be influenced by economic rents. However natural resource rents provided different impact on the economic growth or economic profit. The main focus of the study was to evaluate the economic growth as function of natural resource rents. For such a purpose machine learning approach, artificial neural network, was used. The used natural resource rents were coal rents, forest rents, mineral rents, natural gas rents and oil rents. Based on the results it is concluded that the machine learning approach could be used as the tool for the economic growth evaluation as function of natural resource rents. Moreover the more advanced approaches should be incorporated to improve more the forecasting accuracy.

  10. 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

  11. Radon Infiltration in Rented Accommodation

    DEFF Research Database (Denmark)

    Rasmussen, Torben Valdbjørn

    2017-01-01

    Indoor radon levels were measured in 221 homes located in 53 buildings, including 28 multi-occupant houses and 25 single-family terraced houses. The homes consisted of rented accommodation located in buildings recorded as being constructed before 2010 and after the year 1850. The radon level...... in homes was measured and the Buildings were registered for a series of variables describing upgrades, facilities, building components, Construction characteristics and used materials. In addition, the radon level was measured in the basement in 9 of the buildings. The mean year value of the indoor radon...... level was 30.7 (1–250) Bq/m3. The indoor radon level exceeded 100 Bq/m3 in 5.9% of the homes, all located in single-family terraced houses. The investigated variables explained 5.9% of the variation in indoor radon levels, and although associations were positive, none of these, besides homes in single...

  12. The Capitalism, Rent and Democracy

    Directory of Open Access Journals (Sweden)

    Victor S. Martyanov

    2017-03-01

    Full Text Available By inertia, which derives from Adam Smith, modern capitalism is described as a free-market competition. This historical model has worked while the market expands and the availability of resources increases. It provided the opportunity to maintain the political order of the welfare state as a form of non-economic egalitarian distribution of resources, which mitigates inequality and class antagonisms generated by market. However, once capitalism has engulfed the whole world, it is more prone to crises: competition intensifies, markets of demand and market outlets do not expand, technological progress creates a growing structural unemployment, economic growth due to the completion of the global village-city transition stagnates, the resources of all the peripheries are almost exhausted. As a result, nationalism and protectionism arise, the polarization between the global center and the periphery increases, and there comes the image of undemocratic and non-egalitarian labor less society on the horizon of the future, with the precariat and the unemployed growing in numbers and demanding large amounts of rent to maintain their livelihoods. Due to this, the market model of capitalism is gradually transforming into a rental one, where the pursuit of profit, the main motivational factor intrinsic to the market, is removed by the pursuit of rent and the redistribution of markets by non-economic ways. In this context, the state becomes the key economic actor, which distributes resources by extra-market means within the hierarchy of rental groups that form the framework of a new structure of the political community.

  13. Evaluating the Buy or Rent Housing Decision.

    Science.gov (United States)

    Davis, Joseph M.

    This booklet offers guidelines by which a person can make an informed decision about whether buying or renting a house is the best individual alternative. Advantages and disadvantages of both buying and renting are listed. Cost considerations are discussed and compared along with such considerations as selection of the time to buy and estimation…

  14. 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 of...

  15. 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.

  16. Rent Control: A Comparative Analysis | Maass | Potchefstroom ...

    African Journals Online (AJOL)

    However, German landlord-tenant law shows that a statutory ground for termination of a lease should not be imposed in an absolutist fashion but rather place a heavier burden on the tenant to prove why the lease should not come to an end. KEYWORDS: Constitution; landlord-tenant law; rent control; rent regulation; ...

  17. 78 FR 42524 - Leasing versus Renting

    Science.gov (United States)

    2013-07-16

    ... ADMINISTRATION [Notice-MVC-2013-02; Docket 2013-0081; Sequence 2] Leasing versus Renting AGENCIES: Department of... if there is a distinction between leasing and renting that is useful for the purposes stated in the... its leasing. DATES: Interested parties should submit written comments to the Regulatory Secretariat at...

  18. 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.) ...

  19. Status rent in new developing economy

    Directory of Open Access Journals (Sweden)

    Aleksandrova Natal'ja

    2012-01-01

    Full Text Available The status rent and conditions of its appearance are characterized in new developing economy by the position of new political economy. The bases of the general theory of rent were laid by classicists of political economy (F. Cene, A. Smith, J. Anderson, J. Mill, T. Maltus, D. Ricardo, K. Marx. They differentiated the rare rent (natural, absolute rent and differential land rent. Neoclassicists widened the definition of rent understanding it as income from any productive factor not only from land. Mostly, investigators of rent keep to two main postulates. Firstly, it is over profit, the income of special kind connected with using of exclusive, limited or rare goods for some time. Secondly, the rent is owned by the owners of these goods. These statements belonging to the natural rent can be used for the analysis of others, unnatural kinds of rent. The status rent belongs here. Let us analyze the status rent from the position of new political economy. As old political economy the new one also has its object - economic relations in the society and it call for the opening of deep, important processes of economic life. But by contrast with old political economy the new one, firstly, is based on other methodology (institutional economy, the theory of social choice, system approach; secondly, it studies economic relations not as static (the position of different classes, but as dynamic in economic behavior; thirdly, it is not confrontational: economic relations are understood not as antagonistic with non-avoidance of social cataclysm but as conflict-compromising; fourthly, it operates not only with social aggregates (class, country, social group, but it is also directed to a person, his/her freedom of choice in economic behavior; and, finally, fifthly, it overcomes the past careful marking out of other sciences, and, on the contrary, strives for an interdisciplinary approach in the stream of modern institutionalism including the problems of sociology

  20. 24 CFR 982.506 - Negotiating rent to owner.

    Science.gov (United States)

    2010-04-01

    ... DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.506 Negotiating rent to owner. The owner and the family negotiate the rent to owner. At the...

  1. 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.

  2. 12 CFR 220.8 - Cash account.

    Science.gov (United States)

    2010-01-01

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

  3. Petro Rents, Political Institutions, and Hidden Wealth

    DEFF Research Database (Denmark)

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

    2017-01-01

    Do political institutions limit rent seeking by politicians? We study the transformation of petroleum rents, almost universally under direct government control, into hidden wealth using unique data on bank deposits in offshore financial centers that specialize in secrecy and asset protection. Our...... rulers is diverted to secret accounts. We find very limited evidence that shocks to other types of income not directly controlled by governments affect hidden wealth....

  4. Explaining Returns with Cash-Flow Proxies

    OpenAIRE

    Peter Hecht; Tuomo Vuolteenaho

    2005-01-01

    Stock returns are correlated with contemporaneous earnings growth, dividend growth, future real activity, and other cash-flow proxies. The correlation between cash-flow proxies and stock returns may arise from association of cash-flow proxies with one-period expected returns, cash-flow news, and/or expected-return news. We use Campbell's (1991) return decomposition to measure the relative importance of these three effects in regressions of returns on cash-flow proxies. In some of the popular ...

  5. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

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

  6. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    Directory of Open Access Journals (Sweden)

    Canser BİLİR

    2018-04-01

    Full Text Available In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL by providing the correct amount of cash at the correct location and time. To the best of our knowledge, the model is the first integrated model in the literature to be applied to both ATMs and branches simultaneously. The results demonstrated that the integrated model dramatically decreased the idle cash levels at both branches and ATMs without degrading the availability of cash and hence customer satisfaction. An in-depth analysis of the results also indicated that the results were more remarkable for branches. The results also demonstrated that the utilization of various seasonal indices plays a very critical role in the forecasting of cash requirements for a bank. Another unique feature of the study is that the model is the first to include the recycling feature of ATMs. The results demonstrated that as a result of the inclusion of the deliberate seasonal indices in the forecasting model, the integrated cash optimization models can be used to estimate the cash requirements of recycling ATMs.

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

    Directory of Open Access Journals (Sweden)

    Muhammad Irham Kurniawan

    2017-12-01

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

  8. 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...

  9. 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.

  10. 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.

  11. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

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

  12. Product market integration, rents and wage inequality

    DEFF Research Database (Denmark)

    Andersen, Torben M.; Sørensen, Allan

    "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...

  13. GAME THEORETIC ASPECTS OF CROWD RENTING.

    African Journals Online (AJOL)

    Administrator

    In a previous work of the author where the concept of virtual reality in game theory was introduced, It was noted that crowd renting, an important strategy in politics and business, could be regarded as a virtual strategy (Nwobi-Okoye, 2009). Political actors and businessmen have used such strategies over the years with good.

  14. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

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

  15. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

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

  16. Rent-seeking behaviors in property development: A literature review

    Science.gov (United States)

    Ali, Suhaila; Aziz, Abdul Rashid Abdul

    2017-11-01

    This paper reviews the literature on rent-seeking behaviors in property development, and discusses three major areas: (1) definition and concept of rent-seeking; (2) factors for the rent-seeking behavior appeared; and (3) the impact of rent-seeking behaviors, particularly on property development. In general, there is no exact word that can define what rent-seeking is. It is found that from the reviewed studies that a few researches have adopted search tasks to predict rent-seeking behavior effects in the economy and the respective economic performance. Based on the findings of the review, rent-seeking behavior increases social cost and this might lead to problems such as corruption. This paper paves the way for future studies in examining rent-seeking behaviors in the Malaysian property development, especially for targeted actions to be taken to alleviate upward pressure on home prices.

  17. 12 CFR 561.27 - Low-rent housing.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Low-rent housing. 561.27 Section 561.27 Banks... AFFECTING ALL SAVINGS ASSOCIATIONS § 561.27 Low-rent housing. The term low-rent housing means real estate... subject of an annual contributions contract for low-rent housing under the provisions of the United States...

  18. 24 CFR 983.353 - Tenant rent; payment to owner.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT PROJECT-BASED VOUCHER (PBV) PROGRAM Payment to Owner § 983.353 Tenant rent; payment to... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Tenant rent; payment to owner. 983... owner. (b) Tenant payment to owner. (1) The family is responsible for paying the tenant rent (total...

  19. 27 CFR 6.56 - Renting display space.

    Science.gov (United States)

    2010-04-01

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

  20. 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 establishment...

  1. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

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

  2. Banknotes and unattended cash transactions

    Science.gov (United States)

    Bernardini, Ronald R.

    2000-04-01

    There is a 64 billion dollar annual unattended cash transaction business in the US with 10 to 20 million daily transactions. Even small problems with the machine readability of banknotes can quickly become a major problem to the machine manufacturer and consumer. Traditional note designs incorporate overt security features for visual validation by the public. Many of these features such as fine line engraving, microprinting and watermarks are unsuitable as machine readable features in low cost note acceptors. Current machine readable features, mostly covert, were designed and implemented with the central banks in mind. These features are only usable by the banks large, high speed currency sorting and validation equipment. New note designs should consider and provide for low cost not acceptors, implementing features developed for inexpensive sensing technologies. Machine readable features are only as good as their consistency. Quality of security features as well as that of the overall printing process must be maintained to ensure reliable and secure operation of note readers. Variations in printing and of the components used to make the note are one of the major causes of poor performance in low cost note acceptors. The involvement of machine manufacturers in new currency designs will aid note producers in the design of a note that is machine friendly, helping to secure the acceptance of the note by the public as well as acting asa deterrent to fraud.

  3. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

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

  4. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

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

  5. ATM cash management using genetic algorithm

    Directory of Open Access Journals (Sweden)

    Ahmadreza Ghodrati

    2013-07-01

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

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

    African Journals Online (AJOL)

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

  7. 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 not...

  8. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...... more complexity than in the traditional model. At last, we demonstrate the impact of stochastic retirement on market reserves and expected cash flow in numerical examples....

  9. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

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

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Puspita Hardina Cahyaningrum

    2013-06-01

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

  13. The Features of Rent Relationships in Conditions of Innovative Economy

    Directory of Open Access Journals (Sweden)

    Patlatoy Oleksandr Ye.

    2017-07-01

    Full Text Available The article is concerned with studying the economic content of the categories of «rent» and «quasi-rent», classification of their main forms arising in terms of relationships in the science and innovation sphere, and analyzing the specificity of formation of these incomes in conditions of contemporary innovation economy. The content of the category of «rent» as a form of income arising from the relationship of at least three entities has been revised; in the case of a scientific-innovation rent, it is the holder of a patent or a license holder, an industrial capitalist or an employee who creates a new or improved product; in some cases, the fourth entity of rent may be a hired researcher. In this relationship, the additional income earned by entrepreneurs in the event of commercial success has been defined as technological (innovation quasi-rent, which can change inversely proportional to the scientific-innovation rent. It has been proved that countries with innovation economies, acting as the main recipients of scientific-innovation rents, may concede to the technological quasi-rent of the less developed countries, in particular, to China.

  14. Lifetime impact of cash transfer on fertility

    Directory of Open Access Journals (Sweden)

    Young-Il Albert Kim

    2014-04-01

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

  15. 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.

  16. CASH FLOW REPORTING AND CREATIVE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

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

  17. Do short-term rent platforms affect rents? Evidence from Airbnb in Barcelona

    OpenAIRE

    Segú, Mariona

    2018-01-01

    Peer-to-peer platforms such as airbnb have recently entered the market thanks to the development of new technologies and their influence on traditional markets remains still understudied. Similarly, the multiplicity of local regulations adopted by big touristic cities in developed countries shows a lack of consensus both on the consequences and on the role of regulation. However, the actual impact of airbnb’s market entry on rents remains still unknown. I assess the causal impact of the begin...

  18. Election cycles in natural resource rents : Empirical evidence

    NARCIS (Netherlands)

    Klomp, Jeroen; de Haan, Jakob

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

  19. Game theoretic aspects of crowd renting | Nwobi-Okoye | Science ...

    African Journals Online (AJOL)

    Politicians and businessmen use various strategies to outwit their opponents. One such strategy is crowd renting, a powerful virtual strategy. A mathematical model developed by Nwobi-Okoye using game theory is used to show that crowd renting would always be the equilibrium strategy in strategic interactions involving ...

  20. 202 INFLUENCE OF BUILDING COSTS ON RENTS OF ...

    African Journals Online (AJOL)

    Building, Costs, Rent, Residential, Property, Accommodation. Introduction. Background ... of some unpartitioned floor space which users could finish as their budget allows”. ... rise as indicated below: Table IV: Average Rent Per Annum Paid for Residential Accommodation in Owerri between 1990 and 2005. Accommodation.

  1. 26 CFR 1.856-4 - Rents from real property.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Rents from real property. 1.856-4 Section 1.856-4 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.856-4 Rents from real property. (a) In general...

  2. Corporate cash management: A study on retail sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2016-11-01

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

  3. 17 CFR 256.136 - Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.136 Temporary cash investments... the purpose of temporarily investing cash. ...

  4. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

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

  5. 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.

  6. The analysis of exergy and cash flow

    International Nuclear Information System (INIS)

    Weimin, H.

    1989-01-01

    The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

  7. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  8. 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.

  9. Rush for cash crops and forest protection

    DEFF Research Database (Denmark)

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

    2016-01-01

    forest cover and prepares for REDD+ (reducing deforestation and forest degradation). This paper explores how the recent boom in cash crops is impacting land use and livelihoods of local communities, as well as affecting forest conservation in Hua Meuang District of Huaphan Province in northeastern Laos...

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

    OpenAIRE

    Osmar Siena; Angelina Maria de Oliveira Licório; Maria Laurimar de Matos Lima; José Nilton Leite de Oliveira

    2015-01-01

    This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial managemen...

  11. 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.

  12. How much cash does your company need?

    Science.gov (United States)

    Passov, Richard

    2003-11-01

    In late 2001, the directors of Pfizer asked that very question. And with good reason. After its 2000 merger with rival Warner-Lambert, the New York-based pharmaceutical giant found itself sitting on a net cash position of $8 billion, which seemed extraordinarily conservative for a company whose products generated $30 billion in revenues. Most large companies with revenues that healthy would increase leverage, thereby unlocking tremendous value for shareholders. But knowledge-intensive companies like Pfizer, this author argues, are in a class apart. Because their largely intangible assets (like R&D) are highly volatile and cannot easily be valued, they are more vulnerable to financial distress than are firms with a preponderance of tangible assets. To insure against that risk, they need to maintain large positive cash balances. These companies' decisions to run large cash balances is one of the key reasons their shares sustain consistent premiums. Only by investing in their intangible assets can knowledge-based companies hope to preserve the value of those assets. A company that finds itself unable to do so because unfavorable market conditions reduce its operating cash flows will see its share price suffer almost as much as if it were to default on its debts. By the same token, with the right balance sheet, knowledge companies can profitably insure against the risk of failing to sustain value-added investments in difficult times. An optimal capital structure that calls for significant cash balances is certainly at odds with the results of a traditional capital structure analysis, the author demonstrates, but it explains the financial policies of many well-run companies, from Pfizer to Intel to ChevronTexaco.

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

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

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

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

    Science.gov (United States)

    Egan, B.

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

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

    Science.gov (United States)

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

    2011-01-01

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

  16. 40 CFR 35.3160 - Cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Cash draw rules. 35.3160 Section 35... STATE AND LOCAL ASSISTANCE State Water Pollution Control Revolving Funds § 35.3160 Cash draw rules. (a) Loans. The State may draw cash from the LOC when the SRF receives a request from a loan recipient, based...

  17. 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 other...

  18. Cash receipts process for HANDI 2000 business management system

    Energy Technology Data Exchange (ETDEWEB)

    Wilson, D.

