IMPORTANT COMMUNICATION: Pension Fund elections - Cancellation of the current voting procedure

CERN Multimedia

2004-01-01

As you are aware, voting is currently under way for the election of two members and two alternates to the Governing Board of the Pension Fund. To this end, all members of the Pension Fund have recently received ballot papers. To ensure fair process, the Regulations for elections of the Pension Fund prescribe that all candidates standing for election must be given an equal amount of publicity space in the Weekly Bulletin to introduce themselves. Accordingly, as on previous occasions, each of the four candidates for this year's elections was granted a slot in the Weekly Bulletins of 11 October and 1 November 2004. While voting was already in process, a flash was published by the Staff Association, endorsing one of the four candidates and inviting members to vote for that particular person only. Thus, one candidate received substantial additional publicity compared to the other three candidates. The matter was raised at the meeting of the Governing Board of 2 November and the Board decided that the ...

CONSIDERATIONS REGARDING THE EVOLUTION OF EUROPEAN FUNDS ABSORPTION IN ROMANIA

Directory of Open Access Journals (Sweden)

IOANA TATIANA STANESE

2017-11-01

Full Text Available This paper analyzes the evolution of the absorption of European funds in Romania reported to the closure period of the operational programms related to the European Union cohesion policy during the years 2007 – 2013. This programming period officially concluded only at the end of year 2015. Considering the financial aspects of the 2007- 2013 programming period for European funds the analysis focuses exclusively on the Structural and Cohesion Funds and the absorption rate of these funds in Romania, namely 90.44%, recorded in March 2017. Nearly 3 years from the start of the new programming period 2014-2020 related to the European Union’s cohesion policy, there is a direct link between the quality of public administration’s activity and the application of the principle of investment programming. Despite a slow and difficult start, we can observe an accelerated trend over the last few hundred meters. Identifying priority projects at national and regional level, followed by a alteration and adaptation of strategic documents such as National Reform Programs, could be a solution for Romania to gain a more rigorous planning that leads to a higher and faster absorption of European funds in the current programming period 2014-2020.

77 FR 9664 - Funds for Leadership Training in Pediatric Dentistry's Current Grantees; One-Year Extension

Science.gov (United States)

2012-02-17

... Leadership Training in Pediatric Dentistry's Current Grantees; One-Year Extension AGENCY: Health Resources... Funds for Leadership Training in Pediatric Dentistry's (T17) Current Grantees. SUMMARY: The Health... for the Leadership Training in Pediatric Dentistry awards to Columbia University, The Regents of the...

12 CFR 563g.18 - Current and periodic reports.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Current and periodic reports. 563g.18 Section 563g.18 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY SECURITIES OFFERINGS § 563g.18 Current and periodic reports. (a) Each savings association which files an offering circular...

Return Persistence and Fund Flows in the Worst Performing Mutual Funds

OpenAIRE

Jonathan B. Berk; Ian Tonks

2007-01-01

We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show...

Current funding and financing issues in the Australian hospice and palliative care sector.

Science.gov (United States)

Gordon, Robert; Eagar, Kathy; Currow, David; Green, Janette

2009-07-01

This article overviews current funding and financing issues in the Australian hospice and palliative care sector. Within Australia, the major responsibilities for managing the health care system are shared between two levels of government. Funding arrangements vary according to the type of care. The delivery of palliative care services is a State/Territory responsibility. Recently, almost all States/Territories have developed overarching frameworks to guide the development of palliative care policies, including funding and service delivery structures. Palliative care services in Australia comprise a mix of specialist providers, generalist providers, and support services in the public, nongovernment, and private sectors. The National Palliative Care Strategy is a joint strategy of the Commonwealth and States that commenced in 2002 and includes a number of major issues. Following a national study in 1996, the Australian National Subacute and Nonacute Patient (AN-SNAP) system was endorsed as the national casemix classification for subacute and nonacute care. Funding for palliative care services varies depending on the type of service and the setting in which it is provided. There is no national model for funding inpatient or community services, which is a State/Territory responsibility. A summary of funding arrangements is provided in this article. Palliative care continues to evolve at a rapid rate in Australia. Increasingly flexible evidence-based models of care delivery are emerging. This article argues that it will be critical for equally flexible funding and financing models to be developed. Furthermore, it is critical that palliative care patients can be identified, classified, and costed. Casemix classifications such as AN-SNAP represent an important starting point but further work is required.

The role of the European Structural and Investment Funds in Financing Health System in Lithuania: Experience from 2007 to 2013 funding period and implications for the future.

Science.gov (United States)

Murauskiene, Liubove; Karanikolos, Marina

2017-07-01

European Structural and Investment Funds (ESIF) are a major source of investments in the newer EU member states. In Lithuania's health sector, the amount for the 2007-2013 funding period reached more than €400 million. In this paper we aim to (i) identify the key areas in the health sector which were supported by ESIF, (ii) determine the extent to which ESIF assisted the implementation of the ongoing health system reform; and (iii) assess whether the use of funds has led to expected improvements in healthcare. We review the national strategic documents and legislation, and perform calculations to determine funding allocations by specific area, based on the available data. We analyse changes according to a set of selected indicators. We find that implementation of programmes funded by the ESIF lacks formal evaluation. Existing evidence suggests that some improvement has been achieved by 2013. However, there are persisting challenges, including failure to reach a broad agreement on selection of health and healthcare indicators, lack of transparency in allocations, and absence of coherent assessment measures of healthcare quality and accessibility. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

Funding in Spain

International Nuclear Information System (INIS)

Santiago, Juan Luis

2006-01-01

Decommissioning strategies currently considered are: Immediate dismantling (for all LWR), Deferred dismantling (only for Vandellos-I). Dismantling is assumed to commence 3 years after shutdown. End point: Release the site for industrial uses without radiological restrictions. Considerations for Planning and Funding: 40 years of lifetime for the nuclear power plants currently in operation (7.6 GWe installed). Decommissioning of NPPs: Vandellos I (Partial dismantling (Level 2) in 2003, Total dismantling (Level 3) after a 30 years period); Rest of NPPs: Total dismantling (Level 3), as regards calculation and planning 3 years after final reactor shutdown. Distribution of Responsibilities: Decommissioning is planned to start about 3 years after plant shutdown. During this period the Utility is still responsible for the plant and should remove the spent fuel and condition all the operational wastes, prior to the transfer of responsibility to Enresa. After transfer, Enresa is fully responsible for decommissioning. Decommissioning Funding and Management Rules: The cost of the decommissioning of nuclear installations are financed by the producers of such wastes. The financing of these responsibilities is by way of a Fund set up for this purpose. The costs are calculated by Enresa by means of an annual study, which reviews the status of the techniques and assesses the associated costs, this study being submitted in the General Radioactive Waste Plan to the Ministry of Economy for its approval. The Fund, managed by Enresa, is raised by a charge on the electricity price. The accumulated fund is administrated by Enresa under the supervision of the competent governmental authorities. Rules are established by a Fund Control Committee reporting to the Ministry of Economy. Financing via electricity Billing: The costs of activities arising as a result of radioactive waste management are to be financed by the producers. For NPPs, Establishment of a percentage quota on electricity

Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

NARCIS (Netherlands)

de Jong, F.C.J.M.; Wingens, L.

2013-01-01

This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

Utility financial stability and the availability of funds for decommissioning: An analysis of internal and external funding

International Nuclear Information System (INIS)

Siegel, J.J.

1988-06-01

The NRC is currently developing final rules in the area of decommissioning nuclear facilities. A part of that rulemaking effort is assuring that funds will be available at the time of decommissioning of power reactors. This report provides an update by considering public comments received on the NRC's proposed rule on decommissioning (published February, 1985) and by analyzing the relative level of assurance of internal and external reserves. In its analysis, the report makes use of specific case utility financial situations. The report concludes that from a financial standpoint, with the exception of PSNH, internal reserves currently provide sufficient assurance of funds for decommissioning. The report also concludes that the NRC should recommend changes in bankruptcy laws, including decommissioning obligations in utility prospectuses, and conduct periodic financial reviews of nuclear utilities due to changing economic conditions

Gas tax fund and public transit fund outcomes report

International Nuclear Information System (INIS)

2009-01-01

Federal gas tax and public transit agreements were signed in 2005 by the Government of Canada, the Province of Ontario, the Association of Municipalities of Ontario (AMO) and the City of Toronto in order to address long-term community sustainability and invest in municipal infrastructure. The agreement committed to providing $1.9 billion to Ontario municipalities over a 5-year period. An additional $2.4 billion has been provided for a further 4-year period from 2010 to 2014. The funds are used by communities to invest in capacity building or environmentally sustainable municipal infrastructure projects. This report identified the intermediate and ultimate outcomes of the federal gas tax fund and public transit fund as of December 2008. Outcomes were presented in the categories of community energy systems, public transit, water and wastewater, solid waste, and roads and bridges. Funding highlights and economic spin-offs for the projects were also presented, as well as summaries of ancillary social outcomes. 6 tabs., 4 figs.

ADVERTISING ON FACEBOOK: THE EFFECT ON FUND FLOWS OF FUND FAMILY

OpenAIRE

Kang, Jiaqi

2017-01-01

Using data for the top 100 US mutual fund families for the period between Jan 2009 to Jun 2016, this paper studies the relationship between mutual fund families’ advertising on Facebook and their fund flow. In particular, I examine whether advertising via social media helps mutual funds to attract new fund flow. I also include the number of followers to proxy for visibility and past returns to control for performance. In line with previous research, I find that large part of the variation in ...

Mutual Fund Performance: Evidence From South Africa

Directory of Open Access Journals (Sweden)

Ömer Faruk Tan

2015-11-01

Full Text Available This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen's alpha (1968 methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966 regression analysis method is applied for market timing ability of fund managers.

78 FR 65341 - Discretionary Grant Funds

Science.gov (United States)

2013-10-31

... Deviation: Non-Competitive Expansion Supplement Funds to the Healthcare Systems Bureau (HSB). SUMMARY: HRSA... of the Non-Competitive Award: $126,144. CFDA Number: 93.253. Period of Supplemental Funding: 10/1... period that is due to end August 31, 2014. The funding was based on providing services to 50 percent of...

Surveys of current status in biomedical science grant review: funding organisations' and grant reviewers' perspectives

DEFF Research Database (Denmark)

Schroter, Sara; Groves, Trish; Højgaard, Liselotte

2010-01-01

The objectives of this research were (a) to describe the current status of grant review for biomedical projects and programmes from the perspectives of international funding organisations and grant reviewers, and (b) to explore funders' interest in developing uniform requirements for grant review...

Biodiversity funds and conservation needs in the EU under climate change.

Science.gov (United States)

Lung, Tobias; Meller, Laura; van Teeffelen, Astrid J A; Thuiller, Wilfried; Cabeza, Mar

2014-07-01

Despite ambitious biodiversity policy goals, less than a fifth of the European Union's (EU) legally protected species and habitats show a favorable conservation status. The recent EU biodiversity strategy recognizes that climate change adds to the challenge of halting biodiversity loss, and that an optimal distribution of financial resources is needed. Here, we analyze recent EU biodiversity funding from a climate change perspective. We compare the allocation of funds to the distribution of both current conservation priorities (within and beyond Natura 2000) and future conservation needs at the level of NUTS-2 regions, using modelled bird distributions as indicators of conservation value. We find that funding is reasonably well aligned with current conservation efforts but poorly fit with future needs under climate change, indicating obstacles for implementing adaptation measures. We suggest revising EU biodiversity funding instruments for the 2014-2020 budget period to better account for potential climate change impacts on biodiversity.

Addressing health inequalities by using Structural Funds. A question of opportunities.

Science.gov (United States)

Neagu, Oana Maria; Michelsen, Kai; Watson, Jonathan; Dowdeswell, Barrie; Brand, Helmut

2017-03-01

Making up a third of the EU budget, Structural and Investment Funds can provide important opportunities for investing in policies that tackle inequalities in health. This article looks back and forward at the 2007-2013 and 2014-2020 financial periods in an attempt to inform the development of health equity as a strand of policy intervention under regional development. It combines evidence from health projects funded through Structural Funds and a document analyses that locates interventions for health equity under the new regulations. The map of opportunities has changed considerably since the last programming period, creating more visibility for vulnerable groups, social determinants of health and health systems sustainability. As the current programming period is progressing, this paper contributes to maximizing this potential but also identifying challenges and implementation gaps for prospective health system engagement in pursuing health equity as part of Structural Funds projects. The austerity measures and their impact on public spending, building political support for investments as well as the difficulties around pursuing health gains as an objective of other policy areas are some of the challenges to overcome. European Structural and Investment Funds could be a window of opportunity that triggers engagement for health equity if sectors adopt a transformative approach and overcome barriers, cooperate for common goals and make better use of the availability of these resources. Copyright © 2017 Elsevier B.V. All rights reserved.

75 FR 81979 - Proposed Notice of Funding Opportunity (NOFO) for Social Innovation Fund 2011 Awards; Request for...

Science.gov (United States)

2010-12-29

... Social Innovation Fund 2011 Awards; Request for Feedback AGENCY: Corporation for National and Community... of Funding Opportunity (NOFO) for Social Innovation Fund Awards. SUMMARY: The Corporation for... the 2011 Social Innovation Fund competition. This release will initiate a public input period that...

Governing Board of the Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Governing Board of the Pension Fund held its penultimate (158th) and final (159th) meetings in its current form on 24 September and 25 October 2007 respectively. A number of items, notably the triennial actuarial review and the Fund’s Budget for 2008, appeared on the agenda of both meetings. The Governing Board took note of the Fund’s financial position as at 30 June 2007 on the basis of the intermediate closing of the accounts on that date. In the first half of 2007, the Fund had achieved a satisfactory return on its assets compared with the position on 1 January 2007. Regarding the indexation of pensions, at the second of its two meetings, the Governing Board took note of the inflation rate in Geneva between August 2006 and August 2007 - no rise was observed in the cost-of-living during the period under consideration. As a consequence, the adjustment rate for the forthcoming three-year period, calculated by the Actuary pursuant to Article II 1.15 – Annex C of the...

Importance of the fund management company in the performance of socially responsible mutual funds

OpenAIRE

Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

2017-01-01

We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the fin...

An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

OpenAIRE

Lu, Daofen

2007-01-01

The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

Funding ATLAS 2012 key indicators for publicly funded research in Germany

CERN Document Server

Deutsche Forschungsgemeinschaft (DFG)

2013-01-01

The Funding ATLAS is a reporting system (previously referred to as the Funding Ranking) employed by the German Research Foundation (DFG) to provide information in the form of indicators of key developments in publicly funded research in Germany every three years. This English version of the Funding ATLAS 2012 presents selected findings from the more comprehensive German edition. At the core of the report are indicators that provide information on which subject areas have received funding at higher education and other research institutions in the period 2008-2010. This report also includes, as a supplement not found in the German edition, the decisions on the Excellence Initiative, which were taken shortly after the German edition of the Funding ATLAS 2012 was published. The report also addresses the subject of internationality by presenting selected indicators that show how attractive Germany's research institutions are for visiting scientists. In summary, the DFG Funding ATLAS furnishes reliable indicators o...

2001-2008 BBG Funding Overview

Data.gov (United States)

Broadcasting Board of Governors — This dataset presents BBG funding by Agency component for the period between FY 2001 and FY 2008. The data covers funding for each BBG broadcasting entity and for...

78 FR 33228 - Final Waiver and Extension of the Project Period for the National Dropout Prevention Center for...

Science.gov (United States)

2013-06-04

... the National Dropout Prevention Center for Students With Disabilities [Catalog of Federal Domestic... period enables the currently funded National Dropout Prevention Center for Students with Disabilities... Dropout Prevention Center for Students with Disabilities. The Center was funded under the Technical...

Chaotic behavior of current-carrying plasmas in external periodic oscillations

Energy Technology Data Exchange (ETDEWEB)

Ohno, Noriyasu; Tanaka, Masayoshi; Komori, Akio; Kawai, Yoshinobu

1989-01-01

A set of cascading bifurcations and a chaotic state in the presence of an external periodic oscillation are experimentally investigated in a current-carrying plasma. The measured bifurcation sequence leading to chaos, which is controlled by changing plasma densities and the frequencies of external oscillations, is in qualitative agreement with a theory which describes anharmonic systems in periodic fields. (author).

NATO Common Funds Burdensharing: Background and Current Issues

National Research Council Canada - National Science Library

Ek, Carl W

2008-01-01

Member states of the North Atlantic Treaty Organization (NATO) contribute to the activities of the alliance in several ways, the chief of which is through the deployment of their own armed forces, funded by their national budgets...

NATO Common Funds Burdensharing: Background and Current Issues

National Research Council Canada - National Science Library

Ek, Carl W

2009-01-01

Member states of the North Atlantic Treaty Organization (NATO) contribute to the activities of the alliance in several ways, the chief of which is through the deployment of their own armed forces, funded by their national budgets...

Offshore Investment Funds

Directory of Open Access Journals (Sweden)

Shang-Jin Wei

1999-12-01

Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

Funding strategies for wilderness management

Science.gov (United States)

Carolyn Alkire

2000-01-01

Funding wilderness protection will continue to be a challenge for public land managers. With continuing competition for federal funds and balanced budget goals, other sources of funds may be necessary to supplement annual federal appropriations. This paper identifies and evaluates five potential funding strategies and provides examples of each that are currently in use...

A Fund of Wisdom

DEFF Research Database (Denmark)

Seabrooke, Leonard; Broome, André

2006-01-01

The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

Performance of Mutual Funds In INDIA: 2000 - 2006.

OpenAIRE

Kabra, Krishna

2006-01-01

Numerous scholarly researches have been carried out to evaluate the performance of mutual funds. These researches may differ in time period but most studies conclude that mutual funds on average have failed to outperform the market and therefore the efficient market hypothesis holds good. This research is carried out to evaluate the performance of 20 surviving diversified equity growth mutual funds for the period of 6 years from July 2000 to June 2006. The data of the fund is collected on Mon...

Research of Factors Affecting Pension Funds Efficiency

Directory of Open Access Journals (Sweden)

Virgilijus Sakalauskas

2011-12-01

Full Text Available Currently Lithuania has an old-age pension system of three pillars.Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios.The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors.The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless.Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient attention to potential risks. This article analyzes both good and bad investment scenarios.

Research of Factors Affecting Pension Funds Efficiency

Directory of Open Access Journals (Sweden)

Marius Liutvinavičius

2013-08-01

Full Text Available Currently Lithuania has an old-age pension system of three pillars. Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios. The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors. The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless. Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient  attention to potential risks. This article analyzes both good and bad investment scenarios.

Pension fund

CERN Multimedia

2006-01-01

At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

Equity fund raising and “creative” accounting practices: Indications from Athens Stock Exchange for the 1999-2000 period

OpenAIRE

Panayiotis Curtis; Jonh Thalassinos

2005-01-01

Management sometimes exploits the quest of shareholders for higher return on equity capital, by taking advantage of accounting rules gaps or violating them. The Beneish earnings detection manipulation model, is an attempt to reveal such illegal or at least unethical practices. Evidence regarding the use of “creative” accounting practices, based on that model, during the massive equity fund raising in Athens Stock Exchange for the period 1999-2000, are examined. The results of Beneish model ar...

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-01-01

Full Text Available In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds. Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.

Performance of Mutual Funds in India 2003-2008

OpenAIRE

Raizada, Shantanu

2008-01-01

Many studies have been conducted in the past on the performance of Mutual Funds in comparison to the market index. These studies may differ in their time period, but most of them concluded that on an average the Mutual Funds failed to outperform the market thus the Efficient Market Hypothesis holds good. This research was based on the performance of 20 open ended equity diversified growth Mutual Funds for a period of 5 years from April 2003 to March 2008 and was compared to the BSE 500. Funds...

(The Style Analysis of Pension Investment Funds in Turkey)

OpenAIRE

Kokrmaz, Turhan; Uygurtürk, Hasan

2007-01-01

In this study, the investment style and its variations of Turkish pension funds have been examined during the period of January 2004 - June 2006. For this purpose, “style analysis method” have been applied both in general and periodical base and their results are interpreted. Consequently, it is observed that during the research period pension fund managers followed a risk reduction strategy. As a result fund managers chose to invest fixed income and risk-free financial instruments within the...

CAEP 2015 Academic Symposium: Current State and Recommendations to Achieve Adequate and Sustainable Funding for Emergency Medicine Academic Units.

Science.gov (United States)

Lang, Eddy S; Artz, Jennifer D; Wilkie, Ryan D; Stiell, Ian G; Topping, Claude; Belanger, François P; Afilalo, Marc; Renouf, Tia; Crocco, Anthony; Wyatt, Kelly; Christenson, Jim

2016-05-01

To describe the current state of academic emergency medicine (EM) funding in Canada and develop recommendations to grow and establish sustainable funding. A panel of eight leaders from different EM academic units was assembled. Using mixed methods (including a literature review, sharing of professional experiences, a survey of current EM academic heads, and data previously collected from an environmental scan), 10 recommendations were drafted and presented at an academic symposium. Attendee feedback was incorporated, and the second set of draft recommendations was further distributed to the Canadian Association Emergency Physicians (CAEP) Academic Section for additional comments before being finalized. Recommendations were developed around the funding challenges identified and solutions developed by academic EM university-based units across Canada. A strategic plan was seen as integral to achieving strong funding of an EM unit, especially when it aligned with departmental and institutional priorities. A business plan, although occasionally overlooked, was deemed an important component for planning and sustaining the academic mission. A number of recommendations surrounding philanthropy consisted of creating partnerships with existing foundations and engaging multiple stakeholders and communities. Synergy between academic and clinical EM departments was also viewed as an opportunity to ensure integration of common missions. Education and networking for current and future leaders were also viewed as invaluable to ensure that opportunities are optimized through strong leadership development and shared experiences to further the EM academic missions across the country. These recommendations were designed to improve the financial circumstances for many Canadian EM units. There is a considerable wealth of resources that can contribute to financial stability for an academic unit, and an annual networking meeting and continuing education on these issues will facilitate

The Regional and Local Distribution of Funds Allocated by the European Agricultural Fund for Rural Development in Romania

Directory of Open Access Journals (Sweden)

ALINA-MIRELA MARCU

2013-01-01

Full Text Available The objective of this study is to present and analyze the regional and local distribution of the funds allocated by the European Agricultural Fund for Rural Development (EAFRD, European fund that finances rural development in Romania, in the post-accession period. This financing instrument was created by the European Union with the order to continue the main directions of investment of Special Pre-Accession Programme for Agriculture and Rural Development (SAPARD. As a member state of the European Union, Romania observes the principles of the Common Agricultural Policy (CAP while the development of the Romanian rural area for the programming period 2007-2013 is supported by the European Community through the National Rural Development Programme (RDP. This approach pays special attention to improving the quality of life in rural areas and the diversification of the rural economy because local communities in Romania have experienced some changes in this period, while accessing EAFRD funds contributed to increased regional disparities between developed and poor areas.

The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds

Directory of Open Access Journals (Sweden)

Luminiţa NICOLESCU

2016-12-01

Full Text Available The non-banking sector has an important place in financial markets. Therefore, the performance of financial markets can be looked at in different countries by analyzing the evolution of mutual funds, in terms of their inflows and outflows. This is even more important in the recent period, due to the recent global financial distress. Numerous studies, most of them conducted in the US, illustrate that flows are highly dependent on the previous performance and that a common behavior of investors is rather to look for highly performing funds than to give up the poorly performing ones. This paper studies the flows of funds into and out of Hungarian mutual funds during the period 2007-2014. The evolution of the mutual funds market depends on investor’s behavior and the paper analyzes the behavior of investors. The paper also tries to evaluate if and how the financial crisis affected the investing behavior of Hungarian investors. The main findings of the research illustrate that there are a number of factors that influence the way investors make their decisions. Among those fund flows in the previous month is the factor that influences the most the current flows, illustrating that Hungarians invest only in funds that attracted previously more new money. Other factors with a significant influence on the investors’ behavior are the size of the fund (measured through the net assets and the risk (measured through the standard deviations of returns. The factor that surprisingly seems to have less influence on Hungarian inv estors’ decisions is the performance either measured as the evolution of the fund category or the rank and the square rank of the fund in its category. Another important finding was that data proved that the financial crisis had an impact on the capital market in Hungary, as investments decreased in that particular period and mutual funds performances were lower.

5 CFR 847.211 - Death of employee during election opportunity period.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Death of employee during election opportunity period. 847.211 Section 847.211 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) ELECTIONS OF RETIREMENT COVERAGE BY CURRENT AND FORMER EMPLOYEES OF NONAPPROPRIATED FUND INSTRUMENTALITIES...

Effect of eddy current damping on phononic band gaps generated by locally resonant periodic structures

Science.gov (United States)

Ozkaya, Efe; Yilmaz, Cetin

2017-02-01

The effect of eddy current damping on a novel locally resonant periodic structure is investigated. The frequency response characteristics are obtained by using a lumped parameter and a finite element model. In order to obtain wide band gaps at low frequencies, the periodic structure is optimized according to certain constraints, such as mass distribution in the unit cell, lower limit of the band gap, stiffness between the components in the unit cell, the size of magnets used for eddy current damping, and the number of unit cells in the periodic structure. Then, the locally resonant periodic structure with eddy current damping is manufactured and its experimental frequency response is obtained. The frequency response results obtained analytically, numerically and experimentally match quite well. The inclusion of eddy current damping to the periodic structure decreases amplitudes of resonance peaks without disturbing stop band width.

Nuclear Waste Fund management

International Nuclear Information System (INIS)

Rosselli, R.

1984-01-01

The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

Modulation of periodic field on the atomic current in optical lattices with Landau–Zener tunneling considered

Energy Technology Data Exchange (ETDEWEB)

Yan, Jie-Yun, E-mail: jyyan@bupt.edu.cn; Wang, Lan-Yu, E-mail: lan_yu_wang@163.com

2016-09-01

We investigate the atomic current in optical lattices under the presence of both constant and periodic external field with Landau–Zener tunneling considered. By simplifying the system to a two-band model, the atomic current is obtained based on the Boltzmann equations. We focus on three situations to discuss the influence of the Landau–Zener tunneling and periodic field on the atomic current. Numerical calculations show the atomic transient current would finally become the stable oscillation, whose amplitude and average value can be further adjusted by the periodic external field. It is concluded that the periodic external field could provide an effective modulation on the atomic current even when the Landau–Zener tunneling probability has almostly become a constant.

Mutual Fund Performances of Polish Domestic Equity Fund Managers

OpenAIRE

Tan, Ömer Faruk; Ünal, Gözde

2015-01-01

Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Pol...

Dynamics and stabilization of peak current-mode controlled buck converter with constant current load

Science.gov (United States)

Leng, Min-Rui; Zhou, Guo-Hua; Zhang, Kai-Tun; Li, Zhen-Hua

2015-10-01

The discrete iterative map model of peak current-mode controlled buck converter with constant current load (CCL), containing the output voltage feedback and ramp compensation, is established in this paper. Based on this model the complex dynamics of this converter is investigated by analyzing bifurcation diagrams and the Lyapunov exponent spectrum. The effects of ramp compensation and output voltage feedback on the stability of the converter are investigated. Experimental results verify the simulation and theoretical analysis. The stability boundary and chaos boundary are obtained under the theoretical conditions of period-doubling bifurcation and border collision. It is found that there are four operation regions in the peak current-mode controlled buck converter with CCL due to period-doubling bifurcation and border-collision bifurcation. Research results indicate that ramp compensation can extend the stable operation range and transfer the operating mode, and output voltage feedback can eventually eliminate the coexisting fast-slow scale instability. Project supported by the National Natural Science Foundation of China (Grant No. 61371033), the Fok Ying-Tung Education Foundation for Young Teachers in the Higher Education Institutions of China (Grant No. 142027), the Sichuan Provincial Youth Science and Technology Fund, China (Grant Nos. 2014JQ0015 and 2013JQ0033), and the Fundamental Research Funds for the Central Universities, China (Grant No. SWJTU11CX029).

COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

Directory of Open Access Journals (Sweden)

Tesu Ramona

2012-12-01

Full Text Available The present article has as a reserch field theoretical, methodological and practical aspects of the own funds, taking into account the line-up attempts of the romanian banking system to the requirements of the European Union, materialised in the Basel Agreement. The objectives of the research theme, presented in this paper, are mainly oriented towards own funds. We also proposed the following secondary objectives: presenting the concept approaches concerning own funds, emphasysing the tipology of own funds and pointing out their purpose in the banking activity; presenting and analyse the evolution of the own funds in Romania, for a period of 8 years (2004-2011. Even though the actual stage of the research in this field is advanced, in the romanian and foreign literature which dedicate a lot of theoretical and empiric studies concerning own funds. In our study we will use a theoretical and a practical research. The theoretical research describes the laws, reglementations and rules of application in the banking field in our country. In the practical part we will use as a research method the quality-comparative analyse by presenting details regarding bank back-ups. Despite the global financial crisis, the Romanian banking system can be considered as stable as a whole, with levels of capitalization, solvency and liquidity in accordance with consistent with prudential requirements. Tier 1, defined as the core of their sources of credit institutions through the permanent criteria, payment flexibility and capacity to absorb losses continued to overwhelmingly support a total equity. Appropriate quality of own funds is on their structure. The most important component frame our capital plus capital frame attached. The second component in terms is still represented by legal reserves. An important challenge for banks was to maintain a level of own funds accordance, in the conditions witch they were eroded by the current period losses. Tier 2 support rate of

Toward advising SME's on stacked funding

NARCIS (Netherlands)

Rauwerda, Kirsten; van Teeffelen, Lex; de Graaf, Frank Jan

2017-01-01

This paper addresses new funding issues faced by SMEs. Over a period of nine months, the authors conducted a preliminary study into the problems surrounding stacked funding faced by SMEs and their financial advisers. The study includes a short literature review, the outcomes of three round table

Can Chinese Mutual Fund Time Market Liquidity?

OpenAIRE

LI, Xiaoqing

2012-01-01

Extant researches have focused on mutual fund managers’ ability to time market returns or volatility. In this paper, the author offers a new perspective on the traditional timing issue by examining Chinese fund managers’ liquidity timing ability. Using the Chinese mutual fund database, the author finds little evidence that over the period from 2004 to 2012, fund managers cannot demonstrate the ability to time market liquidity in China, i.e., increase (reduce) market exposure in anticipation o...

78 FR 69143 - Guggenheim Equal Weight Enhanced Equity Income Fund and Guggenheim Funds Investment Advisers, LLC...

Science.gov (United States)

2013-11-18

... designed to ensure that all notices required to be sent to a Fund's shareholders pursuant to section 19(a... graphical format: (1) The amount of the distribution, on a per common share basis, together with the amounts... history of operations is less than five years, the time period commencing immediately following the Fund's...

Market timing ability of fund managers in India : an analysis

OpenAIRE

Pandow, Bilal Ahmad

2016-01-01

The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. The period of study is five years from April 2007 to 31st March 2011. The rationale for selecting the study period of 5-years from 1st April 2007 to 3...

76 FR 67021 - Community Development Financial Institutions Fund

Science.gov (United States)

2011-10-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Collection...)). Currently, the Community Development Financial Institutions Fund (the ``CDFI Fund'') within the Department... Development Financial Institutions Fund, U.S. Department of the Treasury, 601 13th Street NW., Suite 200 South...

45 CFR 2531.20 - Funding priorities.

Science.gov (United States)

2010-10-01

... priorities. The Corporation may choose to set priorities (and to periodically revise such priorities) that... given fiscal year. In setting these priorities, the Corporation will seek to concentrate funds on those... 45 Public Welfare 4 2010-10-01 2010-10-01 false Funding priorities. 2531.20 Section 2531.20 Public...

Market and Style Timing: German Equity and Bond Funds

OpenAIRE

Hayley, S.; Nitzsche, D.; Cuthbertson, K.

2016-01-01

We apply parametric and non-parametric estimates to test market and style timing ability of individual German equity and bond mutual funds using a sample of over 500 equity and 350 bond funds, over the period 1990-2009. For equity funds, both approaches indicate no successful market timers in the 1990-1999 or 2000-2009 periods, but in 2000-2009 the non-parametric approach gives fewer unsuccessful market timers than the parametric approach. There is evidence of successful style timing using th...

78 FR 49249 - Child Care and Development Fund (CCDF) Program; Reopening of Comment Period

Science.gov (United States)

2013-08-13

... DEPARTMENT OF HEALTH AND HUMAN SERVICES 45 CFR Part 98 Child Care and Development Fund (CCDF... Development Fund (CCDF), published in the Federal Register of May 20, 2013. The proposed rule makes changes to..., Office of Child Care, 202-205-0750 (not a toll-free call). Deaf and hearing impaired individuals may call...

Selected Current Acquisitions and Articles from Periodicals

Science.gov (United States)

1994-06-01

OCCUPATIONAL SPECIALTIES--COSTS. Military occupational specialty training cost handbook (MOSB). Indianapolis, Ind. : U.S. Army Finance and Accounting...UNITED STATES--ARMED FORCES--RECREATION-- FINANCE . United States. General Accounting Office. Morale, welfare, and recreation declining funds require...FRANCE O’Sullivan, Edmund. Roofless Money Heads West (Saudi prince buys Euro Disneyland ). MEED 38:2-3 Jun 17 󈨢. FUTURE FitzGerald, Mary C. The Russian

Anomalous current in periodic Lorentz gases with infinite horizon

Energy Technology Data Exchange (ETDEWEB)

Dolgopyat, Dmitrii I [University of Maryland, College Park (United States); Chernov, Nikolai I [University of Alabama at Birmingham, Birmingham, Alabama (United States)

2009-08-31

Electric current is studied in a two-dimensional periodic Lorentz gas in the presence of a weak homogeneous electric field. When the horizon is finite, that is, free flights between collisions are bounded, the resulting current J is proportional to the voltage difference E, that is, J=1/2 D*E+o(||E||), where D* is the diffusion matrix of a Lorentz particle moving freely without an electric field (see a mathematical proof). This formula agrees with Ohm's classical law and the Einstein relation. Here the more difficult model with an infinite horizon is investigated. It is found that infinite corridors between scatterers allow the particles (electrons) to move faster, resulting in an abnormal current (causing 'superconductivity'). More precisely, the current is now given by J=1/2 DE| log||E|| | + O(||E||), where D is the 'superdiffusion' matrix of a Lorentz particle moving freely without an electric field. This means that Ohm's law fails in this regime, but the Einstein relation (suitably interpreted) still holds. New results are also obtained for the infinite-horizon Lorentz gas without external fields, complementing recent studies by Szasz and Varju. Bibliography: 31 titles.

Anomalous current in periodic Lorentz gases with infinite horizon

International Nuclear Information System (INIS)

Dolgopyat, Dmitrii I; Chernov, Nikolai I

2009-01-01

Electric current is studied in a two-dimensional periodic Lorentz gas in the presence of a weak homogeneous electric field. When the horizon is finite, that is, free flights between collisions are bounded, the resulting current J is proportional to the voltage difference E, that is, J=1/2 D*E+o(||E||), where D* is the diffusion matrix of a Lorentz particle moving freely without an electric field (see a mathematical proof). This formula agrees with Ohm's classical law and the Einstein relation. Here the more difficult model with an infinite horizon is investigated. It is found that infinite corridors between scatterers allow the particles (electrons) to move faster, resulting in an abnormal current (causing 'superconductivity'). More precisely, the current is now given by J=1/2 DE| log||E|| | + O(||E||), where D is the 'superdiffusion' matrix of a Lorentz particle moving freely without an electric field. This means that Ohm's law fails in this regime, but the Einstein relation (suitably interpreted) still holds. New results are also obtained for the infinite-horizon Lorentz gas without external fields, complementing recent studies by Szasz and Varju. Bibliography: 31 titles.

