"Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960

OpenAIRE

Yally Avrahampour

2015-01-01

This article examines the mid-twentieth-century transformation of U.K. pension fund investment policy known as the “cult of equity.” It focuses on the influence exercised by the Association of Superannuation and Pension Funds over actuarial and corporate governance standards, through actuaries who were members of its council. This intervention led to increasingly permissive actuarial valuations that reduced contributions for sponsors of pension funds investing in equities. Increased demand fo...

Another Look at the Performance of Actively Managed Equity Mutual Funds

OpenAIRE

Blitz, David; Huij, Joop

2012-01-01

textabstractIn this study we evaluate the performance of actively managed equity mutual funds against a set of passively managed index funds. We find that the return spread between the best performing actively managed funds and a factor-mimicking portfolio of passive funds is positive and as large as 3 to 5 percent per annum. Our findings are inconsistent with the view that active funds have little or no incremental economic value over low-cost index funds.

Value Effect in Indonesian Stock Returns: The Implications for the Equity Mutual Fund Industry

Directory of Open Access Journals (Sweden)

Samuel Kristianto Utomo

2015-04-01

Full Text Available We extend the persistence and pervasiveness of the presence of value effect to Indonesian stock returns in the last two decades by utilizing data set that is relatively free of survivor bias and selection bias. Our finding shows that value portfolios have been able to outperform growth portfolios. Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantly explain the returns of the aggregate equity mutual funds in Indonesia and unveil that the equity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs and fund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simpler model shown in this paper to capture the value premium as opposed to the general application of traditional valuation method.

Private equity fund compensation contracts and their incentive effects

NARCIS (Netherlands)

Phalippou, L.

2009-01-01

This article describes compensation contracts in private equity. It shows that they may not align interest between the investors and fund managers as much as commonly thought. Certain clauses appear as potentially hazardous for investors and others exacerbate conflicts of interest.

Promoting Islamic Private Equity Fund As An Ideal Financial Intermediary Institution

Directory of Open Access Journals (Sweden)

Nashr Akbar

2017-12-01

Full Text Available The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1 fractional reserve banking, 2 fiat money, 3 debt-based investment, 4 risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1 no fractional reserve banking, 2 equity-based investment and 3 risk taker

Screening techniques, sustainability and risk adjusted returns. : - A quantitative study on the Swedish equity funds market

OpenAIRE

Ögren, Tobias; Forslund, Petter

2017-01-01

Previous studies have primarily compared the performance of sustainable equity funds and non-sustainable equity funds. A meta-analysis over 85 different studies in the field concludes that there is no statistically significant difference in risk-adjusted returns when comparing sustainable funds and non-sustainable funds. This study is thus an extension on previous studies where the authors have chosen to test the two most common sustainability screening techniques to test if there is a differ...

EVALUATION OF THE PERFORMANCE OF TURKISH EQUITY UMBRELLA FUNDS USING THE MORNINGSTAR RATING SYSTEM

OpenAIRE

Gul, Yavuz; Altinirmak, Serpil

2018-01-01

Purpose - Different types of funds exist depending on the assetsthe portfolio is composed of. The main types of funds include; bond umbrellafunds, equity umbrella funds, precious metal umbrella fund, fund basketumbrella funds, money market umbrella funds, participation umbrella fund,balanced umbrella funds, free umbrella funds, guaranteed umbrella fund,umbrella fund for protection purposes.The subject of our study is equityumbrella funds. These kinds of funds receive at least 80% of the share...

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...

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

There are large gaps in the literature relating to the implementation of user fee policy and fee exemption measures for the poor, particularly on how such schemes are implemented and why many have not produced expected outcomes. In October 2003, Madagascar instituted a user fee exemption policy which established "equity funds" at public health centres, and used medicine sales revenue to subsidise the cost of medicine for the poor. This study examines the policy design and implementation process of the equity fund in Madagascar in an attempt to explore factors influencing the poor equity outcomes of the scheme. This study applied an agency-incentive framework to investigate the equity fund policy design and implementation practices. It analysed agency relationships established during implementation; examined incentive structures given to the agency relationships in the policy design; and considered how incentive structures were shaped and how agents responded in practice. The study employed a case-study approach with in-depth analysis of three equity fund cases in Madagascar's Boeny region. Policy design problems, triggering implementation problems, caused poor equity performance. These problems were compounded by the re-direction of policy objectives by health administrators and strong involvement of the administrators in the implementation of policy. The source of the policy design and implementation failure was identified as a set of principal-agent problems concerning: monitoring mechanisms; facility-based fund management; and the nature and level of community participation. These factors all contributed to the financial performance of the fund receiving greater attention than its ability to financially protect the poor. The ability of exemption policies to protect the poor from user fees can be found in the details of the policy design and implementation; and implications of the policy design and implementation in a specific context determine whether a policy

Private equity and venture capital: investment fund structures in the Czech Republic

Directory of Open Access Journals (Sweden)

Marek Zinecker

2011-01-01

Full Text Available A working private equity and venture capital market (PE/VC market stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6 defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14, the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds. The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006.

Formula-Based Public School Funding System in Victoria: An Empirical Analysis of Equity

Science.gov (United States)

Bandaranayake, Bandara

2013-01-01

This article explores the formula-based school funding system in the state of Victoria, Australia, where state funds are directly allocated to schools based on a range of equity measures. The impact of Victoria' funding system for education in terms of alleviating inequality and disadvantage is contentious, to say the least. It is difficult to…

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

Directory of Open Access Journals (Sweden)

Rousseau Lötter

2013-10-01

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

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

Directory of Open Access Journals (Sweden)

Rousseau Lötter

2013-12-01

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

The market for equity release products: Lessons from the ...

African Journals Online (AJOL)

Home Equity Release Products (ERPs) are innovative fi nancial instruments that enable elderly, retired people to use their unencumbered houses as a source of income/funding while they continue to reside in them, thereby seeking to address the constraints of the life cycle hypothesis. The loan and outstanding amounts ...

Vertical and horizontal equity of funding for malaria control: a global multisource funding analysis for 2006-2010.

Science.gov (United States)

Barrenho, Eliana; Miraldo, Marisa; Shaikh, Mujaheed; Atun, Rifat

2017-01-01

International and domestic funding for malaria is critically important to achieve the Sustainable Development Goals. Its equitable distribution is key in ensuring that the available, scarce, resources are deployed efficiently for improved progress and a sustained response that enables eradication. We used concentration curves and concentration indices to assess inequalities in malaria funding by different donors across countries, measuring both horizontal and vertical equity. Horizontal equity assesses whether funding is distributed in proportion to health needs, whereas vertical equity examines whether unequal economic needs are addressed by appropriately unequal funding. We computed the Health Inequity Index and the Kakwani Index to assess the former and the latter, respectively. We used data from the World Bank, Global Fund, Unicef, President's Malaria Initiative and the Malaria Atlas Project to assess the distribution of funding against need for 94 countries. National gross domestic product per capita was used as a proxy for economic need and 'population-at-risk' for health need. The level and direction of inequity varies across funding sources. Unicef and the President's Malaria Initiative were the most horizontally inequitable ( pro-poor ). Inequity as shown by the Health Inequity Index for Unicef decreased from -0.40 (P0.10) in 2006 to -0.38 (P<0.05) in 2008, and decreased to -0.36 (P<0.10) in 2010. Domestic funding was inequitable ( pro-rich ) with inequity increasing from 0.28 (P<0.01) in 2006 to 0.39 (P<0.01) in 2009, and then decreasing to 0.22 (P<0.10) in 2010. Funding from the World Bank and the Global Fund was distributed proportionally according to need. In terms of vertical inequity, all sources were progressive: Unicef and the President's Malaria Initiative were the most progressive with the Kakwani Indices ranging from -0.97 (P<0.01) to -1.29 (P<0.01), and -0.90 (P<0.01) to -1.10 (P<0.01), respectively. Our results suggest that external funding of

Performance of mutual equity funds in Brazil – A bootstrap analysis

Directory of Open Access Journals (Sweden)

Marco Antonio Laes

2014-09-01

Full Text Available This article reports a study on the performance of mutual equity funds in Brazil from January 2002 to August 2012. For the analyses, Carhart's four-factor model is used as the benchmark for performance, and bootstrap procedures are applied to separate skill from luck. The results show that returns of the best performers are more due to luck than skill of their managers. For the bottom ranked funds, on the contrary, there is statistical evidence that their poor performance is caused mainly by bad management, rather than by bad luck. It is also showed that the largest funds perform better than the small or middle-sized funds.

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

Science.gov (United States)

2011-07-28

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

Institutional investor activism : Hedge funds and private equity, economics and regulation

NARCIS (Netherlands)

Mc Cahery, Joseph; Bratton, W.

2015-01-01

The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies’ corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of

Vertical and horizontal equity of funding for malaria control: a global multisource funding analysis for 2006–2010

Science.gov (United States)

Barrenho, Eliana; Miraldo, Marisa; Shaikh, Mujaheed; Atun, Rifat

2017-01-01

Background International and domestic funding for malaria is critically important to achieve the Sustainable Development Goals. Its equitable distribution is key in ensuring that the available, scarce, resources are deployed efficiently for improved progress and a sustained response that enables eradication. Methods We used concentration curves and concentration indices to assess inequalities in malaria funding by different donors across countries, measuring both horizontal and vertical equity. Horizontal equity assesses whether funding is distributed in proportion to health needs, whereas vertical equity examines whether unequal economic needs are addressed by appropriately unequal funding. We computed the Health Inequity Index and the Kakwani Index to assess the former and the latter, respectively. We used data from the World Bank, Global Fund, Unicef, President’s Malaria Initiative and the Malaria Atlas Project to assess the distribution of funding against need for 94 countries. National gross domestic product per capita was used as a proxy for economic need and ‘population-at-risk’ for health need. Findings The level and direction of inequity varies across funding sources. Unicef and the President’s Malaria Initiative were the most horizontally inequitable (pro-poor). Inequity as shown by the Health Inequity Index for Unicef decreased from −0.40 (P0.10) in 2006 to −0.38 (P<0.05) in 2008, and decreased to −0.36 (P<0.10) in 2010. Domestic funding was inequitable (pro-rich) with inequity increasing from 0.28 (P<0.01) in 2006 to 0.39 (P<0.01) in 2009, and then decreasing to 0.22 (P<0.10) in 2010. Funding from the World Bank and the Global Fund was distributed proportionally according to need. In terms of vertical inequity, all sources were progressive: Unicef and the President’s Malaria Initiative were the most progressive with the Kakwani Indices ranging from −0.97 (P<0.01) to −1.29 (P<0.01), and −0.90 (P<0.01) to −1.10 (P<0

NEW REGULATION OF PRIVATE EQUITY AND VENTURE CAPITAL FUNDS AND OPEN QUESTIONS

Directory of Open Access Journals (Sweden)

Suzana Audić Vuletić

2017-01-01

Full Text Available This article provides an analysis of the new regulation of private equity and venture capital funds which are in Croatian law regulated by Alternative Investment Funds Act and ordinances. These funds can offer their units only via private offering to primarily professional, i.e. qualifying investors. They invest mostly in shares and units of companies, including both companies in early (start-ups and in later stage of business. For the companies in which they invest, these funds are very signifi cant as they can provide capital for even small entrepreneurs which could not obtain fi nancing from traditional sources (e. g. banks. This article analyzes investment transactions between private equity (further in text: PE and venture capital (further in text: VC funds and the company in which they invest (portfolio company. PE and VC funds represent a new segment in the Croatian capital market which is still developing and whose potential is yet to be fully recognized. PE and VC funds are not regulated on the EU level. However, managers of AIFs, including PE and VC funds are under certain conditions. Authors shall analyze these legal sources, both on the EU and on the domestic level, with emphasis on the regulation of managers of AIFs when they acquire controlling stake in non-listed companies and issuers, which is of special interest to PE and VC funds due to their investment techniques. In that light, authors question if there is a mechanism which ensures that PE and VC funds act as a socially responsible shareholders/unitholders in portfolio companies (public accountability of the managers of AIFs. If so, authors argue the existence of possible confl ict of interest, as it is not clear in whose interest should managers of PE and VC funds act: in the interest of their investors or in the interest of the portfolio company.

Building a regional health equity movement: the grantmaking model of a local health department.

Science.gov (United States)

Baril, Nashira; Patterson, Meghan; Boen, Courtney; Gowler, Rebekah; Norman, Nancy

2011-01-01

The Boston Public Health Commission's Center for Health Equity and Social Justice provides grant funding, training, and technical assistance to 15 organizations and coalitions across New England to develop, implement, and evaluate community-based policy and systems change strategies that address social determinants of health and reduce racial and ethnic health inequities. This article describes Boston Public Health Commission's health equity framework, theory of change regarding the elimination of racial and ethnic health inequities, and current grantmaking model. To conclude, the authors evaluate the grant model and offer lessons learned from providing multiyear regional grants to promote health equity.

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.

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...

Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention

NARCIS (Netherlands)

Humphery-Jenner, M.

2011-01-01

This paper examines diversification as a source of value creation and destruction in private equity. The literature has focused on the `diversification discount' in corporations. It has not analyzed diversification in PE-funds, where diversification might increase value by ameliorating managerial

Lessons learned using a values-engaged approach to attend to culture, diversity, and equity in a STEM program evaluation.

Science.gov (United States)

Boyce, Ayesha S

2017-10-01

Evaluation must attend meaningfully and respectfully to issues of culture, race, diversity, power, and equity. This attention is especially critical within the evaluation of science, technology, engineering, and mathematics (STEM) educational programming, which has an explicit agenda of broadening participation. The purpose of this article is to report lessons learned from the implementation of a values-engaged, educative (Greene et al., 2006) evaluation within a multi-year STEM education program setting. This meta-evaluation employed a case study design using data from evaluator weekly systematic reflections, review of evaluation and program artifacts, stakeholder interviews, and peer review and assessment. The main findings from this study are (a) explicit attention to culture, diversity, and equity was initially challenged by organizational culture and under-developed evaluator-stakeholder professional relationship and (b) evidence of successful engagement of culture, diversity, and equity emerged in formal evaluation criteria and documents, and informal dialogue and discussion with stakeholders. The paper concludes with lessons learned and implications for practice. Copyright © 2017 Elsevier Ltd. All rights reserved.

Financialisation in health care: An analysis of private equity fund investments in Turkey.

Science.gov (United States)

Eren Vural, Ipek

2017-08-01

The 2007-2008 global financial crisis revived interest in the impacts of financial markets and actors on our social and economic life. Nevertheless, research on health care financialisation remains scant. This article presents findings from research on one modality of financial investments in health care: global private equity funds' investments in private hospitals. Adopting a political economy approach, it analyses the drivers and impacts of the upsurge of global private equity investments in the Turkish private hospital sector amid the global financial crisis. The analysis derives from review of research and archival literature, as well as six in-depth interviews held with owners/executive board directors/general managers of the largest private hospital chains in Turkey and the general partners of their PE investors. The interviewing process took place between January and November 2016. All interviews were conducted by the author in Istanbul. The findings point to a mutually reinforcing relationship between neoliberal policies and financialisation processes in health care. The article shows that neoliberal healthcare reforms, introduced under consecutive Justice and Development Party (JDP) governments in Turkey, have been important precursors of private equity investments in healthcare services. These private equity investments, in turn, intensified and broadened the process of marketisation in health care services. Four impacts are identified, through which private equity investments hasten the marketisation of health care services. These relate to the impacts of private equity investments on a) advancing the process of chain formation by large hospital groups, b) spreading financial imperatives into the operations of private hospitals c) fostering internationalisation of capital, and d) augmenting inequities in access to health care services and standards. Copyright © 2017 Elsevier Ltd. All rights reserved.

DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

Directory of Open Access Journals (Sweden)

Eduardo Pozzi Lucchesi

2015-01-01

Full Text Available The disposition effect predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way are still subject to much controversy between rational and behavioral explanations. In this article, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve it, an analysis of monthly transactions for a sample of 51 Brazilian equity funds from 2002 to 2008 was conducted and regression models with qualitative dependent variables were estimated in order to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The results brought evidence that prospect theory seems to guide the decision-making process of the managers, but the hypothesis that the disposition effect is due to mean reversion bias could not be confirmed.

The lessons of the crisis on pension funds portfolio management

Directory of Open Access Journals (Sweden)

Dan CONSTANTINESCU

2012-12-01

Full Text Available Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.

76 FR 38432 - TIAA-CREF Funds, et al.; Notice of Application

Science.gov (United States)

2011-06-30

... & Income Fund, High-Yield Fund, Inflation-Linked Bond Fund, International Equity Fund, International Equity... Market Fund, Real Estate Securities Fund, Short-Term Bond Fund, Small-Cap Equity Fund; Teachers Advisors..., Growth & Income Fund, High-Yield Fund, Inflation-Linked Bond Fund, International Equity Fund...

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

OpenAIRE

Panayiotis Curtis; Jonh Thalassinos

2005-01-01

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

Style Analysis: Asset Allocation & Performance Evaluation of Indonesian Equity Funds, April 2004 – March 2009

Directory of Open Access Journals (Sweden)

Boniarga Mangiring

2014-08-01

Full Text Available This paper explores investment styles and risk exposures of mutual funds in Indonesia using Sharpe's return-based style analysis, a quadratic optimization of an asset class factor model,  proposed  by  William  F.  Sharpe  in  1992.  The  research  observes  nine  sectoral  asset class indexes and ifteen survivor Indonesian equity funds within April 2004 - March 2009. The  results  suggest  that  the  infrastructure  sector  has  the  biggest  exposure  on  average. This  study  also  measures  the  relative  performance  of  the  funds  with  respect  to  their  style benchmarks.  The  results  indicate  that  the  nine  funds  have  been  able  to  beat  their  style benchmarks on average. From all funds, Fortis Ekuitas is the best fund based on its average monthly selection return. ";} // -->activate javascript

The Applicability of Tax Treaties in Respect of Income Distributed by Luxembourgian SIF and SICAR Private Equity Funds and the Tax Consequences for Finnish Investors

OpenAIRE

Järvinen, Oscar

2015-01-01

In a globalized market for private equity investments, the risk for international double taxation has made the applicability of tax treaties all the more important. The study is concerned with private equity fund structures, where a Luxembourgian SIF or SICAR is used as fund vehicle, where the investor is resident in Finland and where the target company is resident in a third state. In such triangular investment structures the determination of the applicable tax treaty may not always be clear...

Energy efficiency and renewable energies: first lessons learned from AFD and FFEM funding

International Nuclear Information System (INIS)

Ries, Alain; Dubus, Koulm; Naudet, Jean David

2008-04-01

The French Agency for Development (AFD) has been always more involved in projects dealing with issues related to global warming, and more particularly in projects aiming at developing energy efficiency and renewable energies, these projects involved different expertises (energy, urban planning, transports, agriculture, and so on). In order to highlight lessons learned from these diversity of projects and interventions, this report first proposes an analysis of these projects related to energy efficiency and renewable energies in terms of concerned sectors, of intervener, of funding type, and of evolution in time. Then, the authors highlight lessons learned in terms of project starting conditions (national framework, funding, technical abilities, social and environmental factors), in terms of funding conditions for these projects (concessional financing, specialised credit lines), and in terms of climatic impact assessment and of criteria of project selection (practices and reductions of greenhouse gas emissions, improvement of the climatic impact for project financed by the AFD)

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

OpenAIRE

Fang, Jieyan

2012-01-01

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

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....

Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?

NARCIS (Netherlands)

J.H. Block (Jörn); L. Hornuf (Lars); A. Moritz (Alexandra)

2016-01-01

textabstractStart-ups often post updates during equity crowdfunding campaigns. Yet, little is known about the effects of such updates on funding success. We investigate this question using hand-collected data from 71 funding campaigns on two German equity crowdfunding portals. Using a combination of

Predictive power of Brazilian equity fund performance using R2 as a measure of selectivity

Directory of Open Access Journals (Sweden)

Marcelo dos Santos Guzella

2017-03-01

Full Text Available ABSTRACT This paper aimed to investigate the impact of levels of selectivity on the performance of equity funds using a methodology applied for the first time ever (as far as we know in the Brazilian market. As an indicator of the activity level of a fund, we proposed the coefficient of determination (R2 of the regression of its returns over market returns. In total, 867 funds were analyzed in the period between November 2004 and October 2014. The hypothesis tested is that more selective funds perform better to compensate for their higher operating costs. This hypothesis was confirmed in the Brazilian market. Dynamic equally-weighted portfolios of funds were simulated, according to their past R2 and alphas, with monthly rebalancing and 12-month moving windows. The portfolio of the most selective funds had a Sharpe ratio of 0.0494, on a monthly basis, while the portfolio of the least selective funds had a Sharpe ratio of -0.0314. Performance was also higher in evaluations involving excess returns, Jensen’s alpha, and accumulated returns, as well as when compared to randomly selected portfolios. Moreover, past performance (as measured by Jensen’s alpha was also a predictor of future performance. Particularly, the portfolio composed by funds with a higher past alpha and lower past R2 presented a Sharpe ratio of 0.1483 and a Jensen’s alpha of 0.87% (significant at 1%, while the one composed of funds with a lower past alpha and lower activity level presented a Sharpe ratio of -0.0673 and an alpha of -0.32% (also significant at 1%.

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

Directory of Open Access Journals (Sweden)

Mercedes Alda García

2012-06-01

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

A Recommitment Strategy for Long Term Private Equity Fund Investors

NARCIS (Netherlands)

G.J. de Zwart (Gerben); B. Frieser (Brian); D.J.C. van Dijk (Dick)

2007-01-01

textabstractThis paper develops a reinvestment strategy for private equity which aims to keep its portfolio weight equal to a desired strategic allocation, while taking into account the illiquid nature of private equity. Historical simulations (1980-2005) show that our dynamic strategy is capable of

Cash Holdings and Mutual Fund Performance

OpenAIRE

Mikhail Simutin

2014-01-01

Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

Securing funds for health promotion: lessons from health promotion foundations based on experiences from Austria, Australia, Germany, Hungary and Switzerland.

Science.gov (United States)

Schang, Laura K; Czabanowska, Katarzyna M; Lin, Vivian

2012-06-01

Worldwide, countries face the challenge of securing funds for health promotion. To address this issue, some governments have established health promotion foundations, which are statutory bodies with long-term and recurrent public resources. This article draws on experiences from Austria, Australia, Germany, Hungary and Switzerland to illustrate four lessons learned from the foundation model to secure funding for health promotion. These lessons are concerned with: (i) the broad spectrum of potential revenue sources for health promotion foundations within national contexts; (ii) legislative anchoring of foundation revenues as a base for financial sustainability; (iii) co-financing as a means to increase funds and shared commitment for health promotion; (iv) complementarity of foundations to existing funding. Synthesizing the lessons, we discuss health promotion foundations in relation to wider concerns for investment in health based on the values of sustainability, solidarity and stewardship. We recommend policy-makers and researchers take notice of health promotion foundations as an alternative model for securing funds for health promotion, and appreciate their potential for integrating inter-sectoral revenue collection and inter-sectoral funding strategies. However, health promotion foundations are not a magic bullet. They also pose challenges to coordination and public sector stewardship. Therefore, health promotion foundations will need to act in concert with other governance instruments as part of a wider societal agenda for investment in health.

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

NARCIS (Netherlands)

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

2013-01-01

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

On the Road to Success in Equity Crowdfunding

NARCIS (Netherlands)

A.A. Ralcheva (Aleksandrina); P.G.J. Roosenboom (Peter)

2016-01-01

textabstractThis paper extends the role of signaling and certification to the context of equity crowdfunding by looking into the determinants of funding success on the world's largest equity crowdfunding platform Crowdcube. We identify and empirically test four potential (third party) signals of

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.