    1998-08-24

    All Fluor Daniel Hanford cash receipts are processed in the Operations Travel System. There are five types of cash receipts. Depending on the type, the receipt may be processed by APM OTS, Site-Wide Savings, retirement Information System, or PeopleSoft Benefits System. Regardless of the source, all cash received is eventually forwarded to Treasure for deposit into the bank.

  19. Administrative Information System Design in Cash Sales PT. ABC

    OpenAIRE

    Yudhi Destri Young; Yudi Irawan Chandra, SKOM., MMSI Yudi Irawan Chandra, SKOM., MMSI

    2007-01-01

    Information System of cash sales administration is an information system intendedfor the company as a tool to facilitate the handling of cash sales in a procedure whichis managed by the sales manual. This information system should be able to producemonthly reports of sales reports. Application administration is a real form of cashsales from cash sales administrative information system using computerizedtechnology.

  20. 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.

  1. Neural Networks Modelling of Municipal Real Estate Market Rent Rates

    Directory of Open Access Journals (Sweden)

    Muczyński Andrzej

    2016-12-01

    Full Text Available This paper presents the results of research on the application of neural networks modelling of municipal real estate market rent rates. The test procedure was based on selected networks trained on the local real estate market data and transformation of the detected dependencies – through established models – to estimate the potential market rent rates of municipal premises. On this basis, the assessment of the adequacy of the actual market rent rates of municipal properties was made. Empirical research was conducted on the local real estate market of the city of Olsztyn in Poland. In order to describe the phenomenon of market rent rates formation an unidirectional three-layer network and a network of radial base was selected. Analyses showed a relatively low degree of convergence of the actual municipal rent rents with potential market rent rates. This degree was strongly varied depending on the type of business ran on the property and its’ social and economic impact. The applied research methodology and the obtained results can be used in order to rationalize municipal property management, including the activation of rental policy.

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

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Tjoetta, Sigve

    1993-01-01

    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)

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

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2017-11-01

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

  4. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

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

  5. Prudency reviews, cash management issues emerge

    International Nuclear Information System (INIS)

    Anon.

    1985-01-01

    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

  6. A Litner Model of Payout and Managerial Rents

    OpenAIRE

    Bart M. Lambrecht; Stewart C. Myers

    2010-01-01

    We develop a dynamic agency model where 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 in order 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 ...

  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. Can rent adjustment clauses reduce the income risk of farms?

    OpenAIRE

    Hotopp, Henning; Mußhoff, Oliver

    2012-01-01

    Risk management is gaining importance in agriculture. In addition to traditional instruments, new risk management instruments are increasingly being proposed. These proposals include the rent adjustment clauses (RACs), which seem to be an unusual instrument at first sight. In contrast with conventional instruments, RACs intentionally allow fixed-cost ‘rent payments’ to fluctuate. We investigate the whole-farm risk reduction potential of different types of RACs via a historical simulation....

  9. Essence of natural rent as object of accounting

    Directory of Open Access Journals (Sweden)

    T.S. Osadcha

    2016-12-01

    Full Text Available Natural resources are an important subject of accounting and reliable information about the presence of natural resources largely determines their competitiveness. But, unlike companies in developed countries, the Ukrainian practice faces significant problems connected with recording of data and results of their use. Having examined the standards of domestic and foreign regulatory accounting of individual objects of nature, we can state that natural resources have the characteristics of property, but at the same time, there are significant differences. The author suggests three options for managing accounting of natural resources and appropriate rent from them, to create a special standard; improve existing standards of accounting for fixed assets, costs and revenues; make a link to a special standard, which reveals the methodology of natural resources accounting. Natural rent is the income derived from ownership or use of certain natural resources (land, water, forests, minerals and mining area. The study shows that the natural rent includes land, mining, water and forest rents, which are divided into types. To reflect the accounting natural rent the author has developed a number of analytical accounts to account 79 «Financial results». The proposals aimed at ensuring the development of an natural rent based on the classification to provide the reliability of the information on the income of the company.

  10. 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...

  11. Equivalence of ten different methods for valuing companies by cash flow discounting.

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    This paper shows that ten methods of company valuation using cash flow discounting (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 based upon the same assumptio...

  12. 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 rent...

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

    International Nuclear Information System (INIS)

    Keppler, Jan Horst; Cruciani, Michel

    2010-01-01

    The European Union Emissions Trading Scheme (EU ETS) has imposed a price on the allowances for CO 2 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 CO 2 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.

  14. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

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

  15. Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

    Directory of Open Access Journals (Sweden)

    Fadwa Muhieddine Dahrouge

    2013-09-01

    Full Text Available This paper investigates how corporate cash holdings were adjusted over time for Brazilian companies during the crisis of 2008-2009. We adopt a dynamic model of corporate cash holdings to evaluate the main determinants for the speed of adjustment of cash holdings at the optimum level. We find evidence that: a the adjustment costs of Brazilian companies are high implying a delay in reaching the optimum level of cash; b the low speed adjustment to the optimum level is due to the limited availability of credit and the high cost of bank debt; c during crisis, the changes in working capital are positively related to the level of cash holdings providing evidence that companies prefer finance to growth with liquidity; d companies have looked for long-term financing to secure liquidity rather than investing on fixed assets, implying a negative relationship between investment and cash holding.

  16. Corporate Cash Holding Behavior and Financial Environment: A Critical Review

    OpenAIRE

    Tahir, Muhammad Sohail; Alifiah, Mohammad Norfian

    2015-01-01

    Research on corporate liquidity management practices has mainly focused on the trade-off between the potential costs and benefits of holding cash. However, in order to improve the firm financial performance, much remained to be understood, particularly, the cash holding behavior of firms. Furthermore, this study reveals that contemporary literature in the area of cash management may overlook the industry and institutional context of firms at sector level. In addition, sectors are important to...

  17. Limiting Cash Circulation as a Means to Combat Shadow Economy

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available The article deals with actual problems of modern state and development prospects of cash circulation in Russia and abroad; the comparative analysis of monetization of the economy of Russia and foreign countries; quantitative parameters of aggregate money turnover, including the value of cash and non-cash spheres; the correlations of macroeconomic variables and indicators of cash circulation in Russia. Special attention is given by the authors to the limitations of cash payments and settlements in the fight against shadow economy. In particular, researched the level of shadow economy; the relationship between cash money circulation and shadow economy; the problems encountered by foreign states in imposing administrative limits on the amount of payments in cash; provides specific recommendations and outlines the required steps to introduce such restrictions in Russia. It is concluded that the limitation of the maximum size of payments in cash can lead to simultaneous reduce the underground economy because revenues derived from the hidden and informal economic activities can be translated in non-cash form. However, in the long run, when adopting legislative restrictions on the payment of funds by individuals on their own bank accounts or, for example, need to prove the lawful origin of money if you make them into a bank account to limit payments in cash will be the first step towards the goal of reducing shadow economy in Russia. In general, limiting the cash circulation - multi-factor task - that requires the solution of economic, political, social, administrative, psychological problems. The overall decrease in cash money (up to the optimum, economically justified level, it will lead to lower inflation rates, the level of corruption, will improve the investment climate and the liberalization of the credit market in our country.

  18. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

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

  19. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

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

    2017-06-13

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

  20. Effects of Long Cycles in Cash Flows on Present Value

    OpenAIRE

    Bell, Peter N

    2015-01-01

    This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

  1. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  2. Raising Cash under Duress and the Role of Cash Value Life Insurance: An Educational Example

    Science.gov (United States)

    Russell, David T.; Chong, James T.; Phillips, G. Michael

    2018-01-01

    Consumers face hard choices when they need cash quickly. Hard choices can lead to emotional or economically unsound decisions. Traditional classroom discussions of raising funds to pay for expenses usually focus on generating income, borrowing, or the sale of real and financial assets, if hardship is discussed at all. However, many families have…

  3. COST-ORIENTED PRICES TO RENT SPORTS FACILITIES

    Directory of Open Access Journals (Sweden)

    Dragan Vukasović

    2012-09-01

    Full Text Available In order to establish rational pricing policy of renting sports facilities, should examine all relevant factors that influence the price. Market orientation, in determining the objectives of price policy, it must start from their basic goals of policy, such as: the needs of customers and profit. The main goal market orientation is the realization of such a profit that will allow continued expansion of sports facilities and continuously meet the needs of consumers at all higher levels. Pricing policy of renting sports facilities must be both profit-oriented, cost conscious, market-oriented and in line with any other goals you may have a sports agent. Pricing policies and procedures are related to each other and studied together. When we have got a policy objectives of renting sports facilities then we should choose the metod of determining price. Particular attention should be paid to the method of calculating costs. In this paper, we used methods og additional costs.

  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. 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...... dependent on whether returns and rents are measured in nominal or real terms. Finally, there is some evidence of sub-sample instability in the predictive patterns, especially wrt. rent growth predictability. The predictability tests are conducted within a restricted VAR framework based on the dynamic Gordon...

  6. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

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

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

  8. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

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

  9. 47 CFR 32.1120 - Cash and equivalents.

    Science.gov (United States)

    2010-10-01

    ..., destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for...; the amount of cash deposited to insure the performance of contracts to be performed within one year...

  10. Cash in the Czech Republic: Trend Analysis 2003–2015

    Directory of Open Access Journals (Sweden)

    Zbyněk Revenda

    2017-03-01

    Full Text Available Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in the analyzed period rises, but its relative importance declines. Demand deposits are also liquid assets of households and enterprises. Cash compared with demand deposits clearly confirms the declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015. We found a similar tendency in the comparison of cash with other variables. Barring unforeseen circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.

  11. Effect of stock indices on cash flow and earnings management ...

    African Journals Online (AJOL)

    The main objective of this study is to investigate the effect of stock indices on cash flow and earnings management in companies listed on Tehran Stock Exchange. In other words, this study has tried to answer the question that whether the stock indices on cash flow and earnings management in companies listed on Tehran ...

  12. Legal issues in cash balance pension plan conversions.

    Science.gov (United States)

    Forman, J B

    2001-01-01

    Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

  13. The cash-flow analysis of the firm

    OpenAIRE

    Mariana Man

    2001-01-01

    The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

  14. 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'…

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

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

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

  16. Valuing companies by cash flow discounting: Ten methods and nine theories

    OpenAIRE

    Fernández , Pablo

    2002-01-01

    This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

  17. 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

  18. 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

  19. Bribing potential entrants in a rent-seeking contest

    NARCIS (Netherlands)

    Schoonbeek, L.

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

  20. Water value, resource rent recovery and economic welfare cost of ...

    African Journals Online (AJOL)

    Second, the study can benefit from improved specification of the water sector model parameters, particularly the supply side as better information will allow estimation of an upward sloping supply (marginal cost) curve. Key words: water value, resource rent and subsidies, water sector model, price elasticity of demand

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

    NARCIS (Netherlands)

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

    2009-01-01

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

  2. Between 'Land Grabs' and Agricultural Investment: Land Rent ...

    African Journals Online (AJOL)

    This article examines whether the land rent contracts and the Ethiopian legal framework on rural land use rights can assure win-win mutual benefits expected from large-scale land transfers to foreign investors. The article further examines the challenges in the realization of the Seven Principles for Responsible Agricultural ...

  3. Local Office Rent Dynamics: a tale of ten cities

    NARCIS (Netherlands)

    D. Brounen (Dirk); M.G.J. Jennen (Maarten)

    2009-01-01

    textabstractThis study applies rent adjustment models for ten major European office markets. We capture long-run equilibrium relationships of demand and supply variables and their short-term corrections in a two equation error correction model. We test whether the local nature of office markets

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

    OpenAIRE

    Maixe-Altes, J. Carles; Mourelle, Estefanía

    2016-01-01

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

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

    International Nuclear Information System (INIS)

    Thampapillai, Dodo J.; Hansen, Jan; Bolat, Aigerim

    2014-01-01

    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

  6. 77 FR 69651 - Final Fair Market Rents for the Housing Choice Voucher Program for Small Area Fair Market Rent...

    Science.gov (United States)

    2012-11-20

    ... use of Small Area FMRs or voucher payment standards should be directed to the respective local HUD... programmatic impacts of changing the way voucher payment standards are set. The purpose of the demonstration... the Housing Choice Voucher Program for Small Area Fair Market Rent Demonstration Program Participants...

  7. 24 CFR 982.520 - Regular tenancy: Special adjustment of rent to owner.

    Science.gov (United States)

    2010-04-01

    ..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.520 Regular tenancy: Special adjustment of rent to owner. (a...

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

    Data.gov (United States)

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

  9. 76 FR 39117 - Notice of Proposed Information Collection: Transformation Initiative Rent Reform Demonstration...

    Science.gov (United States)

    2011-07-05

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Notice of Proposed Information Collection: Transformation Initiative Rent Reform... Rent Reform Demonstration Small Grants. Description of the need for information and proposed use: The...

  10. Some Aspects Concerning the Concept of Rent in the Romanian Law

    Directory of Open Access Journals (Sweden)

    Marilena Marin

    2016-01-01

    The interest that this issue presents refers to the location of each of these types of understandingthe concept of rent in areas where it is found and used to get to know the specifics and peculiaritiesof this term. Whether we speak of "ground rent" or "land rent" or "farm rent", we will consider thereal legal relationships of the property, regarding the relationship between the land owner to theother people, who must adopt a certain behavior towards the owner and his/her good.

  11. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Liu Wei; Guo Jilin

    2002-01-01

    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

  12. NO-CASH PAYMENTS IN ROMANIA AND EU AREA

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2017-02-01

    Full Text Available In this paper we present the non-cash payment methods used in Romania against other European Union countries to stress the main differences of the latest developments in this specific area since the crisis errupted up to present. In Romania, the most common payment method is transfer credit, because of its simplicity and because it is less risky than the other non-cash payment methods, while in EU direct debit and credit cards are more common. However, the value per transaction for any type of non-cash instruments (except for cheques is smaller in Romania than in other EU countries.

  13. 75 FR 76036 - Charming Shoppes of Delaware, Inc. Accounts Payable, Rent, Merchandise Disbursement Divisions...

    Science.gov (United States)

    2010-12-07

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

  14. 24 CFR 982.519 - Regular tenancy: Annual adjustment of rent to owner.

    Science.gov (United States)

    2010-04-01

    ..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.519 Regular tenancy: Annual adjustment of rent to owner. (a... rent to owner will only be increased for housing assistance payments covering months commencing on the...

  15. 24 CFR 888.113 - Fair market rents for existing housing: Methodology.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Fair market rents for existing housing: Methodology. 888.113 Section 888.113 Housing and Urban Development Regulations Relating to... existing housing: Methodology. (a) Basis for setting fair market rents. Fair Market Rents (FMRs) are...

  16. 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...

  17. 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.

  18. CASH 2021: Commercial access and space habitation

    Science.gov (United States)

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

    2002-07-01

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

  19. Hazards of the 'hard cash': hypersensitivity pneumonitis.

    Science.gov (United States)

    Kupeli, Elif; Karnak, Demet; Sak, Serpil Dizbay; Kayacan, Oya

    2010-01-01

    Hypersensitivity pneumonitis (HP) is a nonimmunoglobulin E-related immune-mediated parenchymal lung disease. A 45-year-old woman who was a lifelong nonsmoker with a six-month history of frequent episodes of cough and dyspnea was admitted to hospital. She had been working as a money counter for 20 years at a central bank. Bibasilar crackles on lung auscultation, ground-glass opacities and a mosaic pattern on high-resolution computed tomography, restrictive abnormality on pulmonary function tests and mild hypoxemia were the prominent findings. Bronchoalveolar lavage fluid analysis revealed a predominance of CD4-positive T cells, and she tested positive on her natural challenge test. She was diagnosed with subacute HP based on established criteria. She was advised to discontinue counting fresh banknotes. Prednisolone was commenced, then tapered to discontinue in the ensuing six months. Clinical and radiological improvement was achieved within two months. To the authors' knowledge, the present report is the first to describe 'hard cash HP', possibly caused by chipping dust or printing dye.

  20. Optimal Licensing Contracts with Adverse Selection and Informational Rents

    Directory of Open Access Journals (Sweden)

    Daniela MARINESCU

    2011-06-01

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

  1. 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.

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

    Science.gov (United States)

    Arcady, A; Mellors, F

    2001-01-01

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

  3. Your organization should consider a cash-balance pension plan.

    Science.gov (United States)

    Godwin, N H; Key, K G

    2000-08-01

    In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

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

    Directory of Open Access Journals (Sweden)

    Haitham Nobanee

    2017-12-01

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

  5. Cash-Cow into the Purse of Malaysian Property Investors: Students Housing Investment

    Directory of Open Access Journals (Sweden)

    Zubairu Abubakar Ghani

    2017-08-01

    Full Text Available Growing demand for higher education (HE and increasing students enrolment in higher education institutions (HEI has been a global issue especially in the last three decades and housing the growing student population has become a dilemma for all concern HEIs stakeholders. Globally increasing demand for HE and enrolment has long been not corresponding with student housing supply. Most HEIs provide housing accommodation for a small proportion of their total students’ population while the majority depend on private rental sector for their alternative housing. In most of the HEIs neighbouring community residential houses were rented out to students. These houses are not sufficient to accommodate the teaming student population because the market is dominated by traditional small-scale private developers. However, with the continuing expansion and demand for HE, increasing enrolment and increasing students housing demand, the study highlighted and suggested for private investors to pull up and dig into student housing investment. This will ameliorate and fill the shortfall created by inadequacy of HEIs housing provision. Student housing investment is a resilient market, lucrative venture and guaranteed cash cow.