Publication Trend of Clinical Trials with Negative Results Funded by Pharmaceutical Industries for the 2007-2012 Period

Directory of Open Access Journals (Sweden)

Evert A. Jiménez-Cotes

2015-01-01

Full Text Available Abstract: Objective: To evaluate the results of clinical trials financed by the pharmaceutical industries during the period 2007-2012 in a general medical journal. Materials and methods: We performed an observational cross sectional study where originals clinical trials financed by the pharmaceutical industry published between 2007 and 2012 in the journal The New England Journal of Medicine (http://www.nejm.org were reviewed. Trend Chi2 test was used to evaluate the results of studies over the years. A database was created with different variables, identifying the number of publications and the period of greater publishing negatives studies, as well as the medical specialty and pharmaceutical industry funding. Results: 321 clinical trials were analyzed. The Odds Ratio was calculated for each year evaluated, finding a Chi2 of linear trend in negatives studies of 2.91 with value p 0.08 and positive studies of 1.16 with value p 0.28. It was found that in the period 2007-2009 123 studies were published, 40 % of which presented negative results; unlike the 2010-2012 period in which 198 clinical trials where published, 142 of them, showed positive results, OR 1.68, 95 % CI (1.02-2.78 value p 0.03. The highest figures of negative results were published in 2007: 44.7 %. Conclusions: A progressive decrease in the number of publications with annual general negative results has been observed. A statistically significant difference in the publication of negative studies per year was not found between the periods 2007-2012. The medical specialty that showed the largest number of total and negative publications in both periods was cardiology. The pharmaceutical industry that sponsored most total clinical trials with negative results in both periods did so through Merck, Glaxo SmithKline, and Sanofi-Aventis. 50% of neurology publications showed negative results.

Harvard University: Green Loan Fund. Green Revolving Funds in Action: Case Study Series

Science.gov (United States)

Foley, Robert

2011-01-01

The Green Loan Fund at Harvard University has been an active source of capital for energy efficiency and waste reduction projects for almost a decade. This case study examines the revolving fund's history from its inception as a pilot project in the 1990s to its regeneration in the early 2000s to its current operations today. The green revolving…

[Targeted public funding for health research in the Netherlands].

Science.gov (United States)

Viergever, Roderik F; Hendriks, Thom C C

2014-01-01

The Dutch government funds health research in several ways. One component of public funding consists of funding programmes issued by the Netherlands Organisation for Health Research and Development (ZonMw). The majority of ZonMw's programmes provide funding for research in specific health research areas. Such targeted funding plays an important role in addressing knowledge gaps and in generating products for which there is a need. Good governance of the allocation of targeted funding for health research requires three elements: a research agenda, an overview of the health research currently being conducted, and a transparent decision-making process regarding the distribution of funds. In this article, we describe how public funding for health research is organized in the Netherlands and how the allocation of targeted funds is governed. By describing the questions that the current model of governance raises, we take a first step towards a debate about the governance of targeted public funding for health research in the Netherlands.

Protection of the Environment: Current ICRP Work and EC-Funded Research

International Nuclear Information System (INIS)

Larsson, C.M.; Holm, L.E.

2003-01-01

The requirement for assessments of the environmental effects of radiation, i.e. effects on non-human biota, is increasing due to growing public concern for environmental protection issues and integration of environmental impact assessments into the regulatory process. Thus, there is a strong need to establish a framework for the assessment of environmental impact of ionising radiation, as well as a system for protection of the environment from ionising radiation. These ambitions are reflected in a number of international efforts and various 'systems' have been proposed or are under development. This paper considers the current discussions on environmental protection within the International Commission on Radiological Protection (ICRP), as part of the Commission's ongoing revision of its recommendations as laid out in Publication 60. Furthermore, the paper reviews work within the EC-funded FASSET (Framework for ASSessment of Environmental impacT) project. The concepts developed both by ICRP and FASSET are similar, and the FASSET approach and results may illustrate how forthcoming ICRP recommendations could be turned into practical application. (orig.)

EUROPEAN FUNDING - IMPACT ON RESEARCH CAPACITY IN CROATIA

Directory of Open Access Journals (Sweden)

Vesna Kotarski

2016-10-01

Full Text Available Limited national budgetary resources for R&D in period from 2007 to 2013 imposed a need for Croatian researchers to apply for European research grants. A challenge for effective absorption of European Structural and Investment Funds in the period 2014 to 2020, highlight a need to assess the impact of this external funding on research capacity in Croatia in 2007-2013 period. Qualitative interviews with grant recipients from Ruder Boskovic Institute revealed intangible achievements in terms of research career, enhanced interaction and knowledge transfer to business community, improved research management competences and possibilities for collaboration with internationally recognized research teams. Similar results from studies carried out in other countries indicates the importance of intangible achievements of research grants, which are becoming more and more relevant in the context of public policies (networking, cooperation, strategic planning, knowledge management. The use of EU funds is an extremely complex process which requires a change of approach to the use of public funds and the introduction of the principle of transparency of procedures for all stakeholders in the process, equal access to information and sound financial management. Weaknesses of the Croatian scientific system and absence of will to support excellent research through competitive funding present real threats to successful participation of Croatian researchers in the European framework programs and other external research funding programs. Findings of the study provide valuable insight for national authorities in terms of effective management of national research and innovation programs while maximizing the potential impact of EU funds allocated.

ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

OpenAIRE

Bartosz Bartniczak

2009-01-01

Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

EU Structural Funds in the Baltic Countries-Useful or Harmful. Euroopa Liidu struktuurifondid Balti riikides- kasulikud või kahjulikud?

Directory of Open Access Journals (Sweden)

Urmas Varblane

2016-10-01

Full Text Available The current article is focused on the role of financial assistance from the European Union in the budgets of the three Baltic countries. They all have seriously benefitted from the support of EU structural funds, which have reached close to five per cent of their GDP. Based on the case of higher education research funding, the article argues that the Baltic countries overlook the additionality principle of the European Union cohesion policy. Structural funds are replacing the Baltic countries’ own funding. During the current EU programming period between 2014 and 2020 the exit strategies should be prepared by the governments of Baltic countries in order to be able to finance research with significantly lower support from EU cohesion funds. The precondition is that instead of a short-run view, in the coalition treaties of the Baltic governments, a long-term strategy for how to move toward knowledge intensive economies is also needed. The first and most urgent need is to improve the quality of use of the EU support funds by all three countries in order to support longrun productivity growth and increase the competitiveness of the Baltic countries.

The Irish Enterprise Funding Environment, April 2012

OpenAIRE

2012-01-01

Funding is vital for enterprises to survive and at present bank lending is a central element of the funding environment for business in Ireland. This report provides an overview of the current funding environment for business in Ireland, both bank and non-bank sources. It also outlines the policy issues arising and proposes a wide range of actions to improve access to funding, many of which have been reflected in the Action Plan for Jobs. Implementation of funding measures in the Action Pl...

Adequacy Model for School Funding

Science.gov (United States)

Banicki, Guy; Murphy, Gregg

2014-01-01

This study considers the effectiveness of the Evidence-Based Adequacy model of school funding. In looking at the Evidence-Based Adequacy model for school funding, one researcher has been centrally associated with the development and study of this model. Allen Odden is currently a professor in the Department of Educational Leadership and Policy…

Performance Evaluation of Investment (Mutual Funds

Directory of Open Access Journals (Sweden)

Povilas Vyšniauskas

2014-12-01

Full Text Available The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 2012-01-02 to 2013-10-15 analysing the prices of monthly funds. The paper points out the areas of a practical application of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

The Performance of Indian Equity Funds in the Era of Quantitative Easing

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Ömer Faruk Tan

2015-10-01

Full Text Available This study aims to evaluate the performance of Indian equity funds between January 2009 and October 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced. After the global financial crisis of 2008 came a period of quantitative easing (QE, creating an increase in the money supply and leading to a capital flow from developed countries to developing countries. During this 5-year 10-month period, in which the relevant quantitative easing continued, Indian CNX500 price index yielded approximately 21% compounded on average, per annum. In this study, Indian equity funds are examined in order to compare these funds’ performance within this period. Within this scope, 12 Indian equity funds are chosen. In order to measure these funds’ performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen’s alpha (1968 methods are used. Jensen’s alpha is also used in identifying selectivity skills of fund managers. Additionally, the Treynor & Mazuy (1966 regression analysis method is applied to show the market timing ability of fund managers.

Performance of mutual funds in european countries

OpenAIRE

Γκογκάκη, Ελεωνόρα

2012-01-01

In this thesis, the performance of 220 open-end domestic equity mutual funds of european countries (from 'weak' and 'strong' economies) is analyzed for an eight- year period from 1st January 2004 until 31st December 2011, which is then split in two four-year sub periods in order to examine their performance prior to the global financial crisis and after its burst in 2008. In order to compare the mutual funds' performance to that of each country's market, it used as benchmarks the countries' m...

HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

Directory of Open Access Journals (Sweden)

Nor Hadaliza ABD RAHMAN

2011-07-01

Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

Cash management improvement in the Navy Stock Fund

OpenAIRE

Linquist, James E.; Evans, Timothy S.

1986-01-01

Approved for public release; distribution is unlimited The Navy Stock Fund (NSF) is a working capital fund used to purchase and hold designated inventories of supply items at various stock points until needed by a customer. The fund is currently comprised of ten separate Budget Projects with total collections and expenditures projected to be in excess of $ 1 8 bi 1 1 ion for Fiscal Year 1 986. The authors examined the background and current operation of the NSF with empha...

THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

Directory of Open Access Journals (Sweden)

F. Tudorache

2016-11-01

Full Text Available A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identi¬fied at international level.

Funding emergency care: Australian style.

Science.gov (United States)

Bell, Anthony; Crilly, Julia; Williams, Ged; Wylie, Kate; Toloo, Ghasem Sam; Burke, John; FitzGerald, Gerry

2014-08-01

The ongoing challenge for ED leaders is to remain abreast of system-wide changes that impact on the day-to-day management of their departments. Changes to the funding model creates another layer of complexity and this introductory paper serves as the beginning of a discussion about the way in which EDs are funded and how this can and will impact on business decisions, models of care and resource allocation within Australian EDs. Furthermore it is evident that any funding model today will mature and change with time, and moves are afoot to refine and contextualise ED funding over the medium term. This perspective seeks to provide a basis of understanding for our current and future funding arrangements in Australian EDs. © 2014 Australasian College for Emergency Medicine and Australasian Society for Emergency Medicine.

76 FR 30286 - Community Development Revolving Loan Fund

Science.gov (United States)

2011-05-25

... Revolving Loan Fund AGENCY: National Credit Union Administration (NCUA). ACTION: Proposed rule. SUMMARY..., evaluates, and acts on credit union applications seeking loans and technical assistance grants from the Community Development Revolving Loan Fund (CDRLF or Fund). The proposed changes update the current rule to...

Current and future funding sources for specialty mental health and substance abuse treatment providers.

Science.gov (United States)

Levit, Katharine R; Stranges, Elizabeth; Coffey, Rosanna M; Kassed, Cheryl; Mark, Tami L; Buck, Jeffrey A; Vandivort-Warren, Rita

2013-06-01

Goals were to describe funding for specialty behavioral health providers in 1986 and 2005 and examine how the recession, parity law, and Affordable Care Act (ACA) may affect future funding. Numerous public data sets and actuarial methods were used to estimate spending for services from specialty behavioral health providers (general hospital specialty units; specialty hospitals; psychiatrists; other behavioral health professionals; and specialty mental health and substance abuse treatment centers). Between 1986 and 2005, hospitals-which had received the largest share of behavioral health spending-declined in importance, and spending shares trended away from specialty hospitals that were largely funded by state and local governments. Hospitals' share of funding from private insurance decreased from 25% in 1986 to 12% in 2005, and the Medicaid share increased from 11% to 23%. Office-based specialty providers continued to be largely dependent on private insurance and out-of-pocket payments, with psychiatrists receiving increased Medicaid funding. Specialty centers received increased funding shares from Medicaid (from 11% to 29%), and shares from other state and local government sources fell (from 64% to 46%). With ACA's full implementation, spending on behavioral health will likely increase under private insurance and Medicaid. Parity in private plans will also push a larger share of payments for office-based professionals from out-of-pocket payments to private insurance. As ACA provides insurance for formerly uninsured individuals, funding by state behavioral health authorities of center-based treatment will likely refocus on recovery and support services. Federal Medicaid rules will increase in importance as more people needing behavioral health treatment become covered.

[The Continuity Between World War II and the Postwar Period: Grant Distribution by the Japan Society for the Promotion of Science and the Subsidiary Fund for Scientific Research].

Science.gov (United States)

Mizusawa, Hikari

2015-01-01

This paper analyzes the distribution of the Subsidiary Fund for Scientific Research, a predecessor to the Grant-in-Aid for Scientific Research (KAKENHI), which operated in Japan from the 1930s to 1950s. It reveals that the Japanese government maintained this wide-ranging promotion system since its establishment during the war until well into the postwar period. Previous studies insist that, at the end of the war, the Japanese government generally only funded the research that it considered immediately and practically useful. In contrast to this general perception, my analysis illustrates that both before and after the war, funding was allotted to four research areas: natural science, engineering, agriculture, and medicine. In order to illuminate this continuity, I compare the Subsidiary Fund with another research fund existing from 1933 to 1947: the Grant of the Japan Society for the Promotion of Science (JSPS). The comparison demonstrates that the JSPS received externally raised capital from the military and munitions companies. However, while this group focused upon engineering and military-related research as the war dragged on, the Subsidiary Fund has consistently entrusted scientists with the authority to decide the allocation of financial support.

A causality between fund performance and stock market

Science.gov (United States)

Kim, Ho-Yong; Kwon, Okyu; Oh, Gabjin

2016-02-01

We investigate whether the characteristic fund performance indicators (FPI), such as the fund return, the Net asset value (NAV) and the cash flow, are correlated with the asset price movement using information flows estimated by the Granger causality test. First, we find that the information flow of FPI is most sensitive to extreme events of the Korean stock market, which include negative events such as the sub-prime crisis and the impact of QE (quantitative easing) by the US subprime and Europe financial crisis as well as the positive events of the golden period of Korean Composite Stock Price Index (KOSPI), except for the fund cash flow. Second, both the fund return and the NAV exhibit significant correlations with the KOSPI, whereas the cash flow is not correlated with the stock market. This result suggests that the information resulting from the ability of the fund manager should influence stock market. Finally, during market crisis period, information flows between FPI and the Korean stock market are significantly positively correlated with the market volatility.

20 CFR 702.146 - Source of the special fund.

Science.gov (United States)

2010-04-01

... by the employer into the fund. Compensation orders shall be made and filed in accordance with the... during that period for compensation, and (2) the ratio of the amount of payments made by the special fund... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Source of the special fund. 702.146 Section...

76 FR 39474 - Monthly Median Cost of Funds Reporting, and Publication of Cost of Funds Indices

Science.gov (United States)

2011-07-06

... Semiannual Cost of Funds Index (SCOF), and other related cost of funds ratios currently published monthly in... discussed in this notice, please contact Jim Caton, Managing Director--Economic and Industry Analysis, at... Thrift Financial Report (TFR): \\2\\ \\2\\ Copies of the reporting forms and instructions for the TFR (OMB No...

Performance of Mutual Funds in India: (2002-2006)

OpenAIRE

Saboo, Manish

2006-01-01

There has been many studies in the past on performance of Mutual Funds in comparison to the market. These studies might differ in time and the market under study but most of them concluded that on an average, Mutual Funds have failed to outperform the market and thus the Efficient Market Hypothesis holds good. This research was based on performance of 25 mutual funds for a period of almost 5 years on monthly basis. Funds were evaluated using measures like Sharpe ratio, Treynor ratio, Jense...

Current-driven plasmonic boom instability in three-dimensional gated periodic ballistic nanostructures

Science.gov (United States)

Aizin, G. R.; Mikalopas, J.; Shur, M.

2016-05-01

An alternative approach of using a distributed transmission line analogy for solving transport equations for ballistic nanostructures is applied for solving the three-dimensional problem of electron transport in gated ballistic nanostructures with periodically changing width. The structures with varying width allow for modulation of the electron drift velocity while keeping the plasma velocity constant. We predict that in such structures biased by a constant current, a periodic modulation of the electron drift velocity due to the varying width results in the instability of the plasma waves if the electron drift velocity to plasma wave velocity ratio changes from below to above unity. The physics of such instability is similar to that of the sonic boom, but, in the periodically modulated structures, this analog of the sonic boom is repeated many times leading to a larger increment of the instability. The constant plasma velocity in the sections of different width leads to resonant excitation of the unstable plasma modes with varying bias current. This effect (that we refer to as the superplasmonic boom condition) results in a strong enhancement of the instability. The predicted instability involves the oscillating dipole charge carried by the plasma waves. The plasmons can be efficiently coupled to the terahertz electromagnetic radiation due to the periodic geometry of the gated structure. Our estimates show that the analyzed instability should enable powerful tunable terahertz electronic sources.

Financing higher education in South Africa: Public funding ...

African Journals Online (AJOL)

controversy. The article discusses these funding challenges. It argues that the current higher education funding conundrum will hamstring the achievement of the important higher education policy goals articulated in the National Plan on Higher Education. The article finally argues for a shift towards a redistributive funding ...

The Funding of the Irish Domestic Banking System During the Boom?

OpenAIRE

Lane, Philip R.

2015-01-01

(read before the Society, 15th January 2015) This paper analyses the funding of the Irish domestic banking system during the boom period. We highlight: the shifting roles of deposit and bond funding; the prominence of foreign banks as funding counterparties; the role of interoffice funding; and the scale of US dollar and Sterling funding. From August 2007, the deterioration in funding conditions is clearly evident across a range of indicators.

Measuring Diversity of the National Institutes of Health-Funded Workforce.

Science.gov (United States)

Heggeness, Misty L; Evans, Lisa; Pohlhaus, Jennifer Reineke; Mills, Sherry L

2016-08-01

To measure diversity within the National Institutes of Health (NIH)-funded workforce. The authors use a relevant labor market perspective to more directly understand what the NIH can influence in terms of enhancing diversity through NIH policies. Using the relevant labor market (defined as persons with advanced degrees working as biomedical scientists in the United States) as the conceptual framework, and informed by accepted economic principles, the authors used the American Community Survey and NIH administrative data to calculate representation ratios of the NIH-funded biomedical workforce from 2008 to 2012 by race, ethnicity, sex, and citizenship status, and compared this against the pool of characteristic individuals in the potential labor market. In general, the U.S. population during this time period was an inaccurate comparison group for measuring diversity of the NIH-funded scientific workforce. Measuring accurately, we found the representation of women and traditionally underrepresented groups in NIH-supported postdoc fellowships and traineeships and mentored career development programs was greater than their representation in the relevant labor market. The same analysis found these demographic groups are less represented in the NIH-funded independent investigator pool. Although these findings provided a picture of the current NIH-funded workforce and a foundation for understanding the federal role in developing, maintaining, and renewing diverse scientific human resources, further study is needed to identify whether junior- and early-stage investigators who are part of more diverse cohorts will naturally transition into independent NIH-funded investigators, or whether they will leave the workforce before achieving independent researcher status.

The College President's Role in Fund Raising.

Science.gov (United States)

Miller, Michael T.

The role of the college president as one of the chief actors in academic fund raising is examined against the background of today's period of financial caution and increased competition for philanthropic support. The paper first provides an overview of the state of the art of fund raising and some ways in which college and universities have…

Workforce Training and Economic Development Fund: 2014 Annual Progress Report

Science.gov (United States)

Iowa Department of Education, 2014

2014-01-01

The Workforce Training and Economic Development (WTED) Fund was established in 2003 as part of the Grow Iowa Values Fund and is currently funded through the Iowa Skilled Worker and Job Creation Fund. This fund has become an important source of financing for community college new program innovation, development, and capacity building, particularly…

The Impact of Fund Attrition on Superannuation Returns

OpenAIRE

Drew, Michael E.; Stanford, Jon D.

2001-01-01

This paper investigates the impact of fund attrition on returns from a sample of superannuation fund managers (specialising in the management of domestic stock portfolios) for the period 1991 through 1999, using a four-factor asset pricing model. Survivorship bias is estimated at 23 basis points per annum. The evidence presented in this study is consistent with recent international evidence that suggests that a sampling technique that excludes terminated funds would result in an overestimatio...

Nuclear generation cost and nuclear research development fund

International Nuclear Information System (INIS)

Kim, S. S.; Song, G. D.

2000-01-01

The main objective of this study is to analyze the effects of nuclear R and D fund to nuclear generation cost and to assess the adaptability of fund size through the comparison with the nuclear research fund in Japan. It was estimated that nuclear R and D fund increased the average annual unit cost of nuclear power generation by 1.14 won/kWh. When the size of nuclear R and D fund is compared with that in Japan, this study suggests that the current nuclear R and D fund should be largely increased taking into consideration the ratio of R and D fund to nuclear generation

The Drivers of Responsible Investment : The Case of European Pension Funds

NARCIS (Netherlands)

Sievanen, Riikka; Rita, Hannu; Scholtens, Bert

We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their

Donor funding health policy and systems research in low- and middle-income countries: how much, from where and to whom.

Science.gov (United States)

Grépin, Karen Ann; Pinkstaff, Crossley Beth; Shroff, Zubin Cyrus; Ghaffar, Abdul

2017-08-31

The need for sufficient and reliable funding to support health policy and systems research (HPSR) in low- and middle-income countries (LMICs) has been widely recognised. Currently, most resources to support such activities come from traditional development assistance for health (DAH) donors; however, few studies have examined the levels, trends, sources and national recipients of such support - a gap this research seeks to address. Using OECD's Creditor Reporting System database, we classified donor funding commitments using a keyword analysis of the project-level descriptions of donor supported projects to estimate total funding available for HPSR-related activities annually from bilateral and multilateral donors, as well as the Bill and Melinda Gates Foundation, to LMICs over the period 2000-2014. Total commitments to HPSR-related activities have greatly increased since 2000, peaked in 2010, and have held steady since 2011. Over the entire study period (2000-2014), donors committed a total of $4 billion in funding for HPSR-related activities or an average of $266 million a year. Over the last 5 years (2010-2014), donors committed an average of $434 million a year to HPSR-related activities. Funding for HPSR is heavily concentrated, with more than 93% coming from just 10 donors and only represents approximately 2% of all donor funding for health and population projects. Countries in the sub-Saharan African region are the major recipients of HPSR funding. Funding for HPSR-related activities has generally increased over the study period; however, donor support to such activities represents only a small proportion of total DAH and has not grown in recent years. Donors should consider increasing the proportion of funds they allocate to support HPSR activities in order to further build the evidence base on how to build stronger health systems.

An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

OpenAIRE

Fang, Jieyan

2012-01-01

In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

Numerical versus analytical Ic(H) patterns in Josephson junctions with periodically alternating critical current density

International Nuclear Information System (INIS)

Lazarides, N

2004-01-01

An analytical expression for the magnetic-field-dependent critical current I c (H) of Josephson junctions with periodically alternating critical current density J c (x) is derived within the uniform field approximation. Comparison with numerically calculated I c (H) patterns for junctions with identical, thick, periodically arranged defects with the corresponding analytical expression reveals fair agreement for a wide range of parameters, due to increased characteristic length. Based on qualitative arguments, we give the dependence of the new characteristic length on the geometrical parameters of the junction, which is in agreement with self-consistent calculations with the static sine-Gordon equation. The analytical expression captures the observed qualitative features of the I c (H) patterns, while it is practically exact for short junctions or high fields. It also produces the shift of the major peak from the zero-field position of the standard Fraunhofer pattern to another position related to the periodicity of the critical current density in φ-junctions

Governing Board of the Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Governing Board of the Pension Fund (PFGB) held its third meeting in its new composition on 18 February 2008. At this meeting, the PFGB decided to submit to CERN’s governing bodies the actuarial review as at 1st January 2007, together with an explanatory note relating, in particular, to the trends since the previous review and the recommendations. In the latter regard, the PFGB decided to support the actuary’s recommendation to increase contributions by 0.76% in order to maintain, at the end of the 30-year projection period, the same funding ratio as at the beginning of the period, in accordance with a decision taken by the CERN Council in 2002. In its explanatory note, the PFGB also made it clear to the governing bodies that it considers a comprehensive revision of the approach used for actuarial reviews to be essential in the context of the review of the Fund’s funding policy and principles. In particular, the PFGB advocated the creation of an asset fluctuation r...

Analisis Kinerja 14 Reksa Dana Saham Terbaik Periode 2010

Directory of Open Access Journals (Sweden)

Yen sun

2011-05-01

Full Text Available Capital Market is a significant indicator of an economy for a country. However, in Indonesia many people are not familiar yet with the investment activity in capital market. The writer is then interested to study the performance of the best (15 mutual fund (shares 2010 version of Investor Magazine for the next period investment decision in 2011. The research will be focused on several stages. First, it will compute the return for 14 mutual funds, market return and risk-free rate for one year period. Then, the performance will be evaluated using Sharpe, Treynor to find which mutual fund outperform the market. Also, each method will result rank of the best mutual fund. Furthermore, there is one more method will be used in performance evaluation, Jensen. The result of this study is there are two mutual funds that can be recommended for investment in 2011, they are Panin Dana Maksima and Panin Dana Prima. They are recommended because the two mutual funds showed the best performance for those three methods of evaluation and they can maintain their performance for more than one period. 

International Fund of Aral Sea rescue:prospects and new aims

International Nuclear Information System (INIS)

Aslov, S.M.

2003-01-01

In this chapter of book author suggest about aims and prospects of International Fund of Aral Sea rescue. The base aim of International Fund of Aral Sea rescue was the funds attraction of Central Asia governments and international community-donors for financing of Program of Aral Sea basin. Now the Executive Committee of International Fund of Aral Sea rescue develops the program of basin of Aral Sea for the period till 2010

34 CFR 682.418 - Prohibited uses of the assets of the Operating Fund during periods in which the Operating Fund...

Science.gov (United States)

2010-07-01

... or sports events, meals, alcoholic beverages, lodging, rentals, transportation, and gratuities; (4... Operating Fund balance at the time the expenditures are made, unless the agency has provided written notice... to do so by the Secretary. (Approved by the Office of Management and Budget under control number 1840...

Problems of Funding Russian Colleges and the Budget Reform

OpenAIRE

Svetlana Soljannikova

2006-01-01

The government policy in the sphere of funding colleges should pursue the following two goals: first, to improve the mechanism of funding colleges from the budget, and second, to diversify the sources of funding for the sector. The article analyzes different means and models for the funding of colleges. The drawbacks of the current mechanism for funding colleges from the budget are considered, and the reasons for these problems are discussed. The problems of establishing standards of per capi...

Pension fund excellence creating value for stakeholders

CERN Document Server

Ambachtsheer, Keith P.

1998-01-01

Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

Periodically Swapping Modulation (PSM) Strategy for Three-Level (TL) DC/DC Converter with Balanced Switch Currents

DEFF Research Database (Denmark)

Liu, Dong; Deng, Fujin; Zhang, Qi

2018-01-01

The asymmetrical modulation strategy is widely used in various types of three-level (TL) DC/DC converters, while the current imbalance among the power switches is one of the important issues. In this paper, a novel periodically swapping modulation (PSM) strategy is proposed for balancing the power...... switches’ currents in various types of TL DC/DC converters. In the proposed PSM strategy, the driving signals of the switch pairs are swapped periodically, which guarantees that the currents through the power switches are kept balanced in every two switching periods. Therefore, the proposed PSM...... strategy can effectively improve the reliability of the converter by balancing the power losses and thermal stresses among the power switches. The operation principle and performances of the proposed PSM strategy are analyzed in detail. Finally, the simulation and experimental results are presented...

Discrete changes of current statistics in periodically driven stochastic systems

International Nuclear Information System (INIS)

Chernyak, Vladimir Y; Sinitsyn, N A

2010-01-01

We demonstrate that the counting statistics of currents in periodically driven ergodic stochastic systems can show sharp changes of some of its properties in response to continuous changes of the driving protocol. To describe this effect, we introduce a new topological phase factor in the evolution of the moment generating function which is akin to the topological geometric phase in the evolution of a periodically driven quantum mechanical system with time-reversal symmetry. This phase leads to the prediction of a sign change for the difference of the probabilities to find even and odd numbers of particles transferred in a stochastic system in response to cyclic evolution of control parameters. The driving protocols that lead to this sign change should enclose specific degeneracy points in the space of control parameters. The relation between the topology of the paths in the control parameter space and the sign changes can be described in terms of the first Stiefel–Whitney class of topological invariants. (letter)

Securing decommissioning funds. Why organization matters?

International Nuclear Information System (INIS)

Tchapga, F.

2005-01-01

Full text: Securing decommissioning funds requires that the financial resources set aside for the purpose of decommissioning be managed prudently. Decommissioning of nuclear power plant is prescribed by National Atomic Laws or by other nuclear legislation. It is a mandatory operation. The operators of nuclear power plants set money aside for that purpose. This is known as 'Decommissioning reserve fund'. Decommissioning implies costs very distant in time. Thus, it is obvious, from an economic point of view, that the funds set aside should be managed. As decommissioning is mandatory, the funds accumulated should be secured. In others words, they should be available when needed. Availability of funds is influenced by endogenous and exogenous factors. Endogenous factors are a matter of design of the reserve funds. They include the management of the funds, its monitoring and control... Availability of funds is influenced by these factors, depending on the rules to which the behaviour of the manager of the funds is subjected. In contrast, exogenous factors deal with the energy context. These factors are mainly the electricity sector organisation and/or the overall economic situation. They are decisive factors of the economic performance of the reserve fund for a given design. Therefore, the requirement of availability of funds, when needed, is a matter of compatibility between the design of the decommissioning funds and the electricity context. Put differently, reserve fund's design need to be consistent with the electricity context's features in respect of the availability of funds. Current reserve funds were designed in a context of monopoly regime. In this context, availability of decommissioning funds was not questionable. At least, as far as the design of the reserve funds is concerned. This is because nuclear generator didn't confront any competition pressure. Electricity prices were set trough rate base mechanism, and all the business risks were borne by the

DYNAMICS OF ASSETS AND INVESTMENTS IN ROMANIA VOLUNTARY PENSION FUNDS

Directory of Open Access Journals (Sweden)

CONSTANTIN DURAC

2016-10-01

Full Text Available In most countries, private pensions have an increasingly more important place in the current pension systems. Their importance consist on the one hand, by their contribution that have to preserve a level of income in retirement, comparable to the active period, and on the other side, by the amounts collected from the participants and investments in various investment instruments. In this article I analyze the overall evolution of total assets and net assets on 30 September 2007 - September 30, 2016, and dynamics of the main investment instruments in which pension funds have made investments optional.

The Equity of School Facilities Funding: Examples from Kentucky

Science.gov (United States)

Glenn, William J.; Picus, Lawrence O.; Odden, Allan; Aportela, Anabel

2009-01-01

While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity,…

PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Marko Curkovic

2017-03-01

Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

Hedge Funds As a Alternative Investment Opportunities

Directory of Open Access Journals (Sweden)

Michał Falkowski

2009-09-01

Full Text Available Hedge fund which became a popular alternative investment is a collective term for different types of investment fund. A common feature of these funds is that they have absolute earnings targets, that is they set targets for earnings irrespective of developments on, for example, the stock exchange. The paper deals with the current problem of the financial crisis and the effect it made worldwide for many institutional and private investors. It discusses the role played by hedge funds in developments on the financial markets, and to what extent they are affected by the effects of the crisis, as a recurring feature of every financial crisis. It also shows a wind range of strategies used by hedge funds to achieve their goal.

Stock investment funds in Brazil: performance and management expertise

Directory of Open Access Journals (Sweden)

Paulo Rogério Faustino Matos

2012-01-01

Full Text Available This article analyzes the stock investment fund market in Brazil and proposes dynamic rankings constructed from different risk-return metrics, during the period from 1998 to 2009. We find an uncommon level of persistence, mainly among the best performing funds, due to the expertise of the managers. The quadrimestral rebalancing of the portfolios based on these rankings permits inferring that in scenarios characterized as economic booms or recovery of financial markets, the strategies with equal participation in winner funds provides significantly higher average monthly gains, reduction of risk associated with diversification and consequently enhanced performance in relation to market or sector benchmarks. This evidence is robust to the use of different performance metrics for fund selection, indicating that active investors in winning funds demand good performance not only in terms of the Sharpe ratio, but also with respect to other metrics, such as the Treynor, Calmar and Sortino ratios. In these optimistic scenarios, only the industrial sector index (INDX provided returns compatible with those of these fund’s portfolios. However, during periods of crisis, no strategy involving the funds managed to provide hedge levels characteristic of the electric energy sector index (IEE, so it can be said that the majority of investing strategies are dominated in gain-risk criteria by sector or market indexes, with the exception of value-weighted portfolios composed of losing funds, a signal that the usual passive investors in large funds indexed to the Ibovespa can be presenting a greater level of inertia.

Funding for teratology information services: up, down, and all around.

Science.gov (United States)

Quinn, Dee

2012-08-01

Funding for Teratology Information Services has been an ongoing struggle over the 25 years of its existence. Traditional and novel funding mechanisms have been explored with varying success. The importance of providing teratology risk assessment and counseling to all women of reproductive age is now an established health care objective. Sufficient and stable funding for these services is essential. Copyright © 2012 Wiley Periodicals, Inc.

76 FR 67004 - Order Approving Filing Fees for Exempt Reporting Advisers and Private Fund Advisers

Science.gov (United States)

2011-10-28

... billion or more in hedge fund assets, combined liquidity fund and registered money market fund assets or...] Order Approving Filing Fees for Exempt Reporting Advisers and Private Fund Advisers Section 204(c) of... funds (a ``private fund adviser'') to file proposed Form PF on a periodic basis.\\2\\ On September 30...

The equity of school facilities funding: Examples from Kentucky.

OpenAIRE

William J. Glenn; Lawrence O. Picus; Allan Odden; Anabel Aportela

2009-01-01

While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity, vertical equity, and fiscal neutrality. In general one could tentatively conclude that Kentucky’s capital-funding system was reasonably equitable unti...

The absorption of UE funds in the current context of the cohesion policy

Directory of Open Access Journals (Sweden)

Dumitrescu, A.

2011-01-01

Full Text Available Romania continues to be affected by the global recession. It has suffered a significant reduction in foreign investment since the start of the recession, as investors have moved away from emerging markets in search for security. Developing an appropriate, focused strategy for the allocation of EU funds is only the first, though perhaps the most important step in implementing the EU cohesion policy. The successful implementation of EU co-funded projects is contingent not only upon the effectiveness of these countries’ administrative systems, but also on the activity of the potential beneficiaries.

A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

OpenAIRE

Shenyan Gu; Tina Zhang

2015-01-01

Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

Non-communicable diseases: mapping research funding organisations, funding mechanisms and research practices in Italy and Germany.

Science.gov (United States)

Stephani, Victor; Sommariva, Silvia; Spranger, Anne; Ciani, Oriana

2017-10-02

Evidence shows that territorial borders continue to have an impact on research collaboration in Europe. Knowledge of national research structural contexts is therefore crucial to the promotion of Europe-wide policies for research funding. Nevertheless, studies assessing and comparing research systems remain scarce. This paper aims to further the knowledge on national research landscapes in Europe, focusing on non-communicable disease (NCD) research in Italy and Germany. To capture the architecture of country-specific research funding systems, a three-fold strategy was adopted. First, a literature review was conducted to determine a list of key public, voluntary/private non-profit and commercial research funding organisations (RFOs). Second, an electronic survey was administered qualifying RFOs. Finally, survey results were integrated with semi-structured interviews with key opinion leaders in NCD research. Three major dimensions of interest were investigated - funding mechanisms, funding patterns and expectations regarding outputs. The number of RFOs in Italy is four times larger than that in Germany and the Italian research system has more project funding instruments than the German system. Regarding the funding patterns towards NCD areas, in both countries, respiratory disease research resulted as the lowest funded, whereas cancer research was the target of most funding streams. The most reported expected outputs of funded research activity were scholarly publication of articles and reports. This cross-country comparison on the Italian and German research funding structures revealed substantial differences between the two systems. The current system is prone to duplicated research efforts, popular funding for some diseases and intransparency of research results. Future research will require addressing the need for better coordination of research funding efforts, even more so if European research efforts are to play a greater role.

Performance Evaluation of Equity Mutual Funds in Indonesia

Directory of Open Access Journals (Sweden)

Irene Rini Demi Pangestuti

2017-11-01

Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

European Funds Fraud: The Impact on the Process of Absorption of Structural and Cohesion Funds in Romania

Directory of Open Access Journals (Sweden)

Dumitru BELDIMAN

2016-06-01

Full Text Available The increase of the degree of absorption of European funds offered to Romania by the European Union represents one of its main objectives in the present and future situation. One of the main reasons that the funds are so important is the fact that, taking into consideration the microeconomic and macroeconomic situation that Romania is in, it represents an alternative financing mechanism of the economy that Romania can benefit in very advantageous conditions. Even under these conditions Romania- within 2007-2013 period of programming – couldn’t benefit from it by attracting as many structural and cohesion funds as possible, at least in comparison to other member states. In our opinion, that of the authors’ one of the reasons that led to such a low rate of absorption, alongside with the low administrative capacity of the state is the excessive bureaucracy, an inefficient legislative framework which is not harmonized with the European one, the lack of experience in using and administrating of European funds, the beneficiaries’ incapacity to sustain the financial support of the project (to assure the co-financing of the project, a low involvement of Romanian banking institutions in the process of supporting the beneficiaries of European funds. Another cause is the European funds fraud that happened in Romania. In the present article, the authors have decided to analyze the influence of European funds fraud on the degree of absorption of structural and cohesion funds in Romania.

