THE IMPACT OF PSYCHOLOGICAL CONTRACT ON RELATIONSHIP QUALITY IN FINANCIAL SERVICES MARKET

Directory of Open Access Journals (Sweden)

Mario Pepur

2013-02-01

Full Text Available The theoretical arguments of the psychological contracts arise from the social exchange theory. According to this theory, all the parties involved in any type of relationships want to build a relationship based on mutual respect and fairness. The main goal of this paper is to explore the influence that psychological contracts have on the quality of the business-to-business relationship in the financial services market. The research conducted in this paper continued the pioneer work of Kingshott and Pecotich (2007 and by extending their conceptual model it provided the theoretical and practical insights specific to the business-to-business market. In the empirical part of the paper, the relationship between hotels and financial institutions in the Republic of Croatia is tested using the canonical correlation analysis. The results of the analysis confirm that the psychological contracts have an influence on the relationship quality between the partners in the financial services market.

Valuing Interest Rate Swap Contracts in Uncertain Financial Market

Directory of Open Access Journals (Sweden)

Chen Xiao

2016-11-01

Full Text Available Swap is a financial contract between two counterparties who agree to exchange one cash flow stream for another, according to some predetermined rules. When the cash flows are fixed rate interest and floating rate interest, the swap is called an interest rate swap. This paper investigates two valuation models of the interest rate swap contracts in the uncertain financial market. The new models are based on belief degrees, and require relatively less historical data compared to the traditional probability models. The first valuation model is designed for a mean-reversion term structure, while the second is designed for a term structure with hump effect. Explicit solutions are developed by using the Yao–Chen formula. Moreover, a numerical method is designed to calculate the value of the interest rate swap alternatively. Finally, two examples are given to show their applications and comparisons.

A STUDY ON FINANCIAL DERIVATIVE WORLDWIDE TRANSACTIONS – FUTURES CONTRACTS

Directory of Open Access Journals (Sweden)

SECHEL Ioana-Cristina

2012-07-01

Full Text Available Financial products and financial derivatives transactions are on front page in the profile publications, because they have generated huge gains for a small part of market participants, and losses as well, sometimes followed by collapse even on the international financial institutions. Very common we can find in specialized media the hypothesis that the global instability was caused by derivative contracts and by the magnitude of these transactions, from the years preceding the crisis. Since they appeared in order to protect investors against various risks, we believe that the approach must have via derivative products is the ethical one. It is true that derivatives trades have grown very rapidly and have expanded from the commercial field (commodity derivatives to the capital market, but this was because the demand for such products was very high. Basically, the demand for financial derivatives products has validated their existence in the market. Derivative financial products are used by traders of financial intermediation companies, dealers, brokers, individual investors and corporations or governments. Precisely because of this large spectrum of users of financial derivatives, we can ask whether they should be used only by specialists in derivatives trading. Taken literally, the term derivative refers to a new product resulting from the modification of an existing product, but has different properties from the original product and from which it was derived (Business Dictionary 2012. But financially speaking, a derivative is a financial contract between two or more parts that comes from the future value of n reference asset (Reuters 2001, 17. Of course, in literature there are many definitions of the concept of financial derivative. If we were to build our own simple definition, we define financial derivatives as financial contracts based on an underlying asset whose price on the spot market determines its price. This is a very simple

48 CFR 2052.211-72 - Financial status report.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Financial status report... Financial status report. As prescribed at 2011.104-70(c), the contracting officer shall insert the following... basis during negotiation, without amending the solicitation. Financial Status Report (OCT 1999) The...

After the Fall: Educational Contracting in the USA and the Global Financial Crisis

Science.gov (United States)

Burch, Patricia

2010-01-01

Key legislative objectives for the US Federal educational policy over the past several decades relied heavily on quasi-market strategies (such as school rating, school closure, the contracting out of schools) as central levers in "reforming" public schools. Using financial data on 11 national for-profit firms contracting with schools and…

77 FR 63205 - Enforcement of Subsidiary and Affiliate Contracts by the FDIC as Receiver of a Covered Financial...

Science.gov (United States)

2012-10-16

... stability of the United States (a ``covered financial company''), to enforce contracts of subsidiaries or... that poses a systemic risk to the nation's economic stability and outlines the process for the orderly... the Corporation, as receiver for a covered financial company, has the power ``to enforce contracts of...

How Law and Institutions Shape Financial Contracts: The Case of Bank Loans

OpenAIRE

Jun Qian; Philip E. Strahan

2005-01-01

We examine empirically how legal origin, creditor rights, property rights, legal formalism, and financial development affect the design of price and non-price terms of bank loans in almost 60 countries. Our results support the law and finance view that private contracts reflect differences in legal protection of creditors and the enforcement of contracts. Loans made to borrowers in countries where creditors can seize collateral in case of default are more likely to be secured, have longer mat...

A BLUEPRINT OF RATIO ANALYSIS AS INFORMATION BASIS OF CORPORATION FINANCIAL MANAGEMENT

Directory of Open Access Journals (Sweden)

Maja Andrijasevic

2014-10-01

Full Text Available Ratio analysis, due to its simplicity, has, for a long time, been one of the most frequently used methods of financial analysis. However, the question is how its results are a good basis for assessment of financial condition of a company by the external users of financial reports. If one takes into account numerous limitations, one can rather say that ratio analysis is a rough approximation of financial situation. What are the limitations, can they be overcome and in what way, can they, at least, be reduced, and to what extent the user has to take a reserved attitude when making business decisions on the basis of ratio analysis? The last but not the least, we should accept the fact that by insisting on financial analysis other aspects of the analyses are, in practice frequently marginalized, thus neglecting the fact that actually they themselves in the most direct manner point to the causes of potential disorders in business activities of a company.

Mechanism of financial support of education: legislative basis of power distribution

Directory of Open Access Journals (Sweden)

O. S. Kotsovska

2014-11-01

Full Text Available The article studies the legislative basis of power distribution as a basic component of the mechanism of financial support of education at the regional level. Budgetary expenditure on education has been analyzed. It has been grounded and proposed to transfer the authority of financial support of education to appropriate regional and district administrations within the frameworks of decentralisation.

The Engineering Mechanism in Formation of Informational Basis of Analysis of Financial Sustainability of Enterprise

Directory of Open Access Journals (Sweden)

Chumak Oksana V.

2017-12-01

Full Text Available The article is aimed at substantiating the mechanism and instruments of financial and accountancy engineering with purpose of formation of information support of analysis of financial sustainability in the enterprise management system. The essence and preconditions of introduction of financial and accountancy engineering are disclosed. Expediency of application of the financial engineering mechanism at enterprise while analyzing financial sustainability has been substantiated. An analysis of methods of formation and use of derivative balance reports was carried out. Models of the conception of mechanisms and instruments of financial and accountancy engineering in analyzing the financial sustainability of enterprise have been suggested. A mega-accounts system in the working plan of the enterprise’s accounts has been recommended. Seven iterations have been provided, which constitute the basis of accounting-analytical support of the accountancy engineering. The information obtained on the basis of the financial and accountancy engineering mechanism allows to carry out real assessment of the enterprise’s financial sustainability.

Managing the Financial Risks of Water Scarcity

Science.gov (United States)

Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison

2015-04-01

Environmental uncertainty poses a growing number of financial risks to society, with droughts, floods, extreme temperatures and violent storms imposing costs that approach 500 billion per year. While structural forms of mitigation (i.e. levees, dams) will certainly play a role in limiting financial impacts, these are large investments whose full value is only rarely realized. Furthermore, the value of such long-lived measures becomes increasingly uncertain in a changing climate, raising the issue of whether they will be effective 20-30 years hence. Financial instruments, such as index insurance, can provide increased flexibility by providing compensation for losses only when they occur, and limited contract periods allow terms to be periodically rewritten in response to changing conditions. Financial instruments can also be effectively combined with other economic tools and infrastructure to create integrated solutions in which infrastructure mitigates losses from moderate events, while financial products compensate for more rare, but extreme, events. There is a long history of environmentally-related insurance and hedging instruments, but to date the actuarial analyses that underlie contract structure and pricing have been based on straightforward observations, such as cumulative rainfall. More recently, simple correlations between two time series have been used to develop index-based contracts. Links between temperature and electricity demand, for example, provide a basis for contracts that are used to limit the financial exposure of power generators to low revenues during unseasonably warm winters or cool summers. Unfortunately, few environmental risks can be so quickly and easily linked to a financial impact. However, with a more advanced understanding of the environmental systems that give rise to financial losses, opportunities exist to develop innovative contracts for a range of new applications. Recent research describes the characterization and mitigation

Financial Economy and Financial System: Basis of Structural Interconnection

Directory of Open Access Journals (Sweden)

Khorosheva Olena I.

