Edenhofer, Ottmar; Knopf, Brigitte; Bak, Céline; Bhattacharya, Amar
There is no longer a choice between climate policy and no climate policy. G20 finance ministers have to play a key role in implementing smart climate policies like carbon pricing. Yet they remain reluctant to take advantage of the merits of carbon pricing for sound fiscal policy.
In March 1985, the Canadian Nuclear Association (CNA) presented an extensive brief to the Minister of Finance, Michael Wilson, in response to the challenge issued to Canadians in the Minister's document 'A New Direction for Canada'. This further brief has been prepared in the spirit of the Minister's letter to the CNA dated May 23rd, 1985 in which Mr. Wilson indicated his desire for continued participation of groups such as the CNA in the consultative process. Appended to this brief is a reference sheet entitled 'What Nuclear Energy Means to Canada'. The facts in this sheet are extracted from the 1985 brief and updated with the latest information. Since the major emphasis in energy related discussions is usually on supply and demand of hydrocarbons such as oil and gas, it may come as a suprise to most Canadians that Canada's uranium production contained twice the energy in Canada's crude oil production and exceeded the total energy in all of the country's crude and natural gas production in 1984. Another little known fact is that nuclear power will soon produce more electricity world-wide than all the world's hydro- electric plants. The CNA intends to more widely disseminate this knowledge to the Canadian public. As part of that process it is hoped that the importance of uranium both for domestic use and exports, and Canada's success in harnessing nuclear power for peaceful and beneficial applications, will be fully reflected in decisions and statements related to the development of government fiscal and energy policies. The industry wishes to maintain an ongoing dialogue with government in the following matters: substitution of non-renewable by renewable energy; assurance that electricity sales will not be taxed; maintenance of an open market for uranium with the U.S.A.; continued support in research and development; approval of the Point Lepreau proposal and federal government support for sale of a reactor to Turkey
The Canadian Electricity Association represents 95 per cent of all generation, transmission, distribution and retail services provided to customers across Canada. For the past 6 years, it has provided technical analysis to the federal government on how tax changes could improve the environmental performance and competitiveness of an industry that has undergone massive restructuring, including unbundling and increased competition. The massive power outage in August 2003 heightened industry concerns over aging infrastructures and the need for major investment. This pre-budget submission to the Minister of Finance recommends improvements to the capital cost allowance (CCA) tax rates and increasing the CCA rate for used equipment. The Canadian Electricity Association argues that these improvements are fundamental to the ability of the industry to enhance its environmental performance and reduce greenhouse gas emissions. It was also suggested that new investment in supply, transmission and distribution should be encouraged to avoid potential shortfalls in supply, future peaking shortages and price spikes due to system constraints. The proposed changes would align CCA rates with the electricity assets while encouraging investment in the electricity sector. It was emphasized that tax changes are the pivotal signal to encourage investment in upgrading electricity assets. 3 tabs
This brief was presented by the Canadian Nuclear Association in response to the Canadian Federal Finance Minister's request for consultation with the business community particularly in view of his document, 'A New Direction for Canada'. The Canadian Nuclear Association feels that the nuclear industry can make a substantial contribution to the economic renewal of Canada by exploiting Canada's proven technologies, natural resources, human resources and marketing skills. The brief identifies strategic opportunities facing the nuclear industry at home and abroad and makes recommendations as to how they can be achieved. The main recommendations are that public support of nuclear research and development be maintained, that federal initiatives be used to facilitate nuclear exports of all types and to encourage foreign investment, that policies promoting increased use of electricity-based technology in industry be adopted, that the construction of a second nuclear reactor in New Brunswick be supported, that the CANDU option be maintained, and that the federal government continue to press other nuclear supplier nations to establish a common set of rules for international trade in nuclear materials and technology
Full Text Available The publication presents the argumentation of the Minister of Finance included in the general interpretation of 3 October 2014 concerning the interpretation of Article 17 paragraph 2 clause 2 of the Act on Local Taxes and Fees. It was explained what was understood by the term “hospital” before 3 October 2014 and what changed in this subject after the general interpretation of the Minister of Finance was issued. It was emphasized that now the health-resort fee should not be charged from legal persons staying in health resort hospitals.
Full Text Available In history mankind has experienced the most devastating experience during the years of the First World War. This pre-war and war in the later stages of a decision taken individually, even thousands, even millions of lives have been directly or indirectly affected. Experiencing the process and outcome of the war rather than the causes of human history has so much more busy. Therefore, the cause of the war which works popularity continues even today. Concerning the reasons for the war period, written by the German Finance Minister Dr. Helfferich especially in England, including working with its allies in the war of public opinion in the state has led to many discussions concerning the reasons. Dr. Helfferich’s “The Beginning of Great War”; “German’s Case in The Supreme Court of Civilization”; was published under the title of The New York Times by the Fatherland company in 1915. Dr. Karl Helfferich’s study has been translated in different languages in following period. Keywords: Dr. Theodor Karl Helfferich, The First World War, Reşid Safvet Atabinen, Ottoman Empire, Germany.
The Honourable Lawrence Gonzi Prime Minister of Malta visiting CMS experiment on 10 January 2008, from left to right Ministry of Finance Permanent Secretary A. Camilleri, Ambassador V. Camilleri, Maltese Representative at CERN N. Sammut, Prime Minister L. Gonzi, CMS Collaboration Spokesperson T. Virdee, CERN Director-General R. Aymar, University of Malta Rector J. Camilleri, Adviser to Director-General E. Tsesmelis.
The Honourable Lawrence Gonzi Prime Minister of Malta visiting CMS experiment on 10 January 2008, from left to right Ministry of Finance Permanent Secretary A. Camilleri, Ambassador V. Camilleri, Maltese Representative at CERN N. Sammut, Prime Minister L. Gonzi, CMS Collaboration Spokesperson T. Virdee, CERN Director-General R. Aymar, University of Malta Rector J. Camilleri, Adviser to Director-General E. Tsesmelis.
The communique from the G20 Finance Ministers and Central Bank Governors meeting held on 5 November 2012 in Mexico City included the following passage: ''We welcome the report prepared by the IEA, the IEF and the OPEC on increasing transparency in international gas and coal markets and ask these organizations to propose practical steps by mid-2013 that G20 countries could take to implement them.'' The attached joint paper represents a collaborative effort by the three international organizations to fulfill the request from the G20. The joint paper was submitted to the G20 on 24 May 2013.
The French minister of economy, finances and industry explains the reasons of the rise of oil prices (tensions on the supply and demand balance, late recovery of investments in producing countries, geopolitical factors) and the measures that the government wishes to implement in order to bear up this situation: project of merger between Gaz de France and Suez energy groups, change of oil companies behaviour with consumers (automotive fuels price transparency), energy saving information on all energy suppliers advertisements, reinforcement of energy independence (development of renewable energy sources and of alternate automotive fuels). (J.S.)
Marinozzi, S; Gazzaniga, V; Giuffra, V; Fornaciari, G
Among the mummies preserved in the Basilica of San Domenico Maggiore in Naples, there are the bodies of the wife and three children of Jean Antoine Michel Agar, Minister of Finance of Naple's Kingdom during the Monarchy of Joachim Murat (1808-1815). Between 1983 and 1987 paleopathological analyses were performed; in particular, X-ray examination allowed investigation of the health status of the Agar family members and reconstruction of the embalming processes used to preserve the bodies. In addition, an analysis of the historical and archival documents was carried out, to formulate hypotheses about the causes of death, demonstrating how these sources could become important instruments to obtain diagnoses and pathological histories.
WIRED Magazine has anounced the nominees for its fourth annual WIRED Rave Awards, celebrating innovation and the individuals transforming commerce and culture. Jeffrey Hangst of the University of Aarhus has been nominated in the science category, for his work on the ATHENA Experiment, CERN (1/2 page).
Hale, F. Dennis
To measure the editorial advocacy of influential newspapers concerning the membership of the Supreme Court, a study analyzed editorials from such newspapers concerning the last five Supreme Court nominees of President Ronald Reagan (William Rehnquist, Antonin Scalia, Robert Bork, Douglas Ginsburg, and Anthony Kennedy). A telephone survey of 100…
Talk of Thierry Breton, minister of economy, finances and industry. Talk to the association of economy and finance journalists about national and international energy questions on May 22, 2006; Intervention de Thierry Breton ministre de l'Economie, des finances et de l'industrie. Intervention devant l'Ajef sur les questions energetiques nationales et internationales, le 22 mai 2006
The French minister of economy, finances and industry explains the reasons of the rise of oil prices (tensions on the supply and demand balance, late recovery of investments in producing countries, geopolitical factors) and the measures that the government wishes to implement in order to bear up this situation: project of merger between Gaz de France and Suez energy groups, change of oil companies behaviour with consumers (automotive fuels price transparency), energy saving information on all energy suppliers advertisements, reinforcement of energy independence (development of renewable energy sources and of alternate automotive fuels). (J.S.)
Intervention of Mr Nicolas Sarkozy, Government minister, minister of economy, finances and industry. Energy debate - Thursday April 15, 2004 - French house of commons; Intervention de M. Nicolas Sarkozy, ministre d'Etat, ministre de l'economie, des finances et de l'industrie. Debat sur l'energie - jeudi 15 avril 2004 - assemblee nationale
In this talk, the French minister of economy, finances and industry recalls, first, some important key dates of the French energy history (creation of the French electric and gas utilities (EdF and GdF) in 1946, first petroleum shock in 1973 and the start-up of the French nuclear program) and then, presents the present day energy policy and the constraints that control the French energy choices: the lack of oil and gas resources in the French territory, and the problem of the global warming. According to these constraints, the French government has defined 4 main axes: energy mastery (thermal insulation of buildings, abatement of road speed limits, development of railway and river transport, financial incentives), development of renewable energy sources, renewal of the nuclear park with the launching of the European Pressurized reactor (EPR), and development of research programs in the domain of energy. The last part presents the new European framework of the French energy policy with the change of EdF and GdF juridical statuses and the progressive convergence of the different European energy policies towards a common model. (J.S.)
Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...
Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...
I Wayan Werasmana Sancaya
Full Text Available Nominee Agreement or trustee is an agreement that use authority which is used the name of Indonesian residents name and the Indonesian residents give power of attorney to the foreigner to make them do an legal act towards their land. Nominee agreement often called with representation or borrowed name,depend on the letter of statement or power of attorney that made by both of the side, foreigner borrow names from Indonesian to be written as the land’s owner on the certificate, but then the Indonesian depend on the deed of declaration they have made ignore that the real owner of the land and its authorization do or represented to that foreigner. The validity and power of binding the nominee agreement is can’t be separated from clause 1320 and clause 1338 KUHPerdata. If the nominee agreement already notice ang fulfill the legitimate reguirement of the agreement based on clause 132 KUHPerdata and based on 1338 KUHPerdata, so that nominee agreement already have the binding power to every sides. Based on the principle of Pacta Sund Servanda, the agreement that is made by every sides, include nominee agreement has a binding power such as law for them who have made it.
Campana, Mireille; Sorro, Jean-Francois; Peries-Joly, Quentin
This report examines opportunities created by energy transition for the French industry, and aims at identifying the most promising niches in order to help French enterprises to be competitive and thus to improve the French trade balance by five to ten years. The study focuses on three main sectors: equipment and installations of renewable energy production (ground-based and offshore grounded wind energy, floating wind energy, hydroelectric energy, solar photovoltaic, methanization), management of electric systems of any size (more particularly smart grids) and issue of energy storage in relationship with production source decentralisation, and building efficiency (energy renovation, heat pumps, active consumption steering and connected housing). A first part describes, for each of these sectors, the situation of the world market and the French situation in terms of market and actors (strengths and weaknesses), as well as objectives which could be envisaged to improve actor competitiveness. The second part discusses existing tools which could be means to reach these objectives: R and D financing tools, other financing types, sector dynamics. The third part proposes a set of measures and recommendations to develop the French offer in sustainable technologies, to ease a better demand structuring, and to steer demand towards a sustainable (and notably French) content
Bisher veröffentlicht unter dem Titel: "Modern Finance" Das Buch beinhaltet ebenso einige Portraits: Die didaktische Erfahrung lehrt, dass man sich wissenschaftliche Ergebnisse und Ansätze besser merken kann, wenn eine Assoziation zu jener Person bildlich konkret wird, der wir den betreffenden Denkansatz verdanken. Aus Fragen der Finanzierung und der Investitionsentscheidungen von Unternehmen ist in der Verschmelzung mit der Analyse von Kapitalmärkten ein grosses Gebiet entstanden, da...
Last December CERN received visits from two Ministers. Bulgaria’s Deputy Prime Minister and Minister of Science and Education, Daniel Vylchev, visited the CMS experiment in the company of the CMS Spokesman, T. Virdee, and several Bulgarian physicists. From left to right: J. Stamenov, M. Mateev, S. Stavrev, T. Virdee, V. Genchev, the Minister Daniel Vylchev, A. Hristova Vutsova, L. Litov and G. Soultanov. CERN Director-General, Robert Aymar, and Montenegro’s Minister of Education and Science, Slobodan Backović. On 18 December, Robert Aymar welcomed Bulgaria’s Deputy Prime Minister and Minister of Science and Education, Daniel Vylchev. A particular highlight of his visit was a tour of the CMS site, during which he met the many Bulgarian physicists working on the experiment. He also attended a presentation of the LHC Computing Grid and visited the Computer Centre. Bulgaria has been a CERN ...
On Saturday, 23 January 2016, CERN welcomed Mr Muhammad Nawaz Sharif, Prime Minister of Pakistan. From left to right: Minister of Finance Mr Mohammad Ishaq Dar, Prime Minister of the Islamic Republic of Pakistan, Muhammad Nawaz Sharif, CERN Director-General Fabiola Gianotti and CMS national contact physicist Hafeez Hoorani. Mr Muhammad Nawaz Sharif arrived at Point 5 in Cessy, where he was welcomed onto French soil by the sous-préfet of Cessy, Stéphane Donnot, and, representing CERN, Director-General Fabiola Gianotti, Directors Eckhard Elsen and Charlotte Warakaulle, and Rüdiger Voss, the adviser for relations with Pakistan. It was the first visit by a head of government of Pakistan since the country became CERN's latest Associate Member State in July 2015. The Prime Minister then had the opportunity to visit the CMS underground experimental area accompanied by the CMS Spokesperson, Tiziano Camporesi, and the CMS collaboration’...
Full Text Available Certain provisions of Presidential Regulation No. 36 of 2010 concerning Negative Investment List are not clearly stipulated. In relation to the restrictions of foreign investment in certain business sectors asspecified in the Negative Investment List Article 33 para. (1 and (2 of the 2007 Investment Law expressly prohibits investors from entering into any nominee shareholding documentation. Notwithstanding, manynominee shareholding practices are still employed in Indonesia, aiming to circumvent such restrictions.This paper addresses certain issues on Presidential Regulation No. 36 of 2010 and nominee shareholding practices in Indonesia. Beberapa ketentuan dalam peraturan Presiden No. 36 Tahun 2010 yang mengandung ketentuan Daftar Negatif Investasi tidak dirumuskan secara jelas. Sehubungan dengan pembatasan kepemilikan modal asing di beberapa sektor usaha, Pasal 33 ayat (1 dan (2 Undang-Undang Penanaman Modal No. 25 Tahun 2007 secara tegas melarang penanam modal membuat dokumen-dokumen yang terkait dengankepemilikan saham secara nominee. Namun demikian, praktik kepemilikan saham secara nominee masih sering dilakukan di Indonesia untuk menghindari pembatasan tersebut. Tulisan ini akan membahasbeberapa permasalahan yang berhubungan dengan Peraturan Presiden No. 36 Tahun 2010 dan praktek kepemilikan saham secara nominee di Indonesia.
Régulièrement au cœur de l'actualité, les trois agences de notation (Standard & Poor's, Moody's et Fitch) règnent sur le monde de la finance internationale. Mais quelles sont-elles et à qui appartiennent-elles véritablement ? Détenues par de puissants fonds d'investissements, elles ont progressivement renforcé leurs rôles et pouvoirs. L'auteur interpelle le citoyen sur un système dans lequel les fonds d'investissements profitent des agences de notation (et de leur rôle de « gardien des marché...
Les investisseurs financiers et a fortiori les hedge fonds sont accusés de tous les maux. Ces « sauterelles » tomberaient sur les entreprises allemandes pour s’enrichir en les dépeçant. Un journaliste économique du quotidien des affaires Frankfurter Allgemeine Zeitung publie là un portrait objectif et factuel de ces « nouvelles stars » de la finance mondiale. Un portrait de branche, doublé d’une analyse de l’impact sur le « capitalisme rhénan » de la montée en puissance de ces nouveaux acteur...
... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Accounts held by an agent, nominee, guardian..., nominee, guardian, custodian or conservator. (a) Agency or nominee accounts. Funds owned by a principal or... coverage shall be governed by the provisions of § 330.13. (b) Guardian, custodian or conservator accounts...
... (including nominee partnerships). An assignment of a security registered in the name of or assigned to a... appropriate for winding up partnership affairs. In those cases where assignments by or in behalf of all... dissolution. Upon voluntary dissolution, for any jurisdiction where a general partner may not act in winding...
Leedu rahandusminister Zigmantas Balcytis teatas tagasiastumisest, et kaitsta oma poega spekulatsioonide eest. Balcytise poeg koordineerib Euroopa Liidu rahalise abi jagamist ning teda süüdistati ametiseisundi kuritarvitamises, kuid mõisteti hiljem õigeks
H.E. Mr Josep Piqué i Camps, Minister of Science and Technology, Spain, visited CERN in November. Here Felix Rodriguez Mateos (right) explains aspects of the test facility to the Minister (left). Between them are M. Aguilar Benitez, Spanish delegate to CERN Council (left), and Francisco Giménez-Reyna, Spanish delegate to the CERN Finance Committee.
On Tuesday, 7 July 2015, the Prime Minister of the Italian Republic, Matteo Renzi, visited CERN. He was accompanied by a delegation that included Italy's Minister for Education, University and Research, Stefania Giannini. From left to right: Fernando Ferroni, President of the Istituto Nazionale di Fisica Nucleare (INFN); Sergio Bertolucci, CERN Director for Research and Scientific Computing; Stefania Giannini, Italy's Minister of Education, University and Research; Matteo Renzi, Prime Minister of the Italian Republic; Fabiola Gianotti, CERN Director-General Designate; Rolf Heuer, CERN Director-General. The Prime Minister was welcomed by members of the CERN Management together with former CERN Director-General and Senator for Life of the Italian Republic, Carlo Rubbia. After a brief general introduction to CERN’s activities by Rolf Heuer, the Italian delegation visited LHC Point 1. After a tour of the ATLAS control room, they donned helmets to visit th...
Mikhail Kirpichnikov, minister for science and technology has kept his post in the cabinet of the new prime minister Sergei Stepashin. Yevgeniy Adamov also remains as minister of atomic energy (2 paragraphs).
There have been three ministerial visits to CERN this month. Gediminas Kirkilas, Prime Minister of Lithuania, and Robert Aymar, CERN’s Director-General.On 2 July, the Prime Minister of Lithuania, Gediminas Kirkilas, was welcomed by CERN’s Director-General, Robert Aymar, before being taken on a visit of the ATLAS cavern at Point 2 and the LHC tunnel. Michal Sewerynski, Poland’s Minister for Science and Higher Education, and Robert Aymar, CERN’s Director-General.Ten days later, Poland’s Minister for Science and Higher Education, Michal Sewerynski, visited the CMS cavern and assembly hall and the LHC tunnel. He was also given a tour of the LHC Computer Centre and the CERN Control Centre. His visit was rounded off with a presentation of Polish companies involved in CERN’s activities, followed by a meeting with Polish personnel working at CERN. J�...
The Swedish Minister for Higher Education and Research recently visited CERN. The Swedish Minister was greeted by Swedish scientists working at CERN. Signing of the Swedish Computing Memorandum of Understanding. Pär Omling, Director-General of the Swedish Research Council (left), and Jos Engelen, CERN’s Chief Scientific Officer. Lars Leijonborg, the Swedish Minister for Higher Education and Research, was welcomed to CERN by Director-General Robert Aymar on 10 March. After an introduction to the Laboratory’s activities, the Minister was given guided tours of the control room, the ATLAS surface hall and experiment cavern and the adjoining LHC tunnel. Mr Leijonborg was then greeted by Swedish scientists and given an overview of the Swedish research programme at CERN. Five Swedish university groups are taking part in LHC research. Swedish universities are notably involved in the manufacture of parts for the sub-detectors of AT...
On 30 July, Jean-Marc Ayrault, the Prime Minister of the French Republic, and Geneviève Fioraso, the Minister of Higher Education and Research, visited the Laboratory. After being met by the Director-General at LHC Point 5, they visited the CMS control centre and experiment cavern, and got a glimpse of the LHC tunnel at Point 5. The visit ended with a round-table discussion with French and other international members of CERN’s scientific community. During the discussion, the Prime Minister reaffirmed that “support for fundamental research has to be maintained, and France must continue to invest in education, research and innovation.” He also paid tribute to CERN's role in international cooperation, which he qualified as “a fine example of science without borders.”
... DR2PS0000.PX8000 134D0102R2] Notice of Request for Nominees for the U.S. Extractive Industries Transparency... Industries Transparency Initiative (USEITI) Advisory Committee. This notice solicits nominees who can... Industries Transparency Initiative (USEITI) Advisory Committee (Committee) on July 26, 2012. The Committee...