Comparative Analysis of A, B Type and Exchange Traded Funds Performances with Mutual Fund Performance Measures, Regression Analysis and Manova Technique.

Directory of Open Access Journals (Sweden)

Mehmet Arslan

2010-06-01

Full Text Available The objective of the study is to evaluate risk- reward relationship and relative performances of the 4 different groups of mutual funds. To this end, daily return data of these 12 mutual funds (3 type variable fund; 3 B type variable fund; 3 A type stock fund and 3 A type Exchange traded fund together with daily market index (imkb100 return and daily return of riskless rate for the period from January 2006 to Feb 2010. The 180-day maturity T-Bill has been selected to represent riskless rate. To determine performances of mutual funds; Sharpe ratio, M2 measure, Treynor index, Jensen index, Sortino ratio, T2 ratio, Valuation ratio has been applied and these indicators produced conflicting results in ranking mutual funds. Then timingand selection capability of the fund manager has been determined by applying simple regression and Quadratic regression. Interestingly all funds found to have positive coefficient, indicating positive election capability of managers; but in terms of timing capability only one fund managers showed success. Finally, to determine extent to which mean returns are differs between mutual funds, market index (imkb100 and riskless rate (180 day TBill results of the analysis revealed that mean returns of individual security returns differs at P≤0,01 level. That shows instability in returns and poor ex-ante forecast modeling capability.

Testimony on the Status of the Highway Trust Fund

OpenAIRE

Kim P. Cawley

2013-01-01

The current trajectory of the Highway Trust Fund is unsustainable. Starting in fiscal year 2015, the trust fund will have insufficient resources to meet all of its obligations—CBO projects—resulting in steadily accumulating shortfalls.

The funding landscape for HIV in Asia and the Pacific

DEFF Research Database (Denmark)

Stuart, Robyn Margaret; Lief, Eric; Donald, Braedon

2015-01-01

-Pacific region between 2004 and 2013, we obtained funding data from the Organisation for Economic Co-operation and Development Creditor Reporting System database. Where possible, we checked these amounts against the funding data available from government aid agencies. Estimates of multilateral ODA financing...... for HIV/AIDS were based on the country allocations announcement by the Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund) for the period 2014 to 2016. RESULTS: Countries in the Asia-Pacific region receive the largest share of aid for HIV from the Global Fund. Bilateral funding for HIV......, but the United States is the bilateral donor providing the greatest amount of assistance in the region. Funding from the Global Fund has increased consistently since 2005, reaching a total of US$1.2 billion for the Asia-Pacific region from 2014 to 2016. CONCLUSIONS: Even with Global Fund allocations, countries...

Alberta Heritage Savings Trust Fund : 1998 annual report

International Nuclear Information System (INIS)

1999-01-01

A review of the Alberta Heritage Savings Trust Fund as it operated under the new investment framework established in 1997 was presented. The new statutory mission of the Fund is to provide stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans. In 1998, the Fund earned $947 million in income with nearly $25 million of income being retained to ensure that the value of the Fund grows to off-set the effects of inflation. Net assets of the Fund on March 31, 1998 was $ 12.3 billion. Operation of the Fund, the accounting method used, and details about the Transition Portfolio and the Endowment Portfolio are provided. An assessment of Alberta's economic climate accompanies the auditor's report and the detailed financial statements of the Fund. tabs

Social Security Funds Clamor for Reform

Institute of Scientific and Technical Information of China (English)

郑秉文

2008-01-01

This paper analyzed the institutional deficiencies inherent in China’s social security system based on a dissection of various social security fund violations. It holds that the unscientific design in social security system is the root cause for social security fund violations, which is reflected in low level of social security unification, irrational investment system and legislative loopholes etc. Currently, China’s social security funds are facing risks in management and in system; The key of risk control lies in the reforming of the overall framework of social security system through the following aspects: 1) readjust the unified account system structure to raise the level of unification; 2) reform funds investment system to boost ROI; 3) speeding up legislative to regulate the administrative costs and the behaviors of its entities.

Performance Persistence of Equity Funds in Hungary

Directory of Open Access Journals (Sweden)

Dariusz Filip

2011-03-01

Full Text Available This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009, and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.

Ranking mutual funds using Sortino method

Directory of Open Access Journals (Sweden)

Khosro Faghani Makrani

2014-04-01

Full Text Available One of the primary concerns on most business activities is to determine an efficient method for ranking mutual funds. This paper performs an empirical investigation to rank 42 mutual funds listed on Tehran Stock Exchange using Sortino method over the period 2011-2012. The results of survey have been compared with market return and the results have confirmed that there were some positive and meaningful relationships between Sortino return and market return. In addition, there were some positive and meaningful relationship between two Sortino methods.

Performance Evaluation of Some Index Funds-Indian Perspective

Directory of Open Access Journals (Sweden)

Pranav Mishra

2016-04-01

Full Text Available The popularity of the index funds as an investment option has increased manifolds ever since they were introduced. This is primarily because of the merits that the investor enjoys through passive style of funds management. This includes the low cost involved in managing such funds and the significant tax savings. Most of the researchers have compared the performance of the actively managed funds with that of index funds. However the index funds of US and for that reason other parts of the world are different from that of India. Unlike other countries in India the benchmark indices comprise of very less number of securities and thus are unable to represent the entire economy. So in Indian context comparison of performance of actively managed funds with index funds is not logical. Therefore this paper attempts to make an intra-class performance evaluation of some Indian index funds based on some statistics. The study includes the use of graphical interpretations coupled with statistical tools like R-square and tracking error values. Two models of tracking error have been employed to test empirically the performance of the selected index funds. The study is useful for those interested in mutual funds, which includes researchers, academicians, and financial advisors. The paper suits the requirement and the situations prevalent in Indian economy during the period under study.

34 CFR 75.251 - The budget period.

Science.gov (United States)

2010-07-01

... 34 Education 1 2010-07-01 2010-07-01 false The budget period. 75.251 Section 75.251 Education... Multi-Year Projects § 75.251 The budget period. (a) The Secretary usually approves a budget period of... budget period; and (2) Indicates his or her intention to make contination awards to fund the remainder of...

Funding Technology Education in a Democracy | Wodi | Sophia: An ...

African Journals Online (AJOL)

This paper x-rays the state of funding technology education in a democratic Nigeria and takes a closer look at the role of Education Tax Fund (ETF) in augmenting statutory allocation to the education sub-sector in the national budget within a given period, and compares it with other sectors such as defense and made ...

The international liability funds in the maritime field

Directory of Open Access Journals (Sweden)

Mišo Mudrić

2009-08-01

Full Text Available This Paper aims to explore the current system of the international liability funds in the maritime field. Through the systematic economical, legal and political analysis of the current and envisaged international, regional and national liability funds connected to the pollution of the seas, an overview of the function, efficiency and critical considerations of the chosen liability funds will be presented. A comparison between the international system of the compensation for the oil pollution damage (and the pending hazardous and noxious substances compensation model, and that of the United States is necessary, in order to determine a difference in approaches these two systems use to tackle the burning issues of oil (and hazardous and noxious substances spills. A special consideration will be devoted to the questions of limited or unlimited liability, scope and strength of the Protection & Indemnity insurance and reinsurance market, problems of the channeling of the liability, moral hazard of the financial caps, and the general lack of the liability funds in the maritime field. Finally, an attempt will be made to consolidate the difference in opinions regarding the previously mentioned issues, and to predict the possible routes of changes awaiting the fund compensation systems.

Overview and comparison of international practices on funding mechanisms

International Nuclear Information System (INIS)

Tchapga, Flavien

2006-01-01

Although the Funding Mechanisms of Decommissioning and Dismantling (D and D) of Nuclear Power Plants (NPP) has recently gained a growing interest, this is not only a new but also an old issue. The issue is old because National Atomic Laws and/or other Nuclear Legislation recognized the mandatory character of D and D. Consequently accumulation of funds to cover the future D and D expenses is a legal requirement since the beginning of Nuclear Energy Industry, at least in countries with a market economy. The issue is new as well because many of the large commercial NPP may reach the end of their lifetime during the next twenty years. As a result, the growing interest on D and D Funding Mechanisms is justified since the funds accumulated should cover the related expenses if any. Despite this growing interest, there is however a lack, at least at the NEA level, of an updated survey of existing Funding Mechanisms. Because Electric utilities are experiencing deregulation movement, there is also a lack of a 'comparison framework' which takes into account this new context, and within which the effectiveness of current Funding Mechanisms could be assessed. In the field of NPP decommissioning, funding mechanisms refer to the overall process of financing future D and D operations. Therefore, one can expect a funding mechanism to organize some relevant functions regarding D and D financing. These functions are, 1) the recognition of the liabilities and the estimation of the related financial burden, 2) the collection of the corresponding financial resources 3) the management and disbursement of those resources when needed. In fact, the mandatory character of D and D suggest that an effective Funding Mechanism should provide availability of funds. This is to say the funds collected should be managed in a consistent way regarding their protection against financial insecurity. Since there is no investment without risk, availability of funds is properly a matter of degree

OPEC fund will continue to play it vital role

Energy Technology Data Exchange (ETDEWEB)

Hurtado, H

1986-09-01

An interview elicits personal views on the role of and issues related to the OPEC Fund from one of those responsible for its founding. Hurtado comments that the Fund is not likely to change direction, although it accepts the agricultural and industrial development priorities of recipients. He also notes a weakness in the International Fund for Agricultural Development. A shortfall of income as Member Countries respond to falling oil prices will require some management changes in the future, but he sees greater unity among OPEC and Third World countries as a result of current economic strains. The industrialized world, which has provided only one sixth as much aid as OPEC, could apply its savings from current low import prices to help developing countries. North-South cooperation is cyclical, and he expects the current situation to have a positive effect on cooperation.

Periodic cycle of stretching and breaking of the head of gravity currents

Science.gov (United States)

Nogueira, H. I. S.; Adduce, C.; Alves, E.; Franca, M. J.

2012-04-01

interface layer. Entrainment follows a decaying trend along the current development whereas periodic division of the head seems to be kept. The division of the head is related to mass ejections directing upstream with a clear signature in the current-depth time and spatial evolution maps. Initial density of the released saline current seems to be related to the period of the cyclic division of the head and the amplitude of the mentioned mass ejections; averaged periods of the occurrence of the divisions are 3.40, 1.63, 1.07 and 0.91 s respectively for initial densities of the salt-water mixture corresponding to 1015, 1030, 1045 and 1060 kg/m3. Research supported by Portuguese Foundation for Science and Technology through the research project PTDC/ECM/099752/2008 and the PhD grant SFRH/BD/48705/2008.

Do Local Elites Capture Natural Disaster Reconstruction Funds?

OpenAIRE

Yoshito Takasaki

2009-01-01

This paper examines the allocation of natural disaster reconstruction funds among cyclone victims in rural Fiji. During post-emergency periods, when good information about cyclone damage is available, do local elites, a powerful minority, capture housing construction materials? With effective targeting in both receipt and the amount received, local elites do not capture larger benefits. More severely affected victims are not early recipients, though, because the supply of reconstruction funds...

PERFORMANCE OF TRADITIONAL INVESTMENT FUNDS AND ETFs LINKED TO SUSTAINABILITY AND CORPORATE GOVERNANCE

Directory of Open Access Journals (Sweden)

Elisângela de Magalhães Soares

2015-12-01

Full Text Available The objective of this study is to compare the performance of traditional investment funds and Exchange traded funds (ETFs, which benchmarks are Ibovespa, IBrX and Sustainability Indexes, as well as free funds using daily frequency data covering the period from 20 June 2012 to 31 October 2013. The survey is descriptive with a quantitative approach. Analyses were performed using the Capital Asset Pricing Model (CAPM and the Sharpe Ratio (1966. In order to obtain an index of ETFs linked to sustainability, the nomenclature and prospectus of each ETF were analyzed to see which ones were linked to this sector. Then the average return of these funds was calculated, weighted by its Net Asset Value, generating a series of the same period and frequency of others. The results show that the funds linked to sustainability and corporate governance indices are one of the best investment options, surpassed only by free funds.

Fund Raising: An International Feast.

Science.gov (United States)

Babb, Valorie; Marshall, Gene

The procedure for planning an international dinner to raise funds and publicize foreign language study is described. The project, which netted several hundred dollars for a high school in North Dakota, involves careful planning over a period of months. Publicity and facilities are discussed, and the various culinary and other jobs to be…

Sovereign Wealth Funds: Issue of transparency

Directory of Open Access Journals (Sweden)

Petrović Daliborka

2015-01-01

Full Text Available Subject of the paper includes Sovereign Wealth Funds and the formation of the first regulatory framework for their investment activities. Sovereign Wealth Funds invested a significant amount of money in Western financial institutions during the global financial crisis and thus played a crucial role in the preservation and stabilization of the global financial system. However, at the same time, a large gap between the financial power of Sovereign Wealth Funds and the level of their transparency was noted. The need to improve the transparency of Sovereign Wealth Funds has been recognized by international institutions, the OECD and the IMF, which initiated the formulation of the first international regulatory framework regarding the operations of these types of funds. The current international regulatory framework represents a sufficient basis for the gradual improvement of transparency, but because of its non-binding and voluntary nature, certain issues such as the protection of national security interests remain open. Therefore, the solutions can be sought through a process of continuous improvement of international regulation as well as strengthening cooperation between Sovereign Wealth Funds and governments of countries in which they invest.

Importance of funding in decommissioning cost estimates

International Nuclear Information System (INIS)

Mingst, B.C.

1987-01-01

Decommissioning cost estimates have been made by several study groups for the decommissioning of pressurized-water and boiling-water nuclear power stations. The results of these studies are comparable when corrected for inflation and the differences in contingency factors applied by the study groups. The estimated dismantling costs differ far less than a factor of 2 in all cases, despite the design differences found in the plants that were studied. An analysis of the different methods available for funding the dismantling of these facilities shows the much stronger effect that the choice of funding methods has on the net cost of decommissioning. The total cost of dismantling may vary more than a factor of 4 from one funding method to another, assuming current or recent historical inflation rates. The funding methods evaluated include sinking funds, deposits, negative-salvage value depreciation, and insurance. These funding methods are taken from the NRC's Notice of Proposed Rulemaking description of acceptable funding methods. The funding analysis for this study was performed using the DECOST-86 computer code. The evaluation of funding options for a nuclear facility, and the appropriate choice of the funding method best for that facility, are found to be more important than detailed engineering studies in determining the net cost of decommissioning during the early portions of the plant's operating lifetime

The Importance of Asset Allocation and Active Management for Canadian Mutual Funds

OpenAIRE

Zhao, Yuefeng; Zhang, Fan

2010-01-01

Several different factors, including asset allocation policy, active portfolio management and market movements affect the return of a mutual fund. Existing studies test the relative importance of asset allocation policy and active management in explaining the variability of performance. In this paper, we use data for the period 2000-2010 to test the factors' role in determining performance of Canadian equity funds, balanced funds and international funds. The results show that asset allocation...

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

NARCIS (Netherlands)

C. Lin (Chunmei); M. Massa (Massimo); H. Zhang (Hong)

2014-01-01

markdownabstract__Abstract__ We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semi-public information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

Project Management Methods in Projects Co-financed by EU Funds

OpenAIRE

Kostalova, Jana; Tetrevova, Libena; Patak, Michal

2017-01-01

This paper deals with the management of projects co-financed by European Union funds (structural funds and the Cohesion Fund) in the Czech Republic (EU projects). The authors aimed to analyze and assess the scope of familiarity with basic project management methods and their application within the implementation of EU projects in the Czech Republic in the Programming Period 2007–2013. Based on a questionnaire survey of EU project organisers, the authors evaluate their attitudes to project man...

The Adaptation Fund: a model for the future?

Energy Technology Data Exchange (ETDEWEB)

Chandani, Achala; Harmeling, Sven; Kaloga, Alpha Oumar

2009-08-15

With millions of the poor already facing the impacts of a changing climate, adaptation is a globally urgent – and costly – issue. The Adaptation Fund, created under the Kyoto Protocol, has unique features that could herald a new era of international cooperation on adaptation. Its governance structure, for instance, offers a fresh approach to fund management under the UN climate convention. The Fund's Board has also developed a constructive working atmosphere, and further progress is expected before the 2009 climate summit in Copenhagen. But developing countries' demand for adaptation funding is huge: conservative estimates put it at US$50 billion a year. The Fund's current structure and funding base are clearly only a first step towards filling that gap. And despite its significant progress over the last 18 months, many countries, particularly in the developed world, remain sceptical about this approach. Looking in detail at the Fund's evolution offers insight into its future potential as a model for adaptation finance.

Innovative funding solution for special projects: Crowd funding

Directory of Open Access Journals (Sweden)

Sentot Imam Wahjono

2015-06-01

Full Text Available The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.

Pension fund sophistication and investment policy

NARCIS (Netherlands)

de Dreu, J.|info:eu-repo/dai/nl/364537906; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

This paper assesses the sophistication of pension funds’ investment policies using data on 748 Dutch pension funds during the 1999–2006 period. We develop three indicators of sophistication: gross rounding of investment choices, investments in alternative sophisticated asset classes and ‘home bias’.

Wage dispersion and pension funds: Financialisation of non-financial corporations in the USA

Directory of Open Access Journals (Sweden)

ILHAN DÖGÜS

2018-03-01

Full Text Available The paper argues that wage dispersion between white-collar and blue-collar workers has caused the rise and expansion of pension funds in a direct and long-run structural manner in the USA. Using data from the Saez-Zucman and the St. Louis Fed’s FRED datasets, the argument is empirically analysed on yearly data for the period 1964-2012 in the USA. The results confirm the existence of a long-run relationship of causality from wage dispersion to the share of pension funds within US households’ financial wealth. Applying a vector error correction model to the data it emerges that the variance in pension funds due to wage dispersion starts to rise after the fifth period, and reaches 69% in the tenth period. .

Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

NARCIS (Netherlands)

G. Baquero; J.R. ter Horst (Jenke); M.J.C.M. Verbeek (Marno)

2005-01-01

textabstractWe analyze the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias). We model liquidation of hedge funds by analyzing how it depends upon historical performance. Next, we use a weighting procedure that eliminates look-ahead bias in

Governing Board of the Pension Fund

CERN Multimedia

2005-01-01

The Governing Board of the Pension Fund held its one-hundred-and-thirty-second and one-hundred-and-thirty-third meetings on 16 February and 10 March respectively. The first of these meetings was primarily devoted to the further examination of the proposed measures to reduce the Fund's technical deficit. The Governing Board underlined that it was equally determined to find solutions to the structural problems that had an impact on the Fund's technical deficit. A statement to that effect was to be made by the Chairman of the Governing Board, J. Bezemer, at the March session of the CERN Council. Indeed, it would appear that in the light of the new actuarial parameters, in particular the technical interest rate of 4.5%, it is first necessary to stabilise the current funding ratio of 88%, which will fall to 61% in 30 years' time if no action is taken. In an initial stage, corrective measures must therefore be taken in order to prevent a further fall in the funding ratio. Subsequently, the objective will be to re...

Funding sources in faculty development: strategies for success in submitting proposals.

Science.gov (United States)

Morris, Arden M

2013-12-01

Although the capacity for integrated research and potential for translating research findings to the clinical setting have never been stronger, we are paradoxically entering a period of highly constrained funding. It is more important than ever for clinician scientists and young researchers to be strategic in the approach to funding. The purpose of this article is to discuss strategies for a successful approach to appropriate grant funding agencies.

The performance of Norwegian investment grade bond funds

OpenAIRE

Berge, Hjalmar Laudal; Kamalanathan, Sayanthan

2016-01-01

The following thesis examines the performance of Norwegian investment grade bond mutual funds in the period from January 2011 to January 2016. In this study we addresstwo important issues. Firstly, by applying a CAPM model framework, we examine whether funds are able to outperform passive portfolios. Due to the lack of appropriate benchmarks for evaluation in the Norwegian market, we construct and include a bond index in our analysis. Across several different model specifi...

FISCAL PRESSURE IN ROMANIA IN THE CURRENT PERIOD

Directory of Open Access Journals (Sweden)

HARALAMBIE GEORGE ALIN

2014-05-01

Full Text Available Determination of optimal fiscal pressure threshold is difficult to determine given the conditions under which the state must ensure a balance between the goals to be funded, on account of the tax levies, and need to be available to the economic operators and the general public a sufficient portion of the income to continue their work. Practice has shown that an excessive taxation results in reducing budget revenue due to tax fraud and abstinence of tax payers. They will find ingenious ways to evade the payment of tax liabilities by non-taxable matter or by establishing their domicile for tax purposes in a country with low taxation.

20 CFR 435.28 - Period of availability of funds.

Science.gov (United States)

2010-04-01

... GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, OTHER NON-PROFIT ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 435.28 Period...

76 FR 60096 - Fifth Third Funds, et al.; Notice of Application

Science.gov (United States)

2011-09-28

... investment objectives and principal investment strategies.\\1\\ Five of the Funds currently pursue their investment objectives by investing in other Funds in reliance on section 12(d)(1)(G) of the Act. \\1...] Fifth Third Funds, et al.; Notice of Application September 22, 2011. AGENCY: Securities and Exchange...

NEN Division Funding Gap Analysis

International Nuclear Information System (INIS)

Esch, Ernst I.; Goettee, Jeffrey D.; Desimone, David J.; Lakis, Rollin E.; Miko, David K.

2012-01-01

The work in NEN Division revolves around proliferation detection. The sponsor funding model seems to have shifted over the last decades. For the past three lustra, sponsors are mainly interested in funding ideas and detection systems that are already at a technical readiness level 6 (TRL 6 -- one step below an industrial prototype) or higher. Once this level is reached, the sponsoring agency is willing to fund the commercialization, implementation, and training for the systems (TRL 8, 9). These sponsors are looking for a fast turnaround (1-2 years) technology development efforts to implement technology. To support the critical national and international needs for nonprolifertion solutions, we have to maintain a fluent stream of subject matter expertise from the fundamental principals of radiation detection through prototype development all the way to the implementation and training of others. NEN Division has large funding gaps in the Valley of Death region. In the current competitive climate for nuclear nonproliferation projects, it is imminent to increase our lead in this field.

45 CFR 2543.28 - Period of availability of funds.

Science.gov (United States)

2010-10-01

... COMMUNITY SERVICE GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 2543.28 Period of...

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November 2007 and a membe...

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

PERFORMANCE AND CHARACTERISTICS OF MUTUAL FUNDS: EVIDENCE FROM THE PORTUGUESE MARKET

Directory of Open Access Journals (Sweden)

Júlio Lobão

2015-12-01

Full Text Available In this paper we aim to study the relation between fund performance and fund attributes in the Portuguese market. The sample includes 124 equity funds, bond funds and money market funds that traded in the 2004-2011 period. A comprehensive set of fund-specific characteristics, never used before in conjunction in the literature, was considered. The methodology which was adopted had two distinct phases. Firstly, we compared the returns of each category of funds with the appropriate reference markets. Secondly, the fund performance, measured by the Jensen’s alpha, was used in a multi-factor model with panel data in which the independent variables were the fund attributes. The results show that Portuguese funds were, in general, not able to beat the benchmarks which is consistent with the existence of efficient financial markets. Only the fixed income mutual funds performed well. Moreover, it is possible to conclude that, for each category of mutual funds, their characteristics are useful to the investor in the moment of choosing the best funds. For example, in the case of funds that invest in Portuguese stocks, the best performance occurs among older and larger funds, funds with higher costs, funds with good past performance and funds whose trading activity is low.

Mutual Fund Tournament: Risk Taking Incentives Induced by Ranking Objectives

OpenAIRE

Goriaev, A.P.; Palomino, F.A.; Prat, A.

2000-01-01

There is now extensive empirical evidence showing that fund managers have relative performance objectives and adapt their investment strategy in the last part of the calendar year to their performance in the early part of the year. However, emphasis was put on returns in excess of some exogenous benchmark return.In this paper, we investigate whether fund managers have ranking objectives (as in a tournament).First, in a two-period model, we analyze the game played by two risk-neutral fund mana...

Investigating the Performance of Closed-end Funds in Mainland China.

OpenAIRE

Yu, Wenting

2007-01-01

A closed-end fund is a type of professionally managed investment company that provides investors lots of benefits unique in the investment world. As the largest emerging market in the world, China market attracts the focus of the global investors. Many foreign investors are especially interested in the China closed-end fund market because of the persistent large discounts in the past few years. This empirical research evaluated 23 Chinese closed-end funds during the period June 2003 to June 2...

New Solutions to the Funding Dilemma of Technology Startups

Directory of Open Access Journals (Sweden)

Ali Kousari

2011-05-01

Full Text Available This article explores the current funding challenges facing technology startups and describes new models based on smaller investments and collective action. First, the advantages and disadvantages of traditional startup funding models are presented, with an emphasis on venture capital and angel investment. Next, an overview of existing seed funds, or seed accelerators, shows how entrepreneurs can leverage this approach to access subsequent rounds of funding and create successful ventures. Then, an overview of crowd funding is provided, including examples of companies that have adopted this approach to funding startups and their founders. Finally, the article presents the basis of a new approach that uses crowd funding as means of attracting investors to collectives. In these business ecosystems, startups are exposed to less risk and investors can benefit from attractive returns by investing in these promising startups.

Cancer communication science funding trends, 2000-2012.

Science.gov (United States)

Ramírez, A Susana; Galica, Kasia; Blake, Kelly D; Chou, Wen-Ying Sylvia; Hesse, Bradford W

2013-12-01

Since 2000, the field of health communication has grown tremendously, owing largely to research funding by the National Cancer Institute (NCI). This study provides an overview of cancer communication science funding trends in the past decade. We conducted an analysis of communication-related grant applications submitted to the NCI in fiscal years 2000-2012. Using 103 keywords related to health communication, data were extracted from the Portfolio Management Application, a grants management application used at NCI. Automated coding described key grant characteristics such as mechanism and review study section. Manual coding determined funding across the cancer control continuum, by cancer site, and by cancer risk factors. A total of 3307 unique grant applications met initial inclusion criteria; 1013 of these were funded over the 12-year period. The top funded grant mechanisms were the R01, R21, and R03. Applications were largely investigator-initiated proposals as opposed to responses to particular funding opportunity announcements. Among funded communication research, the top risk factor being studied was tobacco, and across the cancer control continuum, cancer prevention was the most common stage investigated. NCI support of cancer communication research has been an important source of growth for health communication science over the last 12 years. The analysis' findings describe NCI's priorities in cancer communication science and suggest areas for future investments.

15 CFR 14.28 - Period of availability of funds.

Science.gov (United States)

2010-01-01

... REQUIREMENTS FOR GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, OTHER NON-PROFIT, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 14.28 Period of...

The Impact of Funding Policies on Higher Education in Jamaica

Science.gov (United States)

Nkrumah-Young, Kofi K.; Huisman, Jeroen; Powell, Philip

2008-01-01

This paper analyses the changes in the higher education funding policies and resource allocation models of the Jamaican government in the period 1962-2003. Throughout these four decades, four different systems were in force. This paper focuses particularly on the arguments for the funding policies and models and the impact of the models on the…

Directed funding to address under-provision of treatment for substance use disorders: a quantitative study.

Science.gov (United States)

Frakt, Austin B; Trafton, Jodie; Wallace, Amy; Neuman, Matthew; Pizer, Steven

2013-07-18

Substance use disorders (SUDs) are a substantial problem in the United States (U.S.), affecting far more people than receive treatment. This is true broadly and within the U.S. military veteran population, which is our focus. To increase funding for treatment, the Veterans Health Administration (VA) has implemented several initiatives over the past decade to direct funds toward SUD treatment, supplementing the unrestricted funds VA medical centers receive. We study the 'flypaper effect' or the extent to which these directed funds have actually increased SUD treatment spending. The study sample included all VA facilities and used observational data spanning years 2002 to 2010. Data were analyzed with a fixed effects, ordinary least squares specification with monetized workload as the dependent variable and funding dedicated to SUD specialty clinics the key dependent variable, controlling for unrestricted funding. We observed different effects of dedicated SUD specialty clinic funding over the period 2002 to 2008 versus 2009 to 2010. In the earlier period, there is no evidence of a significant portion of the dedicated funding sticking to its target. In the later period, a substantial proportion--38% in 2009 and 61% in 2010--of funding dedicated to SUD specialty clinics did translate into increased medical center spending for SUD treatment. In comparison, only five cents of every dollar of unrestricted funding is spent on SUD treatment. Relative to unrestricted funding, dedicated funding for SUD treatment was much more effective in increasing workload, but only in years 2009 and 2010. The differences in those years relative to prior ones may be due to the observed management focus on SUD and SUD-related treatment in the later years. If true, this suggests that in a centrally directed healthcare organization such as the VA, funding dedicated to a service is a necessary, but not sufficient condition for increasing resources expended for that service.

Real pension rights as a control mechanism for pension fund solvency

NARCIS (Netherlands)

Bikker, J.A.; Knaap, T.; Romp, W.E.

2011-01-01

This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993-2007). The model describes how nominal pension rights are

Investigation of unstable periodic space-time states in distributed active system with supercritical current

International Nuclear Information System (INIS)

Koronovskij, A.A.; Rempen, I.S.; Khramov, A.E.

2003-01-01

The set of the unstable periodic space-time states, characterizing the chaotic space-time dynamics of the electron beam with the supercritical current in the Pierce diode is discussed. The Lyapunov indicators of the revealed instable space-time states of the chaotic dynamics of the distributed self-excited system are calculated. It is shown that change in the set of the unstable periodic states in dependence on the Pierce parameter is determined by change in the various orbits stability, which is demonstrated by the values of senior Lyapunov unstable state index [ru

Alzheimer disease research in the 21st century: past and current failures, new perspectives and funding priorities.

Science.gov (United States)

Pistollato, Francesca; Ohayon, Elan L; Lam, Ann; Langley, Gillian R; Novak, Thomas J; Pamies, David; Perry, George; Trushina, Eugenia; Williams, Robin S B; Roher, Alex E; Hartung, Thomas; Harnad, Stevan; Barnard, Neal; Morris, Martha Clare; Lai, Mei-Chun; Merkley, Ryan; Chandrasekera, P Charukeshi

2016-06-28

Much of Alzheimer disease (AD) research has been traditionally based on the use of animals, which have been extensively applied in an effort to both improve our understanding of the pathophysiological mechanisms of the disease and to test novel therapeutic approaches. However, decades of such research have not effectively translated into substantial therapeutic success for human patients. Here we critically discuss these issues in order to determine how existing human-based methods can be applied to study AD pathology and develop novel therapeutics. These methods, which include patient-derived cells, computational analysis and models, together with large-scale epidemiological studies represent novel and exciting tools to enhance and forward AD research. In particular, these methods are helping advance AD research by contributing multifactorial and multidimensional perspectives, especially considering the crucial role played by lifestyle risk factors in the determination of AD risk. In addition to research techniques, we also consider related pitfalls and flaws in the current research funding system. Conversely, we identify encouraging new trends in research and government policy. In light of these new research directions, we provide recommendations regarding prioritization of research funding. The goal of this document is to stimulate scientific and public discussion on the need to explore new avenues in AD research, considering outcome and ethics as core principles to reliably judge traditional research efforts and eventually undertake new research strategies.

Discussion on management of decommissioning funds for nuclear power plants

International Nuclear Information System (INIS)

Wang Hailiang

2013-01-01

Decommissioning funding is one of the major issues with regard to the policy and management of nuclear power. This paper describes current status of decommissioning of nuclear power plants in some foreign countries and narrates the practices in these countries on the estimation of decommissioning cost, the retrieval and management of decommissioning funds, and the guarantee of fund sufficiency. Based on a brief analysis of the status of decommissioning funding management for nuclear power plants in China, suggestions on tasks or activities needed to be carried out at present in the field of decommissioning funding are proposed. (authors)

75 FR 9960 - First Trust/Aberdeen Global Opportunity Income Fund, et al.; Notice of Application

Science.gov (United States)

2010-03-04

... represent that, before any Fund will implement a policy to make level, periodic distributions with respect... common stockholders with level, periodic distributions. Applicants represent that, under the Plan of a..., as an exhibit to its next filed Form N-CSR; and C. The fund will post prominently on the Web site...

QUALITY-RELATED FUNDING IN ROMANIAN HIGHER EDUCATION THROUGHOUT 2003 – 2011: A GLOBAL ASSESSMENT

Directory of Open Access Journals (Sweden)

Gabriel-Alexandru Vîiu

2015-12-01

Full Text Available The article explores quality-related funding and its global outcomes in the context of Romanian higher education by focusing on the funding allocations provided to public universities throughout a period of nine years based on their institutional performance on the quality indicators integrated in the funding algorithm. Global funding allocations between universities are analysed and a summative appraisal for the entire nine-year window is provided. The article also explores the relation between quality- related funding, institutional disciplinary profiles and the results of a comprehensive evaluation conducted in 2011 by the Ministry of Education to complete a classification of the universities. The main findings indicate a low overall impact of qualityrelated funding for many institutions, but also a clear pattern in which universities focused on science, technology, engineering and mathematics overwhelmingly outperformed mixed institutions, as well as those focused on humanities, arts and social sciences. Furthermore, the global quality-related funding outcomes of the 2003 – 2011 period studied in the paper are shown to be significantly associated with the results of the 2011 classification

Market timing and selectivity performance of mutual funds in Ghana

Directory of Open Access Journals (Sweden)

Abubakar Musah

2014-07-01

Full Text Available The growing interest in mutual funds in Ghana has been tremendous over the last decade as evidenced by the continuous increases in number and total funds under management. However, no empirical work has been done on the selectivity and timing ability of the mutual fund managers. Using monthly returns data hand-collected from the reports of the mutual fund managers for the period January 2007-December 2012, this paper examines the market timing and selectivity ability of mutual fund managers in Ghana using the classic Treynor-Mazuy (1966 model and Henriksson- Merton (1981 model. The results suggest that, in general mutual fund managers in Ghana are not able to effectively select stocks and also are not able to predict both the magnitude and direction of future market returns. More specifically, all of the sample mutual fund managers attain significant negative selectivity coefficients and also most of them attain insignificant negative timing coefficients.

Real Pension Rights as a Control Mechanism for Pension Fund Solvency

NARCIS (Netherlands)

Bikker, J.A.; Knaap, T.; Romp, W.E.

2011-01-01

This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993–2007). The model describes how nominal pension rights are

Measuring the performance of mutual funds: A case study

Directory of Open Access Journals (Sweden)

Jakšić Milena

2015-01-01

Full Text Available In this paper we evaluate the performance of eight open-end mutual funds in the Republic of Serbia for the period 2009-2012, with the aim of testing the justification of active portfolio management of mutual funds, and determining the selection capability of Serbian portfolio managers. Risk-weighted returns of mutual funds are compared with the risk-weighted return of the leading Belgrade Stock Exchange index, Belex15, whereas the following are used as performance measures: Sharpe ratio (Si, Treynor ratio (Ti, and Jensen's or Alpha index (αi. The results suggest that the portfolio of Serbian mutual funds has inferior performance compared to the market portfolio, which indicates the lack of selection capabilities of domestic portfolio managers.

Money Related Decommissioning and Funding Decision Making

International Nuclear Information System (INIS)

Goodman, Lynne S.

2008-01-01

'Money makes the world go round', as the song says. It definitely influences decommissioning decision-making and financial assurance for future decommissioning. This paper will address two money-related decommissioning topics. The first is the evaluation of whether to continue or to halt decommissioning activities at Fermi 1. The second is maintaining adequacy of financial assurance for future decommissioning of operating plants. Decommissioning costs considerable money and costs are often higher than originally estimated. If costs increase significantly and decommissioning is not well funded, decommissioning activities may be deferred. Several decommissioning projects have been deferred when decision-makers determined future spending is preferable than current spending, or when costs have risen significantly. Decommissioning activity timing is being reevaluated for the Fermi 1 project. Assumptions for waste cost-escalation significantly impact the decision being made this year on the Fermi 1 decommissioning project. They also have a major impact on the estimated costs for decommissioning currently operating plants. Adequately funding full decommissioning during plant operation will ensure that the users who receive the benefit pay the full price of the nuclear-generated electricity. Funding throughout operation also will better ensure that money is available following shutdown to allow decommissioning to be conducted without need for additional funds

Performance persistence in institutional investment management: The case of Chinese equity funds

Directory of Open Access Journals (Sweden)

Zia-ur-Rehman Rao

2016-09-01

Full Text Available This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing funds do not continue to perform well (worse in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance.