2014-02-01

Full Text Available The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.

Fundamentals of futures, options, basis and derivatives

Energy Technology Data Exchange (ETDEWEB)

Jones, D. [TD Securities Inc., Toronto, ON (Canada)

1997-08-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management.

Fundamentals of futures, options, basis and derivatives

International Nuclear Information System (INIS)

Jones, D.

1997-01-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management

Stochastic modeling of financial electricity contracts

International Nuclear Information System (INIS)

Benth, Fred Espen; Koekebakker, Steen

2008-01-01

We discuss the modeling of electricity contracts traded in many deregulated power markets. These forward/futures type contracts deliver (either physically or financially) electricity over a specified time period, and is frequently referred to as swaps since they in effect represent an exchange of fixed for floating electricity price. We propose to use the Heath-Jarrow-Morton approach to model swap prices since the notion of a spot price is not easily defined in these markets. For general stochastic dynamical models, we connect the spot price, the instantaneous-delivery forward price and the swap price, and analyze two different ways to apply the Heath-Jarrow-Morton approach to swap pricing: Either one specifies a dynamics for the non-existing instantaneous-delivery forwards and derives the implied swap dynamics, or one models directly on the swaps. The former is shown to lead to quite complicated stochastic models for the swap price, even when the forward dynamics is simple. The latter has some theoretical problems due to a no-arbitrage condition that has to be satisfied for swaps with overlapping delivery periods. To overcome this problem, a practical modeling approach is analyzed. The market is supposed only to consist of non-overlapping swaps, and these are modelled directly. A thorough empirical study is performed using data collected from Nord Pool. Our investigations demonstrate that it is possible to state reasonable models for the swap price dynamics which is analytically tractable for risk management and option pricing purposes, however, this is an area of further research. (author)

75 FR 23697 - Order Finding That the AECO Financial Basis Contract Traded on the IntercontinentalExchange, Inc...

Science.gov (United States)

2010-05-04

...'' and Cocoa contracts during this period. \\30\\ By way of comparison, open interest in the AEC contract... ensure fair competition among ECMs and DCMs trading similar products and competing for the same business...

Making sense of the disclosure of latent defects in financial statements and company acquisition contracts

Directory of Open Access Journals (Sweden)

Cornelius Killian

2011-05-01

Full Text Available This paper analyses the statement made by the South African Appeal Court Judge Holmes in the Phame v Paizes (1973 case and, using economic and unique South African legal principles, it examines the true legal nature of a contract to regulate company acquisitions.1 Two solutions are offered for financial managers in South Africa: (1 the contract to regulate company acquisitions is a forward contract and (2 the difficulty in identifying latent defects should not be grounds for reducing the price paid for a company or enterprise in the South African legal system.

75 FR 23710 - Order Finding That the ICE PG&E Citygate Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-04

... ICE maintains exclusive rights over IPI's bidweek price indices. As a result, no other exchange can... this contract has the exclusive right to base its settlement on the IPI PG&E Citygate Index price... Contract Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function...

Important characteristics and constitutional law basis of the optional instrument for European contract law

Directory of Open Access Journals (Sweden)

Silvija Petrić

2009-01-01

Full Text Available This paper is dedicated to the analysis of the optional instrument for European contract law as one of the measures which the European Commission suggests within the framework of the initiative of European contract law. It is about the system of general rules of contract law and particular rules for those contracts which are the most important for the functioning of a unified European market. The paper analyses the reasons for suggesting such measures, the basic characteristics and purpose, possible ways of application, potential content and structure, its relation to other Acts and measures of community law, and, in particular, the possible constitutional law basis for the bringing in of such an act of Community law.

FIDIC contracts: analysis of the impact of general and particular conditions on the financial risk management in Romanian infrastructure projects

Directory of Open Access Journals (Sweden)

Constanţa-Nicoleta Bodea

2016-12-01

Full Text Available Construction projects are characterized by risks and uncertainties mainly due to technical and economic complexity. Risk management is an important tool in making decisions involving the identification and reduction, avoidance or transfer risk and uncertainties consequences of events that occurs during project implementation. For this reason, the objective of the contract between the beneficiary and the contractor is the allocation of risk. The distribution of risk in contracts for the execution of construction works was and is an ongoing challenge faced by parties having a significant impact on the type of contract is used. On the one hand, the beneficiaries tend to transfer to the contractors as many of the project risks and uncertainties, on the other hand, the contractors look to exploit any weakness contract, so as to reduce their impact on the expected profit. One of the most important risks assumed by the contractor by signing the contract which is also increasingly common in the current economic situation is the reduced financial capacity to support the project. A purely legal or purely technical interpretation is not meant to describe the complexity of issues related to implementation of construction projects. For this reason the authors have adopted a multi-disciplinary approach, which includes the legal issues related to the nature of the contract, but also the financial and technical aspects of construction projects. The paper aims to analyze how special contract clauses can influence the implementation of construction projects and in particular the financial management of contractors. The authors propose a model for analyzing the impact of FIDIC contract conditions applied on a case study of five transport infrastructure projects.

FBIH financial market segmentation on the basis of image factors

Directory of Open Access Journals (Sweden)

Arnela Bevanda

2008-12-01

Full Text Available The aim of the study is to recognize, single out and define market segments useful for future marketing strategies, using certain statistical techniques on the basis of influence of various image factors of financial institutions. The survey included a total of 500 interviewees: 250 bank clients and 250 clients of insurance companies. Starting from the problem area and research goal, the following hypothesis has been formulated: Basic preferences of clients in regard of image factors while selecting financial institutions are different enough to be used as such for differentiating significant market segments of clients. Two segments have been singled out by cluster analysis and named, respectively, traditionalists and visualists. Results of the research confirmed the established hypothesis and pointed to the fact that managers in the financial institutions of the Federation of Bosnia and Herzegovina (FBIH must undertake certain corrective actions, especially when planning and implementing communication strategies, if they wish to maintain their competitiveness in serving both selected segments.

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an ...

Nova Scotia electricity market : frameworks for renewable energy contracting and cogeneration contracting : discussion document

International Nuclear Information System (INIS)

2006-01-01

The recent Electricity Marketplace Governance Committee of Nova Scotia report issued a number of recommendations regarding renewable and cogeneration sales to retail consumers, as well as recommendations for top-up, spill rates and back-up rates to complement the operation of independent generating facilities. This discussion paper examined issues which need to be addressed in order to implement the recommendations. The discussion paper also included recommendations relating to the purchase of cogeneration output by the Nova Scotia Power Inc. (NSPI) under long term power purchase agreements. The aim of the paper was to provide a basis for the further discussion of issues in preparation for the development of future rules and regulations. The first part of the document identified ways for buyers and sellers to arrange contracts, as well as issues that need to be addressed at the institutional level to enable arrangements. Options for financial contracts and physical contracts were reviewed.The second part of the document examined pricing issues in the context of both financial and physical contract arrangements. Resolutions for both sets of options were proposed. Energy pricing principles were reviewed, as well as various pricing options and issues related to the analysis of price requirements. It was concluded that in order to support the safe, reliable and economic supply of electricity, the design of the electricity market should enable maximum flexibility in contractual arrangements and facilitate competition in ways that do not harm other parties

SOME ASPECTS OF METHODOLOGICAL BASIS OF BANK’S FINANCIAL SECURITY MODELING

Directory of Open Access Journals (Sweden)

Z. Vasylchenko

2013-05-01

Full Text Available Developed methodical approaches for assessing financial safety of bank. Proposed by authors theoretical concept of integral bank’s financial security index has in its basis indicators of capital sufficiency, capital growth, liquidity and return on assets. Bringing together all the mentioned values is appropriate to do using the reliability function. As an input data for setting this function serve expert evaluations regarding the stability of the object that is under consideration. It was found out, that typically system of expert evaluations has couple of features (advantages, which don’t exclude and also don’t complement each other. These features authors consider by separating them as compensational, non-compensational and partly compensational advantages. It was proved, that in banking it is extremely important itself the realistic setup of the ratio between partial and integral indicators, which are partly inherent to-compensational advantage. Proved that the developed approaches for assessing strategic decisions on financial safety of bank are based on three-level index system: bank’s primary accounting figures; aggregate of special generalized figures which consolidate information on management decisions made in bank to the most possible extent; integral indices of financial safety of bank.

