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
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
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.
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.)
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…
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).
MacPhail-Wilcox, Bettye; Anthony, Pat
One Supreme Court decision, seven federal appellate decisions, and two district court decisions were published in the area of school finance in 1990. The Supreme Court reviewed a case concerning allegations of school district segregation, along with an ensuing tax assessment issue. Federal appellate courts handed down decisions involving alleged…
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
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.
Two European ministers have recently paid visits to CERN. On 11 June, the Austrian Minister for Science and Research, Johannes Hahn, visited the CMS cavern and assembly hall, before being given a tour of the CERN Control Centre. Following a lunch with the Ambassador, he was shown the LHC Computing Grid. His visit was rounded off with meetings with Robert Aymar and with Austrian students working at CERN. The Austrian Minister for Science and Research, Johannes Hahn, and Felicitas Pauss, Deputy Chair of the CMS Collaboration Committee, in front of one of the sections of the CMS detector. Jos Engelen, CERN’s Chief Scientific Officer, Jens Jorgen Gaardhoje, a physicist from the Niels Bohr Institute and a member of the ALICE collaboration, and the Danish Employment Minister, Claus Hjort Frederiksen, in front of the ALICE detector. On 12 June, Claus Hjort Frederiksen, the Danish Employment Minister,...
Two ministers have recently paid visits to CERN. On 30 June, Mosibudi Mangena, South Africa's Minister for Science and Technology, was welcomed by CERN's Chief Scientific Officer, Jos Engelen. He also visited the ALICE experiment down at Point 2, accompanied by the ALICE spokesman, Jürgen Schukraft. Physicists from the University of Cape Town are members of the ALICE collaboration. Jürgen Schukraft, ALICE spokesman, accompanies Mosibudi Mangena, South Africa's Minister for Science and Technology. The Vice-Minister-President of the Flemish Government, Fientje Moerman, visited the CMS cavern and assembly hall, followed by Building SM18, where the LHC superconducting magnets are being tested. After lunch with the CERN Management, her visit ended with a tour of the ISOLDE facilities. Fientje Moerman, Flemish Vice-Minister-President, with members of her delegation and the CMS collaboration in front of the CMS detector.
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
... 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...
Barnard v Minister of Justice : the minister's verdict: Deciding on parole for offenders serving life sentences. ... South African Crime Quarterly ... the full extent of the ministerial powers, and reviews its recent application in Barnard v Minister of Justice, Constitutional Development & Correctional Services and Another. It argues ...
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...... on a unique data-set consisting of a survey with 18 out of 20 ministers, and qualitative interviews with Ministers as well as former Ministers. The Ministers performed a detailed registration of their time-consumption during a working week. In addition data on job-tasks and geographical locations were...... provided. The unique data collection allows us to insight into how ministers spend their time and in the working conditions at the top of the central democratic institutions. The data is analyzed drawing on the insights of the work-activity school, and the paper shows, that when looking into how Ministers...
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).
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...
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�...
Pedersen, Lene Holm; Hjelmar, Ulf; Bhatti, Yosef
of the leader as a puppet master being pulled by an endless number of strings also fits the ministers. Their work life is fragmented in time and space, and their time is in great demand when compared to mayors and permanent secretaries. They experience high work pressure, which comes at a cost to their personal......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...... lives. They are exposed in public life and harassed, especially on social media. The implications for the balance between the minister and permanent bureaucracy, descriptive representation as well as policy innovation and quality of decision‐making are discussed. It is concluded that stressful working...
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.”
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
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).
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 ...
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
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.
regarding the FOB firefight, because the award nomination packet submitted on his behalfsufficed for the SS or Distinguished Service Cross, but needed ...administratively eligible to receive the recommended award in accordance with AR 600-8-22 and that all administrative information is conect ...leader who did a phenomenal job, that there was something more that [the nominee] needed to have done in order to, in my mind, to make a recommendation
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...
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
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
Luiz de Mello; Douglas Sutherland
The need for infrastructure building, replacement and updating is large worldwide and governments - particularly subnational governments - will need to mobilise budgetary resources while simultaneously restoring public finances to sound health and meeting other spending pressures. This paper considers the factors affecting investment in infrastructure (with an emphasis on fixed networks), the specific characteristics of the different financing modalities applicable to subnational governments ...
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.
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.
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...
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...
pocket payments, and donor aid — to finance their health systems. In these fragmented systems, benefits and risks are unevenly shared. The poorest have less access to medical care and face a higher risk of cata- strophic expenditure.
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...
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...
dr. Margreet F. Boersma-de Jong
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
Finance, real estate and business services are expanding their share with regard to government services. South Africa's ...... Although limited in amplitude, venture capital (VC) initiatives have existed since the 1980s, supported by the Brazilian Innovation Agency (FINEP) and BNDES (Melo 1988 and 1994). The question ...
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.
Igor V. Evstigneev; Thorsten Hens; Klaus Reiner Schenk-Hoppé
Evolutionary finance studies the dynamic interaction of investment strategies in financial markets. This market interaction generates a stochastic wealth dynamics on a heterogenous population of traders through the fluctuation of asset prices and their random payoffs. Asset prices are endogenously determined through short-term market clearing. Investors' portfolio choices are characterized by investment strategies which provide a descriptive model of decision behavior. The mathematical framew...
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...
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…
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.
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.
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).
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...... and the direct utility of defense spending.......The issue of burden-sharing will be a hot topic at the Munich Security Conference, a major annual event that kicks off this week. In Europe the political mechanics of defense budget hikes work differently than in the United States, where it is Congress that holds the purse strings. Across...
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 ...
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
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
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...
The purpose of this paper is: (1) To provide an historical framework for understanding why it is difficult to finance nuclear power projects in the U.S.; (2) To mention briefly certain financing techniques utilized by companies to finance nuclear investments; and (3) To set forth the requirements investors will need before taking on the risks associated with nuclear power projects
Sep 16, 2016 ... In Senegal, Minister Bibeau met with officials from the African Institute for Mathematical Sciences – Next Einstein Initiative (AIMS-NEI), a pan-African network of training centres enabling African students to become innovators driving scientific, educational, and economic self-sufficiency on the continent.
Jul 17, 2017 ... Photo credit: Canadian Embassy in Colombia Fostering entrepreneurship, discussing how trade can benefit women and their families, and creating job opportunities for the most vulnerable was at the heart of the roundtable discussion with Canada's Minister of International Trade, the Honourable ...
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
... 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...
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.
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
Larsen, Martin Vinæs
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...... 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...... 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...
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
This paper studies the financing of durable assets in a model with collateral constraints due to limited enforcement. Durability affects the ease of financing. Specifically, we show that more durable capital requires a larger down payment of internal funds per unit of capital making it harder to finance. Thus, financial constraints have a bigger impact on purchases of more durable capital, such as land, structures, and durable equipment. This basic insight has implications for the choice betw...
Allen, Franklin; Chakrabarti, Rajesh; De, Sankar; Qian, Jun; Qian, Meijun
The authors examine the legal and business environments, financing channels, and governance mechanisms of various types of firms in India and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law, and a democratic government, corruption within India's legal system and government significantly weakens investor protection in practice. External financing of firms has been dominated by nonmarket sources of financing, while th...
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.
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.
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...
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
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)
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)
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).
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
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)
The Minister for Industry, Science and Resources, Senator Nick Minchin, approved the first uranium exports from the Beverley uranium project in March 2001. Beverley, a sandstone-hosted uranium deposit located near Lake Frome in South Australia, is the first new uranium mine to come into production following a change in Australian uranium mining policy in 1996 allowing for the construction of new mines. Beverley is expected to generate ∼ $424 million in export revenue over its project life and provide a further boost to Australia's uranium mining sector
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...
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
In the fall of 2015, world leaders adopted the most ambitious global development agenda in history. Meeting the aspiring targets of the Sustainable Development Goals will require financing far beyond traditional aid. At the same time, aid itself is under major pressure as European governments cut...... aid budgets or divert them to meet refugee and migration issues. In this context of massive global ambition and concurrent uncertainty on the future of aid, other actors and sources of development financing seem ever more critical, such as the private sector, private foundations and the BRICS....... 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?...
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.
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
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
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
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
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.
Grøn, Caroline Louise Howard; Salomonsen, Heidi Houlberg
The Council of Ministers is an important part of EU decision-making. However, contrary to what is formally expected member, states are not always represented by ministers at Council meetings. Unfortunately, our knowledge of who is actually participating is limited. First, the article investigates...... the extent to which ministers actually participate in Council meetings. We conclude that a substantial number of the participants are not ministers. Second, based on an institutional approach, the article tests six hypotheses as to when ministers participate. Here, we find the salience of meetings......, the importance of the policy area, the length of EU membership and a high share of EU-positive parties enhance the likelihood of ministerial participation. Finally, we test whether the existence of junior ministers affects the likelihood of politicians participating. Here, our findings are inconclusive...
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)
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…
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
How should lifelong learning be financed? The author attempts to answer the question by creating a framework for analyzing different education financing mechanisms in light of particular characteristics of lifelong learning. The framework compares the different financing alternatives on four dimensions: (1) who ultimately pays for the education, (2) who finances its immediate costs, (3) ho...
Photo 01: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (centre) with from left to right : R. Salmeron, C. Melo, L. Maiani, B. Maréchal, A. Santoro, J.-A. Rubio. Photo 02: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (right) shaking hands with CERN Director-General, L. Maiani. Photo 03: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil signing the Guest Book with CERN Director-General, L. Maiani. Photo 04: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil signing the Guest Book.
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 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
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 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.
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.
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)
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.
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.
The majority judgment of Mogoeng CJ in F v Minister of Safety and Security 2012 1 SA 536 (CC) purports to be a straightforward application of the reasoning of the Constitutional Court in K v Minister of Safety and Security 2005 6 SA 419 (CC), in which the court updated and constitutionalised the "standard test" for vicarious ...
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
Internal Audit, Military. Museums, Documentation. Service, Language. Service, Financial Co-ordination, Chief Pay Mas- ter, Programming and Budget, Electronic Data. Processing and Expenditure Control. Chief of Staff Finance. With effect from 13 February 1978 Chief of Staff. Management Services became Chief of Staff.
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
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.
Tabish, S A
This article is a wide-ranging overview of the field of healthcare financing, health economics and the development of financial management. It vividly demonstrates that all healthcare systems have too many demands and too few resources, and that problems can manifest themselves in different forms depending on the precise funding structure of the health service concerned.
Kohatsu, Arturo; Miquel, Montero
This article is an introduction to Malliavin Calculus for practitioners. We treat one specific application to the calculation of greeks in Finance. We consider also the kernel density method to compute greeks and an extension of the Vega index called the local vega index.
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…
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.
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...
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 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.
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.
–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......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...
The DTI minister, Nigel Griffiths, is to make a three-day trade visit to Switzerland. As well as talking with various Swiss ministers and officials he will open the 'Britain at CERN' exhibition (1 page).
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...
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
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 to high...... starkly illuminates the condition of Britain’s political economy and the character of its relations with the rest of the world.......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...
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
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......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...... 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...
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...
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.
Stewart C. Myers
This paper explores the necessary conditions for outside equity financing when insiders, that is managers or entrepreneurs, are self-interested and cash flows are not verifiable. Two control mechanisms are contrasted: a partnership,' in which outside investors can commit assets for a specified period, and a corporation,' in which assets are committed for an indefinite period but insiders can be ejected at any time. The paper also shows how going public to reduce outsiders' power can be effici...