"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).

Funding liquidity, market liquidity and TED spread : A two-regime model

NARCIS (Netherlands)

Boudt, Kris; Paulus, Ellen C.S.; Rosenthal, Dale W.R.

2017-01-01

We study the effect of market liquidity on equity-collateralized funding, accounting for endogeneity. Theory suggests market liquidity can affect funding liquidity in stabilizing and destabilizing manners. Using a new proxy for equity-collateralized funding liquidity of S&P 500 stocks over the

Equity in Adaptation to Climate Change

International Nuclear Information System (INIS)

Gemenne, F.

2009-01-01

Most observers agree that equity has become a key condition for the success of a global agreement on climate, and that any deal that would seem inequitable would be doomed to fail. The UNFCCC (United Nations Framework Convention on Climate Change) makes a distinction between developed countries, developing countries, and least advanced countries; as well as between vulnerable countries and particularly vulnerable countries. The first distinction has to do with equity in mitigation efforts, whereas the latter is concerned with equity in the allocation of adaptation funding (Mace 2006). Adaptation itself is poorly defined: the IPCC (Intergovernmental Panel of Climate Change) does not go further than defining it as the adjustment of human or natural systems confronted to a new or changing environment (IPCC 2007). It took a very long time for adaptation to be acknowledged as a key aspect of the fight against global warming. Funding mechanisms were long overdue when they were finally implemented, and remain heavily discussed. A sufficient amount of funding for adaptation appears today as the sine qua non condition for the participation of developing countries to a global deal on climate. This amount has been estimated at US$ 100 billion at least on a yearly basis, including support for mitigation efforts. However, though equity concerns have been placed at the core of the negotiation on mitigation efforts, they have been little addressed in the discussions on adaptation. As a result of this, the criteria that will be used to allocate the adaptation funding remain unclear and vague, which could be detrimental for the negotiation process as a whole. This paper aims to offer a new perspective on this issue, departing from the traditional perspective inspired by retributive justice. (author)

Mutual Fund Performance: Evidence From South Africa

Directory of Open Access Journals (Sweden)

Ömer Faruk Tan

2015-11-01

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

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.

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

OpenAIRE

Paradinovic, Ivana

2017-01-01

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

An exploratory study on equity in funding allocation for essential medicines and health supplies in Uganda's public sector.

Science.gov (United States)

Kusemererwa, Donna; Alban, Anita; Obua, Ocwa Thomas; Trap, Birna

2016-08-30

To ascertain equity in financing for essential medicines and health supplies (EMHS) in Uganda, this paper explores the relationships among government funding allocations for EMHS, patient load, and medicines availability across facilities at different levels of care. We collected data on EMHS allocations and availability of selected vital medicines from 43 purposively sampled hospitals and the highest level health centers (HC IV), 44 randomly selected lower-level health facilities (HC II, III), and from over 400 facility health information system records and National Medical Stores records. The data were analyzed to determine allocations per patient within and across levels of care and the effects of allocations on product availability. EMHS funding allocations per patient varied widely within facilities at the same level, and allocations per patient between levels overlapped considerably. For example, HC IV allocations per patient ranged from US$0.25 to US$2.14 (1:9 ratio of lowest to highest allocation), and over 75 % of HC IV facilities had the same or lower average allocation per patient than HC III facilities. Overall, 43 % of all the facilities had optimal stock levels, 27 % were understocked, and 30 % were overstocked. Using simulations, we reduced the ratio between the highest and lowest allocations per patient within a level of care to less than two and eliminated the overlap in allocation per patient between levels. Inequity in EMHS allocation is demonstrated by the wide range of funding allocations per patient and the corresponding disparities in medicines availability. We show that using patient load to calculate EMHS allocations has the potential to improve equity significantly. However, more research in this area is urgently needed. The article does not report any results of human participants. It is implemented in collaboration with the Uganda's Ministry of Health, Pharmacy Division.

How have Global Health Initiatives impacted on health equity?

Science.gov (United States)

Hanefeld, Johanna

2008-01-01

This review examines the impact of Global Health Initiatives (GHIs) on health equity, focusing on low- and middle-income countries. It is a summary of a literature review commissioned by the WHO Commission on the Social Determinants of Health. GHIs have emerged during the past decade as a mechanism in development assistance for health. The review focuses on three GHIs, the US President's Emergency Plan For AIDS Relief (PEPFAR), the World Bank's Multi-country AIDS Programme (MAP) and the Global Fund to Fight AIDS, TB and Malaria. All three have leveraged significant amounts of funding for their focal diseases - together these three GHIs provide an estimated two-thirds of external resources going to HIV/AIDS. This paper examines their impact on gender equity. An analysis of these Initiatives finds that they have a significant impact on health equity, including gender equity, through their processes of programme formulation and implementation, and through the activities they fund and implement, including through their impact on health systems and human resources. However, GHIs have so far paid insufficient attention to health inequities. While increasingly acknowledging equity, including gender equity, as a concern, Initiatives have so far failed to adequately translate this into programmes that address drivers of health inequity, including gender inequities. The review highlights the comparative advantage of individual GHIs, which point to an increased need for, and continued difficulties in, harmonisation of activities at country level. On the basis of this comparative analysis, key recommendations are made. They include a call for equity-sensitive targets, the collection of gender-disaggregated data, the use of policy-making processes for empowerment, programmes that explicitly address causes of health inequity and impact assessments of interventions' effect on social inequities.

Performance Evaluation of Open-Ended ELSS Mutual Fund ...

African Journals Online (AJOL)

This study examined the performance of the open-ended equity linked saving mutual fund schemes (ELSS) in India during the financial distress in 2008-2009. In this study, the month end net asset values of selected equity linked saving mutual fund schemes were considered and the data was obtained from the website of ...

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...

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

Directory of Open Access Journals (Sweden)

Sergio Ricardo Mendes Vasconcelos

2016-10-01

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

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.

Market impact costs of institutional equity trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

2008-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

75 FR 16529 - Legg Mason Partners Equity Trust, et al.; Notice of Application

Science.gov (United States)

2010-04-01

...] Legg Mason Partners Equity Trust, et al.; Notice of Application March 26, 2010. AGENCY: Securities and... investment companies. APPLICANTS: Legg Mason Partners Equity Trust (``LMP Equity Trust''), Legg Mason... ``Trusts'') and Legg Mason Partners Fund Advisor, LLC (``LMPFA'' or the ``Adviser''). FILING DATES: The...

Which updates during an equity crowdfunding campaign increase crowd participation?

NARCIS (Netherlands)

Block, J. (Jörn); Hornuf, L. (Lars); Moritz, A. (Alexandra)

2017-01-01

textabstractStart-ups often post updates during equity crowdfunding campaigns. However, little is known about the effects of such updates on crowd participation. We investigate this question by using hand-collected data from 71 funding campaigns and 39,399 investment decisions on two German equity

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

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-03-01

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

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.

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.

Are international fund flows pro- or counter-cyclical?

NARCIS (Netherlands)

Li, Suxiao; de Haan, Jakob; Scholtens, Bert; Yang, Haizhen

2015-01-01

We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that

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.

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.

Use of target-date funds in 401(k) plans, 2007.

Science.gov (United States)

Copeland, Craig

2009-03-01

a 401(k) plan had automatic enrollment, this analysis was able to proxy for those who could be identified as automatically enrolled. The data show that workers who were considered to be automatically enrolled in their employer's 401(k) plan are significantly more likely to invest all their assets in a target-date fund than those who voluntarily joined, and were also less likely to have extreme all-or-nothing asset allocations to equities. EQUITY ALLOCATIONS AND FUND FAMILIES: One of the major questions surrounding target-date funds is the equity allocations that these funds use over time (the so-called "glide path") as a participant's retirement target date approaches. The glide paths of different target-date funds have significantly different shapes and starting/ending equity allocations. As of 2007, the equity allocation ranges from about 80-90 percent for 2040 funds (for workers about 30 years away from retirement), and from 26-66 percent for 2010 funds (for workers one year away from retirement)--a 40 percentage-point difference. Moreover, the fund families change their relative rank in equity allocation within the different fund years. This analysis finds that the relative rank of the equity allocation within a target-date fund does not appear to affect the percentage of participants investing all their account into that fund. Nevertheless, investors in specific fund families are more likely to invest all their assets in a single target-date fund from that family.

Capital raising of aerospace companies: equities or debts?

Science.gov (United States)

Hui-Shan, L.; Taw-Onn, Y.; Wai-Mun, H.

2016-10-01

Aerospace products enhance national and economic activities, thus maintaining the sustainability of aerospace industry is crucial. One of the perspectives in ensuring sustainability of aerospace companies is expansion of firms by raising funds for research and development in order to provide a reasonable profitability to the firms. This study comprises a sample of 47 aerospace companies from 2009 to 2015 to analyze the impact of raising fund by equities or debts to the profitability of the firms. The result indicates that capital raising through equities is preferable than debts. Moreover, the study also identifies that the profit of aerospace industry is volatile and there is cyclical reduction of the net income in the first quarter of the year. The management needs to make wise decisions in raising fund to ensure a healthy growth of the aerospace company.

Plan demographics, participants' saving behavior, and target-date fund investments.

Science.gov (United States)

Park, Youngkyun

2009-05-01

This analysis explores (1) whether plan demographic characteristics would affect individual participant contribution rates and target-date fund investments and (2) equity glide paths for participants in relation to plan demographics by considering target replacement income and its success rate. PLAN DEMOGRAPHIC CHARACTERISTICS IN PARTICIPANT CONTRIBUTION RATES: This study finds empirical evidence that 401(k) plan participants' contribution rates differ by plan demographics based on participants' income and/or tenure. In particular, participants in 401(k) plans dominated by those with low income and short tenure tend to contribute less than those in plans dominated by participants with high income and long tenure. Future research will explore how participant contribution behavior may also be influenced by incentives provided by employers through matching formulae. PLAN DEMOGRAPHIC CHARACTERISTICS IN TARGET-DATE FUND INVESTMENTS: The study also finds empirical evidence that participants' investments in target-date funds with different equity allocations differ by plan demographics based on participants' income and/or tenure. In particular, target-date fund users with 90 percent or more of their account balances in target-date funds who are in 401(k) plans dominated by low-income and short-tenure participants tend to hold target-date funds with lower equity allocations, compared with their counterparts in plans dominated by high-income and long-tenure participants. Future research will focus on the extent to which these characteristics might influence the selection of target-date funds by plan sponsors. EQUITY GLIDE PATHS: Several stylized equity glide paths as well as alternative asset allocations are compared for participants at various starting ages to demonstrate the interaction between plan demographics and equity glide paths/asset allocations in terms of success rates in meeting various replacement income targets. The equity glide path/asset allocation providing

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.

A new award for the CERN Pension Fund

CERN Multimedia

CERN Bulletin

2013-01-01

Recently, the CERN Pension Fund was awarded the 2013 Investment and Pensions Europe (IPE) Award for “Best Use of Equities”. IPE is the leading European Pension Fund industry publication.   The award recognized CERN’s implementation of capital preservation principles in equities, referring in particular to CERN’s innovation with the development of “asymmetric” equity strategies. The awards were judged by a panel of 65 European pension fund executives, experts and consultants. In addition, CERN was selected by the judges as a finalist for “Best Public Pension Fund” in Europe.  This award was won by the UK government’s Pension Protection Fund.

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.

Style drift in private equity

NARCIS (Netherlands)

Cumming, D.; Fleming, G.; Schwienbacher, A.

2009-01-01

We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are less

Investor Attrition and Fund Flows in Mutual Funds

DEFF Research Database (Denmark)

Christoffersen, Susan E. K.; Xu, Haoyu

2017-01-01

We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance, because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the ...

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.

Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

Directory of Open Access Journals (Sweden)

Chao Tang

2017-09-01

Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

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

OpenAIRE

Lu, Daofen

2007-01-01

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

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

Trading Cost Management of Mutual Funds

NARCIS (Netherlands)

R. Xing (Rang)

2016-01-01

textabstractThis paper documents the trading behaviour of actively managed equity mutual funds from the perspective of their trading cost management. Consistent with the predictions in the literature of portfolio choice with trading costs, I present three main findings. Firstly, mutual funds trade

Venture capital on a shoestring: Bioventures' pioneering life sciences fund in South Africa.

Science.gov (United States)

Masum, Hassan; Singer, Peter A

2010-12-13

Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation?As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D.Due to the fund's small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support investments; and how to

Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

Directory of Open Access Journals (Sweden)

Singer Peter A

2010-12-01

Full Text Available Abstract Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how

Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

Science.gov (United States)

2010-01-01

Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support

School Funding System and Equity

Science.gov (United States)

Tabatadze, Shalva; Gorgadze, Natia

2014-01-01

The aim of this research is to study the effectiveness of general education funding system from the perspective of equal and equal educational opportunities for all in Georgia. Following the objective, the research aimed to respond three main research questions: 1. is the school financing formula effective and efficient enough to be administrated…

Estimation of skill of Russian mutual fund managers

OpenAIRE

Parshakov, Petr

2015-01-01

Our work is focused on Russian mutual funds managers’ skills versus luck estimating. Using bootstrap procedure we build Jensen’s alpha density for each fund. We find that only 5% of Russian equity mutual funds do have skills (in contrast to luck) to outperform the benchmark.

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

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.

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

Determinants of Success in Private Equity-Venture Capital Investments

OpenAIRE

Antonio Gledson de Carvalho; Eduardo Madureira Rodrigues Siqueira; Humberto Gallucci Netto

2011-01-01

This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influen...

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

Science.gov (United States)

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

2017-03-01

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

The market for equity release products: lessons from the ...

African Journals Online (AJOL)

market growth are explored in detail in this research. Key words: l ife ... terms of sustaining old-age income and social schemes. He argues that ... Over time, the household equity increases; this is due both to the value of the property .... Improved health among the population results in both increased life expectancy and the ...

76 FR 60100 - The Singapore Fund, Inc.; Notice of Application

Science.gov (United States)

2011-09-28

... Singapore Fund, Inc.; Notice of Application September 22, 2011. AGENCY: Securities and Exchange Commission (``Commission''). Applicant: The Singapore Fund, Inc. (the ``Fund''). ACTION: Notice of application for an order... through investment primarily in Singapore equity securities. Applicant states that under normal...

78 FR 57650 - Announcement of Funding Awards for the Self-Help Homeownership Opportunity Program (SHOP) for...

Science.gov (United States)

2013-09-19

... significant amount of sweat equity towards the development of the SHOP units. Sweat equity involves... SHOP funds together with the homebuyer's sweat equity and volunteer labor contributions significantly... sweat equity contribution must not be mortgaged or otherwise restricted upon future sale of the SHOP...

International casemix and funding models: lessons for rehabilitation.

Science.gov (United States)

Turner-Stokes, Lynne; Sutch, Stephen; Dredge, Robert; Eagar, Kathy

2012-03-01

This series of articles for rehabilitation in practice aims to cover a knowledge element of the rehabilitation medicine curriculum. Nevertheless they are intended to be of interest to a multidisciplinary audience. The competency addressed in this article is 'An understanding of the different international models for funding of health care services and casemix systems, as exemplified by those in the US, Australia and the UK.' Payment for treatment in healthcare systems around the world is increasingly based on fixed tariff models to drive up efficiency and contain costs. Casemix classifications, however, must account adequately for the resource implications of varying case complexity. Rehabilitation poses some particular challenges for casemix development. The objectives of this educational narrative review are (a) to provide an overview of the development of casemix in rehabilitation, (b) to describe key characteristics of some well-established casemix and payment models in operation around the world and (c) to explore opportunities for future development arising from the lessons learned. Diagnosis alone does not adequately describe cost variation in rehabilitation. Functional dependency is considered a better cost indicator, and casemix classifications for inpatient rehabilitation in the United States and Australia rely on the Functional Independence Measure (FIM). Fixed episode-based prospective payment systems are shown to contain costs, but at the expense of poorer functional outcomes. More sophisticated models incorporating a mixture of episode and weighted per diem rates may offer greater flexibility to optimize outcome, while still providing incentive for throughput. The development of casemix in rehabilitation poses similar challenges for healthcare systems all around the world. Well-established casemix systems in the United States and Australia have afforded valuable lessons for other countries to learn from, but have not provided all the answers. A range

Open-end Investment Funds in Croatia

Directory of Open Access Journals (Sweden)

Bojan Morić Milovanović

2006-03-01

Full Text Available This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios. All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.

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

78 FR 15057 - The Advisors' Inner Circle Fund, et al.; Notice of Application

Science.gov (United States)

2013-03-08

... International Equity Fund, Frost Low Duration Bond Fund, Frost Total Return Bond Fund, Frost Municipal Bond Fund, Frost Low Duration Municipal Bond Fund, Frost Kempner Treasury and Income Fund, Frost LKCM Multi-Cap...-end management investment companies that operate as ``funds of funds'' to acquire shares of certain...

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

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.

Information content when mutual funds deviate from benchmarks

NARCIS (Netherlands)

H. Jiang (Hao); M.J.C.M. Verbeek (Marno); Y. Wang (Yu)

2014-01-01

markdownabstract__Abstract__ The consensus wisdom of active mutual fund managers, as reflected in their average over-and underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds from 1984 to 2008, we find that

Women in Sports, Summer 1978. A WEAL Fund Kit.

Science.gov (United States)

Women's Equity Action League Educational and Legal Defense Fund, Washington, DC.

This compendium of materials focuses on sex discrimination, Title IX, and women in sports, and provides information and recommendations on bringing about equity for women in athletic programs. The individual papers deal with the following topics: (1) the Women's Equity Action League (WEAL) Fund and its work; (2) equal opportunity and…

Financial protection of patients through compensation of providers: the impact of Health Equity Funds in Cambodia.

Science.gov (United States)

Flores, Gabriela; Ir, Por; Men, Chean R; O'Donnell, Owen; van Doorslaer, Eddy

2013-12-01

Public providers have no financial incentive to respect their legal obligation to exempt the poor from user fees. Health Equity Funds (HEFs) aim to make exemptions effective by giving NGOs responsibility for assessing eligibility and compensating providers for lost revenue. We use the geographic spread of HEFs over time in Cambodia to identify their impact on out-of-pocket (OOP) payments. Among households with some OOP payment, HEFs reduce the amount paid by 35%, on average. The effect is larger for households that are poorer and mainly use public health care. Reimbursement of providers through a government operated scheme also reduces household OOP payments but the effect is not as well targeted on the poor. Both compensation models raise household non-medical consumption but have no impact on health-related debt. HEFs reduce the probability of primarily seeking care in the private sector. Copyright © 2013 Elsevier B.V. All rights reserved.

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

OpenAIRE

Clemens Sialm; Laura Starks; Hanjiang Zhang

2015-01-01

In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

OpenAIRE

Sitikantha Parida; Zhihong Wang

2018-01-01

In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...

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…

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

OpenAIRE

FAN, YI

2008-01-01

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

International fund flows: surges, sudden stops, and cyclicality

NARCIS (Netherlands)

Li, Suxiao

2017-01-01

International fund flows are cross-border investments in domestic equity and bond markets by global investment funds. They have increased dramatically since the 1990s and played an increasingly important role in the transmission of shocks. In this thesis, we examine the drivers of large changes in

New private equity models : How should the interests of investors and managers be aligned?

NARCIS (Netherlands)

Mc Cahery, J.A.; Vermeulen, E.P.M.

2015-01-01

The recent global turbulence in the credit markets had a severe impact on all aspects of the private equity industry. In response, lawmakers introduced legislation that subjects fund managers to a registration requirement and provisions targeted at improving fund monitoring and accountability. Yet,

The Analysis of Mutual Fund Performance: Evidence from U.S. Equity Mutual Funds

NARCIS (Netherlands)

D.P. Budiono (Diana)

2010-01-01

textabstractWe study the mutual fund performance for about 45 years. There are several key points that we can withdraw from this dissertation. First, to study the persistence of mutual fund performance, it is important to consider time-varying exposures because when they are ignored, the persistence

Achieving equity within universal health coverage: a narrative review of progress and resources for measuring success.

Science.gov (United States)

Rodney, Anna M; Hill, Peter S

2014-10-10

Equity should be implicit within universal health coverage (UHC) however, emerging evidence is showing that without adequate focus on measurement of equity, vulnerable populations may continue to receive inadequate or inferior health care. This study undertakes a narrative review which aims to: (i) elucidate how equity is contextualised and measured within UHC, and (ii) describe tools, resources and lessons which will assist decision makers to plan and implement UHC programmes which ensure equity for all. A narrative review of peer-reviewed literature published in English between 2005 and 2013, retrieved from PubMed via the search words, 'universal health coverage/care' and 'equity/inequity' was performed. Websites of key global health organizations were also searched for relevant grey literature. Papers were excluded if they failed to focus on equity (of access, financial risk protection or health outcomes) as well as focusing on one of the following: (i) the impact of UHC programmes, policies or interventions on equity (ii) indicators, measurement, monitoring and/or evaluation of equity within UHC, or (iii) tools or resources to assist with measurement. Eighteen journal articles consisting mostly of secondary analysis of country data and qualitative case studies in the form of commentaries/reviews, and 13 items of grey literature, consisting largely of reports from working groups and expert meetings focusing on defining, understanding and measuring inequity in UHC (including recent drafts of global/country monitoring frameworks) were included. The literature advocates for progressive universalism addressing monetary and non-monetary barriers to access and strengthening existing health systems. This however relies on countries being effectively able to identify and reach disadvantaged populations and estimate unmet need. Countries should assess the new WHO/WB-proposed framework for its ability to adequately track the progress of disadvantaged populations in terms

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...

76 FR 62100 - Approval of Filing Fees for Exempt Reporting Advisers and Private Fund Advisers

Science.gov (United States)

2011-10-06

... fund assets, combined liquidity fund and registered money market fund assets or private equity fund... Fees for Exempt Reporting Advisers and Private Fund Advisers AGENCY: Securities and Exchange Commission... fund advisers filing Form PF. SUMMARY: The Securities and Exchange Commission (``Commission'') is...

Mutual Fund Performances of Polish Domestic Equity Fund Managers

OpenAIRE

Tan, Ömer Faruk; Ünal, Gözde

2015-01-01

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

Companies investments on Private Equity/Venture Capital market

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2009-12-01

Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

An Integrated Framework for Gender Equity in Academic Medicine.

Science.gov (United States)

Westring, Alyssa; McDonald, Jennifer M; Carr, Phyllis; Grisso, Jeane Ann

2016-08-01

In 2008, the National Institutes of Health funded 14 R01 grants to study causal factors that promote and support women's biomedical careers. The Research Partnership on Women in Biomedical Careers, a multi-institutional collaboration of the investigators, is one product of this initiative.A comprehensive framework is needed to address change at many levels-department, institution, academic community, and beyond-and enable gender equity in the development of successful biomedical careers. The authors suggest four distinct but interrelated aspects of culture conducive to gender equity: equal access to resources and opportunities, minimizing unconscious gender bias, enhancing work-life balance, and leadership engagement. They review the collection of eight articles in this issue, which each address one or more of the four dimensions of culture. The articles suggest that improving mentor-mentee fit, coaching grant reviewers on unconscious bias, and providing equal compensation and adequate resources for career development will contribute positively to gender equity in academic medicine.Academic medicine must adopt an integrated perspective on culture for women and acknowledge the multiple facets essential to gender equity. To effect change, culture must be addressed both within and beyond academic health centers (AHCs). Leaders within AHCs must examine their institutions' processes, resources, and assessment for fairness and transparency; mobilize personnel and financial resources to implement evidence-based initiatives; and assign accountability for providing transparent progress assessments. Beyond AHCs, organizations must examine their operations and implement change to ensure parity of funding, research, and leadership opportunities as well as transparency of assessment and accreditation.