Financial markets and interest rate

Directory of Open Access Journals (Sweden)

Dudić Zdenka

2012-01-01

Full Text Available The paper 'Financial Markets and Interest Rate' originated from the thesis paper. This topic is very interesting and more and more present in the recent few years. Various changes in the market, increased competition, the development of information technologies, application of innovations, all these contribute to the rapid expansion of scope and use of financial derivatives. Therefore, under these influences, oscillations in various markets are present on a daily basis, so that the vast expansion of financial contracts is present, which is mainly related to interest rates. What are the world's best-known stock markets? What are the instruments most actively traded on stock exchanges? The words LIBOR and BBA LIBOR are frequently heard in today's media. What is LIBOR? What is BBA LIBOR? How and when is it determined? Where is LIBOR used?.

75 FR 24599 - Order Finding That the ICE Dominion-South Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-05

..., industrial gases, pharmaceutical, aluminum and brewing.'' WGCEF describes itself as ``a diverse group of... parties.\\7\\ Comments were received from the Industrial Energy Consumers of America (``IECA''), Working... Energy Regulatory Commission (``FERC''), Natural Gas Suppliers Association (``NGSA'') and Financial...

A preliminary assessment of financial stability, efficiency, health systems and health outcomes using performance-based contracts in Belize.

Science.gov (United States)

Bowser, Diana M; Figueroa, Ramon; Natiq, Laila; Okunogbe, Adeyemi

2013-01-01

Over the last 10 years, Belize has implemented a National Health Insurance (NHI) program that uses performance-based contracts with both public and private facilities to improve financial sustainability, efficiency and service provision. Data were collected at the facility, district and national levels in order to assess trends in financial sustainability, efficiency payments, year-end bonuses and health system and health outcomes. A difference-in-difference approach was used to assess the difference in technical efficiency between private and public facilities. The results show that per capita spending on services provided by the NHI program has decreased over the period 2006-2009 from BZ$177 to BZ$136. The private sector has achieved higher levels of technical efficiency, but lower percentages of efficiency and year-end bonus payments. Districts with contracts through the NHI program showed greater improvements in facility births, nurse density, reducing maternal mortality, diabetes deaths and morbidity from bronchitis, emphysema and asthma than districts without contracts over the period 2006-2010. This preliminary assessment of Belize's pay-for-performance system provides some positive results, however further research is needed to use the lessons learned from Belize to implement similar reforms in other systems.

R and D contract management systems in the USA (Attachment); Beikoku ni okeru R and D contract kanri system (tenpu shiryohen)

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-02-01

Presented herein is the attachment for 'R and D contract management systems in the USA'. The major contents include regulations governing the R and D contracts, procedures for the R and D contracts, financial procedures for the R and D contracts, procedures for the alternative R and D contracts, financial management of the R and D contracts, and activities for the management of the contract processes by electronic systems. (NEDO)

R and D contract management systems in the USA (Attachment); Beikoku ni okeru R and D contract kanri system (tenpu shiryohen)

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-02-01

Presented herein is the attachment for 'R and D contract management systems in the USA'. The major contents include regulations governing the R and D contracts, procedures for the R and D contracts, financial procedures for the R and D contracts, procedures for the alternative R and D contracts, financial management of the R and D contracts, and activities for the management of the contract processes by electronic systems. (NEDO)

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

The authors study the empirical relationship between banking crises and financial liberalization using a panel of data for 53 countries for 1980-95. They find that banking crises are more likely to occur in liberalized financial systems. But financial liberalization's impact on a fragile banking sector is weaker where the institutional environment is strong--especially where there is respect for the rule of law, a low level of corruption, and good contract enforcement. They examine evidence o...

Statistics of financial markets an introduction

CERN Document Server

Franke, Jürgen; Hafner, Christian Matthias

2015-01-01

Now in its fourth edition, this book offers a detailed yet concise introduction to the growing field of statistical applications in finance. The reader will learn the basic methods of evaluating option contracts, analyzing financial time series, selecting portfolios and managing risks based on realistic assumptions about market behavior. The focus is both on the fundamentals of mathematical finance and financial time series analysis, and on applications to given problems concerning financial markets, thus making the book the ideal basis for lectures, seminars and crash courses on the topic. For this new edition the book has been updated and extensively revised and now includes several new aspects, e.g. new chapters on long memory models, copulae and CDO valuation. Practical exercises with solutions have also been added. Both R and Matlab Code, together with the data, can be downloaded from the book’s product page and www.quantlet.de

Financial Management: Reopening of Contracts in the Mechanization of Contract Administration Services System

National Research Council Canada - National Science Library

Granetto, Paul

2003-01-01

.... In anticipation of transitioning to the new contract payment system, the Defense Finance and Accounting Service and the Defense Contract Management Agency were attempting to close out as many contracts as possible...

48 CFR 1845.7209-4 - Financial reports.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Financial reports. 1845... ADMINISTRATION CONTRACT MANAGEMENT GOVERNMENT PROPERTY Contract Property Management 1845.7209-4 Financial reports. The property administrator is responsible for obtaining financial reports as prescribed in 1845.505-14...

The effect of financial constraints, technological progress and long-term contracts on tradable green certificates

International Nuclear Information System (INIS)

Agnolucci, Paolo

2007-01-01

Tradable green certificates (TGCs) have recently become a diffuse instrument to support renewable electricity in OECD countries. Although it is perhaps too early to draw a conclusive judgement on the effectiveness of this instrument in increasing renewable capacity and decreasing the price of certificates, one view in the literature maintains that long-term contracts are of particular importance for TGCs to be effective. This paper contributes to this debate by analysing how financial constraints and technological progress can induce investors to hold pessimistic expectations of their ability to sell green certificates and still make a profit. Clearly, these expectations will prevent investors from building new capacity to fulfil the quota comprised in TGCs and will keep the price of certificates traded in the market high. As this kind of expectation is not influenced by most design features of TGCs, one can conclude that long-term contracts are particularly important in determining the effectiveness and cost-effectiveness of these instruments. Some attention should therefore be paid to the features of the TGCs, which induce obliged parties to offer long-term contracts to renewable generators. (author)

Integrating Physical Actions and Financial Instruments to Manage Environmental Financial Risk

Science.gov (United States)

Foster, B.

2016-12-01

Exposure to extreme weather events can be reduced through physical actions (e.g., dams/reservoirs) or mitigated financially (e.g., insurance). Often physical actions involve investments in expensive infrastructure that reduce exposure, but whose benefits are only occasionally realized. Financial risk management does not reduce the impacts of an event, but rather redistributes them temporally, albeit at a cost. Nonetheless, these costs are typically much smaller, at least in the short run, than those incurred for physical actions. Financial strategies are also more flexible than physical ones in the face of an uncertain future. Financial contracts specifically designed to manage extreme environmental risks are becoming more common and can either replace or complement infrastructural investments as part of a risk management portfolio. In order to make optimal decisions as to the relative levels of physical and financial risk mitigation to employ, it is necessary to understand the relative merits of each strategy. This research develops a method for analyzing tradeoffs between physical and financial risk management strategies. We identify the unique cost and benefit properties of each strategy and integrate them into a single model that details the tradeoffs involved in various portfolios of physical and financial strategies. These methods are then applied to evaluate decisions to pursue emergency dredging during drought on the Mississippi River, which is used to mitigate the increased costs and/or reduced revenues barge operators face when water levels are low. Currently the U.S. Army Corps of Engineers funds most emergency dredging operations during major droughts and they are considering more intensive strategies for future droughts. Barge carriers and shippers though could manage at least some portion of their financial risks through a series of existing and experimental financial contracts. This work involves the formulation of these experimental contracts and

Financial Policies and the Prevention of Financial Crises in Emerging Market Economies

OpenAIRE

Mishkin, Frederic S.

2001-01-01

The author defines a financial crisis as a disruption in financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities. As financial markets become unable to function efficiently, economic activity sharply contracts. Factors that promote ...