  6. 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.

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

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

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

  8. 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…

  9. $1000 Cash Back: Asymmetric Information in Auto Manufaturer Promotions

    OpenAIRE

    Meghan Busse; Florian Zettelmeyer; Jorge Silva-Risso

    2004-01-01

    Automobile manufacturers make frequent use of promotions that give cash-back payments. Two common types of cash-back promotions are rebates to customers, which are widely publicized to potential customers, and discounts to dealers, which are not publicized. While the payments nominally go entirely to one party or the other, the real division of the manufacturer-supplied surplus between dealer and customer depends on what price the two parties negotiate. These two types of promotions thus form...

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

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

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

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

    OpenAIRE

    Dian Agustia

    2013-01-01

    Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Manageme...

  12. STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

    OpenAIRE

    LOZANO, MARIA BELEN

    2015-01-01

    ABSTRACTGiven 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...

  13. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

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

  14. Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

    Directory of Open Access Journals (Sweden)

    Aldea Mita Cheryta

    2018-02-01

    Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria. This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value. With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency a conflict that can affect a company’s performance, so that indirectly, with the existence of asymmetry, information had an effect on the declining the firm value.

  15. Rents, Power and Governance in Global Value Chains

    Directory of Open Access Journals (Sweden)

    Dennis Davis

    2018-03-01

    Full Text Available This paper addresses the  generation  of  rents  and  the  distribution  of  gains  in  the  global  operations  of  governed Global  Value  Chains  (GVCs  and  seeks  to  provide  an  architecture  for  analyzing  the  governance  of  GVCs.  It distinguishes between four sets of rent—gifts of nature; innovation rents; exogenously defined rents; and market power—and three spheres of governance—setting the rules -“legislative governance”; implementing the rules -“executive governance”; and monitoring rules and sanctioning malfeasance -“judicial governance.” The exercise of governance power in GVCs over the generation, protection and appropriation of rents is considered though the lens of four sets of key GVC stakeholders—the corporate sector, civil society organizations, the nation state and supranational institutions. This general analysis is given flesh through three case studies: food-safety standards in GVCs; taxation  policies  and  competition  policies.  In these  sectors,  the  corporate  sector  is  generally  much  more effective in governing rent generation and appropriation in the global operations of GVCs than are the three sets of  non-corporate  stakeholders.  From this  observation  we  offer  a  hypothesis  that  the  capacity  of  non-corporate stakeholders, including national states, to govern GVCs is contingent upon the extent to which this coincides with the interest of the corporate sector. However, as noted, this balance of power between private and non-corporate actors is a contested terrain and dynamic in nature.

  16. RENT+: an improved method for inferring local genealogical trees from haplotypes with recombination.

    Science.gov (United States)

    Mirzaei, Sajad; Wu, Yufeng

    2017-04-01

    : Haplotypes from one or multiple related populations share a common genealogical history. If this shared genealogy can be inferred from haplotypes, it can be very useful for many population genetics problems. However, with the presence of recombination, the genealogical history of haplotypes is complex and cannot be represented by a single genealogical tree. Therefore, inference of genealogical history with recombination is much more challenging than the case of no recombination. : In this paper, we present a new approach called RENT+  for the inference of local genealogical trees from haplotypes with the presence of recombination. RENT+  builds on a previous genealogy inference approach called RENT , which infers a set of related genealogical trees at different genomic positions. RENT+  represents a significant improvement over RENT in the sense that it is more effective in extracting information contained in the haplotype data about the underlying genealogy than RENT . The key components of RENT+  are several greatly enhanced genealogy inference rules. Through simulation, we show that RENT+  is more efficient and accurate than several existing genealogy inference methods. As an application, we apply RENT+  in the inference of population demographic history from haplotypes, which outperforms several existing methods. : RENT+  is implemented in Java, and is freely available for download from: https://github.com/SajadMirzaei/RentPlus . : sajad@engr.uconn.edu or ywu@engr.uconn.edu. : Supplementary data are available at Bioinformatics online.

  17. Capturing Economic Rents From Resources Through Royalties and Taxes

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2012-10-01

    Full Text Available Oil price fluctuations, concerns over the division of resource revenues, and unconventional oil and gas developments are forcing governments to confront the same issue: how to design optimal royalty and corporate tax systems that bring in a publicly acceptable share of revenues without discouraging private investment. This paper surveys tax and royalty systems across six countries, as well as four US states and five Canadian provinces, offering concise analyses of their strengths and shortcomings to describe the best and simplest approaches to both. As in a public-private partnership, government owns the resources and allows private agents to maximize the rents resources generate. An optimal royalty system will thus be rent-based, ensuring that both owner and agent obtain maximally competitive returns so that each has incentives to continue the partnership. Such a system will also be simple, making compliance easy, manipulation difficult, and risks affordable. And it will be stable, instilling in the private sector the confidence needed to invest for the long term. As for corporate income taxes, they should be neutral across business activities, and applied at equal effective rates on economic income, to avoid distorting market forces through subsidies or needless complexity. A clean rent-based tax that allows all costs incurred by producers to be expensed or carried over, along with a corporate income tax system shorn of many of the preferences that negatively affect business activity, should be the way forward for any government looking to update their fiscal regimes for the 21st century.

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

    DEFF Research Database (Denmark)

    Hvid, Anna

    2014-01-01

    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.......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...

  19. Rent-seeking and timber rights allocation in Ghana

    DEFF Research Database (Denmark)

    Carlsen, Kirsten; Hansen, Christian Pilegaard

    2014-01-01

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

  20. PV potential and potential PV rent in European regions

    DEFF Research Database (Denmark)

    Hansen, Anders Chr.; Thorn, Paul

    2013-01-01

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

  1. Différent Transfusional Regulatory Systems in the World

    OpenAIRE

    SLBHENGE, Zivanai

    2013-01-01

    L'objectif de ce projet est de comparer et contraster les différents systèmes réglementaires de transfusion sanguine dans le monde. Avec une demande toujours croissante sur des approvisionnements en sang dans le monde entier, il y - a un immense besoin d'assurer des produits sûrs et suffisants d'apport de sang. Cependant le cadre juridique pour un système de sang exprime la politique nationale de sang et décrit des mécanismes régissant la collection, le traitement et la transfusio...

  2. 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...

  3. 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.

  4. Hospitals seek cash enhancements to compensate for PIP's demise.

    Science.gov (United States)

    Anbil, R

    1987-06-01

    The demise of Medicare's periodic interim payment program on July 1, 1987, is prompting hospital administrators to take measures that will shorten the lag time in getting claim reimbursement from Medicare and provide immediate cash to pay bills during the interruption in claims payments. Since 1968, hospitals have been able to receive equal biweekly reimbursements from fiscal intermediaries to pay the bills until Medicare claims could be processed. In July hospitals will no longer receive Medicare "prepayments," prompting an immediate six- to eight-week gap in claim reimbursement. In addition to speeding up the in-house patient billing process, administrators are exploring avenues that will have long-term cost-saving benefits. Among these is consignment buy-back, a method by which hospitals can obtain immediate cash for existing inventories while using additional cash that otherwise would have been tied up in maintaining in-stock supplies.

  5. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2017-05-01

    Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

  6. Resource Rents, Democracy and Corruption: Evidence from Sub-Saharan Africa

    OpenAIRE

    Rabah Arezki; Thorvaldur Gylfason

    2011-01-01

    We examine the effect of the interaction between resource rents and democracy on corruption for a panel of 29 Sub-Saharan countries during the period from 1985 to 2007. We find that higher resource rents lead to more corruption and that the effect is significantly stronger in less democratic countries. Surprisingly, we also find that higher resource rents lead to fewer internal conflicts and that less democratic countries face not a higher but a lower likelihood of conflicts following an incr...

  7. 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...

  8. Techniques for cash management in scheduling manufacturing operations

    Science.gov (United States)

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

    2017-10-01

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

  9. 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.

  10. 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

  11. International Product Market Integration, Rents and Wage Formation

    DEFF Research Database (Denmark)

    Sørensen, Allan

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

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

    DEFF Research Database (Denmark)

    Muchie, Mammo

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

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

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

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

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

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

    African Journals Online (AJOL)

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

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

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-04-01

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

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

    African Journals Online (AJOL)

    Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

  18. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    with standard firm characteristics, our results suggest a fundamental change in firms’ financial policies: In the second half of the sample period, both established firms and IPO firms exhibit substantially higher (lower) cash (net debt leverage) levels than predicted. The unexpected changes among established...

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

    African Journals Online (AJOL)

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

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

    NARCIS (Netherlands)

    Sterken, Elmer; Lensink, Robert; Bo, Hong

    2001-01-01

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

  1. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    Defense AT&L: March-April 2016 16 Something for Nothing “Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...negligible resources are required to implement the incentive, this is the closest the government ever will come to getting something for nothing. The

  2. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

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

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

    African Journals Online (AJOL)

    Perennial cash crops (PCC) can relax household liquidity constraints for purchasing productive inputs, maintain soil fertility and moisture and save inputs such as seeds and draft power, which can be used for food crop production even in the absence of arrangements for interlinked markets. In this study we build on ...

  4. Cash Management Improvement in the Navy Stock Fund.

    Science.gov (United States)

    1986-03-01

    IN THE NAVY STOCK FUND by James E. Linquist and Timothy S. Evans " 8 March 1986 - LA Thesis Advisor: Joseph G. San Miguel Approved for public release...Identi fication of Cash Managect OQortunities in the Navy industrial Fund, Masters Thesis, Nava ’. Postgraduate School, Monterey, California, June

  5. Cash debt buybacks and the insurance value of reserves

    NARCIS (Netherlands)

    van Wijnbergen, S.

    Absence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail

  6. 7 CFR 3015.83 - Federal cash transactions report.

    Science.gov (United States)

    2010-01-01

    ... equipment, provided that the identical information is submitted. (b) Forecasts of Federal cash requirements... FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Financial Reporting... to submit a SF-272. For these recipients, awarding agencies shall use information contained in the...

  7. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

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

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

  8. 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)

    Percebois, J.

    2012-01-01

    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)

  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 the...

  10. 17 CFR 240.3b-14 - Definition of cash management securities activities.

    Science.gov (United States)

    2010-04-01

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

  11. 40 CFR 35.3560 - General payment and cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false General payment and cash draw rules. 35... draw rules. (a) Payment schedule. A State will receive each capitalization grant payment in the form of... available for cash draw. Cash draws will be available only up to the amount of payments that have been made...

  12. 12 CFR 5.66 - Dividends payable in property other than cash.

    Science.gov (United States)

    2010-01-01

    ..., POLICIES, AND PROCEDURES FOR CORPORATE ACTIVITIES Payment of Dividends § 5.66 Dividends payable in property other than cash. In addition to cash dividends, directors of a national bank may declare dividends... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Dividends payable in property other than cash...

  13. 12 CFR 210.12 - Return of cash items and handling of returned checks.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Return of cash items and handling of returned... cash items and handling of returned checks. (a) Return of items—(1) Return of cash items handled by... shorter return time. (2) Return of checks not handled by Reserve Banks. A paying bank that receives a...

  14. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

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

  15. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

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

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

  16. 25 CFR 162.224 - When are rent payments due under an agricultural lease?

    Science.gov (United States)

    2010-04-01

    ... tenant receives an advance billing or other notice that a payment is due. ... 25 Indians 1 2010-04-01 2010-04-01 false When are rent payments due under an agricultural lease... LEASES AND PERMITS Agricultural Leases Lease Requirements § 162.224 When are rent payments due under an...

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

    Science.gov (United States)

    Walker, Bruce

    2004-01-01

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

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

    DEFF Research Database (Denmark)

    Hvid, Anna

    2013-01-01

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

  19. 24 CFR 982.521 - Rent to owner in subsidized project.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Rent and Housing Assistance Payment § 982.521 Rent to owner in subsidized project. (a) Applicability to subsidized project. This section applies to a program tenancy in any of the following types of federally subsidized project...

  20. 24 CFR 982.622 - Manufactured home space rental: Rent to owner.

    Science.gov (United States)

    2010-04-01

    ..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 8 TENANT BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAM Special Housing Types Manufactured Home Space Rental § 982.622 Manufactured home space rental: Rent to owner. (a) What is included. (1) Rent to owner for rental of a manufactured home space includes payment...

  1. 24 CFR 982.617 - Shared housing: Rent and voucher housing assistance payment.

    Science.gov (United States)

    2010-04-01

    ... Special Housing Types Shared Housing § 982.617 Shared housing: Rent and voucher housing assistance payment... 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...

  2. 24 CFR 982.613 - Group home: Rent and voucher housing assistance payment.

    Science.gov (United States)

    2010-04-01

    ... Special Housing Types Group Home § 982.613 Group home: Rent and voucher housing assistance payment. (a... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Group home: Rent and voucher housing assistance payment. 982.613 Section 982.613 Housing and Urban Development Regulations Relating to...

  3. Comparing micro-evidence on rent sharing from two different econometric models

    NARCIS (Netherlands)

    Dobbelaere, Sabien; Mairesse, Jacques

    The extent to which employers share rents with their employees is typically assessed by estimating the responsiveness of workers’ wages on firms’ ability to pay. This paper compares rent-sharing estimates using such a wage determination regression with estimates based on a productivity regression

  4. 30 CFR 285.507 - What rent payments must I pay on a project easement?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false What rent payments must I pay on a project easement? 285.507 Section 285.507 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR... Financial Assurance Requirements Payments § 285.507 What rent payments must I pay on a project easement? (a...

  5. 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 ...

  6. 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...

  7. Influence of Transaction costs and real options on firms' own-or-rent ...

    African Journals Online (AJOL)

    Based on secondary data on 79 companies in Mekelle, Ethiopia, this paper investigates the influence of transaction cost and real option factors on firms' own or rent decision for building resources. Empirical results suggest that both transaction cost and option factors have significant influence on firms' own or rent decision.

  8. 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...

  9. 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.

  10. Trial Readiness in Cavernous Angiomas With Symptomatic Hemorrhage (CASH).

    Science.gov (United States)

    Polster, Sean P; Cao, Ying; Carroll, Timothy; Flemming, Kelly; Girard, Romuald; Hanley, Daniel; Hobson, Nicholas; Kim, Helen; Koenig, James; Koskimäki, Janne; Lane, Karen; Majersik, Jennifer J; McBee, Nichol; Morrison, Leslie; Shenkar, Robert; Stadnik, Agnieszka; Thompson, Richard E; Zabramski, Joseph; Zeineddine, Hussein A; Awad, Issam A

    2018-04-11

    Brain cavernous angiomas with symptomatic hemorrhage (CASH) are uncommon but exact a heavy burden of neurological disability from recurrent bleeding, for which there is no proven therapy. Candidate drugs to stabilize the CASH lesion and prevent rebleeding will ultimately require testing of safety and efficacy in multisite clinical trials. Much progress has been made in understanding the epidemiology of CASH, and novel biomarkers have been linked to the biological mechanisms and clinical activity in lesions. Yet, the ability to enroll and risk-stratify CASH subjects has never been assessed prospectively at multiple sites. Biomarkers and other outcomes have not been evaluated for their sensitivity and reliability, nor have they been harmonized across sites. To address knowledge gaps and establish a research network as infrastructure for future clinical trials, through the Trial Readiness grant mechanism, funded by National Institute of Neurological Disorders and Stroke/National Institutes of Health. This project includes an observational cohort study to assess (1) the feasibility of screening, enrollment rates, baseline disease categorization, and follow-up of CASH using common data elements at multiple sites, (2) the reliability of imaging biomarkers including quantitative susceptibility mapping and permeability measures that have been shown to correlate with lesion activity, and (3) the rates of recurrent hemorrhage and change in functional status and biomarker measurements during prospective follow-up. We propose a harmonized multisite assessment of enrollment rates of CASH, baseline features relevant to stratification in clinical trials, and follow-up assessments of functional outcomes in relation to clinical bleeds. We introduce novel biomarkers of vascular leak and hemorrhage, with firm mechanistic foundations, which have been linked to clinical disease activity. We shall test their reliability and validity at multiple sites, and assess their changes over time

  11. 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)

    Van Witteloostuijn, A.; Brakman, S.; Van Marrewijk, C.

    2005-09-01

    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

  12. Strategic Management Accounting in Organizations’ Cash Flow Control

    Directory of Open Access Journals (Sweden)

    Y. P. Vetrov

    2017-09-01

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

  13. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    Directory of Open Access Journals (Sweden)

    Prana Wahyu Nisasmara

    2016-12-01

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

  14. Taxation of nuclear rents: Benefits, drawbacks, and alternatives

    International Nuclear Information System (INIS)

    Morbee, J.; Himpens, P.; Proost, S.

    2015-01-01

    This paper studies the taxation of nuclear energy using a stylized model of the electricity sector, with one dominant nuclear producer and a competitive fringe of non-nuclear plants. First, we find that the optimal nuclear tax is different depending on the time horizon: the optimal short-run tax has the same order of magnitude as the nuclear taxes imposed in Belgium and Germany, while in the long run the optimal tax may be negative, i.e. a subsidy. Second, government credibility is important: when a government cannot credibly commit, the mere possibility of a short-run tax could severely harm incentives for future investments in lifetime-extending refurbishment or new plants. Third, when there is natural scarcity in nuclear potential, other policies like inviting multiple competitive bidders for lifetime extension franchises or for investments in new plants, may be more efficient ways to increase government revenue. - Highlights: • Taxation of nuclear rents is studied using a dominant firm–competitive fringe model. • The optimal tax can be large in the short run, but possibly negative in the long run. • When a government cannot credibly commit, the tax harms investment incentives. • Other policies like auctioning of nuclear franchises can be more efficient than taxes. • The analytical results are numerically illustrated for the case of Belgium.