Report of the Commission to Study the Adequacy and Equity of Certain Cost Components of the School Funding Formula. Report to Joint Standing Committee on Education and Cultural Affairs, Maine State Legislature

Science.gov (United States)

Center for Education Policy, Applied Research, and Evaluation, 2015

2015-01-01

The Commission to Study the Adequacy and Equity of Certain Cost Components of the School Funding Formula was created in legislation crafted by the Joint Standing Committee on Education of the 126th Legislature (the "Education Committee"). The legislation was enacted as Resolve 2014, chapter 114. Creation of the Commission is the latest…

Evidence from Business Strategy of Mutual Fund Managers after the Financial Crisis - Panel Smooth Transition Regression Model

OpenAIRE

Joe-Ming Lee

2013-01-01

This study applies by the panel transition regression (PSTR) model to investigate the nonlinear dynamic relationship between equity fund flow and investment volatility in Taiwan. Our empirical results show that the equity fund managers will be different business strategy under the volatility threshold value and the control variables of asset of funds, management fee and Turnover indicator. After the financial crisis, the threshold of volatility will be an important index to different business...

Mass transit : FTA could relieve New Starts program funding constraints

Science.gov (United States)

2001-08-01

The Transportation Equity Act for the 21st Century (TEA-21) authorized $6 billion in "guaranteed" funding for the New Starts program (full funding grant agreements to help pay certain rail, bus, and trolley projects) through fiscal year 2003. The Fed...

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

OpenAIRE

Clemens Sialm; Hanjiang Zhang

2015-01-01

Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’ investors. Such tax avoidance strategies constrain the investment opportunities of the mutual funds and might reduce their before-tax performance. Our paper empirically investigates the costs and benefits of...

On the Importance of Mutual Fund Families in Emerging Markets

OpenAIRE

Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

2000-01-01

This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund fami...

Skill and Luck in Private Equity Performance

DEFF Research Database (Denmark)

Korteweg, Arthur; Sørensen, Morten

2017-01-01

Private equity (PE) performance is persistent, with PE firms consistently producing high (or low) net-of-fees returns. We use a new variance decomposition model to isolate three components of persistence. We find high long-term persistence: the spread in expected net-of-fee future returns between...... top and bottom quartile PE firms is 7–8 percentage points annually. This spread is estimated controlling for spurious persistence, which arises mechanically from the overlap of contemporaneous funds. Performance is noisy, however, making it difficult for investors to identify the PE funds with top...... quartile expected future performance and leaving little investable persistence....

Equal pay for work of equal value in terms of the Employment Equity ...

African Journals Online (AJOL)

Equal pay for work of equal value in terms of the Employment Equity Act 55 of 1998: lessons from the International Labour Organisation and the United Kingdom. ... Alternatively, you can download the PDF file directly to your computer, from where it can be opened using a PDF reader. To download the PDF, click the ...

Venture funding for science-based African health innovation.

Science.gov (United States)

Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A

2010-12-13

While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital's potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social returns. Such funds should be structured to overcome the

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

Performance of Mutual Funds In INDIA: 2000 - 2006.

OpenAIRE

Kabra, Krishna

2006-01-01

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

Seasonal asset allocation: Evidence from mutual fund flows

OpenAIRE

Kamstra, Mark J.; Kramer, Lisa A.; Levi, Maurice D.; Wermers, Russ

2013-01-01

Over the past 30 years, mutual funds have become the dominant vehicle through which individual investors prepare for retirement via defined contribution plans. Further, money market mutual funds, which hold $2.7 trillion as of September 2013, are now a major part of the cash economy in the U.S. Accordingly, the flow of money to and from different mutual fund categories (e.g., equities vs. money funds) increasingly reflects the sentiment or risk aversion of the general population. In this stud...

Health equity in the New Zealand health care system: a national survey.

Science.gov (United States)

Sheridan, Nicolette F; Kenealy, Timothy W; Connolly, Martin J; Mahony, Faith; Barber, P Alan; Boyd, Mary Anne; Carswell, Peter; Clinton, Janet; Devlin, Gerard; Doughty, Robert; Dyall, Lorna; Kerse, Ngaire; Kolbe, John; Lawrenson, Ross; Moffitt, Allan

2011-10-20

In all countries people experience different social circumstances that result in avoidable differences in health. In New Zealand, Māori, Pacific peoples, and those with lower socioeconomic status experience higher levels of chronic illness, which is the leading cause of mortality, morbidity and inequitable health outcomes. Whilst the health system can enable a fairer distribution of good health, limited national data is available to measure health equity. Therefore, we sought to find out whether health services in New Zealand were equitable by measuring the level of development of components of chronic care management systems across district health boards. Variation in provision by geography, condition or ethnicity can be interpreted as inequitable. A national survey of district health boards (DHBs) was undertaken on macro approaches to chronic condition management with detail on cardiovascular disease, chronic obstructive pulmonary disease, congestive heart failure, stroke and diabetes. Additional data from expert informant interviews on program reach and the cultural needs of Māori and Pacific peoples was sought. Survey data were analyzed on dimensions of health equity relevant to strategic planning and program delivery. Results are presented as descriptive statistics and free text. Interviews were transcribed and NVivo 8 software supported a general inductive approach to identify common themes. Survey responses were received from the majority of DHBs (15/21), some PHOs (21/84) and 31 expert informants. Measuring, monitoring and targeting equity is not systematically undertaken. The Health Equity Assessment Tool is used in strategic planning but not in decisions about implementing or monitoring disease programs. Variable implementation of evidence-based practices in disease management and multiple funding streams made program implementation difficult. Equity for Māori is embedded in policy, this is not so for other ethnic groups or by geography. Populations

Homogeneous v. Heterogeneous: Is Tracking a Barrier to Equity?

Science.gov (United States)

Polansky, Harvey B.

1995-01-01

Tracking has contributed considerably to the basic inequality of funding among American schools. To move to a heterogenous environment, districts must understand the concept of resource and program equity, commit to a planning process that allocates time and resources, provide ongoing inservice, downplay standardized test results, and phase-in…

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 Health Equity Leadership Institute (HELI): Developing workforce capacity for health disparities research.

Science.gov (United States)

Butler, James; Fryer, Craig S; Ward, Earlise; Westaby, Katelyn; Adams, Alexandra; Esmond, Sarah L; Garza, Mary A; Hogle, Janice A; Scholl, Linda M; Quinn, Sandra C; Thomas, Stephen B; Sorkness, Christine A

2017-06-01

Efforts to address health disparities and achieve health equity are critically dependent on the development of a diverse research workforce. However, many researchers from underrepresented backgrounds face challenges in advancing their careers, securing independent funding, and finding the mentorship needed to expand their research. Faculty from the University of Maryland at College Park and the University of Wisconsin-Madison developed and evaluated an intensive week-long research and career-development institute-the Health Equity Leadership Institute (HELI)-with the goal of increasing the number of underrepresented scholars who can sustain their ongoing commitment to health equity research. In 2010-2016, HELI brought 145 diverse scholars (78% from an underrepresented background; 81% female) together to engage with each other and learn from supportive faculty. Overall, scholar feedback was highly positive on all survey items, with average agreement ratings of 4.45-4.84 based on a 5-point Likert scale. Eighty-five percent of scholars remain in academic positions. In the first three cohorts, 73% of HELI participants have been promoted and 23% have secured independent federal funding. HELI includes an evidence-based curriculum to develop a diverse workforce for health equity research. For those institutions interested in implementing such an institute to develop and support underrepresented early stage investigators, a resource toolbox is provided.

Women's land rights and the challenge of patriachy: lessons from ...

African Journals Online (AJOL)

Women's land rights and the challenge of patriachy: lessons from ozalla community, edo state, Nigeria. ... production output and ensuring higher incomes. KEYWORDS: Cultural practices, customary, economic life, food crisis, food production, gender equity, land rights, patriarchy, rural agriculture, rural areas, social justice ...

Pension Funds and Financial Innovation

OpenAIRE

Zvi Bodie

1989-01-01

Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

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.

The determinant of equity financing in sharia banking and sharia business units

OpenAIRE

Effendi, Jaenal

2018-01-01

Equity financing plays an important role in mobilizing financing in the real sector. The core business of sharia banking is based on the real sector, but the financing portion in sharia banking is still dominated by debt financing. This study aims to analyze the factors that affect equity financing in General Sharia Bank (BUS) and Sharia Business Unit (SBU) in Indonesia. This study uses Error Correction Model. The results show that in the long-term model of Third Party Fund (DPK), Finance to ...

EGYPTIAN MUTUAL FUNDS ANALYSIS: HISTORY, PERFORMANCE, OBJECTIVES, RISK AND RETURN

Directory of Open Access Journals (Sweden)

Petru STEFEA

2013-10-01

Full Text Available The present research aims to overview the mutual fund in Egypt. The establishment of the first mutual funds was achieved in 1994. Nowadays, the total mutual funds reached 90 funds , approximately. The income funds represent the largest share of the Egyptian mutual funds (40%, growth funds (25% and the private equity funds is at least (1%. The total population of the Egyptian mutual funds reached 22. Finally, the study proved that the Egyptian mutual funds have an impact on fund return , total risk and systemic; when analysis relationship between risk and return. The study found influencing for mutual fund's objectives on Sharpe and Terynor ratios.

[Public control and equity of access to hospitals under non-State public administration].

Science.gov (United States)

Carneiro Junior, Nivaldo; Elias, Paulo Eduardo

2006-10-01

To analyze social health organizations in the light of public control and the guarantee of equity of access to health services. Utilizing the case study technique, two social health organizations in the metropolitan region of São Paulo were selected. The analytical categories were equity of access and public control, and these were based on interviews with key informants and technical-administrative reports. It was observed that the overall funding and administrative control of the social health organizations are functions of the state administrator. The presence of a local administrator is important for ensuring equity of access. Public control is expressed through supervisory actions, by means of accounting and financial procedures. Equity of access and public control are not taken into consideration in the administration of these organizations. The central question lies in the capacity of the public authorities to have a presence in implementing this model at the local level, thereby ensuring equity of access and taking public control into consideration.

Performance of Mutual Funds in India 2003-2008

OpenAIRE

Raizada, Shantanu

2008-01-01

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

Factors influencing resource allocation decisions and equity in the health system of Ghana.

Science.gov (United States)

Asante, A D; Zwi, A B

2009-05-01

Allocation of financial resources in the health sector is often seen as a formula-driven activity. However, the decision to allocate a certain amount of resources to a particular health jurisdiction or facility may be based on a broader range of factors, sometimes not reflected in the existing resource allocation formula. This study explores the 'other' factors that influence the equity of resource allocation in the health system of Ghana. The extent to which these factors are, or can be, accounted for in the resource allocation process is analysed. An exploratory design focusing on different levels of the health system and diverse stakeholders. Data were gathered through semi-structured qualitative interviews with health authorities at national, regional and district levels, and with donor representatives and local government officials in 2003 and 2004. The availability of human resources for health, local capacity to utilize funds, donor involvement in the health sector, and commitment to promote equity have considerable influence on resource allocation decisions and affect the equity of funding allocations. However, these factors are not accounted for adequately in the resource allocation process. This study highlights the need for a more transparent resource allocation system in Ghana based on needs, and takes into account key issues such as capacity constraints, the inequitable human resource distribution and donor-earmarked funding.

Venture funding for science-based African health innovation

Directory of Open Access Journals (Sweden)

Daar Abdallah S

2010-12-01

Full Text Available Abstract Background While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. Discussion The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Summary Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social

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

Implications of the Employment Equity Act for the higher education ...

African Journals Online (AJOL)

It is argued that these crucial challenges B specialized higher education legislation and policy developments, the "pool" issue, funding and rationalization, universities as a unique workplace, and the individual legacies of universities B define the space in which the Employment Equity Act may be interpreted in the higher ...

FOMC communication and emerging equity markets

OpenAIRE

Hayo, Bernd; Kutan, Ali M.; Neuenkirch, Matthias

2009-01-01

Using a GARCH model, we study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998–2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more important than informal communication. Third, the occurrence of monetary policy reports lowers price volatility. Finally, American emerging markets react more to U.S. news than non-American markets.

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

Health equity in the New Zealand health care system: a national survey

Directory of Open Access Journals (Sweden)

Doughty Robert

2011-10-01

Full Text Available Abstract Introduction In all countries people experience different social circumstances that result in avoidable differences in health. In New Zealand, Māori, Pacific peoples, and those with lower socioeconomic status experience higher levels of chronic illness, which is the leading cause of mortality, morbidity and inequitable health outcomes. Whilst the health system can enable a fairer distribution of good health, limited national data is available to measure health equity. Therefore, we sought to find out whether health services in New Zealand were equitable by measuring the level of development of components of chronic care management systems across district health boards. Variation in provision by geography, condition or ethnicity can be interpreted as inequitable. Methods A national survey of district health boards (DHBs was undertaken on macro approaches to chronic condition management with detail on cardiovascular disease, chronic obstructive pulmonary disease, congestive heart failure, stroke and diabetes. Additional data from expert informant interviews on program reach and the cultural needs of Māori and Pacific peoples was sought. Survey data were analyzed on dimensions of health equity relevant to strategic planning and program delivery. Results are presented as descriptive statistics and free text. Interviews were transcribed and NVivo 8 software supported a general inductive approach to identify common themes. Results Survey responses were received from the majority of DHBs (15/21, some PHOs (21/84 and 31 expert informants. Measuring, monitoring and targeting equity is not systematically undertaken. The Health Equity Assessment Tool is used in strategic planning but not in decisions about implementing or monitoring disease programs. Variable implementation of evidence-based practices in disease management and multiple funding streams made program implementation difficult. Equity for Māori is embedded in policy, this is not so

Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

Determinants of Success in Private Equity-Venture Capital Investments

Directory of Open Access Journals (Sweden)

Antonio Gledson de Carvalho

2011-06-01

Full Text Available This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1 a limit to the ability of managers or 2 that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.

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.

A STUDY ON THE PERFORMANCE OF ICICI-US PURDENTIAL EQUITY FUND

OpenAIRE

Dr. D. S. Selvakumar*

2016-01-01

The first introduction of mutual fund in India occurred in 1963, when the government of India launched Unit Trust of India (UTI). In 1996, SEBI (stock exchange board of India) the regulator of mutual fund in India, formulated the mutual fund regulation which is comprehensive regulatory framework. And the income of the mutual fund takes in two forms they are dividends and capital gain. Mutual fund means a group of people collecting the money putting together and investing to buy shares stocks...

Does skin in the game matter?: director incentives and governance in the mutual fund industry

NARCIS (Netherlands)

Cremers, M.; Driessen, J.; Maenhout, P.; Weinbaum, D.

2009-01-01

We use a unique database on ownership stakes of equity mutual fund directors to analyze whether the directors' incentive structure is related to fund performance. Ownership of both independent and nonindependent directors plays an economically and statistically significant role. Funds in which

Pension Fund

CERN Multimedia

2004-01-01

The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

A Brief History of California School Funding

Science.gov (United States)

Canfield, Jacquie

2013-01-01

In January 2013, the governor proposed a new funding model for California school districts called the Local Control Funding Formula. As the Legislature debates the proposed new funding model for schools, which is expected to start in the 2013-14 fiscal year, the author thought it would be a good time for a history lesson in California school…

Professor's Page: Do Demonstration Lessons Work?

Science.gov (United States)

Clarke, Doug

2011-01-01

As part of a large research and professional development project funded by the Catholic Education Office Melbourne (CEOM), called "Contemporary Teaching and Learning of Mathematics," the ACU team has been leading demonstration lessons. There is certainly not universal agreement on the worth of demonstration lessons in the mathematics…

Improved inference in the evaluation of mutual fund performance using panel bootstrap methods

OpenAIRE

Blake, David; Caulfield, Tristan; Ioannidis, Christos; Tonks, I P

2014-01-01

Two new methodologies are introduced to improve inference in the evaluation of mutual fund performance against benchmarks. First, the benchmark models are estimated using panel methods with both fund and time effects. Second, the non-normality of individual mutual fund returns is accounted for by using panel bootstrap methods. We also augment the standard benchmark factors with fund-specific characteristics, such as fund size. Using a dataset of UK equity mutual fund returns, we find that fun...

PRIVATE EQUITY INVESTMENTS IN HUNGARY AND THEFINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Jeno Konecsny

2013-01-01

Full Text Available The Hungarian private equity market reacted quite sensitively to the 2008-2009financial crisis. Although not in an equaldegree and in the same year, but all ofthe market’s fundraising, investmentand exit segment suffered a decline.However, the distrustful economic environment also affected negatively thetraditional financial sources, making it more complicated to obtain bank loans. Asa result of this moderate credit supply, private equity and venture capitalinvestments became relatively more valuable. This was further strengthened bythe appearance and launch of the so-called hybrid funds in 2010.Although the paper focuses on the investment segment of the Hungarian privateequity market, as an introduction we also describe briefly Hungary’s macroenvironment in the recent years. The rest of the paper analyse private equityinvestments from different aspects.

78 FR 17240 - Krane Funds Advisors LLC., et al.; Notice of Application

Science.gov (United States)

2013-03-20

..., equity caps and floors, swap agreements, forward contracts, and money market instruments, which the... Instruments will be identical, unless the Fund is Rebalancing (as defined below). In addition, the Deposit Instruments and Redemption Instruments will each correspond pro rata to the positions in the Fund's portfolio...

Transaction-cost Expenditures and the Relative Performance of Mutual Funds

OpenAIRE

John M.R. Chalmers; Roger M. Edelen; Gregory B. Kadlec

1999-01-01

We directly estimate annual trading costs for a sample of equity mutual funds and find that these costs are large and exhibit substantial cross sectional variation. Trading costs average 0.78% of fund assets per year and have an inter-quartile range of 0.59%. Trading costs, like expense ratios, are negatively related to fund returns and we find no evidence that on average trading costs are recovered in higher gross fund returns. We find that our direct estimates of trading costs have more exp...

Indian mutual fund industry: Opportunities and challenges

Directory of Open Access Journals (Sweden)

Jayant R. Kale

2012-12-01

Full Text Available This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other issues, including the challenges posed by poor financial literacy, the equity culture in the country, and the weakly supportive regulatory environment.

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

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan

2001-04-01

Across the United States, as competition in the supply and delivery of electricity has been introduced, states have sought to ensure the continuation of ''public benefits'' programs traditionally administered or funded by electric utilities. Many states have built into their restructuring plans methods of supporting renewable energy sources. One of the most popular policy mechanisms for ensuring such continued support has been the system-benefits charge (SBC), a non-bypassable charge to electricity customers (usually applied on a cents/kWh basis) used to collect funds for public purpose programs. Thus far, at least fourteen states have established SBC funds targeted in part towards renewable energy. This paper discusses the status and performance of these state renewable or ''clean'' energy funds supported by system-benefits charges. As illustrated later, existing state renewable energy funds are expected to collect roughly $3.5 billion through 2012 for renewable energy. Clearly, these funds have the potential to provide significant support for clean energy technologies over at least the next decade. Because the level of funding for renewable energy available under these programs is unprecedented and because fund administrators are developing innovative and new programs to fund renewable projects, a certain number of program failures are unavoidable. Also evident is that states are taking very different approaches to the distribution of these funds and that many lessons are being learned as programs are designed, implemented, and evaluated. Our purpose in this paper is therefore to relay early experience with these funds and provide preliminary lessons learned from that experience. It is our hope that this analysis will facilitate learning across states and help state fund managers develop more effective and more coordinated programs. Central to this paper are case studies that provide information on the SBC-funded renewable

Impact of Competition on Mutual Fund Marketing Expenses

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-03-01

Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

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

OpenAIRE

Zhao, Yuefeng; Zhang, Fan

2010-01-01

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

California State U. Campuses Struggle to Comply with Gender-Equity Goals.

Science.gov (United States)

Selingo, Jeffrey

1997-01-01

Almost three years after the California State University System settled a sex-discrimination lawsuit by acceding to the strictest gender-equity standards in college sports, only 2 of the 19 institutions sponsoring athletic programs have met the agreement's terms. Some feel the agreement, based on proportionality of participation and funding for…

State Higher Education Funding Models: An Assessment of Current and Emerging Approaches

Science.gov (United States)

Layzell, Daniel T.

2007-01-01

This article provides an assessment of the current and emerging approaches used by state governments in allocating funding for higher education institutions and programs. It reviews a number of desired characteristics or outcomes for state higher education funding models, including equity, adequacy, stability, and flexibility. Although there is…

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

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

NARCIS (Netherlands)

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

2015-01-01

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

Evaluation of Performance of Mutual Funds in India from 2004-2009

OpenAIRE

Badani, Ankit

2009-01-01

Mutual funds play an important role in the globalization of the financial markets. Various past studies have been carried out by academics and researchers to analyse the performance of mutual funds. One of the important facts revealed by most of these studies is that a mutual fund cannot perform better than the market. Performance measures like Sharpe ratio, Treynor ratio, Jensen measure etc are applied to evaluate the performance 30 open-ended equity diversified growth funds in India for the...

Equity and adequacy of international donor assistance for global malaria control: an analysis of populations at risk and external funding commitments.

Science.gov (United States)

Snow, Robert W; Okiro, Emelda A; Gething, Peter W; Atun, Rifat; Hay, Simon I

2010-10-23

Financing for malaria control has increased as part of international commitments to achieve the Millennium Development Goals (MDGs). We aimed to identify the unmet financial needs that would be biologically and economically equitable and would increase the chances of reaching worldwide malaria-control ambitions. Populations at risk of stable Plasmodium falciparum or Plasmodium vivax transmission were calculated for 2007 and 2009 for 93 malaria-endemic countries to measure biological need. National per-person gross domestic product (GDP) was used to define economic need. An analysis of external donor assistance for malaria control was done for the period 2002-09 to compute overall and annualised per-person at-risk-funding commitments. Annualised malaria donor assistance was compared with independent predictions of funding needed to reach international targets of 80% coverage of best practices in case-management and effective disease prevention. Countries were ranked in relation to biological, economic, and unmet needs to examine equity and adequacy of support by 2010. International financing for malaria control has increased by 166% (from $0·73 billion to $1·94 billion) since 2007 and is broadly consistent with biological needs. African countries have become major recipients of external assistance; however, countries where P vivax continues to pose threats to control ambitions are not as well funded. 21 countries have reached adequate assistance to provide a comprehensive suite of interventions by 2009, including 12 countries in Africa. However, this assistance was inadequate for 50 countries representing 61% of the worldwide population at risk of malaria-including ten countries in Africa and five in Asia that coincidentally are some of the poorest countries. Approval of donor funding for malaria control does not correlate with GDP. Funding for malaria control worldwide is 60% lower than the US$4·9 billion needed for comprehensive control in 2010; this includes

Life cycle versus balanced funds: An emerging market perspective

Directory of Open Access Journals (Sweden)

Elbie Louw

2017-08-01

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

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.

MUTUAL FUND PERFORMANCE ANALYSIS PRE AND POST FINANCIAL CRISIS OF 2008

OpenAIRE

Asadov, Elvin; Dinger, Tim

2017-01-01

Using a sample of 955 mutual funds, free of survivorship bias, we analyse the performance of diversified equity mutual funds in the United States of America that invest solely in stocks listed on the U.S. stock exchanges before and after the financial crisis of 2008. We categorize all mutual funds into their respective strategy including value, growth, and blend in order to see any relationship with respect to their strategic focus.We find that mutual funds were not able to provide a positive...