ACCOUNTING TREATMENTS ON FORESTRY SPECIAL FUNDS AND SPECIFIC PROBLEMS IN ROMANIA

Directory of Open Access Journals (Sweden)

Hada Teodor

2013-07-01

Full Text Available This study, theoretically and practically, presents the accounting system for forestry special purpose funds in Romania. In addition, the main problems Romanian forestry faces nowadays are highlighted in the content, given the legislative changes expected in the near future. Accounting treatments specific to Romanian forestry regarding special funds, namely the conservation and regeneration fund, the accessibility fund, the environmental fund and the improvement fund are governed in the current law, mainly by the Forestry Code in Romania - Law 46/2008 supplemented by other specialized works used within the National Forest Directorate in Romania. Among the specific forestry regulations, special purpose funds are an area of interest in the current economic crisis being presented under several aspects: establishing the Fund, its utility and calculation method, its recording into accounting, or its specific tax implications. The main objective of this paper is to provide both a framework for analysis and presentation of the problems faced by forestry activity in Romania, and the accounting treatments specific to forestry activities, by illustrating the main entries made through financial and accounting documents. Given that we fully realize the environment’s importance in our lives, we understand the very close relationship between the forestry business’ enactment, its financing and its supervision. Special funds are the basis for financing forestry projects. Their study covers a gap in the specialized literature, providing specialists, practitioners and other stakeholders a framework. In the current economic and political context, the forestry problems, environmental issues in general are perceived to be more stringent. The solutions identified as a firm response to the existing problems are therefore of major importance, of which, in this study, we have identified and proposed several solutions. Practical examples have as grounds real data

Current density waves in open mesoscopic rings driven by time-periodic magnetic fluxes

International Nuclear Information System (INIS)

Yan Conghua; Wei Lianfu

2010-01-01

Quantum coherent transport through open mesoscopic Aharonov-Bohm rings (driven by static fluxes) have been studied extensively. Here, by using quantum waveguide theory and the Floquet theorem we investigate the quantum transport of electrons along an open mesoscopic ring threaded by a time-periodic magnetic flux. We predicate that current density waves could be excited along such an open ring. As a consequence, a net current could be generated along the lead with only one reservoir, if the lead additionally connects to such a normal-metal loop driven by the time-dependent flux. These phenomena could be explained by photon-assisted processes, due to the interaction between the transported electrons and the applied oscillating external fields. We also discuss how the time-average currents (along the ring and the lead) depend on the amplitude and frequency of the applied oscillating fluxes.

Assessment of the Estonian Research Development Technology and Innovation Funding System

OpenAIRE

Nedeva, Maria; Georghiou, Luke

2003-01-01

The objectives of the assessment of the RDTI funding system in Estonia as specified by the Terms of Reference are as follows: 1) to conduct a review of the current R&D funding system in Estonia; 2) to review the objectives of the Estonian R&D Strategy 2002-2006; 3) to review best practice in R&D funding elsewhere; and 4) to propose an efficient, transparent and accountable R&D funding system.

Evaluation of Performance of Mutual Funds in India from 2000 to 2007

OpenAIRE

Saboo, Manish

2008-01-01

There have been many studies in the past on performance of Mutual Funds in comparison to the market. These studies might differ in time and the market under study but most of them concluded that on an average, Mutual Funds have failed to outperform the market and thus the Efficient Market Hypothesis holds good. This research was based on performance of 22 mutual funds for a period of almost 8 years on monthly basis. Funds were evaluated using measures like Sharpe ratio, Treynor ratio, Jensen'...

[Relationship between disease burden and research funding through the Health Research Foundation in Spain].

Science.gov (United States)

Gómez-García, Teresa; Moreno-Casbas, Teresa; González-María, Esther; Fuentelsaz-Gallego, Carmen

2014-01-01

To analyze the relationship between burden of disease during 2007-2009 and public funding of research in health in Spain during 2008-2010. Descriptive cross-sectional study of burden of disease and funding allocated for research in diseases in the Spanish National Health System. A review was made of a total of 6,573 project titles funded for the years 2008, 2009 and 2010. During this period, a total of 472.7 million Euros were assigned as grants for research projects. Malignant tumors and neuropsychiatric diseases were the illnesses with greatest funding support. During the study period, it was estimated that there was a total of 15,253,331.3 disability-adjusted life years (DALYs) in Spain, with neuropsychiatric diseases being the category representing most DALYs with 4,396,900 (28.8%). The relationship between funding and DALYs was obtained with a Pearson r equal to 0.759 (p<0.001). The study of congenital diseases had higher funding per DALY than any other disease with an investment of 290.4€/DALY. Among these, the study of cleft palate and esophageal atresia, with ratios of 3,432.7€/DALY and 3,387.6€/DALY respectively, obtained the greatest funding. The study shows that the relative distribution of economic resources in the study period is consistent with the burden suffered by the Spanish population. This relationship is altered by the funding of the study of congenital anomalies, because of the low number of projects in this area. Copyright © 2013 Elsevier España, S.L. All rights reserved.

Comparison of the performance of Islamic, Sri and green mutual funds

OpenAIRE

Paradinovic, Ivana

2017-01-01

This paper measures and compares performance of Islamic, SRI and Green mutual equity funds worldwide in the period from 1 January 2001 to 31 December 2015. The sample consists of 611 mutual equity funds and their performance was assessed by using traditional risk-adjusted measures, namely Sharpe ratio, Modified Sharpe Ratio, Adjusted Sharpe Ratio, Treynor measure, Information ratio and Jensen’s alpha. The main findings show that Green mutual equity funds, on average, outperform both SRI and I...

Pension fund efficiency: the impact of scale, governance and plan design

OpenAIRE

Jacob Bikker; Jan de Dreu

2006-01-01

Administrative and investment costs per participant appear to vary widely across pension funds. These costs are important because they reduce the rate of return on the investments of pension funds and consequently raise the cost of retirement security. This paper examines the impact of determinants of these costs, such as the size, governance, pension plan design and outsourcing decisions, using data on all Dutch pension funds across the 1992-2004 period, including more than 10,000 observatio...

Management of Existing Funding Systems in Switzerland

International Nuclear Information System (INIS)

Maxeiner, H.

2006-01-01

1 - Funds for D and D and Waste disposal: Producers pay principle: Producers of radioactive waste are responsible for financing its safe disposal. Two independent funds supervised by the Confederation: Decommissioning fund for nuclear facilities (Secure financial resources for D and D and for disposal of the resulting waste (not SF), Established January 1, 1984 as a public law entity, Berne); Disposal fund for nuclear power plants (Cover costs for management of operational waste and SF after decommissioning, Established April 1, 2000, Repositories: 2020 - 2050). Decommissioning fund: Calculation of contributions based on Estimated D and D costs (taking account of cost development (first studies 1984, latest studies 2000/2001), Disposal of waste arising from D and D, Administration costs Latest decommissioning studies: Costs amount to 1.9 Billion CHF; Annual contributions based on 40 years operation time. Disposal fund: Calculation of contributions based on Management of operational waste and SF following the decommissioning, Transport/storage containers, transport, reprocessing and/or direct disposal of SF, conditioning and interim storage, deep geological disposal, Administration costs. Latest studies: Costs amount to 12 Billion CHF. Annual contributions based on 40 years operation time. 2 - Organisation and payments: Contributions to the decommissioning fund: Contributions required up to the assumed decommissioning date are converted into annual amounts; Assumed inflation rate 3%, capital projected on a basis of 5% (net return 2%); Annual contributions reviewed every 5 years (shorter periods possible in case of unforeseen events), if new operators enter or a facility is decommissioned. Fund organisation: Executive bodies: Management Committee and Secretariat, MC nominated by Federal Department of Environment, Transport, Energy and Communications, Sub committees set up by MC (Investment Committee, Cost Committee). Management committee: 9 members (4 operators

Managerial ownership and corporate performance in Slovenian post-privatisation period

Directory of Open Access Journals (Sweden)

Marko Simoneti

2004-12-01

Full Text Available The Slovenian post-privatisation period has been characterised by a decline in the ownership by non-managerial owners (employees and state-controlled funds. On the other hand, domestic and foreign non-financial firms, Privatisation Investment Funds and managers have been increasing their holdings. The latter, namely the growing managerial ownership, is likely to feature in future ownership dynamics in Slovenia. In fact, in 2002 the desired (optimal ownership stakes estimated by Slovenian managers were 10.8 percentage points higher than their actual stakes. The aim of our paper is to describe the main trends in the ownership of Slovenian corporations in the post-privatisation period and to provide an answer to the basic economic question: what is the influence of the ongoing consolidation of managerial ownership on the performance of Slovenian firms. The empirical analysis testing this relationship is based on a panel of 182 Slovenian firms in the 1995-99 period and does not provide relevant evidence of any positive effects of the increasing managerial control on Slovenian firms’ performance. If any, a positive incentive effect is only observed in those firms whose managers’ holdings exceed 10-percent, only with regards to firms’ financial performance (but not total factor productivity and only in firms that are not listed on the capital market. Further, the negative effect of the current gap between the desired and actual managerial ownership seems to exceed any positive incentive effect arising out of managerial ownership

"Unhelpfully Complex and Exceedingly Opaque": Australia's School Funding System

Science.gov (United States)

Dowling, Andrew

2008-01-01

Australia's system of school funding is notoriously complex and difficult to understand. This article shines some light on this issue by describing clearly the processes of school funding that currently exist in Australia. It describes the steps taken by federal and state governments to provide over $30 billion each year to government and…

Funding intensive care - approaches in systems using diagnosis-related groups.

OpenAIRE

Ettelt, S; Nolte, E

2010-01-01

This report reviews approaches to funding intensive care in health systems that use activitybased payment mechanisms based on diagnosis-related groups (DRGs) to reimburse hospital care. The report aims to inform the current debate about options for funding intensive care services for adults, children and newborns in England. Funding mechanisms reviewed here include those in Australia (Victoria), Denmark, France, Germany, Italy, Spain, Sweden and the United States (Medicare). Approaches to org...

European regional policy: Analysis of the management reports of structural funds 2000-2006

Directory of Open Access Journals (Sweden)

José Antonio Vidal Hernández-Mora

2012-01-01

Full Text Available The present work endeavours to carry out a study of the weaknesses/errors detected by the European Court of Auditors (ECA in the reports presentedby 15 European countries on the economic and financial management of StructuralFunds in the period ranging from 2000 to 2006. The aim of our study is focusedon the description and analysis of the number and nature of the errors/weaknesses made by the member states, carrying out an empirical analysis on the possiblecauses at the root of this situation, conducting a study with univariate and multivariatestatistical techniques, using a probit choice model type and least squaresestimation. Amongst other conclusions, the current study establishes that the newCouncil Regulation has had an uneven effect on the different countries, and that thevolume of such errors/weaknesses detected in the reports of the EU member statesis linked to the amount of resources allocated to each member state per StructuralFund.

77 FR 26052 - Invesco Total Property Market Income Fund, et al.; Notice of Application

Science.gov (United States)

2012-05-02

... level of current income. It is currently contemplated that the common shares of the Property Fund and... disclosure required by condition 2(a)(ii) above, as an exhibit to its next filed Form N-CSR; and (c) The Fund...

Funding for international family planning attacked.

Science.gov (United States)

Kaeser, L

1997-08-01

US funding for foreign assistance has been jeopardized in recent years in the context of dwindling public support for foreign aid. To stymie the provision of international family planning program assistance and services overseas, Congressional opponents of family planning and abortion are offering amendments to foreign aid legislation at every possible opportunity. State Department reauthorization legislation is the current target of family planning opponents' efforts. Reauthorization is the process by which Congress indicates its ongoing support for a program, makes any necessary changes, and sets new funding ceilings. The global gag rule joined UNFPA funding cuts on the 1997 State Department reauthorization bill, H.R. 1757, which passed the House of Representatives in early June. If successfully appended to the State Department bill, the gag rule would prevent the US from funding any organization in a developing country which provides legal abortion services or communicates with its government on abortion-related policy, regardless of whether that organization used its own non-US funds. These restrictions and cuts to international family planning program assistance could adversely affect family planning programs, leading to less contraceptive use and higher rates of abortion, maternal morbidity, and maternal mortality. President Bill Clinton has promised to veto the bill if both houses of Congress accept the restrictions. These issues will probably arise on the annual appropriations legislation which funds US operations overseas.

Periodic Safety Review in Interim Storage Facilities - Current Regulation and Experiences in Germany

International Nuclear Information System (INIS)

Neles, Julia Mareike; Schmidt, Gerhard

2014-01-01

Periodic safety reviews in nuclear power plants in Germany have been performed since the end of the 1980's as an indirect follow-up of the accident in Chernobyl and, in the meantime, are formally required by law. During this process the guidelines governing this review were developed in stages and reached their final form in 1996. Interim storage facilities and other nuclear facilities at that time were not included, so the guidelines were solely focused on the specific safety issues of nuclear power plants. Following IAEA's recommendations, the Western European Nuclear Regulator Association (WENRA) introduced PSRs in its safety reference levels for storage facilities (current version in WGWD report 2.1 as of Feb 2011: SRLs 59 - 61). Based on these formulations, Germany improved its regulation in 2010 with a recommendation of the Nuclear Waste Management Commission (Entsorgungskommission, ESK), an expert advisory commission for the federal regulatory body BMU. The ESK formulated these detailed requirements in the 'ESK recommendation for guides to the performance of periodic safety reviews for interim storage facilities for irradiated fuel elements and heat-generating radioactive waste'. Before finalization of the guideline a test phase was introduced, aimed to test the new regulation in practice and to later include the lessons learned in the final formulation of the guideline. The two-year test phase started in October 2011 in which the performance of a PSR will be tested at two selected interim storage facilities. Currently these recommendations are discussed with interested/concerned institutions. The results of the test phase shall be considered for improvements of the draft and during the final preparation of guidelines. Currently the PSR for the first ISF is in an advanced stage, the second facility just started the process. Preliminary conclusions from the test phase show that the implementation of the draft guideline requires interpretation. The aim of a

Wound research funding from alternative sources of federal funds in 2012.

Science.gov (United States)

Baquerizo Nole, Katherine L; Yim, Elizabeth; Van Driessche, Freya; Davidson, Jeffrey M; Martins-Green, Manuela; Sen, Chandan K; Tomic-Canic, Marjana; Kirsner, Robert S

2014-01-01

Chronic wounds represent a major healthcare burden, costing $25 billion annually, and are associated with high mortality. We previously reported that cutaneous wound healing represented only 0.1% ($29.8 million) of the National Institutes of Health budget. This current study focuses on quantifying the contribution by federal agencies other than the National Institutes of Health for fiscal year 2012. Federal databases including USA Spending, Veterans Affairs, Tracking Accountability in Government Grants Systems, Health Services Research Projects in Progress, and Patient-Centered Outcomes Research Institute, were searched for individual projects addressing wound healing. Twenty-seven projects were identified, totaling funding of $16,588,623 (median: $349,856). Four sponsor institutions accounted for 74% of awarded funds: Department of the Army, National Science Foundation, Department of Veterans Affairs, and Agency for Healthcare Research & Quality. Research projects and cooperative agreements comprised 44% and 37% of awarded grants. New applications and continuing projects represented 52% and 37%. Wound healing represented 0.15% of total medical research funded by the non-National Institutes of Health federal sector. Compared with potential impact on US public health, federal investment in wound research is exiguous. This analysis will draw attention to a disproportionately low investment in wound research and its perils to American public health. © 2014 by the Wound Healing Society.

[Funding, public spending and management of health resources: the current situation in a Brazilian state].

Science.gov (United States)

Leite, Valéria Rodrigues; Lima, Kenio Costa; de Vasconcelos, Cipriano Maia

2012-07-01

This article investigates the issue of funding and the decentralization process in order to examine the composition, application and management of resources in the healthcare area. The sample surveyed involved 14 municipalities in the state of Rio Grande do Norte, Brazil. The research involved data gathering of financial transfers, the municipality's own resources and primary healthcare expenses. Management analysis included a survey of local managers and counselors. It was seen that the Unified Health System is funded mainly by federal transfers and municipal revenues and to a far lesser extent by state resources. Funds have been applied predominantly in primary healthcare. The management process saw centralization of actions in the city governments. Municipal secretarial offices and councils comply partially with legislation, though they have problems with autonomy and social control. The results show that planning and management instruments are limited, due to the contradictions inherent to the institutional, political and cultural context of the region.

Donor funding for family planning: levels and trends between 2003 and 2013.

OpenAIRE

Grollman, C; Cavallaro, FL; Duclos, D; Bakare, V; Martínez Álvarez, M; Borghi, J

2018-01-01

The International Conference on Population and Development in 1994 set targets for donor funding to support family planning programmes, and recent initiatives such as FP2020 have renewed focus on the need for adequate funding to rights-based family planning. Disbursements supporting family planning disaggregated by donor, recipient country and year are not available for recent years. We estimate international donor funding for family planning in 2003-13, the period covering the introduction o...

78 FR 5870 - Community Development Financial Institutions Fund: Proposed Collection; Comment Request

Science.gov (United States)

2013-01-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund: Proposed Collection...)). Currently, the Community Development Financial Institutions (CDFI) Fund, an office within the Department of... Kuchar, Associate Program [[Page 5871

Governing Board of the Pension Fund

CERN Multimedia

2004-01-01

The Governing Board of the Pension Fund held its one-hundred-and twenty-sixth meeting on 7th September 2004. The first main item on the agenda was a report by the Chairman, J. Bezemer, on the June meetings of the CERN Council and its committees. Dr Bezemer reported that, at its June session, the Council had unanimously approved the 2003 annual report and accounts of the Pension Fund. and had appointed himself and Mr P. Levaux members of the Governing Board for periods of 18 months1 and 3 years respectively, with J.-P. Ruder and F. Bello as their respective alternates. On the basis of a recommendation first made by the Governing Board in October 2002 and confirmed at its June 2004 meeting, the Council had also re-appointed Dr Bezemer Chairman of the Governing Board for a period of 18 months*. A further item on the Governing Board's agenda was the examination of the half-yearly accounts, namely the profit and loss account, the contributions and benefits account and the balance sheet. J. Steel and the Administ...

Funding Models of Community Colleges in 10 Midwest States

Science.gov (United States)

Kenton, Carol Piper; Schuh, John H.; Huba, Mary E.; Shelley, Mack C., II

2004-01-01

The extent to which community colleges in 10 Midwest states relied on 12 current funds revenue sources between 1990 and 2000 is presented in this study. Four models of funding were identified and evaluated. All models generated revenue in excess of the change in the Higher Education Price Index (HEPI), a measure of inflation over the period…

Using real options to determine optimal funding strategies for CO2 capture, transport and storage projects in the European Union

International Nuclear Information System (INIS)

Eckhause, Jeremy; Herold, Johannes

2014-01-01

Several projects in the European Union (EU) are currently under development to implement the carbon capture, transport and storage (CCS) technology on a large scale and may be subject to public funding under EU support initiatives. These CCS projects may develop any combination of three types of operating levels: pilot, demonstration and full-scale, representing progressing levels of electric power generation capability. Several projects have commenced at the demonstration level, with full-scale commercial levels planned for approximately 2020. Taking the perspective of a funding agency, we employ a real options framework for determining an optimal project selection and funding strategy for the development of full-scale CCS plants. Specifically, we formulate and solve a stochastic dynamic program (SDP) for obtaining optimal funding solutions in order to achieve at least one successfully operating full-scale CCS plant by a target year. The model demonstrates the improved risk reduction by employing such a multi-stage competition. We then extend the model to consider two sensitivities: (1) the flexibility to spend that budget among the time periods and (2) optimizing the budget, but specifying each time period's allocation a priori. State size and runtimes of the SDP model are provided. - Highlights: • Projects implementing three different CCS technology types are described. • We obtain projects’ transition probabilities and costs from expert interviews. • We use a multi-stage real options model to obtain optimal funding strategies. • Using this approach, actual decision-makers could reduce risks in CCS development

Mutual fund flows: an analysis of the main macroeconomic factors

Directory of Open Access Journals (Sweden)

Raphael Moses Roquete

2015-03-01

Full Text Available This paper analyzes whether some macroeconomic factors (country risk, IBrX volatility and Interbank Certificate of Deposit are related to mutual fund flows for the period between January 2005 and August 2014. In order to investigate whether the flow series behaved differently during this period, the Chow test was conducted for September 2008 (the month in which the Lehman Brothers investment bank collapsed. The regressions were performed and the parameters were estimated through the OLS method for both periods, the first running from January 2005 to August 2008 and the second from September 2008 to August 2014. For the period between January 2005 and August 2008, all the variables, except for the Interbank Certificate of Deposit, proved significant, at a significance level of 10%. For the subsequent period, none of the variables proved significant and the R² was very low, which may merely indicate that investors failed to analyze the main macroeconomic variables for mutual fund allocations or redemptions and simply considered other aspects, such as manager performance.

Adequate Funding for Educational Technology

Science.gov (United States)

Angle, Jason B.

2010-01-01

Public schools are currently operating in a pressure-cooker of accountability systems in which they must teach students to high standards and meet ever increasing targets for student proficiency, or face increasingly severe sanctions. Into this mix is thrown educational technology and the funding for that technology. The literature espouses the…

75 FR 42177 - Federated Enhanced Treasury Income Fund, et al.; Notice of Application

Science.gov (United States)

2010-07-20

... means return of capital for financial accounting purposes and not for tax accounting purposes. 9..., Federated Premier Intermediate Municipal Income Fund, Federated Premier Municipal Income Fund (collectively... shares of the Current Funds are listed on the New York Stock Exchange. The Premier Intermediate Municipal...

Exploration of funding models to support hybridisation of Australian primary health care organisations.

Science.gov (United States)

Reddy, Sandeep

2017-09-01

Primary Health Care (PHC) funding in Australia is complex and fragmented. The focus of PHC funding in Australia has been on volume rather than comprehensive primary care and continuous quality improvement. As PHC in Australia is increasingly delivered by hybrid style organisations, an appropriate funding model that matches this set-up while addressing current issues with PHC funding is required. This article discusses and proposes an appropriate funding model for hybrid PHC organisations.

ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

Directory of Open Access Journals (Sweden)

Nataliia Ivanchuk

2017-12-01

inexpedient and it is essential to concentrate functions of social protection in one institution. In particular, it may be appropriate to keep Pension Fund, which should concentrate all current social functions of social security funds naming it Single Social Fund of Ukraine. Value/originality. The assessment of administrative expenditures of social security funds in Ukraine is a systematic survey that allows making a comprehensive analysis of expenditures for the maintenance of mentioned institutions compared with the volume of functions assigned to these establishments.

76 FR 59458 - Stone Harbor Emerging Markets Income Fund, et al.; Notice of Application

Science.gov (United States)

2011-09-26

... without prior notice to Fund shareholders; and (iv) describe any reasonably foreseeable circumstances that.... Applicants' Representations: 1. The Current Fund is a closed-end management investment company registered... the application also apply to any registered closed-end investment company currently advised or to be...

ON Integrated Chance Constraints in ALM for Pension Funds

OpenAIRE

Youssouf A. F. Toukourou; Fran\\c{c}ois Dufresne

2015-01-01

We discuss the role of integrated chance constraints (ICC) as quantitative risk constraints in asset and liability management (ALM) for pension funds. We define two types of ICC: the one period integrated chance constraint (OICC) and the multiperiod integrated chance constraint (MICC). As their names suggest, the OICC covers only one period whereas several periods are taken into account with the MICC. A multistage stochastic linear programming model is therefore developed for this purpose and...

Life cycle versus balanced funds: An emerging market perspective

Directory of Open Access Journals (Sweden)

Elbie Louw

2017-08-01

Full Text Available Background: Inadequate retirement savings is an international challenge. Additionally, individuals are not cognisant of how asset allocation choices ultimately impact retirement savings. Life cycle and balanced funds are popular asset allocation strategies to save towards retirement. However, recent research is questioning the efficacy of life cycle funds that switch to lower risk asset classes as retirement approaches. Aim: The purpose of this study is to compare the performance of life cycle funds with balanced funds to determine whether either dominates the other. The study compares balanced and life cycle funds with similar starting asset allocations as well as those where the starting asset allocations differ. Setting: The study has a South African focus and constructs funds using historical data for the main local asset classes; that is, equity, fixed income and cash, as well as a proxy for foreign equity covering the period 1986–2013. Method: The study makes use of Monte Carlo simulations and bootstrap with replacement, and compares the simulated outcomes using stochastic dominance as decision-making criteria. Results: The results indicate that life cycle funds fail to dominate balanced funds by first-order or almost stochastic dominance when funds have a similar starting asset allocation. It is noteworthy that there are instances where the opposite is true, that is, balanced funds dominate life cycle funds. These results highlight that while the life cycle funds provide more downside protection, they significantly suppress the upside potential compared to balanced funds. When the starting asset allocations of the balanced and life cycle funds differ, the stochastic dominance results are inconsistent as to the efficacy of the life cycle fund strategies considered. Conclusion: The study shows that whether one fund is likely to dominate the other is strongly dependent on the underlying asset allocation strategies of the funds

Trust Fund Support for Development : An Evaluation of the World Bank's Trust Fund Portfolio

OpenAIRE

Independent Evaluation Group

2011-01-01

In the changing global environment of development cooperation, trust funds have emerged as a significant pillar of the global aid architecture, used to address limitations in bilateral aid and fill perceived gaps in the operations of existing multilateral institutions. They currently account for about 11 percent of official development assistance (ODA), and they finance a substantial part ...

Do social factors influence investment behavior and performance? Evidence from mutual fund holdings

NARCIS (Netherlands)

Borgers, Arian; Derwall, J.M.M.; Koedijk, Kees; ter Horst, Jenke

2015-01-01

We study the economic significance of social dimensions in investment decisions by analyzing the holdings of U.S. equity mutual funds over the period 2004-2012. Using these holdings, we measure funds' exposures to socially sensitive stocks in order to answer two questions. What explains

Hydrocephalus research funding from the National Institutes of Health: a 10-year perspective.

Science.gov (United States)

Gross, Paul; Reed, Gavin T; Engelmann, Rachel; Kestle, John R W

2014-02-01

Funding of hydrocephalus research is important to the advancement of the field. The goal of this paper is to describe the funding of hydrocephalus research from the National Institutes of Health (NIH) over a recent 10-year period. The NIH online database RePORT (Research Portfolio Online Reporting Tools) was searched using the key word "hydrocephalus." Studies were sorted by relevance to hydrocephalus. The authors analyzed funding by institute, grant type, and scientific approach over time. Over $54 million was awarded to 59 grantees for 66 unique hydrocephalus proposals from 48 institutions from 2002 to 2011. The largest sources of funding were the National Institute of Neurological Disease and Stroke and the National Institute of Child Health and Human Development. Of the total, $22 million went to clinical trials, $15 million to basic science, and $10 million to joint ventures with small business (Small Business Innovation Research or Small Business Technology Transfer). Annual funding varied from $2.3 to $8.1 million and steadily increased in the second half of the observation period. The number of new grants also went from 15 in the first 5 years to 27 in the second 5 years. A large portion of the funding has been for clinical trials. Funding for shunt-device development grew substantially. Support for training of hydrocephalus investigators has been low. Hydrocephalus research funding is low compared with that for other conditions of similar health care burden. In addition to NIH applications, researchers should pursue other funding sources. Small business collaborations appear to present an opportunity for appropriate projects.

Advertising or public relations – which is the organizations choice in the current period?

Directory of Open Access Journals (Sweden)

Simona Duhalm

2009-12-01

Full Text Available In the current period, when the issue of efficient use of financial resources is a central, organizations seeking the best ways to both promote their self-image, and products or services they produce and sell. Between the promotional techniques by the mass communication in which organizations can appeal, the makers have to choose between advertising and public relations activities.

Revolving fund for energy saving

International Nuclear Information System (INIS)

Prebensen, K.

1993-01-01

A key issue in Eastern Europe is the adjustment of prices from the former COMECON level to a level conforming with free market conditions. In the case of household heating, this issue involves the removal of government subsidies leading to sharply increasing prices, metering of individual consumption, improving the efficiency of energy production, distribution and use - where savings of 30-50% in each link are technically feasible - thereby providing a potential for a adapting consumption patterns to higher energy prices, provided that funds are available. Currently, investment in commercial heat production and distribution systems have received substantial international support - whereas investment in reduction of demand has been little exploited. The Revolving Fund for Energy Savings in Polish Households is a concept for efficient financing of small-scale projects. It aims at financing, on the level of housing cooperatives, on the basis of a simplified lending and project evaluation procedure, well suited to current Polish conditions or an organizationally and financially weak banking system and little developed technical knowledge in the field of energy saving. A general introduction to the issue is given and technical problems are elaborated. The implementation of Energy Savings in Housing seen from the banking point of view, and a current pilot scheme for financing, are described. (AB)

PERFORMANCE OF SELECT MUTUAL FUNDS IN INDIA

OpenAIRE

Manoj Kumar Dash*

2018-01-01

Mutual funds is one of the major instruments for wealth creation and wealth saving in the current years. It is a financial instrument which gives positive result and satisfactory return to its investors. The mutual industries in have undergone a most successful phase in the last 15 years. The AUM has shown tremendous growth since inception from Rs. 25 crore in 1965 to Rs. 22,36,717 crore in December 2017. But this tremendous growth in the mutual fund industries in India is still lacking for b...

Are Sunshine Private Funds More Beneficial than Publicly Offered Funds to the Fund Managers in Their Investment Performance?

Institute of Scientific and Technical Information of China (English)

YAN Wu; XIONG Hang

2016-01-01

From the perspective of the comparison between the investment performances of the fund managers before and after investment transfer from publicly offered funds to sunshine private funds,we can better explore the influences of the two institutional environments on the investment performances of the fund managers.This paper conducts a comparative analysis of the fund managers,investment performances before and after their investment transfer with the help of a number of fund performance evaluation models.The results show that the overall investment ability of the fund managers have been improved significantly when they transfer from publicly offered funds to sunshine private funds.If decomposing the overall investment ability into time-choosing and stock-picking abilities,the improvement of the fund managers' overall investment ability is mainly reflected in the significant improvement of their time-choosing ability after the transfer,while their stock-picking ability would then decrease a little.At the same time,by studying the personal characteristics of the fund managers,it is found that those who had investment research experience can obtain better investment performances.

Perineuronal nets increase inhibitory GABAergic currents during the critical period in rats

Directory of Open Access Journals (Sweden)

Zheng-Qin Yin

2013-04-01

Full Text Available AIM: To investigate inhibitory γ-aminobutyric acid (GABA ergic postsynaptic currents (IPSCs and postsynaptic currents (PSCs in layer IV of the rat visual cortex during the critical period and when plasticity was extended through dissolution of the perineuronal nets (PNNs.METHODS:We employed 24 normal Long-Evans rats to study GABAA-PSC characteristics of neurons within layer IV of the visual cortex during development. The animals were divided into six groups of four rats according to ages at recording:PW3 (P21-23d, PW4 (P28-30d, PW5 (P35-37d, PW6 (P42-44d, PW7 (P49-51d, and PW8 (56-58d. An additional 24 chondroitin sulfate proteoglycan (CSPG degradation rats (also Long-Evans were generated by making a pattern of injections of chondroitinase ABC (chABC into the visual cortex 1 week prior to recording at PW3, PW4, PW5, PW6, PW7, and PW8. Immunohistochemistry was used to identify the effect of chABC injection on CSPGs. PSCswere detected with whole-cell patch recordings, and GABAA receptor-mediated IPSCs were pharmacologically isolated.RESULTS:IPSC peak current showed a strong rise in the age-matched control group, peaked at PW5 and were maintained at a roughly constant value thereafter. Although there was a small increase in peak current for the chABC group with age, the peak currents continued to decrease with the delayed highest value at PW6, resulting in significantly different week-by-week comparison with normal development. IPSC decay time continued to increase until PW7 in the control group, while those in the chABC group were maintained at a stable level after an initial increase at PW4. Compared with normal rats, the decay times recorded in the chABC rats were always shorter, which differed significantly at each age. We did not observe any differences in IPSC properties between the age-matched control and penicillinase (P-ase group.However, the change in IPSCs after chABC treatment was not reflected in the total PSCs or in basic membrane

Rating mutual funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

2007-01-01

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund's peers. Within each investment category, the rating assigns...... the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

Front-running of Mutual Fund Fire-sales

NARCIS (Netherlands)

Dyakov, T.C.; Verbeek, M.

2013-01-01

We show that a real-time trading strategy which front-runs the anticipated forced sales by mutual funds experiencing extreme capital outflows generates an alpha of 0.5% per month during the 1990-2010 period. The abnormal return stems from selling pressure among stocks that are below the NYSE mean

78 FR 64292 - Community Development Financial Institutions Fund Proposed Collection; Comment Request

Science.gov (United States)

2013-10-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Collection...)). Currently, the Community Development Financial Institutions (CDFI) Fund, Department of the Treasury, is... Loan Requirements for the Community Development Financial Institutions (CDFI) Bond Guarantee Program...

Application of data envelopment analysis in measuring the efficiency of mutual fund

Science.gov (United States)

Nik, Marzieh Geramian; Mihanzadeh, Hooman; Izadifar, Mozhgan; Nik, Babak Geramian

2015-05-01

The growth of mutual fund industry during the past decades emphasizes the importance of this investment vehicle particularly in prosperity of financial markets and in turn, financial growth of each country. Therefore, evaluating the relative efficiency of mutual funds as investment tool is of importance. In this study, a combined model of DEA (data envelopment analysis), and goal programming (GoDEA) approaches contributes widely to analyze the return efficiency of Mutual Funds in an attempt to separate efficient and inefficient Funds as well as identifying the inefficiency resources. Mixed asset local funds, which are managed jointly by CIMB and Public Mutual Berhad, have been selected for the purpose of this paper. As a result, Public Small Cap Fund (P Small Cap) is regarded as the most efficient mutual fund during the period of study. The integrated model aims to first guide investors to choose the best performing fund among other mutual funds, secondly provides the realistic and appropriate benchmark in compare to other classic method, and finally confirms the utility of data envelopment analysis (DEA) as decision-making tool.

Aspects of manager, portfolio allocation, and fund performance in Brazil

Directory of Open Access Journals (Sweden)

Cláudia Olímpia Neves Mamede Maestri

Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

Funding Innovation in Poland through Crowdfunding

Directory of Open Access Journals (Sweden)

Katarzyna Kozioł-Nadolna

2016-01-01

Full Text Available Funding innovative projects is one of the most serious problems faced by business owners in Poland. Therefore, due to the difficulties of obtaining external sources of financing, crowdfunding may constitute a new source of fundraising for innovative ventures. Therefore, crowdfunding – as a way of raising capital for projects – is the subject of the discussion in this article. The research aim of the article is to identify and evaluate crowdfunding platforms as well as the innovative projects carried out by these platforms in Poland in 2014-2016. The first part characterizes crowdfunding as a source of funding innovation and presents the nature of crowdfunding, its characteristics and models. The empirical part is based on inductive-deductive inference, desk research, i.e. the analysis of crowdfunding market in Poland in two research periods and a case study analysis. The article shows the results of the research on the Polish crowdfunding market in 2014-2016. The author also presents a case study of funding innovation on the Kickstarter.com platform by a Polish company Sher.ly.

Costs of eliminating malaria and the impact of the global fund in 34 countries.

