New evidence on financing equity in China's health care reform - A case study on Gansu province, China

Science.gov (United States)

2012-01-01

Background In the transition from a planned economy to a market-oriented economy, China’s state funding for health care declined and traditional coverage plans collapsed, leaving China’s poor exposed to potentially ruinous health care costs. In reforming health care for the 21st century, equity in health care financing has become a major policy goal. To assess progress towards this goal, this paper examines the equity characteristics of health care financing in a province of northwestern China, comparing the equity performance between urban and rural areas at two different points in time. Methods Analysis of whether health care financing contributions were progressive according to income were made using the Kakwani index for each of the four health care financing channels of general taxes, public and private health insurance, and out-of-pocket payments. Two rounds of surveys were conducted, the first in 2003 (13,619 individuals in 3946 households) and the second in 2008 (12,973 individuals in 3958 households). Household socio-economic, health care payment, and utilization information were recorded in household interviews. Results Low-income households have undertaken a larger share of the health care financing burden in recent years, reflected by negative Kakwani indices, which indicate a regressive system. We found that the indices for general taxation were −0.0024 (urban) and −0.0281 (rural) in 2002, and −0.0177 (urban) and −0.0097 (rural) in 2007. Public health insurance presented different financing distributions in urban and rural areas (urban: 0.0742 in 2002, 0.0661 in 2007; rural: –0.0615 in 2002,–0.1436 in 2007.). Out-of-pocket payments were progressive but not equitable. Public health insurance coverage has expanded but financing equity has decreased. Conclusions Health care financing policies in China need ongoing reform. Given the inequity of general consumption taxes, elimination of these would improve financing equity considerably

Effects of Iranian Economic Reforms on Equity in Social and Healthcare Financing: A Segmented Regression Analysis.

Science.gov (United States)

Zandian, Hamed; Takian, Amirhossein; Rashidian, Arash; Bayati, Mohsen; Zahirian Moghadam, Telma; Rezaei, Satar; Olyaeemanesh, Alireza

2018-03-01

One of the main objectives of the Targeted Subsidies Law (TSL) in Iran was to improve equity in healthcare financing. This study aimed at measuring the effects of the TSL, which was implemented in Iran in 2010, on equity in healthcare financing. Segmented regression analysis was applied to assess the effects of TSL implementation on the Gini and Kakwani indices of outcome variables in Iranian households. Data for the years 1977-2014 were retrieved from formal databases. Changes in the levels and trends of the outcome variables before and after TSL implementation were assessed using Stata version 13. In the 33 years before the implementation of the TSL, the Gini index decreased from 0.401 to 0.381. The Gini index and its intercept significantly decreased to 0.362 (pfinancing. Hence, while measuring the long-term impact of TSL is paramount, healthcare decision-makers need to consider the efficacy of the TSL in order to develop plans for achieving the desired equity in healthcare financing.

Equity in Health Care Financing in Low- and Middle-Income Countries: A Systematic Review of Evidence from Studies Using Benefit and Financing Incidence Analyses.

Science.gov (United States)

Asante, Augustine; Price, Jennifer; Hayen, Andrew; Jan, Stephen; Wiseman, Virginia

2016-01-01

Health financing reforms in low- and middle- income countries (LMICs) over the past decades have focused on achieving equity in financing of health care delivery through universal health coverage. Benefit and financing incidence analyses are two analytical methods for comprehensively evaluating how well health systems perform on these objectives. This systematic review assesses progress towards equity in health care financing in LMICs through the use of BIA and FIA. Key electronic databases including Medline, Embase, Scopus, Global Health, CinAHL, EconLit and Business Source Premier were searched. We also searched the grey literature, specifically websites of leading organizations supporting health care in LMICs. Only studies using benefit incidence analysis (BIA) and/or financing incidence analysis (FIA) as explicit methodology were included. A total of 512 records were obtained from the various sources. The full texts of 87 references were assessed against the selection criteria and 24 were judged appropriate for inclusion. Twelve of the 24 studies originated from sub-Saharan Africa, nine from the Asia-Pacific region, two from Latin America and one from the Middle East. The evidence points to a pro-rich distribution of total health care benefits and progressive financing in both sub-Saharan Africa and Asia-Pacific. In the majority of cases, the distribution of benefits at the primary health care level favoured the poor while hospital level services benefit the better-off. A few Asian countries, namely Thailand, Malaysia and Sri Lanka, maintained a pro-poor distribution of health care benefits and progressive financing. Studies evaluated in this systematic review indicate that health care financing in LMICs benefits the rich more than the poor but the burden of financing also falls more on the rich. There is some evidence that primary health care is pro-poor suggesting a greater investment in such services and removal of barriers to care can enhance equity. The

Equity in Health Care Financing in Low- and Middle-Income Countries: A Systematic Review of Evidence from Studies Using Benefit and Financing Incidence Analyses.

Directory of Open Access Journals (Sweden)

Augustine Asante

Full Text Available Health financing reforms in low- and middle- income countries (LMICs over the past decades have focused on achieving equity in financing of health care delivery through universal health coverage. Benefit and financing incidence analyses are two analytical methods for comprehensively evaluating how well health systems perform on these objectives. This systematic review assesses progress towards equity in health care financing in LMICs through the use of BIA and FIA.Key electronic databases including Medline, Embase, Scopus, Global Health, CinAHL, EconLit and Business Source Premier were searched. We also searched the grey literature, specifically websites of leading organizations supporting health care in LMICs. Only studies using benefit incidence analysis (BIA and/or financing incidence analysis (FIA as explicit methodology were included. A total of 512 records were obtained from the various sources. The full texts of 87 references were assessed against the selection criteria and 24 were judged appropriate for inclusion. Twelve of the 24 studies originated from sub-Saharan Africa, nine from the Asia-Pacific region, two from Latin America and one from the Middle East. The evidence points to a pro-rich distribution of total health care benefits and progressive financing in both sub-Saharan Africa and Asia-Pacific. In the majority of cases, the distribution of benefits at the primary health care level favoured the poor while hospital level services benefit the better-off. A few Asian countries, namely Thailand, Malaysia and Sri Lanka, maintained a pro-poor distribution of health care benefits and progressive financing.Studies evaluated in this systematic review indicate that health care financing in LMICs benefits the rich more than the poor but the burden of financing also falls more on the rich. There is some evidence that primary health care is pro-poor suggesting a greater investment in such services and removal of barriers to care can enhance

The Student Equity Effects of the Public School Finance System in Louisiana.

Science.gov (United States)

Geske, Terry G.; LaCost, Barbara Y.

1990-01-01

Investigates the student equity effects of Louisiana's public school finance program in terms of fiscal neutrality and revenue inequality over a nine-year period, using regression techniques. Overall, Louisiana's system became less equal over the time period examined, while revenue distribution became more equal. Includes 35 references. (MLH)

Effects of Iranian Economic Reforms on Equity in Social and Healthcare Financing: A Segmented Regression Analysis

Science.gov (United States)

Bayati, Mohsen

2018-01-01

Objectives One of the main objectives of the Targeted Subsidies Law (TSL) in Iran was to improve equity in healthcare financing. This study aimed at measuring the effects of the TSL, which was implemented in Iran in 2010, on equity in healthcare financing. Methods Segmented regression analysis was applied to assess the effects of TSL implementation on the Gini and Kakwani indices of outcome variables in Iranian households. Data for the years 1977-2014 were retrieved from formal databases. Changes in the levels and trends of the outcome variables before and after TSL implementation were assessed using Stata version 13. Results In the 33 years before the implementation of the TSL, the Gini index decreased from 0.401 to 0.381. The Gini index and its intercept significantly decreased to 0.362 (p<0.001) 5 years after the implementation of the TSL. There was no statistically significant change in the gross domestic product or inflation rate after TSL implementation. The Kakwani index significantly increased from -0.020 to 0.007 (p<0.001) before the implementation of the TSL, while we observed no statistically significant change (p=0.81) in the Kakwani index after TSL implementation. Conclusions The TSL reform, which was introduced as part of an economic development plan in Iran in 2010, led to a significant reduction in households’ income inequality. However, the TSL did not significantly affect equity in healthcare financing. Hence, while measuring the long-term impact of TSL is paramount, healthcare decision-makers need to consider the efficacy of the TSL in order to develop plans for achieving the desired equity in healthcare financing. PMID:29631352

Equity during an economic crisis: financing of the Argentine health system.

Science.gov (United States)

Cavagnero, Eleonora; Bilger, Marcel

2010-07-01

This article analyses the redistributive effect caused by health financing and the distribution of healthcare utilization in Argentina before and during the severe 2001/2002 economic crisis. Both dramatically changed during this period: the redistributive effect became much more positive and utilization shifted from pro-poor to pro-rich. This clearly demonstrates that when utilization is contingent on financing, changes can occur rapidly; and that an integrated approach is required when monitoring equity. From a policy perspective, the Argentine health system appears vulnerable to economic downturns mainly due to high reliance on out-of-pocket payments and the strong link between health insurance and employment.

Equity in Health Care Financing in Low- and Middle-Income Countries: A Systematic Review of Evidence from Studies Using Benefit and Financing Incidence Analyses

Science.gov (United States)

Price, Jennifer; Hayen, Andrew; Jan, Stephen; Wiseman, Virginia

2016-01-01

Introduction Health financing reforms in low- and middle- income countries (LMICs) over the past decades have focused on achieving equity in financing of health care delivery through universal health coverage. Benefit and financing incidence analyses are two analytical methods for comprehensively evaluating how well health systems perform on these objectives. This systematic review assesses progress towards equity in health care financing in LMICs through the use of BIA and FIA. Methods and Findings Key electronic databases including Medline, Embase, Scopus, Global Health, CinAHL, EconLit and Business Source Premier were searched. We also searched the grey literature, specifically websites of leading organizations supporting health care in LMICs. Only studies using benefit incidence analysis (BIA) and/or financing incidence analysis (FIA) as explicit methodology were included. A total of 512 records were obtained from the various sources. The full texts of 87 references were assessed against the selection criteria and 24 were judged appropriate for inclusion. Twelve of the 24 studies originated from sub-Saharan Africa, nine from the Asia-Pacific region, two from Latin America and one from the Middle East. The evidence points to a pro-rich distribution of total health care benefits and progressive financing in both sub-Saharan Africa and Asia-Pacific. In the majority of cases, the distribution of benefits at the primary health care level favoured the poor while hospital level services benefit the better-off. A few Asian countries, namely Thailand, Malaysia and Sri Lanka, maintained a pro-poor distribution of health care benefits and progressive financing. Conclusion Studies evaluated in this systematic review indicate that health care financing in LMICs benefits the rich more than the poor but the burden of financing also falls more on the rich. There is some evidence that primary health care is pro-poor suggesting a greater investment in such services and removal

Evidence on equity, governance and financing after health care reform in Mexico: lessons for Latin American countries

Directory of Open Access Journals (Sweden)

Armando Arredondo

2015-06-01

Full Text Available This article includes evidence on equity, governance and health financing outcomes of the Mexican health system. An evaluative research with a cross-sectional design was oriented towards the qualitative and quantitative analysis of financing, governance and equity indicators. Taking into account feasibility, as well as political and technical criteria, seven Mexican states were selected as study populations and an evaluative research was conducted during 2002-2010. The data collection techniques were based on in-depth interviews with key personnel (providers, users and community leaders, consensus technique and document analysis. The qualitative analysis was done with ATLAS TI and POLICY MAKER softwares. The Mexican health system reform has modified dependence at the central level; there is a new equity equation for resources allocation, community leaders and users of services reported the need to improve an effective accountability system at both municipal and state levels. Strategies for equity, governance and financing do not have adequate mechanisms to promote participation from all social actors. Improving this situation is a very important goal in the Mexican health democratization process, in the context of health care reform. Inequality on resources allocation in some regions and catastrophic expenditure for users is unequal in all states, producing more negative effects on states with high social marginalization. Special emphasis is placed on the analysis of the main strengths and weaknesses, as relevant evidences for other Latin American countries which are designing, implementing and evaluating reform strategies in order to achieve equity, good governance and a greater financial protection in health.

Improving equity in health care financing in China during the progression towards Universal Health Coverage.

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Chen, Mingsheng; Palmer, Andrew J; Si, Lei

2017-12-29

China is reforming the way it finances health care as it moves towards Universal Health Coverage (UHC) after the failure of market-oriented mechanisms for health care. Improving financing equity is a major policy goal of health care system during the progression towards universal coverage. We used progressivity analysis and dominance test to evaluate the financing channels of general taxation, pubic health insurance, and out-of-pocket (OOP) payments. In 2012 a survey of 8854 individuals in 3008 households recorded the socioeconomic and demographic status, and health care payments of those households. The overall Kakwani index (KI) of China's health care financing system is 0.0444. For general tax KI was -0.0241 (95% confidence interval (CI): -0.0315 to -0.0166). The indices for public health schemes (Urban Employee Basic Medical Insurance, Urban Resident's Basic Medical Insurance, New Rural Cooperative Medical Scheme) were respectively 0.1301 (95% CI: 0.1008 to 0.1594), -0.1737 (95% CI: -0.2166 to -0.1308), and -0.5598 (95% CI: -0.5830 to -0.5365); and for OOP payments KI was 0.0896 (95%CI: 0.0345 to 0.1447). OOP payments are still the dominant part of China's health care finance system. China's health care financing system is not really equitable. Reducing the proportion of indirect taxes would considerably improve health care financing equity. The flat-rate contribution mechanism is not recommended for use in public health insurance schemes, and more attention should be given to optimizing benefit packages during China's progression towards UHC.

Implications of Financing Higher Education for Access and Equity: The Case of Syria

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Kabbani, Nader; Salloum, Siba

2011-01-01

This article examines the implications for access and equity of the Syrian government's efforts to reform higher education in the country over the past decade. In the context of social and economic reforms that are moving the county from a state-controlled to a social market economy, it focuses on adequacy in financing higher education, as well as…

Equity in financing and use of health care in Ghana, South Africa, and Tanzania: implications for paths to universal coverage.

Science.gov (United States)

Mills, Anne; Ataguba, John E; Akazili, James; Borghi, Jo; Garshong, Bertha; Makawia, Suzan; Mtei, Gemini; Harris, Bronwyn; Macha, Jane; Meheus, Filip; McIntyre, Di

2012-07-14

Universal coverage of health care is now receiving substantial worldwide and national attention, but debate continues on the best mix of financing mechanisms, especially to protect people outside the formal employment sector. Crucial issues are the equity implications of different financing mechanisms, and patterns of service use. We report a whole-system analysis--integrating both public and private sectors--of the equity of health-system financing and service use in Ghana, South Africa, and Tanzania. We used primary and secondary data to calculate the progressivity of each health-care financing mechanism, catastrophic spending on health care, and the distribution of health-care benefits. We collected qualitative data to inform interpretation. Overall health-care financing was progressive in all three countries, as were direct taxes. Indirect taxes were regressive in South Africa but progressive in Ghana and Tanzania. Out-of-pocket payments were regressive in all three countries. Health-insurance contributions by those outside the formal sector were regressive in both Ghana and Tanzania. The overall distribution of service benefits in all three countries favoured richer people, although the burden of illness was greater for lower-income groups. Access to needed, appropriate services was the biggest challenge to universal coverage in all three countries. Analyses of the equity of financing and service use provide guidance on which financing mechanisms to expand, and especially raise questions over the appropriate financing mechanism for the health care of people outside the formal sector. Physical and financial barriers to service access must be addressed if universal coverage is to become a reality. European Union and International Development Research Centre. Copyright © 2012 Elsevier Ltd. All rights reserved.

The Impact of School Finance Litigation on Resource Distribution: A Comparison of Court-Mandated Equity and Adequacy Reforms

Science.gov (United States)

Springer, Matthew G.; Liu, Keke; Guthrie, James W.

2009-01-01

While there is a wealth of research on school finance equity and adequacy, and school finance theory clearly documents differences between the two concepts, no study has examined whether the reforms engendered by each approach actually differ in terms of resource distribution. The present study examines the issues using district-level data on…

Progressivity, horizontal equity and reranking in health care finance: a decomposition analysis for the Netherlands

NARCIS (Netherlands)

A. Wagstaff (Adam); E.K.A. van Doorslaer (Eddy)

1997-01-01

textabstractThis paper employs the method of Aronson et al. (1994) to decompose the redistributive effect of the Dutch health care financing system into three components: a progressivity component, a classical horizontal equity component and a reranking component. Results are presented for the

From blockchain technology to global health equity: can cryptocurrencies finance universal health coverage?

Science.gov (United States)

Till, Brian M; Peters, Alexander W; Afshar, Salim; Meara, John G

2017-01-01

Blockchain technology and cryptocurrencies could remake global health financing and usher in an era global health equity and universal health coverage. We outline and provide examples for at least four important ways in which this potential disruption of traditional global health funding mechanisms could occur: universal access to financing through direct transactions without third parties; novel new multilateral financing mechanisms; increased security and reduced fraud and corruption; and the opportunity for open markets for healthcare data that drive discovery and innovation. We see these issues as a paramount to the delivery of healthcare worldwide and relevant for payers and providers of healthcare at state, national and global levels; for government and non-governmental organisations; and for global aid organisations, including the WHO, International Monetary Fund and World Bank Group. PMID:29177101

From blockchain technology to global health equity: can cryptocurrencies finance universal health coverage?

Science.gov (United States)

Till, Brian M; Peters, Alexander W; Afshar, Salim; Meara, John

2017-01-01

Blockchain technology and cryptocurrencies could remake global health financing and usher in an era global health equity and universal health coverage. We outline and provide examples for at least four important ways in which this potential disruption of traditional global health funding mechanisms could occur: universal access to financing through direct transactions without third parties; novel new multilateral financing mechanisms; increased security and reduced fraud and corruption; and the opportunity for open markets for healthcare data that drive discovery and innovation. We see these issues as a paramount to the delivery of healthcare worldwide and relevant for payers and providers of healthcare at state, national and global levels; for government and non-governmental organisations; and for global aid organisations, including the WHO, International Monetary Fund and World Bank Group.

[Determinants of equity in financing medicines in Argentina: an empirical study].

Science.gov (United States)

Dondo, Mariana; Monsalvo, Mauricio; Garibaldi, Lucas A

2016-01-01

Medicines are an important part of household health spending. A progressive system for financing drugs is thus essential for an equitable health system. Some authors have proposed that the determinants of equity in drug financing are socioeconomic, demographic, and associated with public interventions, but little progress has been made in the empirical evaluation and quantification of their relative importance. The current study estimated quantile regressions at the provincial level in Argentina and found that old age (> 65 years), unemployment, the existence of a public pharmaceutical laboratory, treatment transfers, and a health system orientated to primary care were important predictors of progressive payment schemes. Low income, weak institutions, and insufficient infrastructure and services were associated with the most regressive social responses to health needs, thereby aggravating living conditions and limiting development opportunities.

FAKTOR-FAKTOR YANG MEMENGARUHI PEMBIAYAAN BERBASIS BAGI HASIL (EQUITY FINANCING PADA BANK SYARIAH X

Directory of Open Access Journals (Sweden)

Toni Priyanto

2016-09-01

Full Text Available This study aims to determine the factors that affect the equity financing at the Islamic Banking which covers quantitative financing profit and loss sharing and to formulate policies to be performed by the management in maintaining the financing growth. The study was conducted by utilizing Autoregressive Distributed Lag (ARDL model with variables including BI rate and inflation as the external factor. The test results of both external factors indicated a negative impact on both financing. BI rate as an indicator of the government's policy becomes the fastest variable affecting the equity financing i.e. at lag 1. Inflation comes as the macroeconomic indicator at lags 2, 9 and 10. All internal factors have a negative impact on both financing types except for the cost of education and training, and autoregressive variables. The fund of the third party influences the sharing of profit and loss (mudharabah at lag 1 and at 9, meanwhile the capital adequacy ratio affects the profit sharing (mudharabah at lag 8, and it affects the loss sharing (musyarakah at lag 6. The cost of education and training has an effect on loss sharing at lag 5, and Islamic banking basic education affects profit financing at lag 2 whereas the trend of financing profit sharing is at lag 8 and loss sharing at lags 1 and 2 and since it autoregressive, it affects each financing of the current period.Keywords: autoregressive, dynamic, mudaraba, musharaka, profit and loss sharing financingABSTRAKPenelitian ini bertujuan mengetahui faktor-faktor yang memengaruhi pembiayaan berbasis bagi hasil pada Bank Syariah yang meliputi pembiayaan mudharabah dan musyarakah secara kuantitatif dan merumuskan kebijakan-kebijakan yang dapat dilakukan manajemen dalam menjaga pertumbuhan pembiayaannya. Penelitian dilakukan menggunakan Autoregressive Distributed Lag (ARDL Model dengan variabel yang digunakan meliputi BI Rate dan inflasi sebagai faktor eksternal. Hasil pengujian kedua faktor eksternal

Rising equity

International Nuclear Information System (INIS)

Burr, M.T.

1992-01-01

This article reports on the results of a financial rankings survey of the independent energy industry indicating that lenders and investors provided more than five billion dollars in capital for new, private power projects during the first six months of 1992. The topics of the article include rising equity requirements, corporate finance, mergers and acquisitions, project finance investors, revenue bonds, project finance lenders for new projects, project finance lenders for restructurings, and project finance advisors

Empirical Essays on Debt, Equity, and Convertible Securities

NARCIS (Netherlands)

P. Verwijmeren (Patrick)

2008-01-01

textabstractThis dissertation consists of four empirical studies on firms’ financing decisions. In the first two studies, we investigate the debt-equity choice for a large number of U.S. firms. We find that firms prefer debt financing over equity financing in case a debt issue allows the firm to

The financing of new mining ventures

International Nuclear Information System (INIS)

Etheredge, D.A.; Lilja, J.R.

1983-01-01

Various options are presented for tackling the problem in mining today of the high capital costs required for a new mine combined with the front end exposure that the exploiters face. Equity finance from the producers, private investors, oil companies, consumers and governments is discussed as well as loan finance from export credit agencies, international agencies, production-related loans, leasing and commercial bank loans. The future in financing mining is outlined and it is proposed that the future will lie in smaller projects financed primarily with equity. (U.K.)

Who pays and who benefits from health care? An assessment of equity in health care financing and benefit distribution in Tanzania.

Science.gov (United States)

Mtei, Gemini; Makawia, Suzan; Ally, Mariam; Kuwawenaruwa, August; Meheus, Filip; Borghi, Josephine

2012-03-01

Little is known about health system equity in Tanzania, whether in terms of distribution of the health care financing burden or distribution of health care benefits. This study undertook a combined analysis of both financing and benefit incidence to explore the distribution of health care benefits and financing burden across socio-economic groups. A system-wide analysis of benefits was undertaken, including benefits from all providers irrespective of ownership. The analysis used the household budget survey (HBS) from 2001, the most recent nationally representative survey data publicly available at the time, to analyse the distribution of health care payments through user fees, health insurance contributions [from the National Health Insurance Fund (NHIF) for the formal sector and the Community Health Fund (CHF), for the rural informal sector] and taxation. Due to lack of information on NHIF and CHF contributions in the HBS, a primary survey was administered to estimate CHF enrollment and contributions; assumptions were used to estimate NHIF contributions within the HBS. Data from the same household survey, administered to 2224 households in seven districts/councils, was used to analyse the distribution of health care benefits across socio-economic groups. The health financing system was mildly progressive overall, with income taxes and NHIF contributions being the most progressive financing sources. Out-of-pocket payments and contributions to the CHF were regressive. The health benefit distribution was fairly even but the poorest received a lower share of benefits relative to their share of need for health care. Public primary care facility use was pro-poor, whereas higher level and higher cost facility use was generally pro-rich. We conclude that health financing reforms can improve equity, so long as integration of health insurance schemes is promoted along with cross-subsidization and greater reliance on general taxation to finance health care for the poorest.

Financing the Ranger uranium project

International Nuclear Information System (INIS)

Hodge, S.J.; Miskelly, N.

1983-01-01

Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts

Financing drug discovery via dynamic leverage.

Science.gov (United States)

Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W

2016-03-01

We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

Energy renovation of single-family houses in Denmark utilising long-term financing based on equity

DEFF Research Database (Denmark)

Kragh, Jesper; Rose, Jørgen

2011-01-01

This paper aims to present an economic overview of the opportunities for energy renovation of single-family houses in Denmark financed over the long term. The paper focuses on the economic difference between energy savings and the repayment of investment. Taking out the average remaining 20% equity...... in long-term property mortgage loans and utilising it for extensive energy renovation improves both the economy and the extent of included measures. Approximately 30% of energy consumption in Denmark is used for space heating. The existing 1 million single-family houses account for approximately half...

Reform towards National Health Insurance in Malaysia: the equity implications.

Science.gov (United States)

Yu, Chai Ping; Whynes, David K; Sach, Tracey H

2011-05-01

This paper assesses the potential equity impact of Malaysia's projected reform of its current tax financed system towards National Health Insurance (NHI). The Kakwani's progressivity index was used to assess the equity consequences of the new NHI system (with flat rate NHI scheme) compared to the current tax financed system. It was also used to model a proposed system (with a progressive NHI scheme) that can generate the same amount of funding more equitably. The new NHI system would be less equitable than the current tax financed system, as evident from the reduction of Kakwani's index to 0.168 from 0.217. The new flat rate NHI scheme, if implemented, would reduce the progressivity of the health finance system because it is a less progressive finance source than that of general government revenue. We proposed a system with a progressive NHI scheme that generates the same amount of funding whilst preserving the equity at the Kakwani's progressivity index of 0.213. A NHI system with a progressive NHI scheme is proposed to be implemented to raise health funding whilst preserving the equity in health care financing. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

Equity in health personnel financing after Universal Coverage: evidence from Thai Ministry of Public Health's hospitals from 2008-2012.

Science.gov (United States)

Ruangratanatrai, Wilailuk; Lertmaharit, Somrat; Hanvoravongchai, Piya

2015-07-18

Shortage and maldistribution of the health workforce is a major problem in the Thai health system. The expansion of healthcare access to achieve universal health coverage placed additional demand on the health system especially on the health workers in the public sector who are the major providers of health services. At the same time, the reform in hospital payment methods resulted in a lower share of funding from the government budgetary system and higher share of revenue from health insurance. This allowed public hospitals more flexibility in hiring additional staff. Financial measures and incentives such as special allowances for non-private practice and additional payments for remote staff have been implemented to attract and retain them. To understand the distributional effect of such change in health workforce financing, this study evaluates the equity in health workforce financing for 838 hospitals under the Ministry of Public Health across all 75 provinces from 2008-2012. Data were collected from routine reports of public hospital financing from the Ministry of Public Health with specific identification on health workforce spending. The components and sources of health workforce financing were descriptively analysed based on the geographic location of the hospitals, their size and the core hospital functions. Inequalities in health workforce financing across provinces were assessed. We calculated the Gini coefficient and concentration index to explore horizontal and vertical inequity in the public sector health workforce financing in Thailand. Separate analyses were carried out for funding from government budget and funding from hospital revenue to understand the difference between the two financial sources. Health workforce financing accounted for about half of all hospital non-capital expenses in 2012, about a 30 % increase from the level of spending in 2008. Almost one third of the workforce financing came from hospital revenue, an increase from only one

Financing bidders in takeover contests

NARCIS (Netherlands)

Vladimirov, V.

2014-01-01

This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to

Social Security and the Equity Premium Puzzle

OpenAIRE

Olovsson, Conny

2004-01-01

This paper shows that social security may be an important factor in explaining the equity premium puzzle. In the absence of shortselling constraints, the young shortsell bonds to the middle-aged and buy equity. Social security reduces the bond demand of the middle-aged, thereby restricting the possibilities of the young to finance their equity purchases. Their equity demand increases as does the average return to equity. Social security also increases the covariance between future consumption...

76 FR 6774 - Equity and Excellence Commission

Science.gov (United States)

2011-02-08

... rise to the achievement gap, with a focus on systems of finance, and recommend appropriate ways in... recommendations for restructuring school finance systems to achieve equity in the distribution of educational...

76 FR 55059 - Equity and Excellence Commission

Science.gov (United States)

2011-09-06

... gap, with a focus on systems of finance, and recommend appropriate ways in which Federal policies... restructuring school finance systems to achieve equity in the distribution of educational resources and further...

The Marginal Source of Finance

OpenAIRE

Lindhe, Tobias

2002-01-01

This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the theoretical part, we set up a model where the firm faces a cost of adjusting the dividend level because of an aggravated free cash flow problem. The existence of such a cost - which has been used in arguing the...

The Determinants of Debt Financing

OpenAIRE

Zhao, Chenkai

2013-01-01

Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

Directory of Open Access Journals (Sweden)

Mihaela TULVINSCHI

2016-12-01

Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

Structure of financing investments in the energy sector

Directory of Open Access Journals (Sweden)

Kowal Barbara

2017-01-01

The article shows how the financing structure of the companies from the fuel and energy sector, listed on the Warsaw Stock Exchange, has evolved over the years. The authors also estimated the cost of equity. The results were compared with the chosen mining companies in Poland. Companies from the energy sector have lower investment risk than companies from the fuel sector. Looking at the profitability of investments it should be emphasized that the financing by outside capital is more advantageous than equity financing.

Conference reports: Innovative financing options in the petroleum industry

International Nuclear Information System (INIS)

1998-01-01

Financing oil and natural gas ventures was the principal theme of this conference. Individual topics included private placements, flow-through shares, strategies and tactics in structuring equity offerings, the use of income trusts as a vehicle for monetizing pipeline assets, strategies for accessing the U.S. equity market, project financing, and royalty financing. In some cases only viewgraphs and figures have been made available. Biographical notes on contributors also have been provided

Analyzing Equity Capital Programs of Banks for Cooperatives

OpenAIRE

Ismail Ahmad; Ken D. Duft; Ron C. Mittelhammer

1986-01-01

Characteristics of Banks for Cooperatives term loan and equity capital programs contribute toward complex intermittent exchanges of positive and negative cash flows between the cooperative lender and borrower and complicate the analysis of the net present value and effective interest of the financing project. A multiperiod linear program was developed to analyze the effect of variations in equity capital program components on the present value of the financing project. Furthermore, the concep...

The role of debt and equity finance over the business cycle

NARCIS (Netherlands)

Covas, F.; den Haan, W.J.

2012-01-01

If equity issuance is introduced into the costly state verification framework and the friction firms face in raising equity is acyclical, then the model cannot simultaneously generate procyclical equity issuance and a countercyclical default rate. This requires a countercyclical equity issuance

77 FR 15089 - Equity and Excellence Commission Meeting

Science.gov (United States)

2012-03-14

... rise to the achievement gap, with a focus on systems of finance, and recommend appropriate ways in... make recommendations for restructuring school finance systems to achieve equity in the distribution of...

Securing energy equity

International Nuclear Information System (INIS)

Grimsby, Lars Kare

2011-01-01

Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: → Addressing energy poverty may elude the disparity in energy consumption between rich and poor. → A minimum threshold of energy for the poor does not itself address inequity in energy consumption. → Energy equity may be secured by widening scope from national to global, from the poorest to us all.

Securing energy equity

Energy Technology Data Exchange (ETDEWEB)

Grimsby, Lars Kare, E-mail: lars.grimsby@umb.no [Department of International Environment and Development Studies, Noragric, Norwegian University of Life Sciences, P.O. Box 5003, 1432 Aas (Norway)

2011-11-15

Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: > Addressing energy poverty may elude the disparity in energy consumption between rich and poor. > A minimum threshold of energy for the poor does not itself address inequity in energy consumption. > Energy equity may be secured by widening scope from national to global, from the poorest to us all.

PV Project Finance in the United States, 2016

Energy Technology Data Exchange (ETDEWEB)

Feldman, David; Lowder, Travis; Schwabe, Paul

2016-09-01

This brief is a compilation of data points and market insights that reflect the state of the project finance market for solar photovoltaic (PV) assets in the United States as of the third quarter of 2016. This information can generally be used as a simplified benchmark of the costs associated with securing financing for solar PV as well as the cost of the financing itself (i.e., the cost of capital). Three sources of capital are considered -- tax equity, sponsor equity, and debt -- across three segments of the PV marketplace.

Financing bidders in takeover contests

NARCIS (Netherlands)

Vladimirov, V.

2015-01-01

This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive

Ten badly explained topics in most corporate finance books

OpenAIRE

Fernandez, Pablo

2012-01-01

This paper addresses 10 corporate finance topics that are not well treated (or not treated at all) in many Corporate Finance Books. The topics are: 1. Where does the WACC equation come from? 2. The WACC is not a cost. 3. What is the WACC equation when the value of the debt is not equal to its nominal value? 4. The term equity premium is used to designate four different concepts. 5. Textbooks differ a lot on their recommendations regarding the equity premium. 6. Which Equity Premium is used by...

Analysis of stage-investing strategy in equity financing market

Institute of Scientific and Technical Information of China (English)

XUN Minghui

2007-01-01

Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

Financing innovative technologies in wind projects

International Nuclear Information System (INIS)

Vaughan, C.

2006-01-01

Methods of market entry and the financing of new technologies were discussed from the perspective of Clipper Windpower, a wind energy company based in the northeastern United States and Canada. Many new technology companies only consider private equity when seeking financing for new product development. However, financing for projects and products is only the first step to market entry. Wind projects are the financial equivalent of a high yield bond with mechanical risk. Many wind power projects with company equity can also be seen as a long term bond with upside in any given year. It is therefore important for wind developers to seek out strategic buyers for both product development and project development, in addition to finding sources of private equity. Clipper Windpower Inc. has developed a partnership with British Petroleum (BP), who hold an equity interest in the company. Both companies are now partnering on projects with Clipper turbines, and firm orders are in place for 2007 and 2008. As a result of the partnership, Clipper now has increased its financial strength in cash flows, balance sheets, and projected revenue. It was concluded that a successful partnership can increase the scale of wind power development, and bring financial sophistication to smaller companies with limited resources. refs., tabs., figs

Debt Financing and Thin-Capitalization: Case Study in Slovenia

Directory of Open Access Journals (Sweden)

Lidija Hauptman

2014-03-01

Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

Corporate finance in an interest free economy: An alternate approach to practiced Islamic Corporate Finance

OpenAIRE

Shaikh, Salman

2009-01-01

This paper suggests an alternate approach to corporate finance in an interest free economy by looking beyond practiced Islamic finance and suggesting alternatives for corporate finance in sourcing funds i.e. i) Ijara with embedded options, ii) limited liability partnership, iii) equity modes like Musharakah and Mudarabah iv) income bonds and v) convertible income bonds. It also suggests alternatives for corporate finance in using funds i.e. i) Islamic income funds, ii) Islamic REITs, iii) Tre...

Diminishing musyarakah investment model based on equity

Science.gov (United States)

Jaffar, Maheran Mohd; Zain, Shaharir Mohamad; Jemain, Abdul Aziz

2017-11-01

Most of the mudharabah and musyarakah contract funds are involved in debt financing. This does not support the theory that profit sharing contract is better than that of debt financing due to the sharing of risks and ownership of equity. Indeed, it is believed that Islamic banking is a financial model based on equity or musyarakah which emphasis on the sharing of risks, profit and loss in the investment between the investor and entrepreneur. The focus of this paper is to introduce the mathematical model that internalizes diminishing musyarakah, the sharing of profit and equity between entrepreneur and investor. The entrepreneur pays monthly-differed payment to buy out the equity that belongs to the investor (bank) where at the end of the specified period, the entrepreneur owns the business and the investor (bank) exits the joint venture. The model is able to calculate the amount of equity at any time for both parties and hence would be a guide in helping to estimate the value of investment should the entrepreneur or investor exit before the end of the specified period. The model is closer to the Islamic principles for justice and fairness.

Educational Finance Policy: A Search for Complementarities.

Science.gov (United States)

Geske, Terry G.

1983-01-01

An overview of recent state level policy developments and policy analysis research as related to equity and efficiency objectives in public school finance is presented. Emphasis is placed on identifying complementarities, rather than the tradeoffs, between equity and efficiency criteria. (Author/LC)

7 CFR 4290.850 - Restrictions on redemption of Equity Securities.

Science.gov (United States)

2010-01-01

... BUSINESS-COOPERATIVE SERVICE AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings § 4290.850 Restrictions on redemption of Equity Securities. (a) Restriction on...

Equity in health financing of Guangxi after China's universal health coverage: evidence based on health expenditure comparison in rural Guangxi Zhuang autonomous region from 2009 to 2013.

Science.gov (United States)

Qin, Xianjing; Luo, Hongye; Feng, Jun; Li, Yanning; Wei, Bo; Feng, Qiming

2017-09-29

Healthcare financing should be equitable. Fairness in financial contribution and protection against financial risk is based on the notion that every household should pay a fair share. Health policy makers have long been concerned with protecting people from the possibility that ill health will lead to catastrophic financial payments and subsequent impoverishment. A number of studies on health care financing equity have been conducted in some provinces of China, but in Guangxi, we found such observation is not enough. What is the situation in Guagnxi? A research on rural areas of Guangxi can add knowledge in this field and help improve the equity and efficiency of health financing, particularly in low-income citizens in rural countries, is a major concern in China's medical sector reform. Socio-economic characteristics and healthcare payment data were obtained from two rounds of household surveys conducted in 2009 (4634 respondents) and 2013 (3951 respondents). The contributions of funding sources were determined and a progressivity analysis of government healthcare subsidies was performed. Household consumption expenditure and total healthcare payments were calculated and incidence and intensity of catastrophic health payments were measured. Summary indices (concentration index, Kakwani index and Gini coefficient) were obtained for the sources of healthcare financing: indirect taxes, out of pocket payments, and social insurance contributions. The overall health-care financing system was regressive. In 2013, the Kakwani index was 0.0013, the vertical effect of all the three funding sources was 0.0001, and some values exceeded 100%, indicating that vertical inequity had a large influence on causing total health financing inequity. The headcount of catastrophic health payment declined sharply between 2009 and 2013, using total expenditure (from 7.3% to 1.2%) or non-food expenditure (from 26.1% to 7.5%) as the indicator of household capacity to pay. Our study

Financing Opportunities for Renewable Energy Development in Alaska

Energy Technology Data Exchange (ETDEWEB)

Ardani, K.; Hillman, D.; Busche, S.

2013-04-01

This technical report provides an overview of existing and potential financing structures for renewable energy project development in Alaska with a focus on four primary sources of project funding: government financed or supported (the most commonly used structure in Alaska today), developer equity capital, commercial debt, and third-party tax-equity investment. While privately funded options currently have limited application in Alaska, their implementation is theoretically possible based on successful execution in similar circumstances elsewhere. This report concludes that while tax status is a key consideration in determining appropriate financing structure, there are opportunities for both taxable and tax-exempt entities to participate in renewable energy project development.

Interaction between Dynamic Financing and Investments

DEFF Research Database (Denmark)

Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.

Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...... holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well...

Financing the New Adequacy: Towards New Models of State Education Finance Systems That Support Standards Based Reform.

Science.gov (United States)

Verstegen, Deborah A.

2002-01-01

Discusses need for reinventing state education finance systems to provide adequacy and equity aligned to standards-based reform. Provides initial specifications for "The New Finance." Examines in depth approaches for determining a base spending level considered adequate for the average child to reach high educational standards. (Contains…

Protocol for the process evaluation of interventions combining performance-based financing with health equity in Burkina Faso.

Science.gov (United States)

Ridde, Valéry; Turcotte-Tremblay, Anne-Marie; Souares, Aurélia; Lohmann, Julia; Zombré, David; Koulidiati, Jean Louis; Yaogo, Maurice; Hien, Hervé; Hunt, Matthew; Zongo, Sylvie; De Allegri, Manuela

2014-10-12

The low quality of healthcare and the presence of user fees in Burkina Faso contribute to low utilization of healthcare and elevated levels of mortality. To improve access to high-quality healthcare and equity, national authorities are testing different intervention arms that combine performance-based financing with community-based health insurance and pro-poor targeting. There is a need to evaluate the implementation of these unique approaches. We developed a research protocol to analyze the conditions that led to the emergence of these intervention arms, the fidelity between the activities initially planned and those conducted, the implementation and adaptation processes, the sustainability of the interventions, the possibilities for scaling them up, and their ethical implications. The study adopts a longitudinal multiple case study design with several embedded levels of analyses. To represent the diversity of contexts where the intervention arms are carried out, we will select three districts. Within districts, we will select both primary healthcare centers (n =18) representing different intervention arms and the district or regional hospital (n =3). We will select contrasted cases in relation to their initial performance (good, fair, poor). Over a period of 18 months, we will use quantitative and qualitative data collection and analytical tools to study these cases including in-depth interviews, participatory observation, research diaries, and questionnaires. We will give more weight to qualitative methods compared to quantitative methods. Performance-based financing is expanding rapidly across low- and middle-income countries. The results of this study will enable researchers and decision makers to gain a better understanding of the factors that can influence the implementation and the sustainability of complex interventions aiming to increase healthcare quality as well as equity.