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.

Performance of mutual funds in european countries

OpenAIRE

Γκογκάκη, Ελεωνόρα

2012-01-01

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

Equity in health care financing: The case of Malaysia

OpenAIRE

Sach Tracey H; Whynes David K; Yu Chai

2008-01-01

Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implication...

Lessons and Impressions of the Czech Capital Markets

Science.gov (United States)

2012-02-13

pension funds are invested in equities. Twenty-seven companies are currently listed on the Prague Stock Exchange. The financial and materials ...largest international accountancy and professional services firms ( KPMG , Deloitte, PWC, and Ernst & Young). Based on our experience, we would

Equity-focused health impact assessment: A tool to assist policy makers in addressing health inequalities

International Nuclear Information System (INIS)

Simpson, Sarah; Mahoney, Mary; Harris, Elizabeth; Aldrich, Rosemary; Stewart-Williams, Jenny

2005-01-01

In Australasia (Australia and New Zealand) the use of health impact assessment (HIA) as a tool for improved policy development is comparatively new. The public health workforce do not routinely assess the potential health and equity impacts of proposed policies or programs. The Australasian Collaboration for Health Equity Impact Assessment was funded to develop a strategic framework for equity-focused HIA (EFHIA) with the intent of strengthening the ways in which equity is addressed in each step of HIA. The collaboration developed a draft framework for EFHIA that mirrored, but modified the commonly accepted steps of HIA; tested the draft framework in six different health service delivery settings; analysed the feedback about application of the draft EFHIA framework and modified it accordingly. The strategic framework shows promise in providing a systematic process for identifying potential differential health impacts and assessing the extent to which these are avoidable and unfair. This paper presents the EFHIA framework and discusses some of the issues that arose in the case study sites undertaking equity-focused HIA

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

Science.gov (United States)

2013-11-18

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

Tensions Teaching Science for Equity: Lessons Learned from the Case of Ms. Dawson

Science.gov (United States)

Braaten, Melissa; Sheth, Manali

2017-01-01

When teachers engage in forms of science teaching that disrupt the status quo of typical school science practices, they often experience dilemmas as problems of practice that are difficult--or even impossible--to solve. This instrumental case study examines one teacher's efforts to teach science for equity across two contexts: a public middle…

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

Stock Market Performance and Pension Fund Investment Policy: Rebalancing, Free Float, or Market Timing

NARCIS (Netherlands)

Bikker, J.A.; Broeders, D.W.G.A; de Dreu, J.

2007-01-01

This paper is the first that examines the impact of stock market performance on the investment policy of pension funds. We find that stock market prices influence the asset allocation of Dutch pension funds in two ways. In the short term, outperformance of equities over bonds and other investment

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

OpenAIRE

Claudio Raddatz; Sergio L. Schmukler

2011-01-01

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crise...

Equity in health care financing: The case of Malaysia.

Science.gov (United States)

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

2008-06-09

Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments) independently, and subsequently by combined the financing sources to evaluate the whole financing system. Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO) and a regressive finance source (indirect taxes). Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers can gain an in depth understanding of the equity impact, in order to help

Equity in health care financing: The case of Malaysia

Directory of Open Access Journals (Sweden)

Sach Tracey H

2008-06-01

Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers

Resourcing the National Goals for Schooling: An Agreed Framework of Principles for Funding Schools

Science.gov (United States)

Ministerial Council on Education, Employment, Training and Youth Affairs (NJ1), 2012

2012-01-01

Funding for school education in Australia should be on the basis of clear and agreed policy principles for achieving effectiveness, efficiency, equity and a socially and culturally cohesive society. On the basis of these principles a national framework for funding schools will be supported by complementary State and Commonwealth models for funding…

The Perceptions of Stakeholders of the Implementation of a State Funding Model in South African Public Schools

Science.gov (United States)

Mestry, Raj; Berry, Brian

2016-01-01

The government has made great strides in redressing past imbalances in education through the National Norms and Standards for School Funding (NNSSF) policy that focuses on equity in school funding. This NNSSF model compels the state to fund public schools according to a poverty quintile system, where poor schools are allocated much more funding…

Funding models in palliative care: Lessons from international experience

Science.gov (United States)

Groeneveld, E Iris; Cassel, J Brian; Bausewein, Claudia; Csikós, Ágnes; Krajnik, Malgorzata; Ryan, Karen; Haugen, Dagny Faksvåg; Eychmueller, Steffen; Gudat Keller, Heike; Allan, Simon; Hasselaar, Jeroen; García-Baquero Merino, Teresa; Swetenham, Kate; Piper, Kym; Fürst, Carl Johan; Murtagh, Fliss EM

2017-01-01

Background: Funding models influence provision and development of palliative care services. As palliative care integrates into mainstream health care provision, opportunities to develop funding mechanisms arise. However, little has been reported on what funding models exist or how we can learn from them. Aim: To assess national models and methods for financing and reimbursing palliative care. Design: Initial literature scoping yielded limited evidence on the subject as national policy documents are difficult to identify, access and interpret. We undertook expert consultations to appraise national models of palliative care financing in England, Germany, Hungary, Republic of Ireland, New Zealand, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, the United States and Wales. These represent different levels of service development and a variety of funding mechanisms. Results: Funding mechanisms reflect country-specific context and local variations in care provision. Patterns emerging include the following: Provider payment is rarely linked to population need and often perpetuates existing inequitable patterns in service provision. Funding is frequently characterised as a mixed system of charitable, public and private payers. The basis on which providers are paid for services rarely reflects individual care input or patient needs. Conclusion: Funding mechanisms need to be well understood and used with caution to ensure best practice and minimise perverse incentives. Before we can conduct cross-national comparisons of costs and impact of palliative care, we need to understand the funding and policy context for palliative care in each country of interest. PMID:28156188

Funding models in palliative care: Lessons from international experience.

Science.gov (United States)

Groeneveld, E Iris; Cassel, J Brian; Bausewein, Claudia; Csikós, Ágnes; Krajnik, Malgorzata; Ryan, Karen; Haugen, Dagny Faksvåg; Eychmueller, Steffen; Gudat Keller, Heike; Allan, Simon; Hasselaar, Jeroen; García-Baquero Merino, Teresa; Swetenham, Kate; Piper, Kym; Fürst, Carl Johan; Murtagh, Fliss Em

2017-04-01

Funding models influence provision and development of palliative care services. As palliative care integrates into mainstream health care provision, opportunities to develop funding mechanisms arise. However, little has been reported on what funding models exist or how we can learn from them. To assess national models and methods for financing and reimbursing palliative care. Initial literature scoping yielded limited evidence on the subject as national policy documents are difficult to identify, access and interpret. We undertook expert consultations to appraise national models of palliative care financing in England, Germany, Hungary, Republic of Ireland, New Zealand, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, the United States and Wales. These represent different levels of service development and a variety of funding mechanisms. Funding mechanisms reflect country-specific context and local variations in care provision. Patterns emerging include the following: Provider payment is rarely linked to population need and often perpetuates existing inequitable patterns in service provision. Funding is frequently characterised as a mixed system of charitable, public and private payers. The basis on which providers are paid for services rarely reflects individual care input or patient needs. Funding mechanisms need to be well understood and used with caution to ensure best practice and minimise perverse incentives. Before we can conduct cross-national comparisons of costs and impact of palliative care, we need to understand the funding and policy context for palliative care in each country of interest.

Social and Economic Policies Matter for Health Equity: Conclusions of the SOPHIE Project.

Science.gov (United States)

Malmusi, Davide; Muntaner, Carles; Borrell, Carme

2018-01-01

Since 2011, the SOPHIE project has accumulated evidence regarding the influence of social and economic policies on population health levels, as well as on health inequalities according to socioeconomic position, gender, and immigrant status. Through comparative analyses and evaluation case studies across Europe, SOPHIE has shown how these health inequalities vary according to contexts in macroeconomics, social protection, labor market, built environment, housing, gender equity, and immigrant integration and may be reduced by equity-oriented policies in these fields. These studies can help public health and social justice advocates to build a strong case for fairer social and economic policies that will lead to the reduction of health inequalities that most governments have included among their policy goals. In this article, we summarize the main findings and policy implications of the SOPHIE project and the lessons learned on civil society participation in research and results communication.

GPE 2020: Improving Learning and Equity through Stronger Education Systems. Strategic Plan 2016-2020

Science.gov (United States)

Global Partnership for Education, 2016

2016-01-01

The Global Partnership for Education (GPE) addresses the most significant education challenges faced by developing countries through supporting governments to improve equity and learning by strengthening their education systems. GPE is a global fund and a partnership focused entirely on education in developing countries. The partnership has a…

Siparex hits target with '146m for third mid-market fund

CERN Multimedia

2003-01-01

Sigefi Private Equity has reached its target final closing of '146m ($155m) for its third mid-market buy-out and expansion capital fund. International investors contributed 26% of the capital including commitments from CERN, Switzerland (1 paragraph).

Funding Allocation and Staff Management. A Portuguese Example

Science.gov (United States)

Rosa, Maria Joao; Amado, Diana; Amaral, Alberto

2009-01-01

For many years the Portuguese Ministry of Education used a funding formula to allocate the State budget to public higher education institutions. Some of its major objectives were higher enrolments and allocation equity. As the expenditure on salaries was a major component of the budget, the formula was supposed to force convergence to established…

An Empirical Study on Hedge Fund Portfolio Optimization, Mean-Risk Based Approaches

OpenAIRE

Li, Yang

2011-01-01

Abstract This research attempts to investigate the divergences between the Mean-Variance and the Mean-CVaR portfolio optimization methods in examining various assets classes, such as equities, bonds, and especially hedge funds. In order to get a thorough understanding of hedge funds facts and available optimization techniques, relevant literatures are carefully reviewed and incorporated into later stage computer modelling. By constructing three hypothetical portfolios, including traditiona...

The impact of federalism on the healthcare system in terms of efficiency, equity, and cost containment: the case of Switzerland.

Science.gov (United States)

Crivelli, Luca; Salari, Paola

2014-01-01

According to the economic theory of federalism (Oates 1999), a decentralized decision to collectively fund and supply the quantity and quality of public services will increase economic welfare as long as three conditions are fulfilled: preferences and production costs of the different local constituencies are heterogeneous; local governments are better informed than the central agency because of their proximity to the citizens; and the competition between local governments exerts a significant impact on the performance of the local administration and on the ability of public agencies to implement policy innovation. Federalism also presents some negative aspects, including the opportunity costs of decentralization, which materialize in terms of unexploited economies of scale; the emergence of spillover effects among jurisdictions; and the risk of cost-shifting exercises from one layer of the government to the other. Finally, competition between fiscal regimes can affect the level of equity. The literature considers fiscal federalism as a mechanism for controlling the size of the public sector and for constraining the development of redistributive measures. The present paper reviews the impact that federalism has on the efficiency, equity, and cost containment of the healthcare system in Switzerland, a country with a strongly decentralized political system that is based on federalism and the institutions of direct democracy, a liberal economic culture, and a well-developed tradition of mutualism and social security (generous social expenditure and welfare system). By analyzing the empirical evidence available for Switzerland, we expect to draw some general policy lessons that might also be useful for other countries.

The Funding of State and Local Pensions: 2009-2013

OpenAIRE

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

2010-01-01

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

The Tradeoff Between Mutual Fund and Direct Stock Investments

DEFF Research Database (Denmark)

Marekwica, Marcel; Steininger, Bertram I.

2014-01-01

We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results...... show that the fee levels that make private investors indifferent between direct and indirect stock investments vary heavily according to risk aversion, the amounts invested, correlations between assets, transaction costs, and the length of investment horizon. In particular, our results suggest...

RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

Directory of Open Access Journals (Sweden)

Becsky-Nagy Patrícia

2014-07-01

Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the

Pension Fund Performance in East Asia: A Comparative Study

Directory of Open Access Journals (Sweden)

Zamri Ahmad

2015-06-01

Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

Community investment in wind farms: funding structure effects in wind energy infrastructure development.

Science.gov (United States)

Beery, Joshua A; Day, Jennifer E

2015-03-03

Wind energy development is an increasingly popular form of renewable energy infrastructure in rural areas. Communities generally perceive socioeconomic benefits accrue and that community funding structures are preferable to corporate structures, yet lack supporting quantitative data to inform energy policy. This study uses the Everpower wind development, to be located in Midwestern Ohio, as a hypothetical modeling environment to identify and examine socioeconomic impact trends arising from corporate, community and diversified funding structures. Analysis of five National Renewable Energy Laboratory Jobs and Economic Development Impact models incorporating local economic data and review of relevant literature were conducted. The findings suggest that community and diversified funding structures exhibit 40-100% higher socioeconomic impact levels than corporate structures. Prioritization of funding sources and retention of federal tax incentives were identified as key elements. The incorporation of local shares was found to mitigate the negative effects of foreign private equity, local debt financing increased economic output and opportunities for private equity investment were identified. The results provide the groundwork for energy policies focused to maximize socioeconomic impacts while creating opportunities for inclusive economic participation and improved social acceptance levels fundamental to the deployment of renewable energy technology.

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....

Determinants of sovereign wealth fund investment in private equity

NARCIS (Netherlands)

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

2010-01-01

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

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...

Gender Equity in College Athletics: How Far Have We Really Come in Twenty Years?

Science.gov (United States)

Crawford, Julie Dunn; Strope, John L.

1996-01-01

Title IX prohibits sex discrimination in educational institutions receiving any federal funds. Until 1988, college athletics were exempt from compliance. Examines the results of some recent court cases to see how the law was interpreted and concludes what schools should do to be proactive in the struggle for gender equity in collegiate sports. (72…

The Marginal Damage Costs of Different Greenhouse Gases: An Application of FUND

NARCIS (Netherlands)

Waldhoff, S.; Anthoff, D.; Rose, S.; Tol, R.S.J.

2014-01-01

The authors use FUND 3.9 to estimate the social cost of four greenhouse gases—carbon dioxide, methane, nitrous oxide, and sulphur hexafluoride—with sensitivity tests for carbon dioxide fertilization, terrestrial feedbacks, climate sensitivity, discounting, equity weighting, and socioeconomic and

Distribution of regional public funds: the Nuble case

Directory of Open Access Journals (Sweden)

Rodrigo Andrés Candia Silva

2017-12-01

Full Text Available This aim of this study is to propose general guideless to build a model to improve equity on (Regional Development National Fund FNRD’s intraregional distribution, which may be tested by taking advantage of the creation of new region of Nuble. The model could yield indicators to lead investment, set up criteria to complement project evaluation and operational considerations. The analysis of FNDR´s resource allocation data per commune showed a greater concentration in large cities, which neither contributes to addressing the territorial inequalities that already exist, nor to fulfilling the objectives of this fund.

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

Value acceleration: lessons from private-equity masters.

Science.gov (United States)

Rogers, Paul; Holland, Tom; Haas, Dan

2002-06-01

The most successful private-equity firms regularly spearhead dramatic business transformations, creating exceptional returns for their investors. To understand how those firms do it, the authors studied more than 2,000 PE transactions over the past ten years and discovered that the top performers' success stems from the rigor with which they manage their businesses. This article describes the four management disciplines vital to the success of the best PE firms. First, for each business, they define an investment thesis: a brief, clear statement of how to make the business more valuable within three to five years. The thesis, which guides all actions by the company, usually focuses on growth. PE firms know that the demonstration of a path to strong growth produces the big returns on investment. Second, they don't measure too much. They zero in on a few financial indicators that most clearly reveal the business's progress in increasing its value. They watch cash more closely than earnings and tailor performance measures to each business, rather than imposing one set of measures across their entire portfolio. Third, they work their balance sheets, mining undervalued assets, turning fixed assets into sources of financing, and aggressively managing their physical capital. Last, they make the center the shareholder. Corporate staffs in PE firms make unsentimental investment decisions, buying and selling businesses when the price is right and bringing in new management when performance falters. These firms also keep their corporate centers extremely lean. By adopting these four disciplines, executives at public companies should be able to reap significantly greater returns from their own business units.

The use of fund accounting and the need for single fund reporting by institutional healthcare providers. Principles and Practices Board Statement No. 8. Healthcare Financial Management Association.

Science.gov (United States)

1986-06-01

For many years, hospitals and other institutional healthcare providers used fund accounting as a basis for presenting their financial statements. Recently, authoritative literature has placed less emphasis on separate fund reporting. This is evidenced by the reduction of fund classifications specified in the literature. This trend seems to follow the recognition that institutional healthcare activities should be reported in a manner comparable to other businesses. The Principles and Practices Board (P&P Board) of the Healthcare Financial management Association believes that general purpose financial statements of institutional healthcare providers should be comparable to reporting by other businesses. That is, all assets, liabilities, and equity are presented in a single aggregated balance sheet without differentiation by fund. This form of presentation, referred to in this statement as single fund reporting, should be used by all institutional healthcare providers including those that are part of HMOs, universities, municipalities, and other larger entities when separate reports of the provider are issued. The P&P Board is studying other significant issues concerning the reporting of revenues and components of equity and changes therein. The conclusion in this statement can be implemented even though conclusions on these related subjects are not yet complete. The P&P Board recognizes that certain circumstances may require detailed records and reports for special purposes. This statement deals only with those general purpose financial statements on which an independent accountant's opinion is expressed.

Using targeted vouchers and health equity funds to improve access to skilled birth attendants for poor women: a case study in three rural health districts in Cambodia.

Science.gov (United States)

Ir, Por; Horemans, Dirk; Souk, Narin; Van Damme, Wim

2010-01-07

In many developing countries, the maternal mortality ratio remains high with huge poor-rich inequalities. Programmes aimed at improving maternal health and preventing maternal mortality often fail to reach poor women. Vouchers in health and Health Equity Funds (HEFs) constitute a financial mechanism to improve access to priority health services for the poor. We assess their effectiveness in improving access to skilled birth attendants for poor women in three rural health districts in Cambodia and draw lessons for further improvement and scaling-up. Data on utilisation of voucher and HEF schemes and on deliveries in public health facilities between 2006 and 2008 were extracted from the available database, reports and the routine health information system. Qualitative data were collected through focus group discussions and key informant interviews. We examined the trend of facility deliveries between 2006 and 2008 in the three health districts and compared this with the situation in other rural districts without voucher and HEF schemes. An operational analysis of the voucher scheme was carried out to assess its effectiveness at different stages of operation. Facility deliveries increased sharply from 16.3% of the expected number of births in 2006 to 44.9% in 2008 after the introduction of voucher and HEF schemes, not only for voucher and HEF beneficiaries, but also for self-paid deliveries. The increase was much more substantial than in comparable districts lacking voucher and HEF schemes. In 2008, voucher and HEF beneficiaries accounted for 40.6% of the expected number of births among the poor. We also outline several limitations of the voucher scheme. Vouchers plus HEFs, if carefully designed and implemented, have a strong potential for reducing financial barriers and hence improving access to skilled birth attendants for poor women. To achieve their full potential, vouchers and HEFs require other interventions to ensure the supply of sufficient quality maternity

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

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

Science.gov (United States)

Harding, Terry

2012-01-01

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

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

State-Funded Activism: Lessons from Civil Society Organizations in Ireland

Directory of Open Access Journals (Sweden)

Anna Visser

2016-03-01

Full Text Available Civil society organizations (CSOs in Ireland receive significant state funding and institutional support according to the logic that they are important contributors to democratic governance, with the effect that the CSO sector has expanded and become more embedded in formal decision-making processes over the past several decades. At the same time, dependency on government funding exposes CSOs to three important challenges: to stay true to activist mandates in the face of pressure from state funders to focus on service provision; to maintain accountability to constituents while also satisfying the vertically oriented accountability requirements of the state; and to nurture collaboration among CSOs in a context of competition for state funding. University-based activists, who are also reliant on (increasingly scarce government funding, face similar challenges, and therefore should pay more attention to debates regarding state funding in the CSO sphere. By working together to overcome common challenges associated with state funding, activists in both spheres can more effectively contribute to progressive social change.

The Council of Academic Hospitals of Ontario (CAHO) Adopting Research to Improve Care (ARTIC) Program: Reach, Sustainability, Spread and Lessons Learned from an Implementation Funding Model.

Science.gov (United States)

Moore, Julia E; Grouchy, Michelle; Graham, Ian D; Shandling, Maureen; Doyle, Winnie; Straus, Sharon E

2016-05-01

Despite evidence on what works in healthcare, there is a significant gap in the time it takes to bring research into practice. The Council of Academic Hospitals of Ontario's Adopting Research to Improve Care program addresses this research-to-practice gap by incorporating the following components into its funding program: strategic selection of evidence for implementation, education and training for implementation, implementation supports, executive champions and governance, and evaluation. Funded projects have been sustained (76% reported full sustainability) and spread to over 200 new sites. Lessons learned include the following: assess readiness, develop tailored implementation materials, consider characteristics of implementation supports, protect champion time and consider evaluation feasibility. Copyright © 2016 Longwoods Publishing.

Education in the U.S. and the Netherlands: An Equity Comparison and a Few Big Questions

Science.gov (United States)

Owings, William A.; Kaplan, Leslie S.; Volman, Monique

2015-01-01

Using an equity perspective, this article compares the education systems of the United States and the Netherlands. Existing data examining student demographics, the organizational structures, curricula, funding, and student outcomes are examined. The Netherlands appears to be getting a "bigger bang for their buck." We make the case that…

Public funding and private investment for R&D: a survey in China's pharmaceutical industry.

Science.gov (United States)

Qiu, Lan; Chen, Zi-Ya; Lu, Deng-Yu; Hu, Hao; Wang, Yi-Tao

2014-06-13

In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002-2012) and China Statistical Yearbook of Science and Technology (2002-2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources.

Squeezing the funding you need from today's capital sources.

Science.gov (United States)

Gordon, Deborah C

2010-04-01

Healthcare providers need to understand traditional and nontraditional financing options and other potential strategies for accessing capital. Common financing options include bonds, commercial lending, acquisition financing, and financing through the Department of Housing and Urban Development's Section 232 program. Alternative strategies for accessing capital include joint ventures, equity, sale of assets, fund-raising, capital leases, internal capital, public grants, and grants from foundations.

The Alberta Case: The Challenge to the School Amendment Act, 1994 and Provincial Achievement of Fiscal Equity.

Science.gov (United States)

Jefferson, Anne L.

1996-01-01

Addresses litigation launched by a wealthy school district against the Alberta (Canada) Ministry of Education, regarding legislation to increase fiscal equity among school systems. Reviews the concept of fiscal equality, financial plans to achieve this goal, and the Alberta funding structure. Describes proposed changes to the School Act. The…

Mount Sinai Hospital's approach to Ontario's Health System Funding Reform.

Science.gov (United States)

Chalk, Tyler; Lau, Davina; Morgan, Matthew; Dietrich, Sandra; Beduz, Mary Agnes; Bell, Chaim M

2014-01-01

In April 2012, the Ontario government introduced Health System Funding Reform (HSFR), a transformational shift in how hospitals are funded. Mount Sinai Hospital recognized that moving from global funding to a "patient-based" model would have substantial operational and clinical implications. Adjusting to the new funding environment was set as a top corporate priority, serving as the strategic basis for re-examining and redesigning operations to further improve both quality and efficiency. Two years into HSFR, this article outlines Mount Sinai Hospital's approach and highlights key lessons learned. Copyright © 2014 Longwoods Publishing.