... DR2PS0000.PX8000 134D0102R2] Notice of Request for Nominees for the U.S. Extractive Industries Transparency... Industries Transparency Initiative (USEITI) Advisory Committee. This notice solicits nominees from: (1) the... Transparency Initiative (USEITI) Advisory Committee (Committee) on July 26, 2012. The Committee serves as the...
award the nominee the Silver Star. We determined Secretary McHugh acted within his authority when he decided to award the SS. We found no evidence...why the Honorable John M. McHugh , Secretary of the Army, downgraded the nominee’s MOH award recommendation to the Silver Star (SS).1 In a memorandum...valorous actions as documented in the MOH award 1 The Honorable John M. McHugh left his position as Secretary of the Army on November 1, 2015. 2 We did
Holm Pedersen, Lene; Bhatti, Yosef; Hjelmar, Ulf
If management matters to performance, then it is also likely to be of importance how managers spend their time. Hence, ‘what does the manager do’ has been a classical research question, which this paper applies to leaders at the ultimate top asking, what does the minister do? The research is based...
Pedersen, Lene Holm; Hjelmar, Ulf; Bhatti, Yosef
This article contributes insight into the working conditions of political leaders based on rarely accessible high‐quality data that include unique surveys of Danish ministers, mayors, and permanent secretaries supplemented by in‐depth interviews. The results show that the classical metaphor...... conditions are likely to affect the way our democracies work....
Thomas Ostros, Sweden's new science minister is aiming to improve links with the science community, severely strained during the tenure of Carl Tham. Significantly, he confirmed that he will not be making any further changes to the managment of the Swedish Foundation for Strategic Research. He also announced a 5 per cent increase in government funding for science which will be used to strengthen basic research and education (1 page).
FRN professional affiliations of recent nominees by the National Institutes of Health and the National Science Foundation for service on the FIFRA Scientific Advisory Panel established under section 25(d) of the FIFRA
Gunter, Aleksei, 1979-
Rahandusminister Tõnis Paltsi tagasiastumisest. Uus kandidaat rahandusministri ametikohale on Res Publica parlamendifraktsiooni esimees ja rahanduskomisjoni liige Taavi Veskimägi. Kommentaarid Pakterminali juhatuse esimehelt Aadu Luukaselt
Opositsiooni kuuluv erakond Uus Aeg leiab, et Läti rahandusminister Atis Slakteris peaks ebakompetentsuse tõttu tagasi astuma. Poliitikute arvates, ei ole Slakteris piisavalt aktiivselt püüdnud riigi finantsprobleeme lahendada
Collecte de connaissances féministes en vue d'exercer une influence sur les politiques publiques. Financée par le Programme des Nations Unies pour le développement (PNUD), l'initiative Casablanca rassemble des militantes et des universitaires du Sud, afin d'intégrer les connaissances des femmes à la question de la ...
The Algerian Minister of Higher Education and Scientific Research, Rachid Haraoubia, visited CERN on 14 November. His party included the Rector of the University of Blida and the Director of the Algerian Ecole Nationale Polytechnique. Welcomed by CERN's Director-General, Robert Aymar, and Secretary-General, Maximilien Metzger, he signed the VIP Visitors' Book before going on to visit the ATLAS experiment and the LHC tunnel. He then had the opportunity to meet Algerian scientists working at CERN. Some fifteen Algerian physicists attached to European and US institutes are participating in the LHC experiments, in particular ATLAS. A formal collaboration agreement between Algeria and CERN is expected to be drawn up in the near future.
In edition no. 104 of Echo we told you about the Finance Committee meeting which took place on Wednesday 16 June and the tense atmosphere that reigned during this meeting. Echoing the alarming news from most of our countries (budget cuts, restrictions, reforms), CERN’s global budget is indeed under pressure. This is extremely serious. How can we carry out our mission if our Member States do not give us the means? Basic research cannot progress with budget cuts. The Management tried to make this understood at the meeting, however, most delegations could not or would not see reason. Refusing to sit idly by, the Staff Association decided to act immediately. It sent a letter to all ministers in the twenty Member States concerned by CERN and its financing. A copy was also sent to all Finance Committee and Council delegates. We thus hope to help convince all our Member States that it is essential that they continue to invest in basic research, a breeding ground for new ideas and at the roo...
Breitenbauch, Henrik Ø.
the Atlantic, it is the ministries of finance that play the central role in controlling budgets — defense and otherwise. This means that real progress on raising European defense spending will require convincing the finance ministers and their top civil servants of the new realities of European geopolitics...
Research purpose: The objective of this study was to investigate the effects of job-demands and job-resources on ministers’ burnout and engagement. Congregational commitment and health were included as possible consequences of burnout and engagement. Motivation for the study: Ministers’ well-being has become an important topic for both researchers and practitioners. Research design, approach and method: A survey design with a non-probability, purposive voluntary sample of 115 ministers was used. The Job-Demands–Resources Questionnaire, Maslach Burnout Inventory, Work Engagement Scale, General Health Questionnaire, and Congregational Commitment Scale were administered. Main findings: Regression analysis indicated that the pace, amount of work and emotional demands were indicators of burnout while growth opportunities, social support and job significance were indicators of engagement. Furthermore, it was found that exhaustion predicted somatic symptoms and depression, while mental distance predicted depression. Engagement predicted social functioning and affective commitment. Practical implications: Interventions should be implemented to help ministers deal more effectively with any burnout symptoms experienced in order to prevent ministers who are already showing signs of burnout from getting sick to increase their engagement and to rehabilitate individuals who are ill as a result of the work place. Contribution: The study contributes to knowledge regarding the effects of job-demands and resources on the well-being of ministers.
Koornstra, J.; Roorda, B.; Vols, M.; Brouwer, J.G.
On Tuesday the 6th of March 2018, a legislative proposal has been submitted for public consultation. The drafters propose to give the Minister for Legal Protection the power to order the ban and dissolution of legal persons that pose a threat to the public order. Drafters believe that the current
H.E. Mr Josep Piqué i Camps, Minister of Science and Technology, Spain, toured the test facility for LHC magnets in building SM18 during his visit to CERN in November. In this series of photos Felix Rodriguez Mateo explains the operation of the test facilty to the ministerial party. Photo 01: (left to right) Felix Rodriguez Mateo; the Minister; Francisco Giménez-Reyna, Spanish delegate to the CERN Finance Committee; M. Aguilar Benitez, Spanish delegate to the CERN Council; G. Babé and G. Léon. Photo 02: (left to right) Felix Rodriguez Mateos; César Dopazo, Director-General of CIEMAT (Spanish Research Centre for Energy, Environment and Technology); the Minister; G. Babé; M. Aguilar Benitez; and G. Léon. Photo 03: Francisco Giménez-Reyna; Felix Rodriguez Mateos; César Dopazo; the Minister; Juan Antonio Rubio, leader of the Education and Technology Transfer division at CERN; G. Babé behind M. Aguilar Benitez. Photo 04: Francisco Giménez-Reyna, partially hidden behind Felix Rodriguez Mateos; César Dop...
The Prime-Minister of Malta, Dr Lawrence Gonzi, visited CERN and met Director-General, Robert Aymar, on 10 January. The Prime-Minister of Malta, Dr Lawrence Gonzi, and CERN Director-General, Robert Aymar, signed a cooperation agreement. Dr Gonzi was given guided tours of the CMS experiment at Point 5 in Cessy and of the LHC magnet test facility, in which his country was involved. One of the high points of the day was the signing of a cooperation agreement between CERN and the Government of the Republic of Malta, aimed at the development of scientific and technical collaboration. "I’m really enthusiastic about this agreement, which constitutes a first step towards real collaboration between the Maltese government and CERN," said Nicholas Sammut, a Maltese engineer at CERN who was present throughout the visit (on the right). See also the video.
On Friday, 6 June, the French Minister for Higher Education and Research, Valérie Pécresse, was welcomed by CERN Director-General, Robert Aymar. Robert Aymar accompanies Valérie Pécresse and Bernard Accoyer on a visit to CMS. A dozen physicists took part in the round-table discussion, including the Director-General, project leaders, deputy spokesmen, members of the experiments, CERN personnel and users.At first, the Minister was given a tour of the CMS experiment and the LHC tunnel, accompanied by the President of the French National Assembly, Bernard Accoyer. The delegation then took part in a round-table discussion. The main objective of the Minister’s visit was to obtain input on the organisation of large research infrastructures, based on information concerning CERN’s administrative and scientific configuration and the experiment collaborations. As J.-J. Blaising, Head of the PH Depa...
ON Tuesday 5 August the UK Secretary of State for Innovation, Universities and Skills, John Denham, came to CERN. The UK continues its strong links with CERN.The Minister was welcomed on arrival at CERN by Robert Aymar, the Director-General, and senior British scientists. Following a short presentation, he began a comprehensive tour of the Laboratory with a visit to both the LHC at point 5 and the CMS experiment. After lunch the Minister’s busy schedule continued, completing his overview of the main areas of UK participation at CERN. As soon as he had signed the guest book, he was whisked off to visit the LHCb experiment, the LHC computing grid project (LCG) and the ATLAS control room. However, the last item on his itinerary was perhaps the most illuminating. Meeting a diverse group of British scientists, from technical and summer students to staff members with more than 30 years of experience, the Minister had the opportunity...
Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing
P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen
Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...
Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...
This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project
This article described the challenges facing Trans-Canada Pipelines (TCPL) in the 1950s regarding the construction of a pipeline to deliver gas to central Canadian markets. Alberta had been granted gas export permits, and the proposed pipeline was financed primarily by American interests. In addition, TCPL had difficulties with several competing proposals to move gas east from Alberta. There was also opposition to TCPL's original route which was through American territory. When the pipeline was rerouted through rugged Precambrian Shield, private-sector financiers balked at the additional costs. During the Great Pipeline debate in 1956, federal Minister C.D. Howe encouraged TCPL and its competitors to merge and put a bill before Parliament to create a Crown corporation to build and own the Canadian Shield portion of the line, leasing it back to TCPL. The first president of TCPL was Eldon Tanner, member of Alberta's Legislative Assembly. He remained at the helm until the pipeline was completed. Industrialist Frank McMahon who participated in drilling activities in British Columbia and at Turner Valley, Alberta, also promoted a plan to complete the construction of the Westcoast Transmission pipeline from the Peace River, Canada's first large natural-gas pipeline. 4 figs
Naoto Kan was the acting Japanese Prime Minister during the Tohoku earthquake and the resulting Fukushima reactor accident. After demission in September 2011 he decided to document the facts according to his knowledge and the memorized thoughts during the course of the accident, his decision making and his own emotions. The first chapter covers the daily documentation until March 19th, the second chapter deals with nuclear power phaseout and Kan's demission, the third chapter covers the issues nuclear power phaseout - politics - citizens.
Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.
Mrs Maria Rauch-Kallat, Minister of Health and Women's Issues, Austria, came to CERN on 19 May. The theme of her visit was technology transfer. Photo 01: Dr Hans F. Hoffmann, CERN Director for Technology Transfer and Scientific Computing with Mrs Maria Rauch-Kallat, Minister of Health and Women's Issues, Austria, signing the VIP visitors' book. Photo 02: Mrs Maria Rauch-Kallat, Minister of Health and Women's Issues, Austria, signing the VIP visitors' book.
Hirth, Stefan; Flor, Christian Riis
Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...
William R. Kerr; Ramana Nanda
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...
The Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, Marc Verwilghen, with CERN's Director-General, Robert Aymar.From left to right, Frank Linde, Director of the Netherlands National Institute for Nuclear Physics and High Energy Physics (NIKHEF), Jos Engelen, CERN's Chief Scientific Officer, Maria van der Hoeven, Netherlands Minister for Education, Culture and Science, and Herman Ten Kate, Head of the ATLAS magnet project, visiting the ATLAS assembly hall. Marc Verwilghen, Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, came to CERN on 8 April 2005, where he visited the CMS assembly hall and underground cavern, as well as the hall where the LHC superconducting magnets are being tested. A few days later, on 21 April, the Netherlands Minister for Education, Culture and Science, Mrs Maria van der Hoeven, was welcomed to CERN by the Director-General, Robert Aymar, and the Chief Scientific Officer, Jos Engelen. Minister van der Hoeven visited the ATLAS installations, t...
On Friday, 23 May the German Federal Minister of Education and Research, Annette Schavan, and the Head of the Swiss Federal Department of Foreign Affairs, Micheline Calmy-Rey, paid a joint visit to CERN. German Federal Minister of Education and Research, Annette Schavan and the Head of the Swiss Federal Department of Foreign Affairs, Micheline Calmy-Rey, with Robert Aymar, Rolf-Dieter Heuer and Jos Engelen. The Swiss and German ministers in front of the ATLAS experiment, accompanied by Robert Aymar, Rolf-Dieter Heuer, Jos Engelen and Peter Jenni. Director-General Robert Aymar gave the ministers a short introduction to CERN, which was followed by the signing of the Guest Book. Both ministers took the opportunity to go to Point 1 to visit the ATLAS experiment, guided by the ATLAS spokesperson Peter Jenni, and also the LHC tunnel.
Lebuda, Izabela; Karwowski, Maciej
This study examined the relationship between facial width-to-height ratio (fWHR), an established marker of testosterone level and dominance, and eminent writers' achievement. The fWHR of laureates (N = 39) and nominees (N = 247) of the Nobel Prize in Literature 1901-1950 was measured together with historiometric data. It was demonstrated that…
Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.
Boersma-de Jong, Margreet F.
Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence
This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing
HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.
One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...
H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain, came to CERN in November. He is seen here visiting the ATLAS assembly hall. Photo 01: The Minister (left) is greeted by Peter Jenni, spokesperson for the ATLAS collaboration. In the centre is Matteo Cavalli-Sforza, Spanish scientist at CERN. Photo 02: The Minister (left) in discussion with Peter Jenni. Photo 03: Peter Jenni shows the visitors one of eight vacuum vessels being built by Spanish company Felguera Construcciones Mecanicas SA for the superconducting coils of the air-core ATLAS barrel toroid magnet system: (left to right) Matteo Cavalli-Sforza of CERN; the Minister; M. Aguilar-Benitez, Spanish delegate to CERN Council; G. Léon; and Peter Jenni.
May 4, 2018 ... Today the Honourable Marie-Claude Bibeau, Minister of International ... Jean Lebel will strengthen the Centre's position as a global leader on research for ... Shainoor is the founder and managing director of Better Business ...
"The Honourable David Pratt, Minister of National Defence, and Member of Parliament for Nepean-Carleton, today congratulated Carleton University on receiving $638,405 in funding to support a new Canada Research Chair" (1 page)
H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain, pictured in front of a barrel toroid cryostat vessel in the ATLAS assembly hall. The air-core ATLAS barrel toroid magnet system will consist of eight large superconducting coils, each in its own vacuum vessel, built by Spanish company Felguera Construcciones Mecanicas SA under the responsibility of IFAE (Institute for High Energy Physics), Barcelona. Photo 01: The Minister in front of the cryostat vessel. Photo 02: The Minister (right) with H.E. Mr Joaquin Pérez-Villanueva y Tovar, Spanish Ambassador to the United Nations in Geneva. Photo 03: (left to right) Manuel Delfino, leader of the Information Technology division at CERN; Matteo Cavalli-Sforza of CERN; Juan Antonio Rubio, leader of the Education and Technology Transfer division at CERN; The Minister; and Peter Jenni, ATLAS spokesperson.
Carl Tham, who introduced sweeping changes to higher education and research, has lost his seat in a cabinet reshuffle. As science minister for 4 years he redirected funding to applied science and established new regional universities (1 page).
The welfare benefits of financial markets depend in large part on how effectively households use these markets. The study of household finance is challenging because household behavior is difficult to measure accurately, and because households face constraints that are not captured by textbook models, including fixed costs, uninsurable income risk, borrowing constraints, and contracts that are non-neutral with respect to inflation. Evidence on participation, diversification, and the exercise ...
The Bavarian Prime Minister, Dr. Edmund Stoiber , is currently visiting a number of countries in South America. He is accompanied by a high-ranking delegation of representatives of Bavarian politics and industry. During this trip, the Bavarian delegation will visit the Republic of Chile, arriving in Santiago de Chile on Sunday, March 9, 1997. On the same day, Dr. Stoiber and most other members of the delegation, on the invitation of the Director General of ESO, Professor Riccardo Giacconi, will visit the ESO La Silla Observatory , located in an isolated area in the Atacama desert some 600 km north of the Chilean capital. ESO, the European Organisation for Astronomy, with Headquarters in Garching near Munich in Bavaria, welcomes this opportunity to present its high-tech research facilities to Dr. Stoiber and leaders of the Bavarian industry. During the visit, the delegation will learn about the various front-line research projects, now being carried out by astronomers from Germany and other ESO member countries with the large telescopes at La Silla. There will also be a presentation of the ESO VLT project , which will become the world's largest optical astronomical telescope, when it is ready a few years from now. The delegation will be met by the Director of the La Silla Observatory, Dr. Jorge Melnick and his scientific-technical staff which includes several members of German nationality. Also present will be ESO's Head of Administration, Dr. Norbert König (Garching) and the General Manager of ESO in Chile, Mr. Daniel Hofstadt. More information about this visit and the ESO facilities is available from the ESO Education and Public Relations Department (Tel.: +49-89-32006-276; Fax.: +49-89-3202362; email: email@example.com; Web: http://www.eso.org../../../epr/ ). Diese Pressemitteilung ist auch in einer Deutschen Fassung vorhanden. How to obtain ESO Press Information ESO Press Information is made available on the World-Wide Web (URL: http://www.eso.org../). ESO Press
H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain, toured the test facility for LHC magnets in building SM18 during his visit to CERN in November. Photos 01, 02: (left to right) M. Cerrada, CERN; Francisco Giménez-Reyna, Spanish delegate to the CERN Finance Committee; G. Léon; Juan Antonio Rubio, leader of the Education and Technology Transfer division at CERN; M. Aguilar-Benitez, Spanish delegate to CERN Council; (behind) H.E. Mr Joaquin Pérez-Villanueva y Tovar, Ambassador and Permanent Representative of Spain to the United Nations in Geneva; the Minister; Manuel Delfino, leader of the Information Technology division at CERN; bodyguard; Matteo Cavalli-Sforza, ATLAS national contact physicist for Spain; Felix Rodriguez Mateos, CERN; G. Babé. Visible in the left background is one of the test benches where magnets are prepared for installation in String 2: the full-scale model of an LHC cell of the regular part of the arc. The extremity of String 2, which measures 120 m and runs the ...
The objectives of this research were to investigate ministers' job demands and job resources, to study the relationship between the different job demands and job resources that ministers experience, to investigate the effects of job demands and job resources on minister's burnout and engagement, to investigate the factors impacting on the health and congregational commitment of ministers, to analyse the effects of job demands and job resources on ministers' psychological conditions of meaning...
Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...
Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes
The UK Minister for Science and Innovation, Ian Pearson MP, recently visited CERN. Ian Pearson, UK Minister for Science and Innovation (back row, third left), in the LHC tunnel with Peter Jenni, ATLAS Spokesperson (back row, centre), John Ellis (back row, third right), Simon Featherstone, UK Ambassador to Switzerland (back row, far left), Keith Mason, Chief Executive of STFC (the UK funding agency) (back row, second from right), and British scientists working at ATLAS.On the 15 April UK Minister for Science and Innovation, Ian Pearson, made his first trip to CERN. The UK is one of the founding Member States of CERN, and the British contingent is one of the largest of any country with around 650 British scientists and a further 250 staff members working here. After an introduction to the facilities by Director-General Robert Aymar, who expressed CERN’s gratitude for UK government support through its Science and Technology Facilitie...
During his official visit to the Russian Federation, Mr. J. Koizumi, Prime Minister of Japan, was invited to speak on 11 January 2003 to the participants in the International Scientists Conference to commemorate the 100th birthday of Academician I.V. Kurchatov. When asked from people in the audience at the Kurchatov Institute, Prime Minister Koizumi confirmed that during his recent meeting with the President of the Russian Federation, Vladimir Putin, at the Kremlin, they have discussed the construction of a fusion installation, which is the ITER Project
Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)
Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative
Siseminister Kalle Laanet möönis, et Politseiameti peadirektor Robert Antropov ei ole oma vanemaid politseisõidukiga Saaremaale toimetades reegleid rikkunud ning jättis tema lahkumispalve rahuldamata. Siiski karistas minister politseijuhti pooleaastase lisatasu kaotuse ja puhkuse tühistamisega
@@ Zhu Guangyao, assistant Minister of the Ministry of Finance, said at the climate summit in Copenhagen on December 16, 2009 that, the government budget would increase the investment in the areas of energy conservation, discharge reduction and renewable energy sources in 2010 and during the period of Twelfth Five-Year Plan.
Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.
... and application as is given to the term for income tax purposes under the Code. (iii) If a minister is... minister, is engaged by N University to teach history and mathematics. M does no other work for N although...
Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de
L. Randall Wray
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...
... 32 National Defense 6 2010-07-01 2010-07-01 false The claim for minister of religion classification. 1645.2 Section 1645.2 National Defense Other Regulations Relating to National Defense SELECTIVE SERVICE SYSTEM CLASSIFICATION OF MINISTERS OF RELIGION § 1645.2 The claim for minister of religion...
... 32 National Defense 6 2010-07-01 2010-07-01 false Class 4-D: Minister of religion. 1630.43 Section... CLASSIFICATION RULES § 1630.43 Class 4-D: Minister of religion. In accord with part 1645 of this chapter any registrant shall be placed in Class 4-D who is a: (a) Duly ordained minister of religion; or (b) Regular...
Molina Arenaza, Hércules; Del Carpio Gallegos, Javier
This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...