Directory of Open Access Journals (Sweden)

Brittany Zelman

Full Text Available International financing for malaria increased more than 18-fold between 2000 and 2011; the largest source came from The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund. Countries have made substantial progress, but achieving elimination requires sustained finances to interrupt transmission and prevent reintroduction. Since 2011, global financing for malaria has declined, fueling concerns that further progress will be impeded, especially for current malaria-eliminating countries that may face resurgent malaria if programs are disrupted.This study aims to 1 assess past total and Global Fund funding to the 34 current malaria-eliminating countries, and 2 estimate their future funding needs to achieve malaria elimination and prevent reintroduction through 2030.Historical funding is assessed against trends in country-level malaria annual parasite incidences (APIs and income per capita. Following Kizewski et al. (2007, program costs to eliminate malaria and prevent reintroduction through 2030 are estimated using a deterministic model. The cost parameters are tailored to a package of interventions aimed at malaria elimination and prevention of reintroduction.The majority of Global Fund-supported countries experiencing increases in total funding from 2005 to 2010 coincided with reductions in malaria APIs and also overall GNI per capita average annual growth. The total amount of projected funding needed for the current malaria-eliminating countries to achieve elimination and prevent reintroduction through 2030 is approximately US$8.5 billion, or about $1.84 per person at risk per year (PPY (ranging from $2.51 PPY in 2014 to $1.43 PPY in 2030.Although external donor funding, particularly from the Global Fund, has been key for many malaria-eliminating countries, sustained and sufficient financing is critical for furthering global malaria elimination. Projected cost estimates for elimination provide policymakers with an indication of the

Current reversal in a continuously periodic system driven by an additive noise and a multiplicative noise

International Nuclear Information System (INIS)

Wang Canjun; Chen Shibo; Mei Dongcheng

2006-01-01

We study the noise-induce transport and current reversal of Brownian particles in a continuously periodic potential driven by cross correlation between a multiplicative white noise and an additive white noise. We find that directed motion of the Brownian particles can be induced by the correlation between the additive noise and the multiplicative noise. The current reversal and the direction of the current is controlled by the values of the intensity (λ) of the correlated noises and a dimensionless parameter R (R=α/D, D is the intensity of multiplicative noise and α is the intensity of additive noise)

Review of the current application of EU Structural Funds to renewable energy schemes in the UK

Energy Technology Data Exchange (ETDEWEB)

NONE

2003-07-01

This report gives details of a study commissioned to examine the support for UK renewable energy projects received from the EU Structural Funds. The rationale for supporting renewable energy is explored, and the types of activities on which eligible renewable energy projects focus are described. The need for all projects to provide matching funding is discussed along with the range of different types of projects that have been supported, and the different justifications for that support.

Meaningful change or more of the same? The Global Fund's new funding model and the politics of HIV scale-up.

Science.gov (United States)

Kapilashrami, Anuj; Hanefeld, Johanna

2014-01-01

As we enter the fourth decade of HIV and AIDS, sustainability of treatment and prevention programmes is a growing concern in an environment of shrinking resources. The Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM) will be critical to maintaining current trajectories of scale-up and ultimately, ensuring access to HIV treatment and prevention for people in low/middle-income countries. The authors' prior research in India, Zambia and South Africa contributed evidence on the politics and impact of new institutional and funding arrangements, revealing a 'rhetoric-reality gap' in their impact on health systems, civil society participation, and achievement of population health. With its new funding strategy and disbursement model, the Fund proposes dramatic changes to its approach, emphasising value for money, greater fund predictability and flexibility and more proactive engagement in recipient countries, while foregrounding a human rights approach. This paper reviews the Fund's new strategy and examines its potential to respond to key criticisms concerning health systems impact, particularly the elite nature of this funding mechanism that generates competition between public and private sectors and marginalises local voices. The authors analyse strategy documents against their own research and published literature and reflect on whether the changes are likely to address challenges faced in bringing HIV programmes to scale and their likely effect on AIDS politics.

[Evaluating the impact of the United Nations funding act].

Science.gov (United States)

1987-01-01

Representatives of the principal donors supporting population assistance in India are concerned about the impact of the cuts in funds given by the US to the United Nations Fund for Population Activities (UNFPA). The suppression of US aid to the UNFPA will definitely affect the largest programs, including those in South Asia. India is the country receiving the most assistance from the UNFPA. The UNFPA contributed 63 million dollars for the current 5 year plan which began in April 1985. US spokesmen stated that UNFPA funding was cut off because of that organization's support for coercive family planning programs in China.

Decommissioning nuclear power plants: a case for internal funding

International Nuclear Information System (INIS)

Ferguson, J.S.

1987-01-01

Historically, utilities have exercised sole responsibility for reinvesting capital funds collected from ratepayers. Capital provided by ratepayers, whether for recovery of invested capital or for removal costs, reduces the magnitude of future borrowings - dollar for dollar. If regulatory commissions require utilities to place these collections in separate, inaccessible investment accounts (as in external funding methods), then utilities will be denied the use of these funds. Ratepayers, in turn, will be denied both their usual interest credit and the cost-saving benefits afforded by utilities having readily accessible cash to use instead of having to resort to borrowing. Such benefits can be attained only through internal-funding methods that keep rate payer contributions under unrestricted utility control. While state regulatory commissions currently favor external funding for financial assurance, the author feels the extra cost to ratepayers and the utilities is too high a price to pay

Rating Mutual Funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns......, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

The Funding of State and Local Pensions: 2009-2013

OpenAIRE

Alicia H. Munnell; Jean-Pierre Aubry; Laura Quinby

2010-01-01

The financial crisis reduced the value of equities in state and local defined benefit pensions and hurt the funding status of these plans. The impact will become evident only over time, however, because actuaries in the public sector tend to smooth both gains and losses, typically over a five–year period. The first year for which the crisis will have a meaningful impact on reported funding status is fiscal 2009, since in most cases the fiscal 2008 books were closed before the market collapsed...

The Formation of Optimal Portfolio of Mutual Shares Funds using Multi-Objective Genetic Algorithm

Directory of Open Access Journals (Sweden)

Yandra Arkeman

2013-09-01

Full Text Available Investments in financial assets have become a trend in the globalization era, especially the investment in mutual fund shares. Investors who want to invest in stock mutual funds can set up an investment portfolio in order to generate a minimal risk and maximum return. In this study the authors used the Multi-Objective Genetic Algorithm Non-dominated Sorting II (MOGA NSGA-II technique with the Markowitz portfolio principle to find the best portfolio from several mutual funds. The data used are 10 company stock mutual funds with a period of 12 months, 24 months and 36 months. The genetic algorithm parameters used are crossover probability of 0.65, mutation probability of 0.05, Generation 400 and a population numbering 20 individuals. The study produced a combination of the best portfolios for the period of 24 months with a computing time of 63,289 seconds.

Bayesian Forecasting of Federal Funds Target Rate Decisions

NARCIS (Netherlands)

S. van den Hauwe (Sjoerd); D.J.C. van Dijk (Dick); R. Paap (Richard)

2011-01-01

textabstractThis paper examines which macroeconomic and financial variables are most informative for the federal funds target rate decisions made by the Federal Open Market Committee (FOMC) from a forecasting perspective. The analysis is conducted for the FOMC decision during the period January 1990

Global fund financing to the 34 malaria-eliminating countries under the new funding model 2014-2017: an analysis of national allocations and regional grants.

Science.gov (United States)

Zelman, Brittany; Melgar, Melissa; Larson, Erika; Phillips, Allison; Shretta, Rima

2016-02-25

The Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM) has been the largest financial supporter of malaria since 2002. In 2011, the GFATM transitioned to a new funding model (NFM), which prioritizes grants to high burden, lower income countries. This shift raises concerns that some low endemic countries, dependent on GFATM financing to achieve their malaria elimination goals, would receive less funding under the NFM. This study aims to understand the projected increase or decrease in national and regional funding from the GFATM's NFM to the 34 malaria-eliminating countries. Average annual disbursements under the old funding model were compared to average annual national allocations for all eligible 34 malaria-eliminating countries for the period of 2014-2017. Regional grant funding to countries that are due to receive additional support was then included in the comparison and analysed. Estimated funding ranges for the countries under the NFM were calculated using the proposed national allocation plus the possible adjustments and additional funding. Finally, the minimum and maximum funding estimates were compared to average annual disbursements under the old funding model. A cumulative 31 % decrease in national financing from the GFATM is expected for the countries included in this analysis. Regional grants augment funding for almost half of the eliminating countries, and increase the cumulative percent change in GTFAM funding to 32 %, though proposed activities may not be funded directly through national malaria programmes. However, if countries receive the maximum possible funding, 46 % of the countries included in this analysis would receive less than they received under the previous funding model. Many malaria-eliminating countries have projected national declines in funding from the GFATM under the NFM. While regional grants enhance funding for eliminating countries, they may not be able to fill country-level funding gaps for local commodities and

76 FR 45303 - ING Asia Pacific High Dividend Equity Income Fund, et al.; Notice of Application

Science.gov (United States)

2011-07-28

... Premium Opportunity Fund (``IGA''); ING Global Equity Dividend and Premium Opportunity Fund (``IGD''); ING... Exchange. PRT has also issued preferred shares. Each Current Fund reserves the right to issue preferred... market price and its net asset value per common share (``NAV'')) and the relationship between such Fund's...

Random matrix theory and fund of funds portfolio optimisation

Science.gov (United States)

Conlon, T.; Ruskin, H. J.; Crane, M.

2007-08-01

The proprietary nature of Hedge Fund investing means that it is common practise for managers to release minimal information about their returns. The construction of a fund of hedge funds portfolio requires a correlation matrix which often has to be estimated using a relatively small sample of monthly returns data which induces noise. In this paper, random matrix theory (RMT) is applied to a cross-correlation matrix C, constructed using hedge fund returns data. The analysis reveals a number of eigenvalues that deviate from the spectrum suggested by RMT. The components of the deviating eigenvectors are found to correspond to distinct groups of strategies that are applied by hedge fund managers. The inverse participation ratio is used to quantify the number of components that participate in each eigenvector. Finally, the correlation matrix is cleaned by separating the noisy part from the non-noisy part of C. This technique is found to greatly reduce the difference between the predicted and realised risk of a portfolio, leading to an improved risk profile for a fund of hedge funds.

The Pension Fund passes important milestones

CERN Document Server

2012-01-01

In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in October, the PFGB has passed several milestones in actuarial, technical and investment matters. The PFGB has completed an analysis of a request by the European Organisation for Astronomical Research in the Southern Hemisphere (ESO) to reduce the increased cost of pension insurance for new ESO recruits that has been caused by the increased CHF/€ exchange ratio. Currently the staff of ESO are admitted to the CERN Pension Fund, pursuant to a co-operation agreement between CERN and ESO dating back to 1968. This analysis assessed the actuarial, financial, administrative and legal implications, and is scheduled to be presented to the CERN Council and the Finance Committee in December. After an open tendering process the PFGB has selected Buck Consultants Limited...

Rip current monitoring using GPS buoy system

Science.gov (United States)

Song, DongSeob; Kim, InHo; Kang, DongSoo

2014-05-01

The occurrence of rip current in the Haeundae beach, which is one of the most famous beaches in South Korea, has been threatening beach-goers security in summer season annually. Many coastal scientists have been investigating rip currents by using field observations and measurements, laboratory measurements and wave tank experiments, and computer and numerical modeling. Rip current velocity is intermittent and may rapidly increase within minutes due to larger incoming wave groups or nearshore circulation instabilities. It is important to understand that changes in rip current velocity occur in response to changes in incoming wave height and period as well as changes in water level. GPS buoys have been used to acquire sea level change data, atmospheric parameters and other oceanic variables in sea for the purposes of vertical datum determination, tide correction, radar altimeter calibration, ocean environment and marine pollution monitoring. Therefore, we adopted GPS buoy system for an experiment which is to investigate rip current velocity; it is sporadic and may quickly upsurge within minutes due to larger arriving wave groups or nearshore flow uncertainties. In this study, for high accurate positioning of buy equipment, a Satellite Based Argumentation System DGPS data logger was deployed to investigate within floating object, and it can be acquired three-dimensional coordinate or geodetic position of buoy with continuous NMEA-0183 protocol during 24 hours. The wave height measured by in-situ hydrometer in a cross-shore array clearly increased before and after occurrence of rip current, and wave period also was lengthened around an event. These results show that wave height and period correlate reasonably well with long-shore current interaction in the Haeundae beach. Additionally, current meter data and GPS buoy data showed that rip current velocities, about 0.2 m/s, may become dangerously strong under specific conditions. Acknowledgement This research was

Profitability recent open stock funds in Brazil: analysis of the performance of a management Funds Group active in relation to management fees charged for resource managers

Directory of Open Access Journals (Sweden)

Sergio Ricardo Mendes Vasconcelos

2016-10-01

Full Text Available This paper aimed to evaluate the performance of a specific group of active management equity investments funds relating it to the management fees charged by managers in order to answer the following research problem: open equity funds with active management, that charge higher management fees, are those that provide the best returns for the investor? The objective was to test the hypothesis under which it is evident that the funds that charged the highest rates are those with the best performances evaluated according to the average yield of the last five years. To achieve this objective, a study of descriptive nature was carried out with a quantitative approach having as object of study the profitability of Brazilian Equity Fund ranked by the Brazilian Association of Financial and Capital Markets (Anbima as IBX Active Equity Funds in the period 2010 to 2014. The analyzed returns were calculated from the Information ratio index, which measures the risk-adjusted return of the asset class. The study found no correlation between the performance of the funds and charged management fees.

HRSA's PCRE grant recipients' plans for continuation after funding ends.

Science.gov (United States)

Staff, Thomas J; Burke, Daniel; Engel, Matthew; Loomis, Lucy

2015-01-01

In 2010, the US Department of Health and Human Services, under the Affordable Care Act, appropriated over $167 million to the Health Resources and Services Administration (HRSA) for the Primary Care Residency Expansion (PCRE) program. In 2011, grants from the PCRE program were provided to residency programs in the specialties of family medicine, internal medicine, and pediatrics, allowing them to increase the number of residents in their programs. Seventy-seven programs received grant funding, and 504 primary care resident positions were created. The grants provide 5 years of funding for these positions. There is no provision for federal funding of these positions after 2016. The purpose of this study was to determine the number of residencies that had identified funding that would allow them to continue training these new positions after the PCRE grant period ends. Programs receiving PCRE funding were identified through the HRSA data warehouse website.1 Program directors were surveyed by email between January and March of 2013. A total of 55 programs responded, for a 71.4% response rate. Of those programs, 17.5% had identified funding that would allow them to continue training the increased number of positions beyond 2016. This one-time funding exhibits challenges to sustainability. This information will help inform policy makers that sustainable expansion of primary care graduate medical education (GME) training will require strategies other than time-limited funding mechanisms.

Researcher views about funding sources and conflicts of interest in nanotechnology.

Science.gov (United States)

McComas, Katherine A

2012-12-01

Dependence in nanotechnology on external funding and academic-industry relationships has led to questions concerning its influence on research directions, as well as the potential for conflicts of interest to arise and impact scientific integrity and public trust. This study uses a survey of 193 nanotechnology industry and academic researchers to explore whether they share similar concerns. Although these concerns are not unique to nanotechnology, its emerging nature and the prominence of industry funding lend credence to understanding its researchers' views, as these researchers are shaping the norms and direction of the field. The results of the survey show general agreement that funding sources are influencing research directions in nanotechnology; many respondents saw this influence in their own work as well as other researchers' work. Respondents also agreed that funding considerations were likely to influence whether researchers shared their results. Irrespective of their institutional affiliation or funding status, twice as many researchers as not considered financial conflicts of interest a cause for concern, and three times as many respondents as not disagreed financial conflicts of interest in nanotechnology were uncommon. Only a third was satisfied with the way that conflicts of interest are currently managed and believed current procedures would protect the integrity of nanotechnology research. The results also found differences in views depending on researchers' institutional affiliation and funding status.

Main Determinants of the Mutual Funds Dynamics in Romania before and after the Financial Crisis

OpenAIRE

Radu Ioana; Nistor Ioan Alin; Ciupac-Ulici Maria Lenuþa

2012-01-01

In an attempt to identify the main determinants of attraction or inhibitive factors for investments, the current paper evaluates the Romanian mutual fund market development. Using a regression analysis on quarterly data during 2004Q3 – 2012Q2, the study explores the impact of current financial crisis on mutual funds. The paper is organized as it follows. Part 2 presents a brief literature review and extracts the studies that appreciate best the determinants of the mutual funds dynamics. Next ...

The impact of innovation funding on a rural health nursing service: the Reporoa experience.

Science.gov (United States)

Connor, Margaret; Nelson, Katherine; Maisey, Jane

2009-07-01

Health Reporoa Inc. offers a first contact rural nursing service to the village of Reporoa and surrounding districts. From 2003 to 2006 it became a project site through selection for the Ministry of Health (MoH) primary health care nursing innovation funding. Health Reporoa Inc. successfully achieved its project goals and gained an ongoing contract from Lakes District Health Board to consolidate and further expand its services at the close of the funding period. This paper examines the impact of the innovation funding during the project period and in the two years that followed. The major impact came through an expansion of the accessible free health service to the local population; advancing nursing practice; increased connection to the nursing profession and wider health community, and enhanced affirmation of the nursing contribution. The rural nursing service model developed at Health Reporoa, through the benefit of innovation funding, can now act as a blueprint for other rural health services, particularly those in high deprivation areas.

Optimally funding Army Installation Repair and Maintenance Activities

National Research Council Canada - National Science Library

Bridges, Michael

1997-01-01

...). The IDA contains a model called the Decision Support Tool (DST) that projects future infrastructure status given a proposed six year budget, the current infrastructure status, a funding hierarchy, and an infrastructure priority...

Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

OpenAIRE

Jing, Tao; Zhao, Hongxiang

2010-01-01

This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period i...

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

Geothermal projects funded under the NER 300 programme - current state of development and knowledge gained

Science.gov (United States)

Shortall, Ruth; Uihlein, Andreas

2017-04-01

Introduction The NER 300 programme, managed by the European Commission is one of the largest funding programmes for innovative low-carbon energy demonstration projects. NER 300 is so called because it is funded from the sale of 300 million emission allowances from the new entrants' reserve (NER) set up for the third phase of the EU emissions trading system (ETS). The programme aims to successfully demonstrate environmentally safe carbon capture and storage (CCS) and innovative renewable energy (RES) technologies on a commercial scale with a view to scaling up production of low-carbon technologies in the EU. Consequently, it supports a wide range of CCS and RES technologies (bioenergy, concentrated solar power, photovoltaics, geothermal, wind, ocean, hydropower, and smart grids). Funded projects and the role of geothermal projects for the programme In total, about EUR 2.1 billion have been awarded through the programme's 2 calls for proposals (the first awarded in December 2012, the second in July 2014). The programme has awarded around EUR 70 million funding to 3 geothermal projects in Hungary, Croatia and France. The Croatian geothermal project will enter into operation during 2017 the Hungarian in 2018, and the French in 2020. Knowledge Sharing Knowledge sharing requirements are built into the legal basis of the programme as a critical tool to lower risks in bridging the transition to large-scale production of innovative renewable energy and CCS deployment. Projects have to submit annually to the European Commission relevant knowledge gained during that year in the implementation of their project. The relevant knowledge is aggregated and disseminated by the European Commission to industry, research, government, NGO and other interest groups and associations in order to provide a better understanding of the practical challenges that arise in the important step of scaling up technologies and operating them at commercial scale. The knowledge sharing of the NER 300

CORRELATION BETWEEN PUBLIC FUNDING AND NON-FERROUS INDUSTRY. EVIDENCE FROM CEE AND ROMANIA

Directory of Open Access Journals (Sweden)

Brîndusa COVACI

2016-12-01

Full Text Available The paper aims at presenting important approaches of the influence of the public funding to industry, especially non-ferrous, in the Countries from Eastern Europe (CEE and Romania. Studies presented in the paper show that the industry funding had been sustained by the European Commission in the community area, but particularly in CEE area. The impact of industry funding will never be exactly measured, but important data can be presented in order to foresee the future development of the European industry. Specific for non-ferrous industry, in the article there are presented important items, as turnover, value added cost, exports, production, which are correlated to EU funds absorption in order to measure the efficiency of the public funding for 2007-2013 period (national and EU funds and the welfare of the CEE and Romanian non-ferrous sector.

KT Fund: Five years of funding for impact

CERN Multimedia

CERN Bulletin

2015-01-01

Cryogenic safety, ion beam therapy, event management for communities, emergency lighting… this year’s applications for funding through the Knowledge Transfer Fund demonstrate the breadth of possible applications of CERN technology beyond high-energy physics.     The use of high index glass spherical targets as retroreflectors for a 3D interferometer is the subject of one of the 2015 KT Fund Projects.   Following the 2015 selection committee held in January, the KT Fund has funded a total of seven new projects that aim to further develop CERN technologies to a level where they can be transferred and subsequently make a positive impact on society. “CERN’s ambitious scientific programme requires state-of-the-art technologies that are not always directly reusable by society because they were not designed with this purpose in mind,” explains David Mazur, Section Leader of the IP Dissemination Section. “Since 2011, the KT...

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

Decommissioning nuclear power plants: a case for external funding

International Nuclear Information System (INIS)

Hendren, C.B.

1987-01-01

In deciding how to finance the decommissioning of nuclear power plants, there are five basic criteria for choosing between internal and external funding methods: (1) the desire for financial assurance, (2) the cost of the assurance, (3) the degree of equity in the recovery program, (4) the program's ability to respond to changes, and (5) the program's adaptability to different utilities. To fulfill its obligations to protect long-term public interests, the Missouri Public Service Commission decided it had to assure, to the maximum extent possible, that sufficient decommissioning funds were available when needed. For this reason, it chose the external funding method. In an external fund, the money currently collected from ratepayers to cover decommissioning costs is placed in an independent trust fund comprised of low-risk investments. The funds and the interest they accrue are available to the utility only at the time of decommissioning (and only for that purpose), thus assuring a certain amount of money will be on-hand to cover decommissioning costs as they arise. Such a fund may prove critical to the financial well-being of the utility, particularly if one considers that the utility would need additional generating facilities to replace the capacity lost through the retirement of its nuclear plant. 3 references

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2000-01-01

The Governing Board held its 97th meeting on 5 December. On this occasion, it took note of the Draft Resolution on the Conclusions of the Five-Yearly Review 2000, one of which relates to the adjustment of the contribution rates to the Pension Fund which would rise from 9.37 % to 10.12 % of the reference salary for the members and fall from 21 % to 20.25 % of the reference salary for the Organization with effect from 1.1.2001. The Governing Board noted that those adjustments would not alter the overall contribution rate, which remains at 30.37 %. Consequently, it agreed to the proposed changes. The corresponding amendments to the Rules and Regulations of the Pension Fund will come into force with effect from 1.1.2001. The Board also took note of a request in the draft Resolution relating to three studies in addition to the triennial actuarial review as at 1.1.2001, namely 1) to study the financial consequences for the Fund of the proposed increase in the staff of 170 posts over the period 2002-2008, 2) to asse...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

Administrative circulars No. 22A (rev. 1) – Award of additional periods of membership in the Pensions Fund for long-term shift work and No. 22B (rev. 1) – Compensation for long-term shift work hours

CERN Multimedia

HR Department

2011-01-01

Administrative Circulars No. 22A (Rev. 1) entitled "Award of additional periods of membership in the Pension Fund for long-term shift work" and No. 22B (Rev.1) entitled “Compensation for long-term shift work hours”, adopted following discussion in the Standing Concertation Committee meeting of 21 September 2010 and entering into force on 1 March 2011, are available on the intranet site of the Human Resources Department: http://cern.ch/hr-docs/admincirc/admincirc.asp They cancel and replace Administrative Circulars No. 22A and 22B entitled "Award of additional periods of membership in the Pension Fund to shift workers (Early Departure)” and “Duration and special compensation for shift work” of January 2000. This new version clarifies, in particular, the compensation of effective long-term shift work hours. Department Head Office  

Non-Government Distance Education Funding: The Need for Equity in Australian Schooling

Science.gov (United States)

Harding, Terry

2012-01-01

This reflection outlines the problems associated with the Australian Government's recurrent funding policy for non-government distance education. It demonstrates the policy's inconsistencies with stated government educational policy and with commonly held expectations of fairness in a democratic society. A comparison of the current funding of…

Fund management plan

International Nuclear Information System (INIS)

1983-05-01

The Nuclear Waste Policy Act of 1982, P.L. 97-425 (the Act), provides for establishment of two separate special funds in the US Treasury, the Interim Storage Fund and the Nuclear Waste Fund (the Funds). The Interim Storage Fund (Sec. 136) is the financing mechanism for the provision of federal interim storage capacity, not to exceed 1900 metric tons, for spent nuclear fuel (SNF) from civilian reactors. Basically, interim storage of SNF is the responsibility of the owners and generators of nuclear wastes. Storage at government facilities will be provided only if the utilities do not have adequate storage capacity. The Nuclear Waste Fund (Sec. 302) is the statutory financing approach for the Department's radioactive waste disposal program. P.L. 97-425 directs utilities to pay a mandatory fee to cover DOE's expected costs for nuclear waste disposal. The Funds are administered by the Department of Energy. This Plan identifies how DOE will implement and manage the Nuclear Waste and Interim Storage Funds

The Effects of the Structural Funds on the Romanian Economic Growth

Directory of Open Access Journals (Sweden)

Ionica Oncioiu

2017-04-01

Full Text Available The European funds are considered an attractive tool for supporting economic growth on short-term and at a macroeconomic level. The impact assessment of structural and cohesion funds on Romania's economic growth is sluggish because of the mismatches between official information at national and regional levels. The role of economic models in quantifying the impact of structural and cohesion funds at a macroeconomic level cannot be minimized. This paper aims to investigate the impact of European funds totally absorbed by Romania on the evolution of total GDP (Gross Domestic Product in the period 2007-2015. Using linear regression in R (lm function, our goal is to explain the relationship between attracted European funds in total, as an independent variable, and the Gross Domestic Product which was considered a dependent variable. For data processing, the authors used the ANOVA software. However, the results shows that the impact of the absorption rate on short-term economic growth does not confirm the theoretical expectations.

Sovereign Wealth Funds – the New Challenge for Corporate Governance

Directory of Open Access Journals (Sweden)

Dariusz Urban

2010-10-01

Full Text Available The article discusses Sovereign Wealth Funds with reference do the process of corporate governance. In the first part the paper presents the rise, growth and current investment activity of those funds. In the second section the author consider reasons for implementation of corporate governance best practices. The last part of the paper compares Santiago Principles with OECD principles of corporate governance.

SOGIN Decommissioning strategy and funding (Italy)

International Nuclear Information System (INIS)

2006-01-01

-2004, in the general context of the pluri-annual program. The Authority endorsed the cost estimates of Sogin. A global levy of about 0,06 euro-cents/kWh is now established; the annual income for Sogin (and Enea) is about 150 M euros. In summary, Sogin has today a decommissioning fund that is built by two parts: the provision (cash) assigned from Enel (about 400 M euros), a credit towards the 'electric system', corresponding to the expenses foreseen in next three years period (about 350 M euros). This credit shall be re-determined every three year It is expected that in the medium term decommissioning costs shall be covered by re-determined credits for successive three year periods. The cash part of the fund shall be used in the long term. The 'cash' part of the fund is managed by Sogin according to guidelines issued by the Ministry of Economy. At the moment only low risk investment are allowed

PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA

Directory of Open Access Journals (Sweden)

Nthabiseng Moleko

2017-07-01

Full Text Available This paper presents a graphical and descriptive analysis of the historical trends ofthe South African pension fund sector in order to provide insights andunderstanding ofnon-banking finance. Using a combination of secondary data anda desk review of existing literature, we provide in-depth analysis of the differenttypes and number of pension funds, industry trends, policy reforms and legislativeframeworks enacted by theSouth African government for the development of thesector. The study identified the evolution of the pension fund industry to be in fourphases coinciding with different waves of industry policy reforms, namely: theinfancy phase (1911-1958; institutionalisation phase (1959-1984; separation andcontinued separation phase (1985-1994; and corporatisation and amalgamation(1995-2015 The industry growth analysis indicated that a compounded annualgrowth rate of 14 percent is the highest annual growth overthe past decade and thisgrowth exceeds the global market average of 6.5 percent over the same period. Theindustry trend analysis is indicative of an upward trend in terms of funds’membership with the trendline showing a steep rise to over 15 million membersfrom under 10 million memberships with the space of a decade. However, thenumber of pension funds operating in the industry has declined due to a steadymove towards umbrella funds. Although the South African pension fund industry isnot only movingin the right direction but also considered a beacon of successaround the world, there remains huge potential for growth of the sector. Therefore,maintaining sound regulatory policies and government interventions will continueto ensure that pension fundsare well managed and bad practices discouraged in thesector through the oversight functions of government regulatory institutions such asthe Pension Fund Registrar and Financial Services Board.

Systematic analysis of funding awarded for antimicrobial resistance research to institutions in the UK, 19972010

OpenAIRE

Head, Michael G.; Fitchett, Joseph R.; Cooke, Mary K.; Wurie, Fatima B.; Atun, Rifat; Hayward, Andrew C.; Holmes, Alison; Johnson, Alan P.; Woodford, Neil

2014-01-01

Objectives: To assess the level of research funding awarded to UK institutions specifically for antimicrobial resistance-related research and how closely the topics funded relate to the clinical and public health burden of resistance.Methods: Databases and web sites were systematically searched for information on how infectious disease research studies were funded for the period 1997–2010. Studies specifically related to antimicrobial resistance, including bacteriology, virology, mycology and...

Funding for malaria control 2006–2010: A comprehensive global assessment

Directory of Open Access Journals (Sweden)

Pigott David M

2012-07-01

Full Text Available Abstract Background The last decade has seen a dramatic increase in international and domestic funding for malaria control, coupled with important declines in malaria incidence and mortality in some regions of the world. As the ongoing climate of financial uncertainty places strains on investment in global health, there is an increasing need to audit the origin, recipients and geographical distribution of funding for malaria control relative to populations at risk of the disease. Methods A comprehensive review of malaria control funding from international donors, bilateral sources and national governments was undertaken to reconstruct total funding by country for each year 2006 to 2010. Regions at risk from Plasmodium falciparum and/or Plasmodium vivax transmission were identified using global risk maps for 2010 and funding was assessed relative to populations at risk. Those nations with unequal funding relative to a regional average were identified and potential explanations highlighted, such as differences in national policies, government inaction or donor neglect. Results US$8.9 billion was disbursed for malaria control and elimination programmes over the study period. Africa had the largest levels of funding per capita-at-risk, with most nations supported primarily by international aid. Countries of the Americas, in contrast, were supported typically through national government funding. Disbursements and government funding in Asia were far lower with a large variation in funding patterns. Nations with relatively high and low levels of funding are discussed. Conclusions Global funding for malaria control is substantially less than required. Inequity in funding is pronounced in some regions particularly when considering the distinct goals of malaria control and malaria elimination. Efforts to sustain and increase international investment in malaria control should be informed by evidence-based assessment of funding equity.

Bifurcation and chaos in high-frequency peak current mode Buck converter

Science.gov (United States)

Chang-Yuan, Chang; Xin, Zhao; Fan, Yang; Cheng-En, Wu

2016-07-01

Bifurcation and chaos in high-frequency peak current mode Buck converter working in continuous conduction mode (CCM) are studied in this paper. First of all, the two-dimensional discrete mapping model is established. Next, reference current at the period-doubling point and the border of inductor current are derived. Then, the bifurcation diagrams are drawn with the aid of MATLAB. Meanwhile, circuit simulations are executed with PSIM, and time domain waveforms as well as phase portraits in i L-v C plane are plotted with MATLAB on the basis of simulation data. After that, we construct the Jacobian matrix and analyze the stability of the system based on the roots of characteristic equations. Finally, the validity of theoretical analysis has been verified by circuit testing. The simulation and experimental results show that, with the increase of reference current I ref, the corresponding switching frequency f is approaching to low-frequency stage continuously when the period-doubling bifurcation happens, leading to the converter tending to be unstable. With the increase of f, the corresponding I ref decreases when the period-doubling bifurcation occurs, indicating the stable working range of the system becomes smaller. Project supported by the National Natural Science Foundation of China (Grant No. 61376029), the Fundamental Research Funds for the Central Universities, China, and the College Graduate Research and Innovation Program of Jiangsu Province, China (Grant No. SJLX15_0092).

Danish mutual fund performance

DEFF Research Database (Denmark)

Christensen, Michael

2013-01-01

This article provides the first independent performance analysis of Danish mutual funds. We analyse selectivity and market timing abilities for 71 mutual funds that have been in operation from 2001 to 2010. The results show great fund performance diversity. Half the funds have performed neutrally......, whereas 42% of the funds have shown significantly negative performance and only 7% of the funds have over-performed their benchmark. Furthermore, 14% of the funds analysed possess market timing abilities, but for 8 out of 10 funds, their market timing ability has been unsuccessful....

Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

OpenAIRE

Ooi, Elizabeth Meishan

2017-01-01

This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

Science.gov (United States)

2010-07-01

... Federal interest in that Fund: (1) A capital distribution of the liquid assets of the Fund according to... 34 Education 3 2010-07-01 2010-07-01 false Federal interest in allocated funds-transfer of Fund... Provisions § 674.17 Federal interest in allocated funds—transfer of Fund. (a) If an institution responsible...

Pension Fund

CERN Multimedia

2006-01-01

As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

Library Services Funding Assessment

Science.gov (United States)

Lorig, Jonathan A.

2004-01-01

The Glenn Technical Library is a science and engineering library that primarily supports research activities at the Glenn Research Center, and provides selected services to researchers at all of the NASA research centers. Resources available in the library include books, journals, CD-ROMs, and access to various online sources, as well as live reference and inter-library loan services. The collection contains over 77,000 books, 800,000 research reports, and print or online access to over 1,400 journals. Currently the library operates within the Logistics and Technical Information Division, and is funded as an open-access resource within the GRC. Some of the research units at the GRC have recently requested that the library convert to a "pay-for-services" model, in which individual research units could fund only those journal subscriptions for which they have a specific need. Under this model, the library would always maintain a certain minimum level of pooled-expense services, including the ready reference and book collections, and inter-library loan services. Theoretically the "pay-for-services" model would encourage efficient financial allocation, and minimize the extent to which paid journal subscriptions go unused. However, this model also could potentially negate the benefits of group purchases for journal subscriptions and access. All of the major journal publishers offer package subscriptions that compare favorably in cost with the sum of individual subscription costs for a similar selection of titles. Furthermore, some of these subscription packages are "consortium" purchases that are funded collectively by the libraries at multiple NASA research centers; such consortia1 memberships would be difficult for the library to pay, if enough GRC research units were to withdraw their pooled contributions. cost of collectively-funded journal access with the cost of individual subscriptions. My primary task this summer is to create the cost dataset framework, and

The Cost of Family Medicine Residency Training: Impacts of Federal and State Funding.

Science.gov (United States)

Pauwels, Judith; Weidner, Amanda

2018-02-01

Numerous organizations are calling for the expansion of graduate medical education (GME) positions nationally. Developing new residency programs and expanding existing programs can only happen if financial resources are available to pay for the expenses of training beyond what can be generated in direct clinical income by the residents and faculty in the program. The goal of this study was to evaluate trended data regarding the finances of family medicine residency programs to identify what financial resources are needed to sustain graduate medical education programs. A group of family medicine residency programs have shared their financial data since 2002 through a biennial survey of program revenues, expenses, and staffing. Data sets over 12 years were collected and analyzed, and results compared to analyze trends. Overall expenses increased 70.4% during this period. Centers for Medicare and Medicaid Services (CMS) GME revenue per resident increased by 15.7% for those programs receiving these monies. Overall, total revenue per resident, including clinical revenues, state funding, and any other revenue stream, increased 44.5% from 2006 to 2016. The median cost per resident among these programs, excluding federal GME funds, is currently $179,353; this amount has increased over the 12 years by 93.7%. For this study group of family medicine programs, data suggests a cost per resident per year, excluding federal and state GME funding streams, of about $180,000. This excess expense compared to revenue must be met by other agencies, whether from CMS, the Health Resources and Services Administration (HRSA), state expenditures or other sources, through stable long-term commitments to these funding mechanisms to ensure program viability for these essential family medicine programs in the future.

Funds Flow in the Era of Value-Based Health Care.

Science.gov (United States)

Itri, Jason N; Mithqal, Ayman; Krishnaraj, Arun

2017-06-01

Health care reform is creating significant challenges for hospital systems and academic medical centers (AMCs), requiring a new operating model to adapt to declining reimbursement, diminishing research funding, market consolidation, payers' focus on higher quality and lower cost, and greater cost sharing by patients. Maintaining and promoting the triple mission of clinical care, research, and education will require AMCs to be system-based with strong alignment around governance, operations, clinical care, and finances. Funds flow is the primary mechanism whereby an AMC maintains the triple mission through alignment of the hospital, physician practices, school of medicine, undergraduate university, and other professional schools. The purpose of this article is to discuss challenges with current funds flow models, impact of funds flow on academic and private practice radiology groups, and strategies that can increase funds flow to support radiology practices achieving clinical, research, and teaching missions in the era of value-based health care. Copyright © 2017 American College of Radiology. Published by Elsevier Inc. All rights reserved.