THEORETICAL BASIS FOR RESEARCH OF QUALITY OF ACCOUNTING INSTITUTIONS IN THE ACCOUNTING (FINANCIAL REPORTS

Directory of Open Access Journals (Sweden)

Horbach Tatiana

2018-01-01

Full Text Available Introduction. The main goal of changing accounting systems in different countries today is improving the quality of accounting information and achieving a high level of user confidence in accounting (financial reporting. However, the diversity of user needs is not the main reason why the problem of improving the quality of accounting and reporting data remains relevant. Purpose. Development of separate provisions of the theory of accounting in terms of ensuring high quality of accounting (financial reporting and development of practical recommendations for the assessment of the quality of the process of formation of accounting (financial reporting. Results. The article discloses the features of informational content of accounting (financial reporting in modern conditions. The comprehensive model of accounting information specifies the substantive content of the concept, the methodical approach to the assessment of the quality of accounting (financial reporting, taking into account the peculiarities of the organizational design of the quality management process for reporting and the peculiarities of the operation of the accounting and analytical system of the enterprise. The main identified problem areas are the formation of qualitative accounting (financial reporting. It is shown that the qualitative characteristics of accounting information and accounting (financial reporting can not be only within the framework of the work of the accounting system, but also must be lead by a set of factors that determine the end-user characteristics of accounting information. Conclusions. The internal content and essence of the abstract category “quality” are considered in detail, and it is demonstrated, as in the concretization of the subject, the conceptual design “quality of accounting (financial reporting” can be introduced. On the basis of the studies of Ukrainian and foreign scholars, eight areas are identified, which identify the main issues of

MODERNIZATION, OPTIMIZATION PROCESS OF REGULATION OF THE LEGAL FRAMEWORK AS A BASIS FOR THE DEVELOPMENT OF THE FINANCIAL SUSTAINABILITY OF MUNICIPALITIES

Directory of Open Access Journals (Sweden)

Elena B. Krylova

2015-01-01

Full Text Available The article highlights the problems associated with the maintenance of financial stability of municipalities. The process of improving the regulatory framework in the public sector of the economy, ensuring the development of economic entities of financial relations at the municipal level, and contributing to the achievement of financial sustainability of municipalities. We consider a number of theses that constitute the theoretical basis of the financial sustainability of municipalities. 

Adding Concurrency to Smart Contracts

OpenAIRE

Dickerson, Thomas; Gazzillo, Paul; Herlihy, Maurice; Koskinen, Eric

2017-01-01

Modern cryptocurrency systems, such as Ethereum, permit complex financial transactions through scripts called smart contracts. These smart contracts are executed many, many times, always without real concurrency. First, all smart contracts are serially executed by miners before appending them to the blockchain. Later, those contracts are serially re-executed by validators to verify that the smart contracts were executed correctly by miners. Serial execution limits system throughput and fails ...

Integer-valued Lévy processes and low latency financial econometrics

DEFF Research Database (Denmark)

Barndorff-Nielsen, Ole; Pollard, David G.; Shephard, Neil

Motivated by features of low latency data in financial econometrics we study in detail integervalued Lévy processes as the basis of price processes for high frequency econometrics. We propose using models built out of the difference of two subordinators. We apply these models in practice to low...... latency data for a variety of different types of futures contracts.futures markets, high frequency econometrics, low latency data, negative binomial, Skellam, tempered stable...

75 FR 24626 - Order Finding That the TETCO-M3 Financial Basis Contract Traded on the IntercontinentalExchange...

Science.gov (United States)

2010-05-05

...\\ The TMT contract prices trading activity at the M3 zone of TETCO's pipeline. The M3 zone is defined as... zone is a major trading center for natural gas in the United States and, as noted, ICE sells price... time to hedge against adverse price movements. As noted above, the M3 zone is a significant trading...

Contract Hog Production: A Case Study of Financial Arrangements

OpenAIRE

Ross, Brent; Barry, Peter

2005-01-01

A case study is presented about the financing arrangements, contract terms, and business relationships of a set of contract hog producers whose loans from community banks have been guaranteed by the Illinois Farm Development Authority. The results reflect the maturity and stability of contract hog production, although agribusiness and farmer integrators largely fill different market niches and contract with different types of producers.

Development of new auxiliary basis functions of the Karlsruhe segmented contracted basis sets including diffuse basis functions (def2-SVPD, def2-TZVPPD, and def2-QVPPD) for RI-MP2 and RI-CC calculations.

Science.gov (United States)

Hellweg, Arnim; Rappoport, Dmitrij

2015-01-14

We report optimized auxiliary basis sets for use with the Karlsruhe segmented contracted basis sets including moderately diffuse basis functions (Rappoport and Furche, J. Chem. Phys., 2010, 133, 134105) in resolution-of-the-identity (RI) post-self-consistent field (post-SCF) computations for the elements H-Rn (except lanthanides). The errors of the RI approximation using optimized auxiliary basis sets are analyzed on a comprehensive test set of molecules containing the most common oxidation states of each element and do not exceed those of the corresponding unaugmented basis sets. During these studies an unsatisfying performance of the def2-SVP and def2-QZVPP auxiliary basis sets for Barium was found and improved sets are provided. We establish the versatility of the def2-SVPD, def2-TZVPPD, and def2-QZVPPD basis sets for RI-MP2 and RI-CC (coupled-cluster) energy and property calculations. The influence of diffuse basis functions on correlation energy, basis set superposition error, atomic electron affinity, dipole moments, and computational timings is evaluated at different levels of theory using benchmark sets and showcase examples.

48 CFR 31.205-20 - Interest and other financial costs.

Science.gov (United States)

2010-10-01

... financial costs. 31.205-20 Section 31.205-20 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 31.205-20 Interest and other financial costs. Interest on borrowings (however represented), bond...

The neural basis of financial risk taking.

Science.gov (United States)

Kuhnen, Camelia M; Knutson, Brian

2005-09-01

Investors systematically deviate from rationality when making financial decisions, yet the mechanisms responsible for these deviations have not been identified. Using event-related fMRI, we examined whether anticipatory neural activity would predict optimal and suboptimal choices in a financial decision-making task. We characterized two types of deviations from the optimal investment strategy of a rational risk-neutral agent as risk-seeking mistakes and risk-aversion mistakes. Nucleus accumbens activation preceded risky choices as well as risk-seeking mistakes, while anterior insula activation preceded riskless choices as well as risk-aversion mistakes. These findings suggest that distinct neural circuits linked to anticipatory affect promote different types of financial choices and indicate that excessive activation of these circuits may lead to investing mistakes. Thus, consideration of anticipatory neural mechanisms may add predictive power to the rational actor model of economic decision making.

corporate social responsibility and psychological contract

African Journals Online (AJOL)

Global Journal

2017-07-04

Jul 4, 2017 ... KEYWORDS: Corporate social responsibilities, Psychological contract, Nigeria, Niger delta, ... The concept of Corporate Social ... CSR initiatives rather than mere financial ..... fundamental idea in such a contract (PC) is the.

Reciprocity as a Foundation of Financial Economics.

Science.gov (United States)

Johnson, Timothy C

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept 'reciprocity'. The argument is based on identifying an equivalence between the contemporary, and ostensibly 'value neutral', Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice.

48 CFR 342.7001 - Contract monitoring responsibilities.

Science.gov (United States)

2010-10-01

... administration. The Contracting Officer shall ensure that these individuals understand and carry out their... contracts. This is important for awards to new organizations or those with financial weaknesses. (d) The... include a statement of corrective actions that the Contracting Officer is taking. ...

The Trade-off between Liquidity and Precision of Position in Option Contracts

DEFF Research Database (Denmark)

Koch, Alexander; Lazarov, Zdravetz

2007-01-01

More liquid financial contracts are claimed to draw trading volume from contracts for which they are close substitutes. We provide the first analysis of how trading volume across existing financial contracts is affected by changes in the factors that govern the degree to which they are substitutes...

Contract Farming: Conceptual Framework and Indian Panorama

Directory of Open Access Journals (Sweden)

Amit Kumar Chakrabarty

2015-01-01

Full Text Available This paper deals with conceptual framework of contract farming and portrays Indian scenario especially after announcement of National Agricultural Policy (2000 which encouraged private participation through contract farming. The conception of contract farming is not new in India, but it gets momentum in the era of agricultural globalization, as an alternative method of farming. The study reveals that while contract farming can be effective in introducing new technologies and providing external inputs to farmers, danger lies in firms extending technologies that bring financial benefits in the short-term but result in negative long-term health and environmental impacts. Contract farming is not appropriate for all types of crops. To have a significant poverty impact, crops produced under contract farming should be labour-intensive rather than input-intensive and should be appropriate for production on small plots of land. Since the contracting company is financially stronger than individual farmers, the terms of the contract may go against the farmers. Herein the government will have to come forward.

Sources of Financial Sociability

DEFF Research Database (Denmark)

Thompson, Grahame

2011-01-01

This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each of ...

48 CFR 828.106-72 - Contract provision.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract provision. 828... GENERAL CONTRACTING REQUIREMENTS BONDS AND INSURANCE Bonds and Other Financial Protections 828.106-72 Contract provision. Insert 852.228-72, Assisting Service-Disabled Veteran-Owned and Veteran-Owned Small...