  15. Investing exhaustible resource rents and the path of consumption

    International Nuclear Information System (INIS)

    Hamilton, K.; Hartwick, J.M.

    2005-01-01

    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

  16. Radon in Rented Accommodation and Variables Determining Its Level

    DEFF Research Database (Denmark)

    Rasmussen, Torben Valdbjørn

    2017-01-01

    Indoor radon levels were measured in 221 homes in rented accommodation. In addition, buildings were registered for a series of variables describing building characteristics and used materials. The mean year value of the indoor radon level was 30.7 (1~250) Bq/m3. The indoor radon level exceeded 100...... Bq/m3 in 5.9% of the homes. Of the investigated variables, only homes in single-family terraced houses, were statistically significant. Approx. 75% of homes exceeding 100 Bq/m3 indoor radon level had levels between 100 and 200 Bq/m3 and 25% had indoor radon levels exceeding 200 Bq/m3. Significant...... differences in indoor radon levels were found in homes located in multi-occupant houses. Additionally, the risk of indoor radon levels exceeding 100 Bq/m3 in homes in multi-occupant houses was found to be very low, but the risk was the highest on the ground floor in a building constructed with slab on ground....

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

    OpenAIRE

    Fatemeh Mohammadi-Nasrabadi

    2016-01-01

    Cash transfer (CTs) is an increasingly popular social protection mechanism used by many developing countries to improve the food security and nutritional status of lower socio-economic groups. This paper is a review of the literature regarding the impact of CT programs on the food security of recipient households in the developing countries, including Iran. We looked for all original studies, performed in the developing countries and published in any language, containing at least one outc...

  18. The rise of conditional cash transfers and the basic income

    OpenAIRE

    Ryszard Szarfenberg

    2014-01-01

    Unconditionality is the main feature of the idea of basic income. What we saw in last decades is development of conditional cash transfers in developed and especially in developing countries. The tension between expansive conditionality and proposals of unconditional basic income is the main interest of this article. First, author develops understanding of conditionality distinguishing three types of it with the consideration of the definition, role and effectiveness of social sanctions. The ...

  19. Large Cash Transfers to the Elderly in South Africa

    OpenAIRE

    Anne Case; Angus Deaton

    1996-01-01

    We examine the social pension in South Africa, where large cash sumsþabout twice the median per capita income of African householdsþare paid to people qualified by age but irrespective of previous contributions. We present the history of the scheme and use a 1993 nationally representative survey to investigate the redistributive consequences of the transfers, documenting who receives the pensions, their levels of living, and those of their families. We also look at behavioral effects, particu...

  20. Cash Transfers and Adult Mortality: Evidence from Pension Policies

    OpenAIRE

    Feeney, Kevin

    2017-01-01

    I examine the impacts of (unconditional) cash transfers on adult mortality, exploiting eligibility rules for a universal pension income program in Mexico for identification. Using differences-in-differences estimates with the universe of vital statistics data between 2002 and 2011, I estimate a 5% increase in mortality associated with participation in the universal pension program, driven by changes in deaths attributable to cardiovascular/circulatory disease. The positive income-mortality el...

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

    OpenAIRE

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

    1993-01-01

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

  2. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

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

  3. Impact of rent-seeking on productivity in Chinese coal mine safety supervision: A simulation study

    International Nuclear Information System (INIS)

    Chen, Hong; Feng, Qun; Zhu, Dandan; Han, Shuai; Long, Ruyin

    2016-01-01

    During the “golden decade” (2001–2011) of the coal industry in China, rent-seeking increased in coal mine safety supervision alongside significant improvements in coal mine safety status and increased economic benefits in the coal industry. To explore this internal relationship, we developed a Matlab simulation system and simulated the impact of rent-seeking from each level of the supervision department on coal mine productivity in different scenarios. The results showed the following. (1) Rent-seeking had no significant influence on the average level of material productivity but it had an adverse effect on the average level of mental productivity. Due to the effects of rent-seeking, productivity tended to exhibit unstable and destructive fluctuations, and rent-seeking had the dual effect of promoting and restraining productivity in a wide range with a high frequency. (2) In the supervision scenario, supervision by the high-level department was efficient, and productivity was promoted more by the national and provincial supervision department. (3) In the rent-seeking scenario, each level of the department had an intensity threshold above which coal mine accidents occurred. We also propose suggestions that focuses on the improved supervision of Chinese coal mine safety in three areas based on the “new normal” safety concept. - Highlights: •We discussed rent-seeking behavior in Chinese coal mine safety supervision. •We explored the characteristics of coal mine productivity. •We investigated the impact of rent-seeking on coal mine productivity in three scenarios. •We found rent-seeking led to great fluctuations in productivity with a dual effect. •We proposed a model strategy for Chinese coal mine safety supervision in three areas.

  4. Firm-level versus sector-level trade Unions: The role of rent-sharing motives

    OpenAIRE

    De Pinto, Marco

    2015-01-01

    What are the effects of firm- and sector-level trade unions on unemployment and aggregate output if individuals have rent-sharing motives? To answer this question, we extend a Melitz-type model to unionized labor markets. Because individual rent-sharing motives are only taken into account and asserted by firm-level unions which capture a higher fraction of firms' rents via firm-specific wages, average profits are higher under sector-level trade unions. As a consequence, firm-selection increas...

  5. Additional cash incentive within a conditional cash transfer scheme: a 'controlled before and during' design evaluation study from India.

    Science.gov (United States)

    Lahariya, Chandrakant; Mishra, Ashok; Nandan, Deoki; Gautam, Praveen; Gupta, Sanjay

    2011-01-01

    Conditional Cash Transfer (CCT) schemes have shown largely favorable changes in the health seeking behavior. This evaluation study assesses the process and performance of an Additional Cash Incentive (ACI) scheme within an ongoing CCT scheme in India, and document lessons. A controlled before and during design study was conducted in Madhya Pradesh state of India, from August 2007 to March 2008, with increased in institutional deliveries as a primary outcome. In depth interviews, focus group discussions and household surveys were done for data collection. Lack of awareness about ACI scheme amongst general population and beneficiaries, cumbersome cash disbursement procedure, intricate eligibility criteria, extensive paper work, and insufficient focus on community involvement were the major implementation challenges. There were anecdotal reports of political interference and possible scope for corruption. At the end of implementation period, overall rate of institutional deliveries had increased in both target and control populations; however, the differences were not statistically significant. No cause and effect association could be proven by this study. Poor planning and coordination, and lack of public awareness about the scheme resulted in low utilization. Thus, proper IEC and training, detailed implementation plan, orientation training for implementer, sufficient budgetary allocation, and community participation should be an integral part for successful implementation of any such scheme. The lesson learned this evaluation study may be useful in any developing country setting and may be utilized for planning and implementation of any ACI scheme in future.

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

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

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

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

    Directory of Open Access Journals (Sweden)

    Muhammad Rizky Prima Sakti

    2016-08-01

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

  8. International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

    OpenAIRE

    Christine Yap

    2011-01-01

    Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

  9. 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...

  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. 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

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

    Science.gov (United States)

    Willibald, Sigrid

    2006-09-01

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

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

    International Nuclear Information System (INIS)

    Eisenack, Klaus; Edenhofer, Ottmar; Kalkuhl, Matthias

    2012-01-01

    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.

  14. The Impact of Minerals Rent Tax on Kosovos’s Budget

    Directory of Open Access Journals (Sweden)

    Bedri Statovci

    2017-05-01

    Full Text Available In order to reduce poverty and make substantive progress in Kosovo, the state financial system must be reformed, allowing gradual revenue growth capable of meeting the needs of a highly developed economy. The challenge for all world governments is how to collect public revenues in order to fund the state budget. The purpose of this paper is to discuss the treatment of mineral resource rent tax, which is public revenue and has a huge influence on the state budget. Since royalty is revenue that the budget of Kosovo has symbolic participation there is the need for the policy-makers to recovery the mining sector which before the 90-s and thereafter completely destroyed despite the potential rich minerals the increase of revenues from royalty helps in economic and social development. Therefore, the aim of this paper is the treatment of mineral rent in Kosovo and its comparison with some countries of the world, the legislation regulating mineral rents, the impact of the mineral rent to the budget of Kosovo, the impact of mineral rent in developing Kosovo's economic and government policies regarding mineral rent.

  15. Retail payment innovations and cash usage: Accounting for attrition using refreshment samples

    OpenAIRE

    Chen, Heng; Felt, Marie-Hélène; Huynh, Kim P.

    2014-01-01

    We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data model that accounts for unobserved heterogeneity and allows for general forms of non-random attrition. We use annual data from the CFM on the methods of payment and cash usage for the period 2010 - 12. Estimates based on crosssectional methods find a large impact of retail payment on cash usage (around 10 percen...

  16. Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

    OpenAIRE

    Sergey Krylov

    2012-01-01

    The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

  17. 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 .

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

    OpenAIRE

    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 an...

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

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

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

  20. The Economical and Behavioral Determinants of Cash Dividends Policy

    Directory of Open Access Journals (Sweden)

    Ahmad H. Juma'h

    2007-09-01

    Full Text Available Cash dividend policy is affected by financial and behavioral factors. Available information in the financial markets reduces the uncertainty and leads to better decisions for the performance and organizational effectiveness. Companies face uncertainty with respect to the world-wide policy, growth, stability, technology and the changes in consumers’ tastes. The determinants and factors that influence the decision to pay dividends include the stakeholders’ perceptions on dividends announcements, the pattern of dividends payments, the opportunities of investments, the effects on share price, the effects of taxes, and the companies’ size.

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

    International Nuclear Information System (INIS)

    Fassom, D.

    1996-01-01

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

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

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

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

  3. 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.

  4. 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.

  5. Electronic cash registers accountancy in a cervices company

    OpenAIRE

    Mažeika, Mindaugas

    2005-01-01

    SUMMARY The work “Elektroninių kasos aparatų apskaita serviso įmonėje” (Electronic cash registers accountancy in a cervices company) gives the analysis of Joint stock company‘s “Aledakomas“ software programs for the accountancy of the maintained equipment. The purpose of the work – to create a new equipment accountancy software program that would meet the current requirements. The work gives the analysis of analogical software programs, project part of the new program, structure of the data b...

  6. The Incremental Information Content of the Cash Flow Statement: An Australian Empirical Investigation

    OpenAIRE

    Hadri Kusuma

    2014-01-01

    The general objective of the present study is to investigate and assess the incremental information content of cash flow disclosures as required by the AASB 1026 ¡°Statement of Cash Flows¡±. This test addresses the issue of whether a change in cash flow components has the same relationship with security prices as that in earnings. Several previous studies indicate both income and cash flow statements may be mutually exclusive or mutually inclusive statements. The data to test three hypotheses...

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Bambang Sutrisno

    2016-12-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Van Witteloostuijn, A.; Brakman, S. [University of Groningen, Groningen (Netherlands); Van Marrewijk, C. [Erasmus University Rotterdam, Rotterdam (Netherlands)

    2005-09-15

    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

  10. 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.

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

    Science.gov (United States)

    Guyer, Jane I.

    2012-01-01

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

  12. 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.

  13. 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.

  14. 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.

  15. A cross-national study of the association between natural resource rents and homicide rates, 2000–12

    Science.gov (United States)

    Stretesky, Paul B.; Long, Michael A.; Lynch, Michael J.

    2016-01-01

    Countries that rely on natural resource rents (that is, the revenue generated from the sale of natural resources) may suffer from a variety of social problems. This exploratory study reviews the natural resource extraction literature to derive a ‘natural resource rents–homicide’ hypothesis. Data for 173 countries for the years 2000 to 2012 are examined to determine if there is a correlation between natural resource rents and homicide rates. Multilevel growth models suggest that natural resource rents are positively correlated with homicide rates within countries (level 1) but not between them (level 2). Importantly, the correlation between natural resource rents and homicide is strongest when natural resource rents are lagged. We conclude by suggesting that increasing natural resource rents may be counterproductive over the long run and sow the seeds for a future increase in homicide. PMID:28781581

  16. 31 CFR 363.142 - Can I redeem my certificate of indebtedness for cash?

    Science.gov (United States)

    2010-07-01

    ... indebtedness for cash? 363.142 Section 363.142 Money and Finance: Treasury Regulations Relating to Money and... GOVERNING SECURITIES HELD IN TREASURYDIRECT Certificate of Indebtedness § 363.142 Can I redeem my certificate of indebtedness for cash? You can redeem part or all of the value of your certificate of...

  17. AN ECONOMIC ANALYSIS OF A FOOD SECURITY COMMODITY RESERVE: COMMODITY VS. CASH

    OpenAIRE

    Young, C. Edwin; Westcott, Paul C.; Hoffman, Linwood A.; Lin, William W.; Rosen, Stacey L.

    1999-01-01

    The cost of operating the Food Security Commodity Reserve as a commodity reserve was compared with the cost of a cash reserve to purchase food aid supplies only in the period of need. Preliminary simulation results reveal the cash reserve to be less costly in almost all cases.

  18. New Findings on New York City's Conditional Cash Transfer Program. Fast Focus. No. 18-2013

    Science.gov (United States)

    Riccio, James A.

    2013-01-01

    The Earned Income Tax Credit (EITC) and Temporary Assistance for Needy Families (TANF) are long-standing policies that link cash assistance to low-income families to work effort. A new policy being tested in New York City adopts this "conditional cash transfer" principle and extends it to a broader set of family efforts to build their…

  19. 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…

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

    NARCIS (Netherlands)

    Galsband, V.

    2010-01-01

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

  1. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

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

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

    Science.gov (United States)

    Del Rey, Elena; Estevan, Fernanda

    2013-01-01

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

  3. 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.... Any drawdown is conditioned upon the submission of satisfactory information by the grantee or State...

  4. 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...

  5. An Analysis Regarding Cash Holdings. Empirical Study on the Bucharest Stock Exchange Listed Firms

    Directory of Open Access Journals (Sweden)

    Nenu Elena Alexandra

    2017-10-01

    Full Text Available Worldwide corporate cash holdings have significantly increased and have become an important tool for managers. This study explores the factors that influence firms’ behavior regarding cash holdings and the signal that financial conservatism is sending to potential investors. Our data consists in annual observations collected through the Reuters Eikon platform. It includes companies listed on the Bucharest Stock Exchange, the investigated period being 2005-2014. The econometric analysis employs multivariate regression for an unbalanced panel data, using the OLS technique. The results show a positive correlation of cash holdings with the value registered by this indicator in the previous period, fact that might be interpreted as an attempting of the companies to maintain a target level of cash. Also, the results showed a non-linear relationship between leverage and cash holdings, while the tangible assets determine a negative correlation. As regards firm size and ownership concentration, the correlations were not statistically validated.

  6. A Comparative Analysis of the Cash Handout Policy of Hong Kong and Macau

    Directory of Open Access Journals (Sweden)

    Bruce Kam Kwan Kwong

    2013-01-01

    Full Text Available In 2011, Hong Kong SAR government announced an unprecedented policy of cash handouts of 6,000 HKD to all permanent residents at the age of 18 or above as a means of defusing public discontent with economic policy and poor governance. Macau SAR has also been distributing similar cash handouts since 2008 to temper public dissatisfaction and widespread demonstrations. Initially, both SAR governments were very reluctant to initiate universal cash handouts. Unlike standard welfare programmes that are budgeted for annually, the cash payment scheme in Hong Kong SAR was a one-off handout. In Macau SAR, however, the payment scheme went from being a short-term policy to a long-term policy, while other welfare programmes were also allocated more public money. This paper argues that although such cash handout policies are avoidable, they are still being adopted by politicians who place self-interest above the public interest.

  7. 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.

  8. Association of market, mission, operational, and financial factors with hospitals' level of cash and security investments.

    Science.gov (United States)

    McCue, M J; Thompson, J M; Dodd-McCue, D

    Using a resource dependency framework and financial theory, this study assessed the market, mission, operational, and financial factors associated with the level of cash and security investments in hospitals. We ranked hospitals in the study sample based on their cash and security investments as a percentage of total assets: hospitals in the high cash/security investment category were in the top 25th percentile of all hospitals; those in the low cash/security investment group were in the bottom 25th percentile. Findings indicate that high cash/security investment hospitals are under either public or private nonprofit ownership and have greater market share. They also serve more complex cases, offer more technology services, generate greater profits, incur a more stable patient revenue base, and maintain less debt.

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

    International Nuclear Information System (INIS)

    Chen, Hong; Feng, Qun; Cao, Jing

    2014-01-01

    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

  10. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. Magdych

    2015-06-01

    Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

  11. The rise of conditional cash transfers and the basic income

    Directory of Open Access Journals (Sweden)

    Ryszard Szarfenberg

    2014-01-01

    Full Text Available Unconditionality is the main feature of the idea of basic income. What we saw in last decades is development of conditional cash transfers in developed and especially in developing countries. The tension between expansive conditionality and proposals of unconditional basic income is the main interest of this article. First, author develops understanding of conditionality distinguishing three types of it with the consideration of the definition, role and effectiveness of social sanctions. The context for presentation of this topics is the classical construct of social security system with main social insurance pillar dependent on labour market participation and supplemental social assistance one for those without social insurance entitlements and poor. Against this background author assess some weaknesses of the case for the basic income supported by Guy Standing and some possibilities of making them less persuasive.