Larsen, Martin Vinæs
between unemployment, economic growth and support for prime minister parties is re-examined in two datasets. The first is a dataset of Scandinavian elections, and the second is a yearly Danish vote function, which was constructed using election polls. Across both datasets, it is found that if one simply......Previous research has not been able to identify a relationship between objective economic indicators and support for governing parties in the Scandinavian countries. This is potentially problematic, as it suggests that political leaders are not held electorally accountable for the economic...... correlates support for the prime minister's party with economic conditions, there is no relationship; however, if one specifies a statistical model, which takes the Scandinavian context into account, it is possible to identify a statistically significant effect of economic conditions on electoral support...
H.E. Mr. Josep Piqué i Camps, Minister of Science and Technology, Spain, visited CERN in November. On his itinerary was a tour of the test facility for LHC magnets in building SM18. Photo 01: H.E. Mr Joaquin Pérez-Villanueva y Tovar, Ambassador and Permanent Representative of Spain to the United Nations Office in Geneva (right), with Juan Antonio Rubio, leader of Education and Technology Transfer division in building SM18.
The Prime Minister of the Slovak Republic, Iveta Radicova, visited CERN on 28 February, meeting with CERN Director-General Rolf Heuer and going down to the ALICE cavern. Upon arrival, Prime Minister Radicova spent about half an hour discussing the Slovak Republic’s involvement in CERN with the DG, and was very interested in the physics results that the Organization is currently working on. After signing the official guest book in Building 500, the Prime Minister crossed the border into France to visit the ALICE experiment. Donning a helmet, she descended into the ALICE cavern to take a first-hand look at one of the two CERN experiments to which her country has contributed (ATLAS being the second). “We also showed her the read-out chambers for the Time Projection Chamber (TPC) and the electronics for the pixel detector that are on display in the ALICE exhibition area, as they were produced in the Slovak Republic,” says Karel Safarik, the Slovakian ALICE physicist w...
Full Text Available O presente artigo apresenta os diversos momentos por que passou o Ministério da Defesa, desde sua criação no segundo mandato presidencial de Fernando Henrique Cardoso (1999-2002 até o atual governo de Luís Inácio Lula da Silva (2003-2006, com os respectivos ministros da Defesa. Visto como uma etapa importante na reconstitucionalização do país, na medida em que prevê a submissão dos comandantes das Forças Armadas a um ministro civil, e embora alguns analistas considerem que essa submissão de fato ocorre, procuramos indicar as resistências e as insubordinações militares ao poder civil, provenientes de um legado autoritário. Na medida em que o Ministério da Defesa não consegue implementar uma política própria, em que os militares seguiriam as orientações dos civis, o artigo conclui considerando a fragilidade política e institucional do Ministro da Defesa, civil, ante o os comandos militares, que conservam alto grau de autonomia decisória em relação à estrutura do Ministério.
This Decree further determines the competence of the Minister delegate for energy questions and provides that he will discharge the duties in that field given previously to the then Minister of Industry by Decree No 81-730 of 30 July 1981. (NEA) [fr
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...
What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.
This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)
Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role
Mrs. Maria van der Hoeven, the Dutch Minister of Education, Culture and Science, who travelled to the Republic of Chile, arrived at the ESO Paranal Observatory on Friday afternoon, May 13, 2005. The Minister was accompanied, among others, by the Dutch Ambassador to Chile, Mr. Hinkinus Nijenhuis, and Mr. Cornelis van Bochove, the Dutch Director of Science. The distinguished visitors were able to acquaint themselves with one of the foremost European research facilities, the ESO Very Large Telescope (VLT), during an overnight stay at this remote site, and later, with the next major world facility in sub-millimetre and millimetre astronomy, the Atacama Large Millimeter Array (ALMA). At Paranal, the guests were welcomed by the ESO Director General, Dr. Catherine Cesarsky; the ESO Council President, Prof. Piet van der Kruit; the ESO Representative in Chile, Prof. Felix Mirabel; the Director of the La Silla Paranal Observatory, Dr. Jason Spyromilio; by one of the Dutch members of the ESO Council, Prof. Tim de Zeeuw; by the renowned astrophysicist from Leiden, Prof. Ewine van Dishoek, as well as by ESO staff members. The visitors were shown the various high-tech installations at the observatory, including many of the large, front-line VLT astronomical instruments that have been built in collaboration between ESO and European research institutes. Explanations were given by ESO astronomers and engineers and the Minister gained a good impression of the wide range of exciting research programmes that are carried out with the VLT. Having enjoyed the spectacular sunset over the Pacific Ocean from the Paranal deck, the Minister visited the VLT Control Room from where the four 8.2-m Unit Telescopes and the VLT Interferometer (VLTI) are operated. Here, the Minister was invited to follow an observing sequence at the console of the Kueyen (UT2) and Melipal (UT3) telescopes. "I was very impressed, not just by the technology and the science, but most of all by all the people involved
With an estimated 3-4 million people infected with HIV, of whom half are aged 18-40 years, India should consider its HIV/AIDS epidemic as a national problem and address it accordingly. The disease also needs to be treated as a societal issue which affects the productivity of both economic and social sectors. The control of HIV and AIDS figures prominently in a new health policy currently being developed. At a seminar on AIDS, Prime Minister of India Atal Behari Vajpayee asked industry to supplement the government's efforts to spread awareness about AIDS. He stressed that business and industry need to seriously acknowledge the reality of HIV/AIDS and act to increase awareness about AIDS by spreading the message about prevention. Awareness is the key to prevention. Millions of HIV-positive people in India are afraid to seek medical care because of undue guilt and stigmatization. Also, young people should be taught about healthy sexual behavior and its implications. Vajpayee urged the minister of health to explore the possibilities of urgently developing an indigenous vaccine for AIDS in the most cost-effective manner.
Ferraz, Marcos Bosi; Azevedo, Rafael Teixeira
Healthcare investments should consider short and long-term demands. The objectives here were to compare the average tenures of ministers of health in Brazil and in another 22 countries and to evaluate the relationship between ministers' tenures and a number of indicators. Descriptive study conducted at Centro Paulista de Economia da Saúde (CPES). Twenty-two countries with the highest Human Development Indices (HDIs) and Brazil were included. The number of ministers over the past 20 years was investigated through each country's Ministry of Health website. Pearson's correlation coefficient was used to compare the number of ministers in each country with that country's indicators. The Mann-Whitney test was used to compare ministers' tenures in Brazil and other countries. The mean tenure (standard deviation, SD) of Brazilian ministers of health was 15 (12) months, a period that is statistically significantly shorter than the mean tenure of 33 (18) months in the other 22 countries (P < 0.05). There was a moderate and statistically significant positive correlation between the number of ministers and mortality rates for several conditions. The number of ministers also presented moderate and statistically significant negative correlations with per capita total healthcare expenditure (r = -0.567) and with per capita government healthcare expenditure (r = -0.530). On average, ministers of health have extremely short tenures. There is an urgent need to think and plan healthcare systems from a long-term perspective.
Full Text Available In the early 20th century, some American ministers were eager participants in the Chautauqua and Lyceum lecture circuits that flourished across the Midwest and beyond. Ministers expressed their vocation in the public arena, and the Redpath Chautauqua collection shows how part of this public life was conducted. In their role as lecturers in multiple educational and civic venues, ministers functioned as experts on the Bible, as well as supporting American ideals that were loosely connected to Protestant Christianity. The essay explores how a substantial archival collection reveals a particular public role ministers played in a popular culture venue in early 20th century America.
This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.
RADU NICOLAE BĂLUNĂ
Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding
This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market
Richard K. Green; Susan M. Wachter
While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...
Alfieri Li Ojeda, Jaime
The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...
João M. Pinto
Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...
Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid
Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants
William R. Kerr; Ramana Nanda
Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...
Yati Md Lasa
Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.
Full Text Available The critics of presidentialism point out that the arrival to power of outsiders is one of the perils of presidentialism. This contributes to this literature by analyzing the impact of outsider presidents on cabinet composition. The central argument is that outsider presidents tend to appoint technocratic and independent ministers. Outsiders do not have the willingness or the capacity to negotiate with other political forces because they lack a political socialization. Moreover, a strategy of confrontation with established parties is politically and electorally more advantageous for outsider presidents. In this article, I provide empirical evidence based on an in-depth analysis of the Peruvian cabinets in the period 1980-1995. This work compares the cabinets of two presidents that were traditional party leaders (Belaúnde and García with the cabinets of an outsider (Fujimori. I also analyze the consequences of having a cabinet made of political neophytes for the functioning of the cabinet.
Full text: Despite substantial progress in strengthening nuclear security in recent years, more needs to be done worldwide to defend against the threat of nuclear terrorism and other malicious acts involving nuclear or radiological material, a Ministerial Declaration at the IAEA's International Conference on Nuclear Security: Enhancing Global Efforts stated today. More than 1 300 participants at the Conference, which is open to all 159 IAEA Member States, will analyse past and current efforts and consider how future challenges can best be met to ensure effective and sustainable nuclear security worldwide. The Conference, which started in Vienna today and ends on Friday, includes representatives from 123 countries and 21 governmental and non-governmental organizations. The Ministerial Declaration, adopted at a plenary session attended by 34 government ministers and other Heads of Delegation including the Conference President, Hungarian Foreign Affairs Minister Janos Martonyi, says they ''remain concerned about the threat of nuclear and radiological terrorism and of other malicious acts or sabotage related to facilities and activities involving nuclear and other radioactive material.'' The Declaration - the first of its kind for nuclear security - notes that all States are responsible for their own nuclear security, but that international cooperation is important in supporting States' efforts to fulfil their responsibilities. It affirms the central role of the IAEA in strengthening nuclear security globally, and leading coordination of international activities in this field. ''We encourage all States to maintain highly effective nuclear security, including physical protection, for all nuclear and other radioactive material, their transport, use and storage and their associated facilities, as well as protecting sensitive information and maintaining the necessary nuclear security systems and measures to assess and manage their nuclear security effectively,'' the
Slovak police found out and documented racket in financing of third and fourth block of Mochovce NPP. Damage should be 144 millions Slovak crowns. Investigator consequently accused twenty-three Slovaks from foundation, trump up and supporting of criminal group and deception. Two persons are suggested to be taken to custody. Skoda Praha, which was general supplier of construction for 1,5 billions Slovak crowns, in 2001 allowed to create a connection to let the finances between Slovenske elektrarne, a.s., Bratislava as investor and Skoda as subcontractor to be paid through three mediator companies. Companies got authorization to balance the relationship among all interested subjects. Confused network of 118 treaties was created. They invoiced reward from money current based on these treaties. Reward represented up to 70 per cent of transferred resources in some cases. According to Minister of Domestic Affairs Vladimir Palko it will be necessary to find out where is actually the money. For the time being nobody from NPP is among accused. (Author)
Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants
I.P. van Staveren (Irene)
textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This
Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.
This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
. But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...
The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)
Bouwer, L.M.; Aerts, J.C.J.H.
This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.
Blake, J W
This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).
The purpose of this book is to gain a better insight into the process concerning the resignation of individual ministers and secretaries of state during the period 1918-1966. This specifically concerns ministers and secretaries of state who were forced - or felt forced - to leave national politics
H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain, toured the test facility for LHC magnets in building SM18 during his visit to CERN in November. Photos 01, 02: Felix Rodriguez Mateos (right) explains some of a cryomagnet's myriad connections to the Minister.
H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain, toured the test facility for LHC magnets in building SM18 during his visit to CERN in November. Photo 01: The Minister (left) with M. Cerrada and G. Babé.
Photo 01: L. to r.:Dr Jim Allaby, Dr Peter Jenni, Prof. Bracha Regev, Chief Scientist, Ministry of Health, Mr Nissim Dahan, MK, Minister of Health, Dr Boaz Lev, Director General, Ministry of Health, Dr Hans F. Hoffmann and Dr Georges Mikenberg. Photo 02: Mr Nissim Dahan, MK, Minister of Health, Israel, signing the Guest Book.
What are the prospects of anything concrete emerging from the recent Foreign Ministers meeting at NATO Headquarters in Brussels? Should we anticipate that ministers attending the meeting will be able to build broad international support for any policies that might advance the alliance’s interests in
A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs
8 December 2011 - Kingdom of Lesotho Deputy Prime Minister and Minister of Home Affairs and Public Safety, and of Parliamentary Affairs A. Lesao Lehohla signing the guest book with Adviser R. Voss and in the ATLAS visitor centre.
8 December 2011 - Kingdom of Lesotho Deputy Prime Minister and Minister of Home Affairs and Public Safety, and of Parliamentary Affairs A. Lesao Lehohla signing the guest book with Adviser R. Voss and in the ATLAS visitor centre.
The conference “3rd International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision” was jointly organized by IRTI and Center of Islamic Economics and Business (PEBS) University of Indonesia and cohosted by Bank Indonesia. It started with a welcoming ceremony and dinner on 22nd of February. The ceremony was addressed by H. E. Sri Mulyani Indrawarti, then Minister of Finance, Republic of Indonesia (currently Executive Director at World Bank). In her speech ...
Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...
This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...
Christensen, John; Shaxson, Nick; Wigan, Duncan
The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...
This Decree, which determines the competence of the Minister of Industry, provides that he shall discharge the duties previously given to the Minister of Industry by Decree No. 78-593 of 16 May 1978, with the exception of the responsibilities transferred to the Minister for Research and Technology by Decree No. 81-723 of 28 July 1981. He determines, proposes and implements, in liaison with the Ministers concerned, the Government's policy in industrial development, energy and source materials. (NEA) [fr
As a response to continuing discussions on the impact of fossil fuels on global warming, acid deposition, and smog, a clean air strategy consultation program was announced by Alberta's Ministers of Energy and Environment to encourage public discussion on air emissions resulting from the production and use of energy. The consultation program had three objectives: to help identify and clarify the most important issues associated with energy production and use which need to be addressed in developing a clean air strategy; to outline practical and achievable actions which can be taken to reduce emissions; and to develop program and policy recommendations to the provincial government. The consultation program included workshops and regional sessions, as well as background research. The discussions, findings, and conclusions from the program are summarized. Several air quality management challenges were identified, including the need for a more comprehensive system for managing air quality; the priority of local air quality issues and problems; the need to address cumulative regional emissions and impacts; and scientific and economic uncertainties. A number of goals have been developed to address these challenges, such as implementation of a comprehensive air quality management system, identification of cost-effective energy conservation and efficiency opportunities, development of innovative and targeted solutions to manage cumulative emissions, and improvement of the gathering and application of scientific and technical knowledge regarding atmospheric processes and effects. A glossary of terms is included. 12 figs., 17 tabs
In the paper, we put some foundations for studying asset pricing and finance as a stochastic and behavioral process. In such process, preferences and psychology of agents represent the most important factor in the decision-making of people. Individuals have their own ways of acquiring the information they need, how to deal with them and how to make predictions and decisions. People usually also do not behave consistent in time, but learn. Therefore, in order to understand the behavior on the ...
Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance
Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services
The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing
FACT is a financial analysis tool that helps identify the most cost-effective method to fund a wastewater or drinking water management project. It produces a comprehensive analysis that compares various financing options.
Hommes, C.; Durlauf, S.N.; Blume, L.E.
Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response
State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.
Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas
A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition
Published by Palgrave Macmillan This chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth....
Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)
Photo 01: Signature of the joint statement by H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (centre) with CERN Director-General, L. Maiani (right) and C. Melo. Photo 02: Signature of the joint statement by H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (left) and CERN Director-General, L. Maiani. Photo 03: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil and CERN Director-General, L. Maiani.
After World War II, American ministers successfully drew on training in psychology to nurture their spiritual and vocational development. Contrary to what critics of a therapeutic ethos in American culture have asserted, this social history of ministers shows that their adoption of psychological modes of thinking was neither atomizing nor secularizing. Rather, it helped them become better people and better ministers. It nurtured their faith as well as their social connections. Thus, I argue against critics who have feared the civically enervating effects of psychological outlooks in American society.
Lass, Piotr; Szarszewski, Adam; Gaworska-Krzemińska, Aleksandra; Sławek, Jarosław
The authors overviewed the biographies of 29 medical doctors who became the heads of the state or the prime ministers of their countries. Most of them ruled in a countries of fresh or unstable democracies, most often in Asia, Africa and Latin America, three of them were bloody dictators. With the exemptions of Georges Clemenceau and Sun-Yat-Sen they were not famous as historical figures, although some were good administrators like the prime minister of Norway, Gro Harlem Brundtland, Malayan prime minister Mahatir bin Mohamad, Brasilian and Chilean presidents, Juscelino Kubitschek and Veronica Bachelet. Regarding specialisation was mostly general medics or they specialised in public health.
Mustafa ÇOLAK; İsmet TÜRKMEN
In history mankind has experienced the most devastating experience during the years of the First World War. This pre-war and war in the later stages of a decision taken individually, even thousands, even millions of lives have been directly or indirectly affected. Experiencing the process and outcome of the war rather than the causes of human history has so much more busy. Therefore, the cause of the war which works popularity continues even today. Concerning the reasons for th...
Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.
An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to
Nkrumah-Young, Kofi K.; Powell, Philip
Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…
Godier, Kevin; Marks, Jon
Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)
Mr Lapo Pistelli Vice Minister at Foreign Affairs and International Cooperation, Member of the Italian Parliament (Chamber of Deputies), Italian Republic, signing the Guest Book with CERN Director-General R. Heuer ; Physics Department Head L. Mapelli also present
Galeb Majadle, the Israeli Minister of Science, Culture and Sport, and Robert Aymar, CERN’s Director-General. Israeli Minister, Galeb Majadle was invited to install the final thin gap muon chambers for the big muon wheels of ATLAS.On 26 July, Galeb Majadle, the Israeli Minister of Science, Culture and Sport, who is the first Arab member of an Israeli government, paid a visit to CERN. After being shown round the Laboratory, the Minister went to the ATLAS muon chamber assembly hall, where he was invited to install the final thin gap muon chambers for the big muon wheels of ATLAS. Israeli institutes are heavily involved in manufacturing these detectors. They have long-standing expertise in the field, as it was Israeli groups who developed the thin gap chambers (TGC) for the OPAL experiment. Since then, this technology has been optimized for ATLAS. Construction of the TGC wheels has been entrust...
At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (second from right) with R. Salmeron, C. Melo, A. Dos Anjos and H. Pessoa Lima Junior
No 17: Mr. Yuval Ne\\'eman, director of the centre for advanced studies at Tel-Aviv University, explains the standard model of physics to the Minister. No 20 : left to right, H.E. Mr. David Peleg, Ambassador and Permanent Representative of Israel to the UN, Minister Vilnai, Professor Hagit Meser Yaron, Chief Scientist at the Ministry of Science, Culture and Sport, and Mr. Nachman Shai, Director General of the Ministry with Giora Mikenberg, ATLAS and OPAL physicist
This article measures populist discourse among prime ministers in new Central and Eastern European democracies using holistic grading as a specific type of textual analysis. The article first offers a definition of populism and then measures political discourse by grading political speeches of contemporary prime ministers in Central and Eastern Europe. Next, it presents descriptive data about prime ministers’ political discourse and discusses positive cases of populism in re...
Photo 01: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (centre) with C. Melo (left) and P. Jenni Photo 02: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (centre) with C. Melo (left) and P. Jenni. Photo 03: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (second from right) with R. Salmeron, C. Melo, A. Dos Anjos and H. Pessoa Lima Junior. Photo 05: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (second from left) with, from left to right C. Melo, R. Salmeron, P. Jenni. Photo 06: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (left) with C. Melo. Behind, J. Ellis and J.A. Rubiol. Photo 07: At the ATLAS assembly hall H.E. Mr Ronaldo Mota Sardenberg, Minister for Science,...
The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr
Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007
Full Text Available El fandom ha adquirido en los últimos años un protagonismo esencial. Si bien no se trata de algo nuevo ni perteneciente en exclusiva al campo de la serialidad, como muy bien ya explicó Henry Jenkins en Fans, Bloggers, and Gamers: Exploring Participatory Culture (2006, sí que es cierto que ha evolucionado hasta convertirse en uno de los elementos clave de la cadena alimenticia serial. Sus aportaciones –y sobre todo su implicación– han decidido en distintas ocasiones la continuidad de una serie o la defenestración de un personaje, y quizás lo más importante, han dado lugar a la generación de universos narrativos circundantes y alternativos. Esta comunicación se propone ahondar en el comportamiento del fandom y sus consecuencias a través del estudio de las distintas muestras y ejemplos de acciones llevadas a cabo (transmediáticas o no en relación a distintas series producidas sobre todo en Estados Unidos durante los últimos 15 años. Y aunque se aludirá por lo tanto a diversos fandom seriales, en especial se centrará en dos casos recientes bastante distintos: los fannibals (fandom de la serie Hannibal [NBC, 2012-2015] y los ministéricos (de la serie El ministerio del tiempo [La 1, 2015-], por tratarse de dos series muy distintas y por lo tanto, de dos comunidades también muy diferentes. La primera, una serie estadounidense de tres temporadas cuya cancelación ha aumentado si cabe su cohorte de seguidores; y la segunda una serie española de la que en principio estaba prevista una temporada y de la que ya se ha anunciado la segunda para el 2016. El objetivo principal será concluir la alta capacidad de influencia de estos colectivos en las series de la tercera edad de oro televisiva, ya sea en referencia a los elementos constructivos de las series, en cuanto a sus personajes o por lo que respecta al ámbito de la transmedia, donde quizás se ha notado más la evolución de la huella de este colectivo en el mundo de la ficci
Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.
This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)
Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.
This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.