Berg, Christian Edelvold; Lund, Anker Brink
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...... 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...
You have more options than ever before for financing a college education. You can: Split income with your children Prepay your child's tuition Buy a rental house for your college student Hire your child Establish and educational IRA Deduct interest on some student loans Claim the new tax credits for education. With today's educational cost, you need more possibilities for maximizing your dollars. Keep this article handy. Use it to help you take full advantage of the old, new, and varied possibilities.
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...
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 implausibility of interest payment in connection with Bitcoin, (ii) viewing a Bitcoin-like system as a money-like exclusively informational commodity with the implication that such a system need not support ...
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.
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: 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.
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)
CERN welcomed the first deputy-minister of foreign affairs, Jaroslav Basta, from the Czech Republic, for the first time on 20 June. ATLAS spokesperson, Peter Jenni, along with CERN physicist, Ivan Lehraus, accompanied Basta to the ATLAS underground cavern.
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
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
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...
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...
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...
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.
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,...
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
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
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)
Christian Keuschnigg; Evelyn Ribi
In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. The impact of taxes changes fundamentally. Taxes reduce investment because they erode cash flow and, thereby, a firm's pledgeable income available for repayment to outside investors, and not because they reduce the user cost of capital. We propose a corporate finance m...
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...
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.
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.
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...
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
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…
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
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,
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.
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...
Photo 01: On the surface at the LHCb pit, H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (centre) with from left to right G. Carboni, C. Melo, J. Ellis, J.A. Rubio, T. Nakada, B. Maréchal, R. Lindner. Photo 02: On the surface at the LHCb pit, H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (left) with from left to right, C. Melo, B. Schmidt, B. Maréchal, G. Carboni. Photo 03: On the surface at the LHCb pit, H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil inspecting an electronic sample. Photo 04: In the LHCb cavern H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (third from left) with from left to right C. Melo, B. Maréchal, T. Nakada, B. Schmidt, W. Riegler, G. Carboni, R. Lindner. Photo 05: In the LHCb cavern H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (third from left) with from left to right C. M...
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...
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 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...
This article discusses women's rights to inherit land, the impact of flexible loan schemes for women, and the paucity of available loan schemes for women. The poor without land ownership have many problems obtaining credit for shelter from conventional finance markets. The poor must limit loans to small amounts that banks do not want to bother with. Eligibility criteria for loans usually require collateral, such as a high and regular income, savings, or land. The poor, and particularly poor women, cannot acquire credit or can do so only through a husband or male relative. Female heads of households are discriminated against when the man is assumed to be the major income source. Most housing purchases in developing countries are made through cash payments from family savings or informal loans. Even small loans may place a heavy burden on women. The author gives several examples of credit groups and their success in generating income and housing security. There remains a need to provide training and education for women and to improve women's access to credit and land. Information should be available to women on how to obtain credit. Governments and nongovernmental organizations have a responsibility to provide support for women's efforts to provide housing and support for their families.
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.
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.
Ben Jelili, Riadh; Abdmoulah, Walid
Based on Aghion et al. (2005), this article provides new insights regarding whether financial development can affect economic growth non-linearly by adopting the concept of threshold effects. The empirical approach adopted in this article allows for the finance-growth relationship to be piecewise linear with a set of indicators including access to finance acting as a regime-switching trigger. Using cross-country observations from 144 countries stretching from 1985 to 2009, strong evidence of ...
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...
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.
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.
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...
Maymin, Philip Z.
Finance has benefited from the Wolfram's NKS approach but it can and will benefit even more in the future, and the gains from the influence may actually be concentrated among practitioners who unintentionally employ those principles as a group.
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.
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...... and highlights challenges associated with measuring progress towards fulfilling the adaptation finance gap, while informing national and international efforts to advance adaptation. It analyses the ‘adaptation finance gap’ against the background of the provisions laid out in the Paris Agreement, and benefits...
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
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.
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)
Smith, D G; Wheeler, J R
The connection between the finance function and strategy in health systems is explored through discussions with chief financial officers (CFOs). The integration of finance into strategy is explored through the use of balanced scorecards, strategic investments and the analysis of core competencies and core enterprises. Divestiture of investments in health plans, physician practices and long-term care facilities is common, while outsourcing activity is increasing.
Joshua Coval; Jakub Jurek; Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known as tranches, against these collateral pools. As a result of the prioritization scheme used in structuring claims, many of the manufactured tranches are far safer than the average asset in the underlying pool. This ability of st...
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 ...
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...
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...
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.
The Constitutional Court judgement in F v Minister of Safety and Security 1 is a ground-breaking judgement in two important respects: firstly, it finally does away with the fiction that an employee acts within the course and scope of her employment in the so-called deviation cases in the law of vicarious liability, and secondly it ...
The Minister of Social Affairs and Emancipation Policy, Aart Jan de Geus, is keen to drop emancipation policy. During a conference held on 25 years of emancipation policy at the end of November 2003, he asserted that Dutch women now enjoy emancipation. Various women's organisations have responded
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
Rahandusminister Jürgen Ligi toetab kõigile kütusemüüjatele minimaalselt 100 000-eurose tagatise sätestamist. Minister tegi ettepaneku anda maksu- ja tolliametile õigus suurendada tagatise määra veelgi, vajaduse korral miljoni euroni
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
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
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
Klingman, Avigdor; Shalev, Ronit
Investigated Israeli youths' reactions to the assassination of their Prime Minister, analyzing graffiti on the walls of Tel Aviv's city hall immediately and 10 months after the event. Overall, graffiti represented spontaneous, authentic feelings of loss and "spontaneous memorialization." Many youth were addressing the social, political,…
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
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and... LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of...) Charges by third parties. The finance charge includes fees and amounts charged by someone other than the...
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…
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
... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in generally accepted accounting principles. RUS will not make a broadband loan to finance facilities leased... Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition...
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)
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.
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
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.
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
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 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.
Irène Joliot-Curie, une féministe engagée ? La question abordée par cet article est double. Chimiste, physicienne et chercheuse en laboratoire, exerçant un métier considéré comme dévolu aux hommes, Irène Joliot-Curie se proclame féministe. Comme scientifique, elle prend des responsabilités hiérarchiques, devenant chef de travaux puis directrice du Laboratoire Curie. Elle accède, avec son mari Frédéric, à la notoriété scientifique grâce au Prix Nobel de Chimie obtenu en 1935. Irène Joliot-Curi...
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. _
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
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.
Technocratic Minister of Labor in an economic emergency, with the assignment to devise two key reforms (pension system and labor market): a unique, though hard experience for an academic, confirming the gap between economic research and real life. This paper gives an account of the Italian labor market reform, an attempt to reconcile economic logic, social expectations, requests from European institutions and financial constraints. This reform survived difficult social dialogue and long Parli...
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
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.
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
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
Items 1 - 16 of 16 ... It seeks to encourage thinking among academics, practitioners and policy makers in the fields of Accounting and Finance, Economics, Business Management, and Public Administration and Development Management. Equally important, its main mission is to stimulate research-based and inter- and ...
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
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
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
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…
This dissertation studies how locality, in the form of inequality, historical events and regulation matter for financial outcomes. The first two chapters, joint with Fabio Braggion and Steven Ongena, shed light on how local inequality can affect the financing choices of start-up firms and
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
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 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
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.
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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.
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.
Literature was reviewed to appraise the advantages and disadvantages of each financing mechanism evaluated, and, where applicable, highlight examples of their use in Oregon. Financing mechanisms were then assessed for suitability for funding intercha...
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
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
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)
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...
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…
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 ...
Atkinson, Glen W.; Sears, Thomas A.
Nevada is simultaneously undergoing tax reforms and attempts to achieve educational equity in school finance. This paper gives the background and history of Nevada's school finance system and assesses the impact of recent tax reforms. The authors first review Nevada's population, enrollment, and conditions of school finance before tracing the…
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...
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…
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
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
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
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 ...
problem may reveal or create additional problems. As such, it is essential that the problem is exam - ined not as a stand-alone subject, but in the...terrorist finance could not be looked at in isolation. It is this realization that gave birth to the term “threat finance” which exam - ines not only...Newsletter, Charlottesville, VA: University of Virginia, 2001, available from www.virginia.edu/ soa - sia/newsletter/Fall01/warfare.html, accessed on October
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...
Christopher L. Gilbert
The term “anomaly” played a crucial role in Thomas Kuhn’s characterization of scientific progress. For Kuhn, an anomaly is a puzzle which challenges an accepted paradigm. Puzzles only achieve anomalous status once an alternative paradigm becomes available which allows explanation of the puzzle. Anomalies were introduced into the finance literature by Michael Jensen but more as resolvable puzzles than Kuhnian anomalies. They entered economics via Richard Thaler who saw behavioural economics as...
Montero Torralbo, Miquel; Kohatsu-Higa, Arturo
In this article, we give a brief informal introduction to Malliavin Calculus for newcomers. We apply these ideas to the simulation of Greeks in Finance. First to European-type options where formulas can be computed explicitly and therefore can serve as testing ground. Later, we study the case of Asian options where close formulas are not available, and we also open the view for including more exotic derivatives. The Greeks are computed through Monte Carlo simulation.
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...
S. S. Seryohin
Full Text Available Abstract Revealed the essence of local finance manifested in economic relations, and their structure is a combination of local budgets, special purpose budget funds; budget funds of local governments; public funds of funds banks if their share capital formed at the expense of local governments; fund municipal enterprises, institutions and organizations. The analysis on fundamental scientific research on local budgets.Defined-purpose local governments.Systematized theoretical definition of municipal finances. Formed impact of reform of local finance to ensure the improvement of socio-economic status of the region to the European Union for more confident of Ukraine’s integration into Europe. Found that implementing fiscal policy in terms of spending, local authorities are guided by the priorities of socio-economic development of the region or administrative unit in line with national principles defined government policy document. Discovered topical issues of local budgets as the existence of significant differences in the regulatory and legislative framework - the excessive centralization of local budgets unstable sources of local revenues inadequacy of intergovernmental relations. It was found that to radically change the existing system of functioning of local budgets, as required considerable time gap and improving the theoretical and methodological and regulatory framework of the local budgets.
Bartholdy, Jan; Mateus, Cesario; Olson, Dennis
breakpoint tests to identify when firms switch between funding sources by examining the change in each funding source based on the financing deficit remaining after the previous pecking order funding source has been used. Our tests indicate that Portuguese companies generally move from lower cost to higher...... cost financing sources, but they do not exhaust each type of debt before moving on to the next funding source in the pecking order. Such behavior is consistent with a loose interpretation of pecking order financing, but not a strict interpretation of the theory. Instead, Portuguese firms may...... be balancing pecking order financing with a need to maintain some degree of financing flexibility....
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.
Full Text Available This article presents a study of internationalisation and the financing options of Ghanaian small and medium scale nontraditional exporters. The article also examines how the age and size of an organisation affect the choice of financing. The results show a positive association between debt financing and the age of an organisation. Over time, organisations become more acceptable investments to lenders, and consequently older organisations are more likely to obtain debt financing than their younger counterparts. With respect to size, the results again indicate that larger organisations are more likely to receive debt financing. The results also show a positive relationship between degree of internationalisation and debt financing. The results suggest that as organisations engage more in international activities, they employ more debt but use less of equity financing. This is explained by the fact that organisations involved in international business tend to be more diversified and, as such, are capable of accommodating more debt capital
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
... 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...
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.)
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.
..., 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 BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED...
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.
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
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
Howe, K.M.; Rasmussen, E.F.