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

    DEFF Research Database (Denmark)

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

    that meet culturally diverse practices and challenges. We have little control over the financial health of government budgets; however, we can be proactive in controlling the financial health of our own businesses. Music therapists have distinct skills including attunement, improvisation, and listening...... 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 but perhaps......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...

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    Stephanie O. Crofton

    2005-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

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

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

    Science.gov (United States)

    Boccia, Delia; Pedrazzoli, Debora; Wingfield, Tom; Jaramillo, Ernesto; Lönnroth, Knut; Lewis, James; Hargreaves, James; Evans, Carlton A

    2016-06-21

    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 inform this policy transition. This paper aims to assist national tuberculosis (TB) programs with this new policy direction by providing them with an overview of concepts and definitions used in the social protection sector and by reviewing some of the most critical operational aspects associated with the implementation of cash transfer interventions. These include: 1) the various implementation models that can be used depending on the context and the public health goal of the intervention; 2) the main challenges associated with the use of conditionalities and how they influence the impact of cash transfer interventions on health-related outcomes; 3) the implication of targeting diseases-affected households and or individuals versus the general population; and 4) the financial sustainability of including health-related objectives within existing cash transfer programmes. We aimed to appraise these issues in the light of TB epidemiology, care and prevention. For our appraisal we draw extensively from the literature on cash transfers and build upon the lessons learnt so far from other health outcomes and mainly HIV/AIDS. The implementation of cash transfer interventions in the context of TB is still hampered by important knowledge gaps. Initial directions can be certainly derived from the literature on cash transfers schemes and other public health challenges such as HIV/AIDS. However, the development of a solid research agenda to address persisting unknowns on the impact of cash transfers on

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

    Directory of Open Access Journals (Sweden)

    Michael Makovi

    2015-11-01

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

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

    International Nuclear Information System (INIS)

    Muller, Adrian

    2007-01-01

    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

  19. 76 FR 52057 - Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation...

    Science.gov (United States)

    2011-08-19

    ... primary uses of FMRs are to determine payment standards for the Housing Choice Voucher (HCV) program, to... voucher payment standards should be directed to the respective local HUD program staff. Questions on how... Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room...

  20. 24 CFR 983.304 - Other subsidy: effect on rent to owner.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT PROJECT-BASED VOUCHER (PBV) PROGRAM Rent to Owner § 983.304 Other subsidy: effect on...) Subsidized projects. (1) This paragraph (c) applies to any contract units in any of the following types of... non-insured Section 236 project that continues to receive Interest Reduction Payment following a...

  1. 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: 0.479, year: 2016

  2. 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 Institutional support: PRVOUK-P23 Keywords : Czech Republic * rent regulation and deregulation * real estate prices Subject RIV: AH - Economics Impact factor: 0.479, year: 2016

  3. 25 CFR 162.222 - How much rent must be paid under an agricultural lease?

    Science.gov (United States)

    2010-04-01

    ... agricultural lease? (a) An agricultural lease must provide for the payment of a fair annual rental at the... section. The tenant's rent payments may be: (1) In fixed amounts; or (2) Based on a share of the... rental, if: (1) The tenant is a member of the Indian landowner's immediate family, or a co-owner in the...

  4. Comparing micro-evidence on rent sharing from three different approaches

    NARCIS (Netherlands)

    Dobbelaere, S.; Mairesse, J.

    2015-01-01

    Empirical labor economists have resorted to estimating the responsiveness of workers' wages on firms' ability to pay to assess the extent to which employers share rents with their employees. This paper compares this labor economics approach with two other approaches that rely on standard micro

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

    International Nuclear Information System (INIS)

    Altenburg, Tilman; Engelmeier, Tobias

    2013-01-01

    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

  6. 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

  7. Effets de différentes doses de compost sur la production et la ...

    African Journals Online (AJOL)

    SARAH

    30 juin 2016 ... 9669. Effets de différentes doses de compost sur la production et la rentabilité de la tomate (Lycopersicon esculentum Mill) dans la ville de Kolwezi, Province du. Lualaba (RD Congo). Kitabala Misonga Alain1*Tshala Upite Joseph1, Kalenda Miji Arsene2, Tshijika Ikatalo Marcel3, Mufind. Kayakez Michel1.

  8. How to redesign a rent rebate system? : Experience in the Netherlands

    NARCIS (Netherlands)

    Priemus, H.; Haffner, M.E.A.

    2017-01-01

    In 2006, responsibility for implementing the Dutch housing allowance system was transferred from the Ministry of Housing to the Tax Authority. It has since been renamed, and is now known as the ‘rent rebate system’. A number of dilemmas have become evident since the 2006 changes. Attention has

  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.

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

    Directory of Open Access Journals (Sweden)

    Yaser Ahmadi

    2013-03-01

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

  11. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  12. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

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

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

    Science.gov (United States)

    López García, Ana Isabel

    2018-01-01

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

  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. Effect of student loan indebtedness and repayment on resident physicians' cash flow. An analytic model.

    Science.gov (United States)

    Hernried, J; Binder, L; Hernried, P

    1990-02-23

    Cumulative figures of "average medical student indebtedness," although meaningful, do not convey the effect of loan repayments on residents' cash flow, effect on a resident's value system and residency performance, and effect on trends in health care manpower allocation. Using a computer-based cash flow model, a "typical" house officer with $20,000 in undergraduate indebtedness who is training in a less expensive city will realize a $2390 deficit during internship and negative cash flow throughout a 5-year residency. House officers with extreme indebtedness (greater than $80,000) who are training in an expensive metropolitan area would accumulate an overall deficit approaching $75,000 or more, in excess of their undergraduate indebtedness, during a 5-year residency program. Effects of these findings on residency education and health care manpower issues, along with potential solutions for alleviating residents' cash flow problems, are discussed.

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

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

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

  20. 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.

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

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

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

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

    Science.gov (United States)

    Evans, Melanie

    2011-03-07

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

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

    OpenAIRE

    Mahdi Salehi; Mirsohrab Seyedghorbani

    2013-01-01

    The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

  4. Cash-back Websites : An empirical study of factors influencing customer loyalty

    OpenAIRE

    Zhou, Jianzhi; Kasikitvorakul, Chanida

    2013-01-01

    Customer loyalty is an important issue for the success and sustainability of an online business. Moreover, the concept of affiliate marketing online business has become well-known among online shoppers in the past several years. Nevertheless, there is little research investigating customer loyalty towards affiliate marketing websites, especially in China, where this kind of websites are known as ‘cash-back website’. Therefore, this research investigates customer loyalty towards cash-back webs...

  5. Pay cash, buy less trash? – Evidence from German payment diary data

    OpenAIRE

    Eschelbach, Martina

    2017-01-01

    This research note empirically investigates whether cash can prevent consumers from making needless purchases in unexpected shopping situations. Cash can have a disciplinary effect on short-term consumption because it imposes a strong temporary budget constraint and also reinforces the pain of paying. I use a sample of unexpected shopping situations that were recorded by participants of the Bundesbank’s study on payment behaviour. I find that the probability of a transaction subsequently bein...

  6. The Impact of Cash Transfers on Child Labor and School Attendance in Brazil

    OpenAIRE

    Eliana Cardoso; Andre Portela Souza

    2004-01-01

    The paper estimates the impact on school attendance and child labor of conditional cash payments to poor families in Brazil. It describes Brazil's transfer programs and presents statistics on school attendance and child labor. In the second half of the 1990s, many municipalities had adopted the "Bolsa Escola" (a cash transfer conditional on school attendance) and/or the federal minimum income program (in place during 1999 and 2000 and replaced by the "Bolsa Escola Federal" in 2001). Although ...

  7. Are cash budgets a cure for excess fiscal deficits (and at what cost)?

    OpenAIRE

    David Stasavage and Dambisa Moyo

    1999-01-01

    This paper investigates the effect of recent reforms of budgetary institutions in Uganda and Zambia. We argue that cash budgeting has brought clear benefits in terms of improved expenditure control with regard to line ministries. However, contrary to what is often suggested, adoption of a cash budget has not provided a means for top politicians in either country to `tie their hands` with respect to intervention in fiscal policy decisions. In Uganda improved fiscal policy outcomes have, in fac...

  8. Are cash budgets a cure for excess fiscal deficits (and at what cost)?

    OpenAIRE

    Dambisa Moyo; David Stasavage

    1999-01-01

    This paper investigates the effect of recent reforms of budgetary institutions in Uganda and Zambia. We argue that cash budgeting has brought clear benefits in terms of improved expenditure control with regard to line ministries. However, contrary to what is often suggested, adoption of a cash budget has not provided a means for top politicians in either country to “tie their hands” with respect to intervention in fiscal policy decisions. In Uganda improved fiscal policy outcomes have, in fac...

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

    International Nuclear Information System (INIS)

    Delene, J.G.

    1980-04-01

    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

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

    Directory of Open Access Journals (Sweden)

    Wei Zhang

    2015-11-01

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

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

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

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

  12. 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.

  13. 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.

  14. RENT AS A SUPER-PROFIT, AS INCOME FROM ACTIVITIES SUCH AS LEASING AND HOW CORRUPTION-PREMIUM

    Directory of Open Access Journals (Sweden)

    Komarov V. F.

    2016-09-01

    Full Text Available The article deals with the phenomenon called «rent». In the research authors have obtained scientific knowledge in three directions. The first new scientific result is based on the fundamental scientific fact: «All products in the competitive market are sold at a price equilibrium. Therefore, if the seller can sell goods cheaper than the equilibrium price, they extract rents as super-profits: entrepreneur or monopoly rents (including natural, mining, as well as patent, license, author». Note that the term «entrepreneur rent» was introduced into scientific discourse for the first time in this article. The second new scientific result is based on the fundamental scientific fact: «the right of ownership includes three powers: the right of ownership, the right of use, the right of disposal». The right of possession and temporary use can be sold separately, which allows to extract the lease rent. Important fact is that rental contracts as rents (between a landlord and a tenant employ the concept of «time»! Note that such an understanding of rent is formalized in the Civil Code. The third new scientific result is based on the fundamental scientific fact: «any administrative (governmental service can be carried out: (a strictly according to instructions, or (b initiatively, inventively, with a focus on the customer, especially if it is accompanied by a personal benefit of the service provider. The difference between formal and creative execution of duties constitutes «an increase» (discretion to the result of the administrative acts. Corrupt official can sell this “increase”, extracting discretionary (corrupt rent». The article presents the formulations of the scientific facts mentioned above, the concept of «rent» formulations, relevant to these facts, as well as studies, formulas, illustrations of the identified theoretical ideas and practical examples of their manifestations.

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

    Science.gov (United States)

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

    2017-05-12

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

  16. Imputation of Housing Rents for Owners Using Models With Heckman Correction

    Directory of Open Access Journals (Sweden)

    Beat Hulliger

    2012-07-01

    Full Text Available 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 minimised through a Heckman correction. The paper applies the Heckman correction to data from the Swiss Statistics on Income and Living Conditions. The Heckman method is adapted to the survey context, the modeling process including the choice of covariates is explained and the effect of the prediction using the model is discussed.

  17. Score Mining Rents in Terms of Investment Attractiveness of Peat Mining

    Science.gov (United States)

    Alexandrov, Gennady; Yablonev, Alexander

    2017-11-01

    In this article, as determinants in the system factors underlying the investment attractiveness of the peat industry is considered a rental factor, which predetermines the significant differences and peculiarities of the investment climate in the mining business and, in particular, in the sphere of peat mining. In contrast to modern studies treated the essence and role of rents in the economic mechanism, is proposed for a new approach to solving the problems of its formation. Our approach differs in that it, firstly, adequate rental relations, objectively in extractive industries, secondly, provides consensus in the interests of the owner of peat deposits and entrepreneurs, businesses in these deposits and, thus, thirdly, contributes to the creation of a favourable investment climate in the peat extraction industry. In practical terms, in accordance with the proposed approach, we have proposed specific allocation algorithm of mining rents from the profits of peat extraction enterprises.

  18. Le référent zoulou omniprésent

    Directory of Open Access Journals (Sweden)

    Frédéric Giraut

    2010-09-01

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

  19. Impact of a simultaneous reduction in fishing subsidies and introduction of efficient management of rents

    DEFF Research Database (Denmark)

    Merayo, Eugenia; Waldo, Staffan; Nielsen, Max

    2018-01-01

    of the largest fishing nations within the EU. A static bio-economic model is used to analyze the effect of simultaneous elimination of subsidies and introduction of an economically efficient management system for the Northwest Spanish fleet. It is concluded that improvements in management would bring substantial......Subsidies to the fishing sector have long been criticized for fueling over-fishing, and a reduction in subsidies is currently on the agenda in the negotiations within the World Trade Organization (WTO). This article analyzes the role of subsidies and other management measures for Spain, one...... rents to the industry, up to €164 million, irrespective of subsidy level, but also a reduction in fishing effort of almost 60%. Under a management scheme that maximizes economic rents, elimination of subsidies in the fishery would increase social welfare, induced by a decrease in the equilibrium fishing...

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

    International Nuclear Information System (INIS)

    Kolstad, Ivar; Wiig, Arne

    2009-01-01

    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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-12-15

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

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

    Directory of Open Access Journals (Sweden)

    Kelly M. Hastings

    2015-03-01

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

  3. 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

  4. Rent pricing decision support mathematical model for finance leases under effective risks

    Directory of Open Access Journals (Sweden)

    Rabbani Masoud

    2015-01-01

    Full Text Available Nowadays, leasing has become an increasingly important and popular method for equipment acquisition. But, because of the rent pricing difficulties and some risks that affect the lessor and lessee's decision making, there are many people that still tend to buy equipment instead of lease it. In this paper we explore how risk can affect the leasing issue support mathematical model. For this purpose, we consider three types of risk; Credit risk, Transaction risk and Risk based pricing. In particular, our focus was on how to make decision about rent pricing in a leasing problem with different customers, various quality levels and different pricing methods. Finally, the mathematical model has been solved by Genetic Algorithm that is a search heuristic to optimize the problem. This algorithm was coded in MATLAB® R2012a to provide the best set of results.

  5. State hydrocarbon rents, authoritarian survival and the onset of democracy: Evidence from a new dataset

    Directory of Open Access Journals (Sweden)

    Viola Lucas

    2016-08-01

    Full Text Available This article surveys the effects of state hydrocarbon rents—defined as government income from oil and natural gas—on authoritarian survival and the onset of democracy. We also examine the association of changing state hydrocarbon rents with state spending and taxation based on a new collection of historical data, the Global State Revenues and Expenditures dataset. Using these novel data, we provide evidence that increasing state rents from oil and gas hinder democratization by reducing citizens’ tax burden. However, an increase in the oil and gas income flowing directly into state coffers does not appear to lower the average risk of ouster by rival authoritarian elites. We have found no evidence of the systematic distributional effects of state hydrocarbon income on regime survival.

  6. Gas pricing in a liberalized European market; will the rent be taxed away?

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1997-01-01

    The European gas market will become 'more liberal'. Depending on in which segments competition is intensified and public interference takes place, prices in the gas chain will be affected. Rent may be redistributed among firms and prices will become more volatile. If supply overshoots demand for a long period, average consumer prices may also be pushed down. Rent may also end up as tax revenues for public authorities. This article argues that an active use of gas taxes as an instrument to derive public revenues increases the probability of a politically led liberalization process. The effect of these economic and political forces and actions may, however, be less new gas to the market. (author)

  7. Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2010-03-01

    Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

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

    Czech Academy of Sciences Publication Activity Database

    Bena, J.; Hanousek, Jan

    2008-01-01

    Roč. 58, 3-4 (2008), s. 106-130 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://journal.fsv.cuni.cz/storage/1125_str_106_130--bena-hanousek.pdf

  9. The value of Growth Hacking. Business development manual for Emi-Rent Properties

    OpenAIRE

    Elezovic, Velimir

    2017-01-01

    This thesis was commissioned by Emi-Rent Properties, a real estate company based in Bel-grade, Serbia. The main objective of this thesis is to help determine the value of growth hack-er marketing for the case company’s newly commissioned marketing campaign. Secondary objective of this thesis is to present practical advice on the implementation of a successful marketing campaign with strong international aspects. The thesis will cover major marketing concepts and provide an alternative view by...

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

    DEFF Research Database (Denmark)

    Karantininis, Kostas; Graversen, Jesper Tranbjerg

    2005-01-01

    This paper examines the problem of hold-up in the agri-food sector. Production contracts offered to future Danish Broiler producers give rise to specific investments and appropriable quasi rents. Farmers are vulnerable to opportunistic behaviour by poultry processors which materializes in lower......). We take dynamics and risk preferences into consideration and determine optimal alternative in lieu of the hold-up problem....