Mutual fund performance: A synthesis of taxonomic and methodological issues

Directory of Open Access Journals (Sweden)

S.G. Badrinath

2010-12-01

Full Text Available This paper provides a comprehensive taxonomy of mutual funds and discusses the relative importance of these fund types. While most academic research focuses on US equity funds, we provide results for many more asset classes with this taxonomy—fixed income, balanced, global, International, sector, market-neutral and long-short funds. For each, we start by reporting statistics on the number of funds and their total net asset values at different intervals over the last four decades. We then identify short and long-term patterns in annual returns to mutual funds. We study the cross-sectional and time-series properties of the distribution of investor flows into different types of mutual funds, describe the relationship between flows and performance and discuss its implications for the strategic behaviour of managers and investors. We estimate and interpret fund performance alphas using both the single-factor and four-factor Fama-French models for each taxonomy type. Finally we describe the state of academic research on portfolio performance evaluation tilted towards an applied audience.

Canada's global health role: supporting equity and global citizenship as a middle power.

Science.gov (United States)

Nixon, Stephanie A; Lee, Kelley; Bhutta, Zulfiqar A; Blanchard, James; Haddad, Slim; Hoffman, Steven J; Tugwell, Peter

2018-02-22

Canada's history of nation building, combined with its status as a so-called middle power in international affairs, has been translated into an approach to global health that is focused on equity and global citizenship. Canada has often aspired to be a socially progressive force abroad, using alliance building and collective action to exert influence beyond that expected from a country with moderate financial and military resources. Conversely, when Canada has primarily used economic self-interest to define its global role, the country's perceived leadership in global health has diminished. Current Prime Minister Justin Trudeau's Liberal federal government has signalled a return to progressive values, driven by appreciation for diversity, equality, and Canada's responsibility to be a good global citizen. However, poor coordination of efforts, limited funding, and the unaddressed legacy of Canada's colonisation of Indigenous peoples weaken the potential for Canadians to make meaningful contributions to improvement of global health equity. Amid increased nationalism and uncertainty towards multilateral commitments by some major powers in the world, the Canadian federal government has a clear opportunity to convert its commitments to equity and global citizenship into stronger leadership on the global stage. Such leadership will require the translation of aspirational messages about health equity and inclusion into concrete action at home and internationally. Copyright © 2018 Elsevier Ltd. All rights reserved.

From apartheid to neoliberalism: health equity in post-apartheid South Africa.

Science.gov (United States)

Baker, Peter A

2010-01-01

In 1994, the African National Congress (ANC) won South Africa's first ever democratic election. It inherited a health service that was indelibly marked with the inequities of the apartheid era, highly privatized and distorted toward the hospital needs of urban Whites. The ANC's manifesto promised major improvements, but this study finds only two significant health equity improvements: (1) primary care had funding increased by 83 percent and was better staffed; and (2) health care workers became significantly more race-representative of the population. These improvements, however, were outweighed by equity losses in the deteriorating public-private mix. Policy analysis of the elite actors attributes this failure to the dominance of the Treasury's neoliberal macroeconomic policy (GEAR), which severely limited any increases in public spending. The ANC's nationalist ideology underpinned GEAR and many of the health equity decisions. It united the ANC, international capital, African elites, and White capital in a desire for an African economic renaissance. And it swept the population along with it, becoming the new hegemonic ideology. As this study finds, the successful policies were those that could be made a part of this active hegemonic reformation, symbolically celebrating African nationalism, and did not challenge the interests of the major actors.

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

Public funding and private investment for R&D: a survey in China’s pharmaceutical industry

Science.gov (United States)

2014-01-01

Background In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. Methods The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002–2012) and China Statistical Yearbook of Science and Technology (2002–2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. Results The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Conclusions Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources. PMID:24925505

Institutional Determinants of Private Equity Market in Czech Republic

Directory of Open Access Journals (Sweden)

Martina Skalická Dušátková

2017-12-01

Full Text Available A well-functioning private equity and venture capital market is affected by a range of institutional aspects. This study intends to answer the question on what is the current tax and legal environment for private equity and venture capital investments in Czech Republic as previous studies have emphasized that a rather poor scope of resources available. Qualitative data with content analysis proved to be the best way to assess the institutional framework. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and serious gaps in the institutional framework were identified and discussed. Our results indicate that the issue of legal and organisational structure suitable for private equity and venture capital funds may be resolved through a national equivalent to a Limited Partnership which has already been adopted into Czech law. However, a tax handicap was identified implying that it is necessary to amend the tax legislation so that the legal regulation extends the tax exemption. Another amendment should then be directed towards eliminating or mitigating the barriers imposed on pension. We believe that our findings provide valuable implications for the government, banks, stock exchanges and venture capital industry while formulating new strategies how to increase the level of investments in this specific environment of Czech Republic.

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

Directory of Open Access Journals (Sweden)

Júlio Lobão

2015-12-01

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

Dusting Off the Shelves: Getting the Most Value Out of Vocational Education and Training Equity Resources. Support Document

Science.gov (United States)

Mawer, Giselle; Jackson, Elaine

2006-01-01

This document accompanies the report, "Dusting Off the Shelves: Getting The Most Value Out of Vocational Education and Training Equity Resources." Included in this document are: (1) Consultations; and (2) Questionnaires. [This document was produced with funding provided through the Department of Education, Science and Training. For "Dusting Off…

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...

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-01-01

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

Shaped by asymmetrical interdependence: a qualitative case study of the external influences on international non-governmental organizations' implementation of equity principles in HIV/AIDS work.

Science.gov (United States)

Dyke, Elizabeth; Edwards, Nancy; McDowell, Ian; Muga, Richard; Brown, Stephen

2014-10-08

Addressing inequities is a key role for international non-governmental organizations (INGOs) working in health and development. Yet, putting equity principles into practice can prove challenging. In-depth empirical research examining what influences INGOs' implementation of equity principles is limited. This study examined the influences on one INGO's implementation of equity principles in its HIV/AIDS programs. This research employed a case study with nested components (an INGO operating in Kenya, with offices in North America). We used multiple data collection methods, including document reviews, interviews (with staff, partners and clients of the INGO in Kenya), and participant observation (with Kenyan INGO staff). Participant observation was conducted with 10 people over three months. Forty-one interviews were completed, and 127 documents analyzed. Data analysis followed Auerbach and Silverstein's analytic process (2003), with qualitative coding conducted in multiple stages, using descriptive matrices, visual displays and networks (Miles and Huberman, 1994). There was a gap between the INGO's intent to implement equity principles and actual practice due to multiple influences from various players, including donors and country governments. The INGO was reliant on donor funding and needed permission from the Kenyan government to work in-country. Major influences included donor agendas and funding, donor country policies, and Southern country government priorities and legislation. The INGO privileged particular vulnerable populations (based on its reputation, its history, and the priorities of the Kenyan government and the donors). To balance its equity commitment with the influences from other players, the INGO aligned with the system as well as pushed back incrementally on the donors and the Kenyan government to influence these organizations' equity agendas. By moving its equity agenda forward incrementally and using its reputational advantage, the INGO avoided

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.

Using targeted vouchers and health equity funds to improve access to skilled birth attendants for poor women: a case study in three rural health districts in Cambodia

Directory of Open Access Journals (Sweden)

Souk Narin

2010-01-01

Full Text Available Abstract Background In many developing countries, the maternal mortality ratio remains high with huge poor-rich inequalities. Programmes aimed at improving maternal health and preventing maternal mortality often fail to reach poor women. Vouchers in health and Health Equity Funds (HEFs constitute a financial mechanism to improve access to priority health services for the poor. We assess their effectiveness in improving access to skilled birth attendants for poor women in three rural health districts in Cambodia and draw lessons for further improvement and scaling-up. Methods Data on utilisation of voucher and HEF schemes and on deliveries in public health facilities between 2006 and 2008 were extracted from the available database, reports and the routine health information system. Qualitative data were collected through focus group discussions and key informant interviews. We examined the trend of facility deliveries between 2006 and 2008 in the three health districts and compared this with the situation in other rural districts without voucher and HEF schemes. An operational analysis of the voucher scheme was carried out to assess its effectiveness at different stages of operation. Results Facility deliveries increased sharply from 16.3% of the expected number of births in 2006 to 44.9% in 2008 after the introduction of voucher and HEF schemes, not only for voucher and HEF beneficiaries, but also for self-paid deliveries. The increase was much more substantial than in comparable districts lacking voucher and HEF schemes. In 2008, voucher and HEF beneficiaries accounted for 40.6% of the expected number of births among the poor. We also outline several limitations of the voucher scheme. Conclusions Vouchers plus HEFs, if carefully designed and implemented, have a strong potential for reducing financial barriers and hence improving access to skilled birth attendants for poor women. To achieve their full potential, vouchers and HEFs require other

PERSISTENCE IN PERFORMANCE FOR MUTUAL FUNDS IN PERIODS OF CRISIS

Directory of Open Access Journals (Sweden)

Theodoros KARGIDIS

2012-09-01

Full Text Available The study investigates the persistence in performance for a sample of South European funds, domiciled in Portugal, Italy, Greece and Spain. Employing the Sharpe ratio, risk adjusted performance is measured in an attempt to judge the influence of the 2008 crisis and the current debt crisis on funds’ inclination to persist in their previous returns record. Examination period extends from January 2004 to December 2010 incorporating stages of relative stability in the stock and bond markets while also capturing the early stages of the eurozone crisis. We categorize funds as winners and losers in consecutive 6-monthly periods, thus being able to judge persistence in the short run, while our results suggest that the identification of winners and losers could enable us to investigate the possibility to gain investment advantages through this finding. Overall results suggest evidence of persistent results, whether positive or negative, both during the 2008 crisis and the current debt crisis, leading us to deduce that factors leading to performance persistence are not affected by market changes, since medium to long term persistence bypasses any temporary market mischief. This finding could be of use for fund managers aiming at establishing viable investment strategies, at their epicenter being the exploitation of such clues, suggesting persistence in returns. A fund of funds manager employing funds both in equities and fixed income could potentially choose to invest exclusively or more heavily in the winners of previous periods and avoid accordingly poor performers, thus achieving higher returns on average. For this purpose simple investment strategies are employed where we test the outcome of an investment strategy that would invest on fixed income securities by choosing those funds that were winners in the distribution of returns in the previous 6-monthly period, while disinvesting from poor performers and funds switching sides in performance

Conditional selectivity performance of Indian mutual fund schemes: An empirical study

Directory of Open Access Journals (Sweden)

Subrata Roy

2015-06-01

Full Text Available The present study seeks to examine the stock-selection performance of the sample open-ended equity mutual fund schemes of Birla Sun Life Mutual Fund Company based on traditional and conditional performance measures. It is generally expected that inclusion of some relevant predetermined public information variables in the conditional CAPM provides better performance estimates as compared to the traditional measures. The study reports that after inclusion of conditioning public information variables, the selectivity performances of the schemes have dramatically improved relative to the traditional measure and also found that conditional measure is superior to traditional measure in statistical test.

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

Directory of Open Access Journals (Sweden)

Marek Zinecker

2010-01-01

and their weight is sent to those interested in financing by means of Private Equity/Venture Capital as well as investors in Private Equity and Venture Capital funds and to investment companies.

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...

The need to include Health Impact Assessment at the International Monetary Fund.

Science.gov (United States)

Cave, Ben; Birley, Martin

2010-01-01

The lending and technical support provided by the International Monetary Fund affect the determinants of health and healthy equity. Most health determinants lie outside the control of the health sector, and thus non-health-sector policies have profound positive and negative effects on population health. Health Impact Assessment (HIA) is an instrument for identifying the effect of policies, plans, programs, and projects on population health and health equity. It is a feasible, cost-effective, and transparent process that has been adopted by several financial institutions, including members of the World Bank Group. Adopting HIA would assist the IMF in ensuring that the potential health consequences of its policies are identified and addressed.

Technology Transfer Bottlenecks and Lessons Learned in Humanitarian Demining EU-funded Research: Analysis and Results from the EC DELVE Project

International Nuclear Information System (INIS)

Bruschini, C.; Sahli, H.; Van Kempen, L.; Schleijpen, R.; Breejen, E. den

2010-01-01

The EC DELVE Support Action (www.delve.vub.ac.be) has analyzed the bottlenecks in the transfer of Humanitarian Demining (HD) technology from technology development to the use in the field, basing itself on the assessment of the European HD Research and Technology Development (RTD) situation from early 1990 until 2006. The developments in HD during the last 10 years underline the fact that in a number of cases demining related developments have been terminated or at least put on hold. A number of lessons learned were drawn, bottlenecks identified and broadly classified as either Confidence, Cost, or Communication related. The study also showed that the funding provided by the European Commission (EC) has led directly to the creation of an extensive portfolio of HD technology development projects. However, the range of instruments available to the EC to finance the necessary R and D was limited to pre-competitive research. The EC had no tools or programs to fund actual product development. The corresponding consequences are detailed in the study. The separation of the Mine Action and RTD funding streams in the EC did also negatively affect the take-up of new technologies. As a main conclusion, creating coherence between: (1) the EC policy based on political decisions, (2) RTD, testing and industrialization of equipment, and (3) timely deployment, requires a new way of coordinated thinking: 'end-to-end planning' has to be supported by a well organized and coordinated organizational structure involving different DGs (Directorate General) and even extending beyond the EU. This was not the case for Mine Action. (author)

31 CFR 594.203 - Holding of funds in interest-bearing accounts; investment and reinvestment.

Science.gov (United States)

2010-07-01

... tangible property, such as chattels or real estate, or of other blocked property, such as debt or equity... GLOBAL TERRORISM SANCTIONS REGULATIONS Prohibitions § 594.203 Holding of funds in interest-bearing...). However, the Office of Foreign Assets Control may issue licenses permitting or directing such sales or...

Cutting the Gordian Knot: A Proposal for Full State Funding of Elementary Education in Illinois. MacArthur/Spencer Series Number 13.

Science.gov (United States)

Arnold, Robert

Property tax relief for the Illinois taxpayer, predicated on full state funding of elementary education, is advocated in this paper. A consequence of full state funding is the reduction of property taxes for education and creation of an educational income tax. Effects at the elementary level are equity and adequacy; at the secondary level, school…

The Relation between Past Flows and Future Performance: Simple Investment Strategies in the Mutual Fund Sector

Directory of Open Access Journals (Sweden)

Martin Rohleder

2015-02-01

Full Text Available In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over longer horizons. I investigate this relation for various groups of equity, bond, and money market funds and find significant outperformance in high inflow funds over several months, especially for specific bond fund groups. In addition, I test whether this information can be exploited using simple investment strategies but find that the abnormal returns are too low to offset associated costs.

Decommissioning nuclear power plants: a case for external funding

International Nuclear Information System (INIS)

Hendren, C.B.

1987-01-01

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

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

Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration

OpenAIRE

Stephen Brown; William Goetzmann; Bing Liang; Christopher Schwarz

2006-01-01

Mandatory disclosure is a regulatory tool intended to allow market participants to assess operational risk. We examine the value of disclosure through the controversial SEC requirement, since overturned, which required major hedge funds to register as investment advisors and file Form ADV disclosures. Leverage and ownership structures suggest that lenders and equity investors were already aware of operational risk. However, operational risk does not mediate flow-performance relationships. Inv...

78 FR 28904 - CPG Carlyle Private Equity Fund, LLC, et al.; Notice of Application

Science.gov (United States)

2013-05-16

... as Delaware limited liability companies. The Feeder Fund operates as a feeder fund in a master-feeder..., and mezzanine). 2. The Adviser, a Delaware limited liability company and wholly- owned subsidiary of... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30512; 812-14089] CPG...

Lessons Learned from the Private Sector

Energy Technology Data Exchange (ETDEWEB)

Robichaud, Robert J [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-09-07

This session is focused on lessons learned from private sector energy projects that could be applied to the federal sector. This presentation tees up the subsequent presentations by outlining the differences between private and federal sectors in objectives, metrics for determining success, funding resources/mechanisms, payback and ROI evaluation, risk tolerance/aversion, new technology adoption perspectives, and contracting mechanisms.

Needs-based Funding for Home Care and Community Support Services in Ontario: A New Approach Based on Linked Survey and Administrative Data

OpenAIRE

Jeremiah Hurley; Brian Hutchison; Gioia Buckley; Christel Woodward

2003-01-01

1.0 Background Since 1994, the Ontario Ministry of Health and Long-term Care (MOHLTC) has used an equity funding formula to allocate new funding for the delivery of long-term care (LTC) community services, which includes home care services and community support services in the province.[Ontario Ministry of Health 2000] The objective of the formula is to reduce historical disparities in funding among Community Care Access Centre (CCAC) regions by allocating new funds on the basis of the relati...

Self Managed Superannuation Funds and the Bear Market of 2007-2008

Directory of Open Access Journals (Sweden)

Peter J Phillips

2009-03-01

Full Text Available In this paper, we examine the bear market performance of self managed superannuation funds(SMSFs. Previous studies have highlighted some problems with the portfolio construction ofSMSFs. This provides a rationale for examining the performance of SMSFs during the recentbear market. Based on data from two independent samples of a total of 141 self managedsuperannuation funds, two archetype SMSF portfolios are constructed in order to generateinsights into the average performance of the funds in the samples. The performance of thesefunds is compared with (1 the unmanaged market index; and (2 the average returnsgenerated by retail (balanced superannuation funds. Interestingly, whilst the SMSFs havegenerated negative returns and problems with the portfolio construction remain, the relativeperformance of the overall portfolios vis-à-vis the market index and professionally managedfunds is reasonably favourable. However, the equity portions of the SMSF portfolios sufferfrom under-diversification and could be more efficiently constructed.

76 FR 67759 - Announcement of Funding Awards for the Self-Help Homeownership Opportunity Program (SHOP) for...

Science.gov (United States)

2011-11-02

... required. The SHOP funds together with the sweat equity and volunteer labor contributions significantly... Awards for the Self-Help Homeownership Opportunity Program (SHOP) for Fiscal Year 2011 AGENCY: Office of... Opportunity Program (SHOP). This announcement contains the consolidated names and addresses of this year's...

Equitable fund allocation, an economical approach for sustainable waste load allocation.

Science.gov (United States)

Ashtiani, Elham Feizi; Niksokhan, Mohammad Hossein; Jamshidi, Shervin

2015-08-01

This research aims to study a novel approach for waste load allocation (WLA) to meet environmental, economical, and equity objectives, simultaneously. For this purpose, based on a simulation-optimization model developed for Haraz River in north of Iran, the waste loads are allocated according to discharge permit market. The non-dominated solutions are initially achieved through multiobjective particle swarm optimization (MOPSO). Here, the violation of environmental standards based on dissolved oxygen (DO) versus biochemical oxidation demand (BOD) removal costs is minimized to find economical total maximum daily loads (TMDLs). This can save 41% in total abatement costs in comparison with the conventional command and control policy. The BOD discharge permit market then increases the revenues to 45%. This framework ensures that the environmental limits are fulfilled but the inequity index is rather high (about 4.65). For instance, the discharge permit buyer may not be satisfied about the equity of WLA. Consequently, it is recommended that a third party or institution should be in charge of reallocating the funds. It means that the polluters which gain benefits by unfair discharges should pay taxes (or funds) to compensate the losses of other polluters. This intends to reduce the costs below the required values of the lowest inequity index condition. These compensations of equitable fund allocation (EFA) may help to reduce the dissatisfactions and develop WLA policies. It is concluded that EFA in integration with water quality trading (WQT) is a promising approach to meet the objectives.

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...

76 FR 48876 - Announcement of Funding Awards for the Self-Help Homeownership Opportunity Program (SHOP) for...

Science.gov (United States)

2011-08-09

... labor is also required. The SHOP funds together with the sweat equity and volunteer labor contributions... Awards for the Self-Help Homeownership Opportunity Program (SHOP) for Fiscal Year 2010 AGENCY: Office of... Opportunity Program (SHOP). This announcement contains the consolidated names and addresses of this year's...

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.

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.

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...

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…

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 and Efficiency of Minnesota Educational Expenditures with a Focus on English Learners, 2003-2011: A Retrospective Look in a Time of Accountability

Science.gov (United States)

Alexander, Nicola A.; Jang, Sung Tae

2017-01-01

Policymakers and practitioners often must balance distributing resources equitably and efficiently while being accountable for high student achievement. This paper focuses on these concepts as they relate to English learners and examines equity and efficiency in Minnesota's educational funding from 2003 through 2011, the years spanning…

Analysis of the Structure Ratios of the Funding Sources

Directory of Open Access Journals (Sweden)

Maria Daniela Bondoc

2014-06-01

Full Text Available The funding sources of the assets and liabilities in the balance sheet include equity capitals and the debts of the entity. The analysis of the structure rates of the funding sources allows for making assessments related to the funding policy, highlighting the financial autonomy and how resources are provided. Using the literature specializing in economic and financial analysis, this paper aims at presenting these rates that focus, on the one hand, to reflect the degree of financial dependence (the rate of financial stability, the rate of global financial autonomy, the rate of on-term financial autonomy and on the other hand the debt structure (the rate of short-term debts, the global indebtedness rate, the on-term indebtedness rate. Based on the financial statements of an entity in the Argeş County, I analysed these indicators, and I drew conclusions and made assessments related to the autonomy, indebtedness and financial stability of the studied entity.

Fiscal sustainability and the State Oil Fund in Azerbaijan

Directory of Open Access Journals (Sweden)

Kenan Aslanli

2015-07-01

Full Text Available Azerbaijan, like many resource-rich countries, decided to set up a sovereign wealth fund in order to avoid income volatility, to achieve intergenerational equity and to transform resource wealth into more productive assets. Azerbaijan established the State Oil Fund of the Azerbaijan Republic (SOFAZ in late 1999 to accumulate income from hydrocarbon exports. SOFAZ has gradually become the leading part of the country's public finance system. Azerbaijan was the first country to fulfill all requirements of the Extractive Industries Transparency Initiative (EITI, an international agreement to implement global standards of transparency in the resource extracting sectors. However, SOFAZ's contribution to an effective resource revenue management and long-run economic development is still questionable: transparency applies only to the income side of Azerbaijan's oil fund while the expenditure side remains opaque. Unlimited and unconditional transfers from SOFAZ to the state budget have threatened fiscal sustainability and the overall macroeconomic equilibrium.

Criteria to be considered for funding of higher education in Venezuela

Directory of Open Access Journals (Sweden)

Luis E. Torres-Nuñez

2016-12-01

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

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...

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

Early stage fuel cell funding

International Nuclear Information System (INIS)

Bergeron, C.

2004-01-01

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

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

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...

Ways to Evaluate the Success of Your Teacher Incentive Fund Project in Meeting TIF Goals

Science.gov (United States)

Milanowski, Anthony; Finster, Matthew

2016-01-01

This brief outlines some simple methods that Teacher Incentive Fund grants could add to their local evaluations to find out how well they are promoting attainment of the four overall TIF goals. The methods described in this brief can help grantees determine if they are moving toward improving effectiveness, student achievement, and equity.…

Global Funds: Lessons from a not-too-distant past?

African Journals Online (AJOL)

sulaiman.adebowale

2007-07-10

Jul 10, 2007 ... The 1990s witnessed the establishment of global funds to address specific issues such as .... The 'roaring success' of the Green Revolution in Asia ... Agricultural development requires not only investment in particular projects.

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...