Lone, Fayaz Ahmad; Quadir, Abdul
Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...
In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...
The Technology and Sustainable Development section of the Clean Technology and Environmental Policy Group, University of Twente, is working on a project financed by Netherlands Development Cooperation entitled “Kyoto: Think Global, Act Local” which will run from 2003 to 2009. The project is
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the
Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations
Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)
The fifth Chief of Staff Division, namely Finance, is the end result of ... 1946 was able to report in 1948 that there had ... the same time however, the Secretary referred ... mended that because 'the existing dual arrange- ... tigate the division of functions in the Department. ... randum discussing the different arguments sur-.
Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines
This paper discusses the financing of emerging energies in Canada. Transforming energy markets will involve billions of dollars of investment from businesses and residents. Many different types of return on investment can be expected. These benefits will continue to grow over time and provide a permanent i ncome
The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.
Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…
In this speech, the French Prime Minister evokes the present context, the importance of strategic technologies, and the challenge of investing in these technologies within a context of reduction of public expenses. He comments the decision of his government to finance research and education activities in different domains, and more specifically in the energy sector with this fourth generation Jules Horowitz experimental reactor. He recalls that the nuclear sector has always been very important to the eyes of the successive French governments, and outlines how this reactor will contribute to reactor operational optimization, lifetime extension and safety, nuclear fuel development, etc.
Santizo, Rodolfo; Berganza, Jose
The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors
The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)
This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...
Hansen, Per H.
In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...
The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.
Sheng, Andrew; Singh, Ajit
From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...
ANDREI STANCULESCU; DAN NICOLAE IVANESCU; PETRE BREZEANU
This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will contribute to solving interest conflicts between shareholders and managers. On the other hand, the corporate governance mechanism provides the proper contractual framework for attracting financing resources....
This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to
LIN Justin Yifu; SUN Xifang
Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.
Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...
This paper uncovers evidence of s potentially important channel linking financial development to growth: the financing of innovations introduced by entrepreneurs. Using internationally comparable data on European countries, entry and exit in research-intensive industries are found to be disproportionately sensitive to the level of financial development. Furthermore, financial development is related to increased R&D spending. The results are robust to several different measures of financial de...
Simon Johnson; John McMillan; Christopher Woodruff
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.
Omarova, Saule; Hockett, Robert
102 Cornell Law Review 1143 (2017) The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” tha...
Berg, Christian Edelvold; Lund, Anker Brink
Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision......Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...
After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.
Herrera Zárate, M; González Torres, R
The economic crisis had had a profound effect on the finances of health services in Mexico. The expenditure on health has decreased, both in absolute terms and in relation to the national gross product. Funding problems have been aggravated by inequities in budget distribution: social security institutions have been favored; geographical distribution of resources is concentrated in the central areas of the country and in the more developed states, and curative health care has prevailed over preventive medicine. Administrative inefficiency hinders even more the appropriate utilization of resources. Diversification of funding sources has been proposed, through external debt, local funding, and specific health taxing. But these proposals are questionable. The high cost of the debt service has reduced international credits as a source of financing. Resource concentration at the federal level, and the different compromises related to the economic solidarity pact have also diminished the potentiality of local state financing. On the other hand, a special health tax is not viable within the current fiscal framework. The alternatives are a better budget planning, a change in the institutional and regional distribution of resources, and improvement in the administrative mechanisms of funding.
Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de
Seydel, Rüdiger U
Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains: Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...
Photo 01: H.E. Mr Josep Piqué i Camps, Minister for Science and Technology, Spain (right foreground) visiting SM 18 with (from left to right) F. Rodriguez Mateos, G. Babé, C. Dopazo in front of H.E. Mr J. Pérez-Villanueva y Tovar, Ambassador. Photo 05: The delegation, accompanied by Spanish scientists at CERN, also visited the LHC superconducting magnet test hall. From l. to r.: Matteo Cavalli-Sforza of CERN, Josep Piqué i Camps, Spanish Minister of Science and Technology, César Dopazo, Director-General of CIEMAT (Spanish Research Centre for Energy, Environment and Technology), Juan Antonio Rubio, ETT Division Leader at CERN, Manuel Aguilar-Benitez, Spanish Delegate to Council, Gonzalo León, Secretary-General of Scientific Policy to the Minister, and Manuel Delfino, IT Division Leader at CERN.
On 21 April, the Netherlands Minister for Education, Culture and Science, Mrs Maria van der Hoeven, was welcomed to CERN by the Director-General, Robert Aymar, and the Chief Scientific Officer, Jos Engelen. Minister van der Hoeven visited the ATLAS installations, the LHC tunnel and the magnet assembly and test hall before meeting a group of young scientists from the Netherlands. Picture 05 : from left to right, Frank Linde, Director of the Netherlands National Institute for Nuclear Physics and High Energy Physics (NIKHEF), Jos Engelen, CERN's Chief Scientific Officer, Maria van der Hoeven, Netherlands Minister for Education, Culture and Science, and Herman Ten Kate, Head of the ATLAS magnet project, visiting the ATLAS assembly hall.Picture 09 ; Here she talks with, from left to right, Jos Engelen, CERN's chief scientific officer, Peter Jenni, the ATLAS spokesman, Herman Ten Kate, head of the ATLAS magnet project, and Frank Linde, director of the Netherlands National Institute for Nuclear Physics and High Ener...
The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)
Hubert Curien (in the middle) with the Japanese Minister for Education, Science and Culture, Kaoru Yosano, and CERN's Director-General, Christopher Llewellyn Smith, at the ceremony marking the start of collaboration between CERN and Japan in 1995. At this ceremony to mark the start of collaboration between CERN and Japan, Minister Yosano presented Professor Llewellyn Smith with a wooden Daruma doll. In line with Japanese tradition, the doll was painted with one eye to mark the start of the LHC project and the second eye will be added upon the project's completion.
Full Text Available This publication oﬀers a previously unknown memoranda by representative of the diocesan assembly of deputies of the clergy and laity of the Tomsk diocese A. P. Uspensky, addressed to the Council of Ministers of the Provisional Siberian government in July 1918. A.P. Uspensky solicited for formation of the Ministry of confessions in the Provisional Siberian government. Memoranda are initiative documents to the Statute on the Chief Administration of religious denominations adopted by the Council of Ministers of the Russian government on December 27, 1918.
3rd May 2009 - Japanese Minister of State for Science and Technology Policy, Food Safety, Minister of Consumer Affairs, Minister of Space Policy S. Noda, visiting ATLAS experimental area, LHC tunnel and CERN Control Centre with CERN Director-General R. Heuer, Collaboration Spokesperson F. Gianotti and Beams Department Head P. Collier.
090506101-08: signature of the guest book and exchange of gifts; 090506109 + 46-64: Japanese Ambassador to the United Nations Office S. Kitajima, Japanese Minister of State for Science and Technology Policy, Food Safety, Minister of Consumer Affairs, Minister of Space Policy S. Noda, CERN Director-General R. Heuer, Non Member-State relations Adviser J. Ellis and ATLAS Collaboration Spokesperson F. Gianotti visiting the LHC tunnel at Point 1; 090506110-11 + 28-45: Japanese Minister of State for Science and Technology Policy, Food Safety, Minister of Consumer Affairs, Minister of Space Policy S. Noda and his delegation visiting ATLAS experimental area with CERN Japanese users and Management; 090506112 + 86-94: Japanese Minister of State for Science and Technology Policy, Food Safety, Minister of Consumer Affairs, Minister of Space Policy S. Noda, CERN Director-General R. Heuer and Japanese users in front of an LHC superconducting magnet; sLHC Project Leader also present. 090506113-19: Arrival of Japanese Min...
Deidda, Luca Gabriele; Fattouh, Bassam
This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...
... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...
Project financing is emerging as the linchpin for the future health, direction, and momentum of the energy storage industry. Market leaders have so far relied on selffunding or captive lending arrangements to fund projects. New lenders are proceeding hesitantly as they lack a full understanding of the technology, business, and credit risks involved in this rapidly changing market. The U.S. Department of Energy is poised to play a critical role in expanding access to capital by reducing the barriers to entry for new lenders, and providing trusted analytical benchmarks to better judge and price the risk in systematic ways.
To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.
Council of Europe, Strasbourg (France). Committee for the Development of Sport.
This document contains resolutions on sport recommended by the Committee for the Development of Sport (CDDS) and adopted by the Committee of Ministers for the Development of Sport of the Council of Europe. The adopted resolutions cover the following topics: (1) doping of athletes; (2) the medical aspects of sport; (3) hygiene of sport…
Within the framework of the 'International Breeder Report' the German Minister for Research and Technology Dr. A. v. Buelow had agreed to answer questions of numerous domestic and foreign journalists. An except of the vivid discussion is given. (orig./UA) [de
Signature of a Co-operation agreement between The European Organisation for Nuclear Research (CERN) represented by the Director-General and The Government of Montenegro, represented by the Minister of Education and Science, concerning Scientific and Technical Co-operation in High-Energy Physics
The majority judgment of Mogoeng CJ in F v Minister of Safety and Security 2012 1 ... norms now play an important role in deciding questions of vicarious liability. ... the conduct of the employee wrongdoer and the business of his employer as ...
between the employee's delictual conduct and the business of his employer. ... K v Minister of Safety and Security 2005 6 SA 419 (CC) (hereafter K). 3 ..... safety of the public and accountability of employers and the state for the risks and harms ...
Van Loan, Peter
Kanada konservatiivse valitsuse parlamendiasjade juht ja demokraatliku reformi minister vastab küsimustele, mis puudutavad eestlaste hulka tema valimisringkonnas, kohtumist president Toomas Hendrik Ilvesega, viisavabaduse andmist Eestile, samuti pronkssõdurit ja vene poliitikute väidet, et Eestis tõstab pead natsism
He learnt about CERN's LHC computing grid project from Frédéric Hemmer, head of the information technology department. In addition, the vice-minister toured the ATLAS visitor centre, the CMS control centre, the ALICE experiment's exhibition and control room, and he met Korean scientists at CERN.
Photo 01: The Honorable Dr Adolfo Urso, Deputy Minister for Productive Activities, Italy, visiting SM18 with (from l to r): Dr Roberto Saban, Technical Coordination and Planning, LHC machine; Prof. Luciano Maiani, CERN Director-General; Dr Mario Gerbino, Director General of the Ministry and Prof. Lucio Rossi, LHC Main Magnet and Superconductors (MMS) Group Leader. Photo 02: Prof. Luciano Maiani, CERN Director-General and The Honorable Dr Adolfo Urso, Deputy Minister for Productive Activities, Italy, in front of one of the LHC superconducting magnet in SM18. Photo 03 :In front of one of the LHC superconducting magnets - from left to right Dr Roberto Saban, Technical Coordination and Planning, LHC machine; The Honorable Dr Adolfo Urso, Deputy Minister for Productive Activities, Italy and Prof. Luciano Maiani, CERN Director-General. Photo 04: In the SM18 hall (from l. to r.) Prof. Luciano Maiani, CERN Director-General, The Honorable Dr Adolfo Urso, Deputy Minister for Productive Activities, Italy and Dr Mario Ge...
In May 2004, the Dutch Minister of Social Affairs proposed changes to the statutory rules on selection for redundancy, with less emphasis on the last in, first out seniority-based principle and a greater focus on distributing the redundancies between employees of different ages. The social partners
European Education, 2004
The Bologna Declaration of June 1999 has put in motion a series of reforms needed to make European higher education more compatible and comparable, more competitive and attractive for European citizens and for citizens and scholars from other continents. In Prague, in May 2001, the ministers took note of the progress so far and added three new…
Hertog, Johannes Paul den
This political biography analyzes the political influence of, and methods used by, P.W.A. Cort van der Linden (1846-1935), Dutch Prime-Minister from 1913 to 1918. While he was a Professor of Economics he developed a view of liberalism based on German idealism which also included a progressive use
Paas, Kadri, 1982-
Autori sõnul saatis Põllumajandustootjate Keskliit pärast põllumajandusminister Ester Tuiksoo kihutamist vilkuriga autos laiali tänukirja, et minister nende koosolekule ei hilinenud. Põllumajandusministeeriumi väitel saatis Virumaa Teataja ajakirjanik Imre Termonen ministrile ähvardava ja mõnitava meili
The Council of Ministers rarely records negative individual votes, much less rejected proposals. The literature explains this high level of support by the Council’s ’culture of consensus’ and the few negative votes are explained as signalling to the domestic audience. We introduce an alternative...
This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...
This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...
The 1990s is likely to be a decade of double growth: in energy demand and environmental protection. This leads the author of this paper to ask the pertinent questions of where the money will come from, and in what form, to finance the growth in capacity to produce this energy and the technology required to produce and burn it cleanly. With a focus on Asian energy markets, this paper first illustrates the problem by describing the rapid growth of energy demand in the region. It describes the growth in Japan as well as China and the fast-growing economies of Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Energy demand growth rates of almost 5 percent in the 1980s are expected to continue to grow at that rate at least until 2005, doubling today's level of consumption and putting the energy supply system under great strain. Because of the large sums involved, this paper pints out the necessity of inventing new, innovative devices for future fund raising. This will require the participation of institutions such as insurance companies and regional banks that have little experience in the energy field. This paper suggests that these and the established players in energy finance will have recourse to two new approaches: Build-Operate-Transfer and Trustee Borrowing schemes
The basic objectives of the Spanish National Energy Plan are summarized as (1) To obtain maximum guarantees for continuity of supplies, (2) Reduce the cost of energy supplies to the maximum possible degree, (3) Reduce the difference in the balance of payments due to importation of primary energy sources, (4) Pro-mote the rational use of energy with the aim of moderating the growth rates in demand without affecting economic development (5) Reduce to an economical minimum the effect on the environment of energy-producing installations, and (6) Contribute to the technological development of the country and promote research in the energy field. To fulfil these objectives, the following forecasts are made: With the Gross National Product increasing at a rate of 5% or 6%, the demand on primary energy sources in 1985 will be 173 or 194 million e.c.t. (equivalent coal tons), i.e. annual growth rates of energy consumption of 6% and 7.2% respectively, compared with growths during the last decade of 9.2%. It is projected that generation of electrical energy from nuclear sources will grow to attain in a share of approximately 60% by 1985, i.e. an installed nuclear power level of 23.8.GW. The cost of the Spanish National Energy Plan, particularly the cost and financing of the nuclear program, is reviewed. Finally, the growing need for self-financing is stressed. (B.P.)
Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)
Gomes, Joao F; Yaron, Amir; Zhang, Lu
We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...
China's State Counselor and Minister of the State Family Planning (FP) Commission is reported to have made suggestions on improving FP effectiveness to officials in Qianshan and Jinzhai counties of Anhui Province, in Hongya and Mingshan counties of Sichuan Province, and in Dezhau Prefecture and Tai'an City of Shandong Province. In Anhui Province, Minister Peng Peiyun emphasized the importance of FP at the grassroots level and the responsibility of providing education, publicity, and contraceptive services to each couple of childbearing age. Publicity is needed to popularize the advantages and necessity of deferred marriage, deferred childbearing, fewer and healthier births, and gender equality. In Sichuan, Minister Peng state that FP is important for economic development. Other benefits are an improved standard of living, an improvement in women's social status, the formation of healthier and happier families, and improvement in the quality of human resources. Minister Peng stressed that social reform could change existing habits and customs. Publicity should be specific to conditions in each province and include information on how to increase family income, scientific production skills, and good child-rearing practices. Contraceptive services should be available in every village, and quality must be improved. This means wider contraceptive choices, more concern for the day-to-day problems of families with one daughter, and improved training of FP technicians to increase safety and reliability. In Shandong Province, Minister Peng urged that quotas be retained, but the pressure should be reduced on subordinating departments. Targets for FP implementation can be attained when major departments cooperate with those on grass roots level. Requirements must be practical. All couples should be permitted to bear a second child after a birth interval of several years. Program quality can be improved by upgrading worker's skills and building a large group of qualified FP
Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.
Expansion of electricity supply is associated with economic development. The installation and enlargement of power systems in developing countries entails a huge financial burden, however. Energy consumers in such countries must pay not only for supplies but for the cost of raising the capital for expansion on the international markets. Estimates are presented for the capital expenditure for electricity supply over the period 1990 to 2020 for the major world regions, using approximations for the cost of plant and capital and for the returns earned. These data lead to the conclusion that the five regions with the lowest per capita incomes are those which will need the major part of the capital expenditure and the highest percentage of external finance. (6 tables) (UK)
Chen, Cathy; Overbeck, Ludger
This volume provides practical solutions and introduces recent theoretical developments in risk management, pricing of credit derivatives, quantification of volatility and copula modeling. This third edition is devoted to modern risk analysis based on quantitative methods and textual analytics to meet the current challenges in banking and finance. It includes 14 new contributions and presents a comprehensive, state-of-the-art treatment of cutting-edge methods and topics, such as collateralized debt obligations, the high-frequency analysis of market liquidity, and realized volatility. The book is divided into three parts: Part 1 revisits important market risk issues, while Part 2 introduces novel concepts in credit risk and its management along with updated quantitative methods. The third part discusses the dynamics of risk management and includes risk analysis of energy markets and for cryptocurrencies. Digital assets, such as blockchain-based currencies, have become popular b ut are theoretically challenging...
Ioan E. Nistor
Full Text Available One of the most pressing problems faced by micro, small and medium sized enterprises (henceforth SMEs in Europe is the access to sufficient funds to sustain their long term growth. Romanian SMEs make no exception. In this context the present paper focuses on analyzing the extent to which external funding sources have contributed to the value added created by the Romanian SMEs between 2007 and 2011.The investigation’s results indicate the existence of a causal link between some forms of external financing (namely bank loans, leasing, factoring, guarantee products and European funds and the value added created by the Romanian micro, small and medium sized enterprises in the aforementioned period.
Poon, Martha; Olen, Helaine
When economists ask questions about basic financial principles, most ordinary people answer incorrectly. Economic experts call this condition "financial illiteracy," which suggests that poor financial outcomes are due to a personal deficit of reading-related skills. The analogy to reading is compelling because it suggests that we can teach our way out of population-wide financial failure. In this comment, we explain why the idea of literacy appeals to policy makers in the advanced industrial nations. But we also show that the narrow skill set laid out by economists does not satisfy the politically inclusive definition of literacy that literacy studies fought for. We identify several channels through which people engage with ideas about finance and demonstrate that not all forms of literacy will lead people to the educational content prescribed by academic economists. We argue that truly financial literate people can defy the demands of financial theory and financial institutions. © The Author(s) 2015.
Nelson, E Anthony S; Sack, David; Wolfson, Lara; Walker, Damian G; Seng, Lim Fong; Steele, Duncan
A 2006 Commonwealth Association of Paediatric Gastroenterology and Nutrition workshop on financing children's vaccines highlighted the potential for vaccines to control diarrhoea and other diseases as well as spur economic development through better health. Clear communication of vaccination value to decision-makers is required, together with sustainable funding mechanisms. GAVI and partners have made great progress providing funding for vaccines for children in the poorest countries but other solutions may be required to achieve the same gains in middle- and high-income countries. World Health Organization has a wealth of freely available country-level data on immunisation that academics and advocates can use to communicate the economic and health benefits of vaccines to decision-makers.
This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs
Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes
This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.
drs. Ewoud Jansen
The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management
Reed, B. J.; Swain, John W.
This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…
This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive
The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.
This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests
Klompjan, R.; Wouters, Marc
Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,
Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…
Croci, Ettore; Doukas, John A.; Gonenc, Halit
This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to
This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...
Oszustowicz, R J; Dreachslin, J L
In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.
Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a
For most of the people the prohibition on interest is the well known part of Islamic finance. Indeed, the concept of Islamic finance was not being discussed enough till financial crisis, after crisis it started to be seen as an alternative financial system for conventional finance. Sharing the risks is the main concept of Islamic finance and one of the main differences between conventional and Islamic finance. Depositors/savers do not bear any risk in conventional finance however Islamic fina...
In the '80 even if there were no precise law disposition in this specific matter, Enel has created a fund for the plants decommissioning and a fund for the irradiated fuel management. A setting aside pluri-annual plan has been defined. Cumulated funds transferred to the Sogin at the date of its constitution amount to about 1500 MLD ITL (750 M Euro). This amount was adequate to complete decommissioning activities within the Safe Store strategy. Following the separation of Sogin from Enel, a funding mechanism has been defined to provide resources for additional costs deriving from the different economic conditions (new discount rate and taxes), from the management costs for the new company, and from the change in strategy (from Safe Store to DECON). A Decree of the Ministry of the Industry, issued on 26 January 2000, states that the above mentioned extra costs for Sogin shall be financed on a levy on the price of the sold kWh. Every year Sogin shall present the program of future activities, with associated costs: on this basis, the national Authority for Electric energy and Gas (the national body which defines tariff policy) shall re-evaluate the global amount to be granted to Sogin and the levy on the price of the kWh due to Sogin for next three years. The re-evaluation will take into account economic efficiency criteria. For the period 2002- 2004 the Authority has defined a global amount of about 362 M euros to be granted to Sogin, corresponding to ∼0,04 cents of Euro per kWh. The same procedure is foreseen by the Decree in order to finance Sogin for additional costs related to the dismantling of nuclear installations now property of ENEA. In this context, a Consortium between ENEA and Sogin has been established. The Authority for the period 2002-2004 has defined a global amount of about 106 M euros to be granted to the Consortium, corresponding to ∼0,015 cents of Euro per kWh. (author)
L. to. r.:Dr Henrik Foeth, Team Leader, CMS experiment; Dr Daniel Denegri, Physics Coordinator, CMS experiment; Prof. Tejinder Virdee, Deputy Spokesman, CMS experiment; Prof. Luciano Maiani, CERN Director-General (signing); Mr Jean-Marie Dufour, Head of the Legal Service, Mr Ghodratollah Habibpour Gharakol (back); Dr Abdolali Sharghi, Advisor to the Minister and Director General, Office of International Scientific Cooperation, Ministry of Science, Research and Technology; Dr Mostafa Moin, Minister of Science, Research and Technology, Islamic Republic of Iran (signing); Dr Reza Mansouri, Director, International Scientific Meetings Office, Ministry of Science, Research and Technology; H. E. Dr Ali Khorram, Extraordinary and plenipotentiary Ambassador to the United Nations in Geneva and Dr Hans F. Hoffmann, CERN Director for Technology Transfer & for Scientific Computing. _
A. B. Grobler
The research concludes with a recommendation that considera- tion should be given to include a course on management in the training syllabus of aspiring ministers. Furthermore, it is sugges- ted that this course be developed specifically taking into ac- count the background and circumstances of the Reformed Churches of South Africa, and should not be generic like the course which is included for Baccalaureus Commercii or Mas- ters of Business Administration (MBA students.