Protection policy for users of financial services. Conceptual basis

Directory of Open Access Journals (Sweden)

Adrián Zelaia Ulibarri

2011-12-01

Full Text Available The financial crisis has highlighted critical gaps in the protection of financial services users, both as depositors/investors as well as lenders. While the need to protect financial services users has become vital as a result of the financial crisis, lack of political action during the first three years of the crisis has caused certain scepticism. In-depth reflection is urgently needed on how to proceed with the over financing accumulated by families and firms to ensure a progressive reduction of the «systemic» risk in the least drastic manner possible.Received: 28.02.11Accepted: 29.03.11

Six Dimension Strategy As A Basis Of Banking Standard Contract

Directory of Open Access Journals (Sweden)

Wulanmas Frederik

2012-01-01

Full Text Available Indonesia banking based on Article 4 of Act No.10, 1998, aims at supporting the implementation of national development in order to improve equity, economic growth and national stability in the direction of improving people’s welfare. Therefore, to show how important is banking role in supporting the implementation of development, the 6 (six Strategic Dimensions as the foundation of Banking Standards Contract are: (1. Prudent Banking Supervision and Good Corporate Governance (GCG in banking activities, (2. Refunctionalization the principle of Contract Law in Banking Standards Contract, (3. Ethics Value in Business, (4. The Act No. 8, 1999 on Consumer Protection, (5. Enforcement of Human Rights Principles in banking activities, (6. Abuse of Circumstances implementations (Misbruik van Omstandigheden in banking Contract. Based on the 6 (six Strategic Dimension as the foundation of Banking Standard Contract, it will undoubtedly create justice, equity and assurance of the rights and obligations of the parties framed in the contractual and law bonds.

DOD Electronic Commerce (EC)/Electronic Data Interchange (EDI) in contracting report

Science.gov (United States)

1993-12-01

Use of Electronic Commerce (EC)/Electronic Data Interchange (EDI) to support Department of Defense (DoD) procurement processes has been under consideration for some time. A 1988 Deputy Secretary of Defense memo calls for maximum use of EDI, based on 10 years of DoD EDI investigation and experiments. In 1990, Defense Management Review Decision 941 stated, 'The strategic goal of DoD's current efforts is to provide the department with the capability to initiate, conduct, and maintain its external business related transactions and internal logistics, contracting, and financial activities without requiring the use of hard copy media.' The EC in Contracting PAT membership reflected a broad cross section of Military Services and Defense Agencies working on a full-time basis for 60 days. The diversity of the EC in Contracting PAT ensured that the needs and concerns of all DoD components were addressed during the creation of the report. The resultant plan, therefore, represents a comprehensive approach for implementing EC throughout the DoD.

7 CFR 634.40 - Financial management.

Science.gov (United States)

2010-01-01

... 7 Agriculture 6 2010-01-01 2010-01-01 false Financial management. 634.40 Section 634.40..., DEPARTMENT OF AGRICULTURE LONG TERM CONTRACTING RURAL CLEAN WATER PROGRAM Financial Management § 634.40 Financial management. (a)(1) Finance and accounting will be in conformance with Office of Management...

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

The purpose of this study was to evaluate The Financial Checkup program. The program consisted of a booklet called The Financial Checkup and a 1-1 y, hour workshop explaining the booklet. The booklet helps individuals evaluate their financial situation on an annual basis. It includes a net worth statement, an income and expense statement, financial ratios, a revolving savings worksheet, a retirement worksheet, a life insurance worksheet, a financial goals worksheet, and a budget worksheet. Th...

Financial Leasing: Problems and Prospects of Development in Ukraine

Directory of Open Access Journals (Sweden)

Ganna Gridina

2017-09-01

Full Text Available The article highlights the current state of the financial services market, in particular financial leasing, which is a form of intensification of the investment process in Ukraine. The main problems of financial leasing development and prospects of its development in Ukraine are revealed. The shortcomings and advantages of financial leasing and its characteristics are determined. The article assesses the state of the Ukrainian market of leasing services and identifies the main problems of its functioning. An estimation of the development of the number of leasing companies in Ukraine is made. It is established that the number of legal entities - lessors remains almost unchanged, but financial companies that provide financial leasing services are rapidly developing. It is substantiated that financial companies providing financial leasing services as universal institutions provide a wider range of financial services in crisis conditions; it serves as the basis for the growth of their number. In these circumstances, these financial institutions can take over the functions of banks and develop at the expense of a larger portfolio of financial services than in highly specialized institutions. Distribution of concluded financial leasing agreements is characterized by the fact that transport, agriculture and construction were the most significant decrease. The services sector, machine building and metallurgy were almost not influenced of the destructive processes. Extractive industry, in contrast to the rest of the industries, has increased the volumes of financial leasing contracts. In the course of the study, the hypothesis of the substitutability of bank lending by leasing was confirmed, which is confirmed by the growing number of financial companies providing financial leasing services while simultaneously reducing the number of banks.

An editor for the maintenance and use of a bank of contracted Gaussian basis set functions

International Nuclear Information System (INIS)

Taurian, O.E.

1984-01-01

A bank of basis sets to be used in ab-initio calculations has been created. The bases are sets of contracted Gaussian type orbitals to be used as input to any molecular integral package. In this communication we shall describe the organization of the bank and a portable editor program which was designed for its maintenance and use. This program is operated by commands and it may be used to obtain any kind of information about the bases in the bank as well as to produce output to be directly used as input for different integral programs. The editor may also be used to format basis sets in the conventional way utilized in publications, as well as to generate a complete, or partial, manual of the contents of the bank if so desired. (orig.)

A marketing-finance approach linking contracts in agricultural channels to shareholder value

NARCIS (Netherlands)

Pennings, J.M.E.; Wansink, B.; Hoffmann, A.O.I.

2011-01-01

A conceptual marketing-finance framework is proposed which links channel contracting in agriculture and the use of financial facilitating services (e.g., financial derivatives) to (shareholder) value creation. The framework complements existing literature by explicitly including channel contract

Dynamic contracting mechanism for pavement maintenance management

NARCIS (Netherlands)

Demirel, H.C.; De Ridder, H.A.J.

2013-01-01

Technological advances, financial possibilities and changes of demands have increasingly affected the pavement maintenance environment for outsourcing in recent years. This induces complexity in the contracting methods of pavement maintenance activities. Despite the fact that current contracting

48 CFR 828.7103 - Financial protection.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial protection. 828... Contracts 828.7103 Financial protection. (a) A contractor must have and maintain an amount of financial protection to cover liability to third persons and loss of or damage to the contractor's property that meets...

41 CFR 105-72.602 - Financial reporting.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Financial reporting. 105... § 105-72.602 Financial reporting. (a) The following forms or such other forms as may be approved by OMB are authorized for obtaining financial information from recipients. (1) SF-269 or SF-269A, Financial...

Mortgage risks, debt literacy and financial advice

NARCIS (Netherlands)

van Ooijen, Raun; van Rooij, Maarten C.J.

2016-01-01

A limited understanding of mortgage contracts and the risks involved may have contributed to the outbreak of the 2007–2008 financial crisis. We developed a special questionnaire relating mortgage loan decisions to financial knowledge and financial advice. Our results demonstrate that homeowners

Financial fairness and conditional indexation

NARCIS (Netherlands)

Kleinow, T.; Schumacher, J.M.

2017-01-01

Collective pension contracts can generate advantages for their participants by implementing forms of risk sharing. To ensure the continuity of a collective scheme, it has to be monitored whether the contracts offered to participants are financially fair in terms of their market value. When risk

Financial Fairness and Conditional Indexation

NARCIS (Netherlands)

Kleinow, Torsten; Schumacher, Hans

2015-01-01

Collective pension contracts can generate advantages for their participants by implementing forms of risk sharing. To ensure the continuity of a collective scheme, it has to be monitored whether the contracts offered to participants are financially fair in terms of their market value. When risk

The contract - introduction

International Nuclear Information System (INIS)

Loeffler, G.

1975-01-01

The contract is the last and final step of project planning and the first step of project implementation. The contract has to specify in detail and to the point, as concisely as possible, the complete scope of supplies and work, define all technical particulars and requirements, put forward the conditions of legal, regulatory, administrative and financial procedure, prepare for operating and maintenance instructions to be issued after commissioning. In short, the contract is expected to be a reliable instrument during the manufacturing and construction period as well as a guide-book to assist the owner afterwards in the operation and maintenance of the plant. (orig./FW) [de

Financial Crises and Danish Contract Law

DEFF Research Database (Denmark)

Andersen, Mads Bryde; Lookofsky, Joseph

2016-01-01

of these exceptions - e.g. with specific focus on exceptions related to the possible effects of financial crises ("Hardship") - account must also be taken of their interaction in Danish legal theory and practice, not least because Danish courts do not always specify the exact legal principle which they apply when...