Does Beta Explain Global Equity Market Volatility – Some Empirical Evidence

Directory of Open Access Journals (Sweden)

Radosław Kurach

2013-06-01

Full Text Available The purpose of this study is to assess the diversification benefits resulting from international asset allocation. In this study, we examine Capital Asset Pricing Model (CAPM in its international context (ICAPM using the monthly equity returns for 26 countries (18 developed and 8 emerging markets between July 1996 and June 2011 and adopting the US investor’s perspective. We verify the beta-return trade-off employing two approaches: the unconditional trade-off and the conditional relationship. In this latter case, we find the country beta to be a significant variable explaining the cross-country variation of returns. Next, we test the degree of market integration in the light of the ICAPM. The results of this test indicate that country-idiosyncratic risks are generally not priced. In the subsidiary outcomes of our verification procedure, we argue that country betas are time-varying and that currently, global factors are the dominant source of equity market volatility. Consequently, the opinion regarding emerging market assets and their role in global portfolio management should be reconsidered. The results of the entire study may provide essential implications for fund managers because the decreasing international diversification gains have been identified.

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.

E-LEARNING FROM NATURE THROUGH E-LESSONS

Directory of Open Access Journals (Sweden)

Anca Cristina COLIBABA

2017-08-01

Full Text Available The article is a study based on the e-Learning from Nature project (2015-1-IT02-KA201-015133 funded by the European Commission. The project’s main objectives are centred on improving students’ low achievement and stimulating secondary school students’ interest in science subjects. The article focuses on scientific education and its challenges and suggests an innovative approach which connects science with nature. It examines one of the most important project outputs: the e-lessons (short video lessons created within the European partnership and the way they can contribute to increasing students’ motivation to learn science. Participant teachers’ testimonials have also been considered in the general evaluation of this project output.

Report: South Carolina Drinking Water State Revolving Fund Program Financial Statements with Independent Auditor’s Report, June 30, 2002

Science.gov (United States)

Report #2003-1-00138, September 17, 2003. We have audited the balance sheet of the SCDWSRF Program as of June 30, 2002, the related statement of revenues, expenses, and changes in fund equity, and the statement of cash flows for the year then ended.

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

New perspectives on population: lessons from Cairo.

Science.gov (United States)

Ashford, L S

1995-03-01

The lessons from the 1994 World Population Conference in Cairo, Egypt, are summarized in this publication. The topics of discussion include the evolution of population policies, the changing policy environment, demographic trends, and solutions in the form of gender equity, provision of reproductive health services, and sustainable social and economic development. The program of action supported by 180 governments and targeted for 2015 articulated the goals of universal access to a full range of safe and reliable family planning methods and reproductive health services, a specified level of reduction in infant and child mortality, a specified level of reduction in maternal mortality, an increase in life expectancy to 70-75 years or more, and universal access to and completion of primary education. Other features include goals for improving women's status and equity in gender relations, expansion of educational and job opportunities for women and girls, and involvement of men in childrearing responsibilities and family planning. Steps should be taken to eliminate poverty and reduce or eliminate unsustainable patterns of production and consumption. Population policy must be integrated within social and economic development policies. About $22 billion will be needed for provision of family planning and reproductive health services by the year 2015. Costs will increase over the 10-year period due to the increased population to be served. Per person user costs for family planning alone are higher in countries without infrastructure and technical skills. Actual costs vary with the cost of contraceptive supplies, patterns of use, and efficiency of delivery systems. Although the plan offers 16 chapters worth of advice and recommends 243 specific actions, countries will have to be selective due to cost limitations. The 20/20 Initiative is proposed for sharing social service costs between international donors (20%) and host countries (20%). A separate UN projection of need

Bank Interest Margin and Default Risk under Basel III Capped Capital Adequacy Accord and Regulatory Deposit Insurance Fund Protection

OpenAIRE

Chuen-Ping Chang; Shi Chen

2015-01-01

We study the optimal bank interest margin and default risk under the capped ratio schedule of government capital instruments in the Basel III Capital Adequacy Accord and the Deposit Insurance Fund arrangement program. We show that an increase in the capped ratio (a decrease in the capped government capital injection) increases the default risk in the bank¡¯s equity return at a reduced interest margin. Regulatory deposit insurance fund protection reinforces the reduced bank interest margin and...

The Behavioral Aspects of Mutual Funds and the Lessons Learned from the Financial Crisis

OpenAIRE

Åhlén, Tommy

2011-01-01

The fund industry has grown tremendously over the last decades and the function for mutual funds and their managers have gained importance. Sweden is today the greatest fund saving country in the world however the function of the mutual funds and their managers is still rather unexplored. Mutual fund managers were blamed for the recent financial crisis and their irrational behavior was highlighted. This indicated how weak the classic financial theories are when trying to explain the function ...

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...

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

Kryolize - KT Fund Project

CERN Multimedia

CERN. Geneva

2016-01-01

Safety standards and best practices do exist in the field of cryogenics but, as in most domains, they are generally inserted in a few ‘envelope’ cases commonly used in the industry, whereas applicability to the particularity of research facilities are not fully tailored to its needs. The main objective in these cases is to find a harmonised approach, based on lessons learnt and scientific knowledge. The Kryolize Project was created in order to produce tools with a harmonized approach to size pressure relief devices for cryogenic applications. In view of disseminating such tools to other institutes and industrial partners, the project was submitted to CERN’s KT Fund committee. This talk will focus on the process and deliverables of the KT-Funded Kryolize project, including the method on how to cope with the sizing of pressure relief devices and the R&D collaboration agreement between CERN and Karlsruhe Institute of Technology for an experimental programme.

COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

Directory of Open Access Journals (Sweden)

Tesu Ramona

2012-12-01

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

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)

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.

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...

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”.

Governing board of the pension fund

CERN Multimedia

2003-01-01

The Governing Board held its 115th meeting on 8 April 2003, which, as usual at this time of year, was devoted to examination of the Annual Report and the annual accounts, in the present case for 2002, which it approved. On the financial results side, 2002 was a particularly difficult year for all pension funds. The average returns of provident institutions in Europe and the United States frequently recorded losses in asset values in excess of 10%. The Pension Fund's result was -5.5%, which, to set it in perspective, places it amongst the category of the least bad results internationally. In this regard, it should be borne in mind that as in 2001 the Investment Committee, which is responsible for asset allocation that determines 80% of the performance, avoided further exposure to equities markets in 2002, deliberately reducing its allocation in this sector. As a result, plus the fact that the bond portfolio has also been reduced, short-term liquid assets far exceeded their basic strategic allocation of 4%, end...

Effects on Funding Equity of the Arizona Tax Credit Law

Directory of Open Access Journals (Sweden)

Glen Y. Wilson

2000-08-01

Full Text Available This article examines the results from the first year (1998 of the Arizona Education Tax Credit program. The tax credit law allows individuals a dollar- for-dollar tax credit of $500 for donations to private schools and a dollar-for-dollar tax credit of $200 for donations to public schools. Although one justification for this statute was that it would help lower income students, the primary beneficiaries of this program tend to be the relatively well off. The author concludes that Arizona's tax credit law increases educational funding inequity in Arizona. Data for 1999, only recently made available, show a 159.1 percent increase in total contributions and an exacerbation of the trends noted here.

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.

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

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....

Overview of the compensation and liability regimes under the International Oil Pollution Compensation Fund (IOPC)

Energy Technology Data Exchange (ETDEWEB)

Wren, John [Department of Environment, Transport and the Regions, Shipping Policy Div., London (United Kingdom)

2000-08-01

This paper focuses on the cost recovery issues arising through the operation of the International Oil Pollution Compensation Fund (IOPC) and administrative matters which arose following the Braer and Sea Empress oil tanker pollution incidents in the UK. Each of these oil spills brought very different problems. Any major oil spill will have prolonged economic and social consequences for the communities affected. Membership of the International Oil Pollution Compensation Fund (IOPC Fund) will do much to soften the impact as regards economic damage. However, the operation of the Fund brings difficulties which may not have been considered by the administration prior to the spill. Some of the difficulties are foreseeable. It covers details of the international compensation and liability regimes, it considers a number of administrative consequences and highlights seven lessons that have been learned in the UK in the light of recent experience. These lessons are: Claims may not be paid quickly or in full. Claimants will need advice and government involvement. Action by the government may be needed to complement the IOPC Fund. Governments have to balance their obligations as a member state with the needs of claimants. It is better for claimants to keep matters out of court for as long as possible. Administrative consequences will continue for a long time after the oil has been cleared from the shore-line. Each major oil spill brings different cost recovery problems and will also bring demands 'to learn the lessons'. In much the same way as contingency plans are regularly tested, each state party to the regime would be wise, from time to time, to think through the likely scenarios so as to better prepare themselves in the light of experiences elsewhere. The United Kingdom has had rather more experience in recent years than it would have wished. (Author)

Overview of the compensation and liability regimes under the International Oil Pollution Compensation Fund (IOPC)

International Nuclear Information System (INIS)

Wren, John

2000-01-01

This paper focuses on the cost recovery issues arising through the operation of the International Oil Pollution Compensation Fund (IOPC) and administrative matters which arose following the Braer and Sea Empress oil tanker pollution incidents in the UK. Each of these oil spills brought very different problems. Any major oil spill will have prolonged economic and social consequences for the communities affected. Membership of the International Oil Pollution Compensation Fund (IOPC Fund) will do much to soften the impact as regards economic damage. However, the operation of the Fund brings difficulties which may not have been considered by the administration prior to the spill. Some of the difficulties are foreseeable. It covers details of the international compensation and liability regimes, it considers a number of administrative consequences and highlights seven lessons that have been learned in the UK in the light of recent experience. These lessons are: Claims may not be paid quickly or in full. Claimants will need advice and government involvement. Action by the government may be needed to complement the IOPC Fund. Governments have to balance their obligations as a member state with the needs of claimants. It is better for claimants to keep matters out of court for as long as possible. Administrative consequences will continue for a long time after the oil has been cleared from the shore-line. Each major oil spill brings different cost recovery problems and will also bring demands 'to learn the lessons'. In much the same way as contingency plans are regularly tested, each state party to the regime would be wise, from time to time, to think through the likely scenarios so as to better prepare themselves in the light of experiences elsewhere. The United Kingdom has had rather more experience in recent years than it would have wished. (Author)

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...

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)

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.

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.

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...

Comparison of State-Funded Technology Maturation Programs.

Energy Technology Data Exchange (ETDEWEB)

Keller, Elizabeth James Kistin [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Warren, Drake [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Hess, Marguerite Evelyn [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2016-12-01

This study examines the structure and impact of state-funded technology maturation programs that leverage research institutions for economic development throughout the United States. The lessons learned and practices identified from previous experiences will inform Sandia National Laboratories' Government Relations and Technology Partnerships teams as they participate in near-term discussions about the proposed Technology Readiness Gross Receipts Tax Credit and Program, and continue to shape longer-term program and partnership opportunities. This Page Intentionally Left Blank

The Alpha and Beta of Equity Hedge UCITS Funds : Implications for Momentum Investing

NARCIS (Netherlands)

Bouamara, Nabil; Boudt, Kris; Peeters, Benedict; Thewissen, James

2017-01-01

Alternative UCITS is a pan-European regulatory framework that allows investment vehicles to be managed and sold throughout Europe. The unified fund structure provides retail investors access to a blend of sophisticated active management strategies subject to high liquidity and transparency

Successful private-public funding of paediatric medicines research: lessons from the EU programme to fund research into off-patent medicines.

Science.gov (United States)

Ruggieri, L; Giannuzzi, V; Baiardi, P; Bonifazi, F; Davies, E H; Giaquinto, C; Bonifazi, D; Felisi, M; Chiron, C; Pressler, R; Rabe, H; Whitaker, M J; Neubert, A; Jacqz-Aigrain, E; Eichler, I; Turner, M A; Ceci, A

2015-04-01

The European Paediatric Regulation mandated the European Commission to fund research on off-patent medicines with demonstrated therapeutic interest for children. Responding to this mandate, five FP7 project calls were launched and 20 projects were granted. This paper aims to detail the funded projects and their preliminary results. Publicly available sources have been consulted and a descriptive analysis has been performed. Twenty Research Consortia including 246 partners in 29 European and non-European countries were created (involving 129 universities or public-funded research organisations, 51 private companies with 40 SMEs, 7 patient associations). The funded projects investigate 24 medicines, covering 10 therapeutic areas in all paediatric age groups. In response to the Paediatric Regulation and to apply for a Paediatric Use Marketing Authorisation, 15 Paediatric Investigation Plans have been granted by the EMA-Paediatric Committee, including 71 studies of whom 29 paediatric clinical trials, leading to a total of 7,300 children to be recruited in more than 380 investigational centres. Notwithstanding the EU contribution for each study is lower than similar publicly funded projects, and also considering the complexity of paediatric research, these projects are performing high-quality research and are progressing towards the increase of new paediatric medicines on the market. Private-public partnerships have been effectively implemented, providing a good example for future collaborative actions. Since these projects cover a limited number of off-patent drugs and many unmet therapeutic needs in paediatrics remain, it is crucial foreseeing new similar initiatives in forthcoming European funding programmes.

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.

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

Directory of Open Access Journals (Sweden)

Pigott David M

2012-07-01

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

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.

Assessment of financial management of the National Health Fund in 2005-2011

Directory of Open Access Journals (Sweden)

Agata Gastecka

2015-04-01

Full Text Available After many reforms of the Polish health care system, the current entity responsible for financing medical services to the insured patients is the National Health Fund. Despite the constantly increasing funds being allocated to the health care system, it still remains underfunded. A tool that facilitates the evaluation and assessment of the viability, stability and profitability of a business is called the financial analysis. The primary source of data necessary for the preparation of the financial analysis comes from the financial statement which includes the balance sheets, profit and loss account, notes, cash flow statement, and statement of changes in equity. On the basis of the information contained in these documents one can understand the structure of assets, earnings, revenues and expenses, as well as the level of indebtedness and liquidity. The National Health Fund has a monopoly on the health insurance market. Therefore, the financial management conducted by this entity should be based on the rationalization of the expenditure in terms of revenue and stable income generation. The financial analysis carried out between 2005 and 2011 showed that the total assets of the entity were dominated by the current assets which can be justified by the nature of the business. The structure of equity relative compared to the foreign capital did not show positive trends. Since 2009, the bad financial situation was manifested by the profit and loss accounts, which reached negative values and costs exceeding the revenue. The ratio analysis showed a high debt rates experienced by the health care payers. At the same time, however, the liquidity has been maintained.

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.

Sovereign Wealth and Pension Funds Controlling Canadian Businesses: Tax-Policy Implications

Directory of Open Access Journals (Sweden)

Vijay Jog

2013-02-01

Full Text Available In a world without taxes, investors that take over companies would do so because they expect to be able to operate the business efficiently and at a high rate of return. But in Canada today, some acquirers enjoy tax advantages over others. And that could mean that certain buyers, who may not be best suited to owning a particular company, are able to outbid those who are better positioned to run that company at optimal efficiency. That is a problem not just for investors who end up outbid, due to Canada’s uneven tax policy, but for the Canadian economy, which suffers from the resulting economic inefficiency. With respect to registered pension plans, the so-called 30-per-cent rule puts a cap on the amount of voting equity in a company that they are permitted to own. Meanwhile, however, sovereign wealth funds — whether controlled by China or Australia — face no such limit when purchasing stakes in Canadian firms. The number and size of sovereign wealth funds, globally, is only growing — and rapidly. But as Canada increasingly attracts foreign capital, with foreign-controlled government-affiliated funds seeking out Canadian takeover targets, much of the discussion around public policy has focused primarily on the Investment Canada Act and the “net benefit test” for foreign direct investment. Another component in ensuring that Canadian interests are preserved, however, is the question of whether Canadian institutional investors can operate on a level playing field with foreign sovereign wealth funds. With the 30-per-cent rule limiting equity purchases for one but not the other, it would appear that they are not. The most appealing remedy to this imbalance is a tax solution: limiting the corporate deductions on interest, fees, royalties, rents, and the like, that so often factor in to the takeover calculation, as part of a tax-minimization strategy. This would not only put pension funds and sovereign wealth funds on equal footing, but it

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...

Risk-adjusted capitation funding models for chronic disease in Australia: alternatives to casemix funding.

Science.gov (United States)

Antioch, K M; Walsh, M K

2002-01-01

Under Australian casemix funding arrangements that use Diagnosis-Related Groups (DRGs) the average price is policy based, not benchmarked. Cost weights are too low for State-wide chronic disease services. Risk-adjusted Capitation Funding Models (RACFM) are feasible alternatives. A RACFM was developed for public patients with cystic fibrosis treated by an Australian Health Maintenance Organization (AHMO). Adverse selection is of limited concern since patients pay solidarity contributions via Medicare levy with no premium contributions to the AHMO. Sponsors paying premium subsidies are the State of Victoria and the Federal Government. Cost per patient is the dependent variable in the multiple regression. Data on DRG 173 (cystic fibrosis) patients were assessed for heteroskedasticity, multicollinearity, structural stability and functional form. Stepwise linear regression excluded non-significant variables. Significant variables were 'emergency' (1276.9), 'outlier' (6377.1), 'complexity' (3043.5), 'procedures' (317.4) and the constant (4492.7) (R(2)=0.21, SE=3598.3, F=14.39, Probpayment (constant). The model explained 21% of the variance in cost per patient. The payment rate is adjusted by a best practice annual admission rate per patient. The model is a blended RACFM for in-patient, out-patient, Hospital In The Home, Fee-For-Service Federal payments for drugs and medical services; lump sum lung transplant payments and risk sharing through cost (loss) outlier payments. State and Federally funded home and palliative services are 'carved out'. The model, which has national application via Coordinated Care Trials and by Australian States for RACFMs may be instructive for Germany, which plans to use Australian DRGs for casemix funding. The capitation alternative for chronic disease can improve equity, allocative efficiency and distributional justice. The use of Diagnostic Cost Groups (DCGs) is a promising alternative classification system for capitation arrangements.

But Where Will the Money Come from? Experts' Views on Revenue Options to Implement "Campaign for Fiscal Equity v. State of New York"

Science.gov (United States)

Zaken, Osnat; Olson, Jeffery

2013-01-01

In 2003, the New York State Court of Appeals, the highest court in New York, upheld a trial court decision that funding for public education in New York City was unconstitutional and decreed that the state needed to increase operating aid to school districts by $5.6 billion per year ("Campaign for Fiscal Equity, Inc. v. State of New York…

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...

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

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.

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.

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.

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.

Preference and Priority in Federal Funding: Aligning Federal Resources to Maximize Program Investment Efficiency and Impacts in Communities

Science.gov (United States)

This page contains the document, Preference and Priority in Federal Funding: Aligning Federal Resources to Maximize Program Investment Efficiency and Impacts in Communities - Lessons from EPA’s Brownfields Program.

ANALISIS KINERJA REKSADANA SAHAM DAN REKSADANA INDEKS DALAM PENILAIAN TINGKAT EFISIENSI PASAR MODAL INDONESIA

Directory of Open Access Journals (Sweden)

Tona Aurora Lubis

2012-05-01

Full Text Available ABSTRACT The objectives of this research are: first, to know whether LQ-45 Index Fund performs better than the equity mutual fund in Indonesian capital market; second, to measure the level of Indonesian capital efficiency. Results show that the raw performance and risk-adjusted performance of the LQ-45 Index Fund is better than the performance of all equity mutual funds (concurrently. For the investors who wish to invest their capital in equity mutual fund, however, we have found two individual equity mutual fund which perform better than the LQ-45 Index Fund, that is Phinisi Dana Saham and Rencana Cerdas. The result of this research also shows that the excess performance of the LQ-45 Index Fund is smaller than the excess performance of (individual equity mutual fund. From this result, we may conclude that Indonesian capital market is an inefficient capital market.   Keywords: Equity Mutual Fund, Index Fund, Efficiency Market

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.

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.

Commercialization issues and funding opportunities for high-performance optoelectronic computing modules

Science.gov (United States)

Hessenbruch, John M.; Guilfoyle, Peter S.

1997-01-01

Low power, optoelectronic integrated circuits are being developed for high speed switching and data processing applications. These high performance optoelectronic computing modules consist of three primary components: vertical cavity surface emitting lasers, diffractive optical interconnect elements, and detector/amplifier/laser driver arrays. Following the design and fabrication of an HPOC module prototype, selected commercial funding sources will be evaluated to support a product development stage. These include the formation of a strategic alliance with one or more microprocessor or telecommunications vendors, and/or equity investment from one or more venture capital firms.

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.

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)

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 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

Innovation, renewable energy, and state investment: Case studies of leading clean energy funds

Energy Technology Data Exchange (ETDEWEB)

Wiser, Ryan; Bolinger, Mark; Milford, Lewis; Porter, Kevin; Clark, Roger

2002-09-01

Over the last several years, many U.S. states have established clean energy funds to help support the growth of renewable energy markets. Most often funded by system-benefits charges (SBC), the 15 states that have established such funds are slated to collect nearly $3.5 billion from 1998 to 2012 for renewable energy investments. These clean energy funds are expected to have a sizable impact on the energy future of the states in which the funds are being collected and used. For many of the organizations tapped to administer these funds, however, this is a relatively new role that presents the challenge of using public funds in the most effective and innovative fashion possible. Fortunately, each state is not alone in its efforts; many other U.S. states and a number of countries are undertaking similar efforts. Early lessons are beginning to be learned by clean energy funds about how to effectively target public funds towards creating and building renewable energy markets. A number of innovative programs have already been developed that show significant leadership by U.S. states in supporting renewable energy. It is important that clean energy fund administrators learn from this emerging experience.

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...

Modes and Approaches of Groundwater Governance: A Survey of Lessons Learned from Selected Cases across the Globe

Directory of Open Access Journals (Sweden)

Robert G. Varady

2016-09-01

Full Text Available The crucial role of groundwater and the centrality of water governance in accommodating growing water demands sustainably are becoming well recognized. We review 10 case studies of groundwater governance—representing diverse global regions and local contexts—from the perspective of four well-established elements: (1 institutional setting; (2 availability and access to information and science; (3 robustness of civil society; and (4 economic and regulatory frameworks. For institutional setting, we find that governing is often a thankless task that paradoxically requires popularity; legislation does not always translate to implementation; conflict resolution is central to governance; and funding is critical for governance. In terms of information access, we see: a need for research for natural systems, social systems, and institutions; trust as an essential element in research; and that urbanized landscapes are critical components of groundwater governance. Looking at civil society robustness, we observe that equity is an essential element for governance; community-based governance requires intention; and leaders can play a powerful role in uniting stakeholders. As for frameworks, the cases suggest that economic incentives sometimes yield unintended results; “indirect” management should be used cautiously; and economic incentives’ effectiveness depends on the system employed. Collectively, the lessons speak to the need for shared governance capacities on the part of governments at multiple levels and civil society actors.

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.

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...

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...

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.

Increasing Educator Effectiveness: Lessons Learned from Teacher Incentive Fund Sites

Science.gov (United States)

Eckert, Jonathan

2013-01-01

Created by the U.S. Congress in 2006, the Teacher Incentive Fund (TIF) represents the first federal initiative targeted directly at state and district efforts to introduce performance measures into educator compensation. TIF responds to a growing body of evidence that existing pay structures do not respond to labor force realities or adequately…

Inspiring Creativity in Urban School Leaders: Lessons from the Performing Arts

Science.gov (United States)

Kaimal, Girija; Drescher, Jon; Fairbank, Holly; Gonzaga, Adele; White, George P.

2014-01-01

This paper presents an analysis of how guided engagement with the arts can provide leadership lessons for school leaders and administrators. The study was conducted as part of two projects funded by the School Leadership Program (SLP) grants from the U.S. Department of Education. The principal interns and practicing school leaders participated in…

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.