Mr Eduard Zeman (third from left), Minister of Education, Youth and Sport, Czech Republic, visiting CERN's permanent exhibition, Microcosm, with (from left to right) Dr Rupert Leitner, ATLAS Tile Calorimetry Project Leader; Mr P. Cink, Ministry of Education, Youth and Sport; Dr Ivan Lehraus, Committee for Collaboration of the Czech Republic with CERN; and H.E. Mr Milan Hovorka, Ambassador, permanent representative of the Czech Republic to the United Nations in Geneva.
In his address to the participants of the 7th Nuclear Inter Jura '85, the Baden-Wuerttemberg State Minister of Economics, Mr. Martin Herzog describes the situation of nuclear power in Baden-Wuerttemberg. He states that nuclear law has become a difficult topic, mainly because of the close connection between law and technology, and the international character of nuclear law. Therefore it is important to improve transparency of nuclear law on a national and an international level. (WG) [de
Tirage 1 :CERN Director-General, R. Heuer and Minister of Education and Culture, H. E. Prof. Andreas Demetriou; Tirage 2:Council President,T. Åkesson, Ecole Normale Supérieure,K. Kounnas, Chairman of the Cyprus CERN Committee,C. N. Papanicolas, R. Heuer,A. Demetriou, Permanent Representative of the Republic of Cyprus in Geneva,A. Hadjichrysanthou, Directorate Office,E. Tsesmelis
This publication oﬀers a previously unknown memoranda by representative of the diocesan assembly of deputies of the clergy and laity of the Tomsk diocese A. P. Uspensky, addressed to the Council of Ministers of the Provisional Siberian government in July 1918. A.P. Uspensky solicited for formation of the Ministry of confessions in the Provisional Siberian government. Memoranda are initiative documents to the Statute on the Chief Administration of religious denominations adopted by the Council...
Sambo, Luis Gomes; Kirigia, Joses Muthuri; Ki-Zerbo, Georges
Even though Africa has the highest disease burden compared with other regions, it has the lowest per capita spending on health. In 2007, 27 (51%) out the 53 countries spent less than US$50 per person on health. Almost 30% of the total health expenditure came from governments, 50% from private sources (of which 71% was from out-of-pocket payments by households) and 20% from donors. The purpose of this article is to reflect on the proceedings of the African Union Side Event on Health Financing in the African continent. Methods employed in the session included presentations, panel discussion and open public discussion with ministers of health and finance from the African continent. The current unsatisfactory state of health financing was attributed to lack of clear vision and plan for health financing; lack of national health accounts and other evidence to guide development and implementation of national health financing policies and strategies; low investments in sectors that address social determinants of health; predominance of out-of-pocket spending; underdeveloped prepaid health financing mechanisms; large informal sectors vis-à-vis small formal sectors; and unpredictability and non-alignment of majority of donor funds with national health priorities.Countries need to develop and adopt a comprehensive national health policy and a costed strategic plan; a comprehensive evidence-based health financing strategy; allocate at least 15% of the national budget to health development; use GFATM and PEPFAR funds for health systems strengthening; strengthen intersectoral collaboration to address health determinants; advocate among donors to implement the Paris Declaration on Aid Effectiveness and its Accra Agenda for Action; ensure universal access to health services for pregnant women, lactating mothers and children aged under five years; strengthen financial management capacities; and develop prepaid health financing systems, especially health insurance to complement tax
The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network rezonance.ch. A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...
Full Text Available Healthcare financing system is of crucial importance for the functioning of any healthcare system, especially because there is no country in the world that is able to provide all its residents with access to all the benefits afforded by modern medicine. Lack of resources in general and rising healthcare expenditures are considered a difficult issue to solve in Croatia as well. Since Croatia gained its independence, its healthcare system has undergone a number of reforms, the primary objective of which was to optimize healthcare services to the actual monetary capacity of the Croatian economy. The objectives of the mentioned re - forms were partially achieved. The solutions that have been offered until now, i.e. consolidation measures undertaken in the last 10 years were necessary; however, they have not improved the operating conditions. There is still the issue of the deficit from the previous years, i.e. outstanding payments, the largest in the last decade. Analysis of the performance of healthcare institutions in 2011 shows that the decision makers will have to take up a major challenge of finding a solution to the difficulties the Croatian healthcare system has been struggling with for decades, causing a debt of 7 billion kuna. At the same time, they will need to uphold the basic principles of the Healthcare Act, i.e. to provide access to healthcare and ensure its continuity, comprehensiveness and solidarity, keeping in mind that the National Budget Act and Fiscal Responsibility Act have been adopted.
Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.
Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.
Vito Tanzi; Hamid R Davoodi
The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.
Having first recalled the usual financing rules related to the economic activities, the author analyses the applying of those rules in the nuclear field, taking into account the specific characteristics of this industrial branch [fr
Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia
As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector
David Cantarero Prieto
Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.
provides an overview of financing strategies and highlights a community that leveraged Clean Water State Revolving Fund (CWSRF) resources for a flood mitigation project that provided multiple economic, environmental, and social benefits.
Items 1 - 16 of 16 ... The African Journal of Finance and Management is designed to carry articles, ... Operations, Human Resource, Organisational Behaviour, Marketing Services, ... AJMR aims to serve management and business academics.
Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...
While conventional power stations usually have fossil fuel reserves for only a few weeks, nuclear power stations, because of the relatively long time required for uranium processing from ore extraction to the delivery of the fuel elements and their prolonged in-pile time, require fuel reserves for a period of several years. Although the specific fuel costs of nuclear power stations are much lower than those of conventional power stations, this results in consistently higher financial requirements. But the problems involved in financing the nuclear fuel do not only include the aspect of financing the requirements of reactor operators, but also of financing the facilities of the nuclear fuel cycle. As far as the fuel supply is concerned, the true financial requirements greatly exceed the mere purchasing costs because the costs of financing are rather high as a consequence of the long lead times. (orig./UA) [de
Blanchard, Christoper M; Prados, Alfred B
According to the U.S. State Department 2007 International Narcotics Control Strategy Report, Saudi donors and unregulated charities have been a major source of financing to extremist and terrorist groups over the past 25 years...
Rodriguez Osuna, V.; Vorosmarty, C. J.; Koehler, D.; Klop, P.; Spengler, J.; Buonocore, J.; Cak, A. D.; Tessler, Z. D.; Corsi, F.; Green, P. A.; Sánchez, R.
Sustainable investment is confronting a period of rapid growth and fundamental change. However, the methods used to evaluate corporate sustainability are failing to keep pace with this new reality. In contrast to the 1990s when corporate data on pollution or occupational health were not available in the public domain, today's investors can take advantage of rich data streams, owing to voluntary corporate disclosures of their business practices. Yet, the data companies declare are hardly standardized, difficult to verify, and thus run the risk of creating unreliable assertions, a form of "green-washing". A partnership comprising a pension fund, an asset manager and two research universities has created a science-based approach to quantify context and place it into a decision-making framework for investors. We have tested this framework on US$2.5 billion of assets held by a large European pension fund with an initial focus on four domains—water, climate change, human health and food security. Our standardized metrics enable coherent comparison of individual company and portfolios over time. To place a company's impact on water systems or climate change into context requires geographically co-locating company operations, combining these with estimates of industrial emissions or mitigation potential, baseline Earth system science data and geopolitical and demographic statistics. Recent developments regarding the Paris Accord are a warning that progress toward a sustainable future requires rethinking the roles that the public and private sectors can play in effecting meaningful change. The finance sector, if given the proper guideposts, could rapidly transform fraught public policy challenges like climate adaptation or the global loss of biodiversity into business opportunities. By utilizing a science-based yardstick to evaluate and compare companies on the basis of their impacts, attention could be drawn to companies that are verifiably contributing to sustainability.
Khokher, Zeigham Islam
As opposed to the well developed and understood equity markets, the energy markets are still in their infancy. The explosion of contracts, of both the primary and derivative types, are testament both to the existing size and the untapped growth potential of this exciting industry. However, because of its relative youth many basic issues in the energy markets remain unresolved. This thesis introduces some interesting questions and provides insights into these issues. Thematically, the chapters of this thesis are linked by an emphasis on valuation and risk management decisions. A contribution of this thesis is to show that subtle differences between the endogenous price process in our general equilibrium setting and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values. In addition to these valuation concerns there has been much debate about the corporate risk management function. Finance theory suggests that a value maximizing corporation should either be indifferent to hedging or, in the presence of certain imperfections, it should completely hedge all exposures. Both these extremes contradict empirical evidence. We show that existing corporate hedging behaviour is best explained in light of both physical market imperfections and directional predictions on future prices. While these speculative motives may arise from corporate hubris or genuine informational advantages, we argue that it would be difficult to implement private information in the absence of noise traders. Related to the risk management decision is the existence of futures risk premia. These premia have been thought to be cause by covariance with priced factors or due to the hedging demands of consumers and producers. This thesis argues that inventories serve as a signal of available quantity, which coupled with consumers fears regarding stockouts can induce a positive relationship between premia and inventories. In
Simon Johnson; John McMillan; Christopher Woodruff
Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It will set out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximise their prospects of raising bank finance. (author)
Aastrand, C.; Mose, O.; Sorensen, B.
The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)
Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance and pension funds account for only a small percentage of household financial savings. In addition most infrastructure projects do not qualify for investment by insurance and pension funds because of t...
Hall, Bronwyn H.
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...
Peter Egger; Christian Keuschnigg
Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...
The distinction between development assistance and climate finance is driven by an optic of compensation largely derived from the 'polluter pays' principle. For practical as well as conceptual reasons, this principle provides a weak basis for climate finance. The distinction also cuts against the need to holistically consider developmental, adaptation, and mitigation policies and naturally focuses on government-to-government flows despite the manifest need to catalyse non-official sources of ...
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing service delivery; (iv) budgeting with adequate an...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Termination financing. 32... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.109 Termination financing. To encourage contractors to invest their own funds in performance despite the susceptibility of...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing. 12.210... financing. Customary market practice for some commercial items may include buyer contract financing. The contracting officer may offer Government financing in accordance with the policies and procedures in part 32. ...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1735.75 Section 1735.75... Involving Loan Funds § 1735.75 Interim financing. (a) A borrower may submit a written request for RUS approval of interim financing if it is necessary to close an acquisition before the loan to finance the...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 883.307 Section 883.307... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly in this part must provide permanent financing for any new construction or substantial rehabilitation...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Prohibited financing. 120.476... Business Lending Companies (sblc) § 120.476 Prohibited financing. An SBLC may not make a loan to a small business that has received financing (or a commitment for financing) from an SBIC that is an Associate of...
... Basic Policies § 1735.17 Facilities financed. (a) RUS makes hardship and guaranteed loans to finance the... section. (b) RUS makes concurrent RUS cost-of-money and RTB loans to finance the improvement, expansion... type of loan to finance the following items: (1) Station apparatus (including PBX and key systems) not...
The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects
Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable
IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects
King, Elizabeth; Patrinos, Harry; Rogers, Halsey
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…
Full Text Available Abstract Background Accelerating progress towards universal coverage in African countries calls for concrete actions that reinforce social health protection through establishment of sustainable health financing mechanisms. In order to explore possible pathways for moving past the existing obstacles, panel discussions were organized on health financing bringing together Ministers of health and Ministers of finance with the objective of creating a discussion space where the different perspectives on key issues and needed actions could meet. This article presents a synthesis of panel discussions focusing on the identified challenges and the possible solutions. The overview of this paper is based on the objectives and proceedings of the panel discussions and relies on the observation and study of the interaction between the panelists and on the discourse used. Summary The discussion highlighted that a large proportion of the African population has no access to needed health services with significant reliance on direct out of pocket payments. There are multiple obstacles in making prepayment and pooling mechanisms operational. The relatively strong political commitment to health has not always translated into more public spending for health. Donor investment in health in low income countries still falls below commitments. There is need to explore innovative domestic revenue collection mechanisms. Although inadequate funding for health is a fundamental problem, inefficient use of resources is of great concern. There is need to generate robust evidence focusing on issues of importance to ministry of finance. The current unsatisfactory state of health financing was mainly attributed to lack of clear vision; evidence based plans and costed strategies. Discussion Based on the analysis of discussion made, there are points of convergence and divergence in the discourse and positions of the two ministries. The current blockage points holding back budget
Musango, Laurent; Orem, Juliet Nabyonga; Elovainio, Riku; Kirigia, Joses
Accelerating progress towards universal coverage in African countries calls for concrete actions that reinforce social health protection through establishment of sustainable health financing mechanisms. In order to explore possible pathways for moving past the existing obstacles, panel discussions were organized on health financing bringing together Ministers of health and Ministers of finance with the objective of creating a discussion space where the different perspectives on key issues and needed actions could meet. This article presents a synthesis of panel discussions focusing on the identified challenges and the possible solutions. The overview of this paper is based on the objectives and proceedings of the panel discussions and relies on the observation and study of the interaction between the panelists and on the discourse used. The discussion highlighted that a large proportion of the African population has no access to needed health services with significant reliance on direct out of pocket payments. There are multiple obstacles in making prepayment and pooling mechanisms operational. The relatively strong political commitment to health has not always translated into more public spending for health. Donor investment in health in low income countries still falls below commitments. There is need to explore innovative domestic revenue collection mechanisms. Although inadequate funding for health is a fundamental problem, inefficient use of resources is of great concern. There is need to generate robust evidence focusing on issues of importance to ministry of finance. The current unsatisfactory state of health financing was mainly attributed to lack of clear vision; evidence based plans and costed strategies. Based on the analysis of discussion made, there are points of convergence and divergence in the discourse and positions of the two ministries. The current blockage points holding back budget allocations for health can be solved with a more evidence based
Bond, Gary; Carter, Laurence
This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)
Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia
This paper analyzes the decision of firms to sell assets to fund investments (financing asset sales). For a sample of U.S. manufacturing firms during the 1971-2010 period, we document new stylized facts about financing asset sales that cannot be explained by traditional motives for selling assets, such as financial distress or financing constraints. Using a structural model of financing, investment, and macroeconomic risk, we show that financing asset sales attenuate the debt overhang problem...
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. (orig.)
Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.
Naoto Kan was the acting Japanese Prime Minister during the Tohoku earthquake and the resulting Fukushima reactor accident. After demission in September 2011 he decided to document the facts according to his knowledge and the memorized thoughts during the course of the accident, his decision making and his own emotions. The first chapter covers the daily documentation until March 19th, the second chapter deals with nuclear power phaseout and Kan's demission, the third chapter covers the issues nuclear power phaseout - politics - citizens.
Photo 01: Debbie Morgan explains the complexity of the ATLAS semiconductor tracker to Lord Sainsbury; Roger Cashmore (left), Director for Collider Programmes, and Shaun Roe look on. Photo 04: Lord Sainsbury (second from right) hears about preparations for the ATLAS experiment at the LHC from ATLAS spokesman Peter Jenni (right). With the Minister are CERN Director-General Prof. Luciano Maiani (left) and Roger Cashmore. Photo 07: Lord Sainsbury pictured between Prof. Luciano Maiani (left) and Peter Jenni. Photo 08: Lord Sainsbury (right) with Prof. Luciano Maiani.
While the oil barrel has exceeded the historical price of 70$, the French government has put forward two exigencies: reducing the weight of the oil bill and reinforcing France's energy independence through the development of nuclear and renewable energies and with the implementation of an energy saving policy, and sharing in an equitable way the petroleum 'weight' taking into account the situation of oil-dependent professionals. In this communication, the prime minister develops the different point of this policy, in particular the financial incentives for the development of renewable energy sources, biofuels, and public transportation systems, and the measures allowing to protect the spending power of French people. (J.S.)
The central question of the Dutch Minister of Economic Affairs to the General Energy Council (AER) is to determine the risks for Europe and the Netherlands with regard to the energy supply security in the long term and what national and European policy must be developed and implemented to reduce those risks, focusing on the different market parties and governments (national and European) and the relation between the supply security and the environment. In particular, the AER should address geopolitical aspects, fuel mix and capacity shortage in the production of electricity [nl
UNEP’s Adaptation Gap Report series focuses on Finance, Technology and Knowledge gaps in climate change adaptation. It compliments the Emissions Gap Report series, and explores the implications of failing to close the emissions gap. The report builds on a 2014 assessment by the United Nations...... Environment Programme (UNEP), which laid out the concept of ‘adaptation gaps’ and outlined three such gaps: technology, finance and knowledge. The 2016 Adaptation Gap Report assesses the difference between the financial costs of adapting to climate change in developing countries and the amount of money...... actually available to meet these costs – a difference known as the “adaptation finance gap”. Like the 2014 report, the 2016 report focuses on developing countries, where adaptation capacity is often the lowest and needs the highest, and concentrates on the period up to 2050. The report identifies trends...
Full Text Available The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.
Full Text Available Situation of Poland's public finances has been improving. Helped by solid economic growth in 2011, Poland has reduced its budget deficit in line with the Commission's recommendations. Contrary to earlier forecasts, in 2012 it was slightly above the ceiling of 3% of GDP. It should be further reduced to reach in 2015 the level of 1% of GDP in terms structural deficit. The slowdown of the economy in 2012 and probably in 2013 will not make this task easy, however.Public debt has risen steadily over the past few years but level has been in recent times still well below the 60% of GDP ceiling.The national reform programme and the convergence programme were adopted by Poland’s Council of Ministers on 25 April 2012. The convergence programme outlined in an integrated manner the fiscal consolidation efforts, the key structural reforms and the reforms that underpin macroeconomic stabilisation.In the medium to long term, Poland is faced with a number of challenges. A very low labour force participation rate, in particular of women, and the poor quality of vocational training and education are major concerns given an ageing population. The low level of public and private R&D spending, weak links between science and industry and the poor innovation performance call for improvements.Apart from programme of national reforms, crucial for future sustained economic growth and good performance of public finances, an additional factor stimulating activities towards fiscal improvement should be Poland’s participation in a strengthened economic governance architecture recently introduced in the EU.Euro adoption remains an important goal of Polish government. The uncertain situation in the euro zone has, however, postponed adoption of a clear timetable of joining the euro zone. The government decided that an additional condition to join the euro zone, apart from meeting the nominal convergence criteria (and legal conditions not discussed here, is stabilisation of
This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the theoretical part, we set up a model where the firm faces a cost of adjusting the dividend level because of an aggravated free cash flow problem. The existence of such a cost - which has been used in arguing the...
As the financing emerged during the Paris COP21 and in IPCC reports as a need as well as a mean to act against climate change, the author first discusses the issue of the cost of adaptation and of its financing. She also discusses whether mitigation costs would result in destabilising financial flows. She comments the possible stronger decline of investments in fossil energies, and addresses the problem of fund raising for adaptation and mitigation. She discusses the possibility of a pricing action (notably regarding CO_2) to constrain economic actors, and the necessity of a re-assessment of the carbon risk
Mills, S.J.; Taylor, M.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It sets out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximize their prospects of raising bank finance. The watchword for sponsors approaching banks must be ''Be Prepared'' . (author)
Compton, Clark W.
Designed to assist established businesspeople with the development of a loan proposal, this workbook offers information on sources of financing and step-by-step guidance on applying for a loan. After chapter I discusses borrowers' and lenders' attitudes towards money, chapter II offers suggestions for determining financial needs. Chapter III lists…
Full Text Available Dans le cadre de cet article, je veux démontrer la nécessité de développer et d’incorporer les perspectives féministes dans le champ de l’éthique des relations internationales à travers l’examen des contributions respectives de J. A. Tickner, C. MacKinnon, S. Ruddick et M. Nussbaum. Mon hypothèse générale consiste à arguer que la force critique des perspectives féministes en théorie politique représente non seulement une ouverture épistémologique incontournable, mais que celles-ci ouvrent la voie à des méthodes d’investigation et de conceptualisation que l’on doit explorer en vue d’enrichir les théories de justice globale d’une portée pratique plus grande. This paper aims to demonstrate the necessity of developing and incorporating feminist perspectives in the field of international ethics, through the examination of important contributions of J. A. Tickner, C. MacKinnon, S. Ruddick and M. Nussbaum. My general hypothesis argues that the critical impact of feminist perspectives in political theory consists not only in the epistemological avenue that they open, but that their methods of investigation and of conceptualization must be thoroughly explored in order to enrich theories of global justice of a greater practical scope.