Students will find this presentation of the economic and institutional arrangements that surround the area of public utilities helpful in understanding current regulations and possibly suggesting solutions for future problems. The eight sections of the text cover: (1) an introduction to the nature and types of services provided by public utilities; (2) economic characteristics; (3) legal concepts; (4) traditional issues in regulation; (5) independent regulatory commissions; (6) a critique of public-utility regulation; (7) pricing and the regulation of consumer demand; and (8) capital budgeting and finance. 490 references, 37 figures, 38 tables. (DCK)
Full Text Available The article analyzes the formation and change of presidential cabinets in Uruguay during the period 1985-2010. In the first section we present the institutional and political features of the process of appointment and resignation of the ministers. The second section describes the cabinets formed in this period and shows that presidents have exchanged seats in cabinet by legislative support. The third section analyzes the political attributes of the ministers appointed (party affiliation, previous experience and the type of linkage that they keep with the president. The fourth analyze the relationship between the time survival of the individuals in office, the political responsibility in front of congress and the existence of a legislative majority that support the president. The last section describes the Uruguayan pattern of ministerial designation based in (i the establishment of an order of importance of portfolios, (ii the nomination of individuals with party affiliation (weather insider or adherent politicians and (iii the influence of the legislative support in defining the ministerial team.
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.
Full Text Available This study offers an organisation theory approach that claims that the differentiated organisational constellation of the European Union contributes to a differentiated Europeanisation of domestic core-executives. It is argued that the European Commission mainly activates the lower echelons of the domestic government hierarchies, notably professional experts within sector ministries and agencies. Furthermore, the European Commission arguably weakens domestic politico-administrative leadership, the Foreign Office and the Prime Ministers Office. By contrast, the Council of Ministers arguably strengthens domestic politico-administrative leadership, the Foreign Office and the Prime Ministers Office. A comparative analysis of the decision-making processes within the central administrations of Norway and Sweden is offered. Based on a rich body of survey and interview data this analysis reveals that multi-level interaction of administrative systems between the European Commission and the Norwegian and Swedish central administrations occur largely outside the control of the domestic politico-administrative leadership, Prime Ministers Office and Foreign Office. In Sweden this tendency is to some extent counterbalanced by the inter-sectorally interlocking effect of the Council of Ministers.
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.
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)
Kasuga, H; Katsuki, H; Miyagi, O; Mori, W; Takayama, S; Yanagita, T
Any definition of health is inevitably broad and contains various elements that may differ from one individual to another. Recent studies on the effects of smoking on physical and mental health have progressed remarkably and have great value in the fields of epidemiology, pathology, clinical medicine, and psychiatry. This report concludes that while smoking may have beneficial psychological effects on smokers, it may pose a risk to physical health.
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
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'.
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.
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.
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
Tan, Siew Lin
The purpose of this research effort is to provide an understanding of customer value, the process of customer value creation and delivery focused on Trade Finance (TF) in financial services. For customers of trade finance, it is important that the service effectively provides customer value. Service offerings are intangible and increasing value to meet customers’ expectations like price, quality and tailored services are essential to customer value strategy in trade finance. The identificatio...
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.
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
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
Photo 01: At the CMS assembly hall (left to right): J.A. Rubio; T. Virdee; J. Ellis; H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil; A. Hervé; B. Maréchal; C. Melo; A. Santoro; R. Salmeron; J. Varela; J.G. Kadri; O. Vieira. Photo 02: At the CMS assembly hall (left to right): J.A. Rubio; T. Virdee; J. Ellis; H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil; A. Hervé; B. Maréchal; C. Melo; J.G. Kadri; A. Santoro; R. Salmeron; J. Varela; W. Korda; O. Vieira. Photo 03: H.E. Mr Ronaldo Mota Sardenberg, Minister for Science, Technology and Innovation, Brazil (second from right) with, from left to right, J. Varela, J.G. Kadri, R. Salmeron, C. Melo and A. Hervé.
Lord, Nicholas; Levi, Michael
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...
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.
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.
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…
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...
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)
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...
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
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.
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.
Full Text Available Si les femmes belges obtiennent l’éligibilité à tous les niveaux de pouvoirs en 1920, elles doivent en revanche attendre 1948 pour obtenir un véritable droit de vote. Durant l’entre-deux-guerres, l’éligibilité des femmes demeure symbolique : seules six femmes siègeront au parlement. Après la Seconde guerre, ces scores décevants sont contrecarrés par l’entrée au parlement de deux féministes notoires où elles siègeront durant près de 15 ans. Usant pleinement de leur initiative parlementaire, elles obtiennent en moins de dix ans une série d’avancées significatives en matière de droit des femmes qui avant la guerre semblaient inespérées. A la lueur de ces deux parcours, l’article interroge la nature et le sens à donner à ce double engagement féministe et politique. Il pose également la question des réseaux, des liens et relais multiples nécessaires dans une société démocratique pour qu’un groupe de pression voit son programme revendicatif aboutir. L’analyse de ces stratégies politiques mises au service d’enjeux féministes est le fil rouge de l’article.Aunque las mujeres belgas obtienen la admisibilidad en todos los niveles de poder en 1920, deben sin embargo esperar 1948 para poder votar en todos los niveles de poder. Durante el período de entreguerras, la presencia de las mujeres en las esferas políticas de toma de decisión sigue siendo simbólica : sólo seis mujeres están presentes en el Parlamento. Después de la Segunda guerra, estos resultados decepcionantes son contrarestados por la entrada al Parlamento de dos feministas célebres que tuvieron un mandato de casi 15 años. Utilizando plenamente sus ventajas como parlamentarias, consiguen, en menos de diez años, toda una serie de avances en cuanto a los derechos de las mujeres, avances imposibles en los años treinta. A través de la vida de estas dos feministas, el artículo intenta descifrar el sentido que debe darse al compromiso
... 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...
... Duties of the Finance Board. (a) Bank System. The Finance Board supervises and regulates the Banks and... 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...
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…
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
... fleet management system, the financing and accounting methods shall be developed by GSA in cooperation... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Financing. 101-39.003 Section 101-39.003 Public Contracts and Property Management Federal Property Management Regulations System...
Lunde, Jens; Whitehead, Christine
The article discusses the changing trends in the housing finance industry of Europe. The article further mentions that the modus operandi of the industry has remained stable amid economic fluctuations in the overall housing sector between 1990-2015. Moreover, the need to reduce the public spending...... on housing is considered as one of the reasons for introducing private housing finance....
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 ...
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 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
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.
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
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
The application of the laws of municipal bond financing to solar facilities is examined. The type of facilities under consideration are outlined. The general legal principles of municipal securities financing are discussed. The effect of recent decisions applying antitrust liability to municipal corporations is also discussed. Five specific types of municipal bonds are explained. The application of Section 103 of the Internal Revenue Code of 1954, as amended, to the issuance of municipal bonds for solar facility financing is examined also. Five bond laws of five representative states are examined and whether the eight types of solar facilities under consideration could be financed under such law is discussed. The application of the general legal principle is illustrated. Three hypothetical situations are set forth and common legal issues to be confronted by city officials in proposing such financing are discussed. These issues will be raised in most financings, but the purpose is to examine the common context in which they are raised. It is concluded that if it can be shown that the purpose of the solar facilities to be financed is to benefit the public, all legal obstacles to the use of municipal financing of solar facilities can be substantially overcome.
... THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN... HOUSING FOR THE ELDERLY PROGRAM AND SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES PROGRAM... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly...
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
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 Journal of Finance and Management is designed to carry articles, announcements, notes and reports on in-depth, theoretical and empirical research, analysis of field experience and significant new developments in finance, management, banking, accountancy, insurance, social security, computers and related ...
A significant percentage of children in foster care in North America are younger than 1 year of age and are in foster care because of parental substance use and other social challenges. Infants might present with specific health and behavioral issues that are challenging to manage within the foster family home environment; foster families require specialized skills and knowledge to manage these issues. In this article, the author describes a constructivist grounded theory of the process of becoming and providing family foster caregiving in the context of caring for infants with prenatal alcohol and/or drug exposure. The basic social process of (ad)ministering love was identified. The author further describes the three phases of this process and the core concepts within each phase.
Le dernier numéro de Nouvelles Questions Féministes, dont la coordination a été assurée par Ellen Hertz, Hélène Martin, Françoise Messant, Christine Delphy, Hélène Füger et Alice Sala, s’annonce dès son thème comme une publication prometteuse. Fidèle à la tradition de la revue et ainsi fruit d’un travail militant, interdisciplinaire et international, il s’impose en tout cas d’emblée comme un ouvrage de référence sur la question de l’amitié féminine. Et pour cause : dès leur édito (« Les relat...
Full Text Available A travers l’étude du roman considéré comme le manifeste du féminisme italien, Una donna, il s’agit de caractériser la pensée féministe de l’auteure, Sibilla Aleramo, et de voir en quoi celle-ci reflète les débats du premier XXe siècle sur « la questione muliebre » (notamment au sujet de la maternité, des normes de genre, et plus généralement de l’émancipation féminine.En 1906, Sibilla Aleramo publie son premier ouvrage, Una donna. Ce roman à la première personne retrace la vie d’une jeune fe...
Pinto, Ronaldo Batista [UNESP
Várias questões contidas na Lei de Improbidade Administrativa são ainda palpitantes, convidando à meditação a seu respeito, já que se trata de ferramenta jurídica imprescindível na construção de um Estado Democrático de Direito. A atuação do Ministério Público, por vezes tida como abusiva, mas, quase sempre, elogiada pela sociedade, é tema que merece especial reflexão. Assim também a natureza jurídica da responsabilidade por ato de improbidade e a diversidade de sanções que enseja. Ou, no cam...
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
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......There are two issues given consideration in this case note. On the first account is the judgment itself in Pachero v Minister for Justice and Equality concerning two third-country nationals, and their legal status within the jurisdiction of Ireland. The parties in question had challenged a section...... undertakings by British and Irish immigration officials on a new regime of short-term visas through the creation of a British-Irish Visa Scheme, unique for the United Kingdom and Ireland, separate from the Schengen Visas used elsewhere in the European Union. By mapping out the circumstances over the course...
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.
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 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
Mitenbergs, Uldis; Brigis, Girts; Quentin, Wilm
In the 1990s, Latvia aimed at introducing Social Health Insurance (SHI) but later changed to a National Health Service (NHS) type system. The NHS is financed from general taxation, provides coverage to the entire population, and pays for a basic service package purchased from independent public and private providers. In November 2013, the Cabinet of Ministers passed a draft Healthcare Financing Law, aiming at increasing public expenditures on health by introducing Compulsory Health Insurance (CHI) and linking entitlement to health services to the payment of income tax. Opponents of the reform argue that linking entitlement to health services to the payment of income tax does not have the potential to increase public expenditures on health but that it can contribute to compromising universal coverage and access to health services of certain population groups. In view of strong opposition, it is unlikely that the law will be adopted before parliamentary elections in October 2014. Nevertheless, the discussion around the law is interesting because of three main reasons: (1) it can illustrate why the concept of SHI remains attractive - not only for Latvia but also for other countries, (2) it shows that a change from NHS to SHI does not imply major institutional reforms, and (3) it demonstrates the potential problems of introducing SHI, i.e. of linking entitlement to health services to the payment of contributions. Copyright © 2014 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Liability of Banks, Finance Board, Office of Finance and Federal Reserve Banks. 987.7 Section 987.7 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED OBLIGATIONS § 987.7 Liability of Banks, Finance...