Viewing Health Equity through a Legal Lens: Title VI of the 1964 Civil Rights Act.

Science.gov (United States)

Rosenbaum, Sara; Schmucker, Sara

2017-10-01

Enacted as part of the watershed Civil Rights Act of 1964, Title VI prohibits discrimination by federally assisted entities on the basis of race, color, or national origin. Indeed, the law is as broad as federal funding across the full range of programs and services that affect health. Over the years, governmental enforcement efforts have waxed and waned, and private litigants have confronted barriers to directly invoking its protections. But Title VI endures as the formal mechanism by which the nation rejects discrimination within federally funded programs and services. Enforcement efforts confront problems of proof, remedies whose effectiveness may be blunted by underlying residential segregation patterns, and a judiciary closed to legal challenges focusing on discriminatory impact rather than intentional discrimination. But Title VI enforcement has experienced a resurgence, with strategies that seek to use the law as a basic compliance tool across the range of federally assisted programs. This resurgence reflects an enduring commitment to more equitable outcomes in federally funded programs that bear directly on community health, and it stands as a testament to the vital importance of a legal framework designed to move the nation toward greater health equity. Copyright © 2017 by Duke University Press.

Grounding Research in Reality: Fiscal Equity and K-12 Funding in Illinois. Policy Research: IERC 2008-3

Science.gov (United States)

Mullin, Christopher M.; Brown, Kathleen Sullivan

2008-01-01

The purpose of this study was to replicate both The Education Trust's "The Funding Gap" and D. Verstegen and L. Driscoll's "The Illinois Dilemma" studies published in 2008 utilizing the actual allocations to districts resulting from the fiscal policy mechanism (funding formula) in Illinois for the 2004-2005 school year to…

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…

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...

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

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

Global Funds: Lessons from a not-too-distant past? | Mkandawire ...

African Journals Online (AJOL)

Cet article effectue une comparaison entre les premières tentatives de lutte contre la pauvreté à travers un développement rural intégré, et les dispositions institutionnelles actuelles permettant de combattre le VIH/SIDA à travers les Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM). Cet article affirme qu'un ...

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.

The role and uptake of private health insurance in different health care systems: are there lessons for developing countries?

Science.gov (United States)

Odeyemi, Isaac Ao; Nixon, John

2013-01-01

Social and national health insurance schemes are being introduced in many developing countries in moving towards universal health care. However, gaps in coverage are common and can only be met by out-of-pocket payments, general taxation, or private health insurance (PHI). This study provides an overview of PHI in different health care systems and discusses factors that affect its uptake and equity. A representative sample of countries was identified (United States, United Kingdom, The Netherlands, France, Australia, and Latvia) that illustrates the principal forms and roles of PHI. Literature describing each country's health care system was used to summarize how PHI is utilized and the factors that affect its uptake and equity. In the United States, PHI is a primary source of funding in conjunction with tax-based programs to support vulnerable groups; in the UK and Latvia, PHI is used in a supplementary role to universal tax-based systems; in France and Latvia, complementary PHI is utilized to cover gaps in public funding; in The Netherlands, PHI is supplementary to statutory private and social health insurance; in Australia, the government incentivizes the uptake of complementary PHI through tax rebates and penalties. The uptake of PHI is influenced by age, income, education, health care system typology, and the incentives or disincentives applied by governments. The effect on equity can either be positive or negative depending on the type of PHI adopted and its role within the wider health care system. PHI has many manifestations depending on the type of health care system used and its role within that system. This study has illustrated its common applications and the factors that affect its uptake and equity in different health care systems. The results are anticipated to be helpful in informing how developing countries may utilize PHI to meet the aim of achieving universal health care.

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.…

Why equity in health and in access to health care are elusive: Insights from Canada and South Africa.

Science.gov (United States)

Benatar, Solomon; Sullivan, Terrence; Brown, Adalsteinn

2017-12-04

Health and access to health care vary strikingly across the globe, and debates about this have been pervasive and controversial. Some comparative data in Canada and South Africa illustrate the complexity of achieving greater equity anywhere, even in a wealthy country like Canada. Potential bi-directional lessons relevant both to local and global public health are identified. Both countries should consider the implications of lost opportunity costs associated with lack of explicit resource allocation policies. While National Health Insurance is attractive politically, Canada's example cannot be fully emulated in South Africa. Short- and medium-term attempts to improve equity in middle-income countries should focus on equitable access to insurance to cover primary health care and on making more use of nurse practitioners and community health workers. In the longer-term, attention is needed to the economic and political power structures that influence health and health care and that ignore the social and societal determinants of sustainable good health locally and globally. This long-term vision of health is needed globally to achieve improvements in individual and population health in a century characterised by limits to economic growth, widening disparities, continuing conflict and migration on a large scale and multiple adverse impacts of climate change.

Adequacy, accountability, autonomy and equity in a Middle Eastern school reform: The case of Qatar

Science.gov (United States)

Guarino, Cassandra M.; Tanner, Jeffery C.

2012-04-01

This study examines Qatar's recent and ambitious school reform in the early stages of its implementation against a set of four criteria for successful education systems drawn from guidelines developed by the international community: adequacy, accountability, autonomy and gender equity. We investigate both the initial structure of the reform and its sustainability in light of concerns that movements in these directions might be politically unfeasible. To some degree, these concerns are substantiated by the developments we trace. However, it is important to note that the reform has changed the landscape of primary and secondary education in Qatar and that many reform principles, though diluted, have been retained. This paper highlights lessons learned - both hopeful and cautionary - in the first few years of reform and presents a methodology for evaluating progress along key dimensions that can be applied to school systems in many nations.

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.

A functional model for monitoring equity and effectiveness in purchasing health insurance premiums for the poor: evidence from Cambodia and the Lao PDR.

Science.gov (United States)

Annear, Peter Leslie; Bigdeli, Maryam; Jacobs, Bart

2011-10-01

To assess the impact on equity and effectiveness of introducing targeted subsidies for the poor into existing voluntary health insurance schemes in Low Income Countries with special reference to cross-subsidisation. A functional model was constructed using routine collected financial data to analyse changes in financial flows and resulting shifts in cross-subsidization between poor and non-poor. Data were collected from two sites, in Cambodia at Kampot operational health district and in the Lao People's Democratic Republic at Nambak district. Six key variables were identified as determining the financial flows between the subsidy and the insurance schemes and with health providers: population coverage, premium rate, facility contact rate, capitation rate, cost of treatment and changes in administration costs. Negative cross-subsidization was revealed where capitation was used as the payment mechanism and where utilisation rates of the poor were significantly below the non-poor. The same level of access for the poor could have been achieved with a lower Health Equity Fund subsidy if used as a direct reimbursement of user charges by the Health Equity Fund to the provider rather than through the Community Based Health Insurance scheme. Purchasing premiums for the poor under these conditions is more costly than direct reimbursement to the provider for the same level of service delivery. Negative cross-subsidization is a serious risk that must be managed appropriately and the benefits of a larger risk pool (cross-subsidization of the poor) are not evident. Benefits from combined coverage may accrue in the longer term with an expanded base of voluntary payers or when those with subsidized premiums are lifted out of poverty. Copyright © 2011 Elsevier Ireland Ltd. All rights reserved.

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.

Disinvestment policy and the public funding of assisted reproductive technologies: outcomes of deliberative engagements with three key stakeholder groups.

Science.gov (United States)

Hodgetts, Katherine; Hiller, Janet E; Street, Jackie M; Carter, Drew; Braunack-Mayer, Annette J; Watt, Amber M; Moss, John R; Elshaug, Adam G

2014-05-05

Measures to improve the quality and sustainability of healthcare practice and provision have become a policy concern. In addition, the involvement of stakeholders in health policy decision-making has been advocated, as complex questions arise around the structure of funding arrangements in a context of limited resources. Using a case study of assisted reproductive technologies (ART), deliberative engagements with a range of stakeholder groups were held on the topic of how best to structure the distribution of Australian public funding in this domain. Deliberative engagements were carried out with groups of ART consumers, clinicians and community members. The forums were informed by a systematic review of ART treatment safety and effectiveness (focusing, in particular, on maternal age and number of treatment cycles), as well as by international policy comparisons, and ethical and cost analyses. Forum discussions were transcribed and subject to thematic analysis. Each forum demonstrated stakeholders' capacity to understand concepts of choice under resource scarcity and disinvestment, and to countenance options for ART funding not always aligned with their interests. Deliberations in each engagement identified concerns around 'equity' and 'patient responsibility', culminating in a broad preference for (potential) ART subsidy restrictions to be based upon individual factors rather than maternal age or number of treatment cycles. Community participants were open to restrictions based upon measures of body mass index (BMI) and smoking status, while consumers and clinicians saw support to improve these factors as part of an ART treatment program, as distinct from a funding criterion. All groups advocated continued patient co-payments, with measures in place to provide treatment access to those unable to pay (namely, equity of access). Deliberations yielded qualitative, socially-negotiated evidence required to inform ethical, accountable policy decisions in the specific

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

Science.gov (United States)

Eslava-Schmalbach, Javier; Barón, Gilberto; Gaitán-Duarte, Hernando; Alfonso, Helman; Agudelo, Carlos; Sánchez, Carolina

2008-01-01

An economic analysis of cost-equity (from society's viewpoint) for evaluating the impact of Law 100/93 in Colombia between 1998 and 2005. An economic analysis compared costs and equity in health in Colombia between 1998 and 2005. Data was taken from the Colombian Statistics' Administration Department ( Departamento Administrativo Nacional de Estadistica - DANE) and from national demographic and health surveys carried out in 2000 and 2005. Information regarding costs was taken from the National Health Accounts' System. Inequity in Health was considered in line with the Inequity in Health Index (IHI). Incremental and average cost-equity analysis covered three sub-periods; 1998-1999 (during which time per capita gross internal product became reduced in Colombia ), 2000-2001 (during which time total health expense became reduced) and 2001 -2005. An unstable tendency for inequity in health becoming reduced during the period was revealed. There was an inverse relationship between IHI and public health spending and a direct relationship between out-of-pocket spending on health and equity in health (Spearman, p<0.05). The second period had the best incremental cost-equity ratio. Fluctuations in IHI and marginal cost-equity during the periods being analysed suggested that health spending depended on equity in health in Colombia during the period being studied.

Beyond contracts : Governing structures in non-equity alliances

NARCIS (Netherlands)

Reuer, Jeffrey; Devarakonda, S.V.

Non-equity alliances are often portrayed in the literature as purely contractual collaborative agreements. This paper questions the notion that contractual safeguards and incentives alone provide the formal governance mechanisms that undergird non-equity alliances. We argue and show that partners

Valuing Private Equity

DEFF Research Database (Denmark)

Sørensen, Morten; Wang, Neng; Yang, Jinqiang

2014-01-01

We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees, car....... On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.......We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees......, carried interest, and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic...

Funding knowledgebases: Towards a sustainable funding model for the UniProt use case

Science.gov (United States)

Gabella, Chiara; Durinx, Christine; Appel, Ron

2018-01-01

Millions of life scientists across the world rely on bioinformatics data resources for their research projects. Data resources can be very expensive, especially those with a high added value as the expert-curated knowledgebases. Despite the increasing need for such highly accurate and reliable sources of scientific information, most of them do not have secured funding over the near future and often depend on short-term grants that are much shorter than their planning horizon. Additionally, they are often evaluated as research projects rather than as research infrastructure components. In this work, twelve funding models for data resources are described and applied on the case study of the Universal Protein Resource (UniProt), a key resource for protein sequences and functional information knowledge. We show that most of the models present inconsistencies with open access or equity policies, and that while some models do not allow to cover the total costs, they could potentially be used as a complementary income source. We propose the Infrastructure Model as a sustainable and equitable model for all core data resources in the life sciences. With this model, funding agencies would set aside a fixed percentage of their research grant volumes, which would subsequently be redistributed to core data resources according to well-defined selection criteria. This model, compatible with the principles of open science, is in agreement with several international initiatives such as the Human Frontiers Science Program Organisation (HFSPO) and the OECD Global Science Forum (GSF) project. Here, we have estimated that less than 1% of the total amount dedicated to research grants in the life sciences would be sufficient to cover the costs of the core data resources worldwide, including both knowledgebases and deposition databases. PMID:29333230

Funding knowledgebases: Towards a sustainable funding model for the UniProt use case.

Science.gov (United States)

Gabella, Chiara; Durinx, Christine; Appel, Ron

2017-01-01

Millions of life scientists across the world rely on bioinformatics data resources for their research projects. Data resources can be very expensive, especially those with a high added value as the expert-curated knowledgebases. Despite the increasing need for such highly accurate and reliable sources of scientific information, most of them do not have secured funding over the near future and often depend on short-term grants that are much shorter than their planning horizon. Additionally, they are often evaluated as research projects rather than as research infrastructure components. In this work, twelve funding models for data resources are described and applied on the case study of the Universal Protein Resource (UniProt), a key resource for protein sequences and functional information knowledge. We show that most of the models present inconsistencies with open access or equity policies, and that while some models do not allow to cover the total costs, they could potentially be used as a complementary income source. We propose the Infrastructure Model as a sustainable and equitable model for all core data resources in the life sciences. With this model, funding agencies would set aside a fixed percentage of their research grant volumes, which would subsequently be redistributed to core data resources according to well-defined selection criteria. This model, compatible with the principles of open science, is in agreement with several international initiatives such as the Human Frontiers Science Program Organisation (HFSPO) and the OECD Global Science Forum (GSF) project. Here, we have estimated that less than 1% of the total amount dedicated to research grants in the life sciences would be sufficient to cover the costs of the core data resources worldwide, including both knowledgebases and deposition databases.

Science and Mathematics Teachers Working Toward Equity Through Teacher Research: Tracing Changes Across Their Research Process and Equity Views

Science.gov (United States)

Brenner, Mary E.; Bianchini, Julie A.; Dwyer, Hilary A.

2016-12-01

We investigated secondary science and mathematics teachers engaged in a two-and-a-half-year professional development effort focused on equity. We examined how teachers conducting research on their own instructional practices—a central learning strategy of the professional development project—informed and/or constrained their views related to three strands of equity: teachers and teaching, students and learning, and students' families and communities. Data collected included recordings of professional development seminars and school-site meetings, three sets of individual interviews with teacher researchers, and drafts and final products of the classroom research teachers conducted. From our qualitative analyses of data, we found that most teachers addressed at least two of the three equity strands in researching their own practice. We also found that most transformed their understandings of teachers and students as a result of their teacher research process. However, teachers' views of families and communities changed in less substantive ways. We close with recommendations for other researchers and professional developers intent on supporting science and mathematics teachers in using teacher research to work toward equity.

Customer based brand equity: evidence from the hotel industry

OpenAIRE

Kayaman, Rüçhan; Araslı, Hüseyin

2007-01-01

The paper aims to explore interrelations of the four brand equity components; brand awareness, brand loyalty, perceived quality and brand image in hotel industry and improve the conceptualization of customer-based hotel brand equity. The paper is based on the recommendations of previous studies, the scale constructed to measure consumer-based brand equity included brand awareness, brand loyalty, perceived quality and brand image. The present study used a sample of 345 actual customers from 11...

International Reserves and the Composition of Equity Capital Inflows

OpenAIRE

Xingwang Qian; Andreas Steiner

2012-01-01

We study the effect of central banks' international reserve hoardings on the composition of equity capital inflows, namely the ratio of portfolio equity investment (PEI) to foreign direct investment (FDI). Foreign investors' decisions regarding the location and the type of equity capital investment might be influenced by a country's level of international reserves. In a simple theoretical model, we show that higher reserves, thanks to their ability to lower exchange rate risk, reduce the risk...

Equity and financing for sexual and reproductive health service delivery: current innovations.

Science.gov (United States)

Montagu, Dominic; Graff, Maura

2009-07-01

National and international decisions on financing for sexual and reproductive health (SRH) services have profound effects on the type, unit costs and distribution of SRH commodities and services produced, and on their availability and consumption. Much international and national funding is politically driven and is doing little for equity and quality improvement. Financing remains a significant challenge in most developing countries and demands creative responses. While no "one-size-fits-all" solution exists, there are numerous ongoing examples of successful innovations, many of which are focusing on resource pooling and on purchasing or subsidising SRH services. In this article we have used interviews, grey literature and presentations made at a range of recent public fora to identify new and innovative ways of financing SRH services so as to increase equity in developing countries. Because SRH services are often of low value as a personal good but high value as a public good, we summarise the issues from a societal perspective, highlighting the importance of financing and policy decisions for SRH services. We provide a structured overview of what novel approaches to financing appear to have positive effects in a range of developing countries. Targeting, government payment mechanisms, subsidy delivery and co-financing for sustainability are highlighted as showing particular promise. Examples are used throughout the article to illustrate innovative strategies.

BRAND EQUITY OF LAHORE FORT AS A TOURISM DESTINATION BRAND

Directory of Open Access Journals (Sweden)

Muhammad Kashif

2015-06-01

Full Text Available Studies that measure the brand equity of destination brands by using the Customer-Based Brand Equity (CBBE model in a developing country context are scarce. The present study investigates the destination brand equity of the Lahore Fort by employing the CBBE model in a developing country context of Pakistan. Following the positivist tradition, we adopted a survey-based approach to collect data from 237 tourists visiting the Lahore Fort. Data were collected through a questionnaire developed to explain the relationship of brand awareness, brand image, brand association, and brand loyalty with Lahore Fort’s overall brand equity. We used various robust statistical techniques such as correlation, regression and confirmatory factor analysis (using PLS method to reach meaningful conclusions and found that brand image and brand associations positively contribute to brand loyalty. Furthermore, brand loyalty significantly contributes towards overall brand equity. Pragmatically, this study measures the customer based brand equity of the Lahore Fort, a destination brand. The results are useful as they suggest a few strategies that can help policy makers to enhance Lahore Fort’s brand performance.

Equity Prices, Productivity Growth, and the 'New Economy'

DEFF Research Database (Denmark)

Madsen, Jakob Brøchner; Davis, E. Philip

The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions...

Equity Volatility and Corporate Bond Yields

OpenAIRE

John Y. Campbell; Glen B. Taksler

2002-01-01

This paper explores the effect of equity volatility on corporate bond yields. Panel data for the late 1990s show that idiosyncratic firm-level volatility can explain as much cross-sectional variation in yields as can credit ratings. This finding, together with the upward trend in idiosyncratic equity volatility documented by Campbell, Lettau, Malkiel, and Xu (2001), helps to explain recent increases in corporate bond yields. The definitive version is available at www.blackwell-synergy.com.

Primary Healthcare Spending : Striving for Equity under Fiscal ...

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

Primary Healthcare Spending : Striving for Equity under Fiscal Federalism. Couverture du livre Primary Healthcare Spending: Striving for Equity under Fiscal Federalism. Auteur(s) : Okore Apia Okorafor. Maison(s) d'édition : UCT Press, CRDI. 1 avril 2010. ISBN : 9781919895215. 200 pages. e-ISBN : 9781552504895.

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

The International Comparison and Enlightenment of the Experience of the Equity Crowdfunding Supervision-Based on an Analysis of Incentive Compatibility Perspective%股权众筹监管经验的跨国比较及启示--基于激励相容视角的分析

Institute of Scientific and Technical Information of China (English)

卜亚

2016-01-01

大众创业、万众创新是我国经济增长的新引擎。2015年3月，国务院办公厅发布《关于发展众创空间推动大众创新创业的指导意见》提出“开展互联网股权众筹融资试点，增强众筹对大众创新创业的服务能力”，随后股权众筹迅速成为互联网金融领域最为关注的一个方向，获得了迅猛的发展，2015年也因此被称为我国的“股权众筹元年”。文章借鉴欧美等主要发达国家股权众筹监管的跨国经验，引导和规范我国股权众筹的发展以进一步增强对大众创新创业的服务能力，具有一定的理论和现实意义。%Mass entrepreneurship and innovation is the new engine of economic growth in china. In March 2015,General Of⁃fice of the State Council issued“The guidance on the development of public space to promote public innovation and entrepre⁃neurship”,and proposed to carry out the pilot project of internet equity crowdfunding in order to enhance public service capaci⁃ty of crowdfunding for public innovation and entrepreneurship. Then equity crowdfunding quickly became one of the most con⁃cerned directions in the internet finance,and obtained the rapid development,and the year of 2015 has therefore been called China's“first year of equity crowdfunding”. It has important theoretical and practical significance to draw lessons from interna⁃tional experience of equity crowdfunding supervision of Europe and the United States and other major developed countries ,in order to guide and standardize the sound development of equity crowdfunding,and to enhance public service capacity of crowd⁃funding to public innovation and Entrepreneurship.

The effect of customer-base reputation on brand equity

OpenAIRE

Shahriyar Azizi; Behnaz Roustaian; Manizghe Gharache; Bahman Hajipour

2016-01-01

Among the most important sectors of Iranian economy is banking, an industry which has become more competitive over the recent decade. An objective of banks marketing is to increase brand equity. Since reputation is an important factor in improvement of brand equity, the present research evaluated the impact of bank customer-based reputation on total brand equity. A survey was conducted in Tehran metropolitan area, with the sample size of 246 people. Findings showed the positive impact of bank...

The effects of customer equity drivers on loyalty across services industries and firms

NARCIS (Netherlands)

Ou, Yi-Chun; Verhoef, Peter C.; Wiesel, Thorsten

Customer equity drivers (CEDs)-value equity, brand equity, and relationship equity-positively affect loyalty intentions, but this effect varies across industries and firms. We empirically examine potential industry and firm characteristics that explain why the CEDs-loyalty link varies across

Equity financing constraints and corporate capital structure:a model

Institute of Scientific and Technical Information of China (English)

Zhengwei Wang; Wuxiang Zhu

2013-01-01

Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

Generalized financial ratios to predict the equity premium

NARCIS (Netherlands)

Algaba, Andres; Boudt, Kris

2017-01-01

Empirical evidence for the price-dividend ratio to be a predictor of the equity premium is weak. We argue that changes in the economic conditions and market composition lead to a time-varying relationship between prices, dividends and the equity premium. Exploiting the information in the rolling

Research Data Curation Pilots: Lessons Learned

Directory of Open Access Journals (Sweden)

David Minor

2014-07-01

Full Text Available In the spring of 2011, the UC San Diego Research Cyberinfrastructure (RCI Implementation Team invited researchers and research teams to participate in a research curation and data management pilot program. This invitation took the form of a campus-wide solicitation. More than two dozen applications were received and, after due deliberation, the RCI Oversight Committee selected five curation-intensive projects. These projects were chosen based on a number of criteria, including how they represented campus research, varieties of topics, researcher engagement, and the various services required. The pilot process began in September 2011, and will be completed in early 2014. Extensive lessons learned from the pilots are being compiled and are being used in the on-going design and implementation of the permanent Research Data Curation Program in the UC San Diego Library. In this paper, we present specific implementation details of these various services, as well as lessons learned. The program focused on many aspects of contemporary scholarship, including data creation and storage, description and metadata creation, citation and publication, and long term preservation and access. Based on the lessons learned in our processes, the Research Data Curation Program will provide a suite of services from which campus users can pick and choose, as necessary. The program will provide support for the data management requirements from national funding agencies.

Equity in the allocation of public sector financial resources in low- and middle-income countries: a systematic literature review.