Full Text Available Dans cet article, on examine l'autonomie, le pouvoir discrétionnaire et le large éventail d'attributions du Ministère Public au Brésil figurant dans la Constitution de 1988, afin de savoir si cet assemblage ne s'oppose pas au principe démocratique selon lequel les institutions d'État, y compris celles qui n'utilisent pas le système d'élections directes pour l'admission de leurs membres, doivent rendre compte de leurs actes devant le peuple souverain. Dans ce but, on part de la littérature néo-institutionnelle concernant la bureaucratie afin d'étudier le Ministère Public au Brésil. En conclusion, on voit que les hommes politiques se servent très peu de l'institution, ce qui est plutôt rare au Brésil ainsi que chez d'autres pays démocratiques.
Samuel R. Rohrer
Full Text Available What role do the Leadership Trait Analysis (LTA criteria projected by a British Prime Minister (PM have on the perceived effectiveness of their time in office? In this paper, the analysis of 20th-century British PMs utilized automated at-a-distance content analysis and the LTA coding system to determine the conceptual complexity, ability to control events, and need for power scores projected by PMs. The impact these traits had on the perceived effectiveness of the totality of the PMs’ tenure in office, as measured by the 2004 MORI/University of Leeds survey, was then examined via one-tailed ordinary least squares regression. This project provides evidence that British PMs who project traits associated with the LTA measure regarding strong power motivation are significantly viewed as more effective while in office. These findings provide more than a novel historical profile of British PMs. The relationship between effective leadership and LTA traits could be utilized by political campaigns, especially given the introduction of prime ministerial debates, to portray a prime ministerial candidate as more politically effective than his/her competition.
Full Text Available This paper presents some modalities and financing forces for business, getting out in the first place the entrepreneur ingenuity for finding these sources of financing necessary for the business success. Also get some contributions and proposals regarding the criteria’s of which the entrepreneur must be take care in choosing the financial sources, for preparing the finance pack and presenting the financing demands, which good documented, not only grows up the chances of one financing but also can lead to fix some relations on long time with financing source.
Kleijnen, M.; Wetzels, M.G.M.; Ruyter, de J.C.
M-commerce has been heralded repeatedly as the new service frontier of the millennium. Present market reality, however, seems to be less optimistic. Therefore, the current study explores the factors contributing to the adoption of mobile services in a context of wireless finance. The technology
Adams, Matthew C.
Examines off-balance sheet financing, the facilities use of outsourcing for selected needs, as a means of saving operational costs and using facility assets efficiently. Examples of using outside sources for energy supply and food services, as well as partnering with business for facility expansion are provided. Concluding comments address tax…
Describes reasons for California's budget deficits and their impact on school finance. Offers five possible solutions to the school funding crises: Restructure the state's tax and revenue system, restore school district revenue-sharing abilities, initiate a top-to-bottom mandate review, provide greater fiscal and program flexibility, and revamp…
Californians are very concerned about funding for their K-12 public schools. They consistently say that K-12 education should be protected from spending cuts over and above any other area of the state budget. California's system of school finance is in trouble. Many studies have found it to be inequitable, with wide variation in per-pupil funding.…
This paper dissects the financial crisis through an analysis of financial development in Ireland. Although a single system, Irish finance is split in two. Illustrative of national financial developments, this paper details how public officials aimed to create a financial center in Cork. Exemplifying
Forbes-Mewett, Helen; Marginson, Simon; Nyland, Chris; Ramia, Gaby; Sawir, Erlenawati
The omission of international students from the Australian Vice-Chancellor's Committee (AVCC) 2007 national study on student finances is indicative of a pattern of exclusion. The exclusion is unacceptable from a humane perspective and feeds the belief that Australians perceive international students primarily as "cash cows". This study…
drs. Ewoud Jansen
Most Corporate Finance textbooks are 1,000 pages in length or more. And indeed, it is a multifaceted discipline that requires detailed coverage of many ideas and principles. However, the basics can be outlined in a much more condensed manner and there aren’t many books out there that cater to the
In part two of an examination of funding mechanisms for wind-generated electricity, the financing of wind projects in the major producers - Denmark, the Netherlands, Germany and the UK is examined. Part one examined the tariff and subsidy mechanisms available for wind generation in the same countries. (author)
The author proposes four guideposts for efficient low carbon finance: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation and maintain transparent public policy tools that support cost-benefit accounting
Morley, James E., Jr.
Now more than ever, college and university leaders are obliged to conduct vigorous and ongoing analyses of their institutional missions and financial underpinnings. For some institutions, this will mean change or upheaval; for others, such intensive monitoring and examination will mean a steady rudder. Regardless, the finance committee of a board…
G. Baltussen (Guido)
textabstractThis thesis applies insights from psychology and other behavioral sciences to overcome the shortcomings of the traditional finance approach (which assumes that agents and markets are rational) and improves our understanding of financial markets and its participants. More specific, this
Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.
Canadian Teachers' Federation, Ottawa (Ontario).
This document reports the proceedings of a conference held to discuss the availability of educational resources and the financing of education in Canada. The conference focused specifically on the financial implications of redesigning educational institutions to be capable of flexible response to students' needs, making educational benefits more…
The purpose of the Act is to enable British Nuclear Fuels Limited to make borrowings backed by Government guarantees in order to finance its ten year investment programme. More specifically, the Act raises the financial limit applicable to British Nuclear Fuels Limited from pound 500 million to pound 1,000 million. (NEA) [fr
This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the
The paper studies a takeover contests, in which cash-constrained bidders decide on the optimal way to finance their cash bid. For both bidders and the seller this decision is at least as important as deciding on whether the payment should be in cash or in securities. The main result is that the
One could argue that CDSs improve risk sharing, hence credit supply and financing terms for firms. Accordingly, one would expect risky borrowers to benefit the most from CDS insurance. This is in contrast, however, with recent empirical evidence (Ashcraft and Santos (2009) and Hirtle (2009)). This
This paper looks at what banks need to know to enable them to consider a wind energy project. The major experiences of banks in financing wind energy have been in the US where governmentally inspired long term sales contracts (PURPA Contracts) have given a security to sponsors and banks not available elsewhere. (Author)
Genet, N.; Gulácsi, L.; Boerma, W.; Hutchinson, A.; Garms-Homolova, V.; Naiditch, M.
Introduction: Financial incentives are widely used to get better value for money. Incentives can be applied to authorities responsible for home care, or to agencies that provide services or to clients who receive care. Details of the financing system of home care services very much determine the
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T. Wang (Teng)
markdownabstract__Abstract__ This dissertation bundles three empirical studies in the area of corporate finance and banking. These studies investigate corporates’ financing activity with a special focus on the interaction between the banking industry and corporate borrowers. By showing how
The Financing How-to-Guide is intended to help manufacturers and their communities navigate financing and investment opportunities. While this guide provides an overview, there is no one-way to pay for E3 activities or attract investment.
Luiz Henrique Herling
Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.
drs. Ewoud Jansen
Finance and accounting behandelt in een boek de essentiele aspecten van drie disciplines: financieel management, management accounting en financial accounting. Dit maakt Finance and accounting tot een breed en waardevol engelstalig naslagwerk.
The Water Infrastructure and Resiliency Finance Center serves as a resource to communities to improve their wastewater, drinking water and stormwater systems, particularly through innovative financing and increased resiliency to climate change.
Full Text Available This research on press communication uses a synchronic perspective concerning eighteen ministers, balanced by gender, in the Renzi government (in 2014, as well as a diachronic perspective concerning women ministers from five governments (from 2006-2014. The governments in 2014 and of 2013 were predominantly center-left, with the participation of center and center-right parties, whereas the previous governments had technical-professional rather than political ministers (in 2011, center-right (in 2008, and center-left (in 2006 ministers. In the synchronic analysis we explored the different ways in which the ministers are named, the relative presence of sexist/non-sexist, agentive/non-agentive, and abstract/concrete language in which they were presented. The first analysis comprised 332 headlines and the second comprised 1,356 headlines; we conducted a numerical and lexicographical analysis on the headlines. The results showed: more coverage for men than for women; gender biases in naming ministers involving a greater number of citations of women with both first and last name, whereas there were a greater number of citations of men with their first name only; the prevalence of sexist language that uses the generic masculine rather than the specific feminine (that is, the grammatical feminization of a typically masculine form in representing women; an increment of the specific feminine in representing women in the last three governments over the previous two; no gender differences in the use of “I” and “We” as markers of agency; more quotations of direct discourse for women than for men; language slightly more abstract than concrete, for both men and women; more positive adjectives for women, and more negative adjectives for men. The results are discussed in relation to the international literature and to the Italian cultural-political context.
This work consists of two essays on law and finance in international trade. It addresses the means of raising funds for investment through receivables financing and project finance. The first essay discusses the role of receivables financing and in particular factoring in international trade. It examines the nature of factoring transactions and presents the efforts at regulation on an international level aimed at overcoming the difficulties in enforcement. The second essay discusses project f...
Adrian Macris; Maria Macris
This paper sets forth the issue of financing higher education in Romania according tothe fundamental principles adopted by most of the countries of the European Union. Under suchcircumstances, the two components of financing State universities are minutely exhibited, namelybasic financing and complementary financing. At the same time, the extremely important matterrequiring the foundation of an efficient and competitive educational system demanded by the newenvironment also implies the provid...
This paper addresses the need for novel software system development (SSD) practices in finance. It proposes Empirical Modelling as a novel approach for SSD in finance. This approach aims at finding a suitable framework for studying both the traditional and the emerging computing culture to SSD in finance. First, the paper studies the change in the financial industry and identifies key issues of the application of computer-based technology in finance. These key issues are framed in a wider age...
Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)
Bobby Yulandika Putra
Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty
Full Text Available Cette recherche porte sur les discours sur la prostitution dans la presse féministe, entre 1968 et 1986 en France. Durant cette période, le mouvement féministe est composé de courants conflictuels (courants réformistes et révolutionnaires, différentialistes et universalistes et il porte des discours hétérogènes (informations sur la prostitution, analyses théoriques et politiques, témoignages de prostituées. Pourtant, ces discours s'accordent sur la revendication d'une libération des rapport...
The study was on cooperative societies financing of agricultural enterprises in Mbaise Area of Imo State, Nigeria. The objectives includes, identification of sources of finance for the cooperative societies and types of agricultural enterprises financed, profitability of the enterprises and the members or loan beneficiaries ...
Mabid Ali Al-Jarhi
Full Text Available Purpose - This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach - Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings - The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications - The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value - The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.
Nikonova Irina Aleksandrovna
Full Text Available The implementation of effective investment projects is essential to the modernization of the Russian economy and its transition to a high-tech way of development. The most complex and risky form of financing projects is project financing (Project Finance.
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1738.21 Section 1738.21... Interim financing. (a) Upon notification by RUS that an applicant's application is considered complete, the applicant may enter into an interim financing agreement with a lender other than RUS or use its...
Holman, Lance S.
Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…
Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of
... AGRICULTURE RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES Loan Purposes and Basic Policies § 1738.19 Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in...
Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.
Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by…
Multimedia / Photos Videos Publications Bloggers DoD Websites Personal Finance Resources As part of the finance director said here recently. Story Security Expert Advises Troops to Safeguard Personal, Financial education in personal finance that commanders say goes a long way in promoting battle readiness. Story
Chen, Linda H.; Jiang, George J.
This paper investigates the financing behaviour of Dutch firms by testing whether a firm’s financing decisions are determined by certain factors identified in various theories. Since a firm’s financing decision is reflected in the changes of its leverage, our research focuses on the relationship
... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...
The issues exercising the US wind finance sector were discussed at two recent high-level financing and investment events in New York. The financial community still tends to be cautious about wind projects; more sophisticated forecasting of wind availability is reducing the complications posed by wind's variability but as much wind data as possible is vital. Projects involve large areas of land with multiple owners, long distances of buried cable and often difficult terrain. Some commentators believe that, as oil and gas prices rise, utilities will start to choose wind for its inherent benefits rather than to meet state Renewable Portfolio Standards (RPS) and to take advantage of generous national tax credits. However, few utilities are currently prepared to sign contracts lasting more than a year or two. Transmission and connection to the national grid remain problem areas, as are the threat posed by imbalance penalties imposed by some utilities when a project's output deviates from that scheduled. Utilities are also imposing tougher performance standards on wind projects. The periodic expiry and need for renewal by Congress of the Production Tax Credit (PTC) is seen as the biggest 'wild card' in US wind financing, as its volatility unsettles many bankers. Some wind developers would prefer a national RPS rather than the PTC to provide greater stability.
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.
Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote
International Monetary Fund; Organisation for Economic Co-operation and Development; United Nations; World Bank Group
This report responds to the February 2016 request from the G20. The report has been prepared in the framework of the Platform for Collaboration on Tax (the “PCT”), under the responsibility of the Secretariats and Staff of the four mandated organizations. The report reflects a broad consensus among these staff, but should not be regarded as the officially endorsed views of those organizations or of their member countries. The request arises in the context of increased recognition of t...
For a detailed discussion in parliament of the problems of energy supply in Bavaria, the committees for economic affairs and transportation and for regional development and environmental problems reported on the various aspects of power supply in Bavaria in a hearing at the Bavarian Land parliament on June 20-22, 1977. The answers of the ministers to questions raised in parliament are compiled in this documentation which of course, cannot give a full picture of the very detailed material. Part 1 discusses all major problems of energy policy in Bavaria with sections on energy consumption, economic growth, and energy supply from all available energy sources. (UA) 891 UA/UA 892 MKO [de
The Dutch Minister of Economic Affairs requested the General Energy Council (AER, abbreviated in Dutch) to advice on spatial planning aspects of energy in the Netherlands, focusing on (1) the spatial facilities c.q. measures to be taken by the Dutch government to guarantee an adequate energy production and energy distribution in the long term; and (2) how to realize the targets for and stimulate the use of renewable energy within the spatial planning process. The vision of the AER is placed against the background of societal actuality of democratization and support of the Dutch population. For that reason in the appendix an overview is given of causes and possible administrative methods of the so-called NIMBY (Not In My Back Yard) phenomenon. 53 refs
of the Immigration Act 2004, which determined their legal status within the State after appearing to innocently fall foul of the archaic and somewhat indistinguishable features of Irish immigration law. This outcome stemmed from the Common Travel Area and the open land borders between the United Kingdom and Ireland....... Secondly, there is the substance of the Common Travel Area that the judge in his judgment provides one of the clearest understandings of the relevant public policy since the decision in Kweder v Minister for Justice. This case note at the outset contextualises the Common Travel Area, setting out how...... it came about, and why it is still in use 90 years after its creation. The facts of Pachero are then discussed, wherein the applicants had apparently misunderstood the Common Travel Area. Next, the judgment of Hogan J. is examined. Finally, some wider analysis and commentary is provided on the current...
This article addressed the debate regarding the United States' proposal to construct liquefied natural gas (LNG) facilities on a pristine bay between New Brunswick and Maine. Two LNG projects are currently being promoted for Passamaquoddy Bay, and 2 more proposals are expected to be announced in the near future. However, the proponents have not yet submitted any formal applications to the Canadian government. A federal cabinet minister from New Brunswick has joined the growing opposition to the proposed project, claiming that the location on the Maine side of Passamaquoddy Bay, a large inlet off the Bay of Fundy, poses too many risks to the habitat of several endangered or at-risk species, including the North Atlantic Right Whale. The proposed sites in Maine are directly across a narrow bay where tourism and fishing are prime industries in New Brunswick. The cabinet minister claims that with over 2,000 miles of coastline on the eastern seaboard, another location can be found for the LNG facilities that would not present navigational difficulties. The Canadian federal government has the jurisdiction to stop the project by not allowing the supertankers to cross Canadian waters to enter the Bay. The waters are known for their treacherous navigation. The premier of New Brunswick has also stepped in to ensure that the governor of Maine is made aware of Canada's opposition to the project. Officials with Downeast LNG and Quoddy Bay LLC claim there would not be any safety or environmental risks associated with the LNG project.
The number of reported spills from domestic fuel oil systems increased dramatically in Newfoundland, which prompted the Minister of Government Services and Lands to arrange a meeting with representatives from consumers, the fuel service industry and the insurance industry to ensure proper measures were taken for the prevention of domestic fuel spills. A joint committee consisting of industry and government representatives was formed as a result of this meeting, to examine and investigate the situation and report to the Minister of Government Services and Lands. Advice on means to address the problems associated with domestic fuel oil spills was provided, as well as mechanisms to minimize such occurrences in the future. Also included in the review were small commercial storage tanks units of no more than 2500 litres, as small commercial establishments often have heating systems similar in size to residential units. Gradual leaks that go undetected for years often occur, as do the catastrophic rupture of the fuel storage tank itself. Rusting and exterior tubing are some of the causes of spills. The contamination of surrounding soil and/or groundwater can occur as a result of the spills, and fumes can enter residences through foundation walls of the sewer system. Condensation within the tank can lead to corrosion of the fuel tanks. A number of recommendations were made in the report, such as the establishment of regulations pertaining to the construction, installation, servicing and fueling of domestic and small commercial fuel systems, the proper enforcement of the regulations, a public education campaign, an emergency response capability, tax incentives to consumers for expenditures associated with the upgrading or replacement of inadequate systems, support funding, the establishment of an emergency respond fund, and environmental cleanup requirements. figs
Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.
... procedures financing. 32.003 Section 32.003 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.003 Simplified acquisition procedures financing. Unless agency regulations otherwise permit, contract financing shall not be provided for...
This chapter focuses on risk management of merchant power generation projects and describes project finance as balancing risk and reward over time. The historical background to risk management is traced, and the case for derivatives in energy project finance is put forward with the hedging of forward output, and forwards and power purchase agreements discussed. Current and prospective usage, and the implementation issues of market liquidity, margin calls, letters of credit, derivative counterparty credit risk, and accounting policy are considered. A detailed example of a gas-fired plant in the US is presented with details given of the distribution of project earnings before tax. Oil field operating cashflows are examined, with reserved flow models, leverage effects, and price hedging addressed
Since the early seventies, the Dresdner Bank AG has been intensively engaged in financing nuclear power plants, e.g., the Muelheim-Kaerlich Nuclear Power Station currently down because of legal technicaltities. The bank has also been involved in other large-scale projects in the energy sector and, in addition, has conceptually accompanied the stages of the nuclear fuel cycle, such as enrichment, fuel element fabrication, and reprocessing. However, for political reasons it has not been possible to carry out these projects and finance them in the Federal Republic. With appropriate modifications, these financial models can also be transferred to international projects; after all, the enrichment sector has always been characterized by trilateral ventures. (orig.) [de
Ludkovski, Michael; Sircar, Ronnie
This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...
Hydroelectricity will continue to be important for meeting power requirements in developing countries. Much of the funding required for hydroelectric projects must come from non-government source; hydroelectric projects will therefore need to be attractive to private investors. This note explores the risks investors face, how this can be mitigated, and how the World Bank group can offer advice (as well as finance) to member countries to facilitate investment in hydro electric projects. 3 refs., 1 fig
The Department for International Development (DFID), through its Renewable Natural Resources Knowledge Strategy (RNRKS), emphasizes demand-led research and a clear identification of uptake pathways in research design and implementation. These guidelines aim to provide RNRKS programme managers and project managers with sufficient information on rural finance to judge the extent to which project design may have to take it into account. This includes in particular the possibility that the charac...
Romero, Juan M; Lavana, Ulises; Miranda, Elio Martínez
The quantum finance symmetries are studied. In order to do this, the one dimensional free non-relativistic particle and its symmetries are revisited and the particle mass is identified as the inverse of square of the volatility. Furthermore, using financial variables, a Schrödinger algebra representation is constructed. In addition, it is shown that the operators of this last representation are not hermitian and not conserved.
Mathematical finance explores the consistency relationships between the prices of securities imposed by elementary economic principles. Commonplace among these are replicability and the absence of arbitrage, both essentially algebraic constraints on the valuation map from a security to its price. The discussion is framed in terms of observables, the securities, and states, the linear and positive maps from security to price. Founded on the principles of replicability and the absence of arbitr...
Wulandari, Eliana; Meuwissen, Miranda P. M.; Karmana, Maman H.; Oude Lansink, Alfons G. J. M.
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample o...
Full Text Available Following the terrorist attacks in the USA on September 11th, 2001, it was discovered that money laundering was a significant source of finance for terrorists. Although, the amount of money that involve is not as involve as in drug and gun trafficking, terrorist financing had been the most important substance to be monitor. Further, various legal measures have been taken internationally in order to combat terrorist financing. This research analyses the legal measures that have been taken internationally and at EU level to combat terrorist financing. Key words: Money Laundering, Terrorist Financing, International Legal measures, EU.
YU Hua; SHU Hua-ying
The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.