Royalty financing for the oil and gas industry

International Nuclear Information System (INIS)

Read, F. M. D.

1998-01-01

Key concepts in royalty financing for the oil and gas industry are described. The basic significance of royalty financing for a public company is that financing is 'off balance sheet', and can be used to achieve objectives that neither debt, equity, nor outright sale of assets or farm-outs can accomplish. Royalty financing can provide increased available capital or debt reduction while maintaining the full gross share of reserve and production volumes on the books. This paper provides an overview of the field of royalty financing, with an appreciation of the benefits, reviews each of the financial alternatives (debt, equity, farmout and or sale of assets to reduce capital requirements), and provides examples of specific application of royalty financing. It is claimed that this type of financing, which has been available to the mining sector for some time, is a useful alternative to other financing instruments to acquire new oil and gas assets, to develop new areas, to implement enhanced recovery projects or to carry out mergers and acquisitions. Used judiciously, royalty financing can provide significant benefits to both the working interest owner and his shareholders, as well as the royalty company

Export development financing

International Nuclear Information System (INIS)

Balint, J.

1995-01-01

The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing

Financing Distributed Generation

International Nuclear Information System (INIS)

Walker, A.

2001-01-01

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

Gender and the knowledge of financing options by immigrant ...

African Journals Online (AJOL)

In addition, the knowledge of non-traditional equity financing options such as crowdfunding is weak. There is no significant gender difference in the knowledge of financing options by immigrant entrepreneurs. Recommendations to improve the knowledge of financing options are suggested. Keywords: gender, knowledge ...

Financing Distributed Generation

Energy Technology Data Exchange (ETDEWEB)

Walker, A.

2001-06-29

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.

Financement de la santé

International Development Research Centre (IDRC) Digital Library (Canada)

Dans le cadre d'un projet de recherche participative dirigé par la Coalition for Health Promotion and Social ... De 2006 à 2011, le CRDI a financé le parte- nariat de recherche Strategies for Health. Insurance for Equity in Less ... obligatoire ou des mécanismes de finance- ment par voie d'imposition ou de taxation ciblée.

Incorporating intersectionality into psychology: An opportunity to promote social justice and equity.

Science.gov (United States)

Rosenthal, Lisa

2016-09-01

Intersectionality is receiving increasing attention in many fields, including psychology. This theory or framework has its roots in the work of Black feminist scholar-activists, and it focuses on interlocking systems of oppression and the need to work toward structural-level changes to promote social justice and equity. Thus, the current interest in intersectionality in psychology presents an opportunity to draw psychologists' attention more to structural-level issues and to make social justice and equity more central agendas to the field. The large, ever-growing bodies of research demonstrating the wide-ranging adverse consequences of structural- and interpersonal-level oppression, inequality, and stigma for the health and well-being of many diverse groups of people support that these issues are central to the field of psychology. We as individual psychologists and the field as a whole can work to fully incorporate the insights of intersectionality and therefore contribute to making social justice and equity more central across the varied subfields and realms of our work. Specific ways that we can do this are to (a) engage and collaborate with communities, (b) address and critique societal structures, (c) work together/build coalitions, (d) attend to resistance in addition to resilience, and (e) teach social justice curricula. There are important examples both within and outside of psychology that can guide us in achieving these goals. These suggestions are meant to foster conversation and consideration by psychologists across all subfields and areas of focus. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

Small Business Financing: Differences Between Young and Old Firms

OpenAIRE

Alicia M. Robb

2002-01-01

Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in depth look at the patterns of small business financing in the late nineties. Evidence ...

Financing Canadian international operations

International Nuclear Information System (INIS)

Beagle, G.

1996-01-01

A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs

The international Finance Corporation and financing of sustainable energy

International Nuclear Information System (INIS)

Younger, D.R.

1999-01-01

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. (orig.)

Stakeholders in Equity-Based Crowdfunding: Respective Risks Over the Equity Crowdfunding Lifecycle

Directory of Open Access Journals (Sweden)

Semen Son Turan

2015-08-01

Full Text Available Objective. The purpose of this paper is to present a thorough research on the risk categories and specific risk factors that each immediate stakeholder faces over the equity crowdfunding lifecycle.Methodology. This study employs an exploratory approach, supported by current data to understand the global equity crowdfunding setting and the stakes for major players.Findings. Findings show that, although equity crowdfunding, can be a unique opportunity especially for underdeveloped countries and SMEs who have difficulty obtaining funding elsewhere, is also a potential peril for those who ignore or underestimate the overall and stand-alone risks that come along with each stage of the process. The findings have implications for all ventures seeking alternative financing venues, investors and equity crowdsourcing platforms. Furthermore, they pinpoint potential areas of further investigation for researchers and policy makers.Originality/Value. This study differentiates itself from the limited number of papers on equity crowdfunding, as a newly developing field of academic research, in that it underscores financial, regulatory, operational, reputational and strategic risks from several perspectives and offers recommendations on how these risks can be addressed.

Human Rights and the Political Economy of Universal Health Care: Designing Equitable Financing.

Science.gov (United States)

Rudiger, Anja

2016-12-01

Health system financing is a critical factor in securing universal health care and achieving equity in access and payment. The human rights framework offers valuable guidance for designing a financing strategy that meets these goals. This article presents a rights-based approach to health care financing developed by the human right to health care movement in the United States. Grounded in a human rights analysis of private, market-based health insurance, advocates make the case for public financing through progressive taxation. Financing mechanisms are measured against the twin goals of guaranteeing access to care and advancing economic equity. The added focus on the redistributive potential of health care financing recasts health reform as an economic policy intervention that can help fulfill broader economic and social rights obligations. Based on a review of recent universal health care reform efforts in the state of Vermont, this article reports on a rights-based public financing plan and model, which includes a new business tax directed against wage disparities. The modeling results suggest that a health system financed through equitable taxation could produce significant redistributive effects, thus increasing economic equity while generating sufficient funds to provide comprehensive health care as a universal public good.

Corporate Finance and Comparative Advantage

OpenAIRE

Peter Egger; Christian Keuschnigg

2009-01-01

Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...

Marketing assets: Relating brand equity and customer equity

Directory of Open Access Journals (Sweden)

Jaime Romero

2016-03-01

Full Text Available Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alternatives explanations regarding the link between brand equity and customer equity. In order to estimate these models we employ Structural Equations Modelling. We measure model variables using data collected through a survey to marketing managers of services companies that operate in Spain. We compare these four research models in terms of explanatory power and goodness of fit. Findings: Our results indicate that the models that correspond to the simultaneity approach have a higher explanatory power and goodness of fit than the models that suggest that brand equity is an antecedent of customer equity, thus supporting that these intangible assets are built by marketing activities at the same time. Research limitations/implications: Our results recommend caution when interpreting previous research about the effects of brand (customer equity, as they might indeed correspond to customer (brand management. Similarly, future research focusing on customer and brand management need to take into account both managerial areas in their studies. Practical implications: From a practitioners’ point of view, our findings suggest adopting a brand-customer portfolio approach to enhance company profitability. Similarly, we derive implications for firm valuation processes, which incorporate brand equity and customer equity in their calculations. Originality/value: We empirically study the relationship between brand equity and customer equity, while previous research has analyzed

Financing energy projects: experience of the International Finance Corporation

International Nuclear Information System (INIS)

Bond, Gary; Carter, Laurence

1995-01-01

This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)

股权众筹支持创业企业融资问题研究%A Study on Equity-based Crowdfunding to Support Venture Enterprises Financing

Institute of Scientific and Technical Information of China (English)

郭菊娥; 熊洁

2016-01-01

文章基于创业企业股权众筹融资的特征与流程,分析了众筹平台作为投融资中介在融资过程中的风险防范策略,借鉴Casamatta等的模型,构建了创业企业和领投人、跟投人的三方委托代理模型,给出了三者的参与条件与激励约束,并得到股权众筹融资下创业企业的最优权益分配比例及其影响因素与众筹平台的风险防范策略.研究结果表明,创业企业通过股权众筹融资能够更好实现对企业的控制,同时吸引更多大众投资者参与融资活动;众筹平台通过收取交易费用可以督促创业企业更有效的努力,减少企业与投资人的道德风险,为大众创业提供良好平台.%The paper,based on the features and process of equity-based crowdfunding of venture enterprises,analyzes the risk prevention strategies for the crowdfunding platform as an investment and financing agency in the process of financing. The paper also uses Casamatta's model for reference to construct the principal-agent model between venture enterprises,lead investors and follow investors,and gives the optimal allocation proportion of venture enterprises and its influencing factors under equity-based crowdfunding financing as well as the risk prevention strategies for the crowdfunding platform through the analysis of their par-ticipation conditions and incentive constraints. The results show that venture enterprises can achieve better corporate control while attracting more investors to participate in public financing through equity-based crowdfunding financing. The crowdfunding platform can supervise venture enterprises to work more effectively and reduce the moral hazard of enterprises and investors by charging transaction fees,so as to provide a good platform for mass entrepreneurship.

13 CFR 108.710 - Requirement to finance Low-Income Enterprises.

Science.gov (United States)

2010-01-01

... VENTURE CAPITAL (âNMVCâ) PROGRAM Financing of Small Businesses by NMVC Companies Determining the... of your Portfolio Concerns must be Low-Income Enterprises in which you have an Equity Capital... total dollars) in Equity Capital Investments in Low-Income Enterprises. (b) Non-compliance with this...

THE EFFICIENCY OF FOREIGN INVESTMENTS IN THE FINANCING OF AUDITED ENTITIES

Directory of Open Access Journals (Sweden)

Berinde Sorin

2013-07-01

Full Text Available The auditing of the financial statements is a certification service intended to offer the users more credibility regarding the quality of accounting information. This is the reason why the present study selected all the Cluj county entities that, according to the public information, between 2005-2012 were subject to financial audit in order to estimate, at this level, the influence of foreign investments in the financing structure. The information provided by the financial statements of these audited entities (with or without foreign participation in share capital was analyzed for the calculation of the relevant indicators to determine the evolution of the equity financing, the recourse to external financing funds, the ratio of external funds and equity funds used for financing and the assessment of the efficiency of foreign capital invested at the level of these entities. In order to meet this objective, we considered the information from the financial statements of the concerned entities, published between 2008-2011. For the relevance of the study, we eliminated the audited entities that did not have financial statements published in all of the four financial years for various reasons (dissolution, liquidation, merger, or temporary suspension of activity or had negative working capital. The financial statement information was analyzed in view of the calculation for each audited entity of the rate of financial autonomy, the debt ratio, the debt to equity ratio and of the rotation speed of equity. The audited entities were classified into 2 major categories: audited entities with a foreign participation in share capital and audited entities with the whole share capital financed by equity funds. We applied the simple average method at the level of the both audited entities categories for each of the four analyzed indicators. Furthermore, we performed an analysis from the static and dynamic point of view of the results. The conclusions that we

Equity trade-offs in conservation decision making.

Science.gov (United States)

Law, Elizabeth A; Bennett, Nathan J; Ives, Christopher D; Friedman, Rachel; Davis, Katrina J; Archibald, Carla; Wilson, Kerrie A

2018-04-01

Conservation decisions increasingly involve multiple environmental and social objectives, which result in complex decision contexts with high potential for trade-offs. Improving social equity is one such objective that is often considered an enabler of successful outcomes and a virtuous ideal in itself. Despite its idealized importance in conservation policy, social equity is often highly simplified or ill-defined and is applied uncritically. What constitutes equitable outcomes and processes is highly normative and subject to ethical deliberation. Different ethical frameworks may lead to different conceptions of equity through alternative perspectives of what is good or right. This can lead to different and potentially conflicting equity objectives in practice. We promote a more transparent, nuanced, and pluralistic conceptualization of equity in conservation decision making that particularly recognizes where multidimensional equity objectives may conflict. To help identify and mitigate ethical conflicts and avoid cases of good intentions producing bad outcomes, we encourage a more analytical incorporation of equity into conservation decision making particularly during mechanistic integration of equity objectives. We recommend that in conservation planning motivations and objectives for equity be made explicit within the problem context, methods used to incorporate equity objectives be applied with respect to stated objectives, and, should objectives dictate, evaluation of equity outcomes and adaptation of strategies be employed during policy implementation. © 2017 Society for Conservation Biology.

Proposing changes in legislative and institutional conditions for private equity and venture capital financing in the Czech Republic – a comparative study with Poland

Directory of Open Access Journals (Sweden)

Jaroslava Rajchlová

2011-01-01

Full Text Available This paper discusses the conditions of private equity and venture capital financing in the Czech Republic and Poland. Especially the related legislation, taxes and support of this type of financing are discussed in detail. The purpose of this research is to evaluate the conditions, to find factors that have positive influence and to formulate recommendations that would improve the conditions for both PE/VC investors and firms with new business ideas. Improving the conditions for PE/VC financing helps small businesses get the needed capital that cannot be obtained from banks and other institutions. This form of financing has a proven positive effect on whole economy. Identifying and removing obstacles is therefore important and helps the government to promote economic growth. This form of financing is used frequently in other European countries. In the central and eastern Europe it is not used as frequently but the situation is improving according to (Zinecker & Rajchlová, 2010. According to the study made by EVCA an array of legislative shortcoming were identified in the Czech Republic. Poland and Hungary have better conditions for PE/VC financing. According to EVCA studies made in 2004 and 2006 Poland shows that the conditions improve each year. Therefore Poland was chosen in this research for a comparative study with the Czech Republic.

The financing of innovative firms

OpenAIRE

Hall, Bronwyn H.

2009-01-01

To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...

7 CFR 4290.700 - Requirements concerning types of Enterprises to receive Financing.

Science.gov (United States)

2010-01-01

... BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Determining Eligibility of... Financing. (a) Rural Business Concern Investments. At the close of each of your fiscal years— (1) At least...) in Financings in the form of Equity Capital in such Enterprises. (c) Small Business Concern...

Financing Strategies for Nuclear Fuel Cycle Facility

International Nuclear Information System (INIS)

David Shropshire; Sharon Chandler

2005-01-01

To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy

The equity impact of the universal coverage policy: lessons from Thailand.

Science.gov (United States)

Prakongsai, Phusit; Limwattananon, Supon; Tangcharoensathien, Viroj

2009-01-01

This chapter assesses health equity achievements of the Thai health system before and after the introduction of the universal coverage (UC) policy. It examines five dimensions of equity: equity in financial contributions, the incidence of catastrophic health expenditure, the degree of impoverishment as a result of household out-of-pocket payments for health, equity in health service use and the incidence of public subsidies for health. The standard methods proposed by O'Donnell, van Doorslaer, and Wagstaff (2008b) were used to measure equity in financial contribution, healthcare utilization and public subsidies, and in assessing the incidence of catastrophic health expenditure and impoverishment. Two major national representative household survey datasets were used: Socio-Economic Surveys and Health and Welfare Surveys. General tax was the most progressive source of finance in Thailand. Because this source dominates total financing, the overall outcome was progressive, with the rich contributing a greater share of their income than the poor. The low incidence of catastrophic health expenditure and impoverishment before UC was further reduced after UC. Use of healthcare and the distribution of government subsidies were both pro-poor: in particular, the functioning of primary healthcare (PHC) at the district level serves as a "pro-poor hub" in translating policy into practice and equity outcomes. The Thai health financing reforms have been accompanied by nationwide extension of PHC coverage, mandatory rural health service by new graduates and systems redesign, especially the introduction of a contracting model and closed-ended provider payment methods. Together, these changes have led to a more equitable and more efficient health system. Institutional capacity to generate evidence and to translate it into policy decisions, effective implementation and comprehensive monitoring and evaluation are essential to successful system-level reforms.

'Show me the money': energy projects financing

International Nuclear Information System (INIS)

Ball, C.

2006-01-01

This paper describes the business and business model of Corpfinance International (CFI). CFI consists of three businesses: structured financing, private equity/corporate finance advisory and securitization. Furthermore, CFI is the lender of record acting on behalf of and based on strong relationship with various Life Insurance Companies, Pension Funds and International Banks. CFI has in-house expertise in support of its lending advisory and investing activities

Financial Development, Growth and Equity in Brazil

OpenAIRE

Armando Castelar Pinheiro; Regis Bonelli

2015-01-01

Financial markets help to foster growth and productivity through their role in mobilizing savings to finance investment and production, selecting and monitoring investment projects, diversifying risks, and allowing investment and production to be carried out in the most productive scale and time frame. This paper examines the links between financial development, growth and equity. The focus is on the Brazilian case, but we also aim at contributing to a broader discussion on the role of financ...

Assessing income redistributive effect of health financing in Zambia.

Science.gov (United States)

Mulenga, Arnold; Ataguba, John Ele-Ojo

2017-09-01

Ensuring an equitable health financing system is a major concern particularly in many developing countries. Internationally, there is a strong debate to move away from excessive reliance on direct out-of-pocket (OOP) spending towards a system that incorporates a greater element of risk pooling and thus affords greater protection for the poor. This is a major focus of the move towards universal health coverage (UHC). Currently, Zambia with high levels of poverty and income inequality is implementing health sector reforms for UHC through a social health insurance scheme. However, the way to identify the health financing mechanisms that are best suited to achieving this goal is to conduct empirical analysis and consider international evidence on funding universal health systems. This study assesses, for the first time, the progressivity of health financing and how it impacts on income inequality in Zambia. Three broad health financing mechanisms (general tax, a health levy and OOP spending) were considered. Data come from the 2010 nationally representative Zambian Living Conditions and Monitoring Survey with a sample size of 19,397 households. Applying standard methodologies, the findings show that total health financing in Zambia is progressive. It also leads to a statistically significant reduction in income inequality (i.e. a pro-poor redistributive effect estimated at 0.0110 (p taxes (0.0101 (p taxes. This points to areas where government policy may focus in attempting to reduce the high level of income inequality and to improve equity in health financing towards UHC in Zambia. Copyright © 2017 Elsevier Ltd. All rights reserved.

Q&A: The Basics of California's School Finance System

Science.gov (United States)

EdSource, 2006

2006-01-01

In a state as large and complex as California, education financing can become as complicated as rocket science. This two-page Q&A provides a brief, easy-to-understand explanation of California's school finance system and introduces the issues of its adequacy and equity. A list of resources providing additional information is provided.

Research on the Renewable Energy Industry Financing Efficiency Assessment and Mode Selection

Directory of Open Access Journals (Sweden)

Xiaohuan Lyu

2018-01-01

Full Text Available In recent years, environmental issues are attracting widespread attention by various countries around the world. In this context, the renewable energy industry has become a stimulus point for economic development and has great potential for development. Renewable energy industry financing is difficult due to its characteristics of high risk and long-term investment returns, and relying on existing financing channels make it present a glut of excess capacity. It is key to realize resource optimal allocation, solve overcapacity phenomenon and select the valid financing mode. This paper used Bloomberg New Energy Finance (BNEF data and the data envelopment analysis (DEA method to analyze the financing efficiency different parts of the global renewable energy industry and different ways of financing. It could be found that although the financing efficiency showed a trend of increasing year by year, the financing efficiency of each industry presented generally weak DEA efficiency, the comprehensive financing efficiency of wind power industry was higher. The article also found that the financing efficiency of project financing and Research and Development (R&D were relatively high, and the equity market and venture capital and private equity were less efficient. The results of this paper play an important role in the overall financing status cognizance of the renewable energy industry and give suggestions about valid financing mode choice.

An assessment of Regional and Gender equity in healthcare ...

African Journals Online (AJOL)

The study assesses regional and gender equity in healthcare coverage under two different ... 1Department of Geography and Resource Development ...... government budgets, 3) innovative financing and, 4) development assistance for health; ...

Sources of Investment Finance in Firms in Slovakia

OpenAIRE

Mikócziová Jana

2010-01-01

Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS), the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms...

Measuring equity in household's health care payments (Tehran-Iran 2013): technical points for health policy decision makers.

Science.gov (United States)

Rezapour, Aziz; Ebadifard Azar, Farbod; Azami Aghdash, Saber; Tanoomand, Asghar; Hosseini Shokouh, Seyed Morteza; Yousefzadeh, Negar; Atefi Manesh, Pezhman; Sarabi Asiabar, Ali

2015-01-01

Households' financial protection against health payments and expenditures and equity in utilization of health care services are of the most important tasks of governments. This study aims to measuring equity in household's health care payments according to fairness in financial contribution (FFC) and Kakwani indices in Tehran-Iran, 2013. This cross-sectional study was conducted in 2014.The study sample size was estimated to be 2200 households. Households were selected using stratified-cluster sampling including typical families who reside in the city of Tehran. The data were analyzed through Excel and Stata v.11software. Recall period for the inpatient care was 1 year and for outpatient1 month. The indicator of FFC for households in health financing was estimated to be 0.68 and the trend of the indicator was ascending by the rise in the ranking of households' financial level. The Kakwani index was estimated to be a negative number (-0.00125) which indicated the descending trend of health financing system. By redistribution of incomes or the exempt of the poorest quintiles from health payments, Kakwani index was estimated to be a positive number (0.090555) which indicated the ascending trend of health financing system. According to this study, the equity indices in health care financing denote injustice and a descending trend in the health care financing system. This finding clearly shows that deliberate policy making in health financing by national health authorities and protecting low-income households against health expenditures are required to improve the equity in health.

Financing wind power projects : perspectives from the US market

International Nuclear Information System (INIS)

Alam, M.

2005-01-01

This presentation outlined the recent assignments, core competencies and scope of services provided by Alyra Renewable Energy Finance Advisors. Renewable energy developers seek Alyra's assistance in developing strategies to achieve the most competitive solutions in finance and strategy. Alyra has broad finance expertise in renewable energy projects, a deep knowledge of markets and a significant wind industry network. Alyra identifies emerging issues, completes financing solutions and helps with contract negotiations. This presentation outlined the notable features of wind financing, wind assessment, offtake arrangements, equity considerations, US wind debt markets, long term bank financing, and combined bank and private placement financing. It also included recent debt market activity for seven large wind farms in the United States. tabs., figs

Sources of Investment Finance in Firms in Slovakia

Directory of Open Access Journals (Sweden)

Mikócziová Jana

2010-06-01

Full Text Available Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS, the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms in selected OECD-countries. Furthermore, measures to stimulate corporate investments and their financing are proposed.

Developing financeable projects in Central Europe

Energy Technology Data Exchange (ETDEWEB)

Chelberg, R.; Prerad, V. [POWER International, Josefov (Czechoslovakia)

1995-12-01

POWER`s engineering and development experience in the Czech Republic creating financeable projects within the power generation industry will be presented. POWER has been involved in the Czech Republic`s privatization process, environmental legislation as well as formation of the regulatory environment. Strategic methods for accomplishing the development of financeable projects often include ownership and financial restructuring of the projects. This is done by utilizing internal cash flows, external debt and equity placement (provided by international financial institutions) by restructuring the facility`s contractual relationships and operations (providing as least cost solution to engineering) and possibly using existing governmental guarantees. In order to make any recommendations on how to come into compliance with the country`s environmental legislation, it is necessary to begin with an analysis of the existing facility. This involves preparation of technical and economic feasibility study, evaluation of technology and preliminary engineering solutions. It further involves restructuring of power sales agreements, heat sales agreements, and fuel supply agreements. The goal is to provide suitable security for the equity and debt financing participants by mitigating risk and creating a single purpose business unit with predictable life and economics.

Cross-border Intra-group Hybrid Finance and International Taxation

OpenAIRE

Eberhartinger, Eva; Pummerer, Erich; Göritzer, Andreas

2010-01-01

In intra-group finance hybrid instruments allow for tailor-made form of finance. Hence hybrid finance is often used for international tax planning in multinational groups. Due to a lack of international tax harmonization or tax coordination qualification conflict can arise. A specific hybrid instrument is classified as debt in one country, and as equity in the other country. This may lead to double taxation. In the reverse case, double non-taxation can arise. Against this legal background one...

Marginal versus Average Beta of Equity under Corporate Taxation

OpenAIRE

Lund, Diderik

2009-01-01

Even for fully equity-financed firms there may be substantial effects of taxation on the after-tax cost of capital. Among the few studies of these effects, even fewer identify all effects correctly. When marginal investment is taxed together with inframarginal, marginal beta differs from average if there are investment-related deductions like depreciation. To calculate asset betas, one should not only 'unlever observed equity betas, but 'untax' and 'unaverage' them. Risky tax claims are value...

On the Path to SunShot - Emerging Opportunities and Challenges in Financing Solar

Energy Technology Data Exchange (ETDEWEB)

Feldham, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2016-05-01

Financial innovations—independent of technology-cost improvements—could cut the cost of solar energy to customers and businesses by 30%–60% (see Feldman and Bolinger 2016). Financing is critical to solar deployment, because the costs of solar technologies are paid up front, while their benefits are realized over decades. Solar financing has been shaped by the government incentives designed to accelerate solar deployment. This is particularly true for federal tax incentives, which have spawned complex tax-equity structures that monetize tax benefits for project sponsors who otherwise could not use them efficiently. Although these structures have helped expand solar deployment, they are relatively costly and inefficient. This has spurred solar stakeholders to develop lower-cost financing solutions such as securitization of solar project portfolios, solar-specific loan products, and methods for incorporating residential PV’s value into home values. To move solar further toward an unsubsidized SunShot future, additional financial innovation must occur. Development of a larger, more mature U.S. solar industry will likely increase financial transparency and investor confidence, which in turn will enable simpler, lower-cost financing methods. Utility-scale solar might be financed more like conventional generation assets are today, non-residential solar might be financed more like a new roof, and residential solar might be financed more like an expensive appliance. Assuming a constant, SunShot-level installed PV system price, such financing innovations could reduce PV’s LCOE by an estimated 30%–60% (depending on the sector) compared with historical financing approaches.

Financing Mode and Enterprise Innovation: from the Respective of the Secondary Financing in a Start-up Enterprise

Directory of Open Access Journals (Sweden)

Yunxia Ning

2014-02-01

Full Text Available The enterprise nature has a close connection with its financing mode. An entrepreneur must distinguish between products and mainstream markets in order to make a positive profit in the competitive market, and he shall be in adequate control of the enterprise assets to execute this differentiation strategy. However, the start-up enterprise usually shall be invested with high capital, which makes the entrepreneur perform the secondary transformation to realize the standardization. Meanwhile the standardization may make the entrepreneur himself replaced by either external managers or internal staff. The paper shows that it generally makes equity financing more profitable than bond financing, and that the financing mode of an enterprise shall finally have an influence on its innovation ability.

Marlim project finance; 'Project finance' de Marlim

Energy Technology Data Exchange (ETDEWEB)

D' Almeida, Albino Lopes [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

Project Finance is often used worldwide to raise the funds to develop big projects, particularly in the area of power and infra-structure. It is designed to support a singular project and a specific purpose company is created to obtain the financing. The debt payment is secured by the enterprise's cash flow, avoiding real guarantee requirements. The lenders receive the future revenues and the property of the assets to be built. The risks are mitigated by agreements exhaustively negotiated among the parties. One of the most important Project Finances performed in Brazil is the Marlim Project, structured in order to complete the development of the Marlim oil field. This is the biggest Brazilian oil field, producing more than 500,000 barrels a day, almost 35% of the national production. This paper presents the general concepts related to this type of financing and general information about the project, including its structuring, negotiation and closing. The total commitment reaches US$ 1.5 billion obtained in both domestic and international markets through equity, bridge loan, bonds and commercial papers. Its whole life is 10 years, using 2 special purpose companies in its configuration. (author)

Equity in Health Care Expenditure in Nigeria

Directory of Open Access Journals (Sweden)

Olanrewaju Olaniyan

2013-07-01

Full Text Available Equity isone of the basic principles of health systems and features explicitly in theNigerian health financing policy. Despite acclaimed commitment to theimplementation of this policy through various pro-poor health programmes andinterventions, the level of inequity in health status and access to basichealth care interventions remain high. This paper examines the equity of healthcare expenditure by individuals in Nigeria. The paper evaluated equity in out-of-pocketspending( OOP for the country and separately for the six geopolitical zones ofthe country.The methodological framework rests onKakwani Progressivity Indices (KPIs, ReynoldSmolensky indices andconcentration indices (CIs using data from the 2004 Nigerian National LivingStandard Survey( NLSS collected by the National Bureau of Statistics. .The results reveal that health financing isregressive with the incidence disproportionately rest on poor households withabout 70% of the total expenditure on health is through out-of-pocket paymentsby households. Poor households are prone to bear most of the expenses in theevent of any health shock. The catastrophic consequences thus push some intopoverty, and aggravate the poverty of others.The paper therefore suggests that thecountry’s health financingsystems must be designed not only to allow people to access services when theyare needed, but must also protect household, from financial catastrophe, byreducing OOP spending through risk pooling and prepayment schemes within thehealth system.Keywords:                            Equity, Health careexpenditure, Kakwani progressivity index, Nigeria.

On the Path to SunShot: Emerging Opportunities and Challenges in Financing Solar

Energy Technology Data Exchange (ETDEWEB)

Feldman, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2016-05-01

This report analyzes solar financing strategies and their role in achieving the U.S. Department of Energy's SunShot goals. Financing is critical to solar deployment, because the costs of solar technologies are paid up front, while their benefits are realized over decades. Solar financing has been shaped by government solar incentives, particularly federal tax incentives, which have spawned complex tax-equity structures that monetize tax benefits for project sponsors who otherwise could not use them efficiently. Although these structures have helped expand solar deployment, they are relatively costly and inefficient. This has spurred solar stakeholders to develop lower-cost financing solutions such as securitization of solar project portfolios, solar-specific loan products, and methods for incorporating residential solar's value into home values. To move solar further toward an unsubsidized SunShot future, additional financial innovation must occur. Development of a larger, more mature U.S. solar industry will likely increase financial transparency and investor confidence, which in turn will enable simpler, lower-cost financing methods. Utility-scale solar might be financed more like conventional generation assets are today, non-residential solar might be financed more like a new roof, and residential solar might be financed more like an expensive appliance. Assuming a constant, SunShot-level installed photovoltaic (PV) system price, such financing innovations could reduce PV's levelized cost of electricity (LCOE) by an estimated 25%-50% compared with historical financing approaches. These results suggest that financing can adapt to changing conditions and might ease the transition away from a reliance on tax incentives while driving solar's LCOE toward the SunShot goals.

Prevailing ship financing methods applied to major dry-bulk companies

OpenAIRE

Χριστοδούλου, Αγγελική

2015-01-01

Shipping finance of 2014 has altered substantially regarding that of last decades and the shipping companies’ traditional capital structure of bank lending along with shareholders equity gives way to sophisticated and innovative financing methods forming a new capital structure which is more complicated but serves better the present-day financial needs. Not only constitutes the scope of this dissertation to exhibit the current ship-financing instruments but also to seek the optimal capital st...

International oil and gas finance review 1997

International Nuclear Information System (INIS)

Anon.

1997-01-01

This first edition covers financing projects in the developing world, mergers and acquisitions; mitigating cross-border risk; basic risk in energy markets; real-time oil and gas pricing issues; oil and gas equity; risk management; project finance. The yearbook also features more regional specific topics such as: gas transportation in the Mercosur; 25 years of growth in the UAE; natural gas in Mexico; LNG in the Far East; legal issues surrounding the Russian oil and gas industry; LNG projects in the Middle East; the North Sea; and financing the oil and gas industry of Southern and South Africa. (UK)

Humanizing Finance by Hedging Property Values

Directory of Open Access Journals (Sweden)

Jaume Roig Hernando

2016-06-01

Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.

Public finance of rotavirus vaccination in India and Ethiopia: an extended cost-effectiveness analysis.

Science.gov (United States)

Verguet, Stéphane; Murphy, Shane; Anderson, Benjamin; Johansson, Kjell Arne; Glass, Roger; Rheingans, Richard

2013-10-01

An estimated 4% of global child deaths (approximately 300,000 deaths) were attributed to rotavirus in 2010. About a third of these deaths occurred in India and Ethiopia. Public finance of rotavirus vaccination in these two countries could substantially decrease child mortality and also reduce rotavirus-related hospitalizations, prevent health-related impoverishment and bring significant cost savings to households. We use a methodology of 'extended cost-effectiveness analysis' (ECEA) to evaluate a hypothetical publicly financed program for rotavirus vaccination in India and Ethiopia. We measure program impact along four dimensions: 1) rotavirus deaths averted; 2) household expenditures averted; 3) financial risk protection afforded; 4) distributional consequences across the wealth strata of the country populations. In India and Ethiopia, the program would lead to a substantial decrease in rotavirus deaths, mainly among the poorer; it would reduce household expenditures across all income groups and it would effectively provide financial risk protection, mostly concentrated among the poorest. Potential indirect benefits of vaccination (herd immunity) would increase program benefits among all income groups, whereas potentially decreased vaccine efficacy among poorer households would reduce the equity benefits of the program. Our approach incorporates financial risk protection and distributional consequences into the systematic economic evaluation of vaccine policy, illustrated here with the case study of public finance for rotavirus vaccination. This enables selection of vaccine packages based on the quantitative inclusion of information on equity and on how much financial risk protection is being bought per dollar expenditure on vaccine policy, in addition to how much health is being bought. Copyright © 2013 Elsevier Ltd. All rights reserved.

The Canada Pension Plan's experience with investing its portfolio in equities.

Science.gov (United States)

Sarney, M; Preneta, A M

For the past few years, the Canada Pension Plan (CPP) has been investing some of its assets in equities. Without changes, an imbalance between revenues and outlays would exhaust the CPP reserve fund by 2015. Creating an entity that was independent of government was one of several changes the federal and provincial governments enacted to achieve fuller funding. The governments created an independent Investment Board (the CPP Investment Board, or "CPPIB") to oversee the new investments. Because the plan already owned a large government bond portfolio, the CPPIB decided to invest new CPP funds in broad equity indices in March 1999. In 2000, the CPPIB began actively investing a portion of the CPP funds. Key features of that policy and some observations about its implementation include the following: In addition to investing CPP revenues in equities, reform also included contribution rate increases, benefit reductions, and a financing stabilizer. The new investment policy accounted for 25 percent of the total effect of all the reforms. It is premature to know if the investments will achieve their long-term performance objective. The new equity investments are projected by the Chief Actuary, in his most recent Actuarial Report, to earn a 4.5 percent real rate of return on Canadian equity and 5.0 percent real return on foreign equity for a blended real return of 4.65 percent based on an equity mix of 70 percent Canadian and 30 percent non-Canadian. However, it is too early to tell if the equity investments will achieve that goal over the long run. The Investment Board's mandate is to maximize returns. The Investment Board, which oversees the CPP's new investments, has broad discretion to pursue maximum returns on its assets without incurring undue risk of loss while keeping in mind the financial obligations and other assets of the CPP. Furthermore, it has developed into a professional investment organization staffed with private-sector experts in finance and investment

Strategies for sustainability and equity of prepayment health ...

African Journals Online (AJOL)

Background: Despite the long existence of community health insurance schemes (CHI) in Uganda, their numbers and coverage levels have remained small with limited accessibility by the poor. Objectives: To examine issues of equity and sustainability in CHI schemes, which are prerequisites to health sector financing.

Integrating Photovoltaic Systems into Low-Income Housing Developments: A Case Study on the Creation of a New Residential Financing Model and Low-Income Resident Job Training Program, September 2011 (Brochure)

Energy Technology Data Exchange (ETDEWEB)

Dean, J.; Smith-Dreier, C.; Mekonnen, G.; Hawthorne, W.

2011-09-01

This case study covers the process of successfully integrating photovoltaic (PV) systems into a low-income housing development in northeast Denver, Colorado, focusing specifically on a new financing model and job training. The Northeast Denver Housing Center (NDHC), working in cooperation with Del Norte Neighborhood Development Corporation, Groundwork Denver, and the National Renewable Energy Laboratory (NREL), was able to finance the PV system installations by blending private equity funding with utility rebates, federal tax credits, and public sector funding. A grant provided by the Governor's Energy Office allowed for the creation of the new financing model. In addition, the program incorporated an innovative low-income job training program and an energy conservation incentive program.

Corporate Finance, Incomplete Contracts, and Corporate Control

OpenAIRE

Patrick Bolton

2014-01-01

This essay in celebration of Grossman and Hart (GH) (Grossman, S., and H. Oliver. 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," 94 Journal of Political Economy 691–719.) discusses how the introduction of incomplete contracts has fundamentally changed economists’ perspectives on corporate finance and control. Before GH, the dominant theory in corporate finance was the tradeoff theory pitting the tax advantages of debt (relative to equity) against ba...

The Impact of Assets-in-Place on Corporate Financing and Investment Decisions

DEFF Research Database (Denmark)

Clausen, Saskia; Flor, Christian Riis

2015-01-01

assets-in-place) mainly use debt financing, whereas young high-growth firms (without assets-in-place) frequently use equity financing and signal their type by early investment. Simulation analyses conrm this and our model is thus able to explain empirical patterns which contradict the static pecking...

The financing of cooperative businesses

Directory of Open Access Journals (Sweden)

Alfredo Ispizua

2005-12-01

Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.

THE BORROWER CHARACTERISTICS IN HOT EQUITY MARKETS

Directory of Open Access Journals (Sweden)

HALIL DINCER KAYA

2017-06-01

Full Text Available In this study, I examine the characteristics of U.S. corporate borrowers (public debt, private placement, and syndicated loan firms in HOT versus COLD equity markets. My main objective is to see the characteristics of firms that choose debt financing even when the equity market is HOT. HOT equity markets are defined as the top twenty percent of the months in terms of the de-trended number of equity offerings. I find that the HOT equity market borrowers generally have higher market-to-book ratios compared to the COLD market borrowers. Also, in HOT equity markets, the public debt firms (i.e. the corporate bond issuers tend to have fewer tangible assets, the private placement firms tend to be smaller and highly levered, and the syndicated loan firms tend to be smaller, more profitable, and less levered compared to the COLD market firms. When I look at the number of transactions in each market, I find that when the equity market is active (i.e. HOT, the syndicated loan market is even more active. During these periods, the public debt market is also active (although not as much as the equity or the syndicated loan markets. When I look at the sizes of the transactions in each market, I find that the private placements tend to be significantly larger in HOT markets compared to COLD markets. I conclude that while the equity, the public debt, and the syndicated loan markets move together in terms of market activity, the equity market and the private placement markets move together in terms of the size of the transaction.

HOW DO ENTREPRENEURIAL TECHNOLOGY FIRMS REALLY GET FINANCED, AND WHAT DIFFERENCE DOES IT MAKE?

OpenAIRE

KELVIN W. WILLOUGHBY

2008-01-01

This paper discusses an emerging heterodoxy in the academic literature on entre- preneurial technology finance that is based on the idea of "bootstrapping." Bootstrap finance is a third approach (emphasizing funding technology ventures through revenue and other non-traditional sources), alongside the orthodoxies of traditional business finance (emphasizing debt) and contemporary venture finance (emphasizing venture capital and public equity). The paper also reports the results of an original ...

Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM

Science.gov (United States)

Kozieł, Diana; Pawłowski, Stanisław; Kustra, Arkadiusz

2018-03-01

The article presents cost of equity estimation of capital groups from the fuel and energy sector, listed at the Warsaw Stock Exchange, based on the Capital Asset Pricing Model (CAPM). The objective of the article was to perform a valuation of equity with the application of CAPM, based on actual financial data and stock exchange data and to carry out a sensitivity analysis of such cost, depending on the financing structure of the entity. The objective of the article formulated in this manner has determined its' structure. It focuses on presentation of substantive analyses related to the core of equity and methods of estimating its' costs, with special attention given to the CAPM. In the practical section, estimation of cost was performed according to the CAPM methodology, based on the example of leading fuel and energy companies, such as Tauron GE and PGE. Simultaneously, sensitivity analysis of such cost was performed depending on the structure of financing the company's operation.

Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM

Directory of Open Access Journals (Sweden)

Kozieł Diana

2018-01-01

Full Text Available The article presents cost of equity estimation of capital groups from the fuel and energy sector, listed at the Warsaw Stock Exchange, based on the Capital Asset Pricing Model (CAPM. The objective of the article was to perform a valuation of equity with the application of CAPM, based on actual financial data and stock exchange data and to carry out a sensitivity analysis of such cost, depending on the financing structure of the entity. The objective of the article formulated in this manner has determined its’ structure. It focuses on presentation of substantive analyses related to the core of equity and methods of estimating its’ costs, with special attention given to the CAPM. In the practical section, estimation of cost was performed according to the CAPM methodology, based on the example of leading fuel and energy companies, such as Tauron GE and PGE. Simultaneously, sensitivity analysis of such cost was performed depending on the structure of financing the company’s operation.

Private equity and venture capital in South Africa: A comparison of project financing decisions

Directory of Open Access Journals (Sweden)

David Portmann

2013-09-01

Full Text Available This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.

Health financing for universal coverage and health system performance: concepts and implications for policy.

Science.gov (United States)

Kutzin, Joseph

2013-08-01

Unless the concept is clearly understood, "universal coverage" (or universal health coverage, UHC) can be used to justify practically any health financing reform or scheme. This paper unpacks the definition of health financing for universal coverage as used in the World Health Organization's World health report 2010 to show how UHC embodies specific health system goals and intermediate objectives and, broadly, how health financing reforms can influence these. All countries seek to improve equity in the use of health services, service quality and financial protection for their populations. Hence, the pursuit of UHC is relevant to every country. Health financing policy is an integral part of efforts to move towards UHC, but for health financing policy to be aligned with the pursuit of UHC, health system reforms need to be aimed explicitly at improving coverage and the intermediate objectives linked to it, namely, efficiency, equity in health resource distribution and transparency and accountability. The unit of analysis for goals and objectives must be the population and health system as a whole. What matters is not how a particular financing scheme affects its individual members, but rather, how it influences progress towards UHC at the population level. Concern only with specific schemes is incompatible with a universal coverage approach and may even undermine UHC, particularly in terms of equity. Conversely, if a scheme is fully oriented towards system-level goals and objectives, it can further progress towards UHC. Policy and policy analysis need to shift from the scheme to the system level.

Beyond venture capital : an exploratory study of the finance-innovation-policy nexus in cleantech

NARCIS (Netherlands)

Migendt, Michael; Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Schock, Florian; Täube, Florian A.; von Flotow, Paschen

2017-01-01

In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating cli-mate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply

78 FR 77770 - Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business...

Science.gov (United States)

2013-12-24

... proposes to Finance a small business in which its Associate Ironwood Mezzanine Fund II, LP has an equity... SMALL BUSINESS ADMINISTRATION [ License No. 01171-0406] Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby...

Private equity and venture capitalists' investment criteria in the Czech Republic

Directory of Open Access Journals (Sweden)

Marek Zinecker

2010-01-01

Full Text Available For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of mana­gement, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002.The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria

Health care and equity in India.

Science.gov (United States)

Balarajan, Y; Selvaraj, S; Subramanian, S V

2011-02-05

In India, despite improvements in access to health care, inequalities are related to socioeconomic status, geography, and gender, and are compounded by high out-of-pocket expenditures, with more than three-quarters of the increasing financial burden of health care being met by households. Health-care expenditures exacerbate poverty, with about 39 million additional people falling into poverty every year as a result of such expenditures. We identify key challenges for the achievement of equity in service provision, and equity in financing and financial risk protection in India. These challenges include an imbalance in resource allocation, inadequate physical access to high-quality health services and human resources for health, high out-of-pocket health expenditures, inflation in health spending, and behavioural factors that affect the demand for appropriate health care. Use of equity metrics in monitoring, assessment, and strategic planning; investment in development of a rigorous knowledge base of health-systems research; development of a refined equity-focused process of deliberative decision making in health reform; and redefinition of the specific responsibilities and accountabilities of key actors are needed to try to achieve equity in health care in India. The implementation of these principles with strengthened public health and primary-care services will help to ensure a more equitable health care for India's population. Copyright © 2011 Elsevier Ltd. All rights reserved.

U.S. financing for international independent power production projects: Legal and business issues

International Nuclear Information System (INIS)

Buehler, J.E. Jr.

1990-01-01

Fundamental changes are occurring in the capital and project development markets both domestically and internationally. In the United States, the capital market has undergone dramatic changes recently, characterized by clubbed debt structures, uncertain pricing spreads, and declining leverage ratios. In response, project sponsors and their investment bankers have created innovative debt and equity structures to attract investors while at the same time minimizing project risk and preserving the flexibility for the project to operate optimally. The structure of a project financing, either U.S. or international, will vary depending on (1) the differing project management/control concerns, financial goals and risk profiles of the developer, equipment and fuel suppliers, bank lenders and equity sources, (2) regulatory issues, such as compliance with the Public Utility Holding Company Act (PUHCA) in the U.S. and similar national utility legislation in the host foreign country, and (3) the tax implications of a given structure to the project owner, lender, and equity supplier. In response to these investor-specific goals and/or constraints, various forms of project structures have been developed. The focus of this paper is on legal and business issues which arise in international project finance, using U.S.project finance as a model that expresses the risk profile that U.S. financial institutions are accustomed to and overlaying the unique risks that are added to project financing which are international in nature

How equity markets view heavy oil

Energy Technology Data Exchange (ETDEWEB)

Janisch, M. L. [Nesbitt Burns Research, Toronto, ON (Canada)

1996-12-31

Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development.

How equity markets view heavy oil

International Nuclear Information System (INIS)

Janisch, M. L.

1996-01-01

Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development

The Role of Capital Structure in Company’s Financing

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2014-12-01

Full Text Available The changes in capital structure and in financial components of a company have a particular importance in choosing optimal financing decision, in determining the impact of changes in capital structure and of elements within balance sheet. To quantify such an impact in the literature have been considered many factors as debt-equity ratio, profitability, self financing capacity and the ability to earn profit. Using the comparative method over a period of three years to five companies acting in the metallurgical sector in this paper has been analyzed the evolution of debt capacity ratio, return on equity ratio, financial long term debt ratio, interest coverage ratio and long-term financial autonomy ratio. Based on these findings it was concluded that the variation of capital structure and performance of the companies affects and influences funding arrangements considered by the companies’ managers.

The distribution of the burden of taxation from the point of view of equity

Directory of Open Access Journals (Sweden)

Mateusz Langer

2016-03-01

Full Text Available The goal of this paper is to clarify the basic point of view of equity from a perspective of modern finance theory. The author strives to determine whether, and if so, what role does the equity at distribution of the burden of taxation in the state. In particular, research has shown in a broader context the basic approach to get the point of equity, and innovative conceptuality as a reflex of the values and postulates of law. The material in this article is an interdisciplinary investigation of equity as a quite important and complex issue of theory, philosophy and practice of law.

Project finance risks - getting it right first time

International Nuclear Information System (INIS)

Bain, F.

1996-01-01

Bankers seeking to invest in the construction of new power stations by independent power producers, face greater risks than those lending to companies. Independent risk and insurance advisers are used to assess project risk. ''Project finance'' has become increasingly popular as it allows projects to go ahead that could not be supported from sponsors' own resources. In addition, project finance means that various equity partners can join together in a joint venture company and limit their individual risk. Project finance can be delayed by differences between the needs of sponsors, financiers and insurers. The process can be speeded up by foreknowledge of bankers' requirements. (UK)

Venture capital and private equity investment preferences in selected countries

Directory of Open Access Journals (Sweden)

Krzysztof Dziekoński

2016-01-01

Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

The logic of tax-based financing for health care.

Science.gov (United States)

Bodenheimer, T; Sullivan, K

1997-01-01

Employment-based health insurance faces serious problems. For the first time, the number of Americans covered by such health insurance is falling. Employers strongly oppose the employer mandate approach to extending health insurance. Employment-based financing is regressive and complex. Serious debate is needed on an alternative solution to financing health care for all Americans. Taxation represents a clear alternative to employment-based health care financing. The major criterion for choosing a tax is equity, with simplicity a second criterion. An earmarked, progressive individual income tax is a fair and potentially simple tax with which to finance health care. The political feasibility of such a tax is greater than that of employer mandate legislation.

Renewable Energy Project Financing: Impacts of the Financial Crisis and Federal Legislation

Energy Technology Data Exchange (ETDEWEB)

Schwabe, P.; Cory, K.; Newcomb, J.

2009-07-01

Extraordinary financial market conditions have disrupted the flows of equity and debt investment into U.S. renewable energy (RE) projects since the fourth quarter of 2008. The pace and structure of renewable energy project finance has been reshaped by a combination of forces, including the financial crisis, global economic recession, and major changes in federal legislation affecting renewable energy finance. This report explores the impacts of these key market events on renewable energy project financing and development.

Banking Firm, Equity and Value at Risk

Directory of Open Access Journals (Sweden)

Udo Broll

2012-12-01

Full Text Available The paper focuses on the interaction between the solvency probability of a banking firm and the diversification potential of its asset portfolio when determining optimal equity capital. The purpose of this paper is to incorporate value at risk (VaR into the firm-theoretical model of a banking firm facing the risk of asset return. Given the necessity to achieve a confidence level for solvency, we demonstrate that diversification reduces the amount of equity. Notably, the VaR concept excludes a separation of equity policy and asset-liability management.

Information Technology Curriculum Development for Participation and Equity Programs.

Science.gov (United States)

Post, Maarten; And Others

A study explored ways in which training in information technology could be included in Participation and Equity Programs (PEP) in the areas of hospitality/tourism, retailing, and business and finance. The research team conducted a literature search, obtained completed questionnaires from 10 colleges offering a total of 22 PEPs, visited an…

权益资本与技术创新相关性评价——基于河北省中小企业的实证分析%Empirical Analysis on Correlation of Equity Finance and Technology Innovation ——Based on Small and Medium-sized Enterprises in Hebei Province

Institute of Scientific and Technical Information of China (English)

魏伟; 朱梦蝶

2012-01-01

The paper analyzes the correlation of the equity finance and technology innovation from the influence of financing structure to technology innovation. The authors use the small and medium - sized enterprises data of Hebei province and make an empirically study . The result shows that a higher equity ratio is conductive to a higher R&D intensity . Equity may be more important for young companies which have to rely on original equity investment of their owners since they have not yet accumulated retained earnings and can rely less on bank financing.%从财务结构对技术创新活动的影响角度分析权益资本与技术创新相关性,使用河北省中小企业的数据实证分析,结果表明进行创新的企业的权益比率与技术创新力度之间存在正相关关系,而且这种影响对于经营年限较短企业更为明显,因为它们没有累积留存收益,也不能依靠银行融资,而只能依靠所有者投入的原始资本.

Structure of financing investments in the energy sector

OpenAIRE

Kowal Barbara; Ranosz Robert; Sobczyk Wiktoria

2017-01-01

The purpose of this article is to discuss the issues of financing investments in the fuel and energy sector. The manner of financing business activities of every company depends on the decisions made by the management board, which need to take into consideration the effective striving for optimal level of the capital cost. The capital raised by the companies from the aforesaid sector may be in the form of equity or outside capital. This study depicts such sources of capital as bank loans a...

What determines the financing decision in corporate takeovers : Cost of capital, agency problems, or the means of payment?

NARCIS (Netherlands)

Martynova, M.; Renneboog, L.D.R.

2009-01-01

How is a takeover bid financed and what is its impact on the expected value creation of the takeover? An analysis of the sources of transaction financing has been largely ignored in the takeover literature. Using a unique dataset, we show that external sources of financing (debt and equity) are

Mudaraba as a Model of Islamic Finance

Directory of Open Access Journals (Sweden)

M Nidaussalam

2016-04-01

Full Text Available Sharia bank has mostly been determined by its absent of rate transaction which is officially decided in agreement between the bank and its customer (akad. Mudharaba, one of the akad variants, offers equity finance requiring profit and loss sharing (PLS. This paper aims to critically discuss the principles of mudharaba commitment, mainly focusing on the process of funding and financing. To argue, mudharaba is an cooperating commitment between two economic agencies for which the first agency expected to provide financial capital while the other takes a part in managerial work-progress. In this process, the more profit for mudharib the more profit for the investor.        Keywords: mudharaba, islamic finance, profit and loss sharing

Capital Market-Driven Corporate Finance

OpenAIRE

Malcolm Baker

2009-01-01

Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited intermediation, and corporate opportunism. Investor tastes when combined with imperfectly competitive intermediaries lead prices and interest rates to deviate from fundamental values. Opportunistic firms respond by issuing securities ...

Financing power facilities in the competitive bidding environment

International Nuclear Information System (INIS)

Hills, A.L.

1993-01-01

In 1988 the Federal Energy Regulatory Commission (open-quote FERC close-quote) issued proposed rules and guidelines for the use of competitive bidding by state utility commissions to chose new power supplies. Since then, more than 20 states have implemented bidding programs to determine the price and sources of incremental generating capacity. This presentation discusses the impact of the use of competitive bidding on how landers and equity investors perceive the risks of project-supported financing arrangements and describes the actions that project developers have taken to adapt the project financing process to win bidding contests and as importantly, successfully obtain project financing in spite of the open-quotes credit crunchclose quotes market environment

The inequity of the Swiss health care system financing from a federal state perspective

Science.gov (United States)

2014-01-01

Introduction Previous studies have shown that Swiss health-care financing is particularly regressive. However, as it has been emphasized in the 2011 OECD Review of the Swiss Health System, the inter cantonal variations of income-related inequities are still broadly unexplored. The present paper aims to fill this gap by analyzing the differences in the level of equity of health-care system financing across cantons and its evolution over time using household data. Methods Following the methodology proposed by Wagstaff et al. (JHE 11:361–387, 1992) we use the Kakwani index as a summary measure of regressivity and we compute it for each canton and for each of the sources that have a role in financing the health care system. We graphed concentration curves and performed relative dominance tests, which utilize the full distribution of expenditures. The microdata come from the Swiss Household Income and Expenditure Survey (SHIES) based on a sample of the Swiss population (about 3500 households per year), for the years 1998 - 2005. Results The empirical evidence confirms that the health-care financing in Switzerland has remained regressive since the major reform of 1996 and shows that the variations in equity across cantons are quite significant: the difference between the most and the least regressive canton is about the same as between two extremely different financing systems like the US and Sweden. There is no evidence, instead, of a clear evolution over time of regressivity. Conclusions The significant variation in equity across cantons can be explained by fiscal federalism and the related autonomy in the design of tax and social policies. In particular, the results highlight that earmarked subsidies, the policy adopted to smooth the regressivity of the premiums, appear to be not enough; in the practice of federal states the combination of allowances with mandatory community-rated health insurance premiums might lead to a modest outcome in terms of equity. PMID

Country brand equity model: Sustainability perspective

Directory of Open Access Journals (Sweden)

Teodorović Milivoj

2016-01-01

Full Text Available This paper proposes a model of country brand equity that incorporates the issue of sustainability in determining destination brand equity. In particular, the model includes elements of sustainability as its core dimensions and promotes the concept of the country sustainability promise that transforms destination resources into the positive perception and experience. The theoretical model is empirically tested using global secondary data confirming that country image is the most important element followed by sustainability and loyalty. Also, the analysis suggests the existence of the higher order construct confirming the country brand equity concept. Based on the research findings, the article offers some implications to the destination managers by suggesting the direction for further development and strategy implementation.

Health Financing, Equity and Poverty in Latin America | IDRC ...

International Development Research Centre (IDRC) Digital Library (Canada)

Health financing has been a key entry point of reform initiatives in Chile, ... Call for proposals: Innovations for the economic inclusion of marginalized youth ... Findings from an IDRC-supported program figure prominently at the annual ...

Cost of equity on the Polish and global coal market - comparative analysis

OpenAIRE

Aneta Michalak

2014-01-01

The mining industry in Poland as well as in the world is considered to be a strategic industry, of special significance for the economy. At the same time it is an industry requiring high capital outlays. Equity plays an important role in financing of the mining enterprises. The objective of the article is to compare the cost of equity on the Polish and global coal market. The object of the research are the Polish and foreign mining enterprises listed on the stock markets. The basic research m...

Financing of permanent working capital in agriculture

Directory of Open Access Journals (Sweden)

Vučković Branko

2017-01-01

Full Text Available In this paper, we attempted to present the problem of establishing adequate structure of financing medium agricultural enterprises and to point out the necessity for permanent working capital in those agricultural enterprises which can’t cover fixed assets, long-term placements and portion of inventories (raw material and spare parts, production in process with own equity and long-term sources of financing. For the purpose of analysing adequate structure of financing medium agricultural enterprises, we will use one of the most popular methods, such as case study and ratio analysis. Results of the research show that in primary agricultural production, next to standard long-term investment loans and short-term loans for investment in agricultural production, there is a necessity for financing in the permanent working capital which could assist continuity of production process and enable conditions for more profitable business in agriculture. It also should be noted that real and book value on this level of permanent working capital differs substantially.

Nuclear Physicists in Finance

Science.gov (United States)

Mattoni, Carlo

2017-01-01

The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.

Private Finance Initiative (PFI for Road Projects in UK: Current Practice with a Case Study

Directory of Open Access Journals (Sweden)

Rifat Akbiyikli

2011-05-01

Full Text Available The long-term sustainable provision of new and high quality maintained road stock is vitally important, especially in times of economic constraint such as Europe is currently experiencing. The Private Finance Initiative (PFI is one method of financing such large-scale, capital intensive projects. An important aspect of this form of financing projects is that the risks are borne not only by the sponsors but are shared by different types of investors such as equity holders, debt providers, and quasi-equity investors. Consequently, a comprehensive and heuristic risk management process is essential for the success of the project. The proposition made within this paper is that the PFI mechanism provides a Value-for-Money and effective mechanism to achieve this. The structure of this PFI finance and investment on a particular road project therefore enables all project stakeholders to take a long-term perspective. This long-term perspective is reflected in the mechanism of a case study of UK – Class A trunk roads which are examined in detail. This paper presents a novel solution to a modern dilemma.

Is health care financing in Uganda equitable?

Science.gov (United States)

Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M

2009-10-01

Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.

Effect of Entry into Socially Responsible Investment Index on Cost of Equity and Firm Value

Directory of Open Access Journals (Sweden)

Kijung Eom

2017-04-01

Full Text Available The purpose of this study was to identify the effect of a company’s incorporation into the Socially Responsible Investment (SRI index on its cost of equity (COE and corporate value. The study collected and analyzed data about the four-year long changes of the component stocks of the Korea Exchange (KRX SRI index from September 2010 to September 2013 to verify the correlation between the incorporation of the SRI index and the cost of equity or corporate value by using the Price-Earnings Growth (PEG, Modified PEG (MPEG and Gode and Mohanram (GM models for estimation of the implied costs of equity capital, as well as Tobin’s Q ratio. The analysis results failed to show any significant relation between the incorporation of the SRI index and the cost of equity capital. Also, no statistically significant correlation between the incorporation of the SRI index and corporate value was observed. However, at an early phase of introduction of the SRI index, the included companies revealed a negative correlation with the cost of equity. However, after changing the listed stocks, they showed a positive correlation with the cost of equity capital. All in all, this can be ascribed to a mixed presence of optimistic and pessimistic investors about CSR activities, or there is a possibility that the KRX SRI index might not correctly reflect the CSR activities of companies.

Health financing reform in Uganda: How equitable is the proposed National Health Insurance scheme?

Directory of Open Access Journals (Sweden)

Orem Juliet

2010-10-01

Full Text Available Abstract Background Uganda is proposing introduction of the National Health Insurance scheme (NHIS in a phased manner with the view to obtaining additional funding for the health sector and promoting financial risk protection. In this paper, we have assessed the proposed NHIS from an equity perspective, exploring the extent to which NHIS would improve existing disparities in the health sector. Methods We reviewed the proposed design and other relevant documents that enhanced our understanding of contextual issues. We used the Kutzin and fair financing frameworks to critically assess the impact of NHIS on overall equity in financing in Uganda. Results The introduction of NHIS is being proposed against the backdrop of inequalities in the distribution of health system inputs between rural and urban areas, different levels of care and geographic areas. In this assessment, we find that gradual implementation of NHIS will result in low coverage initially, which might pose a challenge for effective management of the scheme. The process for accreditation of service providers during the first phase is not explicit on how it will ensure that a two-tier service provision arrangement does not emerge to cater for different types of patients. If the proposed fee-for-service mechanism of reimbursing providers is pursued, utilisation patterns will determine how resources are allocated. This implies that equity in resource allocation will be determined by the distribution of accredited providers, and checks put in place to prohibit frivolous use. The current design does not explicitly mention how these two issues will be tackled. Lastly, there is no clarity on how the NHIS will fit into, and integrate within existing financing mechanisms. Conclusion Under the current NHIS design, the initial low coverage in the first years will inhibit optimal achievement of the important equity characteristics of pooling, cross-subsidisation and financial protection. Depending

Private equity y venture capital: Diferenciación y principales características

Directory of Open Access Journals (Sweden)

Leonel Arango Vásquez

2015-03-01

Full Text Available El propósito de este artículo es explicar, desde la teoría, dos posibles opciones de financiación que tienen las empresas cuando éstas no pueden acceder a las fuentes tradicionales. La industria del Capital Riesgo surge así como una fuente alternativa de financiación. Esta industria opera a través de vehículos especiales de inversión llamados fondos Private Equity y fondos Venture Capital. En general, los primeros invierten en compañías maduras y desarrolladas, mientras que los segundos lo hacen en empresas nacientes y pequeñas. El ciclo de financiación que proveen estos fondos se estructura en tres etapas principales: captación de recursos, inversión y desinversión. En este artículo se explica la diferencia entre los términos Private Equity y Venture Capital, así como las principales características de las etapas mencionadas.Palabras clave: desinversión; Capital Riesgo; captación de fondos; inversión alternativa; pymes. Private equity and venture capital: Differentiation and main characteristicsAbstractThe purpose of this article with a qualitative approach aims to determine, from the theory the business environment, when companies are not capable to obtain financing through traditional sources, the Private Equity industry is viewed as an alternative source of finance for those companies. This industry operates through special investment vehicles named Private Equity Funds and Venture Capital Funds. In general, the former invest in develop and mature firms, the latter focus on infant and small companies. The financial cycle that these funds supply is structured in three main phases: fundraising phase, investment phase, and divestment phase or exit. This paper explains the difference between Private Equity and Venture Capital, as well as the main characteristics of the mentioned phases; through the methodology of content analysis, which aims to continue the research project of Venture Capital Industry in Colombia

Education Resourcing in Post-Apartheid South Africa: The Impact of Finance Equity Reforms in Public Schooling: Research Article

Science.gov (United States)

Motala, Shireen

2006-01-01

Through an analysis of recent quantitative data on equity and school funding in South Africa, this article aims to explicate the patterns and typology of inequality in post-apartheid South Africa, and to deepen our understanding of the construct of equity. It also aims to understand the application of equity in the context of public schooling…

Strategies for financing energy projects in East Central Europe

Energy Technology Data Exchange (ETDEWEB)

Fortino, S.E. [Texaco Inc., White Plains, NY (United States)

1995-12-01

This paper discusses financing options available for energy (power/steam) projects in East Central Europe. It is intended to be an overview and practical guide to such options in today`s environment. A survey is made of the principal multilateral and other financial institutions providing funding and/or credit support in the region. These include the European Bank for Reconstruction and Development, the World Bank, the International Finance Corporation, the export credit agencies, and the commercial banks. Specific guarantee and other support mechanisms which some of these institutions provide are covered, including the latest developments. In addition to loan financing, potential sources of equity financing are discussed. Next, a description of the credit rating process by such institutions as Standard and Poor`s, and an example of a successful rating effort in the Czech Republic, lead into a discussion of accessing foreign and domestic bond markets to finance energy projects in the region.

Financing and risk management of energy and mineral products in Nigeria

International Nuclear Information System (INIS)

Adepoyigi, T.

1997-01-01

Nigeria currently produces about 2 million barrels of oil per day and has proven reserves of about 21 billion barrels of oil and 150 trillion cubic feet (tcf) of gas. It is the world's 9 th largest producer of oil, OPEC's 5 th largest producer and Africa's largest producer. Nigeria also has considerable gas resources which are currently unexploited. Due to insignificant domestic demand and a current lack of export opportunities for unprocessed gas, Nigeria's total gas production is approximately 1.0 tcf per year, 85% of which is associated with crude oil production. In order to derive economic benefit from the untapped gas resources, the Federal Government, through special fiscal incentives and joint sponsorships, is actively encouraging the development of gas projects, such as the Oso NGL project (MPN/NNPC). the Escravos Gas Utilisation Project (Chevron/NNPC) and the Nigeria Liquefied Natural Gas (NLNG) project (Shell/Elf/AGIP/NNPC). These and other projects in the energy and mineral industry are primarily being financed with equity and external borrowings (debt). However, the large amount of capital required to finance a major energy or mineral project can strain the ability of many organizations to borrow money and fund the equity contributions needed as well as strain the lending levels for many banks in Nigeria. Since the available local financing is not adequate, large projects development are therefore financed from external sources

Health care and equity in India

Science.gov (United States)

Balarajan, Yarlini; Selvaraj, S; Subramanian, S V

2011-01-01

India’s health system faces the ongoing challenge of responding to the needs of the most disadvantaged members of Indian society. Despite progress in improving access to health care, inequalities by socioeconomic status, geography and gender continue to persist. This is compounded by high out-of-pocket expenditures, with the rising financial burden of health care falling overwhelming on private households, which account for more than three-quarter of health spending in India. Health expenditures are responsible for more than half of Indian households falling into poverty; the impact of this has been increasing pushing around 39 million Indians into poverty each year. In this paper, we identify key challenges to equity in service delivery, and equity in financing and financial risk protection in India. These include imbalanced resource allocation, limited physical access to quality health services and inadequate human resources for health; high out-of-pocket health expenditures, health spending inflation, and behavioral factors that affect the demand for appropriate health care. Complementing other paper in this Series, we argue for the application of certain principles in the pursuit of equity in health care in India. These are the adoption of equity metrics in monitoring, evaluation and strategic planning, investment in developing a rigorous knowledge-base of health systems research; development of more equity-focused process of deliberative decision-making in health reform, and redefinition of the specific responsibilities and accountabilities of key actors. The implementation of these principles, together with strengthening of public health and primary care services, provide an approach for ensuring more equitable health care for India’s population. PMID:21227492

A stochastic delay model for pricing debt and equity: Numerical techniques and applications

Science.gov (United States)

Tambue, Antoine; Kemajou Brown, Elisabeth; Mohammed, Salah

2015-01-01

Delayed nonlinear models for pricing corporate liabilities and European options were recently developed. Using self-financed strategy and duplication we were able to derive a Random Partial Differential Equation (RPDE) whose solutions describe the evolution of debt and equity values of a corporate in the last delay period interval in the accompanied paper (Kemajou et al., 2012) [14]. In this paper, we provide robust numerical techniques to solve the delayed nonlinear model for the corporate value, along with the corresponding RPDEs modeling the debt and equity values of the corporate. Using financial data from some firms, we forecast and compare numerical solutions from both the nonlinear delayed model and classical Merton model with the real corporate data. From this comparison, it comes up that in corporate finance the past dependence of the firm value process may be an important feature and therefore should not be ignored.

The International Finance Corporation and financing of sustainable energy

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-01

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.

The Evaluation of Financing Efficiency of China’s Stock Market

Directory of Open Access Journals (Sweden)

Ji-chang Dong

2016-01-01

Full Text Available Financing is the main way for listed companies to obtain funds in China, and it is the “reservoir” which can guarantee enterprises to operate continuously. Financing efficiency can be used to measure the efficiency in using enterprises’ own funds, and it is one of the main indicators which are concerned by the stakeholders of listed companies. This paper mainly researches on the impact of equity financing on the financing efficiency of listed companies as a whole and selects 300 listed companies in the Shanghai and Shenzhen Stock Exchange as decision-making units. Then this paper analyzes the financial data of sample companies in 2008–2014. Finally, it can be concluded that the financing efficiency of listed companies in China is generally low, and the total factor productivity in the stock market continued to decline between 2003 and 2005 and then rose rapidly.

Asset Pricing Implications of Firms' Financing Constraints

OpenAIRE

Gomes, Joao F; Yaron, Amir; Zhang, Lu

2002-01-01

We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

Indiana's New and (Somewhat) Improved K-12 School Finance System. School Choice Issues in the State

Science.gov (United States)

Aud, Susan L.

2005-01-01

Education finance policy has become an urgent concern in many state legislatures. Demands for greater equity and accountability have forced states to review, and in many cases to revise, the method by which schools are funded. This study sheds light on Indiana's financing of public K-12 education by providing a clear explanation of the components…

Equity markets : what a difference a year makes

International Nuclear Information System (INIS)

Tims, M.J.

1999-01-01

An overview of the investment climate in the oil and gas industry at this juncture of extremely low oil prices and weak capital spending was presented. This paper focused on the economics of equity markets, examining (1) the NYMEX near-month averages WTI identifying six periods of significant oil price declines, (2) spot crude oil price fluctuations since 1973, (3) fluctuations in the PE 100 Energy Index and blended commodity prices, (4) oil and gas equity financing, (5) total oil and gas equity offerings from 1991 to 1998, and (6) Canadian gas export capacities. Overall, a major pullback in equity markets has occured and the investment climate is not favorable. Oil and gas stocks are down almost 45 per cent from the highs of 1997, oilfield service company stocks suffered losses of 69 per cent from the 1997 highs. New equity Issues are much more difficult to complete than previously. Institutions are reducing energy sector weightings, as do mutual funds. Lower industry cash flows are leading to lower capital spending. Increased relative debt levels are constraining many companies. Finding and development costs are generally disappointing, particularly when seen in relation to current commodity prices. No improvement in cash flow is expected in 1999 as oil prices are likely to remain depressed. The outlook in gas is somewhat better; it could be good, depending on the remainder of winter, possible supply shortfall, pipeline-related factors, natural gas drilling activity and the influence of gas storage

Do Taxes Affect Corporate Financing Decisions?

OpenAIRE

MacKie-Mason, Jeffrey K

1990-01-01

This paper provides clear evidence of substantial tax effects on the choice between issuing debt or equity; most studies fail to find significant effects. The relationship between tax shields and debt policy is clarified. Other papers miss the fact that most tax shields have a negligible effect on the marginal tax rate for most firms. New predictions are strongly supported by an empirical analysis; the method is to study incremental financing decisions using discrete choice analysis. Previous...

Section 1603 Treasury Grant Expiration: Industry Insight on Financing and Market Implications

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, M.; Harper, J.

2012-06-01

In the wake of the 2008-2009 financial crises, tax equity investors largely withdrew from the market, resulting in stagnation of project development. In response, Congress established the Treasury grant program pursuant to Section 1603 of the American Recovery and Reinvestment Act (..Section..1603 Program) to offer a cash payment in lieu of a production and investment tax credit. This study addresses the likely project financing and market impacts from the expiration of the ..Section..1603 Program. The authors assembled an array of insights offered by financial executives active in the renewable energy (RE) market during conference panel discussions and in presentations, direct interviews, and email correspondences. This analysis found that the ..Section..1603 Program alleviated the need to monetize the tax credit incentives through specialized investors, helped lower the transaction and financing costs associated with renewable electricity projects, and generally supported an extensive build-out of renewable power generation capacity. With the expiration of the ..Section..1603 Program, smaller or less-established renewable power developers will have more difficulty attracting needed financial capital and completing their projects, development of projects relying on newer or 'innovative' technologies will likely slow as traditional tax equity investors are known to be highly averse to technology risk in the projects they fund, and, finally, projects relying on tax equity may be more expensive to develop due to higher transaction costs and potentially higher yields required to attract tax equity.

Section 1603 Treasury Grant Expiration. Industry Insight on Financing and Market Implications

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Harper, John [Birch Tree Capital, LLC, Framingham, MA (United States)

2012-06-01

In the wake of the 2008-2009 financial crises, tax equity investors largely withdrew from the market, resulting in stagnation of project development. In response, Congress established the Treasury grant program pursuant to Section 1603 of the American Recovery and Reinvestment Act (Section 1603 Program) to offer a cash payment in lieu of a production and investment tax credit. This study addresses the likely project financing and market impacts from the expiration of the Section 1603 Program. The authors assembled an array of insights offered by financial executives active in the renewable energy (RE) market during conference panel discussions and in presentations, direct interviews, and email correspondences. This analysis found that the Section 1603 Program alleviated the need to monetize the tax credit incentives through specialized investors, helped lower the transaction and financing costs associated with renewable electricity projects, and generally supported an extensive build-out of renewable power generation capacity. With the expiration of the Section 1603 Program, smaller or less-established renewable power developers will have more difficulty attracting needed financial capital and completing their projects, development of projects relying on newer or 'innovative' technologies will likely slow as traditional tax equity investors are known to be highly averse to technology risk in the projects they fund, and, finally, projects relying on tax equity may be more expensive to develop due to higher transaction costs and potentially higher yields required to attract tax equity.

Leaving Equity Behind? A Quantitative Analysis of Fiscal Equity in Nevada's Public Education Finance System

Science.gov (United States)

Verstegen, Deborah A.

2013-01-01

Over time, issues of justice and fairness in education finance have been addressed by the courts in all but five states. The key focus has been on illegitimate disparities in funding between rich and poor school districts caused by the happenstance of unequal local wealth. Recently, attention has turned to the relationship between funding gaps and…

Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment?

Directory of Open Access Journals (Sweden)

Andewi Rokhmawati

2017-07-01

Full Text Available To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity.Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.

Banking on Solar: Debt Finance in Today's Distributed Market (Poster)

Energy Technology Data Exchange (ETDEWEB)

Louder, T.

2014-10-01

Over the last two years, several entities - from banks to credit unions to solar finance companies -have rolled out distributed solar-specific loan programs in the United States. These solar-specific loans are a distinct loan in that the underwriting, loan terms, lender security interest, and other programmatic aspects are designed exclusively for the financing of solar installations. Until recently, loan financing for distributed solar installations was largely through home equity loans, commercial loans, and other standardized loan products available to homeowners and businesses for general expenditures. However, as the U.S. solar market matures, so too are its financing options, and solar-specific loans stand to gain market share. This poster was presented at the Solar Power International conference in Las Vegas, NV in October 2014.

Private equity, public affair: Hydropower financing in the Mekong Basin

NARCIS (Netherlands)

Merme, V.; Ahlers, R.; Gupta, J.

2014-01-01

Large-scale hydropower development is increasingly popular. Although international finance is a significant driver of hydropower market expansion, financial data is relatively obscure and literature remains scarce. This article tracks the financial process in hydropower development in the Mekong

"Provisional Measures on Establishment of Foreign-invested Equity Investment Fund Management Enterprises in Beijing"%《在京设立外商投资股权投资基金管理企业暂行办法》

Institute of Scientific and Technical Information of China (English)

2010-01-01

@@ Article 1 In order to promote development of equity investment funds and encourage foreign investors to launch foreigninvested equity investment fund management enterprises in Beijing, this measure is promulgated according to the " Approval of the State Council on Supporting Zhongguancun Scientific Park Constructing State-class Independent Innovation Demonstration Zone"(State Council documents, No28,2009), the "Proposals of the CPC Beijing Municipal commission and the People's Government of Beijing on Promoting Finance Development" (Beijing documents, No.8,2008) , the " Proposals of the People's Government of Beijing on Finance Promoting Economic Development in Beijing"(Beijing Government documents, No.7,2009) , and the "Proposals on Promoting development of Equity Investment Fund Industry"(Beijing Finance Office,No.5,2009).

A Comparative Assessment of Higher Education Financing in Six Arab Countries

Science.gov (United States)

El-Araby, Ashraf

2011-01-01

This study analyses the policies for financing higher education in six Arab countries: Egypt, Jordan, Lebanon, Morocco, Syria, and Tunisia. It assesses the adequacy of spending on higher education, the efficiency with which resources are utilized, and the equity implications of resource allocations. Based on six detailed case studies, this…

Expansion And International Expansion Of Small-To Medium Sized Firms: The Role Of Finance

OpenAIRE

Jan Smolarski; Can Kut; Neil Wilner

2011-01-01

Small- to medium-sized firms are expected to show international growth at an early stage. Several factors may affect the outcome of initial efforts to expand and internationalize. Our research examines how equity based venture funding affects SME expansion and internationalization. We divide venture capital financing into two categories: incremental financing where firms receive their venture capital funding in portions and lump-sum venture funding where firms receive their funding in one lum...

Marketing assets: relating brand equity and customer equity

OpenAIRE

Romero, Jaime; Yagüe, María J.

2016-01-01

Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alte...

What does equity in health mean?

Science.gov (United States)

Mooney, G

1987-01-01

The author posits some ethical concerns and theories of distribution in order to gain some insight into the meaning of equity in health, as referred to in WHO documents. It is pointed out that the lack of clarity in the WHO positions is evidenced by examining 1) the European strategy document, which focuses on giving equal health to all and equity access to health care, and 2) the Global Strategy for Health, which talks about reducing inequality and health as a human right. The question raised in document 1 is whether more equal sharing of health might mean less health for the available quantity of resources. The question raised in document 2 is whether there is a right to health per se. The question is how does one measure health policy effects. Health effects are different for an 8-year-old girl and an octogenarian. How does one measure the fairness of access to health care in remote mountain villages versus an urban area? Is equal utilization which is more easily measured comparable to equal need as a measure? How does one distribute doctors equitably? The author espouses the determinant of health as Aday's illness and health promotion, which is not biased by class and controversy. The Aday definition embraces both demand and need, although his definition is still open to question. Concepts of health with distinction between need and demand are made. Theories of Veatch which relate to distributive justice and equity in health care are provided as entitlement theory (market forces determine allocation of resources), utilitarianism (greatest good for the greatest number regardless of redistribution issues), maximum theory (maximize the minimum position or giver priority to the least well off), and equality (fairness in distribution). Different organizational and financing structures will influence the approach to equity. The conclusion is that equity is a value laden concept which has no uniquely correct definition. 5 theories of equity in distribution of health

Methodological challenges in evaluating health care financing equity in data-poor contexts: lessons from Ghana, South Africa and Tanzania.

Science.gov (United States)

Borghi, Josephine; Ataguba, John; Mtei, Gemini; Akazili, James; Meheus, Filip; Rehnberg, Clas; Di, McIntyre

2009-01-01

Measurement of the incidence of health financing contributions across socio-economic groups has proven valuable in informing health care financing reforms. However, there is little evidence as to how to carry out financing incidence analysis (FIA) in lower income settings. We outline some of the challenges faced when carrying out a FIA in Ghana, Tanzania and South Africa and illustrate how innovative techniques were used to overcome data weaknesses in these settings. FIA was carried out for tax, insurance and out-of-pocket (OOP) payments. The primary data sources were Living Standards Measurement Surveys (LSMS) and household surveys conducted in each of the countries; tax authorities and insurance funds also provided information. Consumption expenditure and a composite index of socioeconomic status (SES) were used to assess financing equity. Where possible conventional methods of FIA were applied. Numerous challenges were documented and solution strategies devised. LSMS are likely to underestimate financial contributions to health care by individuals. For tax incidence analysis, reported income tax payments from secondary sources were severely under-reported. Income tax payers and shareholders could not be reliably identified. The use of income or consumption expenditure to estimate income tax contributions was found to be a more reliable method of estimating income tax incidence. Assumptions regarding corporate tax incidence had a huge effect on the progressivity of corporate tax and on overall tax progressivity. LSMS consumption categories did not always coincide with tax categories for goods subject to excise tax (e.g., wine and spirits were combined, despite differing tax rates). Tobacco companies, alcohol distributors and advertising agencies were used to provide more detailed information on consumption patterns for goods subject to excise tax by income category. There was little guidance on how to allocate fuel levies associated with 'public transport' use

Financing strategies for nuclear power plant decommissioning. Report for July 1979-July 1980

International Nuclear Information System (INIS)

1980-07-01

The report analyzes several alternatives for financing the decommissioning of nuclear power plants from the point of view of assurance, cost, equity, and other criteria. Sensitivity analyses are performed on several important variables and possible impacts on representative companies' rates are discussed and illustrated

Mobilizing Public Markets to Finance Renewable Energy Projects: Insights from Expert Stakeholders

Energy Technology Data Exchange (ETDEWEB)

Schwabe, P.; Mendelsohn, M.; Mormann, F.; Arent, D. J.