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
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
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...
... institutional principles and discipline of the particular religious denomination to which he belongs, or (2) a... paragraph (b)(2) of § 1.1402(c)-6). For example, a minister performing service in the exercise of his... which is not in the exercise of his ministry. (3) An exemption from the tax imposed on self-employment...
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.…
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.
Alberta Dept. of Education, Edmonton.
The Minister of Education of Alberta, Canada established a task force in 1983 to analyze the characteristics of teachers' pension plans and to develop a model retirement plan for teachers in Alberta. The task force reviewed the legislative, structural, administrative, and financial characteristics of Alberta's existing Teachers' Retirement Fund as…
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.
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.
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 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.)
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 the mastery of finance and by exploring their potential for informing curriculum design and pedagogical practices to improve student outcomes. In this paper, we report the results of an online survey of finance academics at multiple institutions in Australia, Canada, New Zealand, South Africa and the United Kingdom. The outcomes of our research are recommendations for threshold concepts in finance endorsed by quantitative evidence, as well as a model of the finance curriculum incorporating finance, modelling and statistics threshold concepts. In addition, we draw conclusions about the application of threshold concept theory supported by both quantitative and qualitative evidence. Our methodology and findings have general relevance to the application of threshold concept theory as a means to investigate and inform curriculum design and delivery in higher education.
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
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.
Full Text Available Money has a symbolic and practical value in political competition and just because the money is important in politics, it can threaten democracy if its role is not adequately regulated. The basic features of party finance regulation will be shown in this paper: causes, instruments and impact. The regulation of party finances began in 1960s and the causes of the party finance regulation were different: in addition to the prevention of corruption scandals related to political parties and party finance, regulation of party finance has also been introduced to strengthen fair political competition, empower voters and strengthen political parties as effective democratic actors. To achieve this whole range of policy instruments was developed, whose scope extends from ways of regulating the possibility of buying votes, to limit election campaigns expenditure costs. However, impact of party finance regulation is not unambiguous since, due to the regulatory traditions and cultural attitudes, similar instruments of party finance regulation produce different results in different political systems.
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.
Price, Henry W.; Kistner, Rainer
The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies
Kistner, R.; Price, H.
The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been built following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply states, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects form the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies
.... 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...
Harris, John; Holm, Craig E; Inniger, Meredith C
As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.
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...
This first edition covers financing projects in the developing world, mergers and acquisitions; mitigating cross-border risk; basic risk in energy markets; real-time oil and gas pricing issues; oil and gas equity; risk management; project finance. The yearbook also features more regional specific topics such as: gas transportation in the Mercosur; 25 years of growth in the UAE; natural gas in Mexico; LNG in the Far East; legal issues surrounding the Russian oil and gas industry; LNG projects in the Middle East; the North Sea; and financing the oil and gas industry of Southern and South Africa. (UK)
Bartholdy, Jan; Mateus, Cèsario; Olson, Dennis
This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....
Full Text Available The subject of this paper are bank accounts for public finance agencies income. The article describes characteristics of accounts for all three kinds of agencies: government and municipal units working in regards to statue of education and units with headquarters in foreign countries. The author presents a detailed directory of income for particular accounts and the allocation of said income. This paper also deals with the optionality of those dedicated bank accounts and the competence for erecting them. In a smaller scope there are presented the controversies of establishing bank accounts for public finance agencies income in the past, before the current statue of public finance.
Stéphanie Latte Abdallah
Full Text Available Dans les années 1980 en Jordanie, un militantisme féminin islamique a grandi à l’ombre des institutions féminines proches de l’État. Il s’est affirmé et s’est rendu visible lorsque ses figures investirent la sphère publique et politique, à partir du milieu des années 1990, à la faveur du passage de l’islam politique dans l’opposition. Aujourd’hui, une pluralité de femmes, venant de toutes les classes sociales, et surtout de classes moyennes s’étant construites comme telles par l’accès à l’éducation, se revendique de l’islam comme ressource pour appuyer leurs droits et leurs parcours au quotidien, leurs trajectoires professionnelles ou militantes. Certaines sont engagées en religion et en politique, dans la mouvance des Frères musulmans, au sein du Parti islamique centriste (Hizb al-wassat, ou bien sont indépendantes. D’autres ont investi le savoir religieux pour se tracer des itinéraires intellectuels ou politiques indépendants. D’autres encore, tentent à présent de fédérer une action collective s’affichant comme plus ouvertement féministe, un terme vivement critiqué jusqu’à ces toutes dernières années. Ces diverses mobilisations islamiques agissent dans un environnement militant qui les a conduit à multiplier les alliances et les échanges de savoir-faire et de modes d’action avec les séculières, en vertu de positions politiques nationales et régionales communes mais aussi de causes féministes. Pragmatique, le militantisme féminin, tend ici à devenir moins idéologique, et surtout à s’hybrider, tout comme la référence religieuse elle-même.
The Japanese approach approach to financing LNG project has been what could be called a combined purchase and finance system which has been arranged mainly at the initiative of japan's Sogo Shosh (general trading companies) with the support of japanese governmental financial agencies and a purchase commitment from japanese utilities. In the QATARGAS project, despite it being the first greenfield LNG project in decade since North West Shelf Australia LNG project, financing for the LNG plant phase has been successfully arranged through Japanese financing. The structuring of the financial facilities for the QATARGAS project seems to have lessons for future development of the next generation of greenfield LNG projects. Discharge of the parties' liability, proper sharing of the risk burden and reconfirmation of the spirit of mutual understanding and trust among the parties concerned are key factors for the success of any new LNG project in the future. (Author)
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 8, No 1 (2016) >. Log in or Register to get access to full text downloads.
How WIFIA works, program implementation, program guidance, how potential recipients can obtain funding, and project eligibility. WIFIA works with State Revolving Funds to provide subsidized financing for large dollar-value projects.
Leitao Rodriguez, A.
Monte Carlo methods are highly appreciated and intensively employed in computational finance in the context of financial derivatives valuation or risk management. The method offers valuable advantages like flexibility, easy interpretation and straightforward implementation. Furthermore, the
Vermont Center for Geographic Information — Tax Increment Financing (TIF) Districts is established by a municipality around an area that requires public infrastructure to encourage public and private real...
Given the need to maximize Kentuckys limited highway system funding, the purpose of this study was to review and analyze new transportation financing innovations suggested by the Federal Highway Administration. The FHWA suggestions may provide way...
Spinella, Marcello; Yang, Bijou; Lester, David
There is accumulating evidence that prefrontal systems play an important role in management of personal finances, based on studies using clinical populations, functional neuroimaging, and both subjective and objective neuropsychological measures. This study developed the Executive Personal Finance Scale (EPFS) as a specific self-rating measure of executive aspects of personal money management. The resulting 20-item scale had good reliability and showed four factors: impulse control, organization, planning, and motivational drive. Validity was evidenced by correlations with income, credit card debt, and investments. The EPFS also showed logical correlations with compulsive buying and money attitudes. Second-order factor analysis of the EPFS and other scales revealed two higher-order factors of personal finance: cognitive (e.g., planning, organizing) and emotional (e.g., anxiety, impulse-spending, prestige). The EPFS shows good psychometric properties, is easy to use, and will make a convenient complement to other research methodologies exploring the neural basis of personal finance management.
Cezar Corneliu MANDA
Full Text Available The paper, on the coordinates of the analysis of the problematic of financing culture institutions within the European Union member states, performs a comparative analysis focused on the financing mechanism available to the cultural sector, created both at the level of the public, and of the private sector. For the comparative analysis, the paper selected several EU member states, grouped on four geographical areas (North, South, East and Center. The analysis performed in the paper emphasized that most EU member states make significant efforts to finance the cultural sector, but the effects of the economic crisis have had a negative impact on this financing, causing, from this perspective, a gap between the states in the north and center of the EU, on the one hand, and the states in the south and east of the EU, on the other hand and outlining a cultural Europe with two peripheries.
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 4, No 1 (2012) >. Log in or Register to get access to full text downloads.
Perotti, E.C.; von Thadden, E.-L.
This paper studies optimal financial contracts and product market competition under a strategic transparency decision. When firms seeking outside finance resort to actively monitored debt in order to commit against opportunistic behaviour, the dominant lender can influence corporate transparency.
Renewable Energies are recognized as indispensable for a sustainable energy economy. Their progressive market introduction, however, depend very much on their economic competitiveness. A wide range of Renewable Energies are already cost competitive today. But still a shortage of information as well as mental and structural barriers are hindering their rapid market penetration. This volume publishes the results of two conferences, held by EUROSOLAR and dealing with the problems of Financing Renewable Energies. In five chapters - Banking Concepts for Financing Renewable Energies - Public Frameworks for Renewable Energy Market Introduction - Financing Renewable Energies in Developing Countries - Green Power - Market Structures and Players - Renewable Energy Financing Applications a variety of new concepts and fresh ideas are presented. (orig.)
Summers, Donald E; San Miguel, Joseph G
.... One of the major impediments to using alternative forms of procurement financing for acquiring defense capabilities is in the budgetary treatment, or scoring, of these initiatives by the Congressional Budget Office (CBO...
Full Text Available Although the field of modern finance has progressed impressively, it is still hard to explain on a scientific basis why people behave nonrationally when dealing with money. The classic finance assumes people rationalize and optimize their financial decisions. Behavioral Finance adds the importance of what investors should do and complements the mantra of classic finance with what people actually do, in terms of economic decisions. The new field of Neuroeconomy investigates the subtle and profound interactions within the human brain when faced with uncertainties of an economic decision. The most basic psychological traits of human being (fear, anger, greed and altruism stamp an indelible mark on our decisions about money. The intellect (understanding a situation, reason (long term consequences of the contemplated action and emotion (the judge of the course of action are all intercorrelated resorts behind human decision making.
Hack, Walter G.
The rhythm and intensity of judicial activity, questions and issues adjudicated by the courts, judicial approaches and strategies, and the roles played by the courts are discussed with regard to court intervention in state school finance systems. (DS)
The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 2, No 2 (2011) >. Log in or Register to get access to full text downloads.
This article reviews the development of Private Finance Initiative schemes in the United Kingdom, and reflects on how profitable opportunities for private financiers and construction companies were created at the expense of the public sector. (Contains 72 notes.)
Department of Education — School District Finance Survey, 2013–14 (F-33 2013–14) is a study that is part of the Common Core of Data (CCD) program; program data is available since 1989–90 at ....
Summers, Donald E; San Miguel, Joseph G
...), the Office of Management and Budget (OMB) and the congressional Budget Committees. The current scoring policy that has been applied to many initiatives essentially negates the advantages from using alternative forms of financing...
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 6, No 2 (2014) >. Log in or Register to get access to full text downloads.
Full Text Available The Organization for Economic Cooperation and Development (OECD describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new being to reach economic autonomy. In this paper we analyze the family and social dimensions of human capital and discuss how decisions on human capital formation are taken and how its associated costs are shared. The discussion leads us to identify an important paradox underlying human capital formation, namely the fact that while families are its main contributors the benefits of such investment go primarily to society as a whole. This paradox and its consequences are central to two very important current issues. The first issue, one that is common to many developed countries, is low female fertility which is the source, in particular, of population aging. The second issue, affecting chiefly developing countries, is the inequality of opportunities, a problem lying at the root of underdevelopment. Two options are discussed to respond to this dilemma, one based on redistributive programs and another on market solutions. The paper discusses the limits inherent to redistributive programs and goes on to present at length the alternative market solution. In a nutshell this consists of securitizing the human capital of individuals so as to finance the expenses leading to their upbringing, from birth to adulthood. In addition to describing this scheme the paper analyzes its advantages as well as the difficulties associated with its implementation. It concludes by exploring possible interpretations of the scheme and feasible routes for its adoption.