A dysfunctional system of commercial, legal, and financial institutions is the primary problem facing the energy sectors in Eastern Europe. Generally, a major systemic transformation is well underway in the area and is already showing signs of success. The empty promise of export credit financing exerts a significant negative influence on this reform process. The discipline of project finance provides the best, if not the only, basis for financing the modernization of the Eastern European energy sector. An example is given of the Cracow Environmental Project, a modernization project. The power plant is a combined heat and power facility with 460 MW of electric capacity and 1450 MW of thermal energy capacity. Located near the center of Cracow, the plant burns hard coal and provides more than seventy percent of the central district heat consumed in the city. The scope of proposed improvements has changed from the addition of capacity to a combination of modernization and environmental retrofit of the existing plant. The total estimated cost of the improvements program is 150 million dollars. The project consists of three major elements. First, it has proposed and is in the process of restructuring the ownership of the power plant. Second, it is engaged in a major restructuring of the commercial arrangements that govern the operation of the plant. Finally, it is in the late stages of selecting an engineering, procurement, and construction consortium with which it will contract to design and make major improvements to the existing plant
This paper (a) provides a methodological taxonomy of pricing, financing, reimbursement, and cost containment methodologies for pharmaceuticals; (b) analyzes complex agency relationships and the health versus industrial policy tradeoff; (c) pinpoints financing measures to balance safety and effectiveness of medicines and their affordability by publicly funded systems in transition; and (d) highlights viable options for policy-makers for the financing of pharmaceuticals in transition. Three categories of measures and their implications for pharmaceutical policy cost containing are analyzed: supply-side measures, targeting manufacturers, proxy demand-side measures, targeting physicians and pharmacists, and demand-side measures, targeting patients. In pursuing supply side measures, we explore free pricing for pharmaceuticals, direct price controls, cost-plus and cost pricing, average pricing and international price comparisons, profit control, reference pricing, the introduction of a fourth hurdle, positive and negative lists, and other price control measures. The analysis of proxy-demand measures includes budgets for physicians, generic policies, practice guidelines, monitoring the authorizing behavior of physicians, and disease management schemes. Demand-side measures explore the effectiveness of patient co-payments, the impact of allowing products over-the-counter and health promotion programs. Global policies should operate simultaneously on the supply, the proxy demand, and the demand-side. Policy-making needs to have a continuous long-term planning. The importation of policies into transition economy may require extensive and expensive adaptation, and/or lead to sub-optimal policy outcomes.
One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project (http://www.cd4cdm.org) - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: http://ji.unfccc.int The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in
Yahaya, Azlan R.
This research study explored the problem the Malay identity and society in the discourse of Malay politics. The purpose of this study was to understand how the discourse of Islam "Hadhari" as spoken by prime minister and UMNO president Abdullah Ahmad Badawi in the years 2004-2008 demonstrated the hegemony of his administration and party.…
This Decree, which determines the competence of the Minister of Research and Technology, provides that the latter prepares the Governments' decisions on the distribution of funds for technological R and D for civilian uses. Therefore he is responsible for allocating funds for such activities to the Atomic Energy Commission (CEA). (NEA) [fr
Pictures 5 to 11 : He spent time at the ALICE experiment, in which physicists from the University of Cape Town participate. The ALICE spokesperson, Jürgen Schukraft accompanies the minister and Glaudine Mtshali, ambassador for South Africa to the UN in Geneva.
During a visit to CERN on 22 June, Naledi G Pandor, minister of science and technology for the Republic of South Africa, looked round the ATLAS visitor centre with Peter Jenni, former spokesperson for the ATLAS experiment. She also toured the LHC superconducting magnet test hall and the ALICE visitor centre.
Marc Verwilghen, Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, came to CERN on 8 April 2005, where he visited the CMS assembly hall and underground cavern, as well as the hall where the LHC superconducting magnets are being tested.
China and CERN renew co-operation agreement for a further five years. During a visit to CERN on 17 February, Liu Yanhua, the vice-minister of science and technology of the People's Republic of China, signed a new co-operation agreement with the laboratory.
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.114 Unusual contract financing. Any contract financing arrangement that deviates from this part is unusual contract financing...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board oversight. 985.4 Section 985.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE THE OFFICE OF FINANCE § 985.4 Finance Board oversight. (a) Oversight and enforcement actions. The Finance Board shall have the same regulatory oversight authority and enforcement powers...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Reports to the Finance Board. 995.9 Section 995.9 Banks and Banking FEDERAL HOUSING FINANCE BOARD NON-BANK SYSTEM ENTITIES FINANCING CORPORATION OPERATIONS § 995.9 Reports to the Finance Board. The Financing Corporation shall file such reports as the Finance Board shall direct...
H. E. Professor Wang Liheng, Minister of Aviation, and President, China Aerospace Science & Technology Corporation, People's Republic of China (2nd from left) with (from left to right) Professor Hans Hofer, Professor Roger Cashmore, Research Director for Collider Programmes, Professor Samuel C. C. Ting, CERN and Professor Lei Gang, Secretary to the Minister, September 2001.
Armenian Minister for Trade and Economic Development, K. Chshmaritian third from right with from left to right : Aram Kotzinian, JINR, Dubna; Dr Marzio Nessi, ATLAS, Zohrad Mnatsakanian, Ambassador at the Permanent Mission of the Republic of Armenia in Geneva, Karen Chshmaritian, Armenian Minister for Trade and Economic Development, Alexey Sissakian, Vice-Director of JINR and Peter Jenni, ATLAS Spokesperson.
Dumont, Jean Louis [Assemblee Nationale, Paris (France)
This report addressed to the prime minister deals with the main four issues relating to the problem of revamping the French electricity sector. These are featured as: 1. The public electricity supply; 2. The future development of 'Electricite de France'; 3. The social renovation of the electricity sector; 4. Management and the role of policy. In turn these four chapters are detailed. Thus the first one addresses the problems: 1. Customizing the general interest supply; 2. Electricity general supply and the state policy; 3. Sustaining innovation, environmental protection and energy management; 4. The transport and distribution grid, the resistance structure of the public supply. Also, this chapter describes the role of the operators in the public electricity supply and tackles the problem of financing the commitments of the public supply. The second chapter sketches the tasks and management of EDF, considers establishing an agency to ensure accounting transparency, discusses the major significance of local collectivities and personnel. The third chapter addresses the following issues: 1. The range of application of the statute of electric and gas industries; 2. Adaptation of the statute; 3. Development of the statute; 4. Pensioners. The forth chapter deals with the definition of regulation, i.e. the management of the network authority and makes proposals for constituting relating commissions. In conclusion, the author pleads for maintaining and developing a major national operator ensuring public supply requirements as well as promotion of French electricity industry. The proposals made by the report's author concerning the operational ways of renewing the nuclear sector, the management of grid of electric transport, the role of local collectivities, creation of a professional trade, the founding regulation commissions and others are thought to prepare France to cope efficiently to the international competition in the years to come. The report is
Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M
Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.
Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)
Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.
Squadron, W.F.; Ward, C.O.; Brown, M.H.
A multitude of alternative fuels could reduce air pollution and the impact of oil price shocks. Only a few of these fuels are readily available and inexpensive enough to merit serious consideration over the coming five years. In New York City, safety regulations narrow the field still further by eliminating propane. As a result, this study focuses on the three alternative fuels readily available in New York City: compressed natural gas, methanol, and electricity. Each has significant environmental benefits and each has different cost characteristics. With the Clean Air Act and the National Energy Strategy highlighting the country's need to improve urban air quality and move away from dependence on imported fuels, fleets may soon have little choice but to convert to altemative fuels. Given the potential for large infrastructure and vehicle costs, these fleets may have difficulty finding the capital to make that conversion. Ultimately, then, it will be the involvement of the private sector that will determine the success of alternative fuels. Whether it be utilities, fuel distributors or suppliers, private financing partners or others, it is critical that altemative fuels programs be structured and planned to attract their involvement. This report examines financing methods that do not involve government subsidies. It also explores financing methods that are specific to alternative fuels. Bond issues and other mechanisms that are used for conventional vehicles are not touched upon in this report. This report explores ways to spread the high cost of alternative fuels among a number of parties within the private sector. The emphasis is on structuring partnerships that suit methanol, electric, or natural gas vehicle fleets. Through these partnerships, alternative fuels may ultimately compete effectively against conventional vehicle fuels
Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)
The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.
Speech by Prime Minister Francois Fillon. Visit of the Jules Horowitz experimental reactor works on the Commissariat a l'Energie et aux Energies Alternatives site. Cadarache, May 3, 2010; Discours du Premier ministre Francois FILLON Cadarache, lundi 3 mai 2010. Visite du chantier du Reacteur experimental Jules Horowitz sur le site du Commissariat a l'Energie Atomique et aux Energies Alternatives
In this speech, the French Prime Minister evokes the present context, the importance of strategic technologies, and the challenge of investing in these technologies within a context of reduction of public expenses. He comments the decision of his government to finance research and education activities in different domains, and more specifically in the energy sector with this fourth generation Jules Horowitz experimental reactor. He recalls that the nuclear sector has always been very important to the eyes of the successive French governments, and outlines how this reactor will contribute to reactor operational optimization, lifetime extension and safety, nuclear fuel development, etc.
This dissertation uses mathematical techniques to solve three problems in mathematical finance. The first two problems are on model-independent pricing and hedging of financial derivatives. We use asymptotic expansions to express derivative prices and implied volatilities. Then just by using the first few terms in the expansions, we get simple and accurate formulas, which can also help us find connections between different products. The last problem is on optimal trading strategies in a limit order book. Under a very general setup, we solve explicitly for a dynamic decision problem involving choosing between limit order and market order.
Nuclear Research Reactors sometimes need to implement projects to upgrade, revamp or convert their reactor, acquire new fuel elements, etc. However, as their activities are mainly of noncommercial nature, they sometimes lack of financial resources to implement these projects by themselves. Several solutions exist: loans, governmental budget, subsidies from international organizations (IAEA). Offsets are another source of financing. They also are free of charge for the reactor. The objective of offsets is to Identify, implement and finance projects that: directly create or sustain a local economic activity of high-added value, would not have happened without the Obligor's intervention, and are of crucial importance given the country's political background (favor employment, technology transfers, training and education, research and development, etc.). Companies worldwide are willing to finance local projects to fulfill their Offset Obligation. Local organizations or institutions are willing to invest to increase their activities but lack of financial resources. Offset regulations are an opportunity on both sides and are free for the local organization. The monetary value of an Offset obligation is calculated as a percentage of the main contract price (or as a percentage of the imported part value). That percentage depends on the Country's legislation and on the nature of the main contract (defense or civilian). This value has to be compensated by an equivalent economic value (a Project's cost is different from its value). There is two ways of assessing a value: - Political aspects: The Project is of political importance for the country (development of an export capability, technology and/or know-how transfers) and the project in line with the country's political priorities (employment, research, international presence, etc.). - Economic benefits: the project directly sustains or creates additional activities, turnover, R and D, employment, etc. It benefits directly
Jechoutek, K.G.; Lamech, Ranjit
This paper argues that it is necessary to raise the eyes from the current focus on independent power projects, buttressed by guarantees, to the longer horizon of electric power financing in open markets. Transitional strategies will need to move beyond the commonly seen IPP activity that occurs without fundamental sector reform, and demand-side incentives that introduce further market distortions. These efforts will have to focus on macroeconomic stabilization, removal of price distortions, as well as sector and corporate reform. Mobilization of domestic capital will be essential for sustainable sector financing. Although guarantees to encourage power sector investment can be designed to selectively cover risks, their elimination through fundamental sector reform should be the ultimate goal. Over the longer-term traditional corporate finance should become a more common financing strategy than project finance. Innovations in performance risk management and consumer credit will be crucial to the financing of energy efficiency. (author)
Saltari, Enrico; Giuseppe, Travaglini
In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.
Lemmet, Sylvie; Ducret, Pierre; Berthaud, Cecilia; Evain, Julie; Scolan, Maria
The authors present their report on the French Strategy for Green Finance. Green finance has expanded rapidly since 2015 but much remains to be done to make capital flows consistent with the goals of the Paris Agreement. France can continue to play a pioneering role to promote the energy and ecological transition, and to support Paris's role as a financial centre. The task force is putting forward recommendations along four axes for a French strategy to foster green finance
We argue that regulation can improve the performance of conventional banks up to a limit, but cannot eliminate the deficiencies resulting from the use of the conventional loan contract. Islamic finance requires complicated and costly procedures compared to conventional finance. Yet, it has significant macroeconomic benefits, which cannot be internalized by individual banks. Therefore, Islamic bankers tend to mimic conventional finance in order to cut costs and maximize short-term profits....
Heidorn, Thomas; Siragusano, Tindaro
Behavioral finance theory is used for the foreign exchange market to show, that the profit of a typical trader is mainly due to the higher number of correct positions. Using behavioral finance the amount of loss trades is larger than 60%, however the individual gains are larger than the losses leading to an overall profit. Using this approach we show, that behavioral finance rules can be quantified and a trading outperformance is possible just using 24h spot rates and 3 day volatilities.
Claude DUPUY (GREThA UMR CNRS 5113); Matthieu MONTALBAN (GREThA UMR CNRS 5113); Sylvain MOURA (GREThA UMR CNRS 5113)
The transformations of the finance sector linked to the emergence of new actors (pension funds, mutual funds, hedge funds…) and its globalization have changed the rules of corporate governance and the competitive context of industrial companies. The theme of the influence between finance and industry is not new in the economic literature. The first thesis of the influence of finance on industry born in the United States (with the Veblen thesis) and Europe (Hilferding, 1910) with the developme...
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TRUTH IN LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of consumer credit as a dollar amount. It...
Analyses of global financial markets are dominated by atomized models of decision-making and behavioural psychology ('exuberance' or 'panic'). In contrast, this paper argues that overwhelmingly, finance organizations rather than 'individuals' make decisions, and routinely use emotions in formulating expectations. Keynes introduced emotion (business confidence and animal spirits) but in economics, emotion remains individualistic and irrational. Luhmann's system theory lies at the other extreme, where emotions like trust and confidence are central variables, functional in the reduction of complexity in sub-systems like the economy. The gap between irrational emotions aggregated to 'herd' behaviour in economics, and 'system trust' applied to finance and money as a 'medium of communication' in sociology, remains largely unfilled. This paper argues that while organizations cannot be said to 'think' or 'feel', they are rational and emotional, because impersonal trust, confidence and their contrary emotions are unavoidable in decision-making due to fundamental uncertainty. These future-oriented emotions are prevalent within and between organizations in the financial sector, primarily in generating expectations. The dynamic of corporate activities of tense and ruthless struggle is a more plausible level of analysis than either financial 'manias' in aggregate or 'system trust'.
Waste disposal is modelled as a financial calculus. In this connection the particularity is not primarily the dimension to be expected of financial requirement but above all the uncertainty of financial requirement as well as the ecological, socio-economic and especially also the temporal dimension of the Nuclear Waste Disposal project (disposal of spent fuel elements from light-water reactors with and without reprocessing, decommissioning = safe containment and disposal of nuclear power plants, permanent isolation of radioactive waste from the biosphere, intermediate storage). Based on the above mentioned factors the author analyses alternative approaches of financing or financial planning. He points out the decisive significance of the perception of risks or the evaluation of risks by involved or affected persons - i.e. the social acceptance of planned and designed waste disposal concepts - for the achievement and assessment of alternative solutions. With the help of an acceptance-specific risk measure developed on the basis of a mathematical chaos theory he illustrates, in a model, the social influence on the financing of nuclear waste disposal. (orig./HP) [de
Grazier, Kyle L; Metzler, Bridget
Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects.
In February 1943, in the midst of the Second World War, Prime Minister Winston Churchill demanded that a live duck-billed platypus be sent from Australia to Britain. A vigorous male was shipped off but died shortly before arrival in Britain. This request can only be understood if placed in the context of Churchill's passion for exotic pets as well as the rich history of aristocratic menageries and live diplomatic gifts. Obtaining an animal hitherto unseen alive in Europe would have been a great zoological achievement for London Zoo and secured British authority in heated historical taxonomical debates. This zoological triumph, coupled with accomplishing an extravagant enterprise in the middle of war-time austerity would have boosted public morale. Most importantly, despite its death, the platypus, served as a token for mediating the soured relations between Australia and Britain. Churchill's platypus provides a unique case of animal collecting that incorporates effects on international diplomacy and public relations along with a great private eccentricity and passion. Copyright © 2011 Elsevier Ltd. All rights reserved.
Full Text Available Cet article s’intéresse à l’existence, à la carrière littéraire et journalistique de cette femme de lettres aujourd’hui oubliée. Loin d’être purement biographique, cet article présente également sa conception de « la Femme ». Sans vraiment se prétendre féministe, Camille Delaville ne partagea pas moins les idées de ce mouvement. Elle consacra nombre d’articles à définir la nouvelle place de la Femme, instruite, indépendante…This article deals with the life and the career of this woman of letters today forgotten. This paper isn’t only a biography, her “Female notion” is also set out. Without claiming she was a Feminist, she was agree with all their views, she tried to define a new Woman position in a modern society.
In December 1986 a study of the safety of the design, operating procedures and emergency plans associated with Ontario Hydro's nuclear generating plants was commissioned by the government of the province of Ontario. After receiving briefs from many interested groups and individuals, visiting the power plants, and consulting with nuclear industry and regulatory representatives in Canada and other countries, the commissioner presented this report to the Minister of Energy for Ontario. His major conclusion is that Ontario Hydro reactors are being operated safely and at high standards of technical performance. No significant adverse impact has been detected in either the work force or the public. The risk of accidents serious enough to affect the public adversely can never be zero, but is very remote. Major recommendations are that: Ontario Hydro re-examine its operational organization closely and commission a study of factors affecting human performance; and, that priority be given to finding a solution to pressure tube performance problems and to improving in-reactor monitoring. Sixteen other recommendations are presented relating to research and development, information exchange with other organizations, reactor performance, training, severe accident analysis, the provincial nuclear emergency plan, epidemiological studies, the Atomic Energy Control Board, public hearings, and women in the nuclear industry
BUMBESCU SORINA SIMONA
Full Text Available The objective of this article is to highlight the importance of the agriculture financing ways, existing an interdependence relationship between the stage of agriculture development and its funding mechanisms. This article presents in a complex way, the general theoretical framework of the agriculture financing, and the practical methods of agriculture finance from bank loans to European programs and projects, the impact of EU funds on agriculture. The research leads to two important categories of tangible results; on one hand it highlights the most important and used ways to finance the Romanian agriculture, and on the other hand, there is analised the impact of EU funds on rural development, their absorption.
Etheredge, D.A.; Lilja, J.R.
Various options are presented for tackling the problem in mining today of the high capital costs required for a new mine combined with the front end exposure that the exploiters face. Equity finance from the producers, private investors, oil companies, consumers and governments is discussed as well as loan finance from export credit agencies, international agencies, production-related loans, leasing and commercial bank loans. The future in financing mining is outlined and it is proposed that the future will lie in smaller projects financed primarily with equity. (U.K.)
Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of society. This requires that financial institutions account for information about the impact of finance on the environment and vice versa, and that they are held accountable by their supervisors in this domain. Copyright © 2017 Elsevier Ltd. All rights reserved.
Developing economies face a gigantic lack of financing for urbanization due to the absence of formal and transparent property markets. The paper discuss the interference between mortgage finance and collateral security by using the Danish mortgage financing model as an example, because of its 200...... years long history, and because the system is recommended as an option in emerging markets and as a possible model for remedying failures in mature housing finance markets. It is suggested that development policies in land administration need to be revised in order to support a widening of credit...
Goldsmith, D.; Chew W.; Moulton, C.
Continuing growth of project financing for non-utility generators in the US and abroad has led to growing focus on their credit strength. In general, the financings remain relatively risky and would likely be rated below investment grade, because of various factors: loose power purchase arrangements, poor match between power pricing and fuel costs, aggressive leverage, troubled operating performance. But S and P believes some projects have the credit strength to support investment grade ratings. As traditional financing markets for these projects --- bank lending and private placements with highly specialized institutional investors --- have contracted, project sponsors and developers are considering broader markets. These include institutional investors without specialized focus on power project finance. In these markets, distinctions among projects may lead to greater liquidity and efficiency in developing the pricing and terms under which projects can be financed. This paper reports that ratings are most appropriate for projects seeking permanent financing as they enter commercial operations. They also may be useful for projects which have been operating for some time and for some very strong projects which are raising construction financing. To guide both project developers and investors in project financing, S and P has developed the following approach for rating these types of financings
Rubow, L.; Bataklieva, L.
Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option
Full Text Available In the article the peculiarities of financing healthcare in Ukraine. Analyzed various sources of funding for the sector. Health expenditure per capita of the population in Ukraine and around the world have been investigated. On the basis of the analysis found that the size of budget financing are inefficient and do not meet the resource needs of the industry. Clarified the problems of resource provision of health care and the shortcomings of public Finance mechanisms. Asked to review the existing allocation mechanism of the industry and the rapid transition to a model of budgetary-insurance medicine. Keywords: realm healthcare, financing sources, government budget, expenditure, insurance medicine. JEL: H 51
This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)
The present paper argues that the present Internet conditions favour an entirely new finance model. Understood to soon supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be defined by the destructive effect it is to have on the contemporary financial infrastructure of most countries, and the advent of the ‘future money value exceeds its present one’ principle.
This paper suggests an alternate approach to corporate finance in an interest free economy by looking beyond practiced Islamic finance and suggesting alternatives for corporate finance in sourcing funds i.e. i) Ijara with embedded options, ii) limited liability partnership, iii) equity modes like Musharakah and Mudarabah iv) income bonds and v) convertible income bonds. It also suggests alternatives for corporate finance in using funds i.e. i) Islamic income funds, ii) Islamic REITs, iii) Tre...
Lord, Nicholas; Michael Levi,
This article analyses the finances for and the finances from corporate bribery in international business transactions and how they are organised. Transnational corporate bribery involves non-criminal commercial enterprises that operate in licit markets but that use corrupt means to win or maintain business contracts inforeign jurisdictions. This article first considers what needs to be financed, how much finance is needed, and how the bribes can be generated and distributed. Second, the artic...
George E. Peterson
Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...
Payne, Bethan; Charonis, George-Konstantinos; Haaristo, Hanna-Stella; Maurer, Moritz; Kaiser, Florian; Siegrist, Rahel; McVitty, Debbie; Gruber, Angelika; Heerens, Nik; Xhomaqi, Brikena; Nötzl, Tina; Semjonov, Meeli; Primožic, Rok
Higher education plays a vital role in society and the quality, accessibility, and form of higher education is highly dependent on financing. Financing of higher education is conceived to be of central importance for the future creation and dissemination of knowledge and research. Therefore, the financing of higher education is a topic that has…
Stanisavljević Nevena B.