2012-06-01

Financing renewable energy projects in the United States can be a complex process. Most equity investment in new renewable power production facilities is supported by tax credits and accelerated depreciation benefits, and is constrained by the pool of potential investors that can fully use these tax benefits and are willing to engage in complex financial structures. For debt financing, non-government lending has largely been provided by foreign banks that may be under future lending constraints due to economic and regulatory conditions. To discuss renewable energy financing challenges and to identify new sources of capital to the U.S. market, two roundtable discussions were held with renewable energy and financing experts in April 2012. This report summarizes the key messages of those discussions and is designed to provide insights to the U.S. market and inform the international conversation on renewable energy financing innovations.

Housing Equity Withdrawal : Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers

NARCIS (Netherlands)

Jefferson, T; Austen, S; Ong, R; Haffner, M.E.A.; Wood, G.A.

2017-01-01

Housing wealth dominates the asset portfolios of the older population in Australia and many other countries. Given the anticipated spike in fiscal costs associated with population ageing, there is growing policy interest in housing equity withdrawal (HEW) to finance living needs in retirement.

13 CFR 107.800 - Financings in the form of Equity Securities.

Science.gov (United States)

2010-01-01

... of any class in a corporation, stock options, warrants, limited partnership interests in a limited partnership, membership interests in a limited liability company, or joint venture interests. If the Financing...

An equity tool for health impact assessments: Reflections from Mongolia

International Nuclear Information System (INIS)

Snyder, Jeremy; Wagler, Meghan; Lkhagvasuren, Oyun; Laing, Lory; Davison, Colleen; Janes, Craig

2012-01-01

A health impact assessment (HIA) is a tool for assessing the potential effects of a project or policy on a population's health. In this paper, we discuss a tool for successfully integrating equity concerns into HIAs. This discussion is the product of collaboration by Mongolian and Canadian experts, and it incorporates comments and suggestions of participants of a workshop on equity focused HIAs that took place in Mongolia in October, 2010. Our motivation for discussing this tool is based on the observation that existing HIAs tend either to fail to define equity or use problematic accounts of this concept. In this paper we give an overview of socio-demographic and health indicators in Mongolia and briefly discuss its mining industry. We then review three accounts of equity and argue for the importance of developing a consensus understanding of this concept when integrating considerations of equity into an HIA. Finally, we present findings from the workshop in Mongolia and outline a tool, derived from lessons from this workshop, for critically considering and integrating the concept of equity into an HIA.

Financing options in Mexico`s energy industry

Energy Technology Data Exchange (ETDEWEB)

McKenna, J.J. [PricewaterhouseCoopers Securities, Houston, TX (United States)

1999-10-01

A series of brief notes accompanied this presentation which was divided into seven sections entitled: (1) capital markets update, (2) Mexican financial market update, (3) financing options in the energy industry, (4) the Venezuelan experience at La Apertura, (5) private and strategic equity alternatives, (6) Pricewaterhouse Coopers Securities, and (7) Mexico energy 2005 prediction. The paper focused on how the financial crisis and merger activity in Latin America will impact electricity reform in Mexico. It was noted that under Mexico`s Policy Proposal for Electricity Reform of the Mexican Electricity Industry, the financial community will seek to back companies in power generation, transportation and distribution. The difficulty of financing government businesses undergoing privatization was also discussed with particular emphasis on the challenge of accepting political and regulatory risks. The Latin private equity market and Canadian investment in Mexico was also reviewed. Since NAFTA (North American Free Trade Agreement) went into affect in 1994, Canadian investment in Mexico has more than tripled. Canadian companies have invested more than C$1.7 billion in Mexico since NAFTA. Pricewaterhouse Coopers Securities is a global investment bank which sees large opportunities in the Mexican energy market. They predict that in five years, Mexico will experience a gradual liberalization of the oil and gas sector, and a full liberalization of the gas pipeline and distribution business and the power generation, transmission and distribution business. 3 figs.

Strategies and tactics in structuring equity offerings

International Nuclear Information System (INIS)

Emes, A. F.

1998-01-01

Volatile changes in the oil and gas sector investment climate within the last few months were reviewed in an effort to illustrate that despite the sharp downturn in the attractiveness of gas and oil sector investments, certain financing transactions are still being completed, and 'deals' are still available, provided that they are made attractive to investors. Investors may be more selective, may be looking more carefully at the issuing company's track record and management, but they are still there for the right deal. Flow-through offerings, share-for-share, or share-for-property acquisitions, joint ventures, sale of assets as alternative to equity, the junior capital pool as an alternative to initial public offering, the reverse take over, use of the royalty tax market, project financing, convertible debentures, and the use of warrants were explored as options available to issuers to attract investors even during difficult times

Accounting for equity considerations in cost-effectiveness analysis: a systematic review of rotavirus vaccine in low- and middle-income countries.

Science.gov (United States)

Boujaoude, Marie-Anne; Mirelman, Andrew J; Dalziel, Kim; Carvalho, Natalie

2018-01-01

Cost-effectiveness analysis (CEA) is frequently used as an input for guiding priority setting in health. However, CEA seldom incorporates information about trade-offs between total health gains and equity impacts of interventions. This study investigates to what extent equity considerations have been taken into account in CEA in low- and middle-income countries (LMICs), using rotavirus vaccination as a case study. Specific equity-related indicators for vaccination were first mapped to the Guidance on Priority Setting in Health Care (GPS-Health) checklist criteria. Economic evaluations of rotavirus vaccine in LMICs identified via a systematic review of the literature were assessed to explore the extent to which equity was considered in the research objectives and analysis, and whether it was reflected in the evaluation results. The mapping process resulted in 18 unique indicators. Under the 'disease and intervention' criteria, severity of illness was incorporated in 75% of the articles, age distribution of the disease in 70%, and presence of comorbidities in 5%. For the 'social groups' criteria, relative coverage reflecting wealth-based coverage inequality was taken into account in 30% of the articles, geographic location in 27%, household income level in 8%, and sex at birth in 5%. For the criteria of 'protection against the financial and social effects of ill health', age weighting was incorporated in 43% of the articles, societal perspective in 58%, caregiver's loss of productivity in 45%, and financial risk protection in 5%. Overall, some articles incorporated the indicators in their model inputs (20%) while the majority (80%) presented results (costs, health outcomes, or incremental cost-effectiveness ratios) differentiated according to the indicators. Critically, less than a fifth (17%) of articles incorporating indicators did so due to an explicit study objective related to capturing equity considerations. Most indicators were increasingly incorporated over

Learning health equity frameworks within a community of scholars.

Science.gov (United States)

Alexander, Kamila A; Dovydaitis, Tiffany; Beacham, Barbara; Bohinski, Julia M; Brawner, Bridgette M; Clements, Carla P; Everett, Janine S; Gomes, Melissa M; Harner, Holly; McDonald, Catherine C; Pinkston, Esther; Sommers, Marilyn S

2011-10-01

Scholars in nursing science have long espoused the concept of health equity without specifically using the term or dialoguing about the social determinants of health and social justice. This article describes the development, implementation, and evaluation of a doctoral and postdoctoral seminar collective entitled "Health Equity: Conceptual, Linguistic, Methodological, and Ethical Issues." The course enabled scholars-in-training to consider the construct and its nuances and frame a personal philosophy of health equity. An example of how a group of emerging scholars can engage in the important, but difficult, discourse related to health equity is provided. The collective provided a forum for debate, intellectual growth, and increased insight for students and faculty. The lessons learned by all participants have the potential to enrich doctoral and postdoctoral scientific training in nursing science and may serve as a model for other research training programs in the health sciences. Copyright 2011, SLACK Incorporated.

Crowdinvesting-an alternative financing for German start-up enterprises?

OpenAIRE

Schütte, Sven

2016-01-01

Creation of young and innovational ventures is becoming more and more attrac-tive for potential business founders, due to beneficial political and economic frame conditions. Nevertheless, the issue of funding the project is concerning most of entrepreneurs: Because relatively weak own financial backings seldom suffice until profitability stage, founders are depending on external financial support in order to cover an arising equity gap. Here, established traditional forms of financing ca...

Community Wind: Once Again Pushing the Envelope of Project Finance

Energy Technology Data Exchange (ETDEWEB)

bolinger, Mark A.

2011-01-18

In the United States, the 'community wind' sector - loosely defined here as consisting of relatively small utility-scale wind power projects that sell power on the wholesale market and that are developed and owned primarily by local investors - has historically served as a 'test bed' or 'proving grounds' for up-and-coming wind turbine manufacturers that are trying to break into the U.S. wind power market. For example, community wind projects - and primarily those located in the state of Minnesota - have deployed the first U.S. installations of wind turbines from Suzlon (in 2003), DeWind (2008), Americas Wind Energy (2008) and later Emergya Wind Technologies (2010), Goldwind (2009), AAER/Pioneer (2009), Nordic Windpower (2010), Unison (2010), and Alstom (2011). Thus far, one of these turbine manufacturers - Suzlon - has subsequently achieved some success in the broader U.S. wind market as well. Just as it has provided a proving grounds for new turbines, so too has the community wind sector served as a laboratory for experimentation with innovative new financing structures. For example, a variation of one of the most common financing arrangements in the U.S. wind market today - the special allocation partnership flip structure (see Figure 1 in Section 2.1) - was first developed by community wind projects in Minnesota more than a decade ago (and is therefore sometimes referred to as the 'Minnesota flip' model) before being adopted by the broader wind market. More recently, a handful of community wind projects built over the past year have been financed via new and creative structures that push the envelope of wind project finance in the U.S. - in many cases, moving beyond the now-standard partnership flip structures involving strategic tax equity investors. These include: (1) a 4.5 MW project in Maine that combines low-cost government debt with local tax equity, (2) a 25.3 MW project in Minnesota using a sale/leaseback structure

Financing the UK's renewable energy boom

International Nuclear Information System (INIS)

Lindley, D.

1996-01-01

The opportunity to invest in and operate renewable energy power projects in the United Kingdom is the result of the financial measures established by the Electricity Act 1989, which created the Non-Fossil Fuel Obligation. In the three different orders specified so far, approximately 1400 MW (declared net capacity) of contracts have been awarded to schemes generating electricity from wind, hydro, landfill gas, sewage gas, waste combustion and other combustion (using forestry wastes and biomass) schemes. The majority of projects that have become operational so far have been financed either on 'balance sheet' or by a combination of non-recourse or limited recourse project loans and investor equity. In order to fulfil the government's goal to have 1500 MW (declared net capacity) of electricity from renewables by 2000 and a total investment of in excess of 1.5 billion pounds will be required. This paper reviews the terms of the Non Fossil Fuel Obligation, gives details of contracts awarded so far, reviews the financing methods used, summarises the project risk and the means of mitigation and provides case histories of several different renewable energy projects financed in the UK. (author) 11 tabs., 10 refs

Health in Southeast Asia 6 Health-financing reforms in southeast Asia: challenges in achieving universal coverage

OpenAIRE

Tangcharoensathien, V; Patcharanarumol, W; Ir, P; Aljunid, SM; Mukti, AG; Akkhavong, K; Banzon, E; Huong, DB; Thabrany, H; Mills, A

2011-01-01

In this sixth paper of the Series, we review health-financing reforms in seven countries in southeast Asia that have sought to reduce dependence on out-of-pocket payments, increase pooled health finance, and expand service use as steps towards universal coverage. Laos and Cambodia, both resource-poor countries, have mostly relied on donor-supported health equity funds to reach the poor, and reliable funding and appropriate identification of the eligible poor are two major challenges for natio...

Very early stage financing in the petroleum industry

International Nuclear Information System (INIS)

Armstrong, D. R.

1998-01-01

A primer on early financing for oil and natural gas plays was provided. Basic elements of the Alberta Securities Act, the steps involved in raising money for exploration, development or purchase of an oil play, the various forms of structuring an enterprise (proprietorship, limited partnership, joint venture, farm-in, publicly traded corporation) were explained. The types of financing, ranging from 'love money' (money raised from relatives, friends, business associates, or from 'angel investors') through formal venture capital markets and public equity markets were outlined with the characteristic features, advantages and pitfalls of each. The subtle differences between Alberta's 'junior capital pool', 'initial capital offering' and 'exchange offering prospectus' were explained, along with a brief review of which one is the most appropriate under a given set of circumstances

Health Equity Talk: Understandings of Health Equity among Health Leaders

Directory of Open Access Journals (Sweden)

Bernadette M. Pauly

2017-11-01

Full Text Available Introduction: Reducing health inequities is a stated goal of health systems worldwide. There is widespread commitment to health equity among public health leaders and calls for reorientation of health systems towards health equity. As part of the Equity Lens in Public Health (ELPH program of research, public health decision makers and researchers in British Columbia collaborated to study the application of a health equity lens in a time of health system renewal. We drew on intersectionality, complexity and critical social justice theories to understand how participants construct health equity and apply a health equity lens as part of public health renewal. Methods: 15 focus groups and 16 individual semi-structured qualitative interviews were conducted with 55 health system leaders. Data were analyzed using constant comparative analysis to explore how health equity was constructed in relation to understandings and actions. Results: Four main themes were identified in terms of how health care leaders construct health equity and actions to reduce health inequities: (1 population health, (2 determinants of health, and (3 accessibility and (4 challenges of health equity talk. The first three aspects of health equity talk reflect different understandings of health equity rooted in vulnerability (individual versus structural, determinants of health (material versus social determinants, and appropriate health system responses (targeted versus universal responses. Participants identified that talking about health equity in the health care system, either inside or outside of public health, is a ‘challenging conversation’ because health equity is understood in diverse ways and there is little guidance available to apply a health equity lens. Conclusions: These findings reflect the importance of creating a shared understanding of health equity within public health systems, and providing guidance and clarity as to the meaning and application of a health

FINANCING OF FIXED ASSET INVESTMENT IN THE SMALL AND MEDIUM-SIZED ENTERPRISES IN POLAND

Directory of Open Access Journals (Sweden)

Beata Geruzel-Dudzińska

2016-03-01

Full Text Available Small and medium-sized enterprises play an important role in the economy, creates, because a significant part of GDP, provides employment to many millions of people. One of the main barriers to the development of these enterprises, not only in Poland but also in EU countries, is the scarcity of equity and the difficulty in obtaining external sources of financing. It is not just about lack of funds to finance current operations, but also, and perhaps above all, lack of investment in fixed assets. This paper aims to present available sources of financing of fixed assets for enterprises from the SME sector and the assessment of their use by these companies.

Advancing the Science of Qualitative Research to Promote Health Equity.

Science.gov (United States)

Griffith, Derek M; Shelton, Rachel C; Kegler, Michelle

2017-10-01

Qualitative methods have long been a part of health education research, but how qualitative approaches advance health equity has not been well described. Qualitative research is an increasingly important methodologic tool to use in efforts to understand, inform, and advance health equity. Qualitative research provides critical insight into the subjective meaning and context of health that can be essential for understanding where and how to intervene to inform health equity research and practice. We describe the larger context for this special theme issue of Health Education & Behavior, provide brief overviews of the 15 articles that comprise the issue, and discuss the promise of qualitative research that seeks to contextualize and illuminate answers to research questions in efforts to promote health equity. We highlight the critical role that qualitative research can play in considering and incorporating a diverse array of contextual information that is difficult to capture in quantitative research.

Känsla, förnuft eller traditionella metoder : Hur värderar svenska entreprenörer sina företag inför equity crowdfundingkampanjer?

OpenAIRE

Langvall, Fredrik; Björklund, Peter

2016-01-01

The financing phenomenon equity crowdfunding, which is the smallest of the four crowdfunding types, has in recent years expanded quickly. This has led to companies and entrepreneurs that possess limited knowledge about business and are unable to get financed in any other way making their way to this financing type. Their lack of knowledge regarding valuation for businesses has not previously been studied. Researchers has however voiced their concerns regarding valuation for companies on this ...

Customer equity of Pakistani fast food restaurant: A study of attitudinal customer equity

Directory of Open Access Journals (Sweden)

Zubair

2017-02-01

Full Text Available Customer Equity is true representative of relationship marketing. There are two major approach-es to measure Customer Equity: Transaction/sales based approach and Attitudinal Approach. This research is an effort to check customer equity of fast food restaurants of Pakistan by using attitudinal approach. Transactional customer equity is treated as criterion for attitudinal customer equity. Three drivers of Customer Equity are Value Equity, Brand equity and Relationship equity are taken as independent variables in this research. Convenient sampling technique was used and sample size was 393 respondents. The results show that attitudinal customer equity had strong association with transactional equity. Brand equity, value equity and relationship equity show positive associations with attitudinal customer equity.

School Finance: Achieving High Standards with Equity and Efficiency. Third Edition.

Science.gov (United States)

King, Richard A.; Swanson, Austin D.; Sweetland, Scott R.

This third edition of this book explores traditional economic and political models and contemporary issues that affect the social, political, and economic state of schools. Like the previous two editions, this edition takes a balanced approach to understanding school finance issues by using paradigms of both the economist and the political…

Credit Risk Analysis of Local Government Financing Platform – An empirical study based on KMV model

Directory of Open Access Journals (Sweden)

Zhou Tingting

2015-01-01

Full Text Available The local government financing platform is set up by local government through state-owned assets, real estate and equity capital. The functions of these companies are financing, construction, operation, the repaying debts. The local government financing platform can broaden the financing channels of local government in a great extent; alleviate the pressure of capital requirement. But at the same time, with the gradual expansion of the scale of debt, a series of problems has arisen: the amount of financing platform companies is huge, debt repayment depends too much on real estate price, the integration of government administration with enterprise, capital injection, and accounts of these companies are not well exposed. Once these problems outbreak, it may cause a series of financial crises, thereby threaten the entire banking industry even the healthy development of the national economy.

Redesigning School Finance Systems: Lessons from CPRE Research. CPRE Policy Briefs. RB-50

Science.gov (United States)

Odden, Allan

2007-01-01

This policy brief describes how the Consortium for Policy Research in Education (CPRE) has approached the objectives of educational equity and adequacy over the past decade and a half, and reveals how their current finance research has begun to explicitly link the level and use of resources with strategies that districts and schools can deploy to…

Financing renewable energy: Obstacles and solutions

Energy Technology Data Exchange (ETDEWEB)

Brown, M.H.

1994-06-01

The majority of renewable energy technology projects now being developed use long term project financing to raise capital. The financial community scrutinizes renewables more closely than some conventionally fueled electric generation facilities because it perceives renewables as risky and expensive. Renewables pay for this perceived risk through higher interest charges and other more restrictive loan covenants. Risks that are not eliminated in the power sales agreement or through some other means generally result in higher project costs during financing. In part, this situation is a product of the private placement market and project finance process in which renewable energy facilities must function. The project finance process attracts banks and institutional lenders as well as equity investors (often pension funds) who do not want to place their capital at great risk. Energy project finance exists on the basis of a secure revenue stream and a thorough understanding of electric generation technology. Renewables, like all energy projects, operating in uncertain regulatory environments are often difficult to finance. In the uncertain regulatory environment in which renewables now operate, investors and lenders are nervous about challenges to existing contracts between independent power producers and utilities. Challenges to existing contracts could foretell challenges to contracts in the future. Investors and lenders now look to state regulatory environments as an indicator of project risk. Renewable energy technology evolves quickly. Yet, often the information about technological evolution is not available to those who invest in the energy projects. Or, those who have invested in new renewable energy technology in the past have lost money and are nervous about doing so in the future - even though technology may have improved. Inadequate or unfavorable information is a barrier to the development of renewables.

Health Sector Evolution Plan in Iran; Equity and Sustainability Concerns

Directory of Open Access Journals (Sweden)

Maziar Moradi-Lakeh

2015-10-01

Full Text Available In 2014, a series of reforms, called as the Health Sector Evolution Plan (HSEP, was launched in the health system of Iran in a stepwise process. HSEP was mainly based on the fifth 5-year health development national strategies (2011-2016. It included different interventions to: increase population coverage of basic health insurance, increase quality of care in the Ministry of Health and Medical Education (MoHME affiliated hospitals, reduce out-of-pocket (OOP payments for inpatient services, increase quality of primary healthcare, launch updated relative value units (RVUs of clinical services, and update tariffs to more realistic values. The reforms resulted in extensive social reaction and different professional feedback. The official monitoring program shows general public satisfaction. However, there are some concerns for sustainability of the programs and equity of financing. Securing financial sources and fairness of the financial contribution to the new programs are the main concerns of policy-makers. Healthcare providers’ concerns (as powerful and influential stakeholders potentially threat the sustainability and efficiency of HSEP. Previous experiences on extending health insurance coverage show that they can lead to a regressive healthcare financing and threat financial equity. To secure financial sources and to increase fairness, the contributions of people to new interventions should be progressive by their income and wealth. A specific progressive tax would be the best source, however, since it is not immediately feasible, a stepwise increase in the progressivity of financing must be followed. Technical concerns of healthcare providers (such as nonplausible RVUs for specific procedures or nonefficient insurance-provider processes should be addressed through proper revision(s while nontechnical concerns (which are derived from conflicting interests must be responded through clarification and providing transparent information. The

The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle

OpenAIRE

Nicholas Barberis; Ming Huang

2006-01-01

We review a recent approach to understanding the equity premium puzzle. The key elements of this approach are loss aversion and narrow framing, two well-known features of decision-making under risk in experimental settings. In equilibrium, models that incorporate these ideas can generate a large equity premium and a low and stable risk-free rate, even when consumption growth is smooth and only weakly correlated with the stock market. Moreover, they can do so for parameter values that correspo...

Power project financing in the People's Republic of China

International Nuclear Information System (INIS)

Gomm, R.

1998-01-01

The current state of financing and security issues which in the past have constrained the amount of foreign investment and project financing in the electric power market in the Peoples Republic of China (PRC) are reviewed. Past impediments to foreign investment and financing of power projects revolved around the rate of return on investment, the difficulties of obtaining project approvals, conflict of interest issues wherein the Chinese power bureau could act in its interest as a contracted party rather than for the joint venture as an equity investor, and currency convertibility. Recent developments such as the new security law, the new electricity law, and new project financing regulations represent major improvements, but foreign investment and financing is still much less than originally anticipated, the potential of the PRC power market for foreign investments notwithstanding. (For example, in 1997, 13,500 MW of new generation capacity was added to the Chinese grid system. This increased the total installed capacity to 250,000 MW, making China the second largest installed capacity in the world.) Recent trends in the market and the likely future of foreign investment in the PRC are also discussed, the conclusion being that although the size of the IPP and project finance market in China is probably smaller than originally hoped, a sufficient proportion of new generation capacity has been allocated to foreign investors to ensure a steady stream of investment opportunities

Financing options in Mexico's energy industry

Energy Technology Data Exchange (ETDEWEB)

McKenna, J.J. (PricewaterhouseCoopers Securities, Houston, TX (United States))

1999-01-01

A series of brief notes accompanied this presentation which was divided into seven sections entitled: (1) capital markets update, (2) Mexican financial market update, (3) financing options in the energy industry, (4) the Venezuelan experience at La Apertura, (5) private and strategic equity alternatives, (6) Pricewaterhouse Coopers Securities, and (7) Mexico energy 2005 prediction. The paper focused on how the financial crisis and merger activity in Latin America will impact electricity reform in Mexico. It was noted that under Mexico's Policy Proposal for Electricity Reform of the Mexican Electricity Industry, the financial community will seek to back companies in power generation, transportation and distribution. The difficulty of financing government businesses undergoing privatization was also discussed with particular emphasis on the challenge of accepting political and regulatory risks. The Latin private equity market and Canadian investment in Mexico was also reviewed. Since NAFTA (North American Free Trade Agreement) went into affect in 1994, Canadian investment in Mexico has more than tripled. Canadian companies have invested more than C$1.7 billion in Mexico since NAFTA. Pricewaterhouse Coopers Securities is a global investment bank which sees large opportunities in the Mexican energy market. They predict that in five years, Mexico will experience a gradual liberalization of the oil and gas sector, and a full liberalization of the gas pipeline and distribution business and the power generation, transmission and distribution business. 3 figs.

基于网络计量的股权众筹平台融资能力分析%Financing Capacity Analysis of Equity Crowdfunding Platforms Based on Webometrics

Institute of Scientific and Technical Information of China (English)

周文宇

2016-01-01

股权众筹平台是一种新兴的投资模式，投资者通过对项目的投资获得相应的股份。国内外现有研究较少，且多集中在金融、法律等领域。文章结合情报学领域的网络计量研究方法，从平台整体融资情况、资金流向、网站评价三个角度出发，分析8个具有中国证券业协会会员资格的股权众筹平台的现状，并探究如何提升平台融资能力。结果发现，平台的网络影响力与资金流向的范围和平台融资成功的项目数量具有较高的相关性，但与平台融资成功的总金额无关。%Equity crowdfunding is an emerging way of investing in specific project. Existing researches of equity crowdfunding are not much and most of them are focused on financial features and legitimacy. Based on webometrics, this article analyzes current situation of eight equity crowdfunding platforms which are all membership of SAC(Securi-ties Association of China) from three perspectives (overall situation, fund flow and site evaluation), and explore how to improve their financing capacity. It is found that platform ’s influence and range of fund flow have high correlations with the number of successful projects, but no correlation with gross amount of successful ones.

Liquidity Risk and Distressed Equity

DEFF Research Database (Denmark)

Medhat, Mamdouh

I show theoretically and empirically that cash holdings can help rationalize the low returns to distressed equity. In my model, levered firms with financing constraints optimally choose their cash holdings to eliminate liquidity risk and optimally default when insolvent. Using data on solvency......, liquidity, and returns for US firms, I find evidence consistent with the model’s predictions: (1) In all solvency levels, the average firm holds enough liquid assets to cover its short-term liabilities; less solvent firms have (2) a higher fraction of their total assets in liquid assets and therefore (3......) lower conditional betas and (4) lower returns; (5) the profits of long-short solvency strategies are highest among firms with low liquidity; and (6) the profits of long-short liquidity strategies are highest among firms with low solvency....

Argentina : Gender Equity in the Private Sector

OpenAIRE

World Bank

2010-01-01

First tested in Mexico in 2003, and most recently applied in 2009 in Argentina, the World Bank has developed a model to incorporate gender equity into private sector organizations while simultaneously enhancing their business. Under the model, participating organizations conduct a self-diagnosis to identify gender biases and gaps in the operations. This baseline is then used to create and ...

Improving the use of research evidence in guideline development: 12. Incorporating considerations of equity.

Science.gov (United States)

Oxman, Andrew D; Schünemann, Holger J; Fretheim, Atle

2006-12-05

The World Health Organization (WHO), like many other organisations around the world, has recognised the need to use more rigorous processes to ensure that health care recommendations are informed by the best available research evidence. This is the 12th of a series of 16 reviews that have been prepared as background for advice from the WHO Advisory Committee on Health Research to WHO on how to achieve this. We reviewed the literature on incorporating considerations of equity in guidelines and recommendations. We searched PubMed and three databases of methodological studies for existing systematic reviews and relevant methodological research. We did not conduct systematic reviews ourselves. Our conclusions are based on the available evidence, consideration of what WHO and other organisations are doing and logical arguments. We found few directly relevant empirical methodological studies. These answers are based largely on logical arguments. When and how should inequities be addressed in systematic reviews that are used as background documents for recommendations? The following question should routinely be considered: Are there plausible reasons for anticipating differential relative effects across disadvantaged and advantaged populations? If there are plausible reasons for anticipating differential effects, additional evidence should be included in a review to inform judgments about the likelihood of differential effects. What questions about equity should routinely be addressed by those making recommendations on behalf of WHO? The following additional questions should routinely be considered: How likely is it that the results of available research are applicable to disadvantaged populations and settings? How likely are differences in baseline risk that would result in differential absolute effects across disadvantaged and advantaged populations? How likely is it that there are important differences in trade-offs between the expected benefits and harms across

Private Equity Waves

NARCIS (Netherlands)

J.T.J. Smit (Han); W.A. van den Berg (Ward)

2006-01-01

textabstractThis study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have

Developing and financing merchant power plants in the U.S

International Nuclear Information System (INIS)

Ryan, M.J.

1998-01-01

Limited recourse financing for merchant plants in some areas of the world such as Latin America has become almost commonplace in the recent past. Limited recourse project financing for merchant plants in the US, once almost unthinkable, has already been achieved with the frontier-breaking Calpine Pasadena project. While long-term power purchase agreements have historically provided comfort to lenders and developers alike, they are increasingly becoming a thing of the past as utilities are reluctant to lock themselves into a fixed price, which may turn out to exceed the prices available in the open market. So, it seems that the trends toward merchant plants in Latin America will soon take hold in the domestic market. With the market for limited recourse project financing still in the embryonic stage, and the strong likelihood that long-term power purchase agreements will not be available, it is clear that successful domestic projects will have to be well conceived, properly structured and capitalized to secure debt and equity funding commitments. This paper will focus on opportunities for developing merchant plants, the major risks present to developers and investors and the most appropriate strategies for structuring finance for a project

Gender equity.

Science.gov (United States)

Shiva, M

1999-01-01

This paper focuses on gender equity. Gender equity is difficult to achieve when there is no economic, social, or political equity. The Gender Development Index evidenced this. There were a lot of instances where women are psychologically traumatized, whether it is through domestic rape, purchased sexual services in the red light area, and seduction or violation of neighbors, relatives, daughter or child. The economic changes linked with globalization and media's influence have worsened women's position. The policy for empowerment of women is an attempt toward ensuring equity. Furthermore, many women and women's organizations are trying to address these inequities; wherein they fight for strong acceptance of women's rights, social, economic, and political rights, as well as equities between gender and within gender.

Performance analysis of portuguese equity mutual funds: indexing vs active portfolio management

OpenAIRE

Ribeiro, Alexandra João Santana

2011-01-01

Master in Finance The present thesis was done with the objective of analyzing the portfolio management strategies followed by managers of Portuguese Equity Funds, using the PSI Geral as the benchmark. Thus, the quarter returns and compositions of portfolio were used. The market timing ability and the variables that may have influenced tracking error (vs. PSI Geral) were also analyzed. The main conclusion was that just 1 fund managed to put successfully into practice the active portfolio...

Ownership options, financing structures, and regulatory considerations affecting independent power production projects

International Nuclear Information System (INIS)

Knapp, G.M.

1990-01-01

In this paper is a framework for analysis of the legal, financing, and policy differences between independent power production projects (IPPs) and projects with qualifying facility status (QFs) under the Public Utility Regulatory Policies Act (PURPA). At a basic level, there is no fundamental difference in types of ownership and financing structures available to IPPs and QFS. The key consideration, though, is the regulatory and legal implications to project participants. Significant issues arise for equity participants, lenders, developers, and project operators that are considering IPP projects. Of course, many of these same issues apply to certain types of QF projects that are not fully exempt from the Public Utility Holding Company Act (PUHCA) and the Federal Power Act (FPA)

Implementation of equity in resource allocation for regional earthquake risk mitigation using two-stage stochastic programming.

Science.gov (United States)

Zolfaghari, Mohammad R; Peyghaleh, Elnaz

2015-03-01

This article presents a new methodology to implement the concept of equity in regional earthquake risk mitigation programs using an optimization framework. It presents a framework that could be used by decisionmakers (government and authorities) to structure budget allocation strategy toward different seismic risk mitigation measures, i.e., structural retrofitting for different building structural types in different locations and planning horizons. A two-stage stochastic model is developed here to seek optimal mitigation measures based on minimizing mitigation expenditures, reconstruction expenditures, and especially large losses in highly seismically active countries. To consider fairness in the distribution of financial resources among different groups of people, the equity concept is incorporated using constraints in model formulation. These constraints limit inequity to the user-defined level to achieve the equity-efficiency tradeoff in the decision-making process. To present practical application of the proposed model, it is applied to a pilot area in Tehran, the capital city of Iran. Building stocks, structural vulnerability functions, and regional seismic hazard characteristics are incorporated to compile a probabilistic seismic risk model for the pilot area. Results illustrate the variation of mitigation expenditures by location and structural type for buildings. These expenditures are sensitive to the amount of available budget and equity consideration for the constant risk aversion. Most significantly, equity is more easily achieved if the budget is unlimited. Conversely, increasing equity where the budget is limited decreases the efficiency. The risk-return tradeoff, equity-reconstruction expenditures tradeoff, and variation of per-capita expected earthquake loss in different income classes are also presented. © 2015 Society for Risk Analysis.

The EPSA Project Finance Mapping Tool

Energy Technology Data Exchange (ETDEWEB)

Hadley, Stanton W. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2016-07-01

The Energy Policy and Systems Analysis Office of DOE has requested a tool to compare the impact of various Federal policies on the financial viability of generation resources across the country. Policy options could include production tax credits, investment tax credits, solar renewable energy credits, tax abatement, accelerated depreciation, tax-free loans, and others. The tool would model the finances of projects in all fifty states, and possibly other geographic units like utility service territories and RTO/ISO territories. The tool would consider the facility s cost, financing, production, and revenues under different capital and market structures to determine things like levelized cost of energy, return on equity, and cost impacts on others (e.g., load-serving entities, society.) The tool would compare the cost and value of the facility to the local regional alternatives to determine how and where policy levers may provide sufficient incremental value to motivate investment. The results will be displayed through a purpose-built visualization that maps geographic variations and shows associated figures and tables.

Health-financing reforms in southeast Asia: challenges in achieving universal coverage.

Science.gov (United States)

Tangcharoensathien, Viroj; Patcharanarumol, Walaiporn; Ir, Por; Aljunid, Syed Mohamed; Mukti, Ali Ghufron; Akkhavong, Kongsap; Banzon, Eduardo; Huong, Dang Boi; Thabrany, Hasbullah; Mills, Anne

2011-03-05

In this sixth paper of the Series, we review health-financing reforms in seven countries in southeast Asia that have sought to reduce dependence on out-of-pocket payments, increase pooled health finance, and expand service use as steps towards universal coverage. Laos and Cambodia, both resource-poor countries, have mostly relied on donor-supported health equity funds to reach the poor, and reliable funding and appropriate identification of the eligible poor are two major challenges for nationwide expansion. For Thailand, the Philippines, Indonesia, and Vietnam, social health insurance financed by payroll tax is commonly used for formal sector employees (excluding Malaysia), with varying outcomes in terms of financial protection. Alternative payment methods have different implications for provider behaviour and financial protection. Two alternative approaches for financial protection of the non-poor outside the formal sector have emerged-contributory arrangements and tax-financed schemes-with different abilities to achieve high population coverage rapidly. Fiscal space and mobilisation of payroll contributions are both important in accelerating financial protection. Expanding coverage of good-quality services and ensuring adequate human resources are also important to achieve universal coverage. As health-financing reform is complex, institutional capacity to generate evidence and inform policy is essential and should be strengthened. Copyright © 2011 Elsevier Ltd. All rights reserved.

A consistent decomposition of the redistributive, vertical, and horizontal effects of health care finance by factor components.

Science.gov (United States)

Hierro, Luis A; Gómez-Álvarez, Rosario; Atienza, Pedro

2014-01-01

In studies on the redistributive, vertical, and horizontal effects of health care financing, the sum of the contributions calculated for each financial instrument does not equal the total effects. As a consequence, the final calculations tend to be overestimated or underestimated. The solution proposed here involves the adaptation of the Shapley value to achieve additive results for all the effects and reveals the relative contributions of different instruments to the change of whole-system equity. An understanding of this change would help policy makers attain equitable health care financing. We test the method with the public finance and private payments of health care systems in Denmark and the Netherlands. Copyright © 2013 John Wiley & Sons, Ltd.

RADICAL INNOVATION AND EARLY STAGE FINANCING GAPS: EQUITY-BASED CROWDFUNDING CHALLENGES

OpenAIRE

Deffains-Crapsky, Catherine; Sudolska, Agata

2014-01-01

Innovations and innovativeness in a business context is considered as one of the key determinants of competitive advantage due to its productive role in driving new markets and revenue growth as well as other value propositions. The success of this economic transition will pass by a context favorable to the innovation in general and to the entrepreneurial innovation in particular. Earlystage start-ups financing face particular difficulties. We focus on current challenges concerning entreprene...

Service- and population-based exemptions: are these the way forward for equity and efficiency in health financing in low-income countries?

Science.gov (United States)

Witter, Sophie

2009-01-01

The first wave of experiences of exemptions policies suggested that poverty-based exemptions, using individual targeting, were not effective, for practical and political economic reasons. In response, many countries have changed their approach in recent years--while maintaining user fees as a necessary source of revenue for facilities, they have been switching to categorical targeting, offering exemptions based on high-priority services or population groups. This chapter aims to examine the impact and conditions for effectiveness of this recent health finance modality. The chapter is based on a literature review and on data from two complex evaluations of national fee exemption policies for delivery care in West Africa (Ghana and Senegal). A conceptual framework for analysing the impact of exemption policies is developed and used. Although the analysis focuses on exemption for deliveries, the framework and findings are likely to be generalisable to other service- or population-based exemptions. The chapter presents background information on the nature of delivery exemptions, the drivers for their use, their scale and common modalities in low-income countries. It then looks at evidence of their impact, on utilisation, quality of care and equity and investigates their cost-effectiveness. The final section presents lessons on implementation and implications for policy-makers, including the acceptability and sustainability of exemptions and how they compare to other possible mechanisms. The chapter concludes that funded service- or group-based exemptions offer a simple, potentially effective route to mitigating inequity and inefficiency in the health systems of low-income countries. However, there are a number of key constraints. One is the fungibility of resources at health facility level. The second is the difficulty of sustaining a separate funding stream over the medium to long term. The third is the arbitrary basis for selecting high-priority services for

Educational Equity, Adequacy, and Equal Opportunity in the Commonwealth: An Evaluation of Pennsylvania's School Finance System

Science.gov (United States)

Baker, Bruce; Levin, Jesse

2014-01-01

Pennsylvania has historically operated one of the nation's least equitable state school finance systems, and within that system exist some of the nation's most fiscally disadvantaged public school districts. The persistent inequalities of Pennsylvania's school finance system are not entirely a result of simple lack of effort, as policies intended…

Improving the use of research evidence in guideline development: 12. Incorporating considerations of equity

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Fretheim Atle

2006-12-01

Full Text Available Abstract Background The World Health Organization (WHO, like many other organisations around the world, has recognised the need to use more rigorous processes to ensure that health care recommendations are informed by the best available research evidence. This is the 12th of a series of 16 reviews that have been prepared as background for advice from the WHO Advisory Committee on Health Research to WHO on how to achieve this. Objectives We reviewed the literature on incorporating considerations of equity in guidelines and recommendations. Methods We searched PubMed and three databases of methodological studies for existing systematic reviews and relevant methodological research. We did not conduct systematic reviews ourselves. Our conclusions are based on the available evidence, consideration of what WHO and other organisations are doing and logical arguments. Key questions and answers We found few directly relevant empirical methodological studies. These answers are based largely on logical arguments. When and how should inequities be addressed in systematic reviews that are used as background documents for recommendations? • The following question should routinely be considered: Are there plausible reasons for anticipating differential relative effects across disadvantaged and advantaged populations? • If there are plausible reasons for anticipating differential effects, additional evidence should be included in a review to inform judgments about the likelihood of differential effects. What questions about equity should routinely be addressed by those making recommendations on behalf of WHO? • The following additional questions should routinely be considered: • How likely is it that the results of available research are applicable to disadvantaged populations and settings? • How likely are differences in baseline risk that would result in differential absolute effects across disadvantaged and advantaged populations? • How likely is

Pedagogical Strategies for Incorporating Behavioral Finance Concepts in Investment Courses

Science.gov (United States)

Adams, Michael; Mullins, Terry; Thornton, Barry

2007-01-01

The traditional approach to teaching a course in investments is predicated upon the efficient market hypothesis, modern portfolio theory, and the assumption that decision-makers are rational, wealth optimizing entities. Recent developments in the arena of behavioral finance (BF) have raised questions about this approach. Although the idea of…

Mining agreements in developing countries: issues of finance and taxation

Energy Technology Data Exchange (ETDEWEB)

Fritzsche, M; Stockmayer, A

1978-04-01

This article continues a Forum series on recent trends in mining contracts between host countries and foreign investors begun in the April 1977 issue. Based on intensive research carried out for the preparation of a book on Mining Ventures in Developing Countries, published recently in the Federal Republic of Germany, the authors discuss sources of finance, institutions, exchange controls and special accounts, royalties, income taxation, and equity participation. They conclude that taxation is most likely to remain the principal source of income; equity participation should be evaluated carefully as it does not automatically guarantee maximum benefits. The combination of taxes and royalties provide a steady flow of income. An increase of the total tax burden beyond a certain percentage may be counterproductive for the host country, as it encourages the investor to look for less controllable means of shifting profits or discourages investment for exploration and development. 21 notes and refs.