EFFICIENCY OF INDONESIA’S MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-03-01

Full Text Available The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA. The study found that based on the average score in during 2007 – 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.

About the debt to the Pension Fund

CERN Multimedia

Association du personnel

2006-01-01

At the Finance Committee meeting on 15 March 2006, the Management tabled a document for the Delegations' attention concerning CERN's debt to the Pension Fund. In view of the interest rates currently on the market, the Management proposes to reimburse this debt by taking out a bank loan.

Prediction of leakage current of non-ceramic insulators in early aging period

Energy Technology Data Exchange (ETDEWEB)

El-Hag, Ayman H. [Electrical Engineering Department, American University of Sharjah, Sharjah (United Arab Emirates); Jahromi, Ali Naderian [Kinectrics Inc., Transmission and Distribution Technologies, Toronto (Canada); Sanaye-Pasand, Majid [Electrical and Computer Engineering Department, University of Tehran (Iran)

2008-10-15

The paper presents a neural network based prediction technique for the leakage current (LC) of non-ceramic insulators during salt-fog test. Nearly 50 distribution class silicone rubber (SIR) insulators with three different voltage classes have been tested in a salt-fog chamber, where the LC has been continuously recorded for at least 100 h. A boundary for early aging period is defined by the rate of change of the LC instead of a fixed threshold value. Consequently, the Gaussian radial basis network has been adopted to predict the level of LC at the early stage of aging of the SIR insulators and is compared with a classical network. The initial values of LC and its rate of change at 10 min intervals for the first 5 h are selected as the input to the network, and the final value of LC of the early aging period is considered as the output of the network. It is found that Gaussian radial basis function network with a random optimizing training method is an appropriate network to predict the LC with a 3.5-5.3% accuracy, if the training data and the testing data are selected from the same type of SIR insulators. (author)

Funding Early Childhood Education: The President's Plan for the Future and States' Current Actions

Science.gov (United States)

Best, Jane; Cohen, Courtney

2013-01-01

Increased attention to proposed federal early childhood education (ECE) legislation has sparked a debate on what the future holds for state-funded ECE systems. This brief explores how the goal of universal preschool is being shaped by the federal agenda and examines state programs in various stages of development. President Obama's Preschool for…

Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

Directory of Open Access Journals (Sweden)

Edward Lehner

2017-12-01

Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

26 CFR 301.6059-1 - Periodic report of actuary.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Periodic report of actuary. 301.6059-1 Section...-1 Periodic report of actuary. (a) In general. The actuarial report described in this section must be... funding deficiency (as defined in section 412(a)) to zero, (4) A statement by the enrolled actuary signing...

PERFORMANCE DETERMINANTS OF PARTICIPATION BANKS: THE ROLE OF SPECIAL CURRENT ACCOUNTS

Directory of Open Access Journals (Sweden)

Yusuf DINÇ

2017-02-01

Full Text Available Participation banks collect participation funds for credit allocation by participation accounts and special current accounts as main function. Profit or loss offered to participation accounts on base of participation share ratio while special current accounts are considered as cost-free resources. Participation funds are used in the models that analyze participation banks’ performance. Although participation fund types are not considered as variables also special current accounts. This research brings suggestions for the variables for performance analysis of participation banks for further researches.

Donor funding for family planning: levels and trends between 2003 and 2013.

Science.gov (United States)

Grollman, Christopher; Cavallaro, Francesca L; Duclos, Diane; Bakare, Victoria; Martínez Álvarez, Melisa; Borghi, Josephine

2018-05-01

The International Conference on Population and Development in 1994 set targets for donor funding to support family planning programmes, and recent initiatives such as FP2020 have renewed focus on the need for adequate funding to rights-based family planning. Disbursements supporting family planning disaggregated by donor, recipient country and year are not available for recent years. We estimate international donor funding for family planning in 2003-13, the period covering the introduction of reproductive health targets to the Millennium Development Goals and up to the beginning of FP2020, and compare funding to unmet need for family planning in recipient countries. We used the dataset of donor disbursements to support reproductive, maternal, newborn and child health developed by the Countdown to 2015 based on the Organization for Economic Cooperation and Development Creditor Reporting System. We assessed levels and trends in disbursements supporting family planning in the period 2003-13 and compared this to unmet need for family planning. Between 2003 and 2013, disbursements supporting family planning rose from under $400 m prior to 2008 to $886 m in 2013. More than two thirds of disbursements came from the USA. There was substantial year-on-year variation in disbursement value to some recipient countries. Disbursements have become more concentrated among recipient countries with higher national levels of unmet need for family planning. Annual disbursements of donor funding supporting family planning are far short of projected and estimated levels necessary to address unmet need for family planning. The reimposition of the US Global Gag Rule will precipitate an even greater shortfall if other donors and recipient countries do not find substantial alternative sources of funding.

Young transplant surgeons and NIH funding.

Science.gov (United States)

Englesbe, M J; Sung, R S; Segev, D L

2011-02-01

Transplant surgeons have historically been instrumental in advancing the science of transplantation. However, research in the current environment inevitably requires external funding, and the classic career development pathway for a junior investigator is the NIH K award. We matched transplant surgeons who completed fellowships between 1998 and 2004 with the NIH funding database, and also queried them regarding research effort and attitudes. Of 373 surgeons who completed a fellowship, only 6 (1.8%) received a K award; of these, 3 subsequently obtained R-level funding. An additional 5 individuals received an R-level grant within their first 5 years as faculty without a K award, 3 of whom had received a prior ASTS-sponsored award. Survey respondents reported extensive research experience during their training (78.8% spent median 24 months), a high proportion of graduate research degrees (36%), and a strong desire for more research time (78%). However, they reported clinical burdens and lack of mentorship as their primary perceived barriers to successful research careers. The very low rate of NIH funding for young transplant surgeons, combined with survey results that indicate their desire to participate in research, suggest institutional barriers to access that may warrant attention by the ASTS and the transplant surgery community. ©2010 The Authors Journal compilation©2010 The American Society of Transplantation and the American Society of Transplant Surgeons.

How does youth cigarette use respond to weak economic periods? Implications for the current economic crisis.

Science.gov (United States)

Arkes, Jeremy

2012-03-01

This paper examines whether youth cigarette use increases during weak economic periods (as do youth alcohol and drug use). The data come from the 1997 National Longitudinal Survey of Youth. With repeated measures over the 1997-2006 period, for almost 9,000 individuals, the samples include 30,000+ teenagers (15-19 years) and 30,000+ young adults (20-24 years). Logit models with state and year controls are estimated. The results indicate that teenagers and young adults increase cigarette use when the economy is weaker, implying that the current financial crisis has likely increased youth cigarette use relative to what it would have otherwise been.

Compliance audits in the federal funds programs of the municipalities of Puerto Rico

Directory of Open Access Journals (Sweden)

Dennis M. López

2011-10-01

Full Text Available The municipalities of the Commonwealth of Puerto Rico are eligible to receive funds from the federal government of the United States. This study presents a descriptive discussion of the federal funding received by these municipalities during fiscal years 2005 to 2009. The findings of the audits performed in connection with these funds are also discussed. The results indicate that the municipalities in the sample received an average of $8.2 million a year in federal funding. The municipality of San Juan, the capital city of Puerto Rico, received an average of $126.5 million a year and was largest recipient of federal funds during the sample period. The results also indicate that 72.99 percent of the audits disclosed reportable conditions and 31.02 percent disclosed material weaknesses. In addition,auditors issued a qualified opinion report on 33.69 percent of the conducted audits. Lastly, 53.15 percent of all audited funds are associated with programs that disclosed audit findings.

25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

Science.gov (United States)

2010-04-01

... RESERVATION ROADS PROGRAM Miscellaneous Provisions Emergency Relief § 170.925 Is ERFO funding supplemental to... construction and maintenance funds for FHWA-approved repairs. If IRR construction or maintenance funds are used... used to reimburse the construction or maintenance funds expended. ...

Constraints of philanthropy on determining the distribution of biodiversity conservation funding.

Science.gov (United States)

Larson, Eric R; Howell, Stephen; Kareiva, Peter; Armsworth, Paul R

2016-02-01

Caught between ongoing habitat destruction and funding shortfalls, conservation organizations are using systematic planning approaches to identify places that offer the highest biodiversity return per dollar invested. However, available tools do not account for the landscape of funding for conservation or quantify the constraints this landscape imposes on conservation outcomes. Using state-level data on philanthropic giving to and investments in land conservation by a large nonprofit organization, we applied linear regression to evaluate whether the spatial distribution of conservation philanthropy better explained expenditures on conservation than maps of biodiversity priorities, which were derived from a planning process internal to the organization and return on investment (ROI) analyses based on data on species richness, land costs, and existing protected areas. Philanthropic fund raising accounted for considerably more spatial variation in conservation spending (r(2) = 0.64) than either of the 2 systematic conservation planning approaches (r(2) = 0.08-0.21). We used results of one of the ROI analyses to evaluate whether increases in flexibility to reallocate funding across space provides conservation gains. Small but plausible "tax" increments of 1-10% on states redistributed to the optimal funding allocation from the ROI analysis could result in gains in endemic species protected of 8.5-80.2%. When such increases in spatial flexibility are not possible, conservation organizations should seek to cultivate increased support for conservation in priority locations. We used lagged correlations of giving to and spending by the organization to evaluate whether investments in habitat protection stimulate future giving to conservation. The most common outcome at the state level was that conservation spending quarters correlated significantly and positively with lagged fund raising quarters. In effect, periods of high fund raising for biodiversity followed (rather than

Connecting NSF funding to patent innovation in nanotechnology (2001-2004)

International Nuclear Information System (INIS)

Huang Zan; Chen Hsinchun; Li Xin; Roco, Mihail C.

2006-01-01

Nanotechnology research has experienced growth rapid in knowledge and innovations; it also attracted significant public funding in recent years. Several countries have recognized nanotechnology as a critical research domain that promises to revolutionize a wide range of fields of applications. In this paper, we present an analysis of the funding for nanoscale science and engineering (NSE) at the National Science Foundation (NSF) and its implications on technological innovation (number of patents) in this field from 2001 to 2004. Using a combination of basic bibliometric analysis and content visualization tools, we identify growth trends, research topic distribution, and the evolution in NSF funding and commercial patenting activities recorded at the United States Patent Office (USPTO). The patent citations are used to compare the impact of the NSF-funded research on nanotechnology development with research supported by other sources in the United States and abroad. The analysis shows that the NSF-funded researchers and patents authored by them have significantly higher impact based on patent citation measures in the four-year period than other comparison groups. The NSF-authored patent impact is growing faster with the lifetime of a patent, indicating the long-term importance of fundamental research

13 CFR 119.7 - How long and in what amounts will grant funding be available to a single grantee?

Science.gov (United States)

2010-01-01

... funding period for a PRIME grant will be one year. Subject to availability of funds and continuing..., continuation awards require a determination by SBA that continued funding is in the best interest of the... agreement commits or obligates the Federal Government in any way to make any additional, supplemental...

ESG Issues among Fund Managers—Factors and Motives

Directory of Open Access Journals (Sweden)

Justyna Przychodzen

2016-10-01

Full Text Available This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.

Criteria to be considered for funding of higher education in Venezuela

Directory of Open Access Journals (Sweden)

Luis E. Torres-Nuñez

2016-12-01

Full Text Available The growing economic inability in Latin-American states to finance public universities, has positioned public funding as a common theme in almost all targeted reforms of higher education. Insufficient public resources are compromising the effectiveness of academic management in public universities, without knowing the key economic issues for strengthening public sector policies. This essay is intended to: propose a new system of criteria for funding of higher education; based on the analysis of the Venezuelan experience in allocations of public resources used to finance higher education institutions during the 2000-2015 period. It is a documentary research. The proposal contains seven (7 integrating elements that would lead to the establishment of a funding policy for higher education. Finally, it is suggested that the State exceeds the old negotiated "incremental “schemes, "rigid" budget formulas and deferred funding allocations, which fail to identify basic needs and costs associated to the academic management of higher education institutions, in terms of promoting efficiency, equity and decentralization in public funding for the Venezuelan higher education system.

Funding therapies for rare diseases: an ethical dilemma with a potential solution.

Science.gov (United States)

Taylor, Colman; Jan, Stephen; Thompson, Kelly

2018-02-01

Funding rare disease therapies presents a challenge in Australia where there is a legislative requirement to consider cost-effectiveness. Currently the Life Saving Drugs Programme (LSDP) provides subsidised access to high-cost therapies for rare, life-threatening conditions. However the LSDP is currently under review by the Minsiter for Health and future access to rare disease therapies in uncertain. Internationally there is no gold standard model to evaluate and fund rare disease therapies, and considerable variation exists. However, common features of international systems include the opportunity for early stakeholder engagement, flexibility with evidence requirements, cost-effectiveness criteria and transparency in relation to the decision making framework and outcomes. Australians value equality and equal opportunity in relation to health care. To meet these expectations there is a clear need to maintain a separate fit-for-purpose framework to evaluate and fund rare disease therapies drawing on overseas best practice. This will provide certainty for industry to continue to invest in such treatments, as well as ensuring funding recommendations are reflective of Australian values balanced against the need for financial sustainability.

78 FR 25291 - Announcement of Funding Awards; Section 3 Program Coordination and Implementation; Fiscal Year 2010

Science.gov (United States)

2013-04-30

... funding under the Notice of Funding Availability (NOFA) for the Section 3 Program Coordination and.... (The Catalog of Federal Domestic Assistance Number for currently funded Initiatives under the Section 3... Valentine Reid, 816-777-2390. 7 50,000.00 East Armour Boulevard, Jackson, MO 64112-1254. Section 3 Program...

Picking Funds with Confidence

DEFF Research Database (Denmark)

Grønborg, Niels Strange; Lunde, Asger; Timmermann, Allan

We present a new approach to selecting active mutual funds that uses both holdings and return information to eliminate funds with predicted inferior performance through a sequence of pair-wise comparisons. Our methodology determines both the number of skilled funds and their identity, funds...... identified ex-ante as being superior earn substantially higher risk-adjusted returns than top funds identified by conventional alpha ranking methods. Importantly, we find strong evidence of variation in the breadth of the set of funds identified as superior, as well as fluctuations in the style and industry...... exposures of such funds over time and across different volatility states....

Fund management plan

International Nuclear Information System (INIS)

1984-08-01

This revision of the Fund Management Plan updates the original plan published in May 1983. It is derived from and supplements the Mission Plan of the Office of Civilian Radioactive Waste Management. A major purpose in preparing this Plan is to inform the public about management of the Nuclear Waste Fund and the Interim Storage Fund. The purpose of the Interim Storage Fund is to finance the provision of the Federal interim storage capacity of up to 1900 metric tons of spent nuclear fuel. The Nuclear Waste Fund is a separate account for all revenues and expenditures related to the geological disposal and monitored retrieval storage of civilian radioactive waste

Do Higher Fees Imply Better Performance? An Insight to Fee-performance Relationship in the US Mutual Fund Industry.

OpenAIRE

FAN, YI

2008-01-01

Recent studies propose that equity mutual fund managers generally do not have ability to generate abnormal returns to outperform the market, and their performance bear negative relationship with the expenses charged when investors invest in mutual funds. This study employs a data set including monthly returns from sixty equity mutual funds existing throughout the examined period from January 1998 to December 2007. These data are used to examine performance of actively managed mutual funds and...

Funding of Geosciences: Coordinating National and International Resources

Science.gov (United States)

Bye, B.; Fontaine, K. S.

2012-12-01

Funding is an important element of national as well as international policy for Earth observations. The Group on Earth Observations (GEO) is coordinating efforts to build a Global Earth Observation System of Systems, or GEOSS. The lack of dedicated funding to support specific S&T activities in support of GEOSS is one of the most important obstacles to engaging the S&T communities in its implementation. This problem can be addressed by establishing explicit linkages between research and development programmes funded by GEO Members and Participating Organizations and GEOSS. In appropriate funding programs, these links may take the form of requiring explanations of how projects to be funded will interface with GEOSS and ensuring that demonstrating significant relevance for GEOSS is viewed as an asset of these proposals, requiring registration of Earth observing systems developed in these projects, or stipulating that data and products must adhere to the GEOSS Data Sharing Principles. Examples of Earth observations include: - Measurements from ground-based, in situ monitors; - Observations from Earth satellites; - Products and predictive capabilities from Earth system models, often using the capabilities of high-performance computers; - Scientific knowledge about the Earth system; and, - Data visualization techniques. These examples of Earth observations activities requires different types of resources, R&D top-down, bottom-up funding and programs of various sizes. Where innovation and infrastructure are involved different kind of resources are better suited, for developing countries completely other sources of funding are applicable etc. The European Commission funded Egida project is coordinating the development of a funding mechanism based on current national and international funding instruments such as the European ERANet, the new Joint Programming Initiatives, ESFRI as well as other European and non-European instruments. A general introduction to various

A frequency domain approach to analyzing passive battery-ultracapacitor hybrids supplying periodic pulsed current loads

International Nuclear Information System (INIS)

Kuperman, Alon; Aharon, Ilan; Kara, Avi; Malki, Shalev

2011-01-01

Highlights: → Passive battery-ultracapacitor hybrids are examined. → Frequency domain analysis is employed. → The ultracapacitor branch operates as a low-pass filter for the battery. → The battery supplies the average load demand. → Design requirements are discussed. - Abstract: A Fourier-based analysis of passive battery-ultracapacitor hybrid sources is introduced in the manuscript. The approach is first introduced for a general load, and then is followed by a study for a case of periodic pulsed current load. It is shown that the ultracapacitor branch is perceived by the battery as a low-pass filter, which absorbs the majority of the high frequency harmonic current and letting the battery to supply the average load demand in addition to the small part of dynamic current. Design requirements influence on the ultracapacitor capacitance and internal resistance choice are quantitatively discussed. The theory is enforced by simulation and experimental results, showing an excellent agreement.

PENSION FUND

CERN Multimedia

1999-01-01

The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

Pension Fund

CERN Multimedia

2003-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

Stochastic models of the Social Security trust funds.

Science.gov (United States)

Burdick, Clark; Manchester, Joyce

Each year in March, the Board of Trustees of the Social Security trust funds reports on the current and projected financial condition of the Social Security programs. Those programs, which pay monthly benefits to retired workers and their families, to the survivors of deceased workers, and to disabled workers and their families, are financed through the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds. In their 2003 report, the Trustees present, for the first time, results from a stochastic model of the combined OASDI trust funds. Stochastic modeling is an important new tool for Social Security policy analysis and offers the promise of valuable new insights into the financial status of the OASDI trust funds and the effects of policy changes. The results presented in this article demonstrate that several stochastic models deliver broadly consistent results even though they use very different approaches and assumptions. However, they also show that the variation in trust fund outcomes differs as the approach and assumptions are varied. Which approach and assumptions are best suited for Social Security policy analysis remains an open question. Further research is needed before the promise of stochastic modeling is fully realized. For example, neither parameter uncertainty nor variability in ultimate assumption values is recognized explicitly in the analyses. Despite this caveat, stochastic modeling results are already shedding new light on the range and distribution of trust fund outcomes that might occur in the future.

U.S. nuclear plant decommissioning funding adequacy - by individual funds, utilities, reactors, and industry-wide - assessed by Monte Carlo and baseline trend methods: 1998, 2000, 2001, and 2004

International Nuclear Information System (INIS)

Williams, Daniel G.

2007-01-01

This paper assesses, over years 1998, 2000, 2001, and 2004 - using varying sets of assumption values - the adequacy of decommissioning funding (year-end) for United States' nuclear electric power plants. I assess each of the 222 individual trust funds and 99 utility owners (as of August 2003), as well as each of the 122 reactors, and industry-wide. Individual trust fund results are the most important because, in general, dollars may not be transferred from one fund to another to strengthen a less-adequately financed fund. Using stochastic (Monte Carlo) analysis (20,000 iterations) to incorporate risk, or uncertainty, in my simulation modeling, I assess funding adequacy for 2004, but with estimated balances and contributions data for 2004. The paper also assesses the baseline (most likely) trends in funding adequacy, using 'point' estimates for years 1998, 2000, 2001, and stochastic medians for 2004. I compute two measures of funding adequacy relative to two respective benchmark levels: (1) adequacy of 'current year' fund balances; and (2), adequacy of 'recent-year' fund contributions. The former is a more 'looking-backward' measure relative to a benchmark (i.e., current balance embodies all past year contributions and rates of return on fund assets); the latter, more 'looking-forward' relative to a forward benchmark. I use decommissioning fund balances data for 2000 and 1998, as reported by the utilities to the U.S. Nuclear Regulatory Commission (NRC), as well as additional balances, yearly contributions, rates of return, and cost escalation data over 1997-2001 obtained in a 2002 survey of owners by the U.S. Government Accountability Office (GAO). The most fundamental conclusion that one should draw from my simulation modeling results - whether using Monte Carlo or baseline trend analysis - is that these decommissioning adequacy percentages for the 222 funds are extremely variable, although a sizable majority of funds are likely above benchmark. Reduced variability

A Fair Slice of the Pie? Problematising the Dispersal of Government Funds to Australian Universities

Science.gov (United States)

Heffernan, Troy A.

2017-01-01

A common theme in higher education research is the factors that affect university funding. Studies frequently examine how universities cope with funding cuts and the changes that have stemmed from operating in a neoliberal age, a period that now sees institutions commonly functioning on a cost/benefit basis. This paper offers an original…

Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

Directory of Open Access Journals (Sweden)

Radu, I.

2012-01-01

Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

Pension funds' herding

NARCIS (Netherlands)

Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

2016-01-01

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

Determinants of sovereign wealth fund investment in private equity

NARCIS (Netherlands)

Johan, S.A.; Knill, A.M.; Mauck, N.

2010-01-01

This paper examines investment patterns of 50 sovereign wealth funds (SWFs) in nations around the world. We study investment by SWFs in 903 public and private firms over the period 1984-2009. As expected, we observe SWFs investments are more often in private firms when the market returns of target

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

Periodic Fever, Aphthous Stomatitis, Pharyngitis and Cervical Adenitis Syndrome: Current Literature Review with a Case Report

Directory of Open Access Journals (Sweden)

Mahmut Demirtaş

2018-04-01

Full Text Available Periodic Fever, Aphthous Stomatitis, Pharyngitis and Cervical Adenitis syndrome (PFAPA is a frequently seen, important medical condition, which must be kept in mind in periodic fever etiology. Although its etiology is not clearly understood, autoimmune etiology is suspected due to response to steroids. There is no specific test for the diagnosis of disease. Diagnosis is based on symptoms and physical examination. Although medical treatment is the first choice for the management of the disease, tonsillectomy take over in treatment options for termination of attacks and permanent results. We have presented a patient that was performed tonsillectomy in our clinic for frequent attacks despite recurrent medical therapy with diagnosis of PFAPA with review of current literature.

Pension Fund

CERN Multimedia

2005-01-01

Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

Nuclear electronic equipment for control and monitoring boards. Specifications and test methods of direct current period meters

International Nuclear Information System (INIS)

Roquefort, Henri; Chapelot; Ramard; Tardif; Tournier; Vaux

1973-11-01

After a few words of introduction, mention of the main notations used and the definition of certain terms, the field of application of the document is outlined and a list of references given. The main specifications of electronic 'direct current period meter' subassemblies for the monitoring, control and safety of nuclear reactors are then defined and the corresponding test methods described. The apparatus measures on a logarithmic scale the neutron fluence rate of a reactor by means of an ionisation chamber and supplies 'period' data relative to the fluence rate variation in time. The specifications and test methods are given for the different components: logarithmic amplifier, time derivative unit, threshold releases, high tension supply for ionisation chamber, auxiliary circuits and finally the complete period meter. (author) [fr

Change Vocational Funding to Acquire Qualified Math/Science Teachers.

Science.gov (United States)

Heron, Bill

1985-01-01

Gives a brief overview of the problems occurring at the high school level due to inadequately paid personnel in the math and science areas, summarizes the current bureaucratic structure surrounding vocational funding, and suggests an alternative. (FL)

Net Stable Funding Ratio: Impact on Funding Value Adjustment

OpenAIRE

Siadat, Medya; Hammarlid, Ola

2017-01-01

In this paper we investigate the relationship between Funding Value Adjustment (FVA) and Net Stable Funding Ratio (NSFR). FVA is defined in a consistent way with NSFR such that the new framework of FVA monitors the costs due to keeping NSFR at an acceptable level, as well. In addition, the problem of choosing the optimal funding strategy is formulated as a shortest path problem where the proposed FVA framework is applied in the optimization process. The solution provides us with the optimal f...

Natural resource trust funds : a comparison of Alberta and Alaska resource funds

Energy Technology Data Exchange (ETDEWEB)

Warrack, A.A.; Keddie, R.R. [Alberta Univ., Edmonton, AB (Canada)

2002-09-01

Alberta and Alaska both have an economy based largely on natural resources. The cyclical nature of their economies poses a challenge to stability and sustained prosperity. During the oil crisis of 1973-1974, Alberta and Alaska began receiving oil and gas royalties. The idea of an endowment-type fund began taking shape. This fund would assist in the gradual transition from dependence on non-renewable resources to the responsible management of these resources. Both the Alberta Heritage Savings Trust Fund and the Alaska Permanent Fund were created in 1976. The governments of both jurisdictions set aside revenues from natural resource royalties to provide economic stability. Both jurisdictions followed different policies in terms of management, structure, governance, and objectives. In this paper, the authors compared both funds, examining the policy options which had an impact on their growth and successes. The results showed that in Alaska, monies are paid directly to eligible persons, while allocation decisions in Alberta have been made by the government. The government manages the fund in Alberta, while in Alaska, the fund is managed by a separate entity. The Alaskan fund continues to grow, while the the size of the Alberta fund has remained unchanged for a number of years and is not growing. 21 refs., 5 figs.

Enhancing the Frequency Adaptability of Periodic Current Controllers with a Fixed Sampling Rate for Grid-Connected Power Converters

DEFF Research Database (Denmark)

Yang, Yongheng; Zhou, Keliang; Blaabjerg, Frede

2016-01-01

Grid-connected power converters should employ advanced current controllers, e.g., Proportional Resonant (PR) and Repetitive Controllers (RC), in order to produce high-quality feed-in currents that are required to be synchronized with the grid. The synchronization is actually to detect...... of the resonant controllers and by approximating the fractional delay using a Lagrange interpolating polynomial for the RC, respectively, the frequency-variation-immunity of these periodic current controllers with a fixed sampling rate is improved. Experiments on a single-phase grid-connected system are presented...... the instantaneous grid information (e.g., frequency and phase of the grid voltage) for the current control, which is commonly performed by a Phase-Locked-Loop (PLL) system. Hence, harmonics and deviations in the estimated frequency by the PLL could lead to current tracking performance degradation, especially...

EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Dražen Novaković

2015-07-01

Full Text Available The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performance (e.g. ratios such as Sharpe’s, Sortino’s, Treynor’s, etc. which quantify the ability of pension fund managers to deliver an active management risk premium, with respect to benchmarks. In this paper, the previously mentioned traditional measures of risk-adjusted performance are applied to Croatian pension funds. Due to recent changes in pension systems in other Eastern European countries once again emphasis is put on this issue in Croatia. The analysis furthermore includes evaluation of pension funds’ asset allocation. The period of analysis covers twelve years, from the establishment of pension funds in Croatia in 2002 until 2013. The main hypothesis of the paper states that Croatian pension funds underperform with respect to benchmark comparisons, set as return on the combined CROBEX/CROBIS portfolio. Results show that the main hypothesis does not hold. The financial performance of pension funds directly influences their competitiveness, derived from the possibility of measuring their success in active portfolio management. In addition, pension funds are expected to support the national economy. By investing their accumulating assets, they can protect jobs and enhance economic growth. However, they can achieve that only if they are competitive in means of financial performance.

Financing state newborn screening programs: sources and uses of funds.

Science.gov (United States)

Johnson, Kay; Lloyd-Puryear, Michele A; Mann, Marie Y; Ramos, Lauren Raskin; Therrell, Bradford L

2006-05-01

Financing for newborn screening is different from virtually all other public health programs. All except 5 screening programs collect fees as the primary source of program funding. A fee-based approach to financing newborn screening has been adopted by most states, to ensure consistent funding for this critical public health activity. Two types of data are reported here, ie, primary data from a survey of 37 state public health agencies and findings from exploratory case studies from 7 states. Most of the programs that participated in this survey (73%) reported that their newborn screening funding increased between 2002 and 2005, typically through increased fees and to a lesser extent through Medicaid, Title V Maternal and Child Health Services Block Grant, and state general revenue funding. All of the responding states that collect fees (n = 31) use such funds to support laboratory expenses, and most (70%) finance short-term follow-up services and program management. Nearly one half (47%) finance longer-term follow-up services, case management, or family support beyond diagnosis. Other states (43%) finance genetic or nutritional counseling and formula foods or treatment. Regardless of the source of funds, the available evidence indicates that states are committed to maintaining their programs and securing the necessary financing for the initial screening through diagnosis. Use of federal funding is currently limited; however, pressure to provide dedicated federal funding would likely increase if national recommendations for a uniform newborn screening panel were issued.

The current state of funded NIH grants in implementation science in genomic medicine: a portfolio analysis.

Science.gov (United States)

Roberts, Megan C; Clyne, Mindy; Kennedy, Amy E; Chambers, David A; Khoury, Muin J

2017-10-26

PurposeImplementation science offers methods to evaluate the translation of genomic medicine research into practice. The extent to which the National Institutes of Health (NIH) human genomics grant portfolio includes implementation science is unknown. This brief report's objective is to describe recently funded implementation science studies in genomic medicine in the NIH grant portfolio, and identify remaining gaps.MethodsWe identified investigator-initiated NIH research grants on implementation science in genomic medicine (funding initiated 2012-2016). A codebook was adapted from the literature, three authors coded grants, and descriptive statistics were calculated for each code.ResultsForty-two grants fit the inclusion criteria (~1.75% of investigator-initiated genomics grants). The majority of included grants proposed qualitative and/or quantitative methods with cross-sectional study designs, and described clinical settings and primarily white, non-Hispanic study populations. Most grants were in oncology and examined genetic testing for risk assessment. Finally, grants lacked the use of implementation science frameworks, and most examined uptake of genomic medicine and/or assessed patient-centeredness.ConclusionWe identified large gaps in implementation science studies in genomic medicine in the funded NIH portfolio over the past 5 years. To move the genomics field forward, investigator-initiated research grants should employ rigorous implementation science methods within diverse settings and populations.Genetics in Medicine advance online publication, 26 October 2017; doi:10.1038/gim.2017.180.

Charge effects controlling the current hysteresis and negative differential resistance in periodical nanosize Si/CaF sub 2 structures

CERN Document Server

Berashevich, Y A; Kholod, A N; Borisenko, V E

2002-01-01

A kinetic model of charge carrier transport in nanosize periodical Si/CaF sub 2 structures via localized states in dielectric is proposed. Computer simulation of the current-voltage characteristics of such structures has shown that the built-in field arises in a dielectric due to polarization of the trapped charge by localized centers. This results in current hysteresis and negative differential resistance region at the current-voltage characteristics when the bias polarity is changed. At temperature below 250 K, the portion of negative differential resistance vanishes

Persistent Performance of Fund Managers: An Analysis of Selection and Timing Skills

Directory of Open Access Journals (Sweden)

Bilal Ahmad Pandow

2017-11-01

Full Text Available The persistence in manager’s ability to select stocks and to time risk factors is a vital issue for accessing the performance of any asset management company. The fund manager who comes out successful today, whether the same will be able to sustain the performance in the future is a matter of concern to the investors and other stake holders. More than the stock picking ability of fund managers, one would be interested in knowing whether there is consistency in selectivity and timing performance or not. If a fund manager is able to deliver better performance consistently i.e. quarter-after-quarter or year-after-year, then the mangers’ performance in selecting the right type of stocks for the portfolio would be considered satisfactory. This paper has attempted to analyze the persistence in both stock selection and timing performance of mutual fund managers in India through Henriksson & Morton; Jenson, and Fama’s model over a period of five years. It is found that the fund managers present persistence in selection skills however, the sample funds haven’t shown progressive timing skills in Indian context.

Finite element solution of nonlinear eddy current problems with periodic excitation and its industrial applications.

Science.gov (United States)

Bíró, Oszkár; Koczka, Gergely; Preis, Kurt

2014-05-01

An efficient finite element method to take account of the nonlinearity of the magnetic materials when analyzing three-dimensional eddy current problems is presented in this paper. The problem is formulated in terms of vector and scalar potentials approximated by edge and node based finite element basis functions. The application of Galerkin techniques leads to a large, nonlinear system of ordinary differential equations in the time domain. The excitations are assumed to be time-periodic and the steady-state periodic solution is of interest only. This is represented either in the frequency domain as a finite Fourier series or in the time domain as a set of discrete time values within one period for each finite element degree of freedom. The former approach is the (continuous) harmonic balance method and, in the latter one, discrete Fourier transformation will be shown to lead to a discrete harmonic balance method. Due to the nonlinearity, all harmonics, both continuous and discrete, are coupled to each other. The harmonics would be decoupled if the problem were linear, therefore, a special nonlinear iteration technique, the fixed-point method is used to linearize the equations by selecting a time-independent permeability distribution, the so-called fixed-point permeability in each nonlinear iteration step. This leads to uncoupled harmonics within these steps. As industrial applications, analyses of large power transformers are presented. The first example is the computation of the electromagnetic field of a single-phase transformer in the time domain with the results compared to those obtained by traditional time-stepping techniques. In the second application, an advanced model of the same transformer is analyzed in the frequency domain by the harmonic balance method with the effect of the presence of higher harmonics on the losses investigated. Finally a third example tackles the case of direct current (DC) bias in the coils of a single-phase transformer.

Going It Alone: New Zealand Company-Sponsored Language, Literacy and Numeracy (LLN) Training in an Era of Government Funding

Science.gov (United States)

Guy, Shona; Harvey, Sharon

2013-01-01

In this paper, we examine the nature of and reasons for employer-funded literacy, language and numeracy (LLN) workplace training in New Zealand, during a period where government funding has been available. To place these programmes in context, we give a historically nuanced account of employer-funded programmes in New Zealand and then look at the…

EU cash in climate clash. How the EU funding plans are shaping up to fuel climate change. Comparative analysis of the 2007-2013 structural funding allocations for energy and transport in the new member states

International Nuclear Information System (INIS)

Koneeny, M.

2007-04-01

Between 2007 and 2013 the European Union will invest 177 billion euros in the ten central and eastern European member states via its Structural and Cohesion Funds. CEE Bankwatch Network and Friends of the Earth Europe have analysed the draft plans for the use of the funds which are the subject of current negotiations between the European Commission and the member states. Our analysis shows that there is only little funding for energy efficiency and renewable energy despite the enormous potentials in the CEE countries. In the transport sector, the majority of the funds is to be spent on roads and motorways. Public transport, which emits three times less carbon dioxide than cars but has suffered from chronic under-investment, is to receive only weak and inconsistent support. Unless these funding plans are significantly changed in the current negotiations, EU funding is on course to deliver increased greenhouse gas emissions. CEE Bankwatch Network and Friends of the Earth Europe call on decision-makers to prevent seven more years and billions of euros being lost to energy-intensive development. EU action on climate change now and in the future must not be undermined

The impact of state-level nutrition-education program funding on BMI: evidence from the behavioral risk factor surveillance system.

Science.gov (United States)

McGeary, Kerry Anne

2013-04-01

Currently, there is insufficient evidence regarding which policies will improve nutrition, reduce BMI levels and the prevalence of obesity and overweight nationwide. This preliminary study investigates the impact of a nutrition-education policy relative to price policy as a means to reduce BMI in the United States (US). Model estimations use pooled cross-sectional data at the individual-level from the Centers for Disease Control's (CDC), Behavioral Risk Factor Surveillance System (BRFSS), state-level food prices from the American Chamber of Commerce Research Association (ACCRA) and funding for state-specific nutrition-education programs from the United States Department of Agriculture (USDA) from 1992 to 2006. The total number of observations for the study is 2,249,713 over 15 years. During this period, federal funding for state-specific nutrition-education programs rose from approximately $660 thousand for seven states to nearly $248 million for all fifty-two states. In 2011, federal funding for nutrition-education programs reached $375 million. After controlling for state-fixed effects, year effects and state specific linear and quadratic time trends, we find that nutrition education spending has the intended effect on BMI, obese and overweight in aggregate. However, we find heterogeneity as individuals from certain, but not all, income and education levels respond to nutrition-education funding. The results regarding nutrition-education programs suggest that large scale funding of nutrition-education programs may improve BMI levels and reduce obesity and overweight. However, more study is required to determine if these funds are able make the requisite dietary improvements that may ultimately improve BMI for individuals from low income and education-levels. Copyright © 2013 Elsevier Ltd. All rights reserved.