The Determinants and Implications of Financial Asset Holdings of Non-Financial Firms in Turkey : An Emprical Investigation

OpenAIRE

Cafer Kaplan; Erdal Ozmen; Cihan Yalcin

2006-01-01

This paper investigates the determinants and financial crowding out consequences of nonfinancial firms’ holdings of financial assets (FA) including government bonds and securities (GS) in Turkey using the firm level data compiled by the Central Bank of the Republic of Turkey over the 1990-2004 period. The salient features of the Turkish financial system with financial dollarisation and short maturity of financial contracts allowed the corporate sector to remain relatively liquid in spite of h...

COMPANY ACTIVITY FINANCIAL RISK

Directory of Open Access Journals (Sweden)

Caruntu Genu Alexandru

2012-12-01

Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

Measuring the Impact of Financial Intermediation: Linking Contract Theory to Econometric Policy Evaluation.

Science.gov (United States)

Townsend, Robert M; Urzua, Sergio S

2009-09-01

We study the impact that financial intermediation can have on productivity through the alleviation of credit constraints in occupation choice and/or an improved allocation of risk, using both static and dynamic structural models as well as reduced form OLS and IV regressions. Our goal in this paper is to bring these two strands of the literature together. Even though, under certain assumptions, IV regressions can recover accurately the true model-generated local average treatment effect, these are quantitatively different, in order of magnitude and even sign, from other policy impact parameters (e.g., ATE and TT). We also show that laying out clearly alternative models can guide the search for instruments. On the other hand adding more margins of decision, i.e., occupation choice and intermediation jointly, or adding more periods with promised utilities as key state variables, as in optimal multi-period contracts, can cause the misinterpretation of IV as the causal effect of interest.

Democratic contract law

NARCIS (Netherlands)

Hesselink, M.W.

2015-01-01

This article discusses the normative relationship between contract law and democracy. In particular, it argues that in order to be legitimate contract law needs to have a democratic basis. Private law is not different in this respect from public law. Thus, the first claim made in this article will

The North Sea contracting industry

International Nuclear Information System (INIS)

Wright, P.J.C.

1996-09-01

The North Sea Contracting Industry provides in-depth profiles of major contracting organisations including manpower, facilities, expertise, future directions and financial details. It addresses key issues such as: how will the role of operators and contractors change toward 2000 and beyond?; how will the contractor-operator relationship develop?; will the contractors take a more speculative role in projects such as leasing and contract to produce?; does the future belong to broad skilled providers or small specialised niche players, or both?; and how will rapid technological improvements affect the industry? (author)

48 CFR 970.5232-7 - Financial management system.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial management... for Management and Operating Contracts 970.5232-7 Financial management system. As prescribed in 970.3270(b)(1), insert the following clause: Financial Management System (DEC 2000) The Contractor shall...

75 FR 23718 - Orders Finding That the Henry Financial Basis Contract, Henry Financial Index Contract and Henry...

Science.gov (United States)

2010-05-04

... exempt commercial market (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), perform a significant price discovery function pursuant to section 2(h)(7) of the CEA... Not Perform a Significant Price Discovery Function AGENCY: Commodity Futures Trading Commission...

Financial Management: Reopening of Contracts in the Mechanization of Contract Administration Services System

National Research Council Canada - National Science Library

Granetto, Paul

2003-01-01

The Defense Finance and Accounting Service planned to replace the payment and entitlement function performed by the Mechanization of Contract Administration Services system with a new or modified system...

Financial risk management of pharmacy benefits.

Science.gov (United States)

Saikami, D

1997-10-01

Financial risk management of pharmacy benefits in integrated health systems is explained. A managed care organization should assume financial risk for pharmacy benefits only if it can manage the risk. Horizontally integrated organizations often do not have much control over the management of drug utilization and costs. Vertically integrated organizations have the greatest ability to manage pharmacy financial risk; virtual integration may also be compatible. Contracts can be established in which the provider is incentivized or placed at partial or full risk. The main concerns that health plans have with respect to pharmacy capitation are formulary management and the question of who should receive rebates from manufacturers. The components needed to managed pharmacy financial risk depend on the type of contract negotiated. Health-system pharmacists are uniquely positioned to take advantage of opportunities opening up through pharmacy risk contracting. Functions most organizations must provide when assuming pharmacy financial risk can be divided into internal and external categories. Internally performed functions include formulary management, clinical pharmacy services and utilization management, and utilization reports for physicians. Functions that can be outsourced include claims processing and administration, provider- and customer support services, and rebates. Organizations that integrate the pharmacy benefit across the health care continuum will be more effective in controlling costs and improving outcomes than organizations that handle this benefit as separate from others. Patient care should not focus on payment mechanisms and unit costs but on developing superior processes and systems that improve health care.

Summary Report on Financial Reporting of Government Property in the Custody of Contractors

National Research Council Canada - National Science Library

1998-01-01

...) over the last 3 fiscal years. Since our review of the Contract Property Management System and the FY 1996 DoD financial statements, financial managers in each Military Department have adjusted the way data from the Contract...

The Financial Service as an Economic Category

Directory of Open Access Journals (Sweden)

Matsuk Zoriana A.

2017-03-01

Full Text Available The article is aimed at: systematization of the existing provisions of research on financial service; allocation of the primary, the secondary, and the auxiliary financial services; analysis of the material basis of financial service and its consideration as the sum total of the high and the low material shares; exploration of the issue of cost of financial services. A definition of financial service as the possibility for implementation of a financial interest of market participant has been suggested. In the composition of financial service, the article allocates the primary service (operation on trade in financial assets, the secondary (service for the benefit of a third party and at his expense, and the auxiliary (service in the sphere of trade in financial assets. The material basis for financial service has been explored, a systematization of financial services by the level of their separation from the material basis has been suggested. Prospect for further research will be consideration of the institutional and infrastructural ensuring the development of financial services in the context of the national economy.

48 CFR 16.103 - Negotiating contract type.

Science.gov (United States)

2010-10-01

... CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Selecting Contract Types 16.103 Negotiating contract... basic profit motive of business enterprise, shall be used when the risk involved is minimal or can be...) Contracts on a firm fixed-price basis other than those for major systems or research and development, and (3...

Compositional specification of commercial contracts

DEFF Research Database (Denmark)

Andersen, Jesper; Elsborg, Ebbe; Henglein, Fritz

2006-01-01

-definable analysis of their state before, during and after execution. We provide several realistic examples of commercial contracts and their analyses. A variety of (real) contracts can be expressed in such a fashion as to support their integration, management and analysis in an operational environment......We present a declarative language for compositional specification of contracts governing the exchange of resources. It extends Eber and Peyton Jones’s declarative language for specifying financial contracts (Jones et al. in The Fun of Programming. 2003) to the exchange of money, goods and services...... amongst multiple parties and complements McCarthy’s Resources, Events and Agents (REA) accounting model (McCarthy in Account Rev. LVII(3), 554–578, 1982) with a view- independent formal contract model that supports definition of user-defined contracts, automatic monitoring under execution and user...

42 CFR 417.470 - Basis and scope.

Science.gov (United States)

2010-10-01

...) MEDICARE PROGRAM HEALTH MAINTENANCE ORGANIZATIONS, COMPETITIVE MEDICAL PLANS, AND HEALTH CARE PREPAYMENT PLANS Medicare Contract Requirements § 417.470 Basis and scope. (a) Basis. This subpart implements those... section 1876(c), (g), (h), and (i) of the Act that pertain to the contract between CMS and an HMO or CMP...

Publication Of Administrative Circulars: No. 4 (Rev. 4) – Unemployment Insurance Scheme No. 30 (Rev. 2) – Financial Benefits on Taking Up Appointment and on Termination of Contract

CERN Multimedia

HR Department

2008-01-01

Administrative Circular No. 4 (Rev. 4) – Unemployment insurance scheme Administrative Circular No. 4 (Rev. 4) – "Unemployment insurance scheme", approved following discussion in the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources Department. It cancels and replaces Administrative Circular No. 4 (Rev. 3) – "Unemployment insurance" of October 1993. Copies will shortly be available in Departmental secretariats. Human Resources Department Tel. 78003 Administrative Circular No. 30 (Rev. 2) – Financial benefits on taking up appointment and termination of contract Administrative Circular No. 30 (Rev. 2) – "Financial benefits on taking up appointment and termination of contract", approved following discussion in the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources De...