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

    Directory of Open Access Journals (Sweden)

    Walter Huppert

    2013-06-01

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

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

    OpenAIRE

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

    2008-01-01

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

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

    Science.gov (United States)

    Djatmiko, Bambang

    2017-09-01

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

  14. Social acceptability and perceived impact of a community-led cash transfer programme in Zimbabwe.

    Science.gov (United States)

    Skovdal, Morten; Mushati, Phyllis; Robertson, Laura; Munyati, Shungu; Sherr, Lorraine; Nyamukapa, Constance; Gregson, Simon

    2013-04-15

    Cash transfer programmes are increasingly recognised as promising and scalable interventions that can promote the health and development of children. However, concerns have been raised about the potential for cash transfers to contribute to social division, jealousy and conflict at a community level. Against this background, and in our interest to promote community participation in cash transfer programmes, we examine local perceptions of a community-led cash transfer programme in Eastern Zimbabwe. We collected and analysed data from 35 individual interviews and three focus group discussions, involving 24 key informants (community committee members and programme implementers), 24 cash transfer beneficiaries, of which four were youth, and 14 non-beneficiaries. Transcripts were subjected to thematic analysis and coding to generate concepts. Study participants described the programme as participatory, fair and transparent - reducing the likelihood of jealousy. The programme was perceived to have had a substantial impact on children's health and education, primarily through aiding parents and guardians to better cater for their children's needs. Moreover, participants alluded to the potential of the programme to facilitate more transformational change, for example by enabling families to invest money in assets and income generating activities and by promoting a community-wide sense of responsibility for the support of orphaned and vulnerable children. Community participation, combined with the perceived impact of the cash transfer programme, led community members to speak enthusiastically about the programme. We conclude that community-led cash transfer programmes have the potential to open up for possibilities of participation and community agency that enable social acceptability and limit social divisiveness.

  15. Designing the Cash and Counseling Demonstration and Evaluation.

    Science.gov (United States)

    Doty, Pamela; Mahoney, Kevin J; Simon-Rusinowitz, Lori

    2007-02-01

    The Cash and Counseling Demonstration and Evaluation (CCDE) was designed as an experiment in shifting the paradigm in home and community-based long-term care from a professional/bureaucratic model of service delivery to one emphasizing consumer choice and control. The experimental intervention was an individualized budget offered in lieu of traditional Medicaid-covered services, such as agency-delivered aide services or a plan of care developed and coordinated by a professional case-manager, which typically involves authorization for several different providers to deliver a range of services. Within the spending limits established by their budgets, program participants were largely free to choose the types and amounts of paid services and supports they judged best able to meet their disability-related personal assistance needs. Medicaid beneficiaries in selected states who volunteered to participate. In all of the participating state Medicaid programs, beneficiaries eligible to participate included elders and younger adults with chronic disabilities and, in one state, adults and children with mental retardation/developmental disabilities could also participate. Minor children and adults with cognitive impairment could participate via representatives (family or friends who agreed to assist them in managing their services or to act as their surrogate decision-makers). Members of the CCDE management team describe the rationale for and implications of key design decisions. Key design decisions included the choice of research methodology (random assignment of CCDE participants in each state to treatment and control groups), selection of the state sites (AR, FL, NJ, NY), and the need for the CCDE to comply with federal waiver requirements for Medicaid research and demonstration projects. Principle Findings. The CCDE design was successfully implemented in three of the four state Medicaid programs selected for participation. The successful implementation of the CCDE

  16. Relevance of free cash flow as a measure of generating value for owners

    Directory of Open Access Journals (Sweden)

    Bešlić Ivana

    2014-01-01

    Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

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

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

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

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

    Directory of Open Access Journals (Sweden)

    R. Anastasia Endang Susilawati

    2010-06-01

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

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

    Science.gov (United States)

    Tsai, Bi-Huei

    2009-08-01

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

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

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

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

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

    Directory of Open Access Journals (Sweden)

    Cüneyt DİRİCAN

    2016-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Chuangxia Huang

    2014-01-01

    Full Text Available The value of a company’s cash holdings is currently a hot issue in corporate finance research. Current studies have not reached a unified conclusion. Moreover, no one has ever studied that from the perspective of information asymmetry. However, there still exist disputes about the measurement of the degree of information asymmetry. Previous studies mostly adopt single index to analysis this issue, and the economic meaning it represents only reflects some information of asymmetric information, so it was one-sided and the conclusion also differ. Drawing on the market microstructure and the index of information asymmetry of managers and investors, this paper constructs a new proxy for information asymmetry based on the principal component analysis. We find that a company’s value of cash holdings decreases increasingly with its level of information asymmetry, and the relationship between information asymmetry and the value of cash holdings is nonlinear.

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

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

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

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

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

  7. An Empirical Investigation of the Determinants of Cash Waqf Awareness in Malaysia

    Directory of Open Access Journals (Sweden)

    Adewale Abideen Adeyemi

    2017-01-01

    Full Text Available Notwithstanding the consensus among most classical and contemporary scholars on the permissibility of cash or money for Waqf purpose, its apparent limited application to religious purposes in Malaysia undermines its potentials for socio-economic development. Extant Malaysia theoretical and conceptual studies only offered remarks on the likely low levels of application of this very important variant of Waqf in Malaysia. Thus a lacuna exists to empirically assess the level of awareness and unravel the likely factors that explain such limited application of Cash Waqf in Malaysia. In an attempt to fill this gap in this study, data elicited from respondents via an adopted survey instrument was subjected to both descriptive and inferential statistical analysis. The results indicated that the awareness level is still low and that social culture, lack of promotion, and lack of understanding statistically and significantly explain the level of awareness and application about Cash Waqf among the respondents. Recommendations contingent on research findings were offered.

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

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

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

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

    DEFF Research Database (Denmark)

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

    2008-01-01

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

  10. PENGARUH FREE CASH FLOW, PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN

    Directory of Open Access Journals (Sweden)

    Muhammad Asril Arilaha

    2017-03-01

    Full Text Available The objective of the study was to provide empirical evidence about the effect offree cash flow, profitability, liquidity and leverage toward dividend policy. The population ofthis study was manufacture companies listed in Indonesian Stock Exchange in 2004 – 2007. Thesampling technique used purposive sampling and the analysis method used was multipleregressions. The result of this study proved that the profitability of a company affected thedividend policy. The bigger company profit was, the bigger dividend share was. A companywhich had profit stability could settle on dividend payment rate certainly and signal the qualityof their profit. While, free cash flow, liquidity and leverage had no effect toward dividend.

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

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1980-11-01

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

  13. 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....... In other areas the regulation is quite alike and the results are most often a result of trying to keep the balance between the tenant’s rights to dispose over a home contrary to the landlord’s rights as a property owner. This paper will explore some different aspects of tenancy law regulation – especially...

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

    DEFF Research Database (Denmark)

    Karantininis, Kostas; Graversen, Jesper Tranbjerg

    2005-01-01

    This paper examines the problem of hold-up in the agri-food sector. Production contracts offered to future Danish Broiler producers give rise to specific investments and appropriable quasi rents. Farmers are vulnerable to opportunistic behaviour by poultry processors which materializes in lower...... prices and results in lower investments. One obvious alternative to producing broilers is to produce pigs; since the pork industry is very well developed with the pork slaughter and processing being mainly (more than 90 %) run by two producer-owned cooperatives. Then it might be possible for the farmer...

  15. Rent, Greed and Civil War : A Critical Evaluation of Natural Resources and Civil War

    OpenAIRE

    Gjendem, Stein Omar

    2012-01-01

    Do natural resources cause civil war? Scholars disagree on the resource-conflict link. One common model of explanation, the greed model, asserts that natural resource provide an incentive to rebel. Natural resource, however, only increases the exposure to conflict at first. When a certain threshold of rent from natural resources is reached, the government’s control allows it to overbid the rebels in the battle for “labor”. With more resources the incumbent(s) can also spend more on defense an...

  16. The Visible Hand: National Oil Companies, Oil Supply and the Ermergence of the Hotelling Rent

    OpenAIRE

    Ludwig, Markus

    2012-01-01

    Using firm-level panel data, this paper exposes differences in the dynamic oil produc- tion regime between private and state-owned firms. I find that state-owned firms reduce the oil supply, ceteris paribus, by 3.5 percent each year, but private firms hold output constant. Furthermore, state-owned firms have not followed such stringent policy before 1997. My ex- tension of the Hotelling-model attributes the behavior of state-owned firms to a scarcity rent, whereas private firms produce at the...

  17. Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol

    OpenAIRE

    Kim, Yitae; Park, Kwangwoo; Ratti, Ronald; Shin, Hyun-Han

    2002-01-01

    Using a unique data set on all industrial firms listed on Korea Stock Exchange and KOSDAQ stock market from 1991 to 2000, we find that cash ratios for chaebol firms are lower than for non-chaebol firms. Controlling for access to the bond market and financial services arms does not change this result. We do however find that there is a shift in the degree of bank power over the last decade. Consistent with the main bank monopoly hypothesis during the corporate restructuring process after the f...

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

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

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

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

    NARCIS (Netherlands)

    van Helden, Jan; Reichard, Christoph

    2016-01-01

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

  20. 38 CFR 8.12 - Payment of the cash value of National Service Life Insurance in monthly installments under...

    Science.gov (United States)

    2010-07-01

    ... of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. 8... SERVICE LIFE INSURANCE Cash Value and Policy Loan § 8.12 Payment of the cash value of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. (a) Effective January 1...

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

    Science.gov (United States)

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

    2014-01-01

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

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

    Science.gov (United States)

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

    2017-04-01

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

  3. 46 CFR 308.525 - Application for decrease in amount of cash collateral fund, Form MA-305.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Application for decrease in amount of cash collateral... TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.525 Application for decrease in amount of cash collateral fund, Form MA-305. Application for...

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

    International Nuclear Information System (INIS)

    Banfi, Silvia; Filippini, Massimo

    2010-01-01

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

  5. 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

    The EU Commission has recently proposed a new directive establishing a framework for greenhouse gas (GHG) emissions trading within the European Union. The idea is to devalue the emission quotas in circulation by the year 2012 at latest, so that the EU will meet its Kyoto target level of an 8% GHG...... 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.......The EU Commission has recently proposed a new directive establishing a framework for greenhouse gas (GHG) emissions trading within the European Union. The idea is to devalue the emission quotas in circulation by the year 2012 at latest, so that the EU will meet its Kyoto target level of an 8% GHG....... 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...

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

    Directory of Open Access Journals (Sweden)

    Bazyli Czyżewski

    2014-03-01

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

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

    NARCIS (Netherlands)

    Kaiser, Carolin

    2016-01-01

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

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

    Science.gov (United States)

    Riccio, James; Miller, Cynthia

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Diego Sanches Corrêa

    2015-08-01

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

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

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    We examine the joint predictability of return and cash flow within a present value framework, by imposing the implications from a long-run risk model that allow for both time-varying volatility and volatility uncertainty. We provide new evidence that the expected return variation and the variance...

  11. Should Cash Transfers Be Confined to the Poor? Implications for Poverty and Inequality in Latin America

    OpenAIRE

    Acosta, Pablo A.; Leite, Phillippe; Rigolini, Jamele

    2011-01-01

    This paper compares for 13 Latin American countries the poverty and inequality impacts of cash transfer programs that are given to all children and the elderly (that is, "categorical" transfers), to programs of equal budget that are confined to the poor within each population group (that is, "poverty targeted" transfers). The analysis finds that both the incidence of poverty and the depth ...

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

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

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

  13. 16 CFR 801.21 - Securities and cash not considered assets when acquired.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Securities and cash not considered assets when acquired. 801.21 Section 801.21 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS... regularly prepared balance sheet of “A” referred to in § 801.11—the voting securities of X must be reflected...

  14. Are Conditional Cash Transfers Effective in Urban Areas? Evidence from Mexico

    Science.gov (United States)

    Behrman, Jere R.; Gallardo-Garcia, Jorge; Parker, Susan W.; Todd, Petra E.; Velez-Grajales, Viviana

    2012-01-01

    Conditional cash transfer (CCT) programs have spread worldwide as a new form of social assistance for the poor. Previous evaluations of CCT programs focus mainly on rural settings, and little is known about their effects in urban areas. This paper studies the short-term (1- and 2-year) effects of the Mexican "Oportunidades" CCT program…

  15. 12 CFR 220.113 - Necessity for prompt payment and delivery in special cash accounts.

    Science.gov (United States)

    2010-01-01

    ...). (b) It appears that in a typical case the supervisors of the retirement system meet only once or... accept delivery and pay for the securities before some date more than seven business days after the date... creditor (broker-dealer) in good faith” that the customer will “promptly make full cash payment for the...

  16. 38 CFR 6.14 - Cash value; other than special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... shall be the reserve together with any dividend accumulations. For each month after the first policy... special endowment at age 96 plan policy. 6.14 Section 6.14 Pensions, Bonuses, and Veterans' Relief... than special endowment at age 96 plan policy. Provisions for cash value shall become effective at the...

  17. 38 CFR 6.15 - Cash value; special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... thereafter shall be the reserve as set forth in the policy together with any dividend accumulations. For each... endowment at age 96 plan policy. 6.15 Section 6.15 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF... age 96 plan policy. Provisions for cash value shall become effective at the completion of the first...

  18. 77 FR 55235 - Cash Account Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-09-07

    ... Account Trust, et al.; Notice of Application August 31, 2012. AGENCY: Securities and Exchange Commission... Company Act of 1940 (the ``Act'') for an exemption from section 17(a) of the Act. Applicants: Cash Account... ``agent'' on behalf of issuer clients or as ``principal'' for its own account. In either capacity, a...

  19. 45 CFR 302.20 - Separation of cash handling and accounting functions.

    Science.gov (United States)

    2010-10-01

    ... follow generally recognized accounting standards. (b) Scope. The requirement in paragraph (a) of this... 45 Public Welfare 2 2010-10-01 2010-10-01 false Separation of cash handling and accounting... SUPPORT ENFORCEMENT (CHILD SUPPORT ENFORCEMENT PROGRAM), ADMINISTRATION FOR CHILDREN AND FAMILIES...

  20. Giving credit its due in the group practice setting. How credit cards can improve cash flow.

    Science.gov (United States)

    Pear, M J

    1991-01-01

    The health care industry is moving toward more patient service, and one aspect of service often overlooked is billing, writes Marcia Pear. Some practice managers believe credit cards aren't cost effective. In reality, they can actually accelerate cash flow and allow patients to resolve financial obligations sooner.

  1. 13 CFR 107.240 - Limitations on including non-cash capital contributions in Private Capital.

    Science.gov (United States)

    2010-01-01

    ... more than their fair market value. (c) Tangible assets used in your operations, priced at no more than their fair market value. (d) Shares in a Disadvantaged Business received by a subsidiary Section 301(d) Licensee from its parent Licensee, valued at the lower of cost or fair value. (e) Other non-cash assets...

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

    Science.gov (United States)

    Weld, Jeffrey Donn

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

  3. Cash transfers and social vulnerability in Bosnia: a cross-sectional study of households and listed beneficiaries.

    Science.gov (United States)

    Andersson, Neil; Paredes-Solis, Sergio; Sherr, Lorraine; Cockcroft, Anne

    2013-06-01

    Promoted as a means of fueling markets and encouraging economic growth or recovery, cash transfers have become a popular approach to international assistance. The literature recognizes potential problems such as insecurity, corruption, misuse, gender inequality, market inflation, and ineffective targeting. We carried out population and beneficiary surveys in 1997 to evaluate the targeting of cash transfers in Bosnia soon after the end of the conflict. The population survey visited a random sample of clusters from population registers in Bosnia and Herzegovina (BiH) and Republika Srpska (RS). A directly administered questionnaire asked households whether they received any cash handouts from the Municipal Welfare Office in the last year, and, if so, for what purpose, the amount, and how they used the money. We calculated coverage and inclusion and exclusion errors of the program. The field team also identified cash transfers beneficiaries from official lists of the program and attempted to contact a random sample of them to ask about their experience. It was not possible to confirm receipts of cash in one third of the sample of 840 named beneficiaries; 19% could not be traced and 17% of those found denied receiving any cash. In the general population survey of 7182 households, coverage rates with cash assistance (11% in BiH, 3% in RS) were at least 44% lower than those declared by the distribution agencies, with considerable variation between cantons. Exclusion errors were high: 83% of those eligible according to the program's income criterion did not receive any cash. Although sufficient cash was dispensed to reach every United Nations High Commission for Refugees priority 1 (most needy) household, only 13% of these households (278/2125) admitted receiving any cash. Inclusion errors were also high: 60% of all of those who received cash were not in the priority 1 category and 46% were not eligible according to the program's income criterion. Extrapolating from the

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

    International Nuclear Information System (INIS)

    Li Zhe; Ouyang Minggao

    2011-01-01

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

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

    OpenAIRE

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

    2008-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Zhi-Hua Hu

    2014-10-01

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

  7. Congenital inguinal hernias associated with a rent in the common vaginal tunic in five foals.

    Science.gov (United States)

    Spurlock, G H; Robertson, J T

    1988-11-01

    Five foals were admitted because of colic that developed within 24 hours after birth. Physical examination revealed swelling from the inguinal region to the cranial aspect of the prepuce. Through the skin overlying the swelling, distended loops of bowel could be palpated. The hernias could be reduced with the foals restrained in dorsal recumbency. Surgical exploration showed the swelling to be an inguinal hernia with small bowel herniation through a rent in the common vaginal tunic. Concurrent rupture of the vaginal tunic should be suspected when a congenital inguinal hernia is associated with colic, swelling that extends to the prepuce, or intestine that is easily palpated within the hernial swelling. Repeated manual reduction in these cases would be of little benefit and surgical intervention would be recommended.