Are we investing wisely? A systematic analysis of nationally funded antimicrobial resistance projects in Republic of Korea, 2003-2013.

Science.gov (United States)

Ryu, Sukhyun; Head, Michael G; Kim, Bryan I; Hwang, Juchul; Cho, En-Hi

2016-09-01

From 2003 to 2013, South Korea has conducted the National Antimicrobial Resistance Safety Control Program (NARSCP). The purpose of the current study was to systematically review national antimicrobial resistance (AMR) research trends and to provide guidance on future allocation of research funding to enable a comprehensive approach in AMR control. This study collected project reports related to AMR published by the Ministry of Food and Drug Safety, the Ministry of Health and Welfare and the Korea Centers for Disease Control and Prevention between 2003 and 2013. These reports were analysed by topics based on the AMR action plan of the World Health Organization (WHO), period of study, categories along the research pipeline and types of receiving institution. A total of 198 project reports were included, with total funding of US$18.3 million. Mean funding per award was US$92,750, with a median of US$71,714. Among the WHO-suggested criteria, the basic microbial research and surveillance sector accounts for 143 (72.2%) of all awards. Yearly project funding increased from US$961,476 in 2003 to US$1,553,294 in 2013. Operational research was 61.5% and product development was 0.7% of the basic microbial research and surveillance sector. By institution, academia received 145 awards (73.2%). During progress of the NARSCP, total research funding increased significantly, but most awards were focused on understanding the overall picture of the nationwide AMR status. More balanced funding is needed, and encouraging active participation of private and international sectors is also required in reducing AMR. Copyright © 2016 International Society for Chemotherapy of Infection and Cancer. Published by Elsevier Ltd. All rights reserved.

Citizen Support for Northern Ohio Community College Funding Initiatives during an Economic Recession Recovery

Science.gov (United States)

Flores, Patricia

2013-01-01

The current research, "Citizen Support for Northern Ohio Community College Funding Initiatives during an Economic Recession Recovery", asks the question: Do the citizens of Northern Ohio support community college funding during difficult economic times? Based on the theory of Stakeholder Analysis, the purpose of this concurrent,…

The Role of Structural Funding for Stability in the German Banking Sector

OpenAIRE

Schupp, Fabian; Silbermann, Leonid

2017-01-01

We analyze whether, and if so by how much, stable funding would have contributed to the financial soundness of German banks in the time period between 1995 and 2013, before the Basel III liquidity regulation to address excessive maturity mismatches in the wake of the financial crisis via the Net Stable Funding Ratio can be expected to have been fully implemented. Using a dataset that contains information on critical events of German banks, we find that financing loans using fewer customer dep...

Report on all ARRA Funded Technical Work

Energy Technology Data Exchange (ETDEWEB)

None, None

2013-10-05

The main focus of this American Recovery and Reinvestment Act of 2009 (ARRA) funded project was to design an energy efficient carbon capture and storage (CCS) process using the Recipients membrane system for H{sub 2} separation and CO{sub 2} capture. In the ARRA-funded project, the Recipient accelerated development and scale-up of ongoing hydrogen membrane technology research and development (R&D). Specifically, this project focused on accelerating the current R&D work scope of the base program-funded project, involving lab scale tests, detail design of a 250 lb/day H{sub 2} process development unit (PDU), and scale-up of membrane tube and coating manufacturing. This project scope included the site selection and a Front End Engineering Design (FEED) study of a nominally 4 to 10 ton-per-day (TPD) Pre-Commercial Module (PCM) hydrogen separation membrane system. Process models and techno-economic analysis were updated to include studies on integration of this technology into an Integrated Gasification Combined Cycle (IGCC) power generation system with CCS.

Redesigning A Program of Ecosystem Conservation Fund

Energy Technology Data Exchange (ETDEWEB)

Kwak, Seung Jun; Yoo, Seung Hoon [Korea University, Seoul (Korea)

2000-08-01

A program of ecosystem conservation fund was proposed by the Ministry of Environment in Korea and has been supposed to come into force in early 2001. However, currently the program is withheld because there are strong objections to it for several reasons. The prime purpose of this paper is to analyze the reasons and problems involved in the program, to suggest some guidances to revise the program, and to design a new program by using a multi attribute index based on environmental significance. We found that there are two major problems of the program: first, inequity in choosing those whom the fund are levied on; second, irrationality of the way the fund are imposed. The paper also provides a simulation study to analyze the effects of four scenarios concerning feasible alternatives. We argue that natural resource damages caused by development works cannot be fairly prevented by the existing environmental impact assessment system only and should be used in harmony with the new system. (author). 10 refs., 10 tabs.

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

Funding innovation

CERN Multimedia

Marina Giampietro

2012-01-01

For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

Plea for stellarator funding raps tokamaks

International Nuclear Information System (INIS)

Blake, M.

1992-01-01

The funding crunch in magnetic confinement fusion development has moved the editor of a largely technical publication to speak out on a policy issue. James A. Rome, who edits Stellarator News from the Fusion Energy Division at Oak Ridge National Laboratory, wrote an editorial that appeared on the front page of the May 1992 issue. It was titled open-quotes The US Stellarator Program: A Time for Renewal,close quotes and while it focused chiefly on that subject (and lamented the lack of funding for the operation of the existing ATF stellarator at Oak Ridge), it also cited some of the problems inherent in the mainline MCF approach--the tokamak--and stated that if the money can be found for further tokamak design upgrades, it should also be found for stellarators. Rome wrote, open-quotes There is growing recognition in the US, and elsewhere, that the conventional tokamak does not extrapolate to a commercially competitive energy source except with very high field coils ( 1000 MWe).close quotes He pointed up open-quotes the difficulty of simultaneously satisfying conflicting tokamak requirements for efficient current drive, high bootstrap-current fraction, complete avoidance of disruptions, adequate beta limits, and edge-plasma properties compatible with improved (H-mode) confinement and acceptable erosion of divertor plates.close quotes He then called for support for the stellarator as open-quotes the only concept that has performance comparable to that achieved in tokamaks without the plasma-current-related limitations listed above.close quotes

Current Status of Periodic Safety Review of HANARO Research Reactor

Energy Technology Data Exchange (ETDEWEB)

Kim, Minjin; Ahn, Guk-Hoon; Lee, Choong Sung [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

2016-10-15

A PSR for a research reactor became a legal requirement as the Nuclear Safety Act was amended and came into effect in 2014. This paper describes the current status and methodology of the first Periodic Safety Review (PSR) of HANARO that is being performed. The legal requirements, work plan, and process of implementing a PSR are described. Because this is the first PSR for a research reactor, it is our understating that the operating organization and regulatory body should communicate well with each other to complete the PSR in a timely manner. The first PSR of HANARO is under way. In order to achieve a successful result, activities of the operation organization such as scheduling, maintaining consistency in input data for review, and reviewing the PSR reports that will require intensive resources should be well planned. This means the operating organization needs to incorporate appropriate measures to ensure the transfer of knowledge and expertise arising from the PSR via a contractor to the operation organization. It is desirable for the Regulatory Body to be involved in all stage of the PSR to prevent any waste of resources and minimize the potential for a reworking of the PSR and the need for an additional assessment and review as recommended by foreign experts.

The funding landscape for HIV in Asia and the Pacific

Science.gov (United States)

Stuart, Robyn M; Lief, Eric; Donald, Braedon; Wilson, David; Wilson, David P

2015-01-01

Introduction Despite recent and robust economic growth across the Asia-Pacific region, the majority of low- and middle-income countries in the region remain dependent on some donor support for HIV programmes. We describe the availability of bilateral and multilateral official development assistance (ODA) for HIV programmes in the region. Methods The donor countries considered in this analysis are Australia, Canada, Denmark, France, Germany, Netherlands, Norway, Sweden, the United Kingdom and the United States. To estimate bilateral and multilateral ODA financing for HIV programmes in the Asia-Pacific region between 2004 and 2013, we obtained funding data from the Organisation for Economic Co-operation and Development Creditor Reporting System database. Where possible, we checked these amounts against the funding data available from government aid agencies. Estimates of multilateral ODA financing for HIV/AIDS were based on the country allocations announcement by the Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund) for the period 2014 to 2016. Results Countries in the Asia-Pacific region receive the largest share of aid for HIV from the Global Fund. Bilateral funding for HIV in the region has been relatively stable over the last decade and is projected to remain below 10% of the worldwide response to the epidemic. Bilateral donors continue to prioritize ODA for HIV to other regions, particularly sub-Saharan Africa; Australia is an exception in prioritizing the Asia-Pacific region, but the United States is the bilateral donor providing the greatest amount of assistance in the region. Funding from the Global Fund has increased consistently since 2005, reaching a total of US$1.2 billion for the Asia-Pacific region from 2014 to 2016. Conclusions Even with Global Fund allocations, countries in the Asia-Pacific region will not have enough resources to meet their epidemiological targets. Prevention funding is particularly vulnerable and requires greater

Organizational characteristics, financial performance measures, and funding sources of faith based organizations.

Science.gov (United States)

Lampkin, Lynne; Raghavan, Kamala

2008-01-01

This study examined the impact of organizational characteristics and financial performance measures of faith based organizations (FBOS) in Pennsylvania and Ohio on the decisions of the funding sources. Organizational characteristics of size, age, and type of service, and financial performance measures such as expense, liquidity, and solvency ratios were gathered from the data on IRS form 990 for 97 FBOS for the period of 1995 to 2004. The study found that the 1996 Charitable Choice provisions and the 2001 Office of Faith-Based and Community Initiatives have led to increased government funding for FBOS. The results showed that government funding of FBOS is affected positively by age of the FBO, and negatively by its size. For smaller FBOS, savings ratio had a negative relationship to government funding and a positive relationship to direct public support. For social service FBOS government funding was positively affected by age and negatively affected by size and debt ratio, while days-cash-on-hand had a negative impact on direct public support. All of the above relationships were statistically significant.

The impact of scale, complexity, and service quality on the administrative costs of pension funds: A cross-country comparison

OpenAIRE

J.A. Bikker; O.W. Steenbeek; F. Torracchi

2010-01-01

Administrative costs per participant appear to vary widely across pension funds in different countries. These costs are important because they reduce the rate of return on the investments of pension funds, and consequently raise the cost of retirement security. Using unique data on 90 pension funds over the period 2004-2008, this paper examines the impact of scale, the complexity of pension plans, and service quality on the administrative costs of pension funds, and compares those costs acros...

National Institutes of Health Funding in Plastic Surgery: A Crisis?

Science.gov (United States)

Silvestre, Jason; Abbatematteo, Joseph M; Serletti, Joseph M; Chang, Benjamin

2016-09-01

Decreasing funding rates and increasing competition for National Institutes of Health research grants have prompted diverse interventions in various fields of biomedicine. Currently, the state of National Institutes of Health funding for plastic surgery research is poorly understood. The purpose of this study was to describe the portfolio of National Institutes of Health grants in academic plastic surgery. Plastic surgery faculty at integrated and independent programs were queried individually in the National Institutes of Health RePORTER database for grants awarded in 2014. Funding totals, mechanisms, and institutes were calculated. Abstracts were categorized by research type and field of interest. Characteristics of National Institutes of Health-funded principal investigators were elucidated. Eight hundred sixty-one academic plastic surgeons at 94 programs were queried, and only 18 investigators (2.1 percent) were funded at 12 programs (12.8 percent). National Institutes of Health-funded investigators were predominately male (72 percent), fellowship-trained (61 percent), and aged 49.3 ± 7.8 years. A total of 20 awards amounted to $6,916,886, with an average award of $345,844 ± $222,909. Costs were primarily awarded through the R01 mechanism (77.2 percent). The top three National Institutes of Health institutes awarded 72.9 percent of the entire portfolio. Funding supported clinical (41.1 percent), translational (36.9 percent), and basic science (22.0 percent) research. Craniofacial (20.5 percent), hand (18.7 percent), and breast (16.2 percent) had the greatest funding. Few programs and faculty drive the National Institutes of Health portfolio of plastic surgery research. These data suggest a tenuous funding situation that may be susceptible to future spending cuts. Future research is needed to identify barriers to National Institutes of Health funding procurement in academic plastic surgery.

76 FR 64882 - Inquiry Into Disbursement Process for the Universal Service Fund Low Income Program

Science.gov (United States)

2011-10-19

...] Inquiry Into Disbursement Process for the Universal Service Fund Low Income Program AGENCY: Federal... payments would replace the current administrative process, under which the Universal Service Administrative... Wireline Competition Bureau (WCB) seeks comment on a proposal for disbursing Universal Service Fund low...

New nuclear legislation proposals from the European Commission funds to cover nuclear liabilities

International Nuclear Information System (INIS)

Taylor, Derek M.

2003-01-01

On 30 January 2003, the European Commission adopted two proposals for new Directives in the area of nuclear safety: - a proposal for a Council Directive defining the basic obligations and the general principles on the safety of nuclear installations; - a proposal for a Council Directive on the management of spent nuclear fuel and radioactive waste. The first of these includes a requirement for the setting up of 'decommissioning funds'. However, this is a 'short-hand' title as the funds must cover all nuclear liabilities that remain after the end of operation of a nuclear installation, not just its closure and dismantling. The liabilities that remain following the closure of a nuclear installation need to be managed safely. They also need to be managed over a period that ranges from decades to centuries. It is vitally important that the financial resources for the safe management of these liabilities can be guaranteed over the full period. In the Commission's view, this can be best achieved by establishing a segregated fund that is built up over the operating life of the facility and by placing clear limitations on how the fund may be used. Ideally the segregated fund should be 'external' to the company and managed in such a way to ensure that it retains its value. The funds should not be spent on anything other than their identified purpose. The fund should be sufficient to cover all liabilities that remain once a facility stops generating revenue. These liabilities would include long-term management of spent nuclear fuel and all radioactive waste (including its disposal), not already paid for during operation, and the full dismantling of the facility. The Directive should cover all nuclear installations, not just nuclear power plants. It would not be logical to require a fund to cover reactor decommissioning, but not for a reprocessing plant. Special provisions will have to be made for those installations, such as some research reactors, that do not generate

Pension funds investments in hedge funds-a necessary regulation

Directory of Open Access Journals (Sweden)

Daniela Gaftoniuc

2010-12-01

Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

Tax Planning by Mutual Funds: Evidence From Changes in the Capital Gains Tax Rate

OpenAIRE

Chen, Feng; Kraft, Arthur; Weiss, Ira

2011-01-01

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund managers have incentives to consider the tax liability of both current and potential investors. Our analysis spans over 44 years and six major tax changes, allowing us to examine the effects of both tax rate...

Surgeon Scientists Are Disproportionately Affected by Declining NIH Funding Rates.

Science.gov (United States)

Narahari, Adishesh K; Mehaffey, J Hunter; Hawkins, Robert B; Charles, Eric J; Baderdinni, Pranav K; Chandrabhatla, Anirudha S; Kocan, Joseph W; Jones, R Scott; Upchurch, Gilbert R; Kron, Irving L; Kern, John A; Ailawadi, Gorav

2018-04-01

Obtaining National Institutes of Health (NIH) funding over the last 10 years has become increasingly difficult due to a decrease in the number of research grants funded and an increase in the number of NIH applications. National Institutes of Health funding amounts and success rates were compared for all disciplines using data from NIH, Federation of American Societies for Experimental Biology (FASEB), and Blue Ridge Medical Institute. Next, all NIH grants (2006 to 2016) with surgeons as principal investigators were identified using the National Institutes of Health Research Portfolio Online Reporting Tools Expenditures and Results (NIH RePORTER), and a grant impact score was calculated for each grant based on the publication's impact factor per funding amount. Linear regression and one-way ANOVA were used for analysis. The number of NIH grant applications has increased by 18.7% (p = 0.0009), while the numbers of funded grants (p rate of funded grants with surgeons as principal investigators (16.4%) has been significantly lower than the mean NIH funding rate (19.2%) (p = 0.011). Despite receiving only 831 R01s during this time period, surgeon scientists were highly productive, with an average grant impact score of 4.9 per $100,000, which increased over the last 10 years (0.15 ± 0.05/year, p = 0.02). Additionally, the rate of conversion of surgeon scientist-mentored K awards to R01s from 2007 to 2012 was 46%. Despite declining funding over the last 10 years, surgeon scientists have demonstrated increasing productivity as measured by impactful publications and higher success rates in converting early investigator awards to R01s. Copyright © 2018 American College of Surgeons. Published by Elsevier Inc. All rights reserved.

Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds.

OpenAIRE

Othman, J.; Asutay, M.; Jamailan, N.

2018-01-01

Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approach: By using panel data, the sample of Malaysian domestic managed equity funds are considered comprised of 20 individual funds from IEF a...

Nuclear Science: a survey of funding, facilities, and manpower

International Nuclear Information System (INIS)

1975-01-01

In 1973 the Committee on Nuclear Science of the National Research Council initiated a re-examination of aspects (funding, manpower, and facilities) of the organization and operation of nuclear science research in order to evaluate any changes in the preceding four years and implications of such changes. The reports of the three ad hoc panels established for this purpose (funding and level of effort, nuclear facilities, manpower and education) are presented. Although they identify current problems in nuclear science, these reports do not provide simple solutions; rather, they attempt to provide updated information for use as background for continuing decisions

INVESTMENT FUNDS IN ROMANIA

Directory of Open Access Journals (Sweden)

COPIL CRINA ANGELA

2013-07-01

Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

Are fund of hedge fund returns asymmetric?

OpenAIRE

Lynch, Margaret; Hutson, Elaine; Stevenson, Max

2004-01-01

We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

THE IMPACT OF THE EUROPEAN REGIONAL DEVELOPMENT FUND ON SMES – EVIDENCE FROM ROMANIA

Directory of Open Access Journals (Sweden)

Ciocoiu Cristina-Elena

2015-07-01

Full Text Available As the first programming period for Romania is reaching its end, more information becomes available regarding the effects of the European Union funds on the Romanian economy. Going beyond the mathematical absorption rate, it is important to analyse these effects, especially with regard to the small and medium-sized enterprises (SMEs, in order to improve the future implementation documents for 2014-2020. The purpose of this article is to measure the impact of the European Regional Development Fund (ERDF, granted within one of the 2007-2013 operational programmes, on the net turnover, number of staff and gross profit of the small and medium-sized enterprises from one Romanian county – Iasi. Overcoming the difficulties of gathering reliable data, the empirical research presented in this article tests three hypotheses. The first one is that the EU funding provided to an SME leads to an increase in its net turnover, number of staff and gross profit. The second hypothesis is that there is a direct relationship between the amount of the grant given to an SME and the evolution of the three previously mentioned parameters. The third and last tested hypothesis is that the SMEs that implemented more than one EU-funded project have a better evolution than the ones that implemented only one. The conclusions of our study include recommendations for the implementation guides that are currently being drafted by the responsible national authorities. They also include suggestions with regard to the availability of data concerning the EU-funded projects, especially in the context of the new requirements of the European Union regarding e-cohesion and information and communication. In this context, we also explore the potential benefits of implementing projects that complement each other instead of independent projects. As such, the research presented in this article aims to contribute to a better understanding of the impact of the EU regional development policy

Interface modulated currents in periodically proton exchanged Mg doped lithium niobate

Energy Technology Data Exchange (ETDEWEB)

Neumayer, Sabine M.; Rodriguez, Brian J., E-mail: brian.rodriguez@ucd.ie, E-mail: gallo@kth.se [School of Physics, University College Dublin, Belfield, Dublin 4 (Ireland); Conway Institute of Biomolecular and Biomedical Research, University College Dublin, Belfield, Dublin 4 (Ireland); Manzo, Michele; Gallo, Katia, E-mail: brian.rodriguez@ucd.ie, E-mail: gallo@kth.se [Department of Applied Physics, KTH-Royal Institute of Technology, Roslagstullbacken 21, 10691 Stockholm (Sweden); Kholkin, Andrei L. [Department of Physics and CICECO-Aveiro Institute of Materials, 3810-193 Aveiro, Portugal and Institute of Natural Sciences, Ural Federal University, 620000 Ekaterinburg (Russian Federation)

2016-03-21

Conductivity in Mg doped lithium niobate (Mg:LN) plays a key role in the reduction of photorefraction and is therefore widely exploited in optical devices. However, charge transport through Mg:LN and across interfaces such as electrodes also yields potential electronic applications in devices with switchable conductivity states. Furthermore, the introduction of proton exchanged (PE) phases in Mg:LN enhances ionic conductivity, thus providing tailorability of conduction mechanisms and functionality dependent on sample composition. To facilitate the construction and design of such multifunctional electronic devices based on periodically PE Mg:LN or similar ferroelectric semiconductors, fundamental understanding of charge transport in these materials, as well as the impact of internal and external interfaces, is essential. In order to gain insight into polarization and interface dependent conductivity due to band bending, UV illumination, and chemical reactivity, wedge shaped samples consisting of polar oriented Mg:LN and PE phases were investigated using conductive atomic force microscopy. In Mg:LN, three conductivity states (on/off/transient) were observed under UV illumination, controllable by the polarity of the sample and the externally applied electric field. Measurements of currents originating from electrochemical reactions at the metal electrode–PE phase interfaces demonstrate a memresistive and rectifying capability of the PE phase. Furthermore, internal interfaces such as domain walls and Mg:LN–PE phase boundaries were found to play a major role in the accumulation of charge carriers due to polarization gradients, which can lead to increased currents. The insight gained from these findings yield the potential for multifunctional applications such as switchable UV sensitive micro- and nanoelectronic devices and bistable memristors.

PERFORMANCE PERSISTENCE OF TURKISH A AND B TYPE MUTUAL FUNDS: THE PARAMETRIC AND NONPARAMETRIC APPROACH

Directory of Open Access Journals (Sweden)

VELİ AKEL

2013-06-01

Full Text Available In this study, single index models are applied to a free survivorship bias database of 51 A and 51 B Types Turkish mutual funds using monthly returns over 5 years from 2000 to 2004. Then, it has been investigated whether mutual fund managers have market timing ability. Turkish Institutional Investment Managers’ Association A and B Type Fund Indexes are firstly used as benchmark portfolios. The challenging question is whether Turkish mutual funds have performance persistency over the short and long term or not. This study uses both parametric and non-parametric techniques to examine performance persistence. The overall conclusion is that Type A mutual funds managers do not have stock selection and market timing ability. However, Type B mutual funds managers do have stock selection ability. Type A mutual funds show evidence of relative and absolute persistence in the short term while Type B mutual funds show significant results of relative and absolute persistence in both of the terms. Although there are various results in performance persistence of mutual funds, the repeat winner phenomenon is stronger over shorter periods of evaluation. Consequently, it seems that Turkish mutual funds have performance persistency at least for the short term.

The importance of a project level risk management methodology for EU Structural and Investment Funds accession in Romania

Directory of Open Access Journals (Sweden)

Nicolae Ciprian

2017-07-01

Full Text Available Accessing EU funds is considered to be an important development chance for all type of beneficiaries in Romania: public bodies, nongovernmental organizations and firms. The grounds for this are the amount of funds available per beneficiary and the co financing rate (for example, the investment projects for firms amounted up to 5 million Euro of EU funding at a EU co financing rate up to 70%. As the Romanian responsible authorities strive to conduct a fast and smooth process, the reality shows the funds accession is rather unpredictable and costly, both in terms of time consumption and financial resources. Lots of causes contribute to this situation, amongst which the inefficient risk management conducted, both by the state authorities responsible with the EU funds management and by the beneficiaries of funds. The effects are visible: a poor absorption rate of the EU structural and cohesion funds (79,23% at the level of January 2017 for the 2007-2013 financial period. The authors' research follows the importance that risk management should have in the process of managing and accessing EU funds. The research methodology starts from the responses that 170 people involved in managing EU funded projects within 2007-2013 financial period gave to an online questionnaire carried on in 2016. The focus was to establish if and how risk management methodologies/procedures/guidelines were used within the implementation of projects and in what measure this kind of approach should be compulsory or optional for the financial period 2014-2020. The research methodology further implied the analysis of key issues for projects financing such as: feasibility and opportunity determination, budgeting, projects' evaluation, etc. The main finding of the research is that applicants and beneficiaries need to implement project level risk management methodologies. Based on this, the authors propose a guideline for drafting project level risk management methodologies, that

Geroscience: Addressing the mismatch between its exciting research opportunities, its economic imperative and its current funding crisis.

Science.gov (United States)

Martin, George M

2017-08-01

There is at present a huge disconnect between levels of funding for basic research on fundamental mechanisms of biological aging and, given demographic projections, the anticipated enormous social and economic impacts of a litany of chronic diseases for which aging is by far the major risk factor: One valuable approach, recently instigated by Felipe Sierra & colleagues at the US National Institute on Aging, is the development of a Geroscience Interest Group among virtually all of the NIH institutes. A complementary approach would be to seek major escalations of private funding. The American Federation for Aging Research, the Paul Glenn Foundation and the Ellison Medical Foundation pioneered efforts by the private sector to provide substantial supplements to public sources of funding. It is time for our community to organize efforts towards the enhancements of such crucial contributions, especially in support of the emerging generation of young investigators, many of whom are leaving our ranks to seek alternative employment. To do so, we must provide potential donors with strong economic, humanitarian and scientific rationales. An initial approach to such efforts is briefly outlined in this manuscript as a basis for wider discussions within our community. Copyright © 2016 Elsevier Inc. All rights reserved.

The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System

OpenAIRE

Petr Kupčík; Pavel Gottwald

2016-01-01

This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerl...

Risk management, financial evaluation and funding for wastewater and stormwater reuse projects.

Science.gov (United States)

Furlong, Casey; De Silva, Saman; Gan, Kein; Guthrie, Lachlan; Considine, Robert

2017-04-15

This paper has considered risk management, financial evaluation and funding in seven Australian wastewater and stormwater reuse projects. From the investigated case studies it can be seen that responsible parties have generally been well equipped to identify potential risks. In relation to financial evaluation methods some serious discrepancies, such as time periods for analysis, and how stormwater benefits are valued, have been identified. Most of the projects have required external, often National Government, funding to proceed. As National funding is likely to become less common in the future, future reuse projects may need to be funded internally by the water industry. In order to enable this the authors propose that the industry requires (1) a standard project evaluation process, and (2) an infrastructure funders' forum (or committee) with representation from both utilities and regulators, in order to compare and prioritise future reuse projects against each other. Copyright © 2017 Elsevier Ltd. All rights reserved.

77 FR 33949 - Statement of Policy Regarding the Conformance Period for Entities Engaged in Prohibited...

Science.gov (United States)

2012-06-08

... company supervised by the Board \\3\\ that engages in proprietary trading and has certain interests in, or... capital requirements, quantitative limits, or other restrictions on nonbank financial companies pursuant... Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund or Hedge Fund...

ELECTIONS PENSION FUND

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

Analysis of the mutual funds and pension funds in Spain: evolution and performance

Directory of Open Access Journals (Sweden)

Mercedes Alda García

2012-06-01

Full Text Available Mutual funds and pension funds are the most important investment products in Spain. Nonetheless, it should not be confused with each other, or take them as equivalent; since the latter have also the characteristic of a long-term savings product, in order to obtain additional funds for retirement. These differences may influence the investor when deciding on one of these instruments, but also the manager, developing different management strategies.Therefore, on this paper we examine the main magnitudes of both markets in Spain. Moreover, we analyze the performance of two Spanish fund samples (one with global equity mutual funds and another with global equity pension funds with the purpose of showing if their performance is efficient, and if there are differences on their management.

Characteristics of funding of clinical trials: cross-sectional survey and proposed guidance.

Science.gov (United States)

Hakoum, Maram B; Jouni, Nahla; Abou-Jaoude, Eliane A; Hasbani, Divina Justina; Abou-Jaoude, Elias A; Lopes, Luciane Cruz; Khaldieh, Mariam; Hammoud, Mira Zein; Al-Gibbawi, Mounir; Anouti, Sirine; Guyatt, Gordon; Akl, Elie A

2017-10-05

To provide a detailed and current characterisation of funding of a representative sample clinical trials. We also aimed to develop guidance for standardised reporting of funding information. We addressed the extent to which clinical trials published in 2015 in any of the 119 Core Clinical Journals included a statement on the funding source (eg, whether a not-for-profit organisation was supported by a private-for-profit organisation), type of funding, amount and role of funder. We used a stepwise approach to develop a guidance and an instrument for standardised reporting of funding information. Of 200 trials, 178 (89%) included a funding statement, of which 171 (96%) reported being funded. Funding statements in the 171 funded trials indicated the source in 100%, amount in 1% and roles of funders in 50%. The most frequent sources were governmental (58%) and private-for-profit (40%). Of 54 funding statements in which the source was a not-for-profit organisation, we found evidence of undisclosed support of those from private-for-profit organisation(s) in 26 (48%). The most frequently reported roles of funders in the 171 funded trials related to study design (42%) and data analysis, interpretation or management (41%). Of 139 randomised controlled trials (RCTs) addressing pharmacological or surgical interventions, 29 (21%) reported information on the supplier of the medication or device. The proposed guidance addresses both the funding information that RCTs should report and the reporting process. Attached to the guidance is a fillable PDF document for use as an instrument for standardised reporting of funding information. Although the majority of RCTs report funding, there is considerable variability in the reporting of funding source, amount and roles of funders. A standardised approach to reporting of funding information would address these limitations. Future research should explore the implications of funding by not-for-profit organisations that are supported by for

Reforming funding for chronic illness: Medicare-CDM.

Science.gov (United States)

Swerissen, Hal; Taylor, Michael J

2008-02-01

Chronic diseases are a major challenge for the Australian health care system in terms of both the provision of quality care and expenditure, and these challenges will only increase in the future. Various programs have been instituted under the Medicare system to provide increased funding for chronic care, but essentially these programs still follow the traditional fee-for-service model. This paper proposes a realignment and extension of current Medicare chronic disease management programs into a framework that provides general practitioners and other health professionals with the necessary "tools" for high quality care planning and ongoing management, and incorporating international models of outcome-linked funding. The integration of social support services with the Medicare system is also a necessary step in providing high quality care for patients with complex needs requiring additional support.

The persistence of risk levels of general equity funds in an emerging market economy

Directory of Open Access Journals (Sweden)

Rousseau Lötter

2013-10-01

Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

The persistence of risk levels of general equity funds in an emerging market economy

Directory of Open Access Journals (Sweden)

Rousseau Lötter

2013-12-01

Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

Period-doubling bifurcation cascade observed in a ferromagnetic nanoparticle under the action of a spin-polarized current

Energy Technology Data Exchange (ETDEWEB)

Horley, Paul P., E-mail: paul.horley@cimav.edu.mx [Centro de Investigación en Materiales Avanzados, S.C. (CIMAV), Chihuahua/Monterrey, 120 Avenida Miguel de Cervantes, 31109 Chihuahua (Mexico); Kushnir, Mykola Ya. [Yuri Fedkovych Chernivtsi National University, 2 Kotsyubynsky str., 58012 Chernivtsi (Ukraine); Morales-Meza, Mishel [Centro de Investigación en Materiales Avanzados, S.C. (CIMAV), Chihuahua/Monterrey, 120 Avenida Miguel de Cervantes, 31109 Chihuahua (Mexico); Sukhov, Alexander [Institut für Physik, Martin-Luther Universität Halle-Wittenberg, 06120 Halle (Saale) (Germany); Rusyn, Volodymyr [Yuri Fedkovych Chernivtsi National University, 2 Kotsyubynsky str., 58012 Chernivtsi (Ukraine)

2016-04-01

We report on complex magnetization dynamics in a forced spin valve oscillator subjected to a varying magnetic field and a constant spin-polarized current. The transition from periodic to chaotic magnetic motion was illustrated with bifurcation diagrams and Hausdorff dimension – the methods developed for dissipative self-organizing systems. It was shown that bifurcation cascades can be obtained either by tuning the injected spin-polarized current or by changing the magnitude of applied magnetic field. The order–chaos transition in magnetization dynamics can be also directly observed from the hysteresis curves. The resulting complex oscillations are useful for development of spin-valve devices operating in harmonic and chaotic modes.

The development of funding policies for hospices: is casemix-based funding an option?

Science.gov (United States)

Carter, H; MacLeod, R; Hicks, E; Carter, J

1999-06-25

The 1993 health reforms, with their emphasis on the purchasing of defined amounts or units of service, have led to the implementation of casemix-based funding for the acute medical and surgical services of the public hospitals. Despite growing interest in New Zealand in casemix-based funding for non-acute services such as palliative care, the nature of this service and the characteristics of its patient population pose particular difficulties for the development and implementation of casemix. This paper examines the feasibility of implementing casemix-based funding for hospice/palliative care services and discusses the development of casemix classification systems for palliative care. Problems associated with implementing casemix-based funding are considered including: the dual funding of hospices, the multi-agency nature of palliative care service provision and the need for the Health Funding Authority to identify and specify the hospice services it is willing to fund. While it is concluded that these problems will impede the introduction of casemix-based funding of hospice care, they highlight important issues that the hospice movement must address if it is to ensure its future within the new health environment.

Exploring shifts in the characteristics of US government-funded science curriculum materials and their (unintended) consequences

NARCIS (Netherlands)

Pareja Roblin, Natalie; Schunn, Christian; Bernstein, Debra; McKenney, Susan

2018-01-01

Grant-funded curriculum development efforts can substantially impact practice and research in science education. Therefore, understanding the sometimes-unintended consequences of changes in grant priorities is crucial. Using the case of two large funding agencies in the United States, the current

Social Costs of the Inefficient Management of the EU Funds for Bulgaria

OpenAIRE

Nozharov, Shteryo

2016-01-01

The study identifies and defines the social costs of the inefficient management of EU funds for Bulgaria. It is analyzed the last due programme period (2007-2015) and its prolongation. As methodology of the research the V4 BM model of Al-Debei and Avison (2010) which has not been used for analysis of EU funds management for cohesion policy in the public sector, is applied. In this way its potential for application in this field is tested. The concept of the study could be successfully used fo...

PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

COMBINATIONS OF BUFFER-STOCKS AND BUFFER-FUNDS FOR WOOL PRICE STABILISATION IN AUSTRALIA

OpenAIRE

Moir, Brian; Piggott, Roley R.

1991-01-01

In this paper a preliminary analysis is presented of a combined buffer-fund and buffer-stock as an alternative to a pure buffer-fund or a pure buffer stock for stabilising wool prices. The alternatives analysed are designed so that each provides the same prices to producers as did the Reserve Price Scheme over the period of analysis. Least-cost combinations of policy instruments are derived. The results show that there is considerable potential for cost savings to be made by combining buffer-...

NATIONAL EVALUATION OF THE WEATHERIZATION ASSISTANCE PROGRAM DURING THE ARRA PERIOD: PROGRAM YEARS 2009-2011

Energy Technology Data Exchange (ETDEWEB)

Tonn, Bruce Edward [ORNL; Rose, Erin M [ORNL; Schmoyer, Richard L [ORNL; Eisenberg, Joel Fred [ORNL; Ternes, Mark P [ORNL; Schweitzer, Martin [ORNL; Hendrick, Timothy P [ORNL

2012-08-01

This report describes the third major evaluation of the Program, encompassing program years 2009 to 2011. In this report, this period of time is referred to as the ARRA Period. This is a special period of time for the Program because the American Recovery and Reinvestment Act (ARRA) of 2009 has allocated $5 billion of funding for the Program. In normal program years, WAP s annual appropriation is in the range of $200-250 million, supporting the weatherization of approximately 100,000 homes. With the addition of ARRA funding during these program years, the expectation is that weatherization activity will exceed 300,000 homes per year. In addition to saving energy and reducing low-income energy bills, expanded WAP funding is expected to stimulate the economy by providing new jobs in the weatherization field and allowing low-income households to spend more money on goods and services by spending less on energy.

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board held its hundred-and-tenth and hundred-and-eleventh meetings on 3 September and 2 October respectively. At the first of these meetings, the Governing Board first heard a report presented by B. Strange and F.-X. Douin of JPMorgan Fleming Asset Management on currency overlay. This system has been in operation since 1997 and has fully achieved its objective of allowing the Fund to diversify its investment positions outside Switzerland while reducing portfolio risk. Although the implementation of this currency overlay policy has resulted in substantial disbursements in the first few years, cashflow over the whole period and especially since the weakening of the dollar has been positive. The Governing Board, on the basis of a proposal by the Investment Committee, will have to take a decision on the average level of overlay to be maintained for the Fund's assets. The ordinary meeting held on the afternoon of the same day was mainly devoted to the examination of a number of technical amendments t...