Publication Of Administrative Circulars: No. 4 (Rev. 4) – Unemployment Insurance Scheme No. 30 (Rev. 2) – Financial Benefits on Taking Up Appointment and on Termination of Contract

CERN Document Server

HR Department

2008-01-01

Administrative Circular No. 4 (Rev. 4) – Unemployment insurance scheme Administrative Circular No. 4 (Rev. 4) – "Unemployment insurance scheme", approved following discussion at the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources Department. It cancels and replaces Administrative Circular No. 4 (Rev. 3) – "Unemployment insurance" of October 1993. Copies will shortly be available in Departmental secretariats. Human Resources Department Tel. 78003 Administrative Circular No. 30 (Rev. 2) – Financial benefits on taking up appointment and termination of contract Administrative Circular No. 30 (Rev. 2) – "Financial benefits on taking up appointment and termination of contract", approved following discussion at the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources De...

Financial Statements

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

users make on the basis of the financial information. .... IDRC's brand and reputation could impact partner- .... building and to provide internal services in support of the ...... maintains books of accounts, information systems, and financial and management controls that .... The significant accounting policies of the Centre are: a.

23 CFR 635.125 - Termination of contract.

Science.gov (United States)

2010-04-01

... CONSTRUCTION AND MAINTENANCE Contract Procedures § 635.125 Termination of contract. (a) All contracts exceeding... 23 Highways 1 2010-04-01 2010-04-01 false Termination of contract. 635.125 Section 635.125... the termination will be effected and the basis for settlement. In addition, such contracts shall...

Department of Defense Agency Financial Report for Fiscal Year 2012. Financial Section

Science.gov (United States)

2012-01-01

material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. 3 A control deficiency...military equipment increases the risk that the financial statements are materially misstated . Government Property in Possession of Contractors SFF AS...to prevent or detect misstatements on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, adversely affecting

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Directory of Open Access Journals (Sweden)

Xixiong Xu

2016-06-01

Full Text Available Based on signaling and gender discrimination theory, we examine whether chief financial officer (CFO gender matters to bank–firm relationships and the designing of collateral clauses in bank loan contracting, and explore the potential path of influence. Data taken from Chinese listed companies between 2009 and 2012 indicate that (1 female-CFO-led firms are less likely to obtain credit loans than male-CFO-led firms; (2 female-CFO-led borrowers are more likely to be required to provide collateral for loans than male-CFO-led borrowers; and (3 banks are more inclined to claim mortgaging collateral when lending to female-CFO-led firms and prefer to guarantee collateral when lending to male-CFO-led firms. Female-CFO-led borrowers seem to be granted more unfavorable loan terms than male-CFO-led borrowers, supporting the hypothesis that female CFOs experience credit discrimination. Further analysis reveals that regional financial development helps to alleviate lending discrimination against female CFOs. Furthermore, female CFOs in SOEs are less likely than their non-SOE counterparts to experience gender discrimination in the credit market.

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Institute of Scientific and Technical Information of China (English)

Xixiong; Xu; Yaoqin; Li; Mengmeng; Chang

2016-01-01

Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing of collateral clauses in bank loan contracting, and explore the potential path of influence. Data taken from Chinese listed companies between2009 and 2012 indicate that(1) female-CFO-led firms are less likely to obtain credit loans than male-CFO-led firms;(2) female-CFO-led borrowers are more likely to be required to provide collateral for loans than male-CFO-led borrowers; and(3) banks are more inclined to claim mortgaging collateral when lending to female-CFO-led firms and prefer to guarantee collateral when lending to male-CFO-led firms. Female-CFO-led borrowers seem to be granted more unfavorable loan terms than male-CFO-led borrowers, supporting the hypothesis that female CFOs experience credit discrimination. Further analysis reveals that regional financial development helps to alleviate lending discrimination against female CFOs. Furthermore, female CFOs in SOEs are less likely than their non-SOE counterparts to experience gender discrimination in the credit market.

Option pricing: a flexible tool to disseminate shared savings contracts.

Science.gov (United States)

Friedberg, Mark W; Buendia, Anthony M; Lauderdale, Katherine E; Hussey, Peter S

2013-08-01

Due to volatility in healthcare costs, shared savings contracts can create systematic financial losses for payers, especially when contracting with smaller providers. To improve the business case for shared savings, we calculated the prices of financial options that payers can "sell" to providers to offset these losses. Using 2009 to 2010 member-level total cost of care data from a large commercial health plan, we calculated option prices by applying a bootstrap simulation procedure. We repeated these simulations for providers of sizes ranging from 500 to 60,000 patients and for shared savings contracts with and without key design features (minimum savings thresholds,bonus caps, cost outlier truncation, and downside risk) and under assumptions of zero, 1%, and 2% real cost reductions due to the shared savings contracts. Assuming no real cost reduction and a 50% shared savings rate, per patient option prices ranged from $225 (3.1% of overall costs) for 500-patient providers to $23 (0.3%) for 60,000-patient providers. Introducing minimum savings thresholds, bonus caps, cost outlier truncation, and downside risk reduced these option prices. Option prices were highly sensitive to the magnitude of real cost reductions. If shared savings contracts cause 2% reductions in total costs, option prices fall to zero for all but the smallest providers. Calculating the prices of financial options that protect payers and providers from downside risk can inject flexibility into shared savings contracts, extend such contracts to smaller providers, and clarify the tradeoffs between different contract designs, potentially speeding the dissemination of shared savings.

25 CFR 163.42 - Obligated service and breach of contract.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Obligated service and breach of contract. 163.42 Section... breach of contract. (a) Obligated service. (1) Individuals completing forestry education programs with an... request for waiver. (b) Breach of contract. Any individual who has participated in and accepted financial...

41 CFR 105-71.120 - Standards for financial management systems.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...

"Financial Emergency" and the Faculty Furlough: A Breach of Contract.

Science.gov (United States)

Richards, Mary Sanders

1984-01-01

The power of the university to breach faculty contracts in order to meet its temporary cash-flow problems and the rights of faculty when this breach occurs are discussed. To avoid litigation, a university must have established internal guidelines which can be incorporated into an employment contract. (MLW)

On a Roll: Term Contracts at Curry College.

Science.gov (United States)

Hill, John E.

1985-01-01

The faculty of Curry College in 1974 voted unanimously to replace tenure with a type of term contract. Faculty perceptions of the good and bad aspects of the term contract system are presented. Academic freedom, job security, motivation, promotion criteria, and financial benefits are discussed. (MLW)

Weathering the financial storm

DEFF Research Database (Denmark)

Ólafsson, Tjörvi; Pétursson, Thórarinn G.

2011-01-01

The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly. In this ......The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly...... pegs outside EMU were hit particularly hard, while inflation targeting seemed to mitigate the crisis. Finally, we find some evidence suggesting a role for international real linkages and institutional credibility. Our key results are robust to various alterations in the empirical setup and we are able...

48 CFR 432.007 - Contract financing payments.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING 432.007 Contract financing payments. The HCA may prescribe, on a case-by-case basis, a shorter period for financing payments. [61 FR 53646, Oct. 15, 1996. Redesignated...

The Interim Financial Statements: The Case of Greece

OpenAIRE

Rogdaki, E.I.; Kazantzis, Ch.

1999-01-01

The following paper refers to the accounting and auditing issues which emerge in the preparation of the interim financial statements of the companies: Firstly, the interim financial statements are defined as being the financial statements that provide useful information about the financial position and the financial results of a company which are realized and accrued during the fiscal year. The interim financial statements can be prepared on a monthly basis, on a quarterly basis or covering a...

7 CFR 1780.75 - Contract provisions.

Science.gov (United States)

2010-01-01

... AGRICULTURE (CONTINUED) WATER AND WASTE LOANS AND GRANTS Planning, Designing, Bidding, Contracting... including the manner by which it will be effected and the basis for settlement. In addition, such contracts...

Household financial behavior

NARCIS (Netherlands)

Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

2016-01-01

Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial

Reading and understanding financial statements.