A complex partnership between many governmental bodies, continually influenced by numerous private, corporate, and civic interests, finances our nationâ€™s transportation system. But the nature of the partnership is changing. Originally offset by a variety of user fees, such as tolls and fuel taxes, the burden of financing transportation programs is gradually being shifted to local governments and voter-approved initiatives. This shift to local transportation taxes raises interesting issues f...
This paper describes the business and business model of Corpfinance International (CFI). CFI consists of three businesses: structured financing, private equity/corporate finance advisory and securitization. Furthermore, CFI is the lender of record acting on behalf of and based on strong relationship with various Life Insurance Companies, Pension Funds and International Banks. CFI has in-house expertise in support of its lending advisory and investing activities
Corduneanu, Carmen; Iovu, Laura Raisa
Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...
Examples and techniques used to enhance the ability to finance small hydro projects, or to finance them in non-standard ways, were discussed. It was suggested that factors that motivate investors, namely the maximization of the rate of return on capital, and minimization of risk, should be the primary concern for any would-be developer. A responsible, conservative approach to financial projections was recommended as the best to impress potential investors
Full Text Available Although the concept of entropy is originated from thermodynamics, its concepts and relevant principles, especially the principles of maximum entropy and minimum cross-entropy, have been extensively applied in finance. In this paper, we review the concepts and principles of entropy, as well as their applications in the field of finance, especially in portfolio selection and asset pricing. Furthermore, we review the effects of the applications of entropy and compare them with other traditional and new methods.
Park, J. J.
Systemic changes that have affected the sale, distribution and transportation of gas near the burner tip (collectively called 'midstream' activities) are reviewed, examining the causes of change, and the types of midstream asset transactions that are occurring, whether they involve structured financing arrangements or midstream companies. Also addressed are issues involved in transactions of this type, especially as they relate to gathering and processing agreements and construction, ownership and operation (CO and O) agreements. The two principal alternative structures (1) the financing party who does not assume operational control of the facility, and the (2) midstream company who build or acquire assets and operate them, the different implications for financing of each of the structural alternatives and the changing attitudes of producers towards midstream entities are explained. Closer examination of these new business structures reveals that they conflict with the terms and conditions of midstream agreements commonly used throughout the industry. It is recommended that these standard agreements be amended to permit midstream transactions to occur without undue restrictions. The kind of amendments suggested include automatic consent to a transfer of a facility to a Financing Party that meets certain reasonable financial tests; allowing the reconveyance from the Financing Party to the producer under a repurchase option; allowing the producer to act as Operator in place of its Financing Party
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
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.
The issue of Energy Detente is designed to promote better understanding of the Organization of Petroleum Exporting Countries (OPEC) through its self-image and its view of the world. The OPEC News Agency coverage and other OPEC materials are tapped to illustrate some key points in a speech about energy security from Saudi Arabia's Oil Minister. This paper from His Excellency Ibrahim M. Nazer is offered in an effort to share his message from the world's largest oil exporter to the world's largest oil consumer. This issue also provides selected statistics and statements from OPEC, both to put Saudi Arabia's statements in context of its commitment to OPEC and to reveal the striking similarity between the country's and the organization's positions. This issue also contains the following: (1) ED Refining Netback Data Series for the U.S. Gulf and West Coasts, Rotterdam, and Singapore as of March 23, 1990; Hemisphere, March 1990 edition. 6 figs., 5 tabs.
Project financing is one of the best methods of seeking to acquire capitals Funds and other tools to finance a planned business activity which will yields profit in order to liquidate the procured fund. Financing project for SMES is carried out by Federal, States and some development Institutions. In Nigeria, project financing ...
... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Qualified housing finance agency... AUTHORITIES HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS Housing Finance Agency Requirements § 266.100 Qualified housing finance agency (HFA). (a) Qualifications...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board procedures. 907.12 Section 907.12 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND... Finance Board procedures. (a) Notice of Receipt of Petition or Request to Intervene. No later than three...
Klepper, M.; Schwartz, H.K.; Feder, J.M.; Smith, D.C.; Green, R.H.; Williams, J.; Sherman, J.L.; Carroll, M.
The use of utility-assisted financing, tax-exempt financing, bank financing, leasing, and joint venture financing to promote energy efficiency investments for each of three different categories of buildings (multifamily, commercial, and industrial) is discussed in separate chapters. (MCW)
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board consent. 980.6 Section 980.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD NEW FEDERAL HOME LOAN BANK ACTIVITIES NEW BUSINESS ACTIVITIES § 980.6 Finance Board consent. The Finance Board may at any time provide consent for a Bank to...
... purposes of this subpart, includes, but is not limited to, transacting any business with the Finance Board... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Practice before the Finance Board. 908.71 Section 908.71 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION...
Lai, Ming Ming; Kwan, Jing Hui; Kadir, Hazlina Abdul; Abdullah, Mahdhir; Yap, Voon Choong
The present article examines the effectiveness, teaching, assessment methods, and the importance of finance concepts in three undergraduate finance courses in a private university in Malaysia. Approximately 224 undergraduates (finance majors) were surveyed and demonstrated positive attitudes toward the effectiveness of the finance subjects. The…
It does so by surveying the literature on housing finance. It also evaluates the housing finance system in Ghana to ascertain the availability of formal finance to households in the country. It found that the housing finance systems in Ghana are inadequate resulting in inadequate and poor housing consumption by many ...
Introduction: 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 ...
However, the paper observed that among the problems faced in the micro finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan losses, low capacity and low technical skills on micro financing. As a result of some of these problems, some micro finance institutions in Nigeria have collapsed.
Full Text Available Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited
Visit of the Polish Minister of Sciences and Information Technology, Professor Michal Kleiber (centre), in front of the large support structures ("trucks") constructed in Poland for the ATLAS experiment, accompanied by members of Polish delegation, ATLAS representatives, and Cracow physicists and engineers (from left to right): Dr Jacek Blocki, Prof. Jerzy Niewodniczanski (President, National Atomic Energy Agency), Dr Szymon Gadomski, Dr Tommi Nyman (ATLAS experiment), Prof. Michal Turala, Edward Gornicki, Dr Peter Jenni (ATLAS spokesman), Mr Piotr Golonka, H.E. Mr Stanislaw Przygodski (Ambassador, Deputy Permanent Representative of the Republic of Poland to the United Nations in Geneva), Prof. Jan Godlewski, Ryszard Sosnowski (Vice-President of CERN Council), Dr Marek Stodulski and Mr Jerzy HalikPolish Minister of Sciences and Information Technology, on 17th October 2003.
In Germany the basis for the management of radioactive residues is the polluter-pays principle. All steps of treatment of radioactive waste arising from operation, decommissioning and dismantling including conditioning, interim storage and disposal of radioactive waste have to be financed by the waste producers. The waste producers are responsible for the harmless recycling of the residues or for their orderly management as radioactive waste. The Federal Government is responsible for establishing disposal facilities. Accordingly the waste producers are constructing and operating facilities in which the radioactive residues can be treated and stored until their disposal. As far as the radioactive waste cannot be stored by the producer, waste originating from research, medicine and industry can be stored in surface storage facilities of the federal states. Spent fuel from German NPPs is partly reprocessed in France and UK. The rest has to be disposed off directly in deep geologic formations. Until a repository for spent fuel is available in Germany spent fuel will be stored in interim storage facilities on the sites of the NPPs. The storage will take place in casks in a dry way. In exceptional cases, if the storage at a NPP site is not possible, there are two central storages at Ahaus and Gorleben which are in operation and can be made available as reserve. Radioactive waste returning from the reprocessing of German spent fuel in France and UK is stored in the Gorleben central storage. The Federal Government is aiming to establish a repository in deep geological formations about the year 2030 which shall be available for all types and quantities of radioactive waste. The necessary expenses for the planning and construction of radioactive waste disposal facilities are initially carried by the Federal Government. The Government recovers the costs by contributions or advance payments from the waste producers. The use of storage and disposal facilities is financed by
David Shropshire; Sharon Chandler
To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy
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
Ozili, Peterson Kitakogelu
This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this arti...
Haynes, George; Watts, Myles
Finance companies have been perceived as isolated and insignificant lenders, attracting high risk borrowers and charging these borrowers relatively high prices. Using the 1988 National Survey of Small Business Finance, this study examines the relationship between finance companies and other lenders, describes the characteristics of borrowers attracted to finance companies and assesses whether finance companies charge higher loan prices and impose more stringent collateral requirements on thei...
The book proposes an original contribution to the economics and finance literature by developing the foundations of corporate finance. It also covers in detail various corporate governance issues faced by organizations. The common treatment of corporate finance and corporate governance started with the contribution of Williamson (Journal of Finance, 1988), who argued that corporate finance and corporate governance must be treated simultaneously because they are complementary. This book fills ...
Describes tax increment financing (TIF), an entrepreneurial strategy with significant fiscal implications for overlapping taxing jurisdictions that provide these functions. Statistical analysis of TIF's impact on the finances of one Illinois county's school districts indicates that municipal use of TIF depletes the property tax revenues of schools…
Bulgarian Deputy Prime Minister and Minister for Science and Education D. Vylchev (fourth from right) at the CMS experiment with (from left to right) J. Stamenov, M. Mateev, S. Stavrev, T. Virdee, V. Genchev, A. Hristova Vutsova, L. Litov, G. Soultanov on 18 December 2007.
Bulgarian Deputy Prime Minister and Minister for Science and Education D. Vylchev (fourth from right) at the CMS experiment with (from left to right) J. Stamenov, M. Mateev, S. Stavrev, T. Virdee, V. Genchev, A. Hristova Vutsova, L. Litov, G. Soultanov on 18 December 2007.
Full Text Available In the list of possible scapegoats for the recent financial crises, mathematics, in particular mathematical finance has been ranked, without a doubt, as the first among many and quants, as mathematicians are known in the industry, have been blamed for developing and using esoteric models which are believed to have caused the deepening of the financial crisis. However, as Lo and Mueller (2010 state “Blaming quantitative models for the crisis seems particularly perverse, and akin to blaming arithmetic and the real number system for accounting fraud.” Throughout the history, mathematics and finance have always been in a close relationship. Starting from Babylonians, through Thales, and then Fibonacci, Pascal, Fermat, Bernoulli, Bachelier, Wiener, Kolmogorov, Ito, Markowitz, Black, Scholes, Merton and many others made huge contributions to the development of mathematics while trying to solve finance problems. In this paper, we present a brief historical perspective on how the development of finance theory has influenced and in turn been influenced by the development of mathematical finance theory.
Finance is needed for upgrading Eastern Europe's electric power industries. Capacity is not a problem, as all countries have more than adequate capacity in the light of the deep industrial recession. However, much of the capacity is elderly and poorly maintained, so availability is low. Coal fired plant may have electrostatic precipitators, but no desulfurization or de-NO x equipment is present. Price rises in oil and gas imported from Russia have however increased interest in energy efficiency measures. Power generation is mainly coal or lignite based. Commercial banks will be little involved in financing. The best viable sources of large scale financing will be the IBRD, EIB, EBRD, and IFC, among the multilateral investment banks. Loans so far have mainly gone to Poland. The multilateral institutions have great experience in lending to developing countries, but long procurement processes are often involved. Raising finance is inevitably a difficult process. The financing of the Cracow Environmental Project, a model private power venture in Poland is described and discussed, with particular reference to contract, legal and economic problems
Reformierakonna minister Meelis Atonen ründab Toivo Maimetsa käe all valminud ja valitsuse heakskiidu saanud investeeringukava "21. sajandi kool", süüdistades haridusministeeriumi arusaamatus rahajagamises
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
Chirica, T.; Stefanescu, A.; Constantin, C.; Dobrin, M.