A fuzzy logic approach toward solving the analytic enigma of health system financing.

Science.gov (United States)

Chernichovsky, Dov; Bolotin, Arkady; de Leeuw, David

2003-09-01

Improved health, equity, macroeconomic efficiency, efficient provision of care, and client satisfaction are the common goals of any health system. The relative significance of these goals varies, however, across nations, communities and with time. As for health care finance, the attainment of these goals under varying circumstances involves alternative policy options for each of the following elements: sources of finance, allocation of finance, payment to providers, and public-private mix. The intricate set of multiple goals, elements and policy options defies human reasoning, and, hence, hinders effective policymaking. Indeed, "health system finance" is not amenable to a clear set of structural relationships. Neither is there a universe that can be subject to statistical scrutiny: each health system is unique. "Fuzzy logic" models human reasoning by managing "expert knowledge" close to the way it is handled by human language. It is used here for guiding policy making by a systematic analysis of health system finance. Assuming equal welfare weights for alternative goals and mutually exclusive policy options under each health-financing element, the exploratory model we present here suggests that a German-type health system is best. Other solutions depend on the welfare weights for system goals and mixes of policy options.

Regime Switching Vine Copula Models for Global Equity and Volatility Indices

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Holger Fink

2017-01-01

Full Text Available For nearly every major stock market there exist equity and implied volatility indices. These play important roles within finance: be it as a benchmark, a measure of general uncertainty or a way of investing or hedging. It is well known in the academic literature that correlations and higher moments between different indices tend to vary in time. However, to the best of our knowledge, no one has yet considered a global setup including both equity and implied volatility indices of various continents, and allowing for a changing dependence structure. We aim to close this gap by applying Markov-switching R-vine models to investigate the existence of different, global dependence regimes. In particular, we identify times of “normal” and “abnormal” states within a data set consisting of North-American, European and Asian indices. Our results confirm the existence of joint points in a time at which global regime switching between two different R-vine structures takes place.

National health financing policy in Eritrea: a survey of preliminary considerations

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Kirigia Joses

2012-08-01

Full Text Available Abstract Background The 58th World Health Assembly and 56th WHO Regional Committee for Africa adopted resolutions urging Member States to ensure that health financing systems included a method for prepayment to foster financial risk sharing among the population and avoid catastrophic health-care expenditure. The Regional Committee asked countries to strengthen or develop comprehensive health financing policies. This paper presents the findings of a survey conducted among senior staff of selected Eritrean ministries and agencies to elicit views on some of the elements likely to be part of a national health financing policy. Methods This is a descriptive study. A questionnaire was prepared and sent to 19 senior staff (Directors in the Ministry of Health, Labour Department, Civil Service Administration, Eritrean Confederation of Workers, National Insurance Corporation of Eritrea and Ministry of Local Government. The respondents were selected by the Ministry of Health as key informants. Results The key findings were as follows: the response rate was 84.2% (16/19; 37.5% (6/16 and 18.8% said that the vision of Eritrean National Health Financing Policy (NHFP should include the phrases ‘equitable and accessible quality health services’ and ‘improve efficiency or reduce waste’ respectively; over 68% indicated that NHFP should include securing adequate funding, ensuring efficiency, ensuring equitable financial access, protection from financial catastrophe, and ensuring provider payment mechanisms create positive incentives to service providers; over 80% mentioned community participation, efficiency, transparency, country ownership, equity in access, and evidence-based decision making as core values of NHFP; over 62.5% confirmed that NHFP components should consist of stewardship (oversight, revenue collection, revenue pooling and risk management, resource allocation and purchasing of health services, health economics research, and development of

National health financing policy in Eritrea: a survey of preliminary considerations.

Science.gov (United States)

Kirigia, Joses Muthuri; Zere, Eyob; Akazili, James

2012-08-28

The 58th World Health Assembly and 56th WHO Regional Committee for Africa adopted resolutions urging Member States to ensure that health financing systems included a method for prepayment to foster financial risk sharing among the population and avoid catastrophic health-care expenditure. The Regional Committee asked countries to strengthen or develop comprehensive health financing policies. This paper presents the findings of a survey conducted among senior staff of selected Eritrean ministries and agencies to elicit views on some of the elements likely to be part of a national health financing policy. This is a descriptive study. A questionnaire was prepared and sent to 19 senior staff (Directors) in the Ministry of Health, Labour Department, Civil Service Administration, Eritrean Confederation of Workers, National Insurance Corporation of Eritrea and Ministry of Local Government. The respondents were selected by the Ministry of Health as key informants. The key findings were as follows: the response rate was 84.2% (16/19); 37.5% (6/16) and 18.8% said that the vision of Eritrean National Health Financing Policy (NHFP) should include the phrases 'equitable and accessible quality health services' and 'improve efficiency or reduce waste' respectively; over 68% indicated that NHFP should include securing adequate funding, ensuring efficiency, ensuring equitable financial access, protection from financial catastrophe, and ensuring provider payment mechanisms create positive incentives to service providers; over 80% mentioned community participation, efficiency, transparency, country ownership, equity in access, and evidence-based decision making as core values of NHFP; over 62.5% confirmed that NHFP components should consist of stewardship (oversight), revenue collection, revenue pooling and risk management, resource allocation and purchasing of health services, health economics research, and development of human resources for health; over 68.8% indicated cost

Patterns of financing for the largest hospital systems in the United States.

Science.gov (United States)

Cleverley, William O; Baserman, Sarah Jane

2005-01-01

The ten large systems reviewed in this column have greater degrees of financial leverage than do most freestanding hospitals. Larger firms typically have both greater capital access and lower costs of financing. Both voluntary and IO systems make extensive use of variable rate financing, but the percentage of variable rate financing is slightly higher for voluntary systems. This difference may be attributable to larger yield curve spreads for tax-exempt versus taxable securities. Interest rate swaps were used by 70 percent of the systems, but the actual amount swapped was relatively minor. This may change in the future as financial officers become more comfortable and familiar with interest rate swap arrangements. When compared to IO systems, voluntary systems have extensive levels of cash relative to their debt positions. Cash balances are more critical in the bond-rating process for voluntary hospitals, and the ability to raise new equity is much more limited in the voluntary sector. Very little capital leasing was used in any of the systems.

Financing Opportunity for Post-Secondary Education in the U.S.: The Equity Investment in America Program.

Science.gov (United States)

Bluestone, Barry; And Others

A proposal written by a group of economists suggests investing a portion of the Social Security surplus in a revolving loan fund designed to enable American students and workers to finance their own post-secondary education, vocational training, or re-training. The plan would make available to every American a line of credit to finance the costs…

Introduction of performance-based financing in burundi was associated with improvements in care and quality.

Science.gov (United States)

Bonfrer, Igna; Soeters, Robert; Van de Poel, Ellen; Basenya, Olivier; Longin, Gashubije; van de Looij, Frank; van Doorslaer, Eddy

2014-12-01

Several governments in low- and middle-income countries have adopted performance-based financing to increase health care use and improve the quality of health services. We evaluated the effects of performance-based financing in the central African nation of Burundi by exploiting the staggered rollout of this financing across provinces during 2006-10. We found that performance-based financing increased the share of women delivering their babies in an institution by 22 percentage points, which reflects a relative increase of 36 percent, and the share of women using modern family planning services by 5 percentage points, a relative change of 55 percent. The overall quality score for health care facilities increased by 45 percent during the study period, but performance-based financing was found to have no effect on the quality of care as reported by patients. We did not find strong evidence of differential effects of performance-based financing across socioeconomic groups. The performance-based financing effects on the probability of using care when ill were found to be even smaller for the poor. Our findings suggest that a supply-side intervention such as performance-based financing without accompanying access incentives for poor people is unlikely to improve equity. More research into the cost-effectiveness of performance-based financing and how best to target vulnerable populations is warranted. Project HOPE—The People-to-People Health Foundation, Inc.

Knowledge Management in the Network Mode: The Case of Private Equity

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Britta Klagge

2012-01-01

Full Text Available There has been an ongoing debate on the changing geographical organization of the financial sector and the decreasing importance of regional financial centres. Our contribution explores a fresh perspective on this issue by looking at knowledge and risk management in different parts of the financial sector with an empirical focus on private equity in Germany. The argument we put forward is that the ways in which providers of finance manage knowledge and risk shape their organizational and geographical structure. In our analytical framework we distinguish between three ideal-type modes of knowledge management: the relationship, the data and the network mode. These modes differ in the types of knowledge exchanged, the actors involved and in the role and nature of relevant contacts and relationships. The shift from relationship to data mode in credit provision in Germany serves an example of how a new mode of knowledge management is associated with changes in the geographical organization of financial actors and activities. To illustrate the network mode we then focus on knowledge management in private equity in Germany, which involves a variety of different actors and links both regional and interregional networks. Our empirical research shows that the resulting organizational and geographical struc¬tures are rather complex and have nodes in regional financial centres. While these centres benefit from private equity activities, their chances for re-vitalization and a re-regionalization of financial expertise on the basis of private equity are nonetheless limited. So far, Munich seems to be the (only one location where private equity – cross-fertilized by other local financial actors – has initiated a self-supported development which strengthens Munich as a financial centre.

Incorporating gender, equity, and human rights into the action planning process: moving from rhetoric to action

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Sanjeev Sridharan

2016-09-01

Full Text Available Background: Mainstreaming of gender, equity, and human rights (GER is an important focus of the World Health Organization (WHO and other UN organizations. This paper explores the role of action plans in mainstreaming GER. This paper is informed by a theory-driven evaluation lens. Design: A theory of change framework explored the following seven dimensions of how action plans can implement mainstreaming of GER: awareness of the foundations of GER; understanding of context; planning to impact GER; implementation for GER; monitoring, evaluation, and learning; planning for sustainability; agenda setting and buy-in. The seven dimensions were used to analyze the action plans. Reviewers also explored innovations within each of the action plans for the seven dimensions. Results: GER mainstreaming is more prominent in the foundation, background, and planning components of the plan but becomes less so along the theory of change including implementation; monitoring and evaluation; sustainability; and agenda setting and buy-in. Conclusions: Our analysis demonstrates that much more can be done to incorporate GER considerations into the action planning process. Nine specific recommendations are identified for WHO and other organizations. A theory-driven approach as described in the paper is potentially helpful for developing clarity by which action plans can help with mainstreaming GER considerations.

Health Sector Evolution Plan in Iran; Equity and Sustainability Concerns.

Science.gov (United States)

Moradi-Lakeh, Maziar; Vosoogh-Moghaddam, Abbas

2015-08-31

In 2014, a series of reforms, called as the Health Sector Evolution Plan (HSEP), was launched in the health system of Iran in a stepwise process. HSEP was mainly based on the fifth 5-year health development national strategies (2011-2016). It included different interventions to: increase population coverage of basic health insurance, increase quality of care in the Ministry of Health and Medical Education (MoHME) affiliated hospitals, reduce out-of-pocket (OOP) payments for inpatient services, increase quality of primary healthcare, launch updated relative value units (RVUs) of clinical services, and update tariffs to more realistic values. The reforms resulted in extensive social reaction and different professional feedback. The official monitoring program shows general public satisfaction. However, there are some concerns for sustainability of the programs and equity of financing. Securing financial sources and fairness of the financial contribution to the new programs are the main concerns of policy-makers. Healthcare providers' concerns (as powerful and influential stakeholders) potentially threat the sustainability and efficiency of HSEP. Previous experiences on extending health insurance coverage show that they can lead to a regressive healthcare financing and threat financial equity. To secure financial sources and to increase fairness, the contributions of people to new interventions should be progressive by their income and wealth. A specific progressive tax would be the best source, however, since it is not immediately feasible, a stepwise increase in the progressivity of financing must be followed. Technical concerns of healthcare providers (such as nonplausible RVUs for specific procedures or nonefficient insurance-provider processes) should be addressed through proper revision(s) while nontechnical concerns (which are derived from conflicting interests) must be responded through clarification and providing transparent information. The requirements of

A model of the demand for Islamic banks debt-based financing instrument

Science.gov (United States)

Jusoh, Mansor; Khalid, Norlin

2013-04-01

This paper presents a theoretical analysis of the demand for debt-based financing instruments of the Islamic banks. Debt-based financing, such as through baibithamanajil and al-murabahah, is by far the most prominent of the Islamic bank financing and yet it has been largely ignored in Islamic economics literature. Most studies instead have been focusing on equity-based financing of al-mudharabah and al-musyarakah. Islamic bank offers debt-based financing through various instruments derived under the principle of exchange (ukud al-mu'awadhat) or more specifically, the contract of deferred sale. Under such arrangement, Islamic debt is created when goods are purchased and the payments are deferred. Thus, unlike debt of the conventional bank which is a form of financial loan contract to facilitate demand for liquid assets, this Islamic debt is created in response to the demand to purchase goods by deferred payment. In this paper we set an analytical framework that is based on an infinitely lived representative agent model (ILRA model) to analyze the demand for goods to be purchased by deferred payment. The resulting demand will then be used to derive the demand for Islamic debt. We also investigate theoretically, factors that may have an impact on the demand for Islamic debt.

Three essays on empirical finance : the alphas and betas

NARCIS (Netherlands)

Lin, T.

2009-01-01

This thesis is composed by three articles in seemingly unrelated fields. The first article is exploring the effects of short-sales constraints on the delay of information incorporation into stock prices. The second one is estimating the risk and risk-adjusted return of private equity funds. The last

Internet finance: Digital currencies and alternative finance liberating the capital markets

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Kim Wales

2015-09-01

Full Text Available This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases

A Note for Graphing Calculators in the Fundamental Finance Course

Science.gov (United States)

Chen, Jeng-Hong

2011-01-01

The financial calculator is incorporated in finance education. In class, the instructor shows students how to use the financial calculator's function keys to solve time value of money (TVM) related problems efficiently. The fundamental finance course is required for all majors in the business school. Some students, especially…

Inequalities in health--future threats to equity.

Science.gov (United States)

Gunning-Schepers, L J; Stronks, K

1999-01-01

In discussions about equity there is a tendency to focus on the inequalities in health status that appear to be the result of the material and immaterial consequences of a lower income, professional or social status in society. If we look at publications such as the Black Report in the UK or Ongelijke gezondheid in The Netherlands, we have to accept that despite our universal access to healthcare and the existence in many Western countries of social security measures that preclude 'real' poverty, considerable differences in health continue to exist between socioeconomic groups. This is corroborated for many other European countries in the research carried out by a concerted action led by Mackenbach. These inequalities in health have been referred to in many countries as inequities, meaning that society finds them unjust and expects them to be 'avoidable' or amenable to policy interventions. However, the research on the causal networks underlying the occurrence and the avoidability of inequalities in health remains sparse and intervention studies seem to focus on policy measures that can be evaluated, but which will most likely have a limited impact on the inequalities measured at the population level. Thus the research community leaves policymakers with very little evidence on which to build policy initiatives that are nevertheless requested by many governments. The third element, which needs to be addressed in this context, is the ominous inequality in access to healthcare. Since the debate on equity in health has rightly been initiated in the context of a broader, more intersectoral approach to health policy, very little attention has been paid, so far, to the issue of universal access to quality healthcare services. This is because in the second half of this century most Western (European) countries have created a healthcare system with universal access, financed either through taxation or through social insurance schemes. It is these financing systems that will

Health equity in Lebanon: a microeconomic analysis

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Raad Firas

2010-04-01

Full Text Available Abstract Background The health sector in Lebanon suffers from high levels of spending and is acknowledged to be a source of fiscal waste. Lebanon initiated a series of health sector reforms which aim at containing the fiscal waste caused by high and inefficient public health expenditures. Yet these reforms do not address the issues of health equity in use and coverage of healthcare services, which appear to be acute. This paper takes a closer look at the micro-level inequities in the use of healthcare, in access, in ability to pay, and in some health outcomes. Methods We use data from the 2004/2005 Multi Purpose Survey of Households in Lebanon to conduct health equity analysis, including equity in need, access and outcomes. We briefly describe the data and explain some of its limitations. We examine, in turn, and using standardization techniques, the equity in health care utilization, the impact of catastrophic health payments on household wellbeing, the effect of health payment on household impoverishment, the equity implications of existing health financing methods, and health characteristics by geographical region. Results We find that the incidence of disability decreases steadily across expenditure quintiles, whereas the incidence of chronic disease shows the opposite pattern, which may be an indication of better diagnostics for higher quintiles. The presence of any health-related expenditure is regressive while the magnitude of out-of-pocket expenditures on health is progressive. Spending on health is found to be "normal" and income-elastic. Catastrophic health payments are likelier among disadvantaged groups (in terms of income, geography and gender. However, the cash amounts of catastrophic payments are progressive. Poverty is associated with lower insurance coverage for both private and public insurance. While the insured seem to spend an average of almost LL93,000 ($62 on health a year in excess of the uninsured, they devote a smaller

Putting "Entrepreneurial Finance Education" on the Map: Including Social Capital in the Entrepreneurial Finance Curriculum

Science.gov (United States)

Macht, Stephanie Alexandra

2016-01-01

Purpose: The purpose of this paper is to bring attention to "entrepreneurial finance education", an aspect of entrepreneurship education that is widely taught but neglected by the educational literature. It does so by exploring how social capital, a key resource for entrepreneurs, can be incorporated into entrepreneurial finance…

Selected Determinants of Mezzanine Financing in Poland

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Robert Golej

2016-01-01

as seen from the mezzanine fund. The second concerns the willingness of enterprises to use this form of financing. The first part of the article is devoted to the embeddedness of mezzanine financing. For that purpose, the specific innovation feature decisive to the possibility of external financing was indicated. Various investment strategies of Private Equity Funds on a global scale were presented in a way intended to highlight the meaning and characteristics of mezzanine financing. Also, on the basis of statistical data, the potential market for innovation financing in Poland was indicated. Subsequently the essence of mezzanine type financing and its potential to support development and innovation was presented. Upon this background, an analysis of the possibilities for financing innovation in startups and established companies was conducted. Also, examples of mezzanine financing that took place in Poland in recent years were presented. The article, therefore, is constructed in the form of deductive-inductive analysis. The conducted research leads to the conclusion that there is a gradual development of mezzanine financing in Poland. The transactions are also diverse as to the industry sector and the size of the investment. There is also a noticeable lowering of the minimum quota of individual investments, which means that the popularity of this form of financing could increase. What needs to be noticed, however, is that mezzanine funds focus their activity on companies in good financial condition, which do not have the credit capacity for the implementation of all their development projects. They have the characteristics of a mature organization. So they have: a strategy, experienced management, good cash flow, good market position and growth potential.

The Equity of Public School Finance in Missouri: 1977-1981. A Research Report.

Science.gov (United States)

Ryan, Sharon; Walker, Anne

Updated were statistics of an earlier study done by the Education Commission of the States (ECS) in 1980, entitled "The Missouri School Finance Study." The recent results differed from the earlier study's, illustrating the extent to which revenues per pupil depended on local property wealth and income. The results of the first study…

Equity and debt financing for centralised anaerobic digestion of farm wastes: a feasibility analysis

International Nuclear Information System (INIS)

Mills, S.J.

1994-01-01

This report has been prepared by Sceptre Management Limited for the Energy Technology Support Unit on behalf of the Department of Trade and Industry, with a view to establishing how a first UK plant for the Centralised Anaerobic Digestion (''CAD'') of farm wastes might be developed in such a way as to make it attractive both to bank lenders and to equity investors. The study on which the report draws was also intended to establish how the first and, hence most risky, such scheme would need to be funded. (UK)

Are there Long-Run Diversification Gains from the Dow Jones Islamic Finance Index?

OpenAIRE

Mehmet Balcilar; Charl Jooste; Shawkat Hammoudeh; Rangan Gupta; Vassilios Babalos

2014-01-01

We compare nonlinear cointegration tests with the standard cointegration tests in studying the relationship of the Dow Jones Islamic finance index with three other conventional equity market indices. Our results show that there is a long-run nonlinear cointegrating relationship between the Dow Jones Islamic stock market index and other conventional stock market indices. Our findings rely on a battery of standard tests as well as on the Bierens and Martins (2010) test that investigates time-va...

Crowdfunding as a Source for Social Enterprise Financing : Advantages and Disadvantages Experienced by Social Entrepreneurs

OpenAIRE

Hazam, Diana; Karimova, Dijana; Olsson, Magnus Gabriel

2017-01-01

Social Enterprises face funding challenges. As investors focus too narrowly on risk and return, social enterprises may struggle to compete with commercial enterprises for investment capital. In this context, lending and equity crowdfunding have not been sufficiently examined, and its growing importance for business financing makes it valuable to understand its implications for social enterprises. This study collects qualitative data and uses thematic analysis to identify advantages and disadv...

Equity Versus Non-Equity International Strategic Alliances

DEFF Research Database (Denmark)

Globerman, Steven; Nielsen, Bo Bernhard

A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller numb...... involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country....

Välipääomarahoitusinstrumentit : Yhtiöoikeudellinen tutkimus vieraan pääoman ehtoisen välipääomarahoittajan asemasta osakeyhtiössä.

OpenAIRE

Lautjärvi, Kari

2015-01-01

Kari Lautjärvi MEZZANINE FINANCE INSTRUMENTS - A COMPANY LAW STUDY ON THE DEBT BASED MEZZANINE INSTRUMENT HOLDER´S LEGAL POSITION IN A FINNISH COMPANY LIMITED BY SHARES 1. Object and methods of the dissertation This doctoral dissertation provides a comprehensive discussion on various equity and debt financing instruments that Finnish limited liability companies (limited by shares) generally use. The main focus of the dissertation is examining mezzanine debt instruments incorpor...

Education Funding and Student Outcomes: A Conceptual Framework for Measurement of the Alignment of State Education Finance and Academic Accountability Policies

Science.gov (United States)

Knoeppel, Robert C.; Della Sala, Matthew R.

2015-01-01

The conceptualization and measurement of education finance equity and adequacy has engaged researchers for more than three decades. At the same time, calls for increased academic accountability and higher student achievement in K-12 public education have reached new levels at both the national and state levels. Aligning these represents an…

Government health insurance and privatization: an examination of the concept and of equity.

Science.gov (United States)

Anderson, O W

1988-01-01

After almost a century of the evolution of welfare capitalism in the liberal-democratic countries, and the spread of government intervention in the financing and provision of health services, the debate is now whether or not government can, or should, be as all-encompassing as it has clearly become. What is emerging with greater force is a pattern of private insurance and private provision, though its future is not easy to predict. What is clear, however, is that a modified version of a politically acceptable concept of equity will have to be formulated.

Potential of Securitization in Solar PV Finance

Energy Technology Data Exchange (ETDEWEB)

Lowder, Travis [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2013-12-01

This report aims to demonstrate, hypothetically and at a high level, what volumes of solar deployment could be supported given solar industry access to the capital markets in the form of security issuance. Securitization is not anticipated to replace tax equity in the near- to mid-term, but it could provide an additional source of funds that would be comparatively inexpensive and could reduce the weighted average cost of capital for a given solar project or portfolio. Thus, the potential to securitize solar assets and seek financing in the capital markets could help to sustain the solar industry when the investment tax credit (ITC) -- one of the federal incentives that has leveraged billions of dollars of private capital in the solar industry -- drops from 30% to 10% at the close of 2016. The report offers analysis on the size of the U.S. third-party financed solar market, as well as on the volumes (in MW) of solar asset origination possible through a $100 million securitization fund (assuming no overcollateralization). It also provides data on the size of the relevant securities markets and how the solar asset class may fit into these markets.

Examining equity: a multidimensional framework for assessing equity in payments for ecosystem services

OpenAIRE

McDermott, Melanie; Mahanty, Sango; Schreckenberg, Kathrin

2012-01-01

Concern over social equity dominates current debates about payments for ecosystem services and reduced deforestation and forest degradation (REDD+). Yet, despite the apprehension that these initiatives may undermine equity, the term is generally left undefined. This paper presents a systematic framework for the analysis of equity that can be used to examine how local equity is affected as the global value of ecosystem services changes. Our framework identifies three dimensions that form the c...

Education Exclusion in a Social-Class Framework: An Inquiry into the Major Sub-Sectors of the Professional Self-Financing Sector in Kerala

Science.gov (United States)

Rajasenan, D.; Bijith, G. A.; Rajeev, B.

2016-01-01

Education and education exclusion are two mammoth social and political challenges in a society characterized by diverse social groups. Although "self-financing regime" helped to barricade the outflow of money from the state, it also hampered the "social equity" in education and hence germinated the seed of education exclusion…

Challenges facing the finance reform of the health system in Chile.

Science.gov (United States)

Herrera, Tania

2014-05-28

Financing is one of the key functions of health systems, which includes the processes of revenue collection, fund pooling and acquisitions in order to ensure access to healthcare for the entire population. The article analyzes the financing model of the Chilean health system in terms of the first two processes, confirming low public spending on healthcare and high out-of-pocket expenditure, in addition to an appropriation of public resources by private insurers and providers. Insofar as pooling, there is lack of solidarity and risk sharing leading to segmentation of the population that is not consistent with the concept of social security, undermines equity and reduces system-wide efficiency. There is a pressing need to jumpstart reforms that address these issues. Treatments must be considered together with public health concerns and primary care in order to ensure the right to health of the entire population.

Equity yields

NARCIS (Netherlands)

Vrugt, E.; van Binsbergen, J.H.; Koijen, R.S.J.; Hueskes, W.

2013-01-01

We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth

Assessing Success in School Finance Litigation: The Case of New Jersey. Education, Equity, and the Law. No. 1

Science.gov (United States)

Goertz, Margaret E.; Weiss, Michael

2009-01-01

Education finance policy in New Jersey has been shaped by over 30 years of school finance litigation. Through its decisions in "Robinson v. Cahill" (1973-1976) and "Abbott v. Burke" (1985-2005), the justices of New Jersey's supreme court have defined the state's constitutional guarantee of a "thorough and efficient"…

Customer Equity von KMUs

NARCIS (Netherlands)

Biemel, Friedhelm W.; Henseler, Jörg; Meyer, Jorn-Axel

2003-01-01

Customer relationships are most important assets of many SMEs. Customer Equity is the sum of the values of all customer relationships. Customer Equity will not be found in any balance sheet, nevertheless it has strategic importance. Even if companies do not want to publish their Customer Equity for

股权众筹融资中的投资者风险及其防范%Investors'risk in Equity-based Crowdfunding and Prevention

Institute of Scientific and Technical Information of China (English)

伍蓓

2016-01-01

作为一种新兴的互联网金融模式，股权众筹拓宽了小微企业的融资渠道，有效化解了融资难的问题。但是和所有的新兴事物一样，股权众筹也存在着两面性。由于监管制度缺失、投资者风险意识不足等原因，股权众筹还存在着相当的风险。业界应从众筹及股权众筹的概念入手，分析股权众筹的基本模式及其特点，并从中归纳出存在的投资者风险，提出相应的风险防范建议。%As a new model of Internet financial,equity-based crowdfunding broaden the financing channels for small and micro businesses to resolve the financing problem effectively. But as with all new things, equity-based crowdfunding has two sides. It has a considerable risk due to the lack of supervision system, the lack of investors' risk awareness and so on. We should starts with the concept of crowdfunding and equity-based crowdfunding, then analyze the basic model of equity-based crowdfunding and its characteristics, and finally puts forward the corresponding suggestions to prevent the risks .

Setting priorities for knowledge translation of Cochrane reviews for health equity: Evidence for Equity.

Science.gov (United States)

Tugwell, Peter; Petkovic, Jennifer; Welch, Vivian; Vincent, Jennifer; Bhutta, Zulfiqar A; Churchill, Rachel; deSavigny, Don; Mbuagbaw, Lawrence; Pantoja, Tomas

2017-12-02

A focus on equity in health can be seen in many global development goals and reports, research and international declarations. With the development of a relevant framework and methods, the Campbell and Cochrane Equity Methods Group has encouraged the application of an 'equity lens' to systematic reviews, and many organizations publish reviews intended to address health equity. The purpose of the Evidence for Equity (E4E) project was to conduct a priority-setting exercise and apply an equity lens by developing a knowledge translation product comprising summaries of systematic reviews from the Cochrane Library. E4E translates evidence from systematic reviews into 'friendly front end' summaries for policy makers. The following topic areas with high burdens of disease globally, were selected for the pilot: diabetes/obesity, HIV/AIDS, malaria, nutrition, and mental health/depression. For each topic area, a "stakeholder panel" was assembled that included policymakers and researchers. A systematic search of Cochrane reviews was conducted for each area to identify equity-relevant interventions with a meaningful impact. Panel chairs developed a rating sheet which was used by all panels to rank the importance of these interventions by: 1) Ease of Implementation; 2) Health System Requirements; 3)Universality/Generalizability/Share of Burden; and 4) Impact on Inequities/Effect on equity. The ratings of panel members were averaged for each intervention and criterion, and interventions were ordered according to the average overall ratings. Stakeholder panels identified the top 10 interventions from their respective topic areas. The evidence on these interventions is being summarized with an equity focus and the results posted online, at http://methods.cochrane.org/equity/e4e-series . This method provides an explicit approach to setting priorities by systematic review groups and funders for providing decision makers with evidence for the most important equity

Hyperbolic and semi-parametric models in finance

Science.gov (United States)

Bingham, N. H.; Kiesel, Rüdiger

2001-02-01

The benchmark Black-Scholes-Merton model of mathematical finance is parametric, based on the normal/Gaussian distribution. Its principal parametric competitor, the hyperbolic model of Barndorff-Nielsen, Eberlein and others, is briefly discussed. Our main theme is the use of semi-parametric models, incorporating the mean vector and covariance matrix as in the Markowitz approach, plus a non-parametric part, a scalar function incorporating features such as tail-decay. Implementation is also briefly discussed.

THERE IS INFLUENCE IN DEVELOPMENT OF COMPANIES WHICH BUILT STOCK, WITH SUPPORT OF INVESTIMENT FUND PRIVATE EQUITY AND VENTURE CAPITAL? EVIDENCES OF ENTRANT COMPANIES AT BOVESPA

Directory of Open Access Journals (Sweden)

Caciano Gianechini

2013-09-01

Full Text Available This work seeks to identify the impact of the participation of Private Equity funds and Venture Capital (PE/VC, the performance of companies that owned the contribution prior to the opening of capital (IPO. In a more objective the present study seeks to investigate whether companies that opened capital, financed by PE/VC, have performed better than the other formerly the Brazilian stock market debut. The sample of work consists of 116 companies that made the initial public offering (IPO in the São Paulo Stock Exchange (BOVESPA in the period January 2004 to December 2009. First identified that 41 enterprises debuted at BOVESPA being financed by PE/VC funds. Furthermore, the results indicate that the influence of PE/VC funds tend to improve some indices of profitability and market of companies after the IPO. In summary, the evidence found lead to the conclusion that the organizations of private equity and venture capital influence positively the performance of investee companies.

Balancing equity and efficiency in the Dutch basic benefits package using the principle of proportional shortfall.

Science.gov (United States)

van de Wetering, E J; Stolk, E A; van Exel, N J A; Brouwer, W B F

2013-02-01

Economic evaluations are increasingly used to inform decisions regarding the allocation of scarce health care resources. To systematically incorporate societal preferences into these evaluations, quality-adjusted life year gains could be weighted according to some equity principle, the most suitable of which is a matter of frequent debate. While many countries still struggle with equity concerns for priority setting in health care, the Netherlands has reached a broad consensus to use the concept of proportional shortfall. Our study evaluates the concept and its support in the Dutch health care context. We discuss arguments in the Netherlands for using proportional shortfall and difficulties in transitioning from principle to practice. In doing so, we address universal issues leading to a systematic consideration of equity concerns for priority setting in health care. The article thus has relevance to all countries struggling with the formalization of equity concerns for priority setting.

Igualdad y suficiencia en las finanzas de la educacion (Equity and Adequacy in Educational Finance). ERIC Digest.

Science.gov (United States)

Hadderman, Margaret

This digest in Spanish discusses efforts to achieve financial equity in education. It describes the extent of financial disparity and how, after 3 decades of litigation, such disparities among districts and among states remain high. In New Jersey alone, the per-pupil expenditures ranged from $5,900 to $11,950. Even with such inequities, some…

Evidences on weaknesses and strengths from health financing after decentralization: lessons from Latin American countries.

Science.gov (United States)

Arredondo, Armando; Orozco, Emanuel; De Icaza, Esteban

2005-01-01

The main objective was to identify trends and evidence on health financing after health care decentralization. Evaluative research with a before-after design integrating qualitative and quantitative analysis. Taking into account feasibility, political and technical criteria, three Latin American countries were selected as study populations: Mexico, Nicaragua and Peru. The methodology had two main phases. In the first phase, the study referred to secondary sources of data and documents to obtain information about the following variables: type of decentralization implemented, source of finance, funds of financing, providers, final use of resources and mechanisms for resource allocation. In the second phase, the study referred to primary data collected in a survey of key personnel from the health sectors of each country. The trends and evidence reported in all five financing indicators may identify major weaknesses and strengths in health financing. Weaknesses: a lack of human resources trained in health economics who can implement changes, a lack of financial resource independence between the local and central levels, the negative behavior of the main macro-economic variables, and the difficulty in developing new financing alternatives. Strengths: the sharing between the central level and local levels of responsibility for financing health services, the implementation of new organizational structures for the follow-up of financial changes at the local level, the development and implementation of new financial allocation mechanisms taking as a basis the efficiency and equity principles, new technique of a per-capita adjustment factor corrected at the local health needs, and the increase of financing contributions from households and local levels of government.

The interaction of new environmental regulations and the financing of waste processing facilities

International Nuclear Information System (INIS)

Rowley, D.A.

1991-01-01

This paper will first explore new EPA regulations and how they are driving demand for environmental facilities. Special attention will be paid to the legal interaction of technology and federal and state policymaking. Attention also will be paid to the barriers to capital formation caused by federal regulation and the legal inadequacy of many infrastructure systems at the state and local level. Next, the paper will consider the implication of various financing techniques in light of these regulatory developments. Particular attention will be paid to existing legal and structural difficulties to the use of each of these three approaches, including tax incentives at the federal level, inability to use pollution control financing mechanisms in states, and the general decline of the availability of industrial revenue bond mechanisms. Finally, the paper will explore alternate credit support techniques that might be used to fill gaps between the regulatory pressures and the possible finance structures. It will examine possible uses of letters of credit, guarantees, forms of equity investment. Other, more difficult credit support devices such as insurance will be given brief consideration. Finally, there will be a brief overview of the liability implication for the various participants (debt inequity) in the financing of these facilities

Resolved, That the Federal Government Should Fully Finance a Defensible Minimum Education for All Children in the Public Schools. An Affirmative Position.

Science.gov (United States)

Hack, Walter G.

This report discusses several kinds of Federal aid to education and decides that a Federal foundation program is the best type. Arguments in favor of such a program are that (1) contemporary societal problems require a national policy (including a federally financed education program), (2) equity of financial responsibility for the educational…

Impact of Research and Development, Analysis, and Standardization on PV Project Financing Costs

Energy Technology Data Exchange (ETDEWEB)

Feldman, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Margolis, Robert M [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Jones-Albertus, Rebecca [U.S. Department of Energy

2018-04-02

The technical report discusses how R and D efforts focused on removing perceived risk from cash flows to investors have the potential to lower the cost of capital and increase the amount of leverage in a solar project. It also discusses how creating business efficiencies that allow financing transactions to occur more quickly with less effort can reduce the upfront costs associated with arranging financing for a solar project or group of projects. The paper then assesses the impact that these R and D activities might have on the volatility of PV asset cash flows and asset value, as well as the upfront costs of arranging a financial transaction. Finally, we insert these assumptions into financial models to analyze their impacts on the cost of capital for equity and debt investors, project leverage, and upfront financial transaction costs.

Equity Crowdfunding “Legislation”:Balance between Regulation and Immunity%股权众筹“入法”：监管与豁免之平衡

Institute of Scientific and Technical Information of China (English)

李晓波

2015-01-01

As a new type of Internet financial mode, equity crowdfunding has the advantages of low financing cost and high efficiency, but it faces the risk of inadequate protection of investors. In order to give full play to the advantage of equity crowdfunding, and to broaden the financing channels for small-and-micro businesses, especially the start-up enterprises, to reduce financing cost and improve the multi-level capital market in China, while simultaneously taking into account the protection of investors, we should establish appropriate supervision concept and break the current the legal system barriers, so as to achieve the balance between supervision and immunity and to construct the legal system of China’s equity crowdfunding supervision.%作为一种新型互联网金融模式，股权众筹具有融资成本低、效率高优势的同时面临投资者保护不足的风险。为了充分发挥股权众筹的优势，拓宽小微企业尤其是初创企业融资渠道、降低融资成本，完善我国多层级资本市场，同时兼顾投资者保护，应树立适度监管理念，打破现行法律制度障碍，实现监管与豁免之平衡，构造我国股权众筹监管法律制度。

Applying Sustainability and Responsible Investment on Islamic Equity Investment: An Analysis of FTSE Shariah and FTSE4GOOD Indices

OpenAIRE

Rizki, Reza

2015-01-01

2015 dissertation for MSc Islamic Banking and Finance. Selected by academic staff as a good example of a masters level dissertation. \\ud \\ud Shariah-compliant Investment and Sustainability Responsible Investment (SRI) are the slternative asset classes and they are growing rapidly leaving their counterparts behind. Nonetheless, there are some criticisms against the screening criteria which are applied by Islamic equity investment because they exclude the environment, social and human rights is...

Who pays for healthcare in Bangladesh? An analysis of progressivity in health systems financing.

Science.gov (United States)

Molla, Azaher Ali; Chi, Chunhuei

2017-09-06

The relationship between payments towards healthcare and ability to pay is a measure of financial fairness. Analysis of progressivity is important from an equity perspective as well as for macroeconomic and political analysis of healthcare systems. Bangladesh health systems financing is characterized by high out-of-pocket payments (63.3%), which is increasing. Hence, we aimed to see who pays what part of this high out-of-pocket expenditure. To our knowledge, this was the first progressivity analysis of health systems financing in Bangladesh. We used data from Bangladesh Household Income and Expenditure Survey, 2010. This was a cross sectional and nationally representative sample of 12,240 households consisting of 55,580 individuals. For quantification of progressivity, we adopted the 'ability-to-pay' principle developed by O'Donnell, van Doorslaer, Wagstaff, and Lindelow (2008). We used the Kakwani index to measure the magnitude of progressivity. Health systems financing in Bangladesh is regressive. Inequality increases due to healthcare payments. The differences between the Gini coefficient and the Kakwani index for all sources of finance are negative, which indicates regressivity, and that financing is more concentrated among the poor. Income inequality increases due to high out-of-pocket payments. The increase in income inequality caused by out-of-pocket payments is 89% due to negative vertical effect and 11% due to horizontal inequity. Our findings add substantial evidence of health systems financing impact on inequitable financial burden of healthcare and income. The heavy reliance on out-of-pocket payments may affect household living standards. If the government and people of Bangladesh are concerned about equitable financing burden, our study suggests that Bangladesh needs to reform the health systems financing scheme.

Implementation of Urban Health Equity Assessment and Response Tool: a Case of Matsapha, Swaziland.

Science.gov (United States)

Makadzange, Kevin; Radebe, Zamahlubi; Maseko, Nokuthula; Lukhele, Voyivoyi; Masuku, Sabelo; Fakudze, Gciniwe; Mengestu, Tigest Ketsela; Prasad, Amit

2018-04-03

Equity in health implies that ideally everyone could attain their full health potential and that no one should be disadvantaged from achieving this potential because of their social position or other socially determined circumstances. Making cities and human settlements inclusive, safe, resilient and sustainable contributes towards ensuring healthy lives and promoting well-being for all at all ages in dignity, equality and in a healthy environment. This paper illustrates a case of applying the Urban Health Equity Assessment and Response Tool (Urban HEART) in a small town in Africa. It describes the process followed, facilitating factors and challenges faced. A descriptive single-case study design using qualitative research methods was adopted to collect data from purposively selected respondents. The study revealed that residents of the Matsapha peri-urban informal settlements faced challenges with conditions of daily living which impacted negatively on their health. There were health equity gaps. The application of the tools was facilitated by the formation of an all-inclusive team, intersectoral collaboration and incorporating strategies for improving urban health equity into existing programmes and projects. Urban HEART is a simple and easy to use valuable tool for pursuing the goal of health equity towards attaining sustainable development through evidence-based approaches for intersectoral action and community involvement.