Financial Literacy and Mutual Fund Investments : Who Buys Actively Managed Funds?

OpenAIRE

Müller, Sebastian; Weber, Martin

2008-01-01

Previous research indicates that lacking financial sophistication among private investors might be important in explaining the strong growth in active management over the past. Based on questionnaire data with more than 3,000 mutual fund customers, we therefore construct an objective financial literacy score and analyze the relationship between financial literacy and mutual fund investment behavior. While sophisticated investors are indeed more aware of passive, low cost fund alternatives lik...

Early stage fuel cell funding

International Nuclear Information System (INIS)

Bergeron, C.

2004-01-01

'Full text:' Early stage venture funding requires an in depth understanding of both current and future markets as well as the key technical hurdles that need to be overcome for new technology to commercialize into successful products for mass markets. As the leading fuel cell and hydrogen investor, Chrysalix continuously reviews global trends and new technologies, evaluates them with industry leaders worldwide and tries to match them up with the best possible management teams when selecting its early stage investments. Chrysalix Energy Limited Partnership is an early-stage venture capital firm focusing on fuel cell and related fueling technology companies and is a private equity joint venture between Ballard Power Systems, BASF Venture Capital, The BOC Group, The Boeing Company, Duke Energy, Mitsubishi Corporation and Shell Hydrogen. Operating independently, Chrysalix offers a unique value proposition to its clients throughout the business planning, start-up and operations phases of development. Chrysalix provides early-stage funding to new companies as well as management assistance, technological knowledge, organized networking with industry players and experience in the management of intellectual property. (author)

75 FR 33203 - Funding Formula for Grants to States

Science.gov (United States)

2010-06-11

... as Social Security numbers, birth dates, and medical data. Docket: To read or download submissions or... with severe disabilities, the proportion of older veterans, or the proportion of economically... A hold-harmless rate of 90 percent of the prior year's funding is the level currently established to...

Funding begets biodiversity

DEFF Research Database (Denmark)

Ahrends, Antje; Burgess, Neil David; Gereau, Roy E.

2011-01-01

Aim Effective conservation of biodiversity relies on an unbiased knowledge of its distribution. Conservation priority assessments are typically based on the levels of species richness, endemism and threat. Areas identified as important receive the majority of conservation investments, often...... facilitating further research that results in more species discoveries. Here, we test whether there is circularity between funding and perceived biodiversity, which may reinforce the conservation status of areas already perceived to be important while other areas with less initial funding may remain overlooked......, and variances decomposed in partial regressions. Cross-correlations are used to assess whether perceived biodiversity drives funding or vice versa. Results Funding explained 65% of variation in perceived biodiversity patterns – six times more variation than accounted for by 34 candidate environmental factors...

Regulating hedge funds.

OpenAIRE

Daníelsson, J.; Zigrand, JP.

2007-01-01

Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

The Measurement of the Sensory Recovery Period in Zygoma and Blow-Out Fractures with Neurometer Current Perception Threshold.

Science.gov (United States)

Oh, Daemyung; Yun, Taebin; Kim, Junhyung; Choi, Jaehoon; Jeong, Woonhyeok; Chu, Hojun; Lee, Soyoung

2016-09-01

Facial hypoesthesia is one of the most troublesome complaints in the management of facial bone fractures. However, there is a lack of literature on facial sensory recovery after facial trauma. The purpose of this study was to evaluate the facial sensory recovery period for facial bone fractures using Neurometer. Sixty-three patients who underwent open reduction of zygomatic and blowout fractures between December 2013 and July 2015 were included in the study. The facial sensory status of the patients was repeatedly examined preoperatively and postoperatively by Neurometer current perception threshold (CPT) until the results were normalized. Among the 63 subjects, 30 patients had normal Neurometer results preoperatively and postoperatively. According to fracture types, 17 patients with blowout fracture had a median recovery period of 0.25 months. Twelve patients with zygomatic fracture had a median recovery period of 1.00 month. Four patients with both fracture types had a median recovery period of 0.625 months. The median recovery period of all 33 patients was 0.25 months. There was no statistically significant difference in the sensory recovery period between types and subgroups of zygomatic and blowout fractures. In addition, there was no statistically significant difference in the sensory recovery period according to Neurometer results and the patients' own subjective reports. Neurometer CPT is effective for evaluating and comparing preoperative and postoperative facial sensory status and evaluating the sensory recovery period in facial bone fracture patients.

Health research funding in Mexico: the need for a long-term agenda.

Directory of Open Access Journals (Sweden)

Eduardo Martínez-Martínez

Full Text Available BACKGROUND: The legal framework and funding mechanisms of the national health research system were recently reformed in Mexico. A study of the resource allocation for health research is still missing. We identified the health research areas funded by the National Council on Science and Technology (CONACYT and examined whether research funding has been aligned to national health problems. METHODS AND FINDINGS: We collected the information to create a database of research grant projects supported through the three main Sectoral Funds managed by CONACYT between 2003 and 2010. The health-related projects were identified and classified according to their methodological approach and research objective. A correlation analysis was carried out to evaluate the association between disease-specific funding and two indicators of disease burden. From 2003 to 2010, research grant funding increased by 32% at a compound annual growth rate of 3.5%. By research objective, the budget fluctuated annually resulting in modest increments or even decrements during the period under analysis. The basic science category received the largest share of funding (29% while the less funded category was violence and accidents (1.4%. The number of deaths (ρ = 0.51; P<0.001 and disability-adjusted life years (DALYs; ρ = 0.33; P = 0.004 were weakly correlated with the funding for health research. Considering the two indicators, poisonings and infectious and parasitic diseases were among the most overfunded conditions. In contrast, congenital anomalies, road traffic accidents, cerebrovascular disease, and chronic obstructive pulmonary disease were the most underfunded conditions. CONCLUSIONS: Although the health research funding has grown since the creation of CONACYT sectoral funds, the financial effort is still low in comparison to other Latin American countries with similar development. Furthermore, the great diversity of the funded topics compromises the efficacy of the

Early response to sibutramine in patients not meeting current label criteria: preliminary analysis of SCOUT lead-in period

DEFF Research Database (Denmark)

Caterson, Ian; Coutinho, Walmir; Finer, Nick

2010-01-01

The Sibutramine Cardiovascular Outcomes (SCOUT) trial protocol defines a patient population predominantly outside current European Union label criteria. This article explores responses to sibutramine during the 6-week, single-blind, lead-in period between patients who conformed to the label...... requirements ("conformers") and those who did not ("nonconformers"). SCOUT is an ongoing, randomized, double-blind, placebo-controlled outcome trial in overweight/obese patients at high risk of a cardiovascular event. In total, 10,742 patients received sibutramine and weight management during the lead...... with sibutramine confirms its good tolerability and efficacy in patients who meet current label criteria. Preliminary data from high-risk patients for whom sibutramine is currently contraindicated suggest a low discontinuation rate and few serious adverse events but confirmation from the SCOUT outcome data...

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio – often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio { often referred to as a `flight-to-liquidity.' In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Analysis of National Institutes of Health Funding in Hand Surgery.

Science.gov (United States)

Silvestre, Jason; Ruan, Qing Z; Chang, Benjamin

2018-01-01

Federal research dollars help investigators develop biomedical therapies for human diseases. Currently, the state of funding in hand surgery is poorly understood. This study defines the portfolio of National Institutes of Health (NIH) grants awarded in hand surgery. This was a cross-sectional study of hand surgeons in the US. Faculty members of accredited hand surgery fellowships and/or members of the American Society for Surgery of the Hand were queried in the NIH RePORT database for awards obtained during 2005-2015. Of 2317 hand surgeons queried, only 18 obtained an NIH grant (0.8%). Thirty-eight unique grants were identified totaling $42 197 375. R01 awards comprised the majority of funding (78.0%) while K08 awards accounted for 1.1%. The K-to-R transition rate was zero. The National Institute of Arthritis and Musculoskeletal and Skin Disease supported the most funding (65.2%), followed by the National Institute of Neurological Disorders and Stroke (30.8%). There was no statistically significant difference in NIH funding totals with hand surgeon characteristics. Funding supported translational (46.0%), basic science (29.6%), clinical (21.0%), and education-based (3.4%) research. Peripheral nerve (33.3%) and bone and joint disease (30.1%) received the most research funding. Less than 1% of hand surgeons obtain NIH research grants. Of the 2 identified K08 awards, none led to a subsequent R award. Future research should identify barriers to grant procurement to design effective policies to increase NIH funding in hand surgery.

What justifies the United States ban on federal funding for nonreproductive cloning?

Science.gov (United States)

Cunningham, Thomas V

2013-11-01

This paper explores how current United States policies for funding nonreproductive cloning are justified and argues against that justification. I show that a common conceptual framework underlies the national prohibition on the use of public funds for cloning research, which I call the simple argument. This argument rests on two premises: that research harming human embryos is unethical and that embryos produced via fertilization are identical to those produced via cloning. In response to the simple argument, I challenge the latter premise. I demonstrate there are important ontological differences between human embryos (produced via fertilization) and clone embryos (produced via cloning). After considering the implications my argument has for the morality of publicly funding cloning for potential therapeutic purposes and potential responses to my position, I conclude that such funding is not only ethically permissible, but also humane national policy.

Public lending to private hedge funds is inefficient, unstable, unconstitutional and unanimously disagreeable

Directory of Open Access Journals (Sweden)

Sankarshan Acharya

2016-06-01

Full Text Available Public funds include federally insured deposits held under the custody of private banks, central bank loans and taxpayer funds. The principal finding of this paper is that lending such public funds through a private banking system to private hedge funds allied with the banks is inefficient, unstable, fundamentally unfair (unconstitutional and unanimously disagreeable. This finding is akin to the unanimously agreeable safe central banking policy (Acharya, 1991-2016 which, in dynamic general equilibrium, (a eliminates federal guarantee of bank deposits, (b offers every business enterprise and household an option to keep in the central bank any part of its deposits it wants to be held absolutely safely, (c completely deregulates all private banks without any privilege to rob public or private wealth like too-big-to-fail or too-big-to-be-jailed status or the power of market making and clearing. Safe central banking is the only way to make private banks responsible to hold sufficient capital to attract uninsured private deposits like the trading houses currently do. The private banks will then have complete freedom to lend their uninsured deposits to private hedge funds. The Volker Rule (NYT, January 30, 2010, incorporated in the Dodd-Frank Act of 2010, is an infeasible and unworkable band-aid for the moral-hazard driven systemic robbery of wealth creators wrought by the government-ordained private banking custody of public funds. The established systemic moral-hazard problem can be efficiently and constitutionally resolved only through unanimously agreeable safe central banking. Current proposals on overhauling of Fannie and Freddie made by various pundits of systemic robbery amount to a gargantuan amount of public lending to private hedge funds and, hence, inefficient, unstable, unconstitutional and unanimously disagreeable.

Challenges of public procurement in EU funded projects

Directory of Open Access Journals (Sweden)

Marko Šostar

2017-01-01

Full Text Available Membership in the European Union implies adjustment of EU projects to the rules of Structural Funds, but also adoption of legal regulations, thus influencing the process of implementation of the public procurement in EU funded projects. Each successful applicant who expressed the need for procurement of goods, services and works of a certain value, must respect the principles of public procurement. Irregularities in the procurement process can lead to the failure of returning the EU funds even several years after the end of the project. Therefore, the knowledge and proper implementation of public procurement is the main precondition for the correct implementation of each project. In order to obtain information about the current absorption capacity of the public procurement liable parties, and to identify key obstacles that stakeholders face in procurement procedures, the research was conducted by surveying 30 entities that are subject of public procurement in Croatia. Research results imply the poor quality of public procurement in the implemented projects, which often results in financial corrections, disapproving project reports, etc.

Governing Board of the Pension Fund

CERN Multimedia

2004-01-01

At its one-hundred-and-twenty-fifth meeting on 1st June 2004, the Governing Board of the Pension Fund heard a report by J.-P. Matheys, Chairman of the working group responsible for examining the consequences of the death of a beneficiary of a deferred pension and of changes to the composition of a beneficiary's family, on the group's second meeting which had taken place that morning. The group had concluded that the Pension Fund Rules and Regulations clearly established the right of a surviving spouse to a pension in the event of the death of a beneficiary of a deferred pension. In such a case, entitlement to a surviving spouse's pension takes effect immediately after the death of the beneficiary and no actuarial reduction is applicable. This conclusion, which has been confirmed by the Legal Service, derives clearly and unambiguously from the current Rules and Regulations, which therefore do not require amendment. The Board indicated its formal agreement with this interpretation. Concerning the second subj...

Norwegian mutual fund performance based on Fama and French´s five-factor model

OpenAIRE

Mustafa, Daniel Amir; Ali, Mohammad Yousaf

2016-01-01

Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2016 The following paper uses a dataset free of survivorship bias for the period 2002-2011. We investigate whether Norwegian mutual funds possess enough skills to outperform a passive benchmark based on Fama and French’s five-factor model. Our results suggest that the mutual fund industry exhibits significant excess returns on a 10% level in the recent financial crisis. Further, we examine whether the results obtaine...

DEVELOPMENT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SUPPORTING EMERGING MARKETS PRIVATE EQUITY FUNDS

Directory of Open Access Journals (Sweden)

ANTON Sorin Gabriel

2013-12-01

Full Text Available Development financial institutions have emerged in the last years as major investors in the private equity industry. Their main goals are to create new jobs, to foster innovation and to develop the private sector. The aim of the paper is to analyze the role played by the development financial institutions in the creation and development of emerging markets private equity funds in the light of financial crisis started in 2008. We found that many development banks have increased their financial support to the emerging markets private equity funds and have improved the standards and norms of the local industry. They played a countercyclical role during a difficult period when private investors proved reluctant in backing new private equity funds.

The united fund of materials about Chernobyl-related issues

International Nuclear Information System (INIS)

Bashilov, A. V.; Borisevich, N.Ya.; Sobolev, O.V.

2013-01-01

The United Fund of materials about Chernobyl-related issues was created in Russian-Belarusian Information Center on the Problems of the Consequences of the Catastrophe at Chernobyl NPP branch RSRUE 'Institute of Radiology' Ministry for Emergency Situations of the Republic of Belarus. It contains accumulated during the post-Chernobyl period systematized maps, scientific and practical, educational, documentary, journalistic, artistic, photographic and other information. (authors)

Accelerating physician workforce transformation through competitive graduate medical education funding.

Science.gov (United States)

Goodman, David C; Robertson, Russell G

2013-11-01

Graduate medical education (GME) has fallen short in training physicians to meet changes in the US population and health care delivery systems. The shortfall in training has happened despite a consensus on the need for accelerated change. This article discusses the varied causes of GME inertia and proposes a new funding mechanism coupled to a competitive peer-review process. The result would be to reward GME programs that are aligned with publicly set priorities for specialty numbers and training content. New teaching organizations and residency programs would compete on an equal footing with existing ones. Over a decade, all current programs would undergo peer review, with low review scores leading to partial, but meaningful, decreases in funding. This process would incentivize incremental and continual change in GME and would provide a mechanism for funding innovative training through special requests for proposals.

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

What Are the Alternatives to Student Loans in Higher Education Funding?

Science.gov (United States)

Stokes, Anthony; Wright, Sarah

2010-01-01

In a period of student loan scandals and U.S. financial market instability impacting on the cost and availability of student loans, this paper looks at alternative models of higher education funding. In this context, it also considers the level of financial support that the government should provide to higher education.

Performance-Based Funding Brief

Science.gov (United States)

Washington Higher Education Coordinating Board, 2011

2011-01-01

A number of states have made progress in implementing performance-based funding (PFB) and accountability. This policy brief summarizes main features of performance-based funding systems in three states: Tennessee, Ohio, and Indiana. The brief also identifies key issues that states considering performance-based funding must address, as well as…

The Adoption of Open Access Funds Among Canadian Academic Research Libraries, 2008-2012

Directory of Open Access Journals (Sweden)

Crystal Hampson

2014-11-01

Full Text Available As a result of changes in scholarly communication created by the open access movement, some academic libraries established open access (OA publishing funds. OA funds are monies set aside at an institution to fund open access publishing of the results of scholarly research. OA funds are a recent innovation in the type of services offered by academic libraries. Adoption of an innovation can be examined in the light of established theories of innovation adoption among social systems. To examine academic libraries’ responses to OA publishing charges, this article explores the adoption of OA funds among Canadian academic research libraries from 2008 to 2012 by analyzing results from a series of previously published surveys. The findings are then examined in light of Everett Rogers’ Innovation Diffusion Theory (IDT to consider the question of whether or not OA funds are becoming a standard service in Canadian academic research institutions. Adoption in Canada is briefly compared to that in the United States and United Kingdom. The paper concludes that, as of 2012, OA funds were becoming common but were not a standard service in Canadian academic research libraries and that libraries were actively participating in the development of OA funding models. Given the current Canadian context, the need of researchers for OA publishing support is likely to create pressure for continued adoption of OA funds among Canadian academic research institutions. However, assessment of existing OA funds is needed.

24 CFR 214.311 - Funding.

Science.gov (United States)

2010-04-01

... Internet or other electronic media. (b) Local funding sources. HUD recommends that approved agencies seek and secure funding from funding sources that may include local and state governments, private... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Funding. 214.311 Section 214.311...

Comparative Analysis of Risk, Return and Diversification of Mutual Fund

Directory of Open Access Journals (Sweden)

Rais Ahmad

2015-01-01

Full Text Available Mutual Funds have become a widely popular and effective way for investors to participate in financial markets in an easy, low-cost fashion, while muting risk characteristics by spreading the investment across different types of securities, also known as diversification. It can play a central role in an individual's investment strategy. With the plethora of schemes available in the Indian markets, an investors needs to evaluate and consider various factors before making an investment decision. The present investigation is aimed to examine the performance of safest investment instrument in the security market in the eyes of investors. Five mutual fund large cap scheme have been selected for this purpose. The examination is achieved by assessing various financial tests like Sharpe Ratio, Standard Deviation, Alpha, and Beta. Furthermore, in-depth analysis also has been done by considering return over the period of last five years on various basis, expenses ratio, corpus-size etc. The data has been taken from various websites of mutual fund schemes and from www.valueresearch.com. The study will be helpful for the researchers and financial analysts to analyze various securities or funds while selecting the best investment alternative out of the galaxy of investment alternatives.

Hedge Fund Contagion and Liquidity

OpenAIRE

Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

2008-01-01

Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

Understaning the "funding effect"

Science.gov (United States)

Oreskes, N.

2016-12-01

There is a long history of industry funding of scientific and engineering research in the USA. Much of this work has been of high quality. Research demonstrates, however, that corporate funding can represent a threat to scientific independence and integrity. Studies show that sponsors' interests can affect research results, particularly when sponsors have a strong interest in a particular research outcome. The effects may occur through the impact of subconscious bias on sampling, study design, data interpretation, and/or reporting of results. Corporate funding can also skew research toward investigating certain questions at the expense of others, downplaying the significance of adverse findings, and/or failing to report adverse results. Gifts can affect behavior, even when they are unrelated to research activities. These impacts that are so substantial that they have a name: "the funding effect."[i] Evidence shows that scientists who strive to be objective and fair-minded may nonetheless fall prey to the funding effect. In many cases, the challenges of corporate gifts and funding can be addressed through education and improved self-awareness, agreements that protect researchers' freedom to publish without sponsor approval, sensible disclosure policies, and reasonable sanctions for failures of disclosure. However, in some cases, it may be appropriate for researchers and scientific societies to decline funding.

European Funds – Instrument for Economic Stability/Growth

Directory of Open Access Journals (Sweden)

Anca Simina POPESCU

2014-11-01

Full Text Available The enlargement of European Union has finally brought a growth of public resources designed for regional policy, but also visible disparities between the member states. The objective of a stronger social and economic cohesion, of reduction of differences of social and economic development between the member states and EU regions, as well as the promotion of sustainable development of EU are reached through structural funds, the European financing being designed to serve as lever regarding public investments in associated countries. This work analyses the elements which assure economic stability in Romania, in the last year of programming period 2007-2013, following the crisis which disturbed global economy. The emphasis is laid on non-refundable EU funds allotted for Romania, which were analyzed both from the point of view of approved projects (but whose implementation did not start yet and regarding the contracted projects under way.

A model to compare a defined benefit pension fund with a defined contribution provident fund

Directory of Open Access Journals (Sweden)

J.M. Nevin

2003-12-01

Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

Pension Fund

CERN Multimedia

2004-01-01

Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

Funding Mechanisms, Cost Drivers, and the Distribution of Education Funds in Alberta: A Case Study.

Science.gov (United States)

Neu, Dean; Taylor, Alison

2000-01-01

Critical analysis of historical financial data of the Calgary Board of Education (CBE) examined the impact of Alberta's 1994 funding changes on the CBE and the distribution of Alberta's education funding. Findings illustrate how funding mechanisms are used to govern from a distance and how seemingly neutral accounting/funding techniques function…

Pension fund

CERN Multimedia

Staff Association

2014-01-01

Letter sent on Monday 8 December 2014 to the delegates of the Member States to CERN Council An item on the agenda of the CERN Council of Thursday 11 December concerned the CERN Pension Fund, namely a discussion of a document that proposes how to respond to the many questions concerning pensions that had been submitted by thirteen Member State delegations. That document lists all these questions and proposes, as a first step, to consider the legal feasibility and the actuarial cost to transform our current defined-benefit pension scheme into a defined-contribution scheme. Once again, several delegates show their determination to worsen our pension conditions. The Staff Association’s Pension Commission, in a special meeting on Thursday, 4 December, has decided to send an open letter to the delegates of the CERN Council. In this letter (shown below) the Staff Association and CERN-ESO Pensions’ Association express their opposition to these intentions. We underline, once more, that the 2010...

Sources of funding for community schemes

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-11-01

There is an increasing level of interest amongst community groups in the UK to become involved in the development of renewable energy schemes. Often however these community groups have only limited funds of their own, so any additional funds that can be identified to help fund their renewable energy scheme can be very useful. There are a range of funding sources available that provide grants or loans for which community groups are eligible to apply. Few of these funding sources are targeted towards renewable energy specifically, nevertheless the funds may be applicable to renewable energy schemes under appropriate circumstances. To date, however, few of these funds have been accessed by community groups for renewable energy initiatives. One of the reasons for this low take-up of funds on offer could be that the funding sources may be difficult and time-consuming to identify, especially where the energy component of the fund is not readily apparent. This directory draws together details about many of the principal funding sources available in the UK that may consider providing funds to community groups wanting to develop a renewable energy scheme. (author)

RESEARCH ON PROBLEMS WITH PROJECTS AND PARTNERSHIPS THAT PUBLIC INSTITUTIONS IN THE CENTRE REGION FACED IN ACCESSING EUROPEAN FUNDS

Directory of Open Access Journals (Sweden)

DUMITRASCU DANUT

2012-12-01

solve the identified problems. The qualitative research revealed the existence of some problems faced by institutions in relation to accessing and developing projects that focus on several directions: when filling out the application form, the technical-financial reporting, at the contracting phase of the projects, problems of partners. This article deals with the problems encountered during the projects’ contracting stage and problems caused by partners. The respondents’ answers place the problems of partners on top of the categories of problems that stood in the way of European funds’ beneficiaries. A series of causes that have led to the occurrence of these problems have also been identified. It should be stated that the information obtained from the conducted research supplies, theoretically speaking, the studied field and brings an important contribution not only to possible beneficiaries of European funds, but to the institutions managing European funds in Romania, who have a lot to learn from the experience of the first period of programmes. The authors’ main contribution is to integrate this study into the logical thread of the thesis entitled “Strategic management in European project funding”. Both articles, part of a research in the field of project management are unique and original and meet a current and pressing requirement of the Romanian society.

Risk analytics for hedge funds

Science.gov (United States)

Pareek, Ankur

2005-05-01

The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

Science.gov (United States)

2010-04-01

... EDUCATION UNIFORM DIRECT FUNDING AND SUPPORT FOR BUREAU-OPERATED SCHOOLS § 47.11 Can these funds be used as matching funds for other Federal programs? A Bureau-operated school may use funds that it receives under...

Public Funding of Political Parties

DEFF Research Database (Denmark)

Ortuno-Ortin, Ignacio; Schultz, Christian

This paper concerns public funding of parties. Parteis receive public funds depending on their vote share. Funds finance electoral campaigns. Two cases are investigated. In the first, some voters are policy motivated and some are ?impressionable? ? their vote depends directly on campaign...... expenditures. In the second, campaigning is informative and all voters are policy motivated. Public funds increase policy convergence in both cases. The effect is larger, the more funding depends on vote shares. When campaigns are informative, there may be multiple euqilibria. Intuitively, a large party can...

Optimal distribution of science funding

Science.gov (United States)

Huang, Ding-wei

2018-07-01

We propose a new model to investigate the theoretical implications of a novel funding system. We introduce new parameters to model the accumulated advantage. We assume that all scientists are equal and follow the same regulations. The model presents three distinct regimes. In regime (I), the fluidity of funding is significant. The funding distribution is continuous. The concentration of funding is effectively suppressed. In both regimes (II) and (III), a small group of scientists emerges as a circle of elites. Large funding is acquired by a small number of scientists.

Effects of Alzheimer’s Disease in the Prediagnosis Period on Financial Outcomes

Science.gov (United States)

2017-10-01

diagnosis period ( T2 ) for individuals diagnosed with AD. (Completed) Major Task 3: Construct variables and perform analyses. Anticipated Timeline: Months 5...investigator for a grant funded by the National Cancer Institute to evaluate treatment patterns and health outcomes among women with newly diagnosed ductal...University Massive Data Institute Seed Grant: This project ended in June 2016. • AHRQ funded grant “ Evaluation of ASC Specialization, Costs and Payment

24 CFR 1000.122 - May NAHASDA grant funds be used as matching funds to obtain and leverage funding, including any...

Science.gov (United States)

2010-04-01

... considered an affordable housing activity? 1000.122 Section 1000.122 Housing and Urban Development... Housing Activities § 1000.122 May NAHASDA grant funds be used as matching funds to obtain and leverage...

Evaluation of Portfolio Performance of Turkish Investment Funds = Türk Yatırım Fonlarında Portföy Performanslarının Değerlendirilmesi

Directory of Open Access Journals (Sweden)

Y. Ömer ERZURUMLU

2001-06-01

Full Text Available This article attempts to measure performances of Type A and Type B funds relative to T-Bill rates and ISE-100 index in Turkey over the period of January 1998-June 2000 using Sharpe, Treynor, Jensen, and Graham&Harvey indices. 55 Type A, and 77 Type B Funds were included in the analysis. In order to test whether four different indices make similar ranking, Spearman rank correlation analysis was utilized. Secondly, Wilcoxon Signed-Rank test was applied to test the significance of the differences in Sharpe indices of alternative investment instruments included in the analysis. Analysis revealed that different criteria rank the portfolios similarly. But more importantly it was found that, the best investment over the entire analysis period as well as in the sub-periods was T-Bills, which was followed by ISE-100 index, Type B Funds, and Type A funds respectively. This finding makes the merits of the efforts spent by funds managers, over the analysis period, to outperform the market highly questionable

Digging Deep for the Heritage Fund: Why the Right Fund for Alberta Pays Dividends Long After Oil Is Gone

Directory of Open Access Journals (Sweden)

Ton van den Bremer

2014-10-01

�� the value of the belowground assets and the aboveground asset portfolio. This ensures that the dividend grows in line with GDP. What is feasible for Alberta is an ongoing resource dividend equivalent to 30 per cent of government revenue. In order to achieve that goal, the province will have to build the fund such that it is worth the equivalent of 40 per cent of provincial GDP by 2030, 100 per cent of GDP by 2050, and 165 per cent of GDP in the year 2100. This means that within just the next 16 years, the Heritage Fund will need to be worth $200 billion in order to achieve its first benchmark — more than thirteen times its current size. Note the differences here with the recommendations made by the Alberta Financial Investment and Planning Advisory Commission (the Mintz commission, which advocated saving a fixed percentage of Alberta’s resource revenue each year, and set a 2030 target at just half that size. But what this plan does have in common with the Mintz commission’s recommendations is that it requires the Alberta government to finally become serious about preparing itself to preserve wealth for future generations through the use of disciplined and meaningful investment in the resource fund. A serious investment approach also must mean that the fund should not be used as a source of capital investment to favour businesses in the province; Albertans have perfectly good access to capital markets, and worthwhile investments can and should compete for capital funds on their merits, not their location. Quite the contrary, a properly diversified Heritage Fund should be investing largely, if not entirely, outside the province. Most importantly, of course, is that Albertans need to insist that their government commit to a strategic plan for investing its oil revenue. Alberta can create a better fund strategy than Norway’s for ensuring economic sustainability through future generations, but first it must finally get serious about doing it.

INDEXING AND INDEX FUNDS

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-06-01

Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

Shifts in funding for science curriculum design and their (unintended) consequences

NARCIS (Netherlands)

Pareja Roblin, Natalie; Schunn, Christian; Bernstein, Debra; McKenney, Susan

2016-01-01

Federal agencies in the Unites States invest heavily in the development of science curriculum materials, which can significantly facilitate science education reform. The current study describes the characteristics of K-12 science curriculum materials produced by federally funded projects between

Clean energy funds: An overview of state support for renewable energy

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan

2001-04-01

energy programs and experiences of 14 states. These case studies are attached as Appendix A. The body of the paper both summarizes and draws lessons from these more detailed state case studies. Section II provides a broad overview of the current status of state SBC funds, including funding level and duration, technology eligibility, and program administration. Section III offers an overview of funding activity and highlights the various renewable energy programs states have established thus far. Section IV provides a summary of results to date. Section V turns to salient observations and preliminary lessons learned from this early experience. Administrative, programmatic, and strategic observations and lessons are emphasized. The paper ends with some brief concluding remarks.

12 CFR 615.5010 - Funding Corporation.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 615.5010 Section 615.5010... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Funding § 615.5010 Funding Corporation. (a) The Funding Corporation shall issue, market, and handle the obligations of the banks issued under section 4.2(b) through...

Analysis of National Institutes of Health Funding to Departments of Urology.

Science.gov (United States)

Silvestre, Jason; Agarwal, Divyansh; Lee, David I

2016-05-01

To elucidate the current portfolio of National Institutes of Health (NIH) funding to departments of urology at U.S. medical schools. The NIH Research Portfolio Online Reporting Tools Expenditures and Results was used to generate a comprehensive analysis of NIH research grants awarded to urology departments during 2014. Costs, mechanisms, and institutes were summarized with descriptive statistics. Demographic data were obtained for principal investigators and project abstracts were categorized by research type and area. Fiscal totals were calculated for 2005-2014 and compared with other surgical departments during 2014. One hundred one investigators at 36 urology departments received $55,564,952 in NIH funding during 2014. NIH-funded investigators were predominately male (79%) and PhD scientists (52%). Funding totals did not vary by terminal degree or sex, but increased with higher academic rank (P < .001). The National Cancer Institute (54.7%) and National Institute of Diabetes and Digestive and Kidney Diseases (32.2%) supported the majority of NIH-funded urologic research. The R01 grant accounted for 41.0% of all costs. The top 3 NIH-funded clinical areas were urologic oncology (62.1%), urinary tract infection (8.8%), and neurourology (7.6%). A minority of costs supported clinical research (12.9%). In 2014, urology had the least number of NIH grants relative to general surgery, ophthalmology, obstetrics & gynecology, otolaryngology, and orthopedic surgery. NIH funding to urology departments lags behind awards to departments of other surgical disciplines. Future interventions may be warranted to increase NIH grant procurement in urology. Copyright © 2016 Elsevier Inc. All rights reserved.

Public Health System in Brazil nowadays: challenges for its operation and funding

Directory of Open Access Journals (Sweden)

Alethele de Oliveira Santos

2016-09-01

Full Text Available This paper has the aim to revisit the theme of the brazilian public health system from the perspective of its operation and funding of its actions and services, analyzing some of the main obstacles to its effectiveness. Endowed with its own logic of organization, planning and funding of its actions and services, the Brazilian Unified Health System (SUS finds barriers to its sustainability when it comes to funding and the judicialization of health. Historical under-funding worsened by the economic and political crisis the country currently faces plus the increase in casuistic judicial decisions that prioritize the individual logic over the collective right have produced serious shocks in the system. These are just some of the challenges to an effective public health system. This is why the work of public bodies must be responsible and always take into consideration the collective dimension of the right to health under penalty of causing the collapse of the public health system altogether.

Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

OpenAIRE

Dai, John; Sundaresan, Suresh

2009-01-01

We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

Activity Fund Accounting.

Science.gov (United States)

Cool, David W.

1983-01-01

Addresses the need of school districts in many states to decide on an appropriate mingling of centralization and decentralization in the operation of activity funds. Argues for analysis of activity fund operation through a breakdown into such major components as policy, the accounting system, and reporting and auditing. (JBM)

Western Michigan University: Quasi-Revolving Fund. Green Revolving Funds in Action: Case Study Series

Science.gov (United States)

Billingsley, Christina

2011-01-01

Western Michigan University has designed an innovative "Quasi-Revolving Fund" model that demonstrates the institution's full commitment to incorporating sustainability into campus operations. The Quasi-Revolving Fund recaptures money from cost-savings, similar to a typical green revolving fund, but it also sources capital from the…

Mid-term evaluation of the Climate Change Action Fund: Science, Impacts and Adaptation (SIA) block

International Nuclear Information System (INIS)

2001-11-01

In 1998, the Climate Change Action Fund was established by the Government of Canada. Its budget represented 150 million dollars over a three year period, and was an additional 625 million dollars in the federal budget of February 2000 was allocated for climate change initiatives, of which 150 million dollars were earmarked over a three year period to the Climate Change Action Fund. To provide input for Treasury Board Submissions looking for funding approval in the future, it was necessary to conduct a mid-term evaluation focused on program performance to date. The period covered by the evaluation was September 2000 to the end of January 2001. This report examined the performance of the Science, Impact and Adaptation Block (SIA). Based on a series of interviews with representatives of Block managers, Technical and Executive Policy Committees, successful applicants, unsuccessful applicants and peer reviewers, as well as a review of the documentation maintained by SIA, it addressed the following issues: Block relevance, progress/success to date, and effectiveness in meeting the objectives. It was determined that the objectives displayed relevance to the climate change agenda of the federal government, progress to date was considered satisfactory, and most of the objectives should be met in a timely fashion. A summary of the findings was included in this document along with recommendations pertaining to the findings. 3 tabs., 1 fig

Health care justice and its implications for current policy of a mandatory waiting period for elective tubal sterilization.

Science.gov (United States)

Moaddab, Amirhossein; McCullough, Laurence B; Chervenak, Frank A; Fox, Karin A; Aagaard, Kjersti Marie; Salmanian, Bahram; Raine, Susan P; Shamshirsaz, Alireza A

2015-06-01

Tubal sterilization during the immediate postpartum period is 1 of the most common forms of contraception in the United States. This time of the procedure has the advantage of 1-time hospitalization, which results in ease and convenience for the woman. The US Collaborative Review of Sterilization Study indicates the high efficacy and effectiveness of postpartum tubal sterilization. Oral and written informed consent is the ethical and legal standard for the performance of elective tubal sterilization for permanent contraception for all patients, regardless of source of payment. Current health care policy and practice regarding elective tubal sterilization for Medicaid beneficiaries places a unique requirement on these patients and their obstetricians: a mandatory waiting period. This requirement originates in decades-old legislation, which we briefly describe. We then introduce the concept of health care justice in professional obstetric ethics and explain how it originates in the ethical concepts of medicine as a profession and of being a patient and its deontologic and consequentialist dimensions. We next identify the implications of health care justice for the current policy of a mandatory 30-day waiting period. We conclude that Medicaid policy allocates access to elective tubal sterilization differently, based on source of payment and gender, which violates health care justice in both its deontologic and consequentialist dimensions. Obstetricians should invoke health care justice in women's health care as the basis for advocacy for needed change in law and health policy, to eliminate health care injustice in women's access to elective tubal sterilization. Copyright © 2015 Elsevier Inc. All rights reserved.

Navy Telemedicine: Current Research and Future Directions

National Research Council Canada - National Science Library

Reed, Cheryl

2002-01-01

.... This report reviews military and civilian models for evaluating telemedicine systems in order to determine future directions for Navy telemedicine research within the current funding environment...

NREL Funding Reductions

Science.gov (United States)