NPP Cernavoda Unit 2 completion is the highest priority of the Romanian power sector strategy. The nuclear energy represents, through its technological features of adopted solution (a CANDU nuclear power plant) and also through technological and economical performance indicators, the best solution to fulfill the demands concerning the sustainable development and the electricity request. The guidelines of energy strategy regarding the nuclear sector development in Romania are framing in the general policy for energy system development at least costs and they are responding to requests concerning the environment and people protection. The paper presents the financing alternatives for Unit 2 completion works taking into consideration the financing market conditions. The paper presents the impact of the financing conditions on the project efficiency, as well as the facilities offered by the Romanian Government in order to support this project. (author)
In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high......-frequency trading, such as how algorithms are designed to govern other market participants' anticipations of market dynamics. However, I also argue that, to fully understand the realm of algorithmic finance and high-frequency trading, it is important to supplement a governmentality approach with an analytical...... lexicon which is not primarily centred on productive forms of power. Specifically, I suggest that, according to media discourses on high-frequency trading, algorithmic finance often works in ways that are better grasped through, e.g. Elias Canetti's work on predatory power and Roger Caillois's work...
Full Text Available Terrorism financing is one of the most complex problems the democratic world is facing today. The transfer of funds to support terrorist activities has created enormous challenges across the world. This has fuelled several inter-religious and nationalist hate, and as such has put many nations into war with terrorist organisations. The main objective of this study is to review the sources of terrorist financing. The paper relies on secondary data that were drawn from various books, journals, as well as from institutional materials relevant to the issues raised. It concludes that terrorists are exploiting established financial systems at the global level to move their finances, and that informal systems remain the biggest challenge to thwart terrorist activities.
Choe, Geon Ho
This book is an introduction to stochastic analysis and quantitative finance; it includes both theoretical and computational methods. Topics covered are stochastic calculus, option pricing, optimal portfolio investment, and interest rate models. Also included are simulations of stochastic phenomena, numerical solutions of the Black–Scholes–Merton equation, Monte Carlo methods, and time series. Basic measure theory is used as a tool to describe probabilistic phenomena. The level of familiarity with computer programming is kept to a minimum. To make the book accessible to a wider audience, some background mathematical facts are included in the first part of the book and also in the appendices. This work attempts to bridge the gap between mathematics and finance by using diagrams, graphs and simulations in addition to rigorous theoretical exposition. Simulations are not only used as the computational method in quantitative finance, but they can also facilitate an intuitive and deeper understanding of theoret...
This paper examines the organizational and financial changes experienced by the Chilean Health System in the last 20 years. The succession of widely different political and philosophical views sponsored by the governments of Frei, Allende and Pinochet and the marked economic fluctuations experienced in the last decade have affected the organization of health care financing and the allocation of resources among the population. The trend towards a completely state financed health care system was reversed in 1973. Pinochet's government explicitely included the private sector in the provision of public health services and assigned the State a subsidiary role. Several financing mechanisms created to coopt private capital into the health system are described as well as the evolution of private and public health care expenditures. The political and economic context that shapes the allocation of limited health care resources among a population with a highly unequal income distribution may endanger the access and the quality of health care services in the country.
National media outlets have observed that weddings in the United States, especially for young educated people, are increasingly performed by ministers who are friends or relatives of the couple and who become ordained online just for that purpose. The primary organization licensing these ministers, and thus authorizing these weddings as legally valid, is the Universal Life Church (ULC), which has ordained over 20 million people since 1962. To date, there has been no focused study of the ULC o...
the difficulties of building collaborations between actors with different logics. The analysis is threefold: 1. The mobilization and generation of social capital; 2. The conflict of logics/frames; 3. The frame alignment process set in motion by micro-finance The case is based on extended field research......The case describes the first year of efforts to introduce microfinance as a tool to work with vulnerable groups in Sweden, more particularly ex-convicts, former drug-addicts and longterm unemployed women of immigrant background. The teaching objective is to discuss whether micro-finance can be seen...
The General Electric Power Funding Corporation, a unit of GE Capital, will provide up to $870 million in construction and permanent financing, and letters of credit to Cogen Technologies of Houston, Texas. The agreement will fund the construction of a 614-megawatt (MW), combined-cycle cogeneration plant to be built in Linden, New Jersey, and for the purchase of gas properties. The plant will be owned by Cogen Technologies. The financing is one of the largest packages ever for a cogeneration plant, GE said
Pacca, S.A.; Sauer, I.L.
Programs regarding to energy saving in Brasil arised by the early 80's from the concern with oil products consumption. The situation has changed and electricity is growing in importance when energy conservation is discussed. Thus, the government, following examples from abroad, has been trying to overcome the barriers that obstruct a massive process evolution towards energy saving, since the potential is spread out in many society segments. One important issue is related to financing energy conservation. This paper attempts to analyze the utilities efforts allied to public and private banks investments towards energy conservation financing. (author)
Das, Gupta Chirashree
This paper explores the causal links between the role of public finance and Bihar's growth and development in the last decade; and argues that these links are tenuous. Bihar's growth acceleration precedes the ‘policy reforms' in public finance based on the ‘good governance' agenda initiated since 2005-06. However, the constraints on sustaining efforts to close Bihar's development gap with the rest of India stems from the nature of the growth process in its regional, sectoral and social dimens...
Ignacio de la Riva
Full Text Available Public works procurements and concessions are traditional legal techniques used to shape the financing of public infrastructure. Fiscal constraints faced by public administrations at the end of the 20th century, and the subsequent increase of private participation in the provision of public goods and services, encouraged the development of new legal schemes allowing a higher degree of private investment in public infrastructure; such as Public Private Partnerships, project finance, securitizations, the shadow toll, turn-key agreements, public leasing and public trusts.
Pollard, A H
An Introduction to the Mathematics of Finance provides a simple, nonmathematical introduction to the mathematics of finance. Topics discussed in this book include simple interest; compound interest-annual compounding; annuities-certain; use of compound interest; and sinking funds. The equations of value; compounding more frequently than annually; and contracts at """"flat"""" rates of interest are also deliberated. This text likewise elaborates on the loans repayable by equal annual installments when interest is charged only on the amount of principal from time to time outstanding. Exercis
Hugger, Jens; Mashayekhi, Sima
Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option on an in......Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option...
The paper discusses the following topics: The implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximizing local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; Eurodollar markets, bank syndications and bond issues, domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing; and finance for the fuel cycle. (author)
The following topics are discussed: the implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximising local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; eurodollar markets, bank syndications and bond issues, and domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing, and finance for the fuel cycle
Hund, Gretchen; Kurzrok, Andrew J.
Government regulators and the financial sector cooperate to combat money laundering and terrorist financing. This information-sharing relationship is built upon a strong legislative foundation and effective operational procedures. As with money-laundering and terrorist financing, halting the illicit procurement of dual-use commodities requires close coordination between government and industry. However, many of the legal and operational features present in financial threat cooperation do not exist in the export control realm. This article analyzes the applicability of financial industry cooperative measures to nonproliferation.
Oprea, Traian; Teleanu, Mihai; Dobrescu, Dan
/////In the frame of economy type that characterized Romania before 1990, the infrastructure and public utilities development, from which the hydropower sector is integral part, was ensured from public funds. The power generation belongs to the public services, which make profits on an average or long terms, in the benefit of the society. The demand for these services is increasing because of both economical increasing and the private sector weight in economy increasing. But, the quality increasing of these services needs investments, that is access to the long-term loans. Romanian banks are not prepared for long-run loans, and the international agencies don't have sufficient investment funds for all necessary projects. One of the options is or, could be, the transfer of entirely responsibility for infrastructure in the private sector hands, but this is not feasible in many cases. For this reason the government can choose a middle way realizing a private public partnership for solving the problem of the investment funds. In a general manner, this scenario consists in the fact of appealing to the private sector to finance, build and operate, for a limited period, an infrastructure, power or tourism project, necessary to the development. The impact zone between the public sector interest and private sector interest defined the concept of 'private public partnership' in its multiple alternatives (BOT, BOO, BOOT, ROT, etc.). The first official mentioning of a project in private public development under the name of BOOT 'Build, Own, Operate, Transfer' has been used in Turkey, in 1984, by the prime-minister ever since, Turgut Ozal, as part of a huge development program through the privatization in the power sector, infrastructure and tourism. The 'private public partnership' concept was studied and promoted, beginning with '95 years by the European Community too, with the view of this financing model utilization to the infrastructure projects development. One of the most
Galliot, Michel; Reysset, Bertrand; Bourcier, Vincent; Mondon, Sylvain; Omarjee, Younous; Allain, Maelle; Croguennec, Stephanie; Degeorges, Patrick; Durrleman, Colas; Perrier, Veronique; Begon, Helene; Benezeth, Isabelle; Lemaitre-Curri, Elen; Chauvin, Xavier; Clerc, Pierre-Francois; Chesneau, Anne-Laure; De Smedt, Sylvie; Dehault, Valerie; Loquet, Maryline; Poffet, Laetitia; Delalande, Daniel; Leuxe, Andre; Pochet, Arila; Richon, Jean-Luc; Schaefferer, Frederic
The first part of this report presents the different aspects of the French national plan for adaptation to climate change: adaptation principles, national strategy, plan preparation, plan content, plan governance. It also comments the present uncertain context, the mobilization in Europe, and climate scenarios for France for the 21. century. A second part proposes a set of sheet presenting the various actions: transverse actions and actions in different fields (health, water, biodiversity, natural risks, agriculture, forest, fishing, tourism, energy and industry, transport infrastructures and services, urban planning and built environment, information, education and training, research, financing and insurance, coasts, mountain, European and international action, governance). A third part reports the content of a round table which discussed ten years (2001-2011) of struggle against climate change
Report by the mission for the study of marine renewable energies to the Minister of productive recovering, the Minister of ecology, sustainable development and energy, the Minister delegate by the Minister of ecology, sustainable development and energy in charge of transports, sea and fishing
Boye, Henri; Nataf, Jean-Michel; Caquot, Emmanuel; Clement, Pascal; La Cochetiere, Loic de; Sergent, Philippe
After having presented a set of recommendations aimed at the development of the marine renewable energy sector in France, and recalled some definitions, this report presents the different marine energies, technologies and uses (tide energy, offshore wind energy, wave energy, sea thermal energy, osmotic energy, and so on), proposes an overview of the cooperation and research-development environment (private sector, public sector, national financing, Europe and international, interest of a public-private partnership) and an overview of the main industrial and economic challenges. It addresses the relationship between marine renewable energies and environmental issues (technology impact, perspectives of improvement, opinion of associations committed in the protection of the environment). It proposes an analysis of the law and regulatory context, and the creation of a specific law regime. It finally addresses issues related to planning, zoning and dialogue, and harbour planning
Talk of Francois Loos, delegate minister of industry, at the Meuse prefecture (Bar-le-Duc). Visit of the underground laboratory of research on the geologic disposal of radioactive wastes, Bure (Meuse)
In this talk, the French minister of industry recalls, first, the context of the management of radioactive wastes and the research programs launched in the framework of the 'Bataille' law from December 30, 1991. Then, he stresses on the importance of the work carried out so far in the three ways of research on radioactive wastes: separation/transmutation, deep underground disposal and long duration surface storage. He introduces the government will of organizing a public debate about the management of radioactive wastes before the preparation of the law project for the implementation of the technological and scientifical choices (the 'road-map') of France in the domain of radioactive wastes management. He stresses also on the importance of the financing warranties of this management and of the public information in this domain. He concludes on the economical support of the government in consideration of the regions that have accepted or would accept the setting up of waste management research laboratories and industrial facilities. (J.S.)