  8. Congestion rents and FTR evaluations in mixed-pool-bilateral systems

    International Nuclear Information System (INIS)

    Liu, Minghai; Gross, George

    2008-01-01

    Evaluation of key metrics for congestion management, including the congestion rents and the financial transmission rights (FTR) payoffs, requires the efficient allocation of transmission services and the calculation of appropriate locational marginal prices (LMPs). This requirement is particularly acute when there are bilateral transactions coexisting with the centralized pool markets. We propose a new formulation for this purpose, which captures explicitly the contribution of the bilateral transactions to the social welfare. The proposed formulation effectively integrates the pool market and the bilateral transactions on a consistent basis and results in the more efficient allocation of the transmission resources than the conventional tool. We assess analytically the capabilities of the proposed formulation and solution and quantify the improvements in the evaluations over those done using the conventional approach. Such improvements are also illustrated using simulation results on a wide range of test systems including the IEEE 118-bus network. (author)

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

    International Nuclear Information System (INIS)

    Segal, Paul

    2012-01-01

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

  10. Pharmaceutical high profits: the value of R&D, or oligopolistic rents?

    Science.gov (United States)

    Spitz, Janet; Wickham, Mark

    2012-01-01

    Pharmaceutical firms attribute high prices and high profits to costs associated with researching and developing the next generation of life-saving drugs. Using data from annual reports, this article tests the validity of this claim. We find that while pharmaceutical firms do invest in R&D, they also enjoy strong rents; between 1988 and 2009, pharmaceuticals enjoyed profits of 3 to 37 times the all-industry average, depending on the years, while investing proportionately less in R&D than other high-R&D firms. Costs of pharmaceutical drugs have successfully flown below the radar in much of the current health care debate, with producers managing to obstruct alternative sourcing as well as payment cuts. While health care is examined for savings in other areas, sustained high pharmaceutical profits suggest that as a new health care policy develops in the U.S., the pharmaceutical industry should not be excluded from examination for significant savings in health care costs.

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

    Directory of Open Access Journals (Sweden)

    Winkel T.

    2008-01-01

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

  12. Battle for Climate and Scarcity Rents: Beyond the Linear-Quadratic Case.

    Science.gov (United States)

    Kagan, Mark; van der Ploeg, Frederick; Withagen, Cees

    Industria imports oil, produces final goods and wishes to mitigate global warming. Oilrabia exports oil and buys final goods from the other country. Industria uses the carbon tax to impose an import tariff on oil and steal some of Oilrabia's scarcity rent. Conversely, Oilrabia has monopoly power and sets the oil price to steal some of Industria's climate rent. We analyze the relative speeds of oil extraction and carbon accumulation under these strategic interactions for various production function specifications and compare these with the efficient and competitive outcomes. We prove that for the class of HARA production functions, the oil price is initially higher and subsequently lower in the open-loop Nash equilibrium than in the efficient outcome. The oil extraction rate is thus initially too low and in later stages too high. The HARA class includes linear, loglinear and semi-loglinear demand functions as special cases. For non-HARA production functions, Oilrabia may in the open-loop Nash equilibrium initially price oil lower than the efficient level, thus resulting in more oil extraction and climate damages. We also contrast the open-loop Nash and efficient outcomes numerically with the feedback Nash outcomes. We find that the optimal carbon tax path in the feedback Nash equilibrium is flatter than in the open-loop Nash equilibrium. It turns out that for certain demand functions using the carbon tax as an import tariff may hurt consumers' welfare as the resulting user cost of oil is so high that the fall in welfare wipes out the gain from higher tariff revenues.

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

    International Nuclear Information System (INIS)

    Olatunbosun, O. O.

    1998-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Manfred O.E. Hennies

    2016-08-01

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

  15. 77 FR 71195 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2012-11-29

    ... for Policy Development and Research, HUD. ACTION: Notice of Final Fiscal Year (FY) 2013 Fair Market... URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and Moderate... staff. Questions on how to conduct FMR surveys or concerning further methodological explanations may be...

  16. 78 FR 25295 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2013-04-30

    ... for Policy Development and Research, HUD. ACTION: Notice of Final Fiscal Year (FY) 2013 Fair Market... URBAN DEVELOPMENT Final Fair Market Rents for the Housing Choice Voucher Program and Moderate... standards should be directed to the respective local HUD program staff. Questions on how to conduct FMR...

  17. 76 FR 60967 - Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single...

    Science.gov (United States)

    2011-09-30

    ... of FMRs are to determine payment standards for the Housing Choice Voucher (HCV) program, to determine... . Questions related to use of FMRs or voucher payment standards should be directed to the respective local HUD... Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room...

  18. 75 FR 27808 - Section 8 Housing Choice Voucher Program-Demonstration Project of Small Area Fair Market Rents in...

    Science.gov (United States)

    2010-05-18

    ... the flexibilities available in the voucher program, to set voucher payment standards at varying and... Voucher Program--Demonstration Project of Small Area Fair Market Rents in Certain Metropolitan Areas for... on October 1 of each year. The primary uses of FMRs are to determine payment standard amounts for the...

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

    NARCIS (Netherlands)

    van der Ploeg, F.

    2010-01-01

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

  20. 76 FR 12985 - Request for Comments on Trend Factor Methodology Used in the Calculation of Fair Market Rents

    Science.gov (United States)

    2011-03-09

    ... Information Relay Service at 800-877-8339. Copies of all comments submitted are available for inspection and..., decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. In addition, all... and services could be used (to prevent double counting of the rent and utility data and/or to provide...

  1. Responsiveness of Rural and Urban Land Uses to Land Rent Determinants in the U.S. South

    Science.gov (United States)

    Ian Hardie; Peter Parks; Peter Gottleib; David N. Wear

    2000-01-01

    Ricardian and von Thünen land rent models are combined into a single land use shore model including farm, forest, and urban lurid uses. The lurid share model is applied to the Southern United States, and elasticities are extracted that measure land share response to changes in iqulation, income, land values, prices, and costs in counties with different degrees of...

  2. Conditional cash transfers and social welfare. A look into two Latin American case studies

    Directory of Open Access Journals (Sweden)

    Alexia Delclaux Gaytán de Ayala

    2015-12-01

    Full Text Available This paper analyses the role of conditional cash transfers (CCT in improving social indicators during the past decade in Brazil and Peru. Barely two decades after the appearance of the first programmes, CCTs – cash transfers to families living in poverty or extreme poverty conditioned to school attendance and compulsory medical visits for children – are now one of the main policy tools in the fight against poverty in dozens of developing countries. More specifically, this paper examines the link between the CCT programme in each of these two countries – the giant Bolsa Familia in Brazil, the pioneer and largest program of this type in the world, and Juntos in Peru, smaller in terms of size and relevance, but practically identical in its design – and the evolution of social indicators relative to poverty, education and health.

  3. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

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

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

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

  5. SWOT Analysis of Automation for Cash and Accounts Control in Construction

    OpenAIRE

    Mariya Deriy

    2013-01-01

    The possibility has been analyzed as to computerization of control over accounting and information systems data in terms of cash and payments in company practical activity provided that the problem is solved of the existence of well-functioning single computer network between different units of a developing company. Current state of the control organization and possibility of its automation has been observed. SWOT analysis of control automation to identify its strengths and weaknesses, obstac...

  6. Anti-Corruption Measures: Persistent Problems Exist in Monitoring Bulk Cash Flows at Kabul International Airport

    Science.gov (United States)

    2012-12-11

    SIGAR SP-13-1 Anti- Corruption / Currency Movement at KBL Special Inspector General for Afghanistan Reconstruction SIGAR ANTI... CORRUPTION MEASURES: PERSISTENT PROBLEMS EXIST IN MONITORING BULK CASH FLOWS AT KABUL INTERNATIONAL AIRPORT This product was completed under SIGAR’s...REPORT TYPE 3. DATES COVERED 00-00-2012 to 00-00-2012 4. TITLE AND SUBTITLE Anti- Corruption Measures: Persistent Problems Exist in Monitoring Bulk

  7. Does the board of directors affect cash holdings? A study of French listed firms

    OpenAIRE

    Derouiche, Imen; Boubaker, Sabri; Nguyen, Duc Khuong

    2015-01-01

    Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French listed firms during 2001–2007, we find that firms with boards deemed to be effective in mitigating agency problems—that is, those appointing independent directors and splitting chief executive officer and c...

  8. Intermediaries, Cash Economies,and Technological Change in Myanmar and India

    OpenAIRE

    Oreglia, Elisa; Srinivasan, Janaki

    2016-01-01

    Why do financial intermediaries persist, despite the promises of disintermediation that accompanied the diffusion of digital technologies?Through a comparative qualitative study of financial intermediation in rural markets in Shan State, Myanmar, and Kerala, India, we map out and make visible official and unofficial roles played by different types of brokers (traders, hundi, transport companies, etc.), and different financial  tools (cash, gold, land, banks, etc.), and look at how information...

  9. The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

    OpenAIRE

    Peterson, H. Christopher

    1992-01-01

    The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

  10. Stochastic Nominal Wage Contacts in a Cash-in-Advance Model

    OpenAIRE

    Collard, Fabrice; Ertz, Guy

    1996-01-01

    We build a simple cash-in-advance model for the German economy, in which we introduce stochastic nominal wage contracts. This allows to weaken the negative effect of the inflation tax such that monetary shocks exert a positive effect on output dynamics. The nominal wage contract model is able to mimic the correlation of inflation and real balances with output. It also lowers the standard deviation of inflation relative to that of output. Further, the variance decomposition analysis indicates ...

  11. Investment Cash Flow Sensitivity and Managerial Optimism: A Literature Review via the Classification Scheme Technique

    OpenAIRE

    Ezzeddine Ben Mohamed; Baccar Ame; Abdelfatteh Bouri

    2013-01-01

    In this paper, we present a literature review and classification scheme for investment cash flow sensitivity under behavioral corporate finance (hereafter, BCF). The former consists of all published articles between 2000 and 2011 in different journals that are appropriate outlets for BCF research. The articles are classified and results of these are presented and analyzed. The classification of articles was based on nine criteria; journals, date of publication, paper nature, the context of th...

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

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

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

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

    CERN Document Server

    Dompere, Kofi Kissi

    2014-01-01

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

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

    DEFF Research Database (Denmark)

    Aabo, Tom

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

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

    Science.gov (United States)

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

    2017-09-01

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

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

    Science.gov (United States)

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

    2009-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

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

  19. Initial cash/asset ratio and asset prices: an experimental study.

    Science.gov (United States)

    Caginalp, G; Porter, D; Smith, V

    1998-01-20

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

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

    Science.gov (United States)

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

    2016-06-01

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

  1. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

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

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

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

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

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

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

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

    OpenAIRE

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

    2017-01-01

    BackgroundCash transfers and vouchers are forms of `demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years.MethodsThis systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute appr...

  5. Outright Cash Purchase of Capital Assets and Enterprise Profitability in Nigeria: A Reflection on the Construction Industry

    OpenAIRE

    Loveday A. Nwanyanwu

    2015-01-01

    This paper examines the influence of capital assets acquired outrightly by cash on enterprise profitability from the perspective of construction companies. Data were obtained by means of questionnaire. Analyses were performed using descriptive statistics and Pearson¡¯s product moment coefficient of correlation. Results of descriptive statistics indicate 61.11% preference for acquisition of capital assets by outright cash purchase. Correlation analysis reveals a statistically significant moder...

  6. Cash seeking behaviour and migration: a place-to-place migration function for Cote d'Ivoire.

    Science.gov (United States)

    Velenchik, A D

    1993-12-01

    "This paper presents estimates of an aggregate place-to-place migration function for Cote d'Ivoire based on the premise that migration is motivated by rural residents' desire for cash income. The results indicate that migration from a region responds differently to changes in cash and food income, which supports the idea that it is the composition of rural income, and not just its level, that determines migration flows." excerpt

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

    Science.gov (United States)

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

    2014-01-01

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

  8. Cash transfers for HIV prevention: what do young women spend it on? Mixed methods findings from HPTN 068

    Directory of Open Access Journals (Sweden)

    Catherine MacPhail

    2017-07-01

    Full Text Available Abstract Background Social grants have been found to have an impact on health and wellbeing in multiple settings. Who receives the grant, however, has been the subject of discussion with regards to how the money is spent and who benefits from the grant. Methods Using survey data from 1214 young women who were in the intervention arm and completed at least one annual visit in the HPTN 068 trial, and qualitative interview data from a subset of 38 participants, we examined spending of a cash transfer provided to young women conditioned on school attendance. Results We found that spending was largely determined and controlled by young women themselves and that the cash transfer was predominately spent on toiletries, clothing and school supplies. In interview data, young women discussed the significant role of cash transfers for adolescent identity, specifically with regard to independence from family and status within the peer network. There were almost no negative consequences from receiving the cash transfer. Conclusions We established that providing adolescents access to cash was not reported to be associated with social harms or negative consequences. Rather, spending of the cash facilitated appropriate adolescent developmental behaviours. The findings are encouraging at a time in which there is global interest in addressing the structural drivers of HIV risk, such as poverty, for young women. Trial registration Clinicaltrials.gov NCT01233531 (1 Nov 2010. First participant enrolled 5 March 2011.

  9. Suppliers playing 'ping-pong'. Maximizing rent along the gas value chain

    International Nuclear Information System (INIS)

    Boon Von Ochssee, T.

    2007-05-01

    From 2010 onwards, it would seem that oil and natural gas production will remain at 'present' levels, while exported volumes under long term contract are declining. This shift in the balance between supply and demand provides suppliers with new possibilities. Energy suppliers are looking for the highest degree of flexibility in terms of supply, gauging in ever-changing market circumstances the possibilities for reaping arbitrage benefits between persistently regional - but increasingly global - gas markets. With an emerging gap between the ultimate production and volumes under long-term contacts, suppliers are developing so-called 'ping pong' strategies. Aimed at yielding the optimal arbitrage rent along the value chain, gas volumes for end-consumer markets are increasingly used to 'ping pong' between markets, either regionally by pipeline or on a global level by means of LNG volumes. Let us start with Europe, a 'regional' pipeline market, and explain the way 'ping-pong' works on the present supplier's side in supplying the European end-consumer.

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

    Energy Technology Data Exchange (ETDEWEB)

    Locatelli, C.; Finon, D

    2003-07-01

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

  11. Renting shacks: Landlords and tenants in the informal housing sector in Johannesburg South Africa

    Directory of Open Access Journals (Sweden)

    Ashley Gunter

    2014-07-01

    Full Text Available Renting is a common form of tenure in many developing countries in the global south. This is due to a housing shortage in these countries and has led to a situation where the vast majority of individuals in major cities find accommodation in the rental market. This situation can be put down to the difficulty to entering the market as a homeowner. While this condition is found in much of the formal housing market in the global south, little has been explored in the informal housing market. This state of affairs has pushed many residence in informal settlements into the rental market. This paper examines the rental market in informal settlements in Johannesburg, South Africa by conducting a qualitative investigation into the experiences of landlords (n = 11 and tenants (n = 15 in three informal settlements in Johannesburg. Overall, there is an asymmetric relationship between the two actors within this market, with the perception that landlords, who view their role as noble provider, impose arbitrary rental terms on tenants in an illegal tenancy market.

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

    International Nuclear Information System (INIS)

    Locatelli, C.; Finon, D.

    2003-07-01

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

  13. Economic Rents and Legitimacy: Incorporating Elements of Organizational Analysis Institutional Theory to the Field of Business Strategy

    Directory of Open Access Journals (Sweden)

    Marco Aurélio Lima de Queiroz

    2007-01-01

    Full Text Available Are sources of economic rent, as defined by the prevalent business strategy paradigm, sufficient to attain and maintain superior returns? The perspective developed within the conceptual framework of the Institutional Theory may offer managers a contribution towards understanding the strategy process and its potentialities,particularly by stressing the leading role played by legitimacy, the influence of many institutional spheres, the isomorphic pressures, ceremonial behavior and decoupling, among other elements, that mainstream business strategy fails to address directly, but which may have a significant effect on firm performance. We advance thatthese elements must be accounted for in the pursuit and acquisition of economic rents, even if the ability to articulate them purposefully is constrained by rationality, agency conditions and the manager's social embeddedness.

  14. Strategy Dynamics through a Demand-Based Lens: The Evolution of Market Boundaries, Resource Rents and Competitive Positions

    OpenAIRE

    Adner, Ron; Zemsky, Peter

    2003-01-01

    We develop a novel approach to the dynamics of business strategy that is grounded in an explicit treatment of consumer choice when technologies improve over time. We address the evolution of market boundaries, resource rents and competitive positions by adapting models of competition with differentiated products. Our model is consistent with the central strategy assertion that competitive interactions are governed by superior value creation and competitive advantage. More importantly, it show...

  15. Effet de l'apport de différents types d'engrais organiques sur la ...

    African Journals Online (AJOL)

    facteur principal puis trois doses d'application et un contrôle (0, 20, 30 et 40 t/ha) comme facteur secondaire. L'apport des différentes formes d'engrais organiques ainsi que les doses d'application ont eu des effets très hautement significatifs .... de limon et 7,85% d'argile, ce qui confère une texture sablo-limoneuse au sol.