Full Text Available Awareness of the need for innovation and enrichment curriculum with comedies by Branislav Nušić inspired us to offer a creative methodological model processing for comedy Gospođa ministarka (The Cabinet Minister's Wife, in order to point out the possibility of it's involvement in the educational process and the positive effects that such action had. The reason for selecting just this comedy lies in the fact that, despite the fact that it's title well understood, it's ideological layer, referring to criticism of the government and power, can positively influence the development of student's personality traits. Our proposal is to analyze comedy Gospođa ministarka (The Cabinet Minister's Wife in the sixth grade, however, such an approach does not cease the possibility of interpretation of a play in teaching practices, but use the offered model as the starting point of any new readings and interpretation in the educational practice.
Rozental, Väinu, 1957-
Keskkonnaminister Jaanus Tamkivi muutis kardinaalselt määrust, millele ta oli alla kirjutanud kaks nädalat tagasi. Muudatuse kohaselt lubatakse osas sõidukites kasutada suurema väävlisisaldusega keskkonnale kahjulikumat kütust. Autori sõnul tekitab see küsimuse, kelle huvides minister tegutses. MTÜ Eesti Õliühing tegevdirektori Toomas Saksa arvamusi ja hinnanguid
Elsner, James B.; Burch, R. King; Jagger, Thomas H.
While the recent disasters in the world's financial markets demonstrate that finance theory remains far from perfected, science also faces steep challenges in the quest to predict and manage the effects of natural disasters. Worldwide, as many as half a million people have died in disasters such as earthquakes, tsunamis, and tropical cyclones since the turn of the 21st century [Wirtz, 2008]. Further, natural disasters can lead to extreme financial losses, and independent financial collapses can be exacerbated by natural disasters. In financial cost, 2008 was the second most expensive year on record for such catastrophes and for financial market declines. These extreme events in the natural and financial realms push the issue of risk management to the fore, expose the deficiencies of existing knowledge and practice, and suggest that progress requires further research and training at the graduate level.
Full Text Available Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expenditure in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances.
Hodge, S.J.; Miskelly, N.
Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts
Cooper, James H
The flight to high-quality assets resulting from Standard & Poor's downgrade of the U.S. government's credit rating has dropped the yield on U.S. Treasury securities as investors have sought refuge amid uncertain market conditions. Consequently, hospitals can now obtain mortgage insurance from the U.S. government to finance expansions and refinance their debt with GNMA securities at taxable interest rates that are often more favorable than tax-exempt bond fixed rates. Because GNMA certificates can be sold in a forward purchase transaction that locks in a fixed interest rate while avoiding payment of interest until construction funds are disbursed, they can help avoid the effects of negative arbitrage.
Dell'Osso, L. Jr.
This paper discusses the challenges of financing U.S. exploration from the perspective of an independent oil and gas producer. When Burlington Resources was split into a separate company from the Burlington Northern Railroad three years ago, the company owned extensive resources but had little production capability, and had to resolve the problem of raising development capital. According to the author of this paper, three key elements in the company's perception of the business environment drove its strategy: that the role of independent producers would be crucial in new onshore oil and gas development as the majors moved offshore; that energy prices would remain weak; and that financial market sentiment would not favor a move to leverage the company more highly than its starting-point of 19 percent debt-to-total capital ratio
Robinson, J C
Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.
Post-qualification salaries have increased by 4-7 per cent, a slowdown on last year's figures when increases were often more than 10 per cent. The highest increases this year tended to be in medium-sized trusts where newly qualified accountants' salaries rose 8.2 per cent. Directors of finance in large trusts earn about 20 per cent more than in medium trusts and about 40 per cent more than in small ones. Newly qualified accountants in large trusts earn 5 per cent more than in medium-sized trusts and 13 per cent more than in small ones. The survey is based on an analysis of salaries from Hays' jobs database, and salaries of registered candidates.
Günther, Michael; Maten, E
This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techni...
Waste-to-energy projects are going ahead in the U.K., they are being project financed and they will make a valuable contribution to environmentally acceptable waste disposal and clean energy within the U.K. Starting from the premise that project sponsors must compete for funds therefore behoves the project sponsor to adapt his proposal to the needs of the investor rather than the other way around. Some of the major potential suppliers of funds are briefly surveyed. It is concluded that waste-to-energy projects do not fit easily into the business plans of venture capital companies, pension funds and banks. Projects must be reworked so that a more favourable opportunity can be offered to potential funders. Ways of achieving this through improved economics and reductions in risk and uncertainty are examined. (author)
... financing. 32.104 Section 32.104 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.104 Providing contract financing. (a) Prudent contract financing can be a useful working tool in Government...
... financing. 432.113 Section 432.113 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.113 Customary contract financing. The contracting officer may determine the necessity for customary contract financing. The...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Uses of contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.105 Uses of contract financing. (a) Contract financing methods covered in this part are intended to be self-liquidating through...
... financing. 32.113 Section 32.113 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.113 Customary contract financing. The solicitation must specify the customary contract financing offerors may...
... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.114 Unusual contract financing. The HCA is authorized to approve unusual contract financing. The signed determination and finding...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Maximum term of Financing. 107.840... COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of An Eligible Small Business: Terms and Conditions of Financing § 107.840 Maximum term of Financing. The maximum term of any...
... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 1332.114 Unusual contract financing. The designee authorized to approve unusual contract financing arrangements is set forth in CAM...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Duties of the Finance Board. 905.4 Section 905.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS DESCRIPTION OF ORGANIZATION AND FUNCTIONS Functions and Responsibilities of Finance Board § 905.4 Duties of the Finance Board. (a) Bank Syste...
Mylenko, Nataliya; Iqbal, Zamir
This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinanc...
Berke, Joel S.; And Others
Research on legislative and electoral consideration of school finance reforms identifies three important elements; the art of compromise, the fiscal context, and political leadership. Adoption of new school finance formulas is far more likely through the legislative process than through a referendum. (Author/AM)
Beck, T.H.L.; Demirgüc-Kunt, A.
Recent data compilations show that many poor and nonpoor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Theory and empirical evidence point to the critical role that improved access to finance has in promoting growth and reducing
V. G. Afanasiev
Full Text Available The article corers current state of airline financing using such instrument as aviation leasing indifferent forms, such as finance leasing its different forms, operational leasing and its different types, sale and lease back analyzed all pluses and minuses of each form. The main questions of Capetown Convention on international warranties concerning moving equipment also discussed.
The African Review of Economics and Finance (AREF) is the official journal of the African Finance and Economics Consult (AFEC). The Journal acknowledges that the word 'economic' is plural and all economies are positioned, situated, and embedded in particular societies. Therefore, how the economy is studied must ...
Vliet, van der K.; Reindorp, M.J.; Fransoo, J.C.
Supply Chain Finance (SCF) arrangements aim to add value by taking a cooperative approach to financing the supply chain. Interest in SCF has been increasing, and decision makers need a comprehensive view of possible applications and their potential. By means of theoretical and empirical exploration,
Ng, Thiam Hee; Tao, Jacqueline Yujia
Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role. - Highlights: •This study looks at the current financing gap and RE financing landscape in developing Asia. •LCY corporate bonds, asset backed projects bonds and financial green bonds could help to address the financing gap for RE in the region. •Policy recommendations for building the fixed income market for RE projects are provided.
This thesis consists of three chapters in corporate finance and financial intermediation. The first two chapters explore sources of incentives and learning for finance professionals. Specifically, the first chapter studies how the option to go work for an investment bank affects the incentives of
The Chinese economy has grown at a spectacular speed during the past three decades while the financial system is not well developed in China. On the one hand, the informal financing channels, i.e. borrowing from family members, friends, moneylenders, trade credit, etc., may provide proper financing
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.570 Section 3560.570 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving off-farm labor...
... 32 National Defense 5 2010-07-01 2010-07-01 false Financing. 705.19 Section 705.19 National Defense Department of Defense (Continued) DEPARTMENT OF THE NAVY UNITED STATES NAVY REGULATIONS AND OFFICIAL RECORDS PUBLIC AFFAIRS REGULATIONS § 705.19 Financing. (a) The financial requirements for...
... 49 Transportation 7 2010-10-01 2010-10-01 false Audit financing. 663.11 Section 663.11 Transportation Other Regulations Relating to Transportation (Continued) FEDERAL TRANSIT ADMINISTRATION... Audit financing. A recipient purchasing revenue rolling stock with FTA funds may charge the cost of...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.620 Section 3560.620 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving on-farm labor...
... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Contract financing. 1553.232 Section 1553.232 Federal Acquisition Regulations System ENVIRONMENTAL PROTECTION AGENCY CLAUSES AND FORMS FORMS Prescription of Forms 1553.232 Contract financing. ...
Meijerink, G.W.; Diemont, W.H.; Groot, de R.S.; Schrijver, R.A.M.; Verhagen, A.
The increasing human influence on ecosystems and the ensuing unsustainable exploitation and degradation has led in many places to depletion and loss of function of these ecosystems. These problems cannot be solved by (innovative) financing mechanisms, as the causes do not lie in a lack of financing
The author makes general comments regarding the possible conflict between project risks, sponsors' ability to assume these risks, and the requirements and objectives of all project benficiaries: sponsors, lenders, consumers and government. To reconcile these conflicts there is an increasing use of project finance techniques to finance large capital projects
Swagerman, D.M.; van Steenis, Jorn; Sieber, Pascal; Griese, Joachim
The purpose of this paper is to present examples of the current state of the Shared Services Concept as applied to the finance function. The paper arises out of the ongoing research after current developments in the finance function enabled by information and communication technology, at the
Schofield, B J
The financing of individual coal development projects in China is discussed. External finance can be raised from various sources including international and national aid institutions together with export credit agencies and commercial banks, or by means of a compensation trade agreement whereby the value of the coal produced meets the cost of equipment, etc.
This dissertation consists of three chapters that concern technology adoption and corporate finance. The first chapter analyzes the optimal investment strategy of two firms confronted with the option to adopt a new technology. The second chapter analyzes the link between debt maturity and term spread. The third chapter analyzes the role of debt financing on skyscraper heights.
Hoadley, Susan; Tickle, Leonie; Wood, Leigh N.; Kyng, Tim
Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to…
Hoadley, Susan; Wood, Leigh N.; Tickle, Leonie; Kyng, Tim
Purpose: The purpose of this paper is to investigate and identify threshold concepts that are the essential conceptual content of finance programmes. Design/Methodology/Approach: Conducted in three stages with finance academics and students, the study uses threshold concepts as both a theoretical framework and a research methodology. Findings: The…
Andrade Cavalcanti, C. de.
The importance of financing instruments as means for the promotion of international nuclear trade is analysed. Besides the specific characteristics of nuclear trade is examined. Furthermore the role of governmental authorities and international agencies, mainly the IAEA is discussed. Finally the presence of Brazil in the international financial market and the financing of nuclear trade in Brazil are described [pt
California's current school finance system is a tangled web of funding programs, restrictions, inequities and confusion. Building a stronger finance system to benefit from resources is an important step in strengthening California's K-12 education system and better meeting the needs of its students. Gov. Brown has recently proposed the Local…
The Finance Committee is an advisory committee to the CERN Council. It has the exacting job of supervising CERN’s finances, being concerned with such things as examining budget proposals, salary structures and cost variation formulae and with approving the award of major contracts to industry.
Waters, Richard L.; Kralisz, Victor Frank
Places the cost considerations associated with public library automation in a framework of public finance comfortable to most administrators, discusses the importance of experience with use patterns in the electronic library in opening up new and innovative financing methods, and stresses the role of the library in the information industry. (JL)
Branko Matic; Hrvoje Serdarusic; Maja Vretenar Cobovic
The authors examine the impact of changed economic circumstances to manage personal finances. Analyze financial involvement, level of education and the management of personal finances population in Croatia. The paper used the method of analysis, synthesis, induction, deduction, and a survey poll.
Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.
Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by finance academics. In addition, we investigate the potential of a framework of different types of knowledge to differentiate the delivery of the finance curriculum and the role of modelling in finance. Our purpose is to identify ways to improve curriculum design and delivery, leading to better student outcomes. Whilst we find that there is significant overlap between what students identify as important in finance and the threshold concepts identified by academics, much of this overlap is expressed by indirect reference to the concepts. Further, whilst different types of knowledge are apparent in the student data, there is evidence that students do not necessarily distinguish conceptual from other types of knowledge. As well as investigating the finance curriculum, the research demonstrates the use of threshold concepts to compare and contrast student and academic perceptions of a discipline and, as such, is of interest to researchers in education and other disciplines.
Schena, F P
Basic and clinical research is accomplished by projects. The design of a project is not only based on the scientific content but also on its financing and management. This article wants to illustrate the correct modalities for project financing and project management in a scientific project.
This work study the self-financing problematic, with particular emphasis on their benefits for the enterprise, but also for shareholders, on domestic or external factors that influence the self-financing decision and its level, on the relationship between self-financing and depreciation, degree of debt and profitability and not in the last line on the self-financing cost. In the factors that acting on the self-financing decision was granted a special attention to taxation, whose impact has be...
Full Text Available This article tells the behind-the-scenes tale of the first apartheid Cabinet under Dr D.F. Malan. Based on the utilisation of prominent Nationalists' private documents, it traces an ageing Malan's response to a changing international context, the challenge to his leadership by a younger generation of Afrikaner nationalists and the early, haphazard implementation of the apartheid policy. In order to safeguard South Africa against sanctions by an increasingly hostile United Nations, Malan sought America's friendship by participating in the Korean War and British protection in the Security Council by maintaining South Africa's Commonwealth membership. In the face of decolonisation, Malan sought to uphold the Commonwealth as the preserve of white-ruled states. This not only caused an outcry in Britain, but it also brought about a backlash within his own party. The National Party's republican wing, led by J.G. Strijdom, was adamant that South Africa should be a republic outside the Commonwealth. This led to numerous clashes in the Cabinet and parliamentary caucus. Malan and his Cabinet's energies were consumed by these internecine battles. The systematisation of the apartheid policy and the coordination of its implementation received little attention. Malan's disengaged leadership style implies that he knew little of the inner workings of the various government departments for which he, as Prime Minister, was ultimately responsible. The Cabinet's internal disputes about South Africa's constitutional status and the removal of the Coloured franchise ultimately served as lightning conductors for a larger issue: the battle for the party's leadership, which came to a head in 1954. Malan sought to secure the succession for his favourite, N.C. Havenga. However, he was outmanoeuvred by J.G. Strijdom and his allies. Malan's retirement marked the end of an era, while Strijdom's victory heralded a regional and generational shift in power.
Full Text Available A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation
Hirth, Stefan; Uhrig-Homburg, Marliese
This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...... considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U-shaped in liquid funds. For high-liquidity firms, investment thresholds are decreasing (i.e. accelerated investment takes place) in either dimension...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....
Full Text Available Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.
Jerzy Piotr Gwizdała
Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Law governing rights and obligations of Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks; rights of any Person against Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks. 987.2 Section 987.2 Banks and Banking FEDERAL HOUSING FINANCE...
The Honourable Phillip Paulwell Minister of Science, Technology, Energy and Mining Leader of Government Business in the House of Representatives and Member of Parliament for the constituency of Kingston East and Port Royal Jamaica
... and application as is given to the term for income tax purposes. (3) (i) If a minister is performing..., is engaged by N University to teach history and mathematics. He performs no other service for N...
... term “religious organization” has the same meaning and application as is given to the term for income... minister, is engaged by N University to teach history and mathematics. He performs no other service for N...
finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan ... management of funds meant for credit disbursement, the capital base of micro finance institutions should be strengthened in order to mobilize domestic ...
...; Information Collection; Contract Financing AGENCIES: Department of Defense (DoD), General Services... previously approved information collection requirement concerning contract financing. Public comments are... substantially changed the statutory authorities for Government financing of contracts. Sections 2001(f) and 2051...
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...
... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...
Kerste, M.; Weda, J.; Rosenboom, N.
Innovative finance instruments can help increase funding of investments aimed at environmental and social sustainability. At the request of Duisenberg school of finance, this report highlights leading literature and empirical findings on ‘innovations in financing environmental and social
von Buelow, A
When the treasury are not as full as they were, the question automatically arises as to public support for large-scale research facilities and basic research. The new Minister for Research in the Federal Republic of Germany clearly discloses what is possible at present and what is not in the way of State support for research. Therefore the Minister demands that industry should share in basic research and in the large-scale technological facilities required for research.
This paper illustrates the evolution in public health care financing systems in 12 European countries, in terms of the financing of radiology services. The financing systems for radiology used by public health care financing agencies are described in detail. The implications of these new financing conditions for health care delivery are briefly sketched. The paper concludes with some strategies to help radiologists cope with the tightening financing conditions for medical imaging. (orig.) (orig.)
Kristina Slavikovna Melkumyan
Full Text Available The article examines the FATF specific approach to the problem of terrorism financing. The FATF essence, content of the activity and influence levers are also analyzed within the article. It is shown that the FATF has reviewed the problem of terrorism financing in the broadest perspective, having engaged simultaneously and consistently mechanisms for combating money laundering and terrorism financing. The Task Force has greatly contributed to building of the world counter-terrorism financing system through forming the legal and institutional basis as well as through interaction with all the possible participants and actors of world politics in this area. Moreover, the FATF has succeeded in geographical expansion of the FATF influence from the original 16 to187 jurisdictions by promotion of FATF-style regional bodies establishment. Particular attention is drawn to the unique features of the FATF Recommendations in comparison with the earlier issued sources of international law, which define the international counter-terrorism financing regime. The author believes that one of the advantages of the FATF as an institute within the counter-terrorism financing system among others is the informal status of the FATF, which provides its flexibility and high ability to respond quickly and in a timely manner to evolving nature of money laundering and terrorism financing as well as emerging threats.
Akortsu, Mercy Akosua; Abor, Patience Aseweh
The financing of healthcare services has been of a major concern to all governments in the face of increasing healthcare costs. For developing countries, where good health is considered a poverty reduction strategy, it is imperative that the hospitals used in the delivery of healthcare services are well financed to accomplish their tasks. The purpose of this paper is to examine how public hospitals in Ghana are financed, and the challenges facing the financing modes adopted. To achieve the objectives of the study, one major public healthcare institution in Ghana became the main focus. The findings of the study revealed that the main sources of financing the public healthcare institution are government subvention, internally-generated funds and donor-pooled funds. Of these sources, the internally generated fund was regarded as the most reliable, and the least reliable was the donor-pooled funds. Several challenges associated with the various financing sources were identified. These include delay in receipt of government subvention, delay in the reimbursement of services provided to subscribers of health insurance schemes, influence of government in setting user fees, and the specifications to which donor funds are put. The findings of this study have important implications for improving the financing of public healthcare institutions in Ghana. A number of recommendations are provided in this regard.
The financial requirement for nuclear power plants in the Federal Republic of Germany for the period up until 1985 was estimated to run up to some DM 100 billion already in the Nuclear Energy Study published by the Dresdner Bank in 1974. This figure is not changed in any way by the reduction the nuclear power program has suffered in the meantime, because the lower requirement for investment capital is more than offset by the price increases that have occurred meanwhile. A capital requirement in the order of DM 100 billion raises major problems for the power producing industry and the banks which, however, are not going to hamper the further expansion of nuclear power, because new financing schemes have been specially developed for the nuclear field. They include financing by leasing, the use of funds from real estate credit institutions for long term financing, borrowing of long term funds in the Euro market, and financing through subsidiaries of the utilities. The new financing schemes also apply to the large financial requirement associated with the nuclear fuel cycle, waste management in particular. In this sector the utilities agree to bear the economic risk of the companies implementing the respective projects. Accordingly, financing will not entail any major difficulties. Another area of great importance is export financing. The German-Brazilian nuclear agreement is a model of this instrument. (orig.) [de
.... This report evaluated the Defense Finance and Accounting Service competitive sourcing process and reviewed the adequacy of the Defense Finance and Accounting Service management control program...
To date, more then 500 nuclear power reactors have been successfully financed and built. Experience in recent nuclear projects confirms that nuclear power will not cease to be a viable option due to a worldwide financing constraint. For financing nuclear plants there are special considerations: large investment; long lead and construction times; complex technology; regulatory risk and political risk. The principal preconditions to financing are a national policy supporting nuclear power; creditworthiness; economic competitiveness; project feasibility; assurance of adequate revenues; acceptability of risks; and no open-ended liabilities. Generally, nuclear power plants are financed conventionally through multi-sources, where a package covers the entire cost. The first source, the investor/owner/operator responsible for building and operating the plant, should cover a sizable portion of the overall investment. In addition, bond issues, domestic bank credits etc. and, in case of State-owned or controlled enterprises, donations and credits from public entities or the governmental budget, should complete the financing. A financially sound utility should be able to meet this challenge. For importing technology, bids are invited. Export credits should form the basis of foreign financing, because these have favorable terms and conditions. Suppliers from several countries may join in a consortium subdividing the scope of supply and involve several Export Credit Agencies (ECAs). There are also innovative financing approaches that could be applied to nuclear projects. Evolutionary Reactors with smaller overall investment, shorter construction times, reliance on proven technology, together with predictable regulatory regimes and reliable long-term national policies favorable to nuclear power, should make it easier to meet the future challenges of financing. (author)
Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng
Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumptionbased emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.01°C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for developing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the longterm economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.