T. Derrick Mashau
Full Text Available Pentecostalism is a global phenomenon with a large following in North America, Latin America, Asia, Africa and other parts of the world. The rise, growth and influence of Pentecostalism in Africa are enormous and have, without fear of contradiction, become one of the dominant expressions of Christianity on the continent. A contextual analysis of Christianity in Africa showed that the African soil is more fertile for this movement. Its manifestation ranges from classical Pentecostalism (first wave, to the charismatic movement (second wave and the charismatic renewal movements (third wave. Its growth in Africa came with a fair number of missiological challenges to evangelical reformed churches, and therefore this article sought to sketch this movement by providing a historical perspective on Pentecostalism, a contextual analysis of Pentecostalism in Africa, issues and challenges in Pentecostalism, and concludes by looking closely at a reformed missional reflection, thereby providing some nuances as to how best one can minister effectively in the context of Pentecostalism. This article called for evangelical reformed churches to exercise the spirit of discernment whilst dealing with the influence of Pentecostalism, but at the same time to learn from this movement the zeal for mission and the role of the Holy Spirit in mission. Reformatoriese missionale nadenke oor effektiewe bediening in the konteks van Afrika Pentekostalisme. Pentekostalisme is 'n globale fenomeen met ‘n groot aanhang in Noord-Amerika, Latyns Amerika, Asië, Afrika en ander wêrelddele. Die opkoms, groei en invloed van Pentekostalisme in Afrika was geweldig en het een van die dominante gedaantes van Christenskap op die kontinent geword. ‘n Kontekstuele analise van Christenskap in Afrika wys dat Afrika meer vatbaar was vir hierdie tendens. Die manifestasie daarvan reik van klassieke Pentekostalisme (eerste golf, tot die charismatiese beweging (tweede golf en die charismatiese
The speech of Madam Peng Peiyun, state counselor and minister of the State Family Planning Commission in China, before the International Conference on Population and Development in Cairo in 1994, emphasized 6 basic points about fertility decline. 1) Population as an issue is about development. The only solution is to work toward sustained development of productivity while promoting social and economic development in environmentally protected ways. 2) Governments should provide "acceptable, obtainable, and affordable" quality family planning services. Governments should help couples and individuals freely and responsibly decide on childbearing without coercion. 3) There is no one recommended model for reducing rapid population growth and enhancing development. Countries have different cultures, levels of economic development, population conditions, and historical traditions. 4) Women's status should be improved through expansion of opportunities for education, involvement in politics and economic development, legal protection of women's rights and interests, and "realization of gender equality." Women need more information, education, and counseling on reproductive health and family planning. Males need to take more responsibility for family planning. 5) International cooperation and government responsibility are required for stabilization of population growth and attainment of sustainable development. Developing countries need improved economic conditions, increased investment in population and development programs, and transfers of technology from developed countries. The principles of mutual respect and mutual benefit according to the spirit of the UN Charter should prevail. UN organizational support should function according to the principles of universality and neutrality. 6) China's goal is to achieve sustained economic growth and development, to meet the material and cultural needs of the Chinese people, and to improve the quality of Chinese life. Without
This article presents the state education finance and governance profile of Tennessee. The 17th largest state, Tennessee is home to 2.01% of the nation's inhabitants. Funding of K-12 education in Tennessee is accomplished via a formula known as the Basic Educational Program (BEP). This plan primarily utilizes school district enrollment numbers to…
As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes.
Indigenous Community Insurance (Iddirs) as an Alternative Health Care Financing Shimeles O. et al. 53 ... 1.57 million urban and 9.50 million rural households of. Ethiopia. .... vs. 35.7%). The reasons for such preference were courteous service (16.1%) and physical accessibility. (16.1%) of the health facilities among others.
Toolsema, L.A.; Allers, Maarten A.
Welfare is often administered locally, but financed through grants from the central government. This raises the question how the central government can prevent local governments from spending more than necessary. We analyze block grants used in The Netherlands, which depend on exogenous spending
Toolsema-Veldman, Linda; Allers, M.A.
Welfare is often administered locally, but financed through grants from the central government. This raises the question how the central government can prevent local governments from spending more than necessary. Block grants are more efficient than matching grants, because the latter reduce the
Alexey Yuryevich Domnikov
Full Text Available The development of modern Russian energy collides with the need for major investments in the modernization and renewal of generation and transmission capacity. In terms of attracting sufficient financial resources and find ways to increase, energy sector profitability and investment attractiveness of particular importance is the problem of investment financing optimizing aimed at minimizing the cost of financing while maintaining financial stability of the power companies and the goals and objectives of Russian energy system long-term development. The article discusses the problem of investment projects financing in power generation from the point of view of the need to achieve optimal investment budget. Presents the author’s approach to the investment financing optimization of power generation company that will achieve the minimum cost of resources involved, taking into account the impact of the funding structure for the power generating company financial sustainability. The developed model is applied to the problem of investment budget optimizing, for example, regional power generating company. The results can improve the efficiency of investment in energy, sustainable and competitive development of regional energy systems.
Hill, Laura; Warren, Paul; Murphy, Patrick; Ugo, Iwunze; Pathak, Aditi
This document presents the technical appendices that accompany the full report, "Special Education Finance in California." The appendices include: (1) Problems with AB 602 and Other State Funding Programs for Special Education; (2) Additional Figures for Analysis of Distribution of Students with Disabilities; (3) Using Supplemental and…
This dissertation studies a range of topics in development economics and public finance. The first two chapters contain empirical studies on India addressing the impact of financial development on poverty and informality. Using time and state-level variation across Indian states, the first study
Đurić Dragana M.
Full Text Available A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously theoretical base could not explain and predict movements especially in volatile times. "The new finance" appeared 50 years ago (portfolio theory CAPM, the efficient market theory, M&M theorem and made substantial progress in understanding movements in globalized and internationalized financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of portfolio optimization, importance of liquidity, dividend policy, as well as factors that determine M&A. As the "new finance" is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviorist theory suggests. Although the behaviorist theory is an important part of "new finance", it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations.
CERN will appoint an external review board to assess future financing needs through to 2012 for both the LHC and the lab as a whole. The action has been prompted by the funding crisis resulting from the cost overruns of the LHC project (1/2 page).
Public Health Service (DHEW), Arlington, VA.
This report was based on a survey to determine how students in the health professions of medicine osteopathy, dentistry, optometry, pharmacy, podiatry, and veterinary medicine financed their educations during the 1970-71 school year. The purpose of this nationwide survey was to provide information on patterns of student expenses and on the sources…
Bradut-Vasile BOLOS; Hesham MAGD
In this paper we attempt to model a moudaraba inspired financing system for SME support, especially for start-ups, using public funding as high-risk investments instead of grants. The model obtained suggests such an approach may prove to be more efficient, but further research is required.
Columba, F.; Gambacorta, L.; Mistrulli, P.E.
A large literature showed that small firms experience difficulties in accessing the credit market due to informational asymmetries; these may be mitigated by collateral or relationship lending, possibilities often precluded to small business. We investigate the effect on small business finance of an
Author Guidelines. Instructions to Authors and contributors can be found online here: http://www.african-review.com/Contributors.html. Alternatively, see below: Instruction to the contributors. The African Review of Economics and Finance is a peer-reviewed, scholarly publication featuring articles, review essays and book ...
Abstract The private sector is one of the sources of finance included in developed countries’ pledge in the UN climate negotiations to mobilise $100 billion annually by 2020 to support developing countries’ efforts to address climate change. For adaptation in particular, it remains unclear what
Korpach, A. N.; Carle, M. de la
The structuring and financing of mergers and acquisitions (M and A) is one of the most critical elements of a takeover process, given that Canadian securities law requires that any takeover must be 'fully financed'. It follows therefore, that in order to comply with securities laws, the financing for a takeover must be arranged in advance of making such a bid. This paper describes the structuring of an offer, outlines the sources of M and A financing, including a review of the 'full capital solution', reviews the key forces influencing the financial structuring of takeover bids, and provides examples of recent M and A transactions in the oil and gas resources sectors. Case histories of two recent mergers and acquisitions, one involving Sun Media Corporation and Rogers Communication Inc., the other John Labatt Limited and the Onex Corporation, were reviewed in detail. The importance of proper structuring of the offer for the specific target's shareholders, as well as for future business operations was stressed
This article presents the state education finance and governance profile of Virginia. The state allocates K-12 education funds on a biennial basis. Supplements and rescissions to the original funding amount are made on an annual basis in order to correct for revenue growth or deficit. The state budget currently provides more than $5 billion to…
Contreras Olmedo, D.
The Spanish Institute for Energy Saving and Diversification (IDAE), provides technical advisement and economical support to those industries requiring an improvement in the energy efficiency of their production chain. This paper focusses on administrative procedures to get external financing as one way to undertake the construction of cogeneration plants. Relationships among user, promoter and financier should be developed according to the outlined procedures. (Author)
We give a brief survey of some fundamental concepts, methods and results in the mathematics of finance. The survey covers the 3 topics Chapter 1: Markets and arbitrages. The one-period model. The multi-period model. The continuous time model. Chapter 2: Contingent claims and completeness. Hedging. Complete markets. Chapter 3: Pricing of contingent claims. The Black and Scholes formula.
... aforementioned authorities, collect comments from potential applicants and co-lenders on PFP, terms, and... to express their views on the opportunities and challenges related to the use of the agency's... Budget. Background: The RUS provides long term financing to electric utility systems providing services...
Full Text Available In this paper, we attempted to present the problem of establishing adequate structure of financing medium agricultural enterprises and to point out the necessity for permanent working capital in those agricultural enterprises which can’t cover fixed assets, long-term placements and portion of inventories (raw material and spare parts, production in process with own equity and long-term sources of financing. For the purpose of analysing adequate structure of financing medium agricultural enterprises, we will use one of the most popular methods, such as case study and ratio analysis. Results of the research show that in primary agricultural production, next to standard long-term investment loans and short-term loans for investment in agricultural production, there is a necessity for financing in the permanent working capital which could assist continuity of production process and enable conditions for more profitable business in agriculture. It also should be noted that real and book value on this level of permanent working capital differs substantially.
Sep 27, 2013 ... As the fifth volume in a series of five books bringing together the results of intensive research on the national systems of innovation (NSI) in the BRICS countries – Brazil, Russia, India, China, and South Africa, this book analyzes the financing of science, technology, and innovation in the BRICS economies.
This paper starts with the origin, nature and functions of the World Bank Group, reviews the past lending, describes the criteria used by the Bank in its power project appraisals, discusses the Bank's views on nuclear power, and concludes with a look at the probable future sources of financing of electrical expansion in the less developed countries. (orig./UA) [de
In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high...
Hugger, Jens; Mashayekhi, Sima
Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option...