Case study: Financing growth in uranium production despite today’s serious challenges – from concept to production in five years

International Nuclear Information System (INIS)

Adnani, A.

2014-01-01

Uranium Energy Corp (UEC) is an NYSE-listed uranium exploration, development and production company headquartered in Corpus Christi, Texas. The Company was launched in late 2005 and commenced production in November 2010 using low-cost, environmentally friendly in-situ recovery (ISR) methods. The Company’s assets include a pipeline of exploration and development properties, with ISR operations in Texas built around a hub-and-spoke expansion model. Assets include significant conventional uranium mining properties in Arizona and Colorado, as well as potentially world-class exploration/development projects in an emerging uranium district in the Parana Basin, Paraguay, South America. Securing financing for an array of uranium projects in various stages of development is clearly challenging in a volatile economic environment. Yet, the potential of a compelling long-term uranium supply/demand deficit has attracted contrarian investors despite the difficulties. Since going public in 2006, UEC has relied primarily on raising capital through public equity offerings. UEC has raised over $130M in equity capital since going public as well as recently arranging a $20M debt financing with a group of lenders led by Sprott Resources and Li Ka Shing, one of Asia’s wealthiest and most influential investors. In addition to traditional equity and debt offerings, UEC has benefited from a variety of non-equity vehicles utilized by many metals and mining companies including timely acquisitions and timely divestitures. With a volatile uranium price over this period, as possible, the company has been making acquisitions during periods of low prices, and raising cash through divestitures when prices are higher, while reviewing royalty and streaming opportunities. With a plan to combine cash flow from operations and strategic partnerships, UEC is expanding production while advancing its diversified portfolio for maximum financial and sector flexibility. (author)

Practice of finance of biogas plants in agriculture. An empirical study on state and development directions; Finanzierungspraxis von Biogasanlagen in der Landwirtschaft. Eine empirische Untersuchung zu Stand und Entwicklungslinien

Energy Technology Data Exchange (ETDEWEB)

Degenhart, Heinrich; Holstenkamp, Lars

2011-07-01

The project ''New Opportunities for Financing the Production of Renewable Energies in Agricultural Enterprises'' was supported by Rentenbank, the German promotional bank for the agricultural sector. In a first step data on the current state of biogas financing, on developments in the biogas sector as well as on problems and obstacles were collected via 39 expert interviews and an expert workshop in Frankfurt/Main on December 10{sup th}, 2009. Currently a boom in the biogas sector can be observed which will calm down according to the expectations of the interviewees. The market development is extremely dependent on the setting of the political framework. Different market segments have evolved (small-scale agricultural plants; mid-size plants; large-scale plants, increasingly with biogas feed-in), which will sustain. Long-term resource security constitutes a great risk for providers of capital especially in regions with high plant density. A couple of risk mitigation instruments have been developed, which are valued differently by different actors. Equity capital is a bottleneck especially for growing agricultural businesses and those farms which suffer from low producer prices. Debt capital is available only to a limited extent in some regions in Germany - which is not a special feature of biogas financing, but occurs here to an intensified degree. Equity capital by investors (''participation models'') is available in different forms to a sufficient extent. Equity providers in close relation with the agricultural sector or business are preferred, though. Project finance is increasingly used in connection with participation models and common-communal power plants. Other alternative financing solutions (leasing, contracting, mezzanine capital) are rarely applied. Cooperation models to build mid-size plants will play an increasing role in the future where equity constitutes a bottleneck or not sufficient liquidity exists and in

Behavioral finance: Finance with normal people

Directory of Open Access Journals (Sweden)

Meir Statman

2014-06-01

Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.

Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

Protocol for the development of a CONSORT-equity guideline to improve reporting of health equity in randomized trials.

Science.gov (United States)

Welch, Vivian; Jull, J; Petkovic, J; Armstrong, R; Boyer, Y; Cuervo, L G; Edwards, Sjl; Lydiatt, A; Gough, D; Grimshaw, J; Kristjansson, E; Mbuagbaw, L; McGowan, J; Moher, D; Pantoja, T; Petticrew, M; Pottie, K; Rader, T; Shea, B; Taljaard, M; Waters, E; Weijer, C; Wells, G A; White, H; Whitehead, M; Tugwell, P

2015-10-21

Health equity concerns the absence of avoidable and unfair differences in health. Randomized controlled trials (RCTs) can provide evidence about the impact of an intervention on health equity for specific disadvantaged populations or in general populations; this is important for equity-focused decision-making. Previous work has identified a lack of adequate reporting guidelines for assessing health equity in RCTs. The objective of this study is to develop guidelines to improve the reporting of health equity considerations in RCTs, as an extension of the Consolidated Standards of Reporting Trials (CONSORT). A six-phase study using integrated knowledge translation governed by a study executive and advisory board will assemble empirical evidence to inform the CONSORT-equity extension. To create the guideline, the following steps are proposed: (1) develop a conceptual framework for identifying "equity-relevant trials," (2) assess empirical evidence regarding reporting of equity-relevant trials, (3) consult with global methods and content experts on how to improve reporting of health equity in RCTs, (4) collect broad feedback and prioritize items needed to improve reporting of health equity in RCTs, (5) establish consensus on the CONSORT-equity extension: the guideline for equity-relevant trials, and (6) broadly disseminate and implement the CONSORT-equity extension. This work will be relevant to a broad range of RCTs addressing questions of effectiveness for strategies to improve practice and policy in the areas of social determinants of health, clinical care, health systems, public health, and international development, where health and/or access to health care is a primary outcome. The outcomes include a reporting guideline (CONSORT-equity extension) for equity-relevant RCTs and a knowledge translation strategy to broadly encourage its uptake and use by journal editors, authors, and funding agencies.

Reviewing the Concept of Brand Equity and Evaluating Consumer-Based Brand Equity (CBBE) Models

OpenAIRE

Sanaz Farjam; Xu Hongyi

2015-01-01

The purpose of this paper is to explore the concept of brand equity and discuss its different perspectives, we try to review existing literature of brand equity and evaluate various Customer-based brand equity models to provide a collection from well-known databases for further research in this area.Classification-JEL: M00

Information,Informal finance,and SME financing

Institute of Scientific and Technical Information of China (English)

LIN Justin Yifu; SUN Xifang

2006-01-01

Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.

[The new strategy of the British health system: reflections on the changes in British health care system in the light of the WHO report on the financing of health systems worldwide].

Science.gov (United States)

Vaccari, Vittorio; Passerino, Costantino; Giagnorio, Maria Laura

2011-01-01

The search for a strategy that can optimise resources far the financing of health systems is currently the subject of numerous worldwide experiments. This interest stems from the fact that in most countries, although having each one different specific characteristics, governments try to improve the efficiency and equity of health care. This worle analyses how innovative financing options at national level can be combined with decision-making processes typical of quality management to devise strategies far funding health services that are oriented towards their continuous improvement. The paper discusses, in particular, the strategy adopted in England, where the new law Equity and Excellence, liberating the NHS radically changes the management of the NHS, giving patients the choice of using different types of structures and therefore the possibility to find the most convenient combination in order to obtain the required service.

Health financing at district level in Malawi: an analysis of the distribution of funds at two points in time.

Science.gov (United States)

Borghi, Josephine; Munthali, Spy; Million, Lameck B; Martinez-Alvarez, Melisa

2018-01-01

There is growing attention to tracking country level resource flows to health, but limited evidence on the sub-national allocation of funds. We examined district health financing in Malawi in 2006 and 2011, and equity in the allocation of funding, together with the association between financing and under five and neonatal mortality. We explored the process for receiving and allocating different funding sources at district level. We obtained domestic and external financing data from the Integrated Financial Management Information System (2006-11) and AidData (2000-12) databases. Out-of-pocket payment data came from two rounds of integrated household budget surveys (2005; 2010). Mortality data came from the Multiple Indicator Cluster Survey (2006) and Demographic and Health Survey (2010). We described district level health funding by source, ran correlations between funding and outcomes and generated concentration curves and indices. 41 semi-structured interviews were conducted at the national level and in 10 districts with finance and health managers. Per capita spending from all sources varied substantially across districts and doubled between 2006 and 2011 from 7181 Kwacha to 15 312 Kwacha. In 2011, external funding accounted for 74% of funds, with domestic funding accounting for 19% of expenditure, and out of pocket (OOP) funding accounting for 7%. All funding sources were concentrated among wealthier districts, with OOP being the most pro-rich, followed by domestic expenditure and external funding. Districts with higher levels of domestic and external funding had lower levels of post-neonatal mortality, and those with higher levels of out-of-pocket payments had higher levels of 1-59 month mortality in 2006. There was no association between changes in financing and outcomes. Districts reported delayed receipt of lower-than-budgeted funds, forcing them to scale-down activities and rely on external funding. Governments need to track how resources are allocated

Topical Interface between Managerial Finance and Managerial Accounting.

Science.gov (United States)

Williams, Norman C.; Swanson, G. A.

1988-01-01

The authors present a method to examine the interfaces between business courses for redundancy. The method is demonstrated by examining the content in managerial finance and managerial accounting courses. A decision model application of analysis, expert judgment, and synthesis are incorporated in this method. (CH)

Essays on executive equity-based compensation and equity ownership

OpenAIRE

Elsilä, A. (Anna)

2015-01-01

Abstract A major proposition of the agency theory is that the conflict of interests between an agent and a principal is reduced when the agent’s wealth and compensation are tied to the performance of the firm. Apart from the direct predicted relation to corporate performance, compensating managers with equity instruments has implications for corporate risk-taking and payout policy choices. Additionally, equity-based compensation practices are to a large extent shaped by institutional facto...

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

Principal component analysis of equity options on Dow-Jones firms reveals a strong factor structure. The first principal component explains 77% of the variation in the equity volatility level, 77% of the variation in the equity option skew, and 60% of the implied volatility term structure across...... equities. Furthermore, the first principal component has a 92% correlation with S&P500 index option volatility, a 64% correlation with the index option skew, and a 80% correlation with the index option term structure. We develop an equity option valuation model that captures this factor structure...

Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives

OpenAIRE

Adolfssson, Alexander; Åström, Marie

2016-01-01

Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduce...

A Mixed Methods Approach to Equity and Justice Research: Insights from Research on Children's Reasoning About Economic Inequality.

Science.gov (United States)

Mistry, Rashmita S; White, Elizabeth S; Chow, Kirby A; Griffin, Katherine M; Nenadal, Lindsey

2016-01-01

Mixed methods research approaches are gaining traction across various social science disciplines, including among developmental scientists. In this chapter, we discuss the utility of a mixed methods research approach in examining issues related to equity and justice. We incorporate a brief overview of quantitative and qualitative monomethod research approaches in our larger discussion of the advantages, procedures, and considerations of employing a mixed methods design to advance developmental science from an equity and justice perspective. To better illustrate the theoretical and practical significance of a mixed methods research approach, we include examples of research conducted on children and adolescents' conceptions of economic inequality as one example of developmental science research with an equity and justice frame. © 2016 Elsevier Inc. All rights reserved.

Health systems performance in sub-Saharan Africa: governance, outcome and equity.

Science.gov (United States)

Olafsdottir, Anna E; Reidpath, Daniel D; Pokhrel, Subhash; Allotey, Pascale

2011-04-16

The literature on health systems focuses largely on the performance of healthcare systems operationalised around indicators such as hospital beds, maternity care and immunisation coverage. A broader definition of health systems however, needs to include the wider determinants of health including, possibly, governance and its relationship to health and health equity. The aim of this study was to examine the relationship between health systems outcomes and equity, and governance as a part of a process to extend the range of indicators used to assess health systems performance. Using cross sectional data from 46 countries in the African region of the World Health Organization, an ecological analysis was conducted to examine the relationship between governance and health systems performance. The data were analysed using multiple linear regression and a standard progressive modelling procedure. The under-five mortality rate (U5MR) was used as the health outcome measure and the ratio of U5MR in the wealthiest and poorest quintiles was used as the measure of health equity. Governance was measured using two contextually relevant indices developed by the Mo Ibrahim Foundation. Governance was strongly associated with U5MR and moderately associated with the U5MR quintile ratio. After controlling for possible confounding by healthcare, finance, education, and water and sanitation, governance remained significantly associated with U5MR. Governance was not, however, significantly associated with equity in U5MR outcomes. This study suggests that the quality of governance may be an important structural determinant of health systems performance, and could be an indicator to be monitored. The association suggests there might be a causal relationship. However, the cross-sectional design, the level of missing data, and the small sample size, forces tentative conclusions. Further research will be needed to assess the causal relationship, and its generalizability beyond U5MR as a health

Health systems performance in sub-Saharan Africa: governance, outcome and equity

Directory of Open Access Journals (Sweden)

Pokhrel Subhash

2011-04-01

Full Text Available Abstract Background The literature on health systems focuses largely on the performance of healthcare systems operationalised around indicators such as hospital beds, maternity care and immunisation coverage. A broader definition of health systems however, needs to include the wider determinants of health including, possibly, governance and its relationship to health and health equity. The aim of this study was to examine the relationship between health systems outcomes and equity, and governance as a part of a process to extend the range of indicators used to assess health systems performance. Methods Using cross sectional data from 46 countries in the African region of the World Health Organization, an ecological analysis was conducted to examine the relationship between governance and health systems performance. The data were analysed using multiple linear regression and a standard progressive modelling procedure. The under-five mortality rate (U5MR was used as the health outcome measure and the ratio of U5MR in the wealthiest and poorest quintiles was used as the measure of health equity. Governance was measured using two contextually relevant indices developed by the Mo Ibrahim Foundation. Results Governance was strongly associated with U5MR and moderately associated with the U5MR quintile ratio. After controlling for possible confounding by healthcare, finance, education, and water and sanitation, governance remained significantly associated with U5MR. Governance was not, however, significantly associated with equity in U5MR outcomes. Conclusion This study suggests that the quality of governance may be an important structural determinant of health systems performance, and could be an indicator to be monitored. The association suggests there might be a causal relationship. However, the cross-sectional design, the level of missing data, and the small sample size, forces tentative conclusions. Further research will be needed to assess the

Equity in health care financing in Palestine: the value-added of the disaggregate approach.

Science.gov (United States)

Abu-Zaineh, Mohammad; Mataria, Awad; Luchini, Stéphane; Moatti, Jean-Paul

2008-06-01

This paper analyzes the redistributive effect and progressivity associated with the current health care financing schemes in the Occupied Palestinian Territory, using data from the first Palestinian Household Health Expenditure Survey conducted in 2004. The paper goes beyond the commonly used "aggregate summary index approach" to apply a more detailed "disaggregate approach". Such an approach is borrowed from the general economic literature on taxation, and examines redistributive and vertical effects over specific parts of the income distribution, using the dominance criterion. In addition, the paper employs a bootstrap method to test for the statistical significance of the inequality measures. While both the aggregate and disaggregate approaches confirm the pro-rich and regressive character of out-of-pocket payments, the aggregate approach does not ascertain the potential progressive feature of any of the available insurance schemes. The disaggregate approach, however, significantly reveals a progressive aspect, for over half of the population, of the government health insurance scheme, and demonstrates that the regressivity of the out-of-pocket payments is most pronounced among the worst-off classes of the population. Recommendations are advanced to improve the performance of the government insurance schemes to enhance its capacity in limiting inequalities in health care financing in the Occupied Palestinian Territory.

Implications Of The Crisis Of Objectivity In Accounting Measurement On The Development Of Finance Theory

OpenAIRE

Saratiel Wedzerai Musvoto

2011-01-01

Studies in accounting measurement indicate the absence of empirical relational structures that should form the basis for accounting measurement. This suggests the lack of objectivity of accounting information. Landmarks in the development of finance theory indicate the use of accounting measurement information as a basis for their development. This indicates that subjective accounting information is incorporated in finance theory. Consequently, this questions the status of finance as a univer...

Is Robin Hood the "Prince of Thieves" or a Pathway to Equity?: Applying Critical Race Theory to Finance Political Discourse

Science.gov (United States)

Aleman, Enrique, Jr.

2006-01-01

In this article, Aleman examines how Mexican American district leaders conceptualize and argue for a more equitable system of school finance. The superintendents studied are politically active educational leaders who participate in the school finance debate while advocating for their Mexican American constituency. The author addresses the nature…

Analysis of agency relationships in the design and implementation process of the equity fund in Madagascar.

Science.gov (United States)

Honda, Ayako

2015-02-04

can realise its objectives. The equity fund experience in Madagascar, which illustrates the challenges of beneficiary identification, casts doubts on the application of the 'targeting' approach in health financing and raises issues to be considered in universal health policy formulation. The agency framework provides a useful lens through which to examine policy process issues.

Developing Viable Financing Models for Space Tourism

Science.gov (United States)

Eilingsfeld, F.; Schaetzler, D.

2002-01-01

Increasing commercialization of space services and the impending release of government's control of space access promise to make space ventures more attractive. Still, many investors shy away from going into the space tourism market as long as they do not feel secure that their return expectations will be met. First and foremost, attracting investors from the capital markets requires qualifying financing models. Based on earlier research on the cost of capital for space tourism, this paper gives a brief run-through of commercial, technical and financial due diligence aspects. After that, a closer look is taken at different valuation techniques as well as alternative ways of streamlining financials. Experience from earlier ventures has shown that the high cost of capital represents a significant challenge. Thus, the sophistication and professionalism of business plans and financial models needs to be very high. Special emphasis is given to the optimization of the debt-to-equity ratio over time. The different roles of equity and debt over a venture's life cycle are explained. Based on the latter, guidelines for the design of an optimized loan structure are given. These are then applied to simulating the financial performance of a typical space tourism venture over time, including the calculation of Weighted Average Cost of Capital (WACC) and Net Present Value (NPV). Based on a concluding sensitivity analysis, the lessons learned are presented. If applied properly, these will help to make space tourism economically viable.

On the selection of financing instruments to push the development of new technologies: Application to clean energy technologies

International Nuclear Information System (INIS)

Olmos, Luis; Ruester, Sophia; Liong, Siok-Jen

2012-01-01

Achieving climate policy goals requires mobilizing public funds to bring still immature clean technologies to competitiveness and create new technological options. The format of direct public support must be tailored to the characteristics of technologies addressed. Based on the experience accumulated with innovation programs, we have identified those features of innovation that should directly condition the choice of direct support instruments. These include the funding gap between the cost of innovation activities and the amount of private funds leveraged; the ability of technologies targeted to compete for public funds in the market; the probability that these technologies fail to reach the market; and the type of entity best suited to conduct these activities. Clean innovation features are matched to those of direct support instruments to provide recommendations on the use to be made of each type of instrument. Given the large financing gap of most clean energy innovation projects, public grants and contracts should finance a large part of clean pre-deployment innovation. However, public loans, equity investments, prizes and tax credits or rebates can successfully support certain innovation processes at a lower public cost. Principles derived are applied to identify the instrument best suited to a case example. - Highlights: ► Public financing instruments must be tailored to the features of supported innovation. ► Instruments should trigger desired innovation at the lowest public cost possible. ► They should strike the right balance between technology selection and competition. ► Public funds mobilized through them should reach the innovating entity. ► Public loans, equity investments, prizes, and rebates should be used in specific cases.

Financing Preference Behaviour for Private Finance Initiative (PFI Projects

Directory of Open Access Journals (Sweden)

Yati Md Lasa

2016-01-01

Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

Three essays on empirical finance : the alphas and betas

OpenAIRE

Lin, T.

2009-01-01

This thesis is composed by three articles in seemingly unrelated fields. The first article is exploring the effects of short-sales constraints on the delay of information incorporation into stock prices. The second one is estimating the risk and risk-adjusted return of private equity funds. The last one is investigating whether stock price behaviors are temporarily different around the so-called price barriers. Although the topics are not connected, the methodologies are centered on a classic...

Access to finance from different finance provider types

NARCIS (Netherlands)

Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance

How well does consumer-based brand equity align with sales-based brand equity and marketing mix response?

NARCIS (Netherlands)

Datta, Hannes; Ailawadi, Kusum L.; van Heerde, H.J.

Brand equity is the differential preference and response to marketing effort that a product obtains because of its brand identification. Brand equity can be measured based on either consumer perceptions or on sales. Consumer-based brand equity (CBBE) measures what consumers think and feel about the

基于新监管框架的中国股权众筹的“热发展”与“冷思考”%The"Rapid Development"and"Deep Thinking"on China's Equity-Based Crowdfunding under the New Regulatory Framework

Institute of Scientific and Technical Information of China (English)

彭红枫; 赵海燕

2016-01-01

Based on the development characteristics and the current situation of China's equity-based crowdfund-ing, this article not only verifies the development feasibilities of equity-based crowdfunding in China from four per-spectives including the policy environment, economic environment, social environment and technological environ-ment, with the help of PEST analysis, but also explores the breakthroughs for the development of China's equity-based crowdfunding under the new regulatory framework through learning from the experience of the development of foreign crowdfunding in UK and US. It suggests that we should make clear the market orientation,simplify the financ-ing procedure, reduce the financing restraints, improve the after-financing management mechanism and focus on the mode innovation.%本文立足于股权众筹在中国的发展特征、现状的基础上，运用PEST分析法从政策环境、经济环境、社会环境和技术环境四个角度证实了中国具备股权众筹发展的可行性，而且通过研究英美股权众筹的发展经验来寻找新监管框架下中国股权众筹的发展突破口，提出明确市场定位、简化融资流程且减少融资约束、完善融后管理机制、注重模式创新等建议。

Equity in out-of-pocket payment in Chile.

Science.gov (United States)

Mondaca, Alicia Lorena Núñez; Chi, Chunhuei

2017-05-04

To assess the distribution of financial burden in Chile, with a focus on the burden and progressivity of out-of-pocket payment. Based on the principle of ability to pay, we explore factors that contribute to inequities in the health system finance and issues about the burden of out-of-pocket payment, as well as the progressivity and redistributive effect of out-of-pocket payment in Chile. Our analysis is based on data from the 2006 National Survey on Satisfaction and Out-of-Pocket Payments. Results from this study indicate evidence of inequity, in spite of the progressivity of the healthcare system. Our analysis also identifies relevant policy variables such as education, insurance system, and method of payment that should be taken into consideration in the ongoing debates and research in improving the Chilean system. In order to reduce the detected disparities among income groups, healthcare priorities should target low-income groups. Furthermore, policies should explore changes in the access to education and its impact on equity.

Private Equity and Industry Performance

DEFF Research Database (Denmark)

Bernstein, Shai; Lerner, Josh; Sørensen, Morten

2017-01-01

The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms...... of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel....

Constructing New Finance Models That Balance Equity, Adequacy and Efficiency with Responsiveness. Education Finance in the States: Its Past, Present and Future. ECS Issue Paper.

Science.gov (United States)

Guthrie, James W.

Policymakers continue to face major challenges in education finance, despite a history of reforms. Today's challenges include ensuring financial adequacy, maintaining gains in distributional equality, coping with the increasing need for teachers, satisfying public preference for diversity in schools and programs, and devising performance…

PROMISING FINANCING SCHEME OF HEALTH INSURANCE IN UKRAINE

Directory of Open Access Journals (Sweden)

Martha Slavitych

2016-11-01

Full Text Available The promising financing scheme of health insurance in Ukraine should be found at the present stage of its development. The health care system in Ukraine is cumbersome and outdated. It is based on the Semashko model with rigid management and financing procedures. The disadvantages accumulated in the national health care system due to lack of modernization, disregard of the population needs, non-use of modern global trends, the inefficient operation of the system and the high level of corruption cause the underlying situation. The decision of new government policy in the sector is introduction of new financial mechanisms, in order to ensure human rights in the health sector. Methodology. The study is based on a comparison of systems of financing of medicine in Ukraine and in other countries, provided advantages and disadvantages of each model. Results showed that the availability of medical services is the key problem in any society. The availability of health care services is primarily determined by the proportion of services guaranteed by the government (government guarantees. In some countries such as the United States, practically the whole medicine is funded by voluntary health insurance (VHI. In Europe the mandatory health insurance (MHI and government funding are the most significant source of funds. Practical importance. The improvement of the demographic situation, the preservation and improvement of public health, improvement of social equity and citizens' rights in respect of medical insurance. Value/originality. Premiums for health insurance are the source of funding. Based on the new model requirements it is necessary to create an appropriate regulation, which would determine its organizational and regulatory framework. This process is primarily determined by identification and setting rules governing the relationship between patients, health care providers and insurers, creation of the conditions and the implementation of quality

Health financing and integration of urban and rural residents' basic medical insurance systems in China.

Science.gov (United States)

Zhu, Kun; Zhang, Luying; Yuan, Shasha; Zhang, Xiaojuan; Zhang, Zhiruo

2017-11-07

China is in the process of integrating the new cooperative medical scheme (NCMS) and the urban residents' basic medical insurance system (URBMI) into the urban and rural residents' basic medical insurance system (URRBMI). However, how to integrate the financing policies of NCMS and URBMI has not been described in detail. This paper attempts to illustrate the differences between the financing mechanisms of NCMS and URBMI, to analyze financing inequity between urban and rural residents and to identify financing mechanisms for integrating urban and rural residents' medical insurance systems. Financing data for NCMS and URBMI (from 2008 to 2015) was collected from the China health statistics yearbook, the China health and family planning statistics yearbook, the National Handbook of NCMS Information, the China human resources and social security statistics yearbook, and the China social security yearbook. "Ability to pay" was introduced to measure inequity in health financing. Individual contributions to NCMS and URBMI as a function of per capita disposable income was used to analyze equity in health financing between rural and urban residents. URBMI had a financing mechanism that was similar to that used by NCMS in that public finance accounted for more than three quarters of the pooling funds. The scale of financing for NCMS was less than 5% of the per capita net income of rural residents and less than 2% of the per capita disposable income of urban residents for URBMI. Individual contributions to the NCMS and URBMI funds were less than 1% of their disposable and net incomes. Inequity in health financing between urban and rural residents in China was not improved as expected with the introduction of NCMS and URBMI. The role of the central government and local governments in financing NCMS and URBMI was oscillating in the past decade. The scale of financing for URRBMI is insufficient for the increasing demands for medical services from the insured. The pooling fund

Private Equity for Retail Investors : How to efficiently involve Finnish retail investors in private equity

OpenAIRE

Moita, Angelo

2017-01-01

Private equity has been the best performing asset class for institutional investors. Meanwhile, retail investors have been left out from the asset class for several reasons, such as legislation and wealth profiling. This study aims at assessing the types of private equity vehicles that could be the most appropriate for Finnish retail investors. The study solely focuses on the investment opportunities, hence it does not cover investment behaviour. Private equity should not be a primary as...

Framework for Evaluation of Equity Initiatives

Science.gov (United States)

Bexley, Emmaline; Harris, Kerri-Lee; James, Richard

2010-01-01

The Framework for Evaluation of Equity Initiatives has been prepared to support the Go8 Equity Strategy. Its purpose is to assist Group of Eight (Go8) universities to evaluate the effectiveness of their equity initiatives and interventions in the context of federal policies and the distinctive missions and responsibilities of the individual Go8…

Sustainability : Intergeneration Equity and Environment

Energy Technology Data Exchange (ETDEWEB)

Kim, Y.D. [Korea Energy Economics Institute, Euiwang (Korea)

2001-06-01

Regarding intergenerational equity as prerequisite for sustainability, we derive an optimal investment rule for intergenerational equity from an optimization model allowing for capital accumulation and pollution. This rule provides a condition for intergenerational equity such that an economy maintains constant net value of investment the difference between the physical capital investment value and the environmental resource depletion(pollution) value. This rule is more generalized condition for intergenerational equity than the 'keep capital intact' rule suggested by Hartwick(1977) and Solow(1999), in a sense that this rule includes their condition as a special. Also, we expect this rule to offer an empirical measure of sustainability. In addition, we discuss a variety of recent environmental issues in practice, especially associated with the implications from the rule. (author). 13 refs.

Gender, equity, and job satisfaction.

Science.gov (United States)

1992-02-01

Although equity theory has served as a theoretical framework applying to most individuals in most situations, empirical research suggests that gender may affect the utility of equity theory in explaining organizational behaviors. Studies have indicat...

Accessing international financing for climate change mitigation - A guidebook for developing countries

Energy Technology Data Exchange (ETDEWEB)

Limaye, D.R.; Zhu, X.

2012-08-15

requirements of these financing sources for the preparation of the proposals were defined. During the preparation of this guidebook, the authors also conducted a review of available information on private financing sources and public-private partnerships (PPPs) for financing mitigation programmes and projects. Multilateral financing sources include multilateral development banks (MDBs), such as the World Bank; agencies of the United Nations, such as UNDP and UNEP; and special international agencies created by these MDBs (such as the Global Environment Facility) in collaboration with various national governments. In this guidebook, these are referred to as multilateral financial institutions or MFIs. Bilateral financing institutions (BFIs) are created and directed by a national government for the purpose of giving aid or investing in targeted development projects and programmes in developing countries and emerging markets. BFIs carry out the mandates given to them by the national governments, which are based on the strategic objectives of the governments and their focus on specific geographic areas and technologies. The BFIs covered in this guidebook are national agencies that provide financing for mitigation activities. Export credit agencies (ECAs), which act as intermediaries between national governments and exporters to issue export financing, are not included in this report. Private financing sources, which are increasingly involved in financing climate change mitigation actions, include a wide range of local and international banks and financial institutions, venture capital and private equity funds, pension funds and some special funds created to address climate change mitigation. Private financing sources also include carbon finance companies. Many of the public (multilateral and bilateral) financing sources seek to leverage increased financing from private sources. To accomplish this, a number of public-private partnerships have been established. PPPs are designed to

Venture Capital and Other Private Equity: A Survey

OpenAIRE

Andrew Metrick; Ayako Yasuda

2010-01-01

We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlig...

FINANCING POLICIES OF CROATIAN PUBLICLY LISTED FIRMS

Directory of Open Access Journals (Sweden)

Mihaela Grubisic Seba

2013-06-01

Full Text Available Croatia is a typical bank-based transition economy whose capital market has been primarily used for secondary trading purposes since its re-establishment in 1990s. Except for a couple of exceptions, public offers of shares and corporate bonds have been rather rate. Private offerings of shares and short-term debt have been more frequent. However, due to secondary debt market illiquidity, the debt issues are signed up and either held until maturity or renewal, or they are traded exclusively between the institutional investors.This paper provides evidence from the field on financing preferences of Croatian public companies regarding seasoned equity and corporate debt issuance. It questiones why public offerings of corporate securities in non-financial sector after initial, mostly mandatory shares’ listing have been rare and whether making decisions on securities’ offers depend on other financial instruments’ sufficiency, costs of issunace or previous experience of companies in collecting funds in the capital market.

Confronting the Equity "Learning Problem" through Practitioner Inquiry

Science.gov (United States)

Ching, Cheryl D.

2018-01-01

This study examined how participation in an inquiry-based workshop on assessing course syllabi for equity-mindedness and cultural inclusivity fostered community college math faculty learning about racial/ethnic equity and equity-mindedness. Findings show that the workshop prompted reflection on what equity means and how participants' teaching…

Financing Nuclear Power Plant Projects. A New Paradigm?

International Nuclear Information System (INIS)

Pehuet Lucet, Fabienne

2015-05-01

enter nuclear projects. Securing revenues by entering into long term purchase agreements or tariff schemes and sharing the owner's risk by taking equity or debt interest contributes to reducing uncertainties and build investor's confidence. Recent financing schemes such as those proposed in the UK contribute, in this regard, to the feasibility of new nuclear power plants projects. The Build Own Operate model recently contracted for the Akkuyu project in Turkey goes beyond mere financing and long term price agreements, as most of the overall viability risk of the project is transferred to the vendor. After the 2008 financial crisis and its regulatory consequences, new constraints were imposed on banks. It is now necessary to consider new funding resources and new financing schemes to supplement traditional financing. As innovative fund raising and financing of nuclear projects is needed, financial conditions are now at the forefront of competition. Concurrently, competition to win new nuclear tenders exacerbated in recent years as markets became global and newcomer exporters of nuclear power plants' have been pursuing ambitious objectives on the international markets. The traditional competition system is organized along the OECD guidelines, ECA financing and the EU rules, whereas the challengers' competition system is free from such regulations and constraints. This provides countries such as Russia and China with possibilities to propose more advantageous financing and risk allocation schemes than the OECD countries, often through government to government agreements. The traditional vendors and nuclear projects' stakeholders are entering a new, more complex multilateral competition field requiring new strategies built on the protagonists' respective strengths. The international nuclear market is more and more intertwined. Overlapping competition systems now co-exist, bringing about major alliances and partnerships cutting across national

The Search for Equity in School Finance: Michigan School District Response to a Guaranteed Tax Base.

Science.gov (United States)

Park, Rolla Edward; Carroll, Stephen J.

Part of a three-volume report on the effects of school finance reform, this volume examines the effects of reform on Michigan school districts' budgets from 1971 to 1976. Econometric models were used. Researchers found a very small "price" effect--an elasticity of -.02. The data provide no evidence that state matching grants stimulate…

Governance, technology, and equity: An integrated policy framework for energy efficient housing

International Nuclear Information System (INIS)

Golubchikov, Oleg; Deda, Paola

2012-01-01

Transforming the housing stock to a low energy performance is a key priority in the context of sustainable development and a post-carbon transition. However, in terms of its practical implementation it, firstly, faces a number of complex institutional barriers, while, secondly, involves a risk of being dominated by a narrow technocratic agenda for energy/carbon reduction that may overtake the socially progressive pursuits of housing policy. Energy efficiency strategies for the residential sector must, therefore, be multidimensional, fully synergised with housing policy, and incorporating the principles of equity, access and a balanced geographical development. This paper discusses a strategic policy framework, which was designed by the United Nations Economic Commission for Europe (UNECE) to address those important needs in international policy. The document – Action Plan for Energy-efficient Housing in the UNECE Region – outlines a number of goals, targets and actions structured at three dimensions: (i) governance and finance, (ii) technological advancement, and (iii) access and affordability. The Action Plan provides a comprehensive and integrated framework, based on which governments can shape their own pathways towards a sustainable low-energy residential sector. - Highlights: ► Residential sector has a large potential for energy and carbon reduction. ► Energy efficiency for housing must be reconciled with socially oriented housing policy. ► Action Plan for Energy-efficient Housing in the UNECE region is presented. ► The Plan offers an integrated framework for sustainable transition to low-energy housing. ► Governance, technology, and equitable access are three key elements of the framework.

Impact of Financing Instruments and Strategies on the Wind Power Production Costs: A Case of Lithuania

Science.gov (United States)

Bobinaite, V.; Konstantinaviciute, I.

2018-04-01

The paper aims at demonstrating the relevance of financing instruments, their terms and financing strategies in relation to the cost of wind power production and the ability of wind power plant (PP) to participate in the electricity market in Lithuania. The extended approach to the Levelized Cost of Energy (LCOE) is applied. The feature of the extended approach lies in considering the lifetime cost and revenue received from the support measures. The research results have substantiated the relevance of financing instruments, their terms and strategies in relation to their impact on the LCOE and competitiveness of wind PP. It has been found that financing of wind PP through the traditional financing instruments (simple shares and bank loans) makes use of venture capital and bonds coming even in the absence of any support. It has been estimated that strategies consisting of different proportions of hard and soft loans, bonds, own and venture capital result in the average LCOE of 5.1-5.7 EURct/kWh (2000 kW), when the expected electricity selling price is 5.4 EURct/kWh. The financing strategies with higher shares of equity could impact by around 6 % higher LCOE compared to the strategies encompassing higher shares of debt. However, seeking to motivate venture capitalists, bond holders or other new financiers entering the wind power sector, support measures (feed-in tariff or investment subsidy) are relevant in case of 250 kW wind PP. It has been estimated that under the unsupported financing strategies, the average LCOE of 250 kW wind PP will be 7.8-8.8 EURct/kWh, but it will reduce by around 50 % if feed-in tariff or 50 % investment subsidy is applied.

History of Pay Equity Studies.

Science.gov (United States)

Barbezat, Debra A.

2002-01-01

Traces the evolution of salary-equity studies over time, and how the findings have changed with regard to pay differences by gender and race/ethnicity. Reviews the literature on salary equity for both faculty and nonfaculty academic employees. (EV)

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

Monte Carlo methods and models in finance and insurance

CERN Document Server

Korn, Ralf; Kroisandt, Gerald

2010-01-01

Offering a unique balance between applications and calculations, Monte Carlo Methods and Models in Finance and Insurance incorporates the application background of finance and insurance with the theory and applications of Monte Carlo methods. It presents recent methods and algorithms, including the multilevel Monte Carlo method, the statistical Romberg method, and the Heath-Platen estimator, as well as recent financial and actuarial models, such as the Cheyette and dynamic mortality models. The authors separately discuss Monte Carlo techniques, stochastic process basics, and the theoretical background and intuition behind financial and actuarial mathematics, before bringing the topics together to apply the Monte Carlo methods to areas of finance and insurance. This allows for the easy identification of standard Monte Carlo tools and for a detailed focus on the main principles of financial and insurance mathematics. The book describes high-level Monte Carlo methods for standard simulation and the simulation of...

Gender equity and tobacco control: bringing masculinity into focus.

Science.gov (United States)

Morrow, Martha; Barraclough, Simon

2010-03-01

Gender is a key but often overlooked--determinant of tobacco use, especially in Asia, where sex-linked differences in prevalence rates are very large. In this article we draw upon existing data to consider the implications of these patterns for gender equity and propose approaches to redress inequity through gender-sensitive tobacco control activities. International evidence demonstrates that, in many societies, risk behaviours (including tobacco use) are practised substantially more by men and boys, and are also viewed as expressions of masculine identity. While gender equity focuses almost exclusively on the relative disadvantage of girls and women that exists in most societies, disproportionate male use of tobacco has profound negative consequences for men (as users) and for women (nonusers). Surprisingly, health promotion and tobacco control literature rarely focus on the role of gender in health risks among boys and men. However, tobacco industry marketing has masterfully incorporated gender norms, and also other important cultural values, to ensure its symbols are context-specific. By addressing gender-specific risks within the local cultural context--as countries are enjoined to do within the Framework Convention's Guiding Principles--it may be possible to accelerate the impact of mechanisms such as tobacco pricing, restrictions on marketing, smoking bans and provision of accurate information. It is essential that we construct a new research-to-policy framework for gender-sensitive tobacco control. Successful control of tobacco can only be strengthened by bringing males, and the concept of gender as social construction, back into our research and discussion on health and gender equity.

Certification and equity: Applying an “equity framework” to compare certification schemes across product sectors and scales

International Nuclear Information System (INIS)

McDermott, Constance L.

2013-01-01

Highlights: ► Assessing equity requires a comprehensive conceptual framework. ► The framing of equity varies across sectors and schemes. ► Schemes vary in prioritizing the environment, communities or equity in the supply chain. ► Addressing contextual equity is essential lest certification reinforce inequities of global trade. -- Abstract: This paper applies a comprehensive equity framework to compare the priorities and trade-offs of different environmental and social certification schemes. The schemes selected for comparison are the Forest Stewardship Council (FSC), the Programme for the Endorsement of Forest Certification Schemes (PEFC), the Fairtrade Labelling Organization (FLO), and the Climate, Community and Biodiversity Alliance (CCBA). The framework considers how the parameters of equity are set in certification scheme governance, including who are the primary decision-makers and intended beneficiaries, and how this is reflected in the content of scheme standards and certification outcomes. Each of these parameters is assessed across the dimensions of procedural, contextual and distributive equity. Results reveal significant variation in the prioritization of the environment, non-commercial stakeholders or equity across the supply chain. In forestry, the FSC has placed primary emphasis on the procedural rights of non-commercial interests in standard-setting processes, the contextual rights of indigenous peoples, and the conservation of natural ecosystems, while the PEFC places more emphasis on procedural equity for producers and the legitimacy of sovereign governments as rule-makers. Both FLO and CCBA prioritize distributive equity regarding the sharing of material benefits with small-scale and/or community producers or workers, while FLO also emphasizes the contextual issue of “empowerment” and capacity-building. In all schemes, contextual factors related to capacity and access have disproportionately advantaged Northern and large

INVESTMENT FINANCING THROUGH THE "PROJECT FINANCE"

OpenAIRE

Molina Arenaza, Hércules; Del Carpio Gallegos, Javier

2014-01-01

This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

Financing universal coverage in Malaysia: a case study.