Science.gov (United States)

Anselmi, Laura; Lagarde, Mylene; Hanson, Kara

2015-05-01

This review aims to identify, assess and analyse the evidence on equity in the distribution of public health sector expenditure in low- and middle-income countries. Four bibliographic databases and five websites were searched to identify quantitative studies examining equity in the distribution of public health funding in individual countries or groups of countries. Two different types of studies were identified: benefit incidence analysis (BIA) and resource allocation comparison (RAC) studies. Quality appraisal and data synthesis were tailored to each study type to reflect differences in the methods used and in the information provided. We identified 39 studies focusing on African, Asian and Latin American countries. Of these, 31 were BIA studies that described the distribution, typically across socio-economic status, of individual monetary benefit derived from service utilization. The remaining eight were RAC studies that compared the actual expenditure across geographic areas to an ideal need-based distribution. Overall, the quality of the evidence from both types of study was relatively weak. Looking across studies, the evidence confirms that resource allocation formulae can enhance equity in resource allocation across geographic areas and that the poor benefits proportionally more from primary health care than from hospital expenditure. The lack of information on the distribution of benefit from utilization in RAC studies and on the countries' approaches to resource allocation in BIA studies prevents further policy analysis. Additional research that relates the type of resource allocation mechanism to service provision and to the benefit distribution is required for a better understanding of equity-enhancing resource allocation policies. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

Mandatory International Financial Reporting Standards Adoption and Cost of Equity Capital in Nigeria

Directory of Open Access Journals (Sweden)

Uwuigbe Uwalomwa

2016-05-01

Full Text Available This study examined the effect of mandatory International Financial Reporting Standards (IFRS adoption on the cost of equity capital on Nigerian firms and whether the cost of equity capital effect after adoption of IFRS can be moderated by Return on Equity. The study covered a sample of 11 listed companies in the industrial goods sector for the period 2011 and 2013. The data for the study was secondary data generated from the annual reports and stock market report websites. The cost of equity capital was shown as the expected return on the basic value of a share and computed based on pre and post-adoption data. Findings from the study revealed that there is a significant positive relationship between the cost of equity capital and IFRS adoption indicating that the cost of equity capital increased. The market-based performance measure failed to have significant effect on the cost of equity capital after mandatory adoption. The study recommends that policies that improve domestic savings, as a principal source of equity capital, be enacted as an increase should lead to a reduction in the cost of equity capital, interest rates and increase the appeal of equity and foreign investments.

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality

Directory of Open Access Journals (Sweden)

Hayden J. R. Woodley

2016-01-01

Full Text Available The construct of equity sensitivity describes an individual’s preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called Benevolents. Individuals low on equity sensitivity are more outcome oriented, and are described as Entitleds. Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170, two personality models (i.e., the Big Five and HEXACO, the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory, and using both self and peer reports of personality (in Study 3. Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model’s dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity.

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality.

Science.gov (United States)

Woodley, Hayden J R; Bourdage, Joshua S; Ogunfowora, Babatunde; Nguyen, Brenda

2015-01-01

The construct of equity sensitivity describes an individual's preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called "Benevolents." Individuals low on equity sensitivity are more outcome oriented, and are described as "Entitleds." Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170), two personality models (i.e., the Big Five and HEXACO), the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory), and using both self and peer reports of personality (in Study 3). Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model's dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity.

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality

Science.gov (United States)

Woodley, Hayden J. R.; Bourdage, Joshua S.; Ogunfowora, Babatunde; Nguyen, Brenda

2016-01-01

The construct of equity sensitivity describes an individual's preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called “Benevolents.” Individuals low on equity sensitivity are more outcome oriented, and are described as “Entitleds.” Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170), two personality models (i.e., the Big Five and HEXACO), the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory), and using both self and peer reports of personality (in Study 3). Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model's dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity. PMID:26779102

Personality correlates of equity sensitivity for samples of Canadian, Bulgarian, and Mexican business people.

Science.gov (United States)

Mintu-Wimsatt, Alma; Madjourova-Davri, Anna; Lozada, Héctor R

2008-02-01

Equity sensitivity concerns perceptions of what is or is not equitable. Previous studies have shown that equity sensitivity is associated with one's relationship orientation. Relationships are also influenced by personality variables. As both personality and equity sensitivity influence relationships, equity sensitivity and personality may be correlated also; so, this study examined that possibility. The relations of equity sensitivity with 3 personality variables were explored across three culturally different samples. This allowed validation across cultures of the proposed equity-personality relationship which has traditionally been assessed in a U.S. setting. In general, personality-equity sensitivity relationship was not supported across the samples.

Using decision trees for measuring gender equity in the timing of angiography in patients with acute coronary syndrome: a novel approach to equity analysis.

Science.gov (United States)

Bierman, Arlene S; Brown, Adalsteinn D; Levinton, Carey M

2015-12-23

Methods to measure or quantify equity in health care remain scarce, if not difficult to interpret. A novel method to measure health equity is presented, applied to gender health equity, and illustrated with an example of timing of angiography in patients following a hospital admission for an acute coronary syndrome. Linked administrative hospital discharge and survey data was used to identify a retrospective cohort of patients hospitalized with Acute Coronary Syndrome (ACS) between 2002 and 2008 who also responded to the Canadian Community Health Survey (CCHS), was analyzed using decision trees to determine whether gender impacted the delay to angiography following an ACS. Defining a delay to angiography as 1 day or more, resulted in a non-significant difference in an equity score of 0.14 for women and 0.12 for men, where 0 and 1 represents perfect equity and inequity respectively. Using 2 and 3 day delays as a secondary outcome resulted in women and men producing scores of 0.19 and 0.17 for a 2 day delay and 0.22 and 0.23 for a 3 day delay. A technique developed expressly for measuring equity suggests that men and women in Ontario receive equitable care in access to angiography with respect to timeliness following an ACS.

Toward Ensuring Health Equity

DEFF Research Database (Denmark)

Petkovic, Jennifer; Epstein, Jonathan; Buchbinder, Rachelle

2015-01-01

, the Evaluative Linguistic Framework for Questionnaires, developed to assess text quality of questionnaires. We also considered a study assessing cross-cultural adaptation with/without back-translation and/or expert committee. The results of this preconference work were presented to the equity working group......OBJECTIVE: The goal of the Outcome Measures in Rheumatology (OMERACT) 12 (2014) equity working group was to determine whether and how comprehensibility of patient-reported outcome measures (PROM) should be assessed, to ensure suitability for people with low literacy and differing cultures. METHODS......: The English, Dutch, French, and Turkish Health Assessment Questionnaires and English and French Osteoarthritis Knee and Hip Quality of Life questionnaires were evaluated by applying 3 readability formulas: Flesch Reading Ease, Flesch-Kincaid grade level, and Simple Measure of Gobbledygook; and a new tool...

Determinants of Brand Equity: Offering a Model to Chocolate Industry

OpenAIRE

Emari Hossien

2011-01-01

This study examined the underlying dimensions of brand equity in the chocolate industry. For this purpose, researchers developed a model to identify which factors are influential in building brand equity. The second purpose was to assess brand loyalty and brand images mediating effect between brand attitude, brand personality, brand association with brand equity. The study employed structural equation modeling to investigate the causal relationships between the dimensions...

How social policy contributes to the distribution of population health: the case of gender health equity.

Science.gov (United States)

Beckfield, Jason; Morris, Katherine Ann; Bambra, Clare

2018-02-01

In this study we aimed to analyze gender health equity as a case of how social policy contributes to population health. We analyzed three sets of social-investment policies implemented in Europe and previously hypothesized to reduce gender inequity in labor market outcomes: childcare; active labor market programs; and long-term care. We use 12 indicators of social-investment policies from the OECD Social Expenditure Database, the OECD Family Database, and the Social Policy Indicators' Parental Leave Benefit Dataset. We draw outcome data from the 2015 Global Burden of Disease for years lived with disability and all-cause mortality among men and women ages 25-54 for 18 European nations over the 1995-2010 period. We estimate 12 linear regression models each for mortality and morbidity (i.e. years lived with disability), one per social-investment indicator. All models use country fixed-effects and cluster-robust standard errors. For years lived with disability, women benefit more from social investment for most indicators. The only exception is the percentage of young children in publicly funded childcare or schooling, which equally benefits men. For all-cause mortality, men benefit more or equally from social investment for most indicators, while women benefit more from government spending on direct job creation through civil employment. Social policy contributes to the distribution of population health. Social-investment advocates argue such policies in particular enhance economic gender equity. Our results show that these polices have ambiguous effects on gender health equity and even differential improvements among men for some outcomes.

Brand Equity Evolution: a System Dynamics Model

Directory of Open Access Journals (Sweden)

Edson Crescitelli

2009-04-01

Full Text Available One of the greatest challenges in brand management lies in monitoring brand equity over time. This paper aimsto present a simulation model able to represent this evolution. The model was drawn on brand equity concepts developed by Aaker and Joachimsthaler (2000, using the system dynamics methodology. The use ofcomputational dynamic models aims to create new sources of information able to sensitize academics and managers alike to the dynamic implications of their brand management. As a result, an easily implementable model was generated, capable of executing continuous scenario simulations by surveying casual relations among the variables that explain brand equity. Moreover, the existence of a number of system modeling tools will allow extensive application of the concepts used in this study in practical situations, both in professional and educational settings

Negotiating equity for management of DOE wastes

International Nuclear Information System (INIS)

Carnes, S.A.

1994-01-01

One important factor frustrating optimal management of Department of Energy (DOE)-complex wastes is the inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholder and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholder and move toward a more optimal use of DOE's waste management capabilities

Negotiating equity for management of DOE wastes

International Nuclear Information System (INIS)

Carnes, S.A.

1993-01-01

One important factor frustrating optimal management of DOE-complex wastes is inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholders and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholders and move toward a more optimal use of DOE's waste management capabilities

Negotiating equity for management of DOE wastes

International Nuclear Information System (INIS)

Carnes, S.A.

1994-01-01

One important factor frustrating optimal management of Department of Energy (DOE)-complex wastes is the inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholders and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholders and move toward a more optimal use of DOE's waste management capabilities

Medical pluralism: global perspectives on equity issues.

Science.gov (United States)

Marian, Florica

2007-12-01

Over the last decades, awareness has increased about the phenomenon of medical pluralism and the importance to integrate biomedicine and other forms of health care. The broad variety of healing cultures existing alongside biomedicine is called complementary or alternative medicine (CAM) in industrialized countries and traditional medicine (TM) in developing countries. Considerable debate has arisen about ethical problems related to the growing use of CAM in industrialized countries. This article focuses on equity issues and aims to consider them from a global perspective of medical pluralism. Several dimensions of equity are explored and their interrelatedness discussed: access to care, research (paradigm and founding) and recognition. This so-called 'equity circle' is then related to Iris Marion Young's justice theory and particularly to the concepts of cultural imperialism, powerlessness and marginalisation.

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

Shareowners' Equity at Campbell Soup: How Can Equity Be Negative?

Science.gov (United States)

Mohrman, Mary Beth; Stuerke, Pamela S.

2014-01-01

This paper presents an instructional case based on the 2001 annual report of the Campbell Soup Company (CPB). During that year, CPB's shareowners' equity went from a surplus of USD137 million to a deficit of USD247 million. The analysis will allow students to determine that the change resulted from borrowing to purchase treasury stock. Students…

Organizing Equity Exchanges

Science.gov (United States)

Schaper, Torsten

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs.

Equity Analytics: A Methodological Approach for Quantifying Participation Patterns in Mathematics Classroom Discourse

Science.gov (United States)

Reinholz, Daniel L.; Shah, Niral

2018-01-01

Equity in mathematics classroom discourse is a pressing concern, but analyzing issues of equity using observational tools remains a challenge. In this article, we propose equity analytics as a quantitative approach to analyzing aspects of equity and inequity in classrooms. We introduce a classroom observation tool that focuses on relatively…

Significant components of service brand equity in healthcare sector.

Science.gov (United States)

Chahal, Hardeep; Bala, Madhu

2012-01-01

The purpose of the study is to examine three significant components of service brand equity--i.e. perceived service quality, brand loyalty, and brand image--and analyze relationships among the components of brand equity and also their relationship with brand equity, which is still to be theorized and developed in the healthcare literature. Effective responses were received from 206 respondents, selected conveniently from the localities of Jammu city. After scale item analysis, the data were analyzed using factor analysis, correlations, t-tests, multiple regression analysis and path modeling using SEM. The findings of the study support that service brand equity in the healthcare sector is greatly influenced by brand loyalty and perceived quality. However, brand image has an indirect effect on service brand equity through brand loyalty (mediating variable). The research can be criticized on the ground that data were selected conveniently from respondents residing in the city of Jammu, India. But at the same time the respondents were appropriate for the study as they have adequate knowledge about the hospitals, and were associated with the selected hospital for more than four years. Furthermore, the validity and reliability of the data are strong enough to take care of the limitations of the convenience sampling selection method. The study has unique value addition to the service marketing vis-à-vis healthcare literature, from both theoretical and managerial perspectives. The study establishes a direct and significant relationship between service brand equity and its two components, i.e. perceived service quality and brand loyalty in the healthcare sector. It also provides directions to healthcare service providers in creating, enhancing, and maintaining service brand equity through service quality and brand loyalty, to sustain competitive advantage.

VTAE Equity Staff Development Workshops and Services--Phase II. Final Report.

Science.gov (United States)

Baldus, Lorayne; Nelson, Orville

The Phase II Equity Staff Development project was revised in response to a need to develop an equity strategic planning model with a vision statement, goals, and objectives. The Equity Strategic Planning Model was presented to administrators of Wisconsin Vocational, Technical, and Adult Education (VTAE) colleges for their use in district strategic…

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

Science.gov (United States)

Chen, Mingsheng; Chen, Wen; Zhao, Yuxin

2012-12-18

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. 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. 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. Health care financing policies in China need ongoing reform. Given the inequity of general consumption taxes, elimination of these would improve financing equity considerably. Optimizing benefit packages in public health insurance is

Pengaruh Pengungkapan Corporate Social Responsibility terhadap Cost Of Equity Perusahaan

Directory of Open Access Journals (Sweden)

Mitta Ariyani

2016-06-01

The purpose of this study is to investigate the effect of Corporate Social Responsibility (CSR Disclosure on Cost of Equity Capital. CSR disclosure index is measured based on Global Reporting Initiative standards, while Cost of Equity Capital is measured by Capital Asset Pricing Model (CAPM. This study uses manufacturing companies which is listed on Indonesia Stock Exchange (IDX in 2010. By purposive sampling, this research obtained 72 companies as a samples. The control variables used are financial leverage and firm size. Multiple regression analysis by SPSS 16 was run for testing the hypothesis. The result show that CSR disclosure and financial leverage have no effect to Cost of Equity. Then, firm size have positive effect to Cost of Equity.

Sectoral job training as an intervention to improve health equity.

Science.gov (United States)

Tsui, Emma K

2010-04-01

A growing literature on the social determinants of health strongly suggests the value of examining social policy interventions for their potential links to health equity. I investigate how sectoral job training, an intervention favored by the Obama administration, might be conceptualized as an intervention to improve health equity. Sectoral job training programs ideally train workers, who are typically low income, for upwardly mobile job opportunities within specific industries. I first explore the relationships between resource redistribution and health equity. Next, I discuss how sectoral job training theoretically redistributes resources and the ways in which these resources might translate into improved health. Finally, I make recommendations for strengthening the link between sectoral job training and improved health equity.

Gender Equity Report.

Science.gov (United States)

Washington State Higher Education Coordinating Board, Olympia.

Under a legislative mandate from the state of Washington, this report provides updated information on gender equity at each of the public institutions of higher education in Washington and at the community and technical colleges, as applicable. A look at student support and services shows that pay scales in student employment are not…

An Examination of United States Navy Leasing: Lessons from the MPS/T-5 Experience

Science.gov (United States)

2004-12-01

issued by the FFB to the Deal’s special purpose entities. These bonds were not callable -- the FFB required that if the bonds were redeemed early, they...year) bonds purchased by the FFB. All debt funds flowed directly to the FFB, which held a mortgage on the vessel to secure the debt. • Delivery...debt/Owner-Participant equity ratio applied. Used 6% based on the average yield on 20-year Treasury bonds . Discount Rate Used 10% based on DoD

Strong tobacco control program requirements and secure funding are not enough: lessons from Florida.

Science.gov (United States)

Kennedy, Allison; Sullivan, Sarah; Hendlin, Yogi; Barnes, Richard; Glantz, Stanton

2012-05-01

Florida's Tobacco Pilot Program (TPP; 1998-2003), with its edgy Truth media campaign, achieved unprecedented youth smoking reductions and became a model for tobacco control programming. In 2006, 3 years after the TPP was defunded, public health groups restored funding for tobacco control programming by convincing Florida voters to amend their constitution. Despite the new program's strong legal structure, Governor Charlie Crist's Department of Health implemented a low-impact program. Although they secured the program's strong structure and funding, Florida's nongovernmental public health organizations did not mobilize to demand a high-impact program. Implementation of Florida's Amendment 4 demonstrates that a strong programmatic structure and secure funding are insufficient to ensure a successful public health program, without external pressure from nongovernmental groups.

Instigating involvement through consumer-based brand equity : an attitudinal study of consumer-based brand equity and consumer involvement

OpenAIRE

Bredberg, David; Holmquist, Johan

2009-01-01

Recent research on links between dimensions of consumer-based brand equity, as well as links to consumer involvement, has shown that it is a significant predictor of purchase behavior. The purpose of this dissertation is to explore the affect brands have on consumer involvement. We attempt to investigate how consumer-based brand equity affects the level of consumer involvement. Based on consumer behavior theory and previous research of these areas, gathered primary data (an empirical investig...

Legal aspects of intergenerational equity issues

International Nuclear Information System (INIS)

Green, H.P.

1984-01-01

This paper examines the extent to which American law and legal institutions have addressed problems of intergenerational equities. Beginning with a definition of the issue, the paper goes on to address conservation law, public debt ceilings, property law, and eugenic laws. The research supports the conclusion that neither statutory law, the formal expression of public policy articulated by the legislature, nor common law, the case-by-case definition of private legal rights by the courts has developed a coherent set of legal principles for dealing with the difficult problems of intergenerational equity. 15 references

FACTORS INFLUENCING BRAND EQUITY OF BALI AS A TOURISM DESTINATION

Directory of Open Access Journals (Sweden)

I Ketut Surya Diarta

2016-03-01

Full Text Available Globally, competition among tourism destinations is more stringent in getting foreign tourists, including Bali. One effort to win the competition is increasing destination brand equity through maintaining its influencing factors and gaining tourist positive behavior toward destination. This effort, in long run, will increase and stabilize destination revenue and sustainability. This research aims to analyze factors influencing brand equity of Bali as a tourism destination. This research was conducted in Bali’s five major tourism objects. The 240 foreign tourists were chosen as respondents through convenience sampling technique. Data were analyzed using factor analysis. The results showed that factors that significantly influenced Bali brand equity were: symbolic and experiential benefit factor, direct and indirect destinations attributes, destination reliability and tangibility, assurance and empathy, brand destinations recognition and recall, destinations common psychological attributes, destination common functional attributes, unique functional attributes, behavioral loyalty, destination awareness, and attitudinal loyalty. Given the fluctuative nature of brand equity, Bali needs a consistent effort to maintain or to enhance brand equity of Bali as a tourism destination. Maintaining the dominant factors that influence the strength of brand equity can be used as a basis to develop destination branding strategy to expand market segment,  choose the right target market, and anchoring destination position in world market competition.

26 CFR 1.1092(c)-2 - Equity options with flexible terms.

Science.gov (United States)

2010-04-01

...) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1092(c)-2 Equity options with... applicable stock price for Corporation Y stock is $14.75. Using the bench marks for an equity option with..., because the highest available strike price less than the applicable stock price for an equity option with...

How just and just how? A systematic review of social equity in conservation research

Science.gov (United States)

Friedman, Rachel S.; Law, Elizabeth A.; Bennett, Nathan J.; Ives, Christopher D.; Thorn, Jessica P. R.; Wilson, Kerrie A.

2018-05-01

Background: Conservation decisions not only impact wildlife, habitat, and environmental health, but also human wellbeing and social justice. The inclusion of safeguards and equity considerations in the conservation field has increasingly garnered attention in international policy processes and amongst conservation practitioners. Yet, what constitutes an ‘equitable’ solution can take many forms, and how the concept is treated within conservation research is not standardized. This review explores how social equity is conceptualized and assessed in conservation research. Methods/Design: Using a structured search and screening process, we identified 138 peer-reviewed studies that addressed equity in relation to conservation actions. The authors developed a coding framework to guide the review process, focusing on the current state of, definitions used for, and means of assessing social equity in empirical conservation research. Review Results: Results show that empirical research on social equity in conservation is rapidly growing, with the majority of studies on the topic published only since 2009. Equity within conservation research is skewed toward distributional concerns and to a lesser extent procedural issues, with recognition and contextual equity receiving little attention. Studies are primarily situated in forested biomes of the Global South. Conservation interventions mostly resulted in mixed or negative impacts on equity. Synthesis and Discussion: Our results demonstrate the current limitations of research on equity in conservation, and raise challenging questions about the social impacts of conservation and how to ameliorate equity concerns. Framing of equity within conservation research would benefit from greater transparency of study motivation, more explicit definition of how equity is used within the study context, and consideration for how best to assess it. We recommend that the empirical conservation literature more deeply engage with different

Research Market Gap in Law Enforcement Technology: Lessons from Czech Security Research Funding Programmes

Directory of Open Access Journals (Sweden)

Luděk Moravec

2014-12-01

Full Text Available While security research funding schemes are nothing new to the EU (Horizon 2020 and FP7, or to several Member States, their priorities and procedures are usually decided administratively or shaped by advisory groups of varying membership. Only recently did the EU shift its focus to the role of end users in security research programmes, seeking their input in order to maximise the utility of funded solutions. Such a hint to limited usefulness of some industrial solutions is not exactly inconspicuous. This paper discusses the gap between the stated needs of law enforcement agencies in terms of R&D funding and the grant project applications in the area of law enforcement. It aims to define and describe the gap, and consequently the market opportunities, between the supply and demand sides represented by industry-driven grant project applications and end-user-formulated calls. The study is based on empirical data from two Czech security research funding programmes that have been running since 2010 and should deliver their results by 2015. It seeks to contribute some preliminary observations about the structure of both end user needs and industry capabilities in such a particular area as law enforcement technology.

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

Brand equity

OpenAIRE

Hildebrandt, Lutz; Tischer, Sven

2012-01-01

To explore how occurring critical incidents affect customer-brand relations, this study measures the impact on the basis of an online experiment. For this purpose, 1,122 usable responses are gathered considering the smartphone brands of Apple and Nokia as well as different scenarios. The respective reactions to these negative incidents are evaluated using the concept of customer-based brand equity. More precisely, a structure equation model is specified and differences in latent factor means ...

Public Value Mapping of Equity in Emerging Nanomedicine

Science.gov (United States)

Slade, Catherine P.

2011-01-01

Public values failure occurs when the market and the public sector fail to provide goods and services required to achieve the core values of society such as equity (Bozeman 2007). That public policy for emerging health technologies should address intrinsic societal values such as equity is not a novel concept. However, the ways that the public…

From denial to awareness: a conceptual model for obtaining equity in healthcare

OpenAIRE

Höglund, Anna T.; Carlsson, Marianne; Holmström, Inger K.; Lännerström, Linda; Kaminsky, Elenor

2018-01-01

Background Although Swedish legislation prescribes equity in healthcare, studies have reported inequalities, both in face-to-face encounters and in telephone nursing. Research has suggested that telephone nursing has the capability to increase equity in healthcare, as it is open to all and not limited by long distances. However, this requires an increased awareness of equity in healthcare among telephone nurses. The aim of this study was to explore and describe perceptions of equity in health...