Rusinova, Vanya; Wernicke, Georg
We provide causal evidence that investments into Corporate Social Responsibility (CSR) are affected by firms’ prior financial performance. More precisely we argue and test for a causal link between changes in firms’ cost of internal financing and CSR. To establish causality, we make use...
... DEVELOPMENT (SECTION 8 HOUSING ASSISTANCE PROGRAMS, SECTION 202 DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE...) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM FOR NEW CONSTRUCTION Definitions and Other Requirements... of the Department of Agriculture compatible with the Section 8 program; and (4) Financing by tax...
... DEVELOPMENT (SECTION 8 HOUSING ASSISTANCE PROGRAMS, SECTION 202 DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE...) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM FOR SUBSTANTIAL REHABILITATION Definitions and Other... insurance programs under the National Housing Act; and (3) Financing by tax-exmpt bonds or other obligations...
This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study ...
productive capitalists; and (3) easy access to financing for the state and the ruling coalition from foreign aid, mining and cocoa bean exports. As a result, ruling elites’ policy actions did not prioritize the development of new productive sectors (or upgrading of old ones), but were geared towards...
C-L. Chang (Chia-Lin); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)
textabstractThis paper provides a brief review of the connecting literature in management science, economics and finance, and discusses some research that is related to the three disciplines. Academics could develop theoretical models and subsequent econometric models to estimate the parameters in
6 Trade, competitiveness and finance in the Philippine manufacturing sector, 1980–95. 155 .... Volatility measures for liabilities and income: manufacturing industry ..... The project comprised eight country studies (Argentina, Brazil, Uruguay, Indonesia, India, the Philippines, Tunisia and South Africa) which were elaborated ...
Vitaly Yu. Zaitsev
Full Text Available The article deals with the essence of corporate Finance and the principles of their organization. The characteristic of the system of corporate financial management, describes its purpose, objectives and functions. Given the definition of a financial company policy. Review the organizational structure of corporate financial management from the current position.
L. Norden (Lars)
markdownabstract__Abstract__ Banks play a crucial role for the financing of small and medium-sized enterprises (SMEs). SMEs represent a large fraction of all firms in many economies and contribute significantly to employment and growth. But, SMEs are more informationally opaque, more risky, more
This thesis consists of three chapters, two in banking and one in international finance. The first two chapters examine how bank business models and foreign ownership structures affect bank-firm lending relationships. In particular, the first chapter reveals that foreign banks can overcome their
Hodges, J T; Quinn, M J
The role of the medical record department has become more crucial under DRGs. Timeliness and accuracy of clinical data has become critical to the hospital's financial success. As a result, a new relationship is forming between the finance and medical record departments. It is therefore important that the financial manager understand the operation of this department to make that new relationship a strong one.
Doyle, V.; Bhargava, A.
This research identifies barriers and challenges and current industry status including several key appraisal industry developments for identifying and valuing energy efficiency, critical obstacles to documenting and assessing the potential added value from energy efficiency improvements, current opportunities to support and standardize reporting on energy efficiency and to ensure proper valuation, and next steps towards enabling energy efficiency financing market transformation.
Garg, Ramesh C.
A discussion of methods for internationalizing finance curricula outlines two approaches and suggests a plan for internationalizing the curricula in each of three areas. The two proposed approaches result in either a minimum level of internationalization, which can be accomplished quickly by the instructor, or a substantial level of…
Jagerson, Gordon " Ty" [Village Power Finance, Palo Alto, CA (United States)
The award supported the demonstration and development of the Village Power Platform, which enables community organizations to more readily develop, finance and operate solar installations on local community organizations. The platform enables partial or complete local ownership of the solar installation. The award specifically supported key features including financial modeling tools, community communications tools, crowdfunding mechanisms, a mobile app, and other critical features.
The report analyzes several alternatives for financing the decommissioning of nuclear power plants from the point of view of assurance, cost, equity, and other criteria. Sensitivity analyses are performed on several important variables and possible impacts on representative companies' rates are discussed and illustrated.
This paper explores the preference for and the features unique to project finance, one of the favoured vehicles for funding energy development. Our main focus is on the interests of project sponsors, commercial banks and host governments. Inclusion of the latter reflects the fact host governments are often leading participants in primary energy and energy-related projects; more recently, they have come to use limited recourse structures to finance local infrastructure development. Traditional analyses, whilst providing useful insights into the interests of leading project participants, are incapable of isolation a single motive or set of motives that can comprehensively account for all of the features common to this form of debt. Within an options-theoretic framework, most of these ambiguities are resolved. Risk management, long recognised as one of the primary reasons for choosing project finance over rival debt structures, is affirmed as a key explanatory factor. One the other hand, options pricing theory provides a radically different perspective on how to project finance contributes to the realisation of these objectives. (author)
van Gulick, G.
In finance, situations exist that give rise to allocation problems. Individuals combining their capital typically have more investment opportunities, and thus higher revenues. The proceeds of their investments have to be divided among those individuals. Also, banks and insurance companies face
The case describes the first year of efforts to introduce microfinance as a tool to work with vulnerable groups in Sweden, more particularly ex-convicts, former drug-addicts and longterm unemployed women of immigrant background. The teaching objective is to discuss whether micro-finance can be seen...
Vitaly Yu. Zaitsev; Yurii I. Fedchishin
The article deals with the essence of corporate Finance and the principles of their organization. The characteristic of the system of corporate financial management, describes its purpose, objectives and functions. Given the definition of a financial company policy. Review the organizational structure of corporate financial management from the current position.
Jennings, John F.
Traces the presence of tax burden equity and educational funding equity interests in recent court rulings in order to place Connecticut's Horton vs Meskill in context. Also describes the California and New Jersey state legislatures' responses to similar state Supreme Court rulings on school finance. (Author/IRT)
The Word Bank Study "Financing Health Services in Developing Countries: An Agenda for Reform" is centered on a thesis of decreased government responsibility for financing health services. The study points out that more basic medical services are needed for the poor, but the aged and increased urbanization are forcing the application of more finances into hospitalization services. The World Bank study incorrectly assumes that the above problem is due to an epidemiologic polarization of rich vs. poor and that the only benefits from curative medicine are private, not societal, benefits. The proposal stemming from these assumptions financially separates curative from preventative services, regardless of its proven costliness and inefficiency. The 4 suggested specific World Bank reforms are: 1) charging fees for the use of health services; 2) provision of insurance or other risk coverage; 3) effective use of nongovernment resources, i.e. private practices, midwives; and 4) decentralization of government health services. These are interesting, although imperfect, solutions to the pressing problem of health care finance. The largest issues may be problems from the fragmentation of health services, cost inflation, and lack of effective controls--issues that are not dealt with in the World Bank study.
Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.
Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly) fin...
Dorde Pavlovic; Branko Gledovic
Budget control is derivate from one of the main functions of budget, that aims that the budget is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a direct correlation between the OLAP model and public finance management process.
.../or steam power to consumers, such as, for example, coal mines, coal handling facilities, railroads... service territory of the borrower: water and waste disposal systems, solid waste disposal systems... of the borrower, the terms of the financing, the nature of the construction, the treatment of these...
National Educational Finance Project, Gainsville, FL.
To improve its cultural development, increase the economic efficiency of its public investment, and optimize equality of opportunity, Kentucky must introduce a new State school finance program. Such a program should provide for more efficient use of the public dollar, establish a framework wherein the public can measure school productivity, return…
Keating, Joseph P.
In preparation for the 1987 demise of the current community college funding mechanism in California, this discussion paper reviews the current fiscal situation in the state and considers the needs that should be addressed in the finance mechanism that would become effective in July 1987. Background information is presented on the history of the…
A variant of the multi-species Lotka-Volterra model is studied in which species competing for fixed finite resources are replaced by new randomly chosen species whenever they become extinct. The model exhibits chaos, punctuated equilibria, leptokurtosis, and self-organized criticality. It has application to ecology, finance, and possibly other diverse systems
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.
Gujba, Haruna; Thorne, Steve; Mulugetta, Yacob; Rai, Kavita; Sokona, Youba
Modern energy access in Africa is critical to meeting a wide range of developmental challenges including poverty reduction and the Millennium Development Goals (MDGs). Despite having a huge amount and variety of energy resources, modern energy access in the continent is abysmal, especially Sub-Saharan Africa. Only about 31% of the Sub-Saharan African population have access to electricity while traditional biomass energy accounts for over 80% of energy consumption in many Sub-Saharan African countries. With energy use per capita among the lowest in the world, there is no doubt that Africa will need to increase its energy consumption to drive economic growth and human development. Africa also faces a severe threat from global climate change with vulnerabilities in several key areas or sectors in the continent including agriculture, water supply, energy, etc. Low carbon development provides opportunities for African countries to improve and expand access to modern energy services while also building low-emission and climate-resilient economies. However, access to finance from different sources will be critical in achieving these objectives. This paper sets out to explore the financial instruments available for low carbon energy access in Africa including the opportunities, markets and risks in low carbon energy investments in the continent. - Highlights: ► Access to finance will be critical to achieving low carbon energy access in Africa. ► Domestic finance will be important in leveraging private finance. ► Private sector participation in modern and clean energy in Africa is still low. ► Many financing mechanisms exist for low carbon energy access in Africa. ► The right institutional frameworks are critical to achieving low carbon energy access in Africa.
Anyangah, Joshua Okeyo
This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)
Obiyathulla Ismath Bacha
Full Text Available Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a potential alternative. This paper offers some preliminary thoughts on the design and implementation of RSF for both private and public sector funding, for revenue and non-revenue generating projects. It is argued that such form of financing avoids the leverage of conventional debt, minimizes the costs of dilution, reduces macroeconomic vulnerability, and enhances financial inclusion. It also has the potential to be a less risky alternative for developing countries to finance public spending and economic growth. JEL Classifications: G32, P43, O16
In January 2008 the Maine metropolitan planning organizations (MPOs) requested the Transportation : Research Division of the Maine Department of Transportation to conduct research to determine if it is : possible for MPOs to finance projects through ...
.... This financing mixture, however, may lead to fiscal constraints when debt service occurs. If the investment funds are unproductive, then the infrastructure project may not generate sufficient revenue to offset debt service obligations...
Magdalena (Leentie C. de Lange
Full Text Available Recent technological advancements in Bioethics have been rapid and incremental, leaving little time for Christian ethicists to reflect or develop a coherent methodological approach. To assess the situation in the Reformed Churches in South Africa (RCSA, a bioethical questionnaire was developed and administered during the synod in 2009. Three practical questions served as point of departure, viz. which bioethical issues confronted ministers in their work environment, which value judgement trends are evident when counselling members of their congregations and what theoretical frameworks or resources do they call upon when reflecting on these difficult situations? The survey consisted of 19 questions with several subquestions that sought demographic information to determine the population and information about bioethical issues confronting them, methodological strategies they apply and how they think they can contribute to the resolution of any such bioethical dilemmas. The results were tabulated and it was concluded that recent advancements in biotechnology cannot be ignored or dealt with in a piecemeal fashion any longer, either by the RCSA or its ministers. The need for clarity and analysis of the principles underlying those theories that guide or should guide their decision-making and pastoral care in dealing with bioethical dilemmas was emphasised. The findings highlighted the need for appropriate courses in Bioethics to be taught during initial theological training, as well as the need to keep the debate alive by offering workshops, seminars and short courses for practicing ministers to enhance awareness and allay fears and uncertainties in this very dynamic and morally challenging field of human and scientific endeavour.
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