Science.gov (United States)

Chua, Hong Teck; Cheah, Julius Chee Ho

2012-01-01

One of the challenges to maintain an agenda for universal coverage and equitable health system is to develop effective structuring and management of health financing. Global experiences with different systems of health financing suggests that a strong public role in health financing is essential for health systems to protect the poor and health systems with the strongest state role are likely the more equitable and achieve better aggregate health outcomes. Using Malaysia as a case study, this paper seeks to evaluate the progress and capacity of a middle income country in terms of health financing for universal coverage, and also to highlight some of the key underlying health systems challenges.The WHO Health Financing Strategy for the Asia Pacific Region (2010-2015) was used as the framework to evaluate the Malaysian healthcare financing system in terms of the provision of universal coverage for the population, and the Malaysian National Health Accounts (2008) provided the latest Malaysian data on health spending. Measuring against the four target indicators outlined, Malaysia fared credibly with total health expenditure close to 5% of its GDP (4.75%), out-of-pocket payment below 40% of total health expenditure (30.7%), comprehensive social safety nets for vulnerable populations, and a tax-based financing system that fundamentally poses as a national risk-pooled scheme for the population.Nonetheless, within a holistic systems framework, the financing component interacts synergistically with other health system spheres. In Malaysia, outmigration of public health workers particularly specialist doctors remains an issue and financing strategies critically needs to incorporate a comprehensive workforce compensation strategy to improve the health workforce skill mix. Health expenditure information is systematically collated, but feedback from the private sector remains a challenge. Service delivery-wise, there is a need to enhance financing capacity to expand preventive

Project financing versus corporate financing under asymmetric information

OpenAIRE

Anton Miglo

2008-01-01

In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

Is Nordic Private Equity Different?

DEFF Research Database (Denmark)

Spliid, Robert

2013-01-01

Most research on private equity is based on American theory, tested on American empirical data. Nevertheless, the private equity concept has gained a solid foothold in the Nordic region, especially in Sweden. This article analyzes whether American-biased assumptions prevail in the Nordic countries...

First Steps Toward a Quality of Climate Finance Scorecard (QUODA-CF): Creating a Comparative Index to Assess International Climate Finance Contributions

Energy Technology Data Exchange (ETDEWEB)

Sierra, Katherine; Roberts, Timmons; de Nevers, Michele; Langley, Claire; Smith, Cory

2013-06-15

Are climate finance contributor countries, multilateral aid agencies and specialized funds using widely accepted best practices in foreign assistance? How is it possible to measure and compare international climate finance contributions when there are as yet no established metrics or agreed definitions of the quality of climate finance? As a subjective metric, quality can mean different things to different stakeholders, while of donor countries, recipients and institutional actors may place quality across a broad spectrum of objectives. This subjectivity makes the assessment of the quality of climate finance contributions a useful and necessary exercise, but one that has many challenges. This work seeks to enhance the development of common definitions and metrics of the quality of climate finance, to understand what we can about those areas where climate finance information is available and shine a light on the areas where there is a severe dearth of data. Allowing for comparisons of the use of best practices across funding institutions in the climate sector could begin a process of benchmarking performance, fostering learning across institutions and driving improvements when incorporated in internal evaluation protocols of those institutions. In the medium term, this kind of benchmarking and transparency could support fundraising in contributor countries and help build trust with recipient countries. As a feasibility study, this paper attempts to outline the importance of assessing international climate finance contributions while describing the difficulties in arriving at universally agreed measurements and indicators for assessment. In many cases, data are neither readily available nor complete, and there is no consensus on what should be included. A number of indicators are proposed in this study as a starting point with which to analyze voluntary contributions, but in some cases their methodologies are not complete, and further research is required for a

12 CFR 5.36 - Other equity investments.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Other equity investments. 5.36 Section 5.36... PROCEDURES FOR CORPORATE ACTIVITIES Expansion of Activities § 5.36 Other equity investments. (a) Authority... types of equity investments pursuant to 12 U.S.C. 24(Seventh) and other statutes. These investments are...

Improvement of Educational Equity & Teacher Training

Directory of Open Access Journals (Sweden)

María J. Rodríguez

2013-10-01

Full Text Available Educational improvement for equity and professional teacher development are crucial issues concerning the essential right all students have of a good education. Firstly the article proposes a contextual reflection on improvement, some considerations related to well known traditions in the field and particularly the social justice and its relationships and implication for educational politics, curriculum, teaching, teacher and community. Secondly, it claims for the coherence of teacher professional development to educational equity. Different analysis and proposals are outlined related to policies and tasks the public administration should undertake and some dimensions of teacher education are considered attending educational equity criteria. Professional learning communities are described and valued as a hypothetical framework in order to improve equity and teacher education relationships.

Modelling home equity conversion loans with life insurance models

Directory of Open Access Journals (Sweden)

Baškot Bojan

2013-01-01

Full Text Available Home equity represents a reserve that can be used for providing additional money for its owners during their retirement. Life insurance models can be successfully applied to model home equity conversion loans. The home equity conversion loan is a financial product that provides a certain flexibility by using home equity as a resource for a quality life during retirement. Home equity conversion loans do not have a predetermined maturity date, as do conventional loans. But, like every loan, it must be repaid. One potential advantage of using a home equity conversion loan during tough financial times instead of some types of need-based assistance is that eligibility is straightforward. Home equity conversion loans can be useful tools in the process of pension system reform.

A roadmap to parity in mental health financing: the case of Lebanon.

Science.gov (United States)

Yehia, Farah; Nahas, Ziad; Saleh, Shadi

2014-09-01

Inadequate access to mental health (MH) services in Lebanon, where prevalence is noteworthy, is a concern. Although a multitude of factors affects access to services, lack of financial coverage of MH services is one that merits further investigation. This study aims at providing a systematic description of MH financing systems with a special focus on Lebanon, presenting stakeholder viewpoints on best MH financing alternatives/strategies and recommending options for enhancing financial coverage. A comprehensive review of existing literature on MH financing systems was conducted, with a focus on the system in Lebanon. In addition, key stakeholders were interviewed to assess MH organizational and financing arrangements. Finally, a national round table was organized with the aim of discussing findings (from the review and interviews) and developing an action roadmap. Taxation and out-of-pocket payments are the most common MH financing sources worldwide and in the Eastern Mediterranean Region. In Lebanon, all funding entities, except private insurance and mutual funds, cover inpatient and outpatient MH services, albeit with inconsistencies in levels of coverage. The national roundtable recommended two main MH financing enhancements: (i) creating a knowledge-sharing committee between insurers and MH specialists, and (ii) convincing labor unions/representatives to lobby for MH coverage as part of the negotiated benefit package. There are concerns regarding the equity, effectiveness and efficiency of the MH financing system in Lebanon. The fragmented system in Lebanon leads to differences in MH coverage across different financing intermediaries, which is inequitable. The fact that one out of four Lebanese suffer a mental disorder throughout their lives and very low percentages of those obtain treatment signals a problem in effectiveness. As for efficiency, the inefficient fragmentation of MH financing among seven intermediaries is a problematic characteristic of the

Determinants of the cost of capital for privately financed hospital projects in the UK.

Science.gov (United States)

Colla, Paolo; Hellowell, Mark; Vecchi, Veronica; Gatti, Stefano

2015-11-01

Many governments make use of private finance contracts to deliver healthcare infrastructure. Previous work has shown that the rate of return to investors in these markets often exceeds the efficient level. Our focus is on the factors that influence that return. We examine the effect of macroeconomic, project- and firm-level variables using a detailed sample of 84 UK private finance initiative (PFI) contracts signed between 1997 and 2010. Of the above variables, macroeconomic conditions and lead sponsor size are related to the investor return. However, our results show a remarkable degree of stability in the return to investors over the 14-year period. We find evidence of a 'prevailing norm' that is robust to project- and firm-level variation. The sustainability of excess returns over a long period is indicative of a concentrated market structure. We argue that policymakers should consider new mechanisms for increasing competition in the equity market, while ensuring that authorities have the specialist resources required to negotiate efficient contract prices. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Global Equity Gauge Alliance: reflections on early experiences.

Science.gov (United States)

McCoy, David; Bambas, Lexi; Acurio, David; Baya, Banza; Bhuiya, Abbas; Chowdhury, A Mushtaque R; Grisurapong, Siriwan; Liu, Yuanli; Ngom, Pierre; Ngulube, Thabale J; Ntuli, Antoinette; Sanders, David; Vega, Jeanette; Shukla, Abhay; Braveman, Paula A

2003-09-01

The paper traces the evolution and working of the Global Equity Gauge Alliance (GEGA) and its efforts to promote health equity. GEGA places health equity squarely within a larger framework of social justice, linking findings on socioeconomic and health inequalities with differentials in power, wealth, and prestige in society. The Alliance's 11 country-level partners, called Equity Gauges, share a common action-based vision and framework called the Equity Gauge Strategy. An Equity Gauge seeks to reduce health inequities through three broad spheres of action, referred to as the 'pillars' of the Equity Gauge Strategy, which define a set of interconnected and overlapping actions. Measuring and tracking the inequalities and interpreting their ethical import are pursued through the Assessment and Monitoring pillar. This information provides an evidence base that can be used in strategic ways for influencing policy-makers through actions in the Advocacy pillar and for supporting grassroots groups and civil society through actions in the Community Empowerment pillar. The paper provides examples of strategies for promoting pro-equity policy and social change and reviews experiences and lessons, both in terms of technical success of interventions and in relation to the conceptual development and refinement of the Equity Gauge Strategy and overall direction of the Alliance. To become most effective in furthering health equity at both national and global levels, the Alliance must now reach out to and involve a wider range of organizations, groups, and actors at both national and international levels. Sustainability of this promising experiment depends, in part, on adequate resources but also on the ability to attract and develop talented leadership.

Teaching About Racial Equity in Introductory Physics Courses

Science.gov (United States)

Daane, Abigail R.; Decker, Sierra R.; Sawtelle, Vashti

2017-09-01

Even after you have decided to tackle a problem like racial equity, it may seem daunting to broach the subject in a physics classroom. After all, the idea of a (typically White) instructor in power tackling a sensitive topic such as social justice can be scary in any (mostly White) classroom. Not only that, but physics is typically viewed as a "culture with no culture." The physicist's quest for objectivity, along with a general focus on a fixed set of laws and formulae, support the treatment of this subject as untouched by people. Sometimes it is easier to ignore the problem and just focus on the Conservation of Energy Principle. However, ignoring the striking underrepresentation of ethnic/racial minorities and women in both the physics classroom and the field at large is a great disservice to all our students. We take the position that the persistence of representation disparities in physics is evidence that culture plays a role in who and what is involved in physics. Instructors have an opportunity to explicitly address the absence of equitable circumstances in classrooms and highlight the obstacles that contribute to the disparity (e.g., varied access to learning opportunities and support structures, dominant cultural norms, stereotype threat, implicit bias, hidden curricula, etc.). We acknowledge that incorporating these discussions in a physics classroom is fraught with difficulty, but we also believe that trying to lead these discussions is better than ignoring the problem. Furthermore, a set of resources for teachers interested in leading these discussions has been developing in the physics teacher community. Rifkin offers resources for leading a two-week unit on equity designed for secondary science classrooms. Here we describe another possible pathway for integrating a shorter equity unit into the traditional content of a (predominantly White) university physics classroom, addressing racial inequity and sharing common student responses that may arise.

The Role of Export Credit Agencies in the Financing of Nuclear Power Projects. Appendix

International Nuclear Information System (INIS)

2017-01-01

Nuclear new build projects are very particular investment proposals, which are unlikely to be undertaken on a straightforward economic basis by equity shareholders and by lenders. This is due to, inter alia, their extended life cycles, their very long term underlying commitments vis-à-vis waste management and decommissioning, the evolving nature of their risk management and the magnitude of their financing requirements. In addition, other factors also apply, all implying a degree of political involvement that makes the investment case even more complicated. As a result of the recent financial and economic crisis, the availability of sizable budgets from public sector players for long term investments in NPPs has been under stress in various parts of the world for a number of years now, and the situation is unlikely to change dramatically in the near future with many State budgets in need of rebalancing, particularly in Europe. The capacity of private sector stakeholders to take over the responsibility for funding such investments has also been challenged following the impact of, inter alia, the liquidity crunch on banks’ funding strategies in Europe during summer 2011, the recent macroeconomic policies on leverage, or the latest regulation that, ultimately, tends to re-direct the banks’ debt lending activities towards transactions requiring financing with shorter maturities. Within this context and among the range of financing instruments that are available and that offer long term maturities, export finance remains a tool of reference for various stakeholders, including the providers (e.g. sellers) of equipment and services and the lending banks. Furthermore, the characteristics of this product make it also perfectly compatible with the requirements of the financing plans typically put in place to fund large, capital intensive investments in infrastructure, such as NPPs.

La valutazione degli investimenti finanziati tramite equity crowdfunding

OpenAIRE

Zanetti, Laura

2015-01-01

Evoluzione e dimensione del crowdfunding, La valutazione e strutturazione dell’investimento tramite equity crowdfunding, Valutazioni implicite nelle raccolte fondi in equity crowdfunding, Peculiarità specifiche dell’equity crowdfunding, Un confronto con la bolla valutativa delle aziende internet degli anni 2000

Frizzled to finance: one PhD's path from a Drosophila lab to Wall Street.

Science.gov (United States)

Taylor, Job

2016-06-01

An equity research analyst's job is to determine whether the price of a stock is likely to go up or down. For science-based businesses, particularly biotechnology companies, a PhD in the life sciences can be very helpful in making this determination. I transitioned from a postdoc position to working in equity research. Here I present information on how I made the transition, an overview of the day-to-day activities of an analyst, and thoughts on how to prepare to look for a job in finance. There are significant positives to working on Wall Street, including exposure to cutting-edge clinical/translational research, access to some of the best scientists in the world, a dynamic work environment, and compensation that generally exceeds academic salaries. This comes at the cost of some independence and the satisfaction of being able to call oneself a scientist. © 2016 Taylor. This article is distributed by The American Society for Cell Biology under license from the author(s). Two months after publication it is available to the public under an Attribution–Noncommercial–Share Alike 3.0 Unported Creative Commons License (http://creativecommons.org/licenses/by-nc-sa/3.0).

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

2018-01-01

Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

Project financing

International Nuclear Information System (INIS)

Cowan, A.

1998-01-01

Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

Do Firms Replenish Executives’ Incentives After Equity Sales?

NARCIS (Netherlands)

Ladika, T.

2013-01-01

After selling firm equity, executives' incentives to maximize shareholder value may decrease. How do boards respond? Theory shows boards can restore executives' incentives by shifting subsequent pay from cash toward equity. Unobservable firm-level changes that cause executives to sell equity and

Pengaruh Kebijakan Dividen, Earning Volatility, dan Leverage terhadap Volatilitas Harga Saham pada Perusahaan Non-financing yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014

OpenAIRE

Jannah, Raudhatul; Haridhi, Musfiari

2016-01-01

The research examines the effect of dividend policy, earnings volatility, and leverage on share price volatility of non financing companies listed in Indonesia Stock Exchange in 2010-2014. Dividend policy variabel using dividend payout ratio and leverage variabel using debt to equity ratio. Secondary data were sourced from the financial statements, published by the capital market reference center at the Indonesia Stock Exchange. The research type used in this research is hypothesis testing, b...

The Dynamics of Catastrophic and Impoverishing Health Spending in Indonesia: How Well Does the Indonesian Health Care Financing System Perform?

Science.gov (United States)

Aji, Budi; Mohammed, Shafiu; Haque, Md Aminul; Allegri, Manuela De

2017-09-01

Our study examines the incidence and intensity of catastrophic and impoverishing health spending in Indonesia. A panel data set was used from 4 waves of the Indonesian Family Life Surveys 1993, 1997, 2000, and 2007. Catastrophic health expenditure was measured by calculating the ratio of out-of-pocket payments to household income. Then, we calculated poverty indicators as a measure of impoverishing spending in the health care financing system. Head count, overshoot, and mean positive overshoot for each given threshold in 2000 were lower than other surveyed periods; otherwise, fraction headcount in 2007 of households were the higher. Between 1993 and 2007, the percentage of households in poverty decreased, both in gross and net of health payments. However, in each year, the percentages of households in poverty using net health payments were higher than the gross. The estimates of poverty gap, normalized poverty gap, and normalized mean positive gap decreased across the survey periods. The health care financing system performance has shown positive evidence for financial protection offerings. A sound relationship between improvements of health care financing performance and the existing health reform demonstrated a mutual reinforcement, which should be maintained to promote equity and fairness in health care financing in Indonesia.

On the evolutionary origins of equity.

Directory of Open Access Journals (Sweden)

Stéphane Debove

Full Text Available Equity, defined as reward according to contribution, is considered a central aspect of human fairness in both philosophical debates and scientific research. Despite large amounts of research on the evolutionary origins of fairness, the evolutionary rationale behind equity is still unknown. Here, we investigate how equity can be understood in the context of the cooperative environment in which humans evolved. We model a population of individuals who cooperate to produce and divide a resource, and choose their cooperative partners based on how they are willing to divide the resource. Agent-based simulations, an analytical model, and extended simulations using neural networks provide converging evidence that equity is the best evolutionary strategy in such an environment: individuals maximize their fitness by dividing benefits in proportion to their own and their partners' relative contribution. The need to be chosen as a cooperative partner thus creates a selection pressure strong enough to explain the evolution of preferences for equity. We discuss the limitations of our model, the discrepancies between its predictions and empirical data, and how interindividual and intercultural variability fit within this framework.

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.

Project financing

International Nuclear Information System (INIS)

Alvarez, M.U.

1990-01-01

This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project

Equity and Value in 'Precision Medicine'.

Science.gov (United States)

Gray, Muir; Lagerberg, Tyra; Dombrádi, Viktor

2017-04-01

Precision medicine carries huge potential in the treatment of many diseases, particularly those with high-penetrance monogenic underpinnings. However, precision medicine through genomic technologies also has ethical implications. We will define allocative, personal, and technical value ('triple value') in healthcare and how this relates to equity. Equity is here taken to be implicit in the concept of triple value in countries that have publicly funded healthcare systems. It will be argued that precision medicine risks concentrating resources to those that already experience greater access to healthcare and power in society, nationally as well as globally. Healthcare payers, clinicians, and patients must all be involved in optimising the potential of precision medicine, without reducing equity. Throughout, the discussion will refer to the NHS RightCare Programme, which is a national initiative aiming to improve value and equity in the context of NHS England.

Corporate Governance and Equity Returns

OpenAIRE

Uchida, Shigeru

2012-01-01

This paper analyses the relationship between corporate governance and equity returns from the small investors view point. A primary survey has been conducted to gather the data required to examine the link. Preliminary result of the study shows that the four elements of governance: board structure, transparency, fairness and responsibility are positively related with equity returns.

Brand Equity – Measuring Corporate Brand Strength in the Swedish Smartphone Market; Dimensions of Corporate Brand Equity from a Consumer Perspective

OpenAIRE

Lökken, Andreas; Nayar, Malini; Runering, Maria

2012-01-01

This study deals with the concept of brand equity composition in the Swedish smartphone market. The three dimensions used to describe brand equity are based on Aaker’s definition of consumer based brand equity namely; brand awareness, brand loyalty and perceived quality. The corporate brands represented on the market are analyzed with regards to consumer rating and brand equity composition using a proven theoretical model and a standardized questionnaire. The findings in this study indicate t...

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

Dimensionality and R4P: A Health Equity Framework for Research Planning and Evaluation in African American Populations.

Science.gov (United States)

Hogan, Vijaya; Rowley, Diane L; White, Stephanie Baker; Faustin, Yanica

2018-02-01

Introduction Existing health disparities frameworks do not adequately incorporate unique interacting contributing factors leading to health inequities among African Americans, resulting in public health stakeholders' inability to translate these frameworks into practice. Methods We developed dimensionality and R4P to integrate multiple theoretical perspectives into a framework of action to eliminate health inequities experienced by African Americans. Results The dimensional framework incorporates Critical Race Theory and intersectionality, and includes dimensions of time-past, present and future. Dimensionality captures the complex linear and non-linear array of influences that cause health inequities, but these pathways do not lend themselves to approaches to developing empirically derived programs, policies and interventions to promote health equity. R4P provides a framework for addressing the scope of actions needed. The five components of R4P are (1) Remove, (2) Repair, (3) Remediate, (4) Restructure and (5) Provide. Conclusion R4P is designed to translate complex causality into a public health equity planning, assessment, evaluation and research tool.

Equity Gauge Zambia : Enhancing Governance, Equity and Health ...

International Development Research Centre (IDRC) Digital Library (Canada)

... identifying strategies for and indicators of equitable community participation; refining a ... Human resources for health in Zambia : equity and health system strengthening; some local perspectives (IDRC lunch hour discussion, Ottawa, 22 Mar. ... and adaptive water management: Innovative solutions from the Global South”.

Private finance of services covered by the National Health Insurance package of benefits in Israel.

Science.gov (United States)

Engelchin-Nissan, Esti; Shmueli, Amir

2015-01-01

Private health expenditure in systems of national health insurance has raised concern in many countries. The concern is mainly about the accessibility of care to the poor and the sick, and inequality in use and in health. The concern thus refers specifically to the care financed privately rather than to private health expenditure as defined in the national health accounts. To estimate the share of private finance in total use of services covered by the national package of benefits. and to relate the private finance of use to the income and health of the users. The Central Bureau of Statistics linked the 2009 Health Survey and the 2010 Incomes Survey. Twenty-four thousand five hundred ninety-five individuals in 7175 households were included in the data. Lacking data on the share of private finance in total cost of care delivered, we calculated instead the share of uses having any private finance-beyond copayments-in total uses, in primary, secondary, paramedical and total care. The probability of any private finance in each type of care is then related, using random effect logistic regression, to income and health state. Fifteen percent of all uses of care covered by the national package of benefits had any private finance. This rate ranges from 10 % in primary care, 16 % in secondary care and 31 % in paramedical care. Twelve percent of all uses of physicians' services had any private finance, ranging from 10 % in family physicians to 20 % in pulmonologists, psychiatrists, neurologists and urologists. Controlling for health state, richer individuals are more likely to have any private finance in all types of care. Controlling for income, sick individuals (1+ chronic conditions) are 30 % in total care and 60 % in primary care more likely to have any private finance compared to healthy individuals (with no chronic conditions). The national accounts' "private health spending" (39 % of total spending in 2010) is not of much use regarding equity of and

FINANCING CAPACITY, AN INDICATOR OF SELF FINANCING FOR COMPANIES

Directory of Open Access Journals (Sweden)

Teodor Hada

2013-12-01

Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.

Behavioral finance

Directory of Open Access Journals (Sweden)

Kapor Predrag

2014-01-01

Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.

CUSTOMER EQUITY:MAKING MARKETING STRATEGY FINANCIALLY ACCOUNTABLE

Institute of Scientific and Technical Information of China (English)

Ashwin ARAVINDAKSHAN; Roland T. RUST; Katherine N. LEMON; Valerie A. ZEITHAML

2004-01-01

The article presents an overview of the literature on customer equity and how customer equity provides an opportunity for marketers to make marketing strategy financially accountable.Traditionally, Return on Investment (ROI) models have been used to evaluate the financial expenditures required by the strategies as well as the financial returns gained by them. However in addition to requiring lengthy longitudinal data, these models also have the disadvantage of not evaluating the effect of the strategies on a firm's customer equity. The dominance of customer-centered thinking over product-centered thinking calls for a shift from product-based strategies to customer-based strategies. Hence, it is important to evaluate a firm's marketing strategies in terms of the drivers of its customer equity. The article summarizes a unified strategic framework that enables competing marketing strategy options to be traded off on the basis of projected financial return, which is operationalized as the change in a firm's customer equity relative to the incremental expenditure necessary to produce the change.

Investigating different factors influencing on brand equity

Directory of Open Access Journals (Sweden)

Afsane Zamanimoghadam

2014-07-01

Full Text Available The purpose of this paper is to determine and prioritize factors influencing on brand equity in consumer’s point of view for a case study of Samsung appliance consumers in city of Tehran, Iran. The study investigates the effects of four factors in terms of the customer's perspective, price, advertisement, family and brand image, by dimensions of brand equity, perceived quality, brand awareness, brand association, brand loyalty, on brand equity. The research method is based on a descriptive-survey research. The questionnaire includes Samsung consumers in city of Tehran, Iran. To test the hypotheses, SPSS and LISREL software packages are used. For data analysis, descriptive statistics and inferential statistical tests including structural equation modeling and path analysis are used. The results of the survey have indicated that family and brand image influence positively on brand equity but the effects of advertisement and price on brand equity were not confirmed.

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

Brands and Brand Equity

OpenAIRE

Brunello Adrian

2011-01-01

Nowadays brands have become significant drivers for product purchasing and usage decisions. Thus, they constitute a substantial intangible asset for most companies. In order to gain customers and make them become loyal, firms have to establish the equity of the brand and present it in a clear and visible way to their target market. Therefore the topic of brand equity plays a major role in the creation and development of product and company brand strategy. The paper focuses on some general inf...

Nuclear fuel financing

International Nuclear Information System (INIS)

Lurf, G.

1975-01-01

Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de

Product Placement and Brand Equity

OpenAIRE

Corniani, Margherita

2003-01-01

Product placement is the planned insertion of a brand within a movie, a fiction, etc. It can be used with other communication tools (i.e. advertising, sales promotions, etc.) in order to disseminate brand awareness and characterize brand image, developing brand equity. In global markets, product placement is particularly useful for improving brand equity of brands with a well established brand awareness.

Gender Equity and Mass Communication's Female Student Majority.

Science.gov (United States)

Golombisky, Kim

2002-01-01

Provides an overview of the history and politics of gender equity to make problematic the phrase "gender equity," to introduce the gender equity in education literature, and to outline some issues relevant to mass communication. Suggests that equal access represents a sex-blind approach dependent on a male standard. (SG)

[Evolution and new perspectives of health care financing in developing countries].

Science.gov (United States)

Audibert, Martine; Mathonnat, Jacky; de Roodenbeke, Eric

2003-01-01

a better management of resources through financing mechanisms. Some major reports from WHO and the World Bank are the landmarks of the evolution on how to approach health care financing: The 1993 World Bank report on investing in health, the 2000 WHO report on health in the world and the WHO report on macroeconomics and health. In this early millenium, there is a general agreement on some major aspects of health care financing such as: Lack of resources for financing health care; cost recovery as a part of any sustainable health care system; health as a public good needing some extended subsidies; protecting people from the burden of disease as a part of financing schemes; equity in relation with the public private mix at the center of many debates; financing as a key mechanism for the regulation of the whole health care system and not only as a resource mobilization; HIV in bringing up new problems clearly shows how all these matters are related. Health care financing is at the heart of ongoing questions on health care reforms. Although developing countries have low insurance coverage and weak modern medical care, they share the same questions as developed countries: How to promote technical and allocative efficiency? What place for incentives? What role for the public sector? How can market and contracting bring results? What progress through stewardship and better governance?

Equity Valuation

DEFF Research Database (Denmark)

Christensen, Peter Ove; Feltham, Gerald A.

, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

Corporate Negative Equity: The Evidence from the European Union

Directory of Open Access Journals (Sweden)

Natalia Mokhova

2016-01-01

Full Text Available After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the financial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine non-financial manufactured companies from selected countries of the European Union within the period 2005–2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany. By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy might lead to negative equities in the balance sheet.

Societal foundations for explaining fertility: Gender equity

Directory of Open Access Journals (Sweden)

Peter McDonald

2013-05-01

Full Text Available BACKGROUND Gender equity theory in relation to fertility argues that very low fertility is the result of incoherence in the levels of gender equity in individually-oriented social institutions and family-oriented social institutions. The salience of gender to the fertility transition is strong in theory but not as strong in specification of testable hypotheses as has been pointed out in the literature. OBJECTIVE The paper aims to clarify the specification of gender equity theory through a discussion of the difference between equity and equality and to suggest methods that might be applied to test the theory. METHODS The theory is restated and further developed using literature from different disciplines. The method is described using a decomposition of fertility for women by human capital levels. RESULTS The clarification of the theory includes a reminder that the theory relates to differences in fertility between countries and not to differences in fertility between women in the same country. In comparisons between countries, higher gender equity leads to higher fertility. In comparisons of fertility across women in the same country, higher gender equity does not necessarily imply higher fertility. In relation to measurement, a specification is suggested that effectively compares women across countries controlling for their level of human capital. Simple graphics are used to indicate ways in which fertility between countries may vary. CONCLUSIONS The paper concludes that it is likely the gender equity theory can be tested more readily by examining the behaviour across countries of women with higher levels of human capital.

Relationship finance, market finance and endogenous business cycles

OpenAIRE

Deidda, Luca Gabriele; Fattouh, Bassam

2010-01-01

This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

Pay Equity Act, 17 May 1988.

Science.gov (United States)

1988-01-01

This document contains major provisions of the 1988 Pay Equity Act of Prince Edward Island, Canada. (Nova Scotia enacted similar legislation in 1988.) This act defines "female-dominated class" or "male-dominated class" as a class with 60% or more female or male incumbents, respectively. The objective of this act is to achieve pay equity among public sector employers and employees by identifying systemic gender discrimination through a comparison of the relative wages and value of the work performed by female- and male-dominated classes. The value of work is to be determined by considering the skill, effort, and responsibility required by the work as well as the conditions under which it is performed. A difference in wages between a female- and male-dominated class performing work of equal or comparable value can be justified by a formal performance appraisal system or formal seniority system that does not discriminate on the basis of gender or by a skills shortage which requires a temporary inflation in wages to attract workers for a certain position. No wages shall be reduced to implement pay equity. Implementation of pay equity will include the work of bargaining agents to achieve agreement on salient points. Pay equity may be implemented in four stages over a period of 24 months.

"Money in Finance"

OpenAIRE

L. Randall Wray

2011-01-01

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...

Corporate finance theorie en financiële crisis in breder perspectief

NARCIS (Netherlands)

Boot, A.W.A.

2008-01-01

Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote

Financing nuclear power

International Nuclear Information System (INIS)

Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid

2009-01-01

Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants

Equity Theory Ratios as Causal Schemas

Directory of Open Access Journals (Sweden)

Alexios Arvanitis

2016-08-01

Full Text Available Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

Equity Theory Ratios as Causal Schemas.

Science.gov (United States)

Arvanitis, Alexios; Hantzi, Alexandra

2016-01-01

Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

Private label brand equity: a conceptual framework

OpenAIRE

Xara-Brasil, Duarte; Marreiros, Cristina; Dionísio, Andreia

2012-01-01

Trabalho apresentado na AMA/ACRA First Triennial Conference, 18-21 de abril de 2012, Seattle, USA This paper presents a conceptual framework to analyze private label brand equity in a retail context. Several authors proposed brand equity models as Aaker (1996), Keller (1993) and Yoo and Donthu (2001), and specific research has been done in retail industry (Jara & Cliquet, 2009), (Pappu & Quester, 2006). To study private label brand equity, we suggest a framework based on the Yo...

Access to finance from different finance provider types: Farmer knowledge of the requirements.

Science.gov (United States)

Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.

Financing translation: analysis of the NCATS rare-diseases portfolio.

Science.gov (United States)

Fagnan, David E; Yang, N Nora; McKew, John C; Lo, Andrew W

2015-02-25

The portfolio of the National Center for Advancing Translational Sciences (NCATS) rare-diseases therapeutic development program comprises 28 research projects initiated at the preclinical stage. Historical data reveal substantially lower costs and higher success rates but longer preclinical timelines for the NCATS projects relative to the industry averages for early-stage translational medical research and development (R&D) typically cited in literature. Here, we evaluate the potential risks and rewards of investing in a portfolio of rare-disease therapeutics. Using a "megafund" financing structure, NCATS data, and valuation estimates from a panel of industry experts, we simulate a hypothetical megafund in which senior and junior debt yielded 5 and 8%, respectively. The simulated expected return to equity was 14.7%, corresponding to a modified internal rate of return of 21.6%. These returns and the likelihood of private-sector funding can be enhanced through third-party funding guarantees from philanthropies, patient advocacy groups, and government agencies. Copyright © 2015, American Association for the Advancement of Science.

From scheme to system: social health insurance funds and the transformation of health financing in Kyrgyzstan and Moldova.

Science.gov (United States)

Kutzin, Joseph; Jakab, Melitta; Shishkin, Sergey

2009-01-01

The aim of the paper is to bring evidence and lessons from two low- and middle-income countries (LMIs) of the former USSR into the global debate on health financing in poor countries. In particular, we analyze the introduction of social health insurance (SHI) in Kyrgyzstan and Moldova. To some extent, the intent of SHI introduction in these countries was similar to that in LMIs elsewhere: increase prepaid revenues for health and incorporate the entire population into the new system. But the approach taken to universality was different. In particular, the SHI fund in each country was used as the key instrument in a comprehensive reform of the health financing system, with the new revenues from payroll taxation used in an explicitly complementary manner to general budget revenues. From a functional perspective, the reforms in these countries involved not only the introduction of a new source of funds, but also the centralization of pooling, a shift from input- to output-based provider payment methods, specification of a benefit package, and greater autonomy for public sector health care providers. Hence, their reforms were not simply the introduction of an SHI scheme, but rather the use of an SHI fund as an instrument to transform the entire system of health financing. The study uses administrative and household data to demonstrate the impact of the reforms on regional inequality and household financial burden. The approach used in these two countries led to improved equity in the geographic distribution of government health spending, improved financial protection, and reduced informal payments. The comprehensive approach taken to reform in these two countries, and particularly the redirection of general budget revenues to the new SHI funds, explain much of the success that was achieved. This experience offers potentially useful lessons for LMIs elsewhere in the world, and for shifting the global debate away from what we see as a false dichotomy between SHI and

Analisis Laporan Keuangan Dalam Menilai Kinerja Perusahaan Pada Kelompok Industri Alas Kaki Yang Terdaftar Di Bursa Efek Indonesia

OpenAIRE

Nasution, Yasmi Chadijah

2010-01-01

The main purpose of this research is to know whether the finance performance in footwear industry that licency in BEI has reached the safety situation or not yet. The writer restricted the evaluation of finance performance by using ten finance ratios. The finance ratios consist of Current Ratio, Quick Ratio, Debt to Equity Ratio, Inventory Turnover, Total Asset Turnover, Gross Profit Margin, Net Profit Margin, Return on Investment, Return on Equity, dan PER. The finance performance is evalua...

Division of Finance Homepage

Science.gov (United States)

Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes

From public to private climate change adaptation finance : Adapting finance or financing adaptation?

NARCIS (Netherlands)

Pauw, W.P.

2017-01-01

Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a

Impact of Federal Tax Policy on Utility-Scale Solar Deployment Given Financing Interactions

Energy Technology Data Exchange (ETDEWEB)

Mai, Trieu; Cole, Wesley; Krishnan, Venkat; Bolinger, Mark

2015-09-28

In this study, the authors conducted a literature review of approaches and assumptions used by other modeling teams and consultants with respect to solar project financing; developed and incorporated an ability to model the likely financing shift away from more expensive sources of capital and toward cheaper sources as the investment tax credit declines in the ReEDS model; and used the 'before and after' versions of the ReEDS model to isolate and analyze the deployment impact of the financing shift under a range of conditions. Using ReEDS scenarios with this improved capability, we find that this 'financing' shift would soften the blow of the ITC reversion; however, the overall impacts of such a shift in capital structure are estimated to be small and near-term utility-scale PV deployment is found to be much more sensitive to other factors that might drive down utility-scale PV prices.

25 CFR 170.300 - May tribes use flexible financing to finance IRR transportation projects?

Science.gov (United States)

2010-04-01

... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...

Financing Strategies For A Nuclear Fuel Cycle Facility

International Nuclear Information System (INIS)

David Shropshire; Sharon Chandler

2006-01-01

To help meet the nation's energy needs, recycling of partially used nuclear fuel is required to close the nuclear fuel cycle, but implementing this step will require considerable investment. This report evaluates financing scenarios for integrating recycling facilities into the nuclear fuel cycle. A range of options from fully government owned to fully private owned were evaluated using DPL (Decision Programming Language 6.0), which can systematically optimize outcomes based on user-defined criteria (e.g., lowest lifecycle cost, lowest unit cost). This evaluation concludes that the lowest unit costs and lifetime costs are found for a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. However, this does not mean that the facilities should necessarily be constructed and operated by the government. The costs for hybrid combinations of public and private (commercial) financed options can compete under some circumstances with the costs of the government option. This analysis shows that commercial operations have potential to be economical, but there is presently no incentive for private industry involvement. The Nuclear Waste Policy Act (NWPA) currently establishes government ownership of partially used commercial nuclear fuel. In addition, the recently announced Global Nuclear Energy Partnership (GNEP) suggests fuels from several countries will be recycled in the United States as part of an international governmental agreement; this also assumes government ownership. Overwhelmingly, uncertainty in annual facility capacity led to the greatest variations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; and the annual operating costs, forgiveness of debt, and overnight costs dominate the costs computed for the

Ownership, financing, and management strategies of the ten largest for-profit nursing home chains in the United States.

Science.gov (United States)

Harrington, Charlene; Hauser, Clarilee; Olney, Brian; Rosenau, Pauline Vaillancourt

2011-01-01

This study examined the ownership, financing, and management strategies of the 10 largest for-profit nursing home chains in the United States, including the four largest chains purchased by private equity corporations. Descriptive data were collected from Internet searches, company reports, and other sources for the decade 1998-2008. Since 1998, the largest chains have made many changes in their ownership and structure, and some have converted from publicly traded companies to private ownership. This study shows the increasing complexity of corporate nursing home ownership and the lack of public information about ownership and financial status. The chains have used strategies to maximize shareholder and investor value that include increasing Medicare revenues, occupancy rates, and company diversification, establishing multiple layers of corporate ownership, developing real estate investment trusts, and creating limited liability companies. These strategies enhance shareholder and investor profits, reduce corporate taxes, and reduce liability risk. There is a need for greater transparency in ownership and financial reporting and for more government oversight of the largest for-profit chains, including those owned by private equity companies.

Health care financing in Malaysia: A way forward

Directory of Open Access Journals (Sweden)

Ashutosh Kumar Verma

2015-01-01

Full Text Available Malaysia has a two-tier health care system consisting of the public and private sectors. The Ministry of Health is the main provider of health care services in the country. The private health care sector provides services on a nonsubsidized, fee-for-service basis, and mainly serves for those who can afford to pay. For financing health care two types of health insurances are available currently: Private and employee based (aka SOCSO. SOCSO and Employee Provident Fund provide some coverage to private-sector employees. There are several challenges in pure Bismarckian model (private insurance etc. like smaller portion of total population will be "economically active," international competition to attract firms, and maintain/increase employment will put downward pressure on labor taxes. How to sustain universal coverage in this context? In a population setting where unemployment is high informal sector, payroll taxes will not be a major source of funds. However, it is possible to create a universal health financing system by transforming the role of budget funding from directly subsidizing provision to subsidizing the purchase of services on behalf of the entire population. The integration of services between the public and private sector is very much needed, at a cost the people can afford. At present, there is no national health insurance scheme in place. Although there are many models proposed, the main question that the policymakers need to be aware of is that of the equity of access to holistic health services for all Malaysians.

Incentive Structure of Financing a Project: An Islamic Finance Approach

OpenAIRE

Lone, Fayaz Ahmad; Quadir, Abdul

2017-01-01

Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...

Settlement-date Accounting for Equity Share Options - Conceptual Validity and Numerical Effects

DEFF Research Database (Denmark)

Møller, Peder Fredslund

-date accounting are fully conceptually valid. They represent measurements of one partner group's share of total equity with effect for another group's share of total equity and income: the shareholders' part. Partially, this equity and income sharing model is already the basis for existing accounting standards......This paper demonstrates that settlement-date accounting for equity share options can be seen as an accounting method which implements a shareholder focused residually rewarded partners' equity view. This equity view represents a simple, natural extension of the shareholder proprietary view....... It implicates an equity and income sharing model for accounting which is characterized by specification of both shareholders' and non-shareholders' parts of total equity and income. When using this equity and income sharing model, the remeasurements of equity share option obligations made by settlement...

Equity Mispricing and Leverage Adjustment Costs

NARCIS (Netherlands)

Warr, R.S.; Elliott, W.B.; Koeter-Kant, J.; Oztekin, O.

2012-01-01

We find that equity mispricing impacts the speed at which firms adjust to their target leverage (TL) and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their TL and should therefore issue equity (or retire debt) adjust more

Value at risk, bank equity and credit risk

OpenAIRE

Broll, Udo; Wahl, Jack E.

2003-01-01

We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's equity and asset/liability management has to be addressed simultaneously by bank managers.