  16. Patients diabétiques de type 2 hypertendus: préfèrent-ils traiter le ...

    African Journals Online (AJOL)

    Les diabétologues sont confrontés à des diabétiques le plus souvent hypertendus et polypathologiques, les rendant peu observants des différentes thérapeutiques prescrites. Le but de notre étude est d'évaluer l'observance au traitement chez les patients diabétiques hypertendus. Il s'agit d'une étude descriptive ...

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

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

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

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

    Science.gov (United States)

    Rappaport, A; Sirower, M L

    1999-01-01

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

  19. Synthesis and characterisation of pure C(-A)-S-H phases

    International Nuclear Information System (INIS)

    L'Hopital, E.; Lothenbach, B.; Le Saout, G.; Kulik, D.A.; Scrivener, K.

    2015-01-01

    The construction of nuclear power plants requires huge quantity of cement and the cement production generates about 8% of global man-made CO 2 emissions. One way of reducing the concrete's CO 2 contribution is to lower its CO 2 generation and energy consumption by a partial replacement of clinker with supplementary cementitious materials (SCMs). Common SCMs such as blast furnace slag or fly ash contain more silicon and aluminium than Portland cement, so that the hydrates formed are different than in Portland cements, which might affect the concrete mechanical properties. The most important phase formed during the reaction of Portland cement with water is calcium silicate hydrate, C-S-H. In the presence of SCMs, C-S-H can have different composition compared to C-S-H in Portland cements. The present work focuses on synthesis of pure C(-A)- S-H at a Ca/Si ratio equal to 1 in presence of different quantities of aluminium (Al/Si atomic ratio from 0 to 0.05) to determine the aluminium incorporation in C-S-H. The absence of any other solids and the low aluminium concentrations measured in the solution clearly showed an uptake of aluminium within the C-(A)-S-H phase. The presence of aluminium increased the interlayer distance, indicating an uptake of aluminium in the C-(A)-S-H structure. The uptake of aluminium was more pronounced at higher dissolved aluminium concentrations, consistent with the formation of a solid solution between C-S-H and C-A-S-H. The presence of aluminium led to a decrease of the calcium concentrations, while the silica and aluminium concentrations increased

  20. Migration, cash cropping and subsistence agriculture: relationships to household food expenditures in rural Mexico.

    Science.gov (United States)

    Kaiser, L L; Dewey, K G

    1991-01-01

    The relationship between income and food expenditure patterns is influenced by a number of factors, including personal tastes, source and frequency of income, male/female control over income, home food production, and other demographic factors. In this study, the relationship of household resource allocation to each of the following is examined: (1) source of income (i.e. wage labor, cash cropping, migrant remittances, and other private sources); (2) women's contribution to income; and (3) subsistence production level. The overall study design involved a cross-sectional survey of 178 households in three rural Mexican communities on two occasions spanning both agricultural seasons. On each occasion, data were collected on the following: (1) income by source and by earner; (2) migrant remittances; (3) gifts and loans; (4) subsistence and cash crop production, expenses, and earnings; (5) major nonfood purchases; (6) household composition; and (7) household food use (during the previous week). Stepwise multiple regression was used to determine the factors associated with the percentage of income allocated to food (PFX) and the percentage of the food budget allocated to (1) maize, beans, and chile (TRAD); (2) meat, milk, and fruit (LUX); and (3) bread, pasta, and snack foods (PROC). All regressions were run controlling for income. The proportion of income from migrant remittances was negatively associated with PFX (winter). Subsistence score was positively related to PFX (summer). Migrant remittances (winter) and subsistence score (both seasons) were negatively associated with TRAD. Subsistence score was positively related to LUX (both seasons). Father's absence (both seasons), store ownership (winter), and private source of income (summer) were all positively linked to PROC. Mother's contribution to total income and cash cropping income were not significantly related to any of the dependent variables. The findings support the idea that resource allocation patterns are

  1. Standards of Housing for Rent Built by Municipal Social Building Society in Bialystok (Poland) during 1996 - 2012

    Science.gov (United States)

    Tokajuk, Andrzej

    2017-10-01

    The period of economic transformation in Poland started from 1989 and resulted in significant changes on the housing market. Flats became goods and process of privatizing of the housing market took place in last decade of the 20th century. It became clear, that it was necessary to create the system of housing for the people who cannot afford to buy the flat on free market. Such solutions were implemented in 1996 and since then affordable housing associations started coming into existence - organizations building flats for rent, supported by city and government budget. Large complex of such housing for rent was built in Bialystok, the major city of northeastern Poland, and it is regarded as one of the biggest in the country. The purpose of the study is characteristics of the contemporary social housing for rent in Bialystok, as good example of that kind of housing realized in Poland. The author uses a kind of parametrical method and analysis some aspects of housing environment: the urban concepts of housing developments, architectural ideas, standards of flats, and also solutions of parking places, road systems and access to basic services, including recreational areas. He gets factors of housing standards as a final result.

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

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

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

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

    Science.gov (United States)

    Neuhaus, Mathias; Wolff, Jörg; Zisky, Norbert

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

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

    Directory of Open Access Journals (Sweden)

    Gheorghe NEGOESCU

    2014-12-01

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

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

    International Nuclear Information System (INIS)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-01-01

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

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

    DEFF Research Database (Denmark)

    Weatherall, James; Beltov, Tor

    Previous studies do not analyse activation starts as the parameter of interest in evaluating labour market programs. In this paper we evaluate municipality ability to activate cash-help recipients, which helps recipients gain the necessary skills vital to future regular employment in Denmark....... A Data Envelopment Analysis (DEA) bootstrap approach contributes to the DEA literature by evaluating a new subject, which is the relative productive activation participation efficiency for a population of Danish municipalities in 2001. The main results indicate that municipality active labour market...

  7. WHO BENEFITS FROM THE VAT CASH ACCOUNTING SYSTEM IN ROMANIA AS OF JANUARY 1, 2013?

    Directory of Open Access Journals (Sweden)

    Ecobici Nicolae

    2013-02-01

    Full Text Available In the context of the legislative changes at the end of 2012 regarding the value added tax, changes that cameinto force on January 1, 2013, we will critically analyze the extent in which the new imposed system follows the VATtaxation principles and who will benefit from this system. In this case, it is the VAT cash accounting system which,under certain legally well-defined conditions, relate the VAT chargeability to the collection of value of the invoicedgoods and services no later than 90 calendar days and VAT deduction is subject to the payment of the goods andservices invoiced without specifying any deadline.

  8. ZIMRING, Carl A. Cash for your trash: scrap recycling in America

    OpenAIRE

    Bosi, Antonio de Pádua

    2014-01-01

    Cash for your trash foi originalmente escrito como tese de doutorado na área de história na Carnegie Mellon University (EUA), em 2002. Embora seja um dos primeiros estudos especializados sobre a reciclagem de sucata nos Estados Unidos, seu alcance abriga fontes e reflexões que possibilitam rastrear algumas mudanças nas práticas sociais, desde o século XIX, relacionadas ao desperdício e à reutilização de todo tipo de materiais descartados. Este último aspecto é sua característica mais relevant...

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

    Science.gov (United States)

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

    2013-04-01

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

  10. Housing as a Social Determinant of Health: Exploring the Relationship between Rent Burden and Risk Behaviors for Single Room Occupancy Building Residents.

    Science.gov (United States)

    Bowen, Elizabeth A; Mitchell, Christopher G

    2016-01-01

    A growing body of health determinants research recognizes that housing and health are intimately linked. This study explores the relationship between rent burden (the ratio of rent to income) and health risk behaviors among a sample of single room occupancy (SRO) building residents. Cross-sectional data were gathered from a sample of 162 residents living in privately owned, for-profit SROs in Chicago. Findings indicated that participants who had full rental subsidies and thus were designated in a no-rent-burden category were more likely to engage in risk behaviors including illicit drug use, having multiple sexual partners, and having sex without a condom, in comparison to participants with moderate or high-rent burdens. These findings suggest that interventions to increase housing stability and affordability and bolster reliable income sources (in addition to rental subsidies) may be key in reducing risk behaviors and improving health for vulnerably housed populations such as SRO residents.

  11. Chapitre II. Le rapport de ce lectorat de jeunes adultes aux différents médias utilisés

    OpenAIRE

    Spaventa, Paola; Pellizzari, Amandine

    2014-01-01

    Image et usage comparés des différents médias Le rôle respectif des différents médias pour les jeunes lecteurs de magazines Les jeunes adultes rencontrés dans le cadre de cette étude utilisaient tous, à plus ou moins grande échelle, les principaux médias actuels, à savoir la télévision, la radio, Internet et la presse magazine. Néanmoins, ces différents médias occupent une place réelle et symbolique différente dans leur quotidien et que l’on peut résumer par le schéma suivant : Bien évidemmen...

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

    Directory of Open Access Journals (Sweden)

    Achike, AI.

    2008-01-01

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

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

    Science.gov (United States)

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

    2016-08-01

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

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

    Science.gov (United States)

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

    2016-02-01

    There is promising recent evidence that poverty-targeted social cash transfers have potential to improve maternal health outcomes; however, questions remain surrounding design features responsible for impacts. In addition, virtually no evidence exists from the African region. This study explores the impact of Zambia's Child Grant Program on a range of maternal health utilization outcomes using a randomized design and difference-in-differences multivariate regression from data collected over 24 months from 2010 to 2012. Results indicate that while there are no measurable program impacts among the main sample, there are heterogeneous impacts on skilled attendance at birth among a sample of women residing in households having better access to maternal health services. The latter result is particularly interesting because of the overall low level of health care availability in program areas suggesting that dedicated program design or matching supply-side interventions may be necessary to leverage unconditional cash transfers in similar settings to impact maternal health. Copyright © 2015 John Wiley & Sons, Ltd.

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

    Directory of Open Access Journals (Sweden)

    Jarita Duasa

    2016-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Arun Ranga Swamy

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Mehdi Taghavi

    2014-03-01

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

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

    DEFF Research Database (Denmark)

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

    2008-01-01

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

  19. A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

    Directory of Open Access Journals (Sweden)

    Amir Abbas Najafi

    2009-01-01

    Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

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

    Directory of Open Access Journals (Sweden)

    Jernej Prodnik

    2011-06-01

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

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

    Science.gov (United States)

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

    2014-05-01

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

  2. AREVA announces US$ 7.75 Per share friendly cash offer for UraMin

    International Nuclear Information System (INIS)

    2007-01-01

    AREVA and UraMin Inc. ('UraMin') entered on June 15, 2007 into an agreement in respect of AREVA's friendly cash offer for 100% of the share capital of UraMin. UraMin is listed in London (AIM) and Toronto (TSX). AREVA (Euronext Paris) already owns 5.5% of UraMin's share capital. This cash offer of AREVA will be made through its indirect wholly-owned subsidiary CFMM Development ('AREVA') based on a price of US$ 7.75 per UraMin share. The total offer consideration amounts to more than USD 2.5 billion for 100% of the fully diluted share capital of UraMin. This represents a premium of 21% over UraMin 20-day weighted average trading price ending on June 8, 2007. The UraMin Board of Directors, after consulting with its financial advisors, has determined that the offer is fair and in the best interest of the UraMin shareholders and it has resolved to recommend acceptance of the Offer. BMO Capital Markets has provided an opinion that the offer is fair, from a financial point of view, to the UraMin shareholders. In connection with the offer, all directors and certain other shareholders representing approximately 25% of the outstanding UraMin shares (calculated on a fully diluted basis) have entered into lock-up agreements with AREVA pursuant to which they have agreed to tender all their UraMin shares to AREVA's offer. The support agreement entered into between AREVA and UraMin provides for, among other things, in case a superior proposal is accepted by UraMin, a right to match in favour of AREVA. The support agreement also includes a break up fee in favour of AREVA of US$ 75 million under certain circumstances. Concurrently with the closing of the proposed offer, UraMin will declare a dividend payable in shares of the capital of Niger Uranium Limited held by UraMin (where permitted by law) or a cash equivalent of the value of such shares

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

    Directory of Open Access Journals (Sweden)

    Yuting Li

    2016-04-01

    Full Text Available In recent years; financing difficulties have been obsessed small and medium enterprises (SMEs; especially emerging SMEs. Inter-members’ joint financing within a supply chain is one of solutions for SMEs. How about members’ joint financing of inter-supply chains? In order to answer the question, we firstly employ the Stackelberg game to propose three kinds of financing decision models of two cash-constrained supply chains with complementary products. Secondly, we analyze qualitatively these models and find the joint financing decision of the two supply chains is the most optimal one. Lastly, we conduct some numerical simulations not only to illustrate above results but also to find that the larger are cross-price sensitivity coefficients; the higher is the motivation for participants to make joint financing decisions; and the more are profits for them to gain.

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

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

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

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

    DEFF Research Database (Denmark)

    Humlum, Maria Knoth; Vejlin, Rune Majlund

    2013-01-01

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

  6. Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

    Directory of Open Access Journals (Sweden)

    Dimitrios I. Maditinos

    2015-10-01

    Full Text Available Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its impact on the firms' future performance. Especially regarding the recent years where Greece faces increased economic depression, high percentages of unemployment and lack of budgetary discipline, the goal is therefore, to find whether managerial optimism has an impact on corporate investment of Greek firms. Design/methodology/approach - The investment of firms with optimistic managers is more sensitive to cash flow than the investment of firms with managers who are not optimistic. To test the research question a number of fixed effect panel regressions of capital expenditures (capital expenditures divided by lagged assets is the dependent variable is run. In all regressions we analyse cash flow divided by lagged assets and lagged Tobin's Q as the independent variables, for firms whose managers are classified as optimistic and not optimistic. This classification is based on the optimism "dummy" variable, which is equal to 1 when members of the Executive Board and the Supervisory Board (ALL, only the Executive Board (EB, and only CEO are classified as optimistic. The concept of this study is tested for firms which are listed in the Athens Stock Exchange. A total of 243 firms are recorded, for the time period between 2007 and 2012, including firms from 11 different industries; basic materials, chemicals, consumer goods, consumer services, health care, industrials, financials, oil and gas, technology, telecommunications and utilities. Based on the literature and on related methodology aspects, financial firms are excluded. Findings - It was revealed that managerial optimism affects corporate investment in firms with high degree of closely held shares. Moreover

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

    Directory of Open Access Journals (Sweden)

    CARUNTU GENU ALEXANDRU

    2016-06-01

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

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

    Science.gov (United States)

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

    2009-01-01

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

  9. Free Cash Flow, Agency Theory Dan Signaling Theory: Konsep dan Riset Empiris

    Directory of Open Access Journals (Sweden)

    Syukriy Abdullah

    2016-01-01

    Full Text Available This paper discusses the literature on free cash flow (FCF, which is one source of corporate funding that can be distributed to investors after finance all investments with positive NPV. FCF contain agency problems (Jensen, 1986 giving rise to agency costs such as auditing fees. FCF can be distributed through dividends or stock repurchase, but sometimes management does not do so and instead uses for wealth management, such as for bonus and investment that can increase power and reduce the possibility of takeover. FCF can be used by management as a signal about the prospects of the company in the future due to policies such as specially designated dividend and stock repurchase has information content. In addition, some studies suggest that the management policy on FCF correlated with income and dividends smoothing.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2000-07-01

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

  11. Cash transfer programme, productive activities and labour supply: Evidence from randomized experiment in Kenya

    Science.gov (United States)

    Asfaw, Solomon; Davis, Benjamin; Dewbre, Josh; Handa, Sudhanshu; Winters, Paul

    2015-01-01

    This paper reports analysis of the impact of Kenya’s Cash Transfer for Orphans and Vulnerable Children Programme on the household decisions on productive activities using data from a randomized experimental design. Results show that the programme had a positive and significant impact on food consumption coming from home production, accumulation of productive assets, especially on the ownership of small livestock and on formation of nonfarm enterprise, especially for females. The programme has provided more flexibility to families in terms of labour allocation decisions, particularly for those who are geographically isolated. The programme was also found to have reduced child labour, an important objective of the programme. However we find very little impact of the programme on direct indicators of crop production. PMID:25663712

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

    Science.gov (United States)

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

    2017-01-01

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

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

    Science.gov (United States)

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

    2014-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Dragomir Dimitrijevic

    2015-08-01

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

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

    Directory of Open Access Journals (Sweden)

    Mariska eMantione

    2014-05-01

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

  16. Conditional cash transfer impact evaluation: an evaluation of the costa rican secondary education program Avancemos

    Directory of Open Access Journals (Sweden)

    Catherine Mata

    2015-07-01

    Full Text Available This paper evaluates the impact of Avancemos, a conditional cash transfer program in Costa Rica. Specifically, this paper measures the impact on student desertion for the first year of the program using a panel created with the Household Surveys for Multiple Purposes for the years 2006 and 2007, elaborated by the National Institute of Statistics and Census. Using econometric tools and quasi-experimental methodologies such as Propensity Score Matching and difference-in-differences, we find a positive impact associated to the program for desertion and reinsertion. Specifically, for between 10 and 16 percent of the students who did not leave high school, it was only due to Avancemos, meaning that without the program they would have abandoned their studies. This is why we can conclude that Avancemos had a positive impact according to its planned objectives of preventing dropouts and ensuring their reinsertion.

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

    Science.gov (United States)

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

    2012-01-01

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

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

    NARCIS (Netherlands)

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

    2017-01-01

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

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

    Science.gov (United States)

    García, Sandra; Saavedra, Juan E.

    2017-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

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