Finance

OpenAIRE

2013-01-01

Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...

Private equity ownership and nursing home financial performance.

Science.gov (United States)

Pradhan, Rohit; Weech-Maldonado, Robert; Harman, Jeffrey S; Laberge, Alex; Hyer, Kathryn

2013-01-01

Private equity has acquired multiple large nursing home chains within the last few years; by 2009, it owned nearly 1,900 nursing homes. Private equity is said to improve the financial performance of acquired facilities. However, no study has yet examined the financial performance of private equity nursing homes, ergo this study. The primary purpose of this study is to understand the financial performance of private equity nursing homes and how it compares with other investor-owned facilities. It also seeks to understand the approach favored by private equity to improve financial performance-for instance, whether they prefer to cut costs or maximize revenues or follow a mixed approach. Secondary data from Medicare cost reports, the Online Survey, Certification and Reporting, Area Resource File, and Brown University's Long-term Care Focus data set are combined to construct a longitudinal data set for the study period 2000-2007. The final sample is 2,822 observations after eliminating all not-for-profit, independent, and hospital-based facilities. Dependent financial variables consist of operating revenues and costs, operating and total margins, payer mix (census Medicare, census Medicaid, census other), and acuity index. Independent variables primarily reflect private equity ownership. The study was analyzed using ordinary least squares, gamma distribution with log link, logit with binomial family link, and logistic regression. Private equity nursing homes have higher operating margin as well as total margin; they also report higher operating revenues and costs. No significant differences in payer mix are noted. Results suggest that private equity delivers superior financial performance compared with other investor-owned nursing homes. However, causes for concern remain particularly with the long-term financial sustainability of these facilities.

The Tragedy of Maldistribution: Climate, Sustainability, and Equity

Directory of Open Access Journals (Sweden)

Elizabeth A. Stanton

2012-03-01

Full Text Available This essay is an initial exploration of the dimensions of the equity/sustainability linkage from the perspective of public goods analysis. Sustainability requires an abundance of public goods. Where these commons lack governance, sustainability is at risk. Equity is a critical component of sustainability that can itself be viewed as a public good, subject to deterioration (maldistribution when left ungoverned. As is the case for so many forms of environmental degradation, the private benefits of maldistribution tend to overshadow the larger social costs, and the result is a degradation of equity. This article sketches out the analogy of equity as a public good by: examining the evidence regarding current and historical income equality within and between countries; introducing the characteristics of public goods and grounding equity in this idiom; reviewing several theories explaining the sub-optimal provision of environmental goods; applying these theoretical frameworks to the case of equity, with an examination of the potential causes of, and solutions to, maldistribution; and, finally, addressing equity’s critical role as a component of sustainability in the case of climate change, with implications for climate policy.

An Experiment Examining the Relationship of Affect, Equity, and Equity Sensitivity, With Organizational Citizenship Behaviors

OpenAIRE

Kalanick, Julie Lynn

2006-01-01

This study employed an experimental design intended to be an analog to the workplace to simultaneously examine the affect orientation and equity theory explanations of OCBs, which were evaluated as prosocial behaviors. Participants were 188 undergraduates. Participantsâ dispositional variables were measured at time 1, and at time 2, participants experienced an equity manipulation and were given the opportunity to perform prosocial behaviors. Results indicated a distinction between the decis...

Creative Bus Financing.

Science.gov (United States)

Malone, Wade

1982-01-01

Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)

Equity Impacts of Environmental Policy

OpenAIRE

Antonio M. Bento

2013-01-01

This article surveys recent literature on the equity impacts of environmental policy. We focus on studies that look at the distribution of costs and benefits of alternative environmental policies. We also examine potentially important trade-offs between efficiency and equity that arise in the context of environmental policy, as well as transition effects. In many of the applications surveyed here, environmental policies can be regressive. Strategies are discussed to reduce this regressivity t...

Finance/security/life.

OpenAIRE

Langley, P.

2017-01-01

What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.

Relationship between Major Developed Equity Markets and Major Frontier Equity Markets of World

Directory of Open Access Journals (Sweden)

Muhammad Mansoor Baig

2016-02-01

Full Text Available The core aim of this study is to compute the long run relationship between frontier equity markets Pakistan (KSE 100 Index, Argentina (MERVAL BUENOS AIRES stock Exchange, NSE.20 (Kenya, MSM 30 (MSI Oman and equity markets of developed world (OMXS30 Sweden, SMI (Switzerland, SSE Composite Index (China and STI index (Singapore by taking weekly values from stock return prices for the period 1st week of January-2000 to last week of January/2014. Descriptive statistic, Correlation, Augmented dickey fuller (ADF, Phillips Perron test, Johanson and Jelseluis test of co-integration, Granger causality test, Variance Decomposition Test and Impulse Response are used to find the relationship among frontier and developed markets. The results of this study reveal that frontier markets have no long run relationship with equity markets of developed world. Furthermore, this study is helpful for investors to enhance the returns by diversifying the unsystematic risk at given level of profit because results of this study confirm that markets are no cointegrated.

Can rural health insurance improve equity in health care utilization? a comparison between China and Vietnam

Directory of Open Access Journals (Sweden)

Liu Xiaoyun

2012-02-01

Full Text Available Abstract Introduction Health care financing reforms in both China and Vietnam have resulted in greater financial difficulties in accessing health care, especially for the rural poor. Both countries have been developing rural health insurance for decades. This study aims to evaluate and compare equity in access to health care in rural health insurance system in the two countries. Methods Household survey and qualitative study were conducted in 6 counties in China and 4 districts in Vietnam. Health insurance policy and its impact on utilization of outpatient and inpatient service were analyzed and compared to measure equity in access to health care. Results In China, Health insurance membership had no significant impact on outpatient service utilization, while was associated with higher utilization of inpatient services, especially for the higher income group. Health insurance members in Vietnam had higher utilization rates of both outpatient and inpatient services than the non-members, with higher use among the lower than higher income groups. Qualitative results show that bureaucratic obstacles, low reimbursement rates, and poor service quality were the main barriers for members to use health insurance. Conclusions China has achieved high population coverage rate over a short time period, starting with a limited benefit package. However, poor people have less benefit from NCMS in terms of health service utilization. Compared to China, Vietnam health insurance system is doing better in equity in health service utilization within the health insurance members. However with low population coverage, a large proportion of population cannot enjoy the health insurance benefit. Mutual learning would help China and Vietnam address these challenges, and improve their policy design to promote equitable and sustainable health insurance.

Can rural health insurance improve equity in health care utilization? a comparison between China and Vietnam

Science.gov (United States)

2012-01-01

Introduction Health care financing reforms in both China and Vietnam have resulted in greater financial difficulties in accessing health care, especially for the rural poor. Both countries have been developing rural health insurance for decades. This study aims to evaluate and compare equity in access to health care in rural health insurance system in the two countries. Methods Household survey and qualitative study were conducted in 6 counties in China and 4 districts in Vietnam. Health insurance policy and its impact on utilization of outpatient and inpatient service were analyzed and compared to measure equity in access to health care. Results In China, Health insurance membership had no significant impact on outpatient service utilization, while was associated with higher utilization of inpatient services, especially for the higher income group. Health insurance members in Vietnam had higher utilization rates of both outpatient and inpatient services than the non-members, with higher use among the lower than higher income groups. Qualitative results show that bureaucratic obstacles, low reimbursement rates, and poor service quality were the main barriers for members to use health insurance. Conclusions China has achieved high population coverage rate over a short time period, starting with a limited benefit package. However, poor people have less benefit from NCMS in terms of health service utilization. Compared to China, Vietnam health insurance system is doing better in equity in health service utilization within the health insurance members. However with low population coverage, a large proportion of population cannot enjoy the health insurance benefit. Mutual learning would help China and Vietnam address these challenges, and improve their policy design to promote equitable and sustainable health insurance. PMID:22376290

Consumer Finance

OpenAIRE

Peter Tufano

2009-01-01

Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

Managing Consumer-Based Brand Equity in Higher Education

Directory of Open Access Journals (Sweden)

Tina Vukasovic

2015-03-01

Full Text Available The purpose of this study is to establish the key elements of brand equity for international students by exploring existing brand equity theory in its applicability to international higher education (HE. The main objective of this research is to enhance academic understanding of brand equity in the HE sector and explore the implications for management practice. Quantitative data collected via a self-completion survey are used to test a model of brand equity in the context of HE. The empirical setting is Slovenia, which has a mixture of public and private provision and an increasingly competitive environment. The results provide support for the proposed conceptual model, with image-related and awareness-related determinants. The findings of this research provided evidence that the customer-based brand equity model can be applied to the HE context as an element of competitive advantage and used to guide marketing activities for Universities internationally.

THE ENTERPRISE SELF-FINANCING – THE TAXATION IMPACT UPON SELF-FINANCING DECISION

OpenAIRE

Nicoleta BARBUTA-MISU

2009-01-01

This work study the self-financing problematic, with particular emphasis on their benefits for the enterprise, but also for shareholders, on domestic or external factors that influence the self-financing decision and its level, on the relationship between self-financing and depreciation, degree of debt and profitability and not in the last line on the self-financing cost. In the factors that acting on the self-financing decision was granted a special attention to taxation, whose impact has be...

DETERMINANTS OF BRAND EQUITY: AN EMPIRICAL STUDY OF IT INDUSTRY

Directory of Open Access Journals (Sweden)

Muhammad Fahid MUQADDAS

2016-12-01

Full Text Available The performance of any brand can be measured by many methods. One of the widely used ways to calculate brand performance is through brand equity. Brand equity can be observed by customer’s perspective as well as financial perspective. This research paper investigates the impact of advertising and promotion, research and development (RD and profitability (return on assets on brand equity. In this research paper data is used from 20 international IT brands for a period of 5 years from 2011 to 2015. The results show that advertising and promotion and profitability have statistically significant impact on brand equity whereas RD doesn’t make significant impact on brand equity. Based on the findings, it is observed that advertising is having the strongest impact on brand equity.

Corporate finance

OpenAIRE

P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen

2011-01-01

Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...

Organising the Finances For and the Finances From Transnational Corporate Bribery

OpenAIRE

Lord, Nicholas; Michael Levi,

2016-01-01

This article analyses the finances for and the finances from corporate bribery in international business transactions and how they are organised. Transnational corporate bribery involves non-criminal commercial enterprises that operate in licit markets but that use corrupt means to win or maintain business contracts inforeign jurisdictions. This article first considers what needs to be financed, how much finance is needed, and how the bribes can be generated and distributed. Second, the artic...

Schools of Excellence AND Equity? Using Equity Audits as a Tool to Expose a Flawed System of Recognition

Directory of Open Access Journals (Sweden)

Kathleen M Brown

2010-01-01

Full Text Available The purpose of this article is to demonstrate how equity audits can be used as a tool to expose disparate achievement in schools that, on the surface and to the public, appear quite similar. To that end, the researcher probed beyond surface-level performance composite scores into deeper, more hidden data associated with state-recognized "Honor Schools of Excellence." How is "excellence" defined and operationalized in these schools? Are these schools "excellent" for all students? Can a school really be classified by the state as "excellent" and yet still have significant "gaps" and disparities? If so, is the state's formula used to identify exemplary schools too simple, dogmatic, and institutionally flawed? Through the use of equity audits, quantitative data was collected to scan for systemic patterns of equity and inequity across multiple domains of student learning and activities within 24 elementary schools. The intent was to document and distinguish between schools that are promoting and supporting both academic excellence (small gap schools; SGS and systemic equity and schools that are not (large gap schools; LGS. Results reveal that although demographic, teacher quality, and programmatic audits all indicated a fair amount of equity between SGS and LGS, the achievement audit between both types of schools indicated great disparities. By controlling for or eliminating some of the external variables and internal factors often cited for the achievement gaps between white middle-class children and children of color or children from low-income families, the findings from this study raise more questions than answers. Results do indicate that equity audits are a practical, easy-to-apply tool that educators can use to identify inequalities objectively.

Ranking accounting, banking and finance journals: A note

OpenAIRE

Halkos, George; Tzeremes, Nickolaos

2012-01-01

This paper by applying Data Envelopment Analysis (DEA) ranks Economics journals in the field of Accounting, Banking and Finance. By using one composite input and one composite output the paper ranks 57 journals. In addition for the first time three different quality ranking reports have been incorporated to the DEA modelling problem in order to classify the journals into four categories (‘A’ to ‘D’). The results reveal that the journals with the highest rankings in the field are Journal of Fi...

Novethic explains the links between climate and finance

International Nuclear Information System (INIS)

2015-12-01

The COP 21 conference is the stage for UN climate negotiations among countries and has elicited unprecedented involvement by economic and financial players. For more than a year now, Novethic has been analysing and quantifying the move to incorporate the climate into financial management, a movement that counts nearly 1,000 investors representing Euro 30 trillion. Novethic has prepared four quick guides to ending coal investments, green financing, carbon risk and the climate commitments of the systemic banks and insurance companies

Financing and disseminating small energy systems in rural areas

International Nuclear Information System (INIS)

Waddle, D.B.; Perlack, R.D.

1992-01-01

The viability of small energy systems, primarily photovoltaic systems, is discussed as an alternative for rural electrification via traditional grid extension. A dissemination model that incorporates financing to allow access to a much larger population of users and technology support (e.g. training for sales and service and small business development) is described. The experience of two successful programs is presented to illustrate the keys to effective program development and implementation. (author)

As Endowment Managers Turn to Private Equity, Questions Arise

Science.gov (United States)

Fuller, Andrea; Blumenstyk, Goldie

2012-01-01

Endowment growth in 2011 came in no small part because universities have increasingly invested in private equity--the same private equity that has become a hot-button issue on the 2012 campaign trail, with some candidates and commentators calling into question its social value. Private equity is "of increasing significance" for endowments. It made…

Governing health equity in Scandinavian municipalities

DEFF Research Database (Denmark)

Scheele, Christian Elling; Little, Ingvild; Diderichsen, Finn

2018-01-01

AIMS: Local governments in the Scandinavian countries are increasingly committed to reduce health inequity through 'health equity in all policies' (HEiAP) governance. There exists, however, only very sporadic implementation evidence concerning municipal HEiAP governance, which is the focus...... of this study. METHODS: Data are based on qualitative thematic network analysis of 20 interviews conducted from 2014 to 2015 with Scandinavian political and administrative practitioners. RESULTS: We identify 24 factors located within three categories; political processes, where insufficient political commitment...... to health equity goals outside of the health sector and inadequate economic prioritization budget curbs implementation. Concerning evidence, there is a lack of epidemiological data, detailed evidence of health equity interventions as well as indicators relevant for monitoring implementation. Concerted...

On the Real Effects of Private Equity

NARCIS (Netherlands)

P.G.J. Roosenboom (Peter)

2009-01-01

textabstractPrivate equity has become an increasingly important part of our economy. Around the world the companies owned by private equity investors account for a substantial percentage of Gross Domestic Product (GDP) and private sector employment. These investors have recently been under fire in

DETERMINANTS OF RETURN ON EQUITY OF COOPERATIVE BANKS IN POLAND

Directory of Open Access Journals (Sweden)

Anna Bieniasz

2016-03-01

Full Text Available The aim of the study was to analyse the diversity of return on equity in the cooperative banks in Poland in 2010– 2014. The analysis was conducted using data of the Polish Financial Supervision Authority, on the basis of a modifi ed decomposition rate of return on equity. Assessment of the rate of return on equity was made in a size of banks, as determined by the value of assets. In addition, in order to determine the strength and direction of impact the individual components of the model on the formation of return on equity method was applied functional. The study suggests that cooperative banks eff ectively use the equity, because the rate of return on equity was signifi cantly higher than the rate of return on assets. The average return on assets in 2010–2014 was relatively lower in the largest banks and ranged from 0.7–0.9%, and the smallest banks return on assets was approximately 1%. In turn, the return on equity was higher at banks with major assets (over 200 million PLN. In 2013–2014 the rate of return both on assets and equity expressly declined. The main determinants of changes in return on equity were changing the multiplier reduction of profi t from banking activities by operating costs and costs of banking risk and return on assets, as well as measured result on banking activities.

The Employment Equity Act, 1998 (and other Myths about the Pursuit of "Equality", "Equity" and "Dignity" in Post-Apartheid South Africa (PART 2

Directory of Open Access Journals (Sweden)

Andre M Louw

2015-12-01

Full Text Available The author critically examines the organising principle of the affirmative action provisions of the Employment Equity Act (or EEA, as well as the implications of the recent judgment by the Constitutional Court in its first case involving the application of affirmative action in the employment context (and in terms of the EEA – SAPS v Solidarity obo Barnard. While reiterating the need for restitutionary measures such as affirmative action in South Africa, the author concludes – probably quite controversially - that the EEA's treatment of affirmative action has nothing to do with the equality right in the Bill of Rights, and that the Act pursues a different (and omnipresent social engineering agenda by the state. The author calls for this realisation to prompt future affirmative action cases arising from the application of this Act to be removed from the scheme of (and potential defences available under the equality jurisprudence, and for the courts to critically interrogate the constitutionality of the EEA's affirmative action scheme within its own context. The author believes that Chapter III of the Act is unconstitutional in this sense, and he calls for the scrapping of its provisions. He also calls for a (more constitutionally-compliant exposition from the Constitutional Court of the parameters of legitimate affirmative action under the Bill of Rights, and adds his voice to the numerous calls for reconsideration of the "rationality test" expounded in Minister of Finance v van Heerden. More generally, the author considers the apparently all-pervasive application of the government ideology of the pursuit of demographic representivity in "transformation" of employment and other contexts (expressing grave doubts about its constitutionality along the way. In Part 1 of this piece (which precedes this article in this edition, the author considers the constitutional requirements for a legitimate affirmative action programme or measure. He then

Equity weighting and the marginal damage costs of climate change

Energy Technology Data Exchange (ETDEWEB)

Anthoff, David [The Economic and Social Research Institute, Dublin (Ireland)]|[International Max Planck Research School on Earth System Modelling, Hamburg (Germany)]|[Research Unit Sustainability and Global Change, Hamburg University and Centre for Marine and Atmospheric Science, Hamburg (Germany); Hepburn, Cameron [Smith School of Enterprise and the Environment, and James Martin Institute, Said Business School, University of Oxford, and New College, Oxford (United Kingdom); Tol, Richard S.J. [The Economic and Social Research Institute, Dublin (Ireland)]|[Research Unit Sustainability and Global Change, Hamburg University and Centre for Marine and Atmospheric Science, Hamburg (Germany)]|[Institute for Environmental Studies, Vrije Universiteit, Amsterdam (Netherlands)]|[Engineering and Public Policy, Carnegie Mellon University, Pittsburgh, PA (United States)

2009-01-15

Climate change will give rise to different impacts in different countries, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. This paper analyses the impact of equity weighting on the marginal damage cost of carbon dioxide emissions, and reaches four main conclusions. First, equity-weighted estimates are substantially higher than estimates without equity-weights; equity-weights may even change the sign of the social cost estimates. Second, estimates differ by two orders of magnitude depending on the region to which the equity weights are normalised. Third, equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. Fourth, variations in the assumed inequality aversion have different impacts in different scenarios, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. (author)

Equity weighting and the marginal damage costs of climate change

International Nuclear Information System (INIS)

Anthoff, David; Hepburn, Cameron; Tol, Richard S.J.

2009-01-01

Climate change will give rise to different impacts in different countries, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. This paper analyses the impact of equity weighting on the marginal damage cost of carbon dioxide emissions, and reaches four main conclusions. First, equity-weighted estimates are substantially higher than estimates without equity-weights; equity-weights may even change the sign of the social cost estimates. Second, estimates differ by two orders of magnitude depending on the region to which the equity weights are normalised. Third, equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. Fourth, variations in the assumed inequality aversion have different impacts in different scenarios, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. (author)

International For-Profit Investments in Microfinance Institutions Equity

Directory of Open Access Journals (Sweden)

Carlos Rodriguez Monroy

2013-07-01

Full Text Available Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs, define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges

Moving towards global health equity: Opportunities and threats: An ...

African Journals Online (AJOL)

MESKE

time in recent history. ... Results: Equity has been a long quest in public health and global health equity could be seen as part of ... Sub-Saharan Africa will remain an enduring preoccupation ..... In recent years, “Equity as a shared vision for health and ..... skilled workers is evolving as a policy position in the US and Europe.

26 CFR 1.809-10 - Computation of equity base.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Computation of equity base. 1.809-10 Section 1... (CONTINUED) INCOME TAXES Gain and Loss from Operations § 1.809-10 Computation of equity base. (a) In general. For purposes of section 809, the equity base of a life insurance company includes the amount of any...

The diversity of regulation and public financing of IVF in Europe and its impact on utilization.

Science.gov (United States)

Berg Brigham, K; Cadier, B; Chevreul, K

2013-03-01

How do the different forms of regulation and public financing of IVF affect utilization in otherwise similar European welfare state systems? Countries with more liberal social eligibility regulations had higher levels of IVF utilization, which diminished as the countries' policies became more restrictive. Europe is a world leader in the development and utilization of IVF, yet surveillance reveals significant differences in uptake among countries which have adopted different approaches to the regulation and and public financing of IVF. A descriptive and comparative analysis of legal restrictions on access to IVF in 13 of the EU15 countries that affirmatively regulate and publicly finance IVF. Using 2009 data from the European Society of Human Reproduction and Embryology study of regulatory frameworks in Europe and additional legislative research, we examined and described restrictions on access to IVF in terms of general eligibility, public financing and the scope of available services. Multiple correspondence analysis was used to identify patterns of regulation and groups of countries with similar regulatory patterns and to explore the effects on utilization of IVF, using data from the most recent European and international IVF monitoring reports. Regulations based on social characteristics of treatment seekers who are not applicable to other medical treatments, including relationship status and sexual orientation, appear to have the greatest impact on utilization. Countries with the most generous public financing schemes tend to restrict access to covered IVF to a greater degree. However, no link could be established between IVF utilization and the manner in which coverage was regulated or the level of public financing. Owing to the lack of data regarding the actual level of public versus private financing of IVF it is impossible to draw conclusions regarding equity of access. Moreover, the regulatory and utilization data were not completely temporally matched in

The Equity Share in New Issues and Aggregate Stock Returns

OpenAIRE

Malcolm Baker; Jeffrey Wurgler

1999-01-01

The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity than debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period, and after controlling for other known predictors. We do not find support for efficient market ex

Finnish NGOs promoting health equity in the context of welfare economy.

Science.gov (United States)

Rouvinen-Wilenius, Päivi; Ahokas, Jussi; Kiukas, Vertti; Aalto-Kallio, Mervi

2018-04-05

Health inequality is a national challenge in Finland. The WHO global strategy of Health for All implies that all people should have an equal opportunity to develop and maintain their health through fair and just access to health resources. This article examines the role of Finnish Non-Governmental Organizations (NGO) in strengthening the health equity. The article presents the strategy and specific criteria constructed by the NGOs to promote health equity in society. The health equity criteria and welfare economy strategy are combined to a framework which NGOs can utilize in their work to promote health equity. The welfare economy strategy describes the important issues that NGOs have to address when working towards a specific societal goal, in this case equity. The health equity criteria in turn are an instrument for the practical implementation of the preconditions of equity.

Market timing and the debt-equity choice

NARCIS (Netherlands)

Elliot, W.B.; Koeter-Kant, J.; Warr, R.S.

2008-01-01

We test the market timing theory of capital structure using an earnings-based valuation model that allows us to separate equity mispricing from growth options and time-varying adverse selection; thus avoiding the multiple interpretations of book-to-market ratio. We find that equity market mispricing

Illiquidity Premia in the Equity Options Market

DEFF Research Database (Denmark)

Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

2018-01-01

constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

Explaining the performance of Chinese equity funds

NARCIS (Netherlands)

Huang, Xiaohong; Shi, Qiqiang

2013-01-01

This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

Iranian nursing students' perspectives of educational equity.

Directory of Open Access Journals (Sweden)

Shahrzad Ghiyasvandian

2014-12-01

Full Text Available Around the world there is a growing consensus that students' rights must be protected, regardless of race, creed, color, sex, religion, and socioeconomic status. One of these rights is the educational equity. However, little is known about these phenomena in nursing education. The aim of this study was to explore the educational equity from the perspective of nursing students. A qualitative study was conducted. Thus, we purposefully recruited for in-depth interviews 13 nursing students (8 female and 5 male. All interviews were transcribed verbatim and analyzed by thematic analysis approach to identify categories and themes. Four main themes emerged from the data: Fair Educational Opportunity, fair evaluation, attempts to combat discrimination, and employing qualified teachers.  It is argued that educational equity should be developed in higher education. Principles of equity and students' rights may form the most basic rationale for all formal and informal efforts to extend the right of equal access to education.

中国股票所有权的分割、流通及对投资银行业的制约

Institute of Scientific and Technical Information of China (English)

黄国明; 冯鸿玑

2004-01-01

This paper examines the impact of stock ownership segmentation in listed companies on the investment banking business in China. Assuming that holders of non-floatable shares try to maximize book value of shares, we explain why controlling shareholders will prefer to raise equity financing through the higher-priced public equity market. We explain why mergers and acquisitions of listed companies on the exchanges are all unlikely to be seen in China. Finally, we shed light on a commonly observed sequential financing pattern in China - why Chinese firms restructure through a process of mergers and acquisitions and then refinance through the equity market. Our results show that the Chinese investment banking business is severely constrained in the direction of equity financing.

Access to finance from different finance provider types: Farmer knowledge of the requirements

OpenAIRE

Wulandari, Eliana; Meuwissen, Miranda P. M.; Karmana, Maman H.; Oude Lansink, Alfons G. J. M.

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample o...

Brand equity v kategorii jogurtů na českém trhu.

OpenAIRE

Flodrová, Tereza

2008-01-01

Thesis deals with the subject of brand value / equity. In the application part equity of selected brands of yoghurts is measured using Equity Builder and Brand Power methodologies and recommendations for their brand equity growth are given.

Conceptualization of the Relationship between Brand Equity and Purchase Behavior

OpenAIRE

Ogunnaike, Olaleke Olusye; Kehinde, Oladele Joseph; Omoyayi, Oluwadamilola Oluwatosin; Popoola, Oluwamakinde Oluwamayowa; Amoruwa, Andrew

2017-01-01

Assessing the customer perspective of brand equity will provide deep understanding of how brands influence purchase behaviour of customers. The purpose of this paper is to formulate a conceptual framework that will provide an understanding of the relationship existing between the elements of brand equity and that of purchase behaviour. The adoption of Aaker’s brand equity model will serve as a guide for conceiving associations between brand equity and purchase behaviour for this study. Litera...

Accessibility, equity and efficiency. Part 1: Introduction

NARCIS (Netherlands)

Geurs, Karst Teunis; Dentinho, T.; Patuelli, R.; Geurs, K.T.; Patuelli, R.; Dentinho, T.

2016-01-01

The tension between efficiency and equity has been the focus of major debate since equity aspects started to be considered as part of project evaluation procedures (Thomopoulos et al. 2009). In this book, we contribute to the debate by focusing on the links and trade-offs between accessibility,

Leisure Today: Equity Issues in Leisure Services.

Science.gov (United States)

Dustin, Daniel L., Ed.; And Others

1990-01-01

Seven articles on equity issues in leisure services focus on conservation for the future, resource allocation inequities in wildland recreation, leisure services for people of color and people with disabilities, serving all children in community recreation, women and leisure services, and equity in public sector resource allocations. (JD)

Pay equity, minimum wage and equality at work

OpenAIRE

Rubery, Jill

2003-01-01

Reviews the underlying causes of pay discrimination embedded within the organization of the labour market and structures of pay and reward. Discusses the need to focus on pay equity as part of a general strategy of promoting equity and decent work and examines the case for using minimum wage policies in comparison to more targeted equal pay policies to reduce gender pay equity. Identifies potential obstacles to or support for such policies and describes experiences of the use of minimum wages...

Financing Investment

DEFF Research Database (Denmark)

Hirth, Stefan; Flor, Christian Riis

Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

MANAGEMENT ACCOUNTING IN EUROPEAN SOCIAL FUND FINANCED PROJECTS IN ROMANIA

OpenAIRE

Dogar Cristian; Tatiana Dãnescu

2012-01-01

Associating spent amounts in European Social Fund (ESF) financed interventions to eligible activities could be important premises for safeguarding the sound financial management principle. Incorporating management accounting in the beneficiaries accounting systems may provide primary warranties about compliance to the above mentioned principle as described in the EC Regulation 1605-2002 This study aims to explore some facts in actual accounting management implementation, as a base for future ...

Using connectivity for measuring equity in transit provision

DEFF Research Database (Denmark)

Kaplan, Sigal; Popoks, Dmitrijs; Prato, Carlo Giacomo

2014-01-01

. In addition, transit connectivity weighs the impedance components according to their relative importance to travelers. The assessment of equity was performed for the multi-modal transit system in the Greater Copenhagen Area, renowned for its transit-oriented finger-plan. The assessment method used a GIS...... representation of the network (i.e., service lines, timetables, metro stations, train stations, and bus stops), and transit assignment results (i.e., level-of-service times, passenger flows). The assessment method proved effective in calculating location-based and potential-accessibility measures and Gini...... coefficients of inequality in the Greater Copenhagen Area. Results show that the transit-oriented development contributes to spatial equity with high connectivity in densely populated zones, vertical equity with comparable connectivity in high income and low income zones, inter-generational equity with good...

Consumer-Based Brand Equity: A literature review

Directory of Open Access Journals (Sweden)

A. Szőcs

2014-06-01

Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

Consumer-Based Brand Equity: A literature review

Directory of Open Access Journals (Sweden)

Attila Szőcs

2014-01-01

Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

Osobní a rodinné finance - finance vysokoškolského studenta

OpenAIRE

Palicová, Helena

2014-01-01

In this thesis, Personal and family finances, subtitled Finances of university student. It is discussed on the way to a happier life through management of personal finances. Just as it is necessary to control corporate finance, it is necessary everyone managed own personal finances. It is indicated as appropriate to tackle your finances,what to focus on, and it's practically demonstrated on the example of a university student. There are analyzed his goals and needs, then it is outlined possib...

PNG Education System: Equity Trends and Comparisons.

Science.gov (United States)

Sheret, Michael

This paper identifies and discusses inequities in the educational system of Papua New Guinea (PNG). It begins by explaining the use of the Gini coefficient as an equity index, and then discusses inequities and equity trends in four concern areas: geographic distribution of formal education between provinces; educational achievement; distribution…

Do Professors Have Customer-Based Brand Equity?

Science.gov (United States)

Jillapalli, Ravi K.; Jillapalli, Regina

2014-01-01

This research endeavors to understand whether certain professors have customer-based brand equity (CBBE) in the minds of students. Consequently, the purpose of this study is to conceptualize, develop, and empirically test a model of customer-based professor brand equity. Survey data gathered from 465 undergraduate business students were used to…

Financing petroleum agreements

International Nuclear Information System (INIS)

Robson, C.J.V.

1994-01-01

This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)

Reviving Pay Equity: New Strategies for Attacking the Wage Gap.

Science.gov (United States)

Kahn, Peggy; Figart, Deborah M.

1998-01-01

Pay equity remains a problem linked to the problem of low pay. Pay equity must be understood as one solution to the problem of securing a living wage for women and men in the restructuring economy as well as a means for challenging gender equity. (JOW)

International portfolio diversification: United States and south Asian equity markets

Directory of Open Access Journals (Sweden)

Mushtaq Rizwan

2014-01-01

Full Text Available This paper explores the dynamic liaison between US and three developing South Asian equity markets in short and long term. To gauge the long-term relationship, we applied Johansen co-integration procedure as all the representative indices are found to be non-stationary at level. The findings illustrate that the US equity market index exhibits a reasonably different movement over time in contrast to the three developing equity markets under consideration. However, the Granger-causality test divulge that the direction of causality scamper from US equity market to the three South Asian markets. It further indicates that within the three developing equity markets the direction of causality emanates from Bombay stock market to Karachi and Colombo. Overall, the results of the study suggest that the American investors can get higher returns through international diversification into developing equity markets, while the US stock market would also be a gainful upshot for South Asian investors.

Teknologi Informasi Dalam Membentuk Atribut Brand Equity Suatu Produk

OpenAIRE

Damayanti, Kristiana Asih

2004-01-01

Product is known from its merk and Customer will choice and buy product which havegood and famous merk. For it, Company have to built good merk which can describe fromBrand Equity. Brand Equity has five atributes: Brand Assosiation, Brand Awareness,Perceived Quality, Brand Loyalty, and other atributes.This paper has a goal to make a model how Information Technology in built everyatributes of Brand Equity.

Equity prices, productivity growth and 'The New Economy'

DEFF Research Database (Denmark)

Madsen, Jakob B.; Davis, E. Philip

2006-01-01

The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This article establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions......, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empirical evidence gives strong support for the model by suggesting that technological innovations indeed...

Is Pakistani Equity Market Integrated to the Equity Markets of Group of Eight (G8 Countries? An Empirical Analysis of Karachi Stock Exchange

Directory of Open Access Journals (Sweden)

Syed Muhammad Aamir Shah

2012-09-01

Full Text Available This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8 which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990 shows there exists no long-term relationship between the G8 and Pakistani equity market. Vector error correction (VECM model suggests that 100% of the lag periods disequilibrium has been corrected in the current period. Pairwise Granger Causality test shows that there exist a unidirectional causality between the equity market of Pakistan and the markets of France, Germany, Italy, Japan and United Kingdom. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity market are due to its own innovation and behave like exogenous. However, the markets of France, Japan, Germany and United Kingdom are exerting a little pressure on Pakistani equity markets. Therefore, by investing in Karachi Stock Exchange (KSE the fund manager of G8 countries especially Canada, Italy, Russia and USA is capable of getting the advantage of portfolio diversification.

A comparison of carbon allocation schemes: On the equity-efficiency tradeoff

International Nuclear Information System (INIS)

Pan, Xunzhang; Teng, Fei; Wang, Gehua

2014-01-01

In the long-term stabilization targets of greenhouse gases concentrations, various carbon emission rights allocation schemes have been proposed. To compare and evaluate them, the most essential is the equity-efficiency tradeoff. This paper measures the equity and the efficiency in the global rather than the narrower national perspective. Specifically, the equity of the first allocation is quantified by the carbon Gini coefficient defined by per capita cumulative emission, and the economic efficiency to accomplish obligations is described with the discounted global abatement costs. Under 20 key allocation schemes, the numerical comparison on the equity-efficiency tradeoff side is carried out through the Equitable Access to Sustainable Development model. Our studies indicate that the equity and the efficiency of future emission space allocation approximately show a three-stage relationship. - Highlights: • The equity-efficiency tradeoff among 20 key allocation schemes is carried out. • Both the equity and the efficiency are measured in the global perspective. • The Equitable Access to Sustainable Development model is adopted as the study tool. • A practical trade framework is indispensable to efficiently address climate change. • The equity and the efficiency generally show a three-stage tradeoff relationship

Social innovation for the promotion of health equity.

Science.gov (United States)

Mason, Chris; Barraket, Jo; Friel, Sharon; O'Rourke, Kerryn; Stenta, Christian-Paul

2015-09-01

The role of social innovations in transforming the lives of individuals and communities has been a source of popular attention in recent years. This article systematically reviews the available evidence of the relationship between social innovation and its promotion of health equity. Guided by Fair Foundations: The VicHealth framework for health equity and examining four types of social innovation--social movements, service-related social innovations, social enterprise and digital social innovations--we find a growing literature on social innovation activities, but inconsistent evaluative evidence of their impacts on health equities, particularly at the socio-economic, political and cultural level of the framework. Distinctive characteristics of social innovations related to the promotion of health equity include the mobilization of latent or unrealised value through new combinations of (social, cultural and material) resources; growing bridging social capital and purposeful approaches to linking individual knowledge and experience to institutional change. These have implications for health promotion practice and for research about social innovation and health equity. © The Author 2015. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Design, Development and Implementation of Decision Support Systems for Private Equity Investment

OpenAIRE

Vroomen, Paul

2017-01-01

The objective of this research is to design, develop and implement an intelligent decision support system (IDSS) for making rational private equity investment decisions. (Private equity investments are capital investments in enterprises that are not traded on public equity markets; they include Equity Buy-Out, Venture Capital, and the new Equity Crowd Funding (ECF) asset classes). The design and development of the IDSS requires the integration of investment science (valuation theory, portfoli...

Paying for and receiving benefits from health services in South Africa: is the health system equitable?

Science.gov (United States)

Ataguba, John E; McIntyre, Di

2012-03-01

There is a global challenge for health systems to ensure equity in both the delivery and financing of health care. However, many African countries still do not have equitable health systems. Traditionally, equity in the delivery and the financing of health care are assessed separately, in what may be termed 'partial' analyses. The current debate on countries moving toward universal health systems, however, requires a holistic understanding of equity in both the delivery and the financing of health care. The number of studies combining these aspects to date is limited, especially in Africa. An assessment of overall health system equity involves assessing health care financing in relation to the principles of contributing to financing according to ability to pay and benefiting from health services according to need for care. Currently South Africa is considering major health systems restructuring toward a universal system. This paper examines together, for both the public and the private sectors, equity in the delivery and financing of health care in South Africa. Using nationally representative datasets and standard methodologies for assessing progressivity in health care financing and benefit incidence, this paper reports an overall progressive financing system but a pro-rich distribution of health care benefits. The progressive financing system is driven mainly by progressive private medical schemes that cover a small portion of the population, mainly the rich. The distribution of health care benefits is not only pro-rich, but also not in line with the need for health care; richer groups receive a far greater share of service benefits within both public and private sectors despite having a relatively lower share of the ill-health burden. The importance of the findings for the design of a universal health system is discussed.

Inquiry as an Entry Point to Equity in the Classroom

Science.gov (United States)

Tang, Gail; El Turkey, Houssein; Cilli-Turner, Emily; Savic, Milos; Karakok, Gulden; Plaxco, David

2017-01-01

Although many policy documents include equity as part of mathematics education standards and principles, researchers continue to explore means by which equity might be supported in classrooms and at the institutional level. Teaching practices that include opportunities for students to engage in active learning have been proposed to address equity.…

International energy financing

International Nuclear Information System (INIS)

Vedavalli, Rangaswamy

1994-01-01

Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)

Approaches that Affect Consumer-Based Brand Equity

Directory of Open Access Journals (Sweden)

Denise Santos de Oliveira

2017-08-01

Full Text Available Current studies on factors affecting the dimensions of consumer-based brand equity have been dispersed, applicable to specific contexts and not systematized in the literature. So, the purpose of this paper is to identify and categorize factors that create, increase or decrease each of the consumer-based brand equity dimensions: brand associations, brand awareness, perceived quality and brand loyalty. The extensive analysis of literature shows that there are significant differences between factors affecting each of the brand equity dimensions. Factors that positively affect one dimension cannot have the same effect on another. Moreover, it notes that the effect of such factors is variations when analyzed in different sectors and economic contexts. The main contribution of this research lies in the fact that it provides a research panorama already conducted on factors affecting the dimensions of consumer-based brand equity, indicating a potential for development of future studies. This research also enriches the literature categorizing the factors identified in the literature in four sets that allow the future targeting studies.

Pricing Equity-Indexed Annuities under Stochastic Interest Rates Using Copulas

Directory of Open Access Journals (Sweden)

Patrice Gaillardetz

2010-01-01

Full Text Available We develop a consistent evaluation approach for equity-linked insurance products under stochastic interest rates. This pricing approach requires that the premium information of standard insurance products is given exogenously. In order to evaluate equity-linked products, we derive three martingale probability measures that reproduce the information from standard insurance products, interest rates, and equity index. These risk adjusted martingale probability measures are determined using copula theory and evolve with the stochastic interest rate process. A detailed numerical analysis is performed for existing equity-indexed annuities in the North American market.

Equity trees and graphs via information theory

Science.gov (United States)

Harré, M.; Bossomaier, T.

2010-01-01

We investigate the similarities and differences between two measures of the relationship between equities traded in financial markets. Our measures are the correlation coefficients and the mutual information. In the context of financial markets correlation coefficients are well established whereas mutual information has not previously been as well studied despite its theoretically appealing properties. We show that asset trees which are derived from either the correlation coefficients or the mutual information have a mixture of both similarities and differences at the individual equity level and at the macroscopic level. We then extend our consideration from trees to graphs using the "genus 0" condition recently introduced in order to study the networks of equities.

[Evaluating cost/equity in the Colombian health system, 1998-2005].

Science.gov (United States)