Science.gov (United States)

White, Joseph P

2005-01-01

Feeling comfortable reading and understanding financial statements is critical to the success of healthcare executives and physicians involved in management. Businesses use three primary financial statements: a balance sheet represents the equation, Assets = Liabilities + Equity; an income statement represents the equation, Revenues - Expenses = Net Income; a statement of cash flows reports all sources and uses of cash during the represented period. The balance sheet expresses financial indicators at one particular moment in time, whereas the income statement and the statement of cash flows show activity that occurred over a stretch of time. Additional information is disclosed in attached footnotes and other supplementary materials. There are two ways to prepare financial statements. Cash-basis accounting recognizes revenue when it is received and expenses when they are paid. Accrual-basis accounting recognizes revenue when it is earned and expenses when they are incurred. Although cash-basis is acceptable, periodically using the accrual method reveals important information about receivables and liabilities that could otherwise remain hidden. Become more engaged with your financial statements by spending time reading them, tracking key performance indicators, and asking accountants and financial advisors questions. This will help you better understand your business and build a successful future.

Preferences, behaviour and the design of financial contracts

DEFF Research Database (Denmark)

Nordfang, Maj-Britt

of insurance customers may lower the premiums of the high-risk customers without aecting the premium level of the low-risk customers when a solvency capital requirement is imposed. The papers highlight how the risk preferences of individual consumers relate to the design of nancial contracts and the regulation......Today's insurance and nancial markets are characterized by and ever increasing complexity and product choice. How do we assist individual household consumers in making informed choices about their nancial positions in these markets? This thesis consists of ve separate research papers that are all...... in some way concerned with the design and regulation of nancial contracts in relation to consumer preferences under uncertainty. First, the design of mortgage products in relation to consumer preferences in a market with a stochastic interest rate is examined. We derive the (extreme) characteristics...

Saving clauses in international contracts concerning the nuclear fuel cycle

International Nuclear Information System (INIS)

Virole, J.; Roubin, J.

1983-01-01

This paper concerns saving clauses in international contracts relating to the fuel cycle. It deals in particular with economic upheavals affecting those contracts and the usual clauses to protect the financial interests of the co-contractors. The paper also examines such economic upheavals in the context of clauses intended to preserve the contracts. (NEA) [fr

41 CFR 105-72.301 - Standards for financial management systems.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... Management § 105-72.301 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate...

FINANCIAL COMUNICATION THROUGH THE FINANCIAL STATEMENTS ACORDING TO THE INTERNATIONAL ACCOUNTING SETTLEMENTS

OpenAIRE

Elena Hlaciuc; Camelia Mihalciuc; Anisoara Apetri

2008-01-01

The major financial statements are designed to provide a picture of theoverall financial position and performance of the business. In order to provide thisoverall picture, the accounting system will normally produce five major financialreports on a regular recurring basis. These financial statements, taken together,provide on overall picture of the financial health of the business. It says that who hasthe information has the power, and the way that it gets from the receiver iscommunication. F...

41 CFR 105-71.141 - Financial reporting.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Financial reporting. 105... GOVERNMENTS 71.14-Post-Award Requirements/Reports, Records, Retention, and Enforcement § 105-71.141 Financial reporting. (a) General. (1) Except as provided in paragraphs (a) (2) and (5) of this section, grantees will...

Contract policy for CERN staff members

CERN Multimedia

HR Department

2009-01-01

Public information meeting on Monday 28 September 2009 at 10.00 a.m. With effect from 1 August 2009, new provisions regarding staff employment contract policy have entered into force. These provisions are set out in: The Staff Rules and Regulations and Administrative Circular No. 2 (Rev. 4). Further details are available in: Frequently Asked Questions. The new provisions are outlined below: Limited-duration contracts From 1 August 2009, limited-duration contracts will be awarded for a maximum period of five years (instead of four years previously) and no extensions beyond five years will be granted. Contracts for periods shorter than five years can be exceptionally awarded, e.g. for a project whose mission or financial resources are time-limited. Indefinite contracts : award procedure A number of changes have been introduced regarding the procedure for the award of indefinite contracts. From now on, posts leading to the award of an indefinite contract will be opened at le...

PRICING AND ASSESSING UNIT-LINKED INSURANCE CONTRACTS WITH INVESTMENT GUARANTEES

Directory of Open Access Journals (Sweden)

Ciumas Cristina

2014-07-01

Full Text Available One of the most interesting life insurance products to have emerged in recent years in the Romanian insurance market has been the unit-linked contract. Unit-linked insurance products are life insurance policies with investment component. A unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholders’ account that represents the present value of the units from the chosen investment funds. Due to the financial instability caused by the Global Crisis and the amplification of market competitiveness, insurers from international markets have started to incorporate guarantees in unit-linked products. So a unit- linked life insurance policy with an asset value guarantee is an insurance policy whose benefit payable on death or at maturity consists of the greater of some guaranteed amount and the value of the units from the investment funds. One of the most challenging issues concerns the pricing of minimum death benefit and maturity benefit guarantees and the establishing of proper reserves for these guarantees. Insurers granting guarantees of this type must estimate the cost and include the cost in the premium. An important component of the activity carried out by the insurance companies is the investment of the premiums paid by policyholders in various types of assets, in order to obtain higher yields than those guaranteed by the insurance contracts, while providing the necessary liquidity for the payment of insurance claims in case of occurrence of the assumed risks. So the guaranteed benefits can be broadly matched or immunized with various types of financial assets, especially with fixed-interest instruments. According to Romanian legislation which regulates the unit-linked life insurance market, unit-linked life insurance contracts pass most of the investment risk to the

Securing financial independence in the legal basis of a central bank

NARCIS (Netherlands)

F. Amtenbrink (Fabian)

2005-01-01

textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be

DCAA Contract Audit Manual. Volume 1, Chapters 1 - 11

Science.gov (United States)

1995-01-01

al costs are not charged to indirect ex- tourism . These arrangements ma be pense pools and allocated to domestic solely between the contractor and the...financially capable of completing the contract. [Notice the negative assurance relative to financial capability.] 2. Smm y of Audit Ret a. In our

THE ECONOMETRICS OF THE FORECASTING OF FINANCIAL RESOURCES, A MAIN COMPONENT OF THE FINANCIAL MANAGEMENT

Directory of Open Access Journals (Sweden)

2009-05-01

Full Text Available The paper intends to emphasise the importance of budget resources forecasting for long periods of time, within thefinancial management. An as accurate as possible forecasting of the volume of financial resources will represent the basis forthe future projections of the expenditure of local communities, as they are regulated by law, knowing that one of the principlesrepresenting the basis of budget making is that of the balanced budget. To the same extent, the volume of the budget liquiditieswill depend on the rigorousness of the design of the volume of financial resources.. Beyond the abstract character of themathematic calculus made by specialists in econometrics, the financial manager is also interested to know the forecastingtechniques so that he/she can draw up the income and expenditure budget, the basis for the implementation of the economicsocialdevelopment strategies of the local communities. The financial management remains a fundamental component of thepublic management through the theoretical-methodological arsenal made available for the loan officer.

Correlation Model between Economic Development and Environmental Performance on the Basis of Non-Financial Reporting

Directory of Open Access Journals (Sweden)

Vladimir Dmitrievich Bogdanov

2016-03-01

Full Text Available The most common international standards for the non-financial reporting are reviewed. The Global Reporting Initiative (GRI is determined as an optimal standard of sustainability reporting for the use in the Russian conditions. The environmental component of guidance on the compilation of G4 non-financial reporting of GRI standard is analyzed, the contribution of each aspect in terms of the overall picture of sustainability is determined. The progress of economic science has outlined the importance of incorporating natural components. Moreover, the value of biological resources would be increased through time, and therefore, the economic development of the company cannot be in isolation. To determine the degree of harmony between the economic development and ecological condition of the territory where the company carries out the economic activities, the application of new approaches and methods is necessary. Based on the statistical methods, a correlation model between economic development and environmental performance is developed to identify their relationship on the basis of non-financial reporting. The developed model of correlation can be used by a wide range of oil and gas companies and its general principles by the companies of different industries. The results may be of interest to stakeholders, also, it can be used for administrative purposes, to serve as a platform for forecasting and adoption of administrative decisions to achieve harmony between economic development and environmental performance. The model of correlation has been tested for the data of non-financial reporting of the Russian largest oil and gas company JSC “Surgutneftegas”. The testing has shown a positive relationship between the two systems of the company’s sustainable development: economy and ecology. This obtained result demonstrates a high level of social responsibility of the company in terms of environmental protection. A further study in this field can

Financial Services Marketing.

Science.gov (United States)

Olson, Lucretia Maria

This manual contains student assignments in the financial services area of the marketing process. The individualized competency-based materials are intended to enhance and supplement instruction or to provide the basis for a course of instruction by the teacher-coordinator. Information on skills needed in jobs in financial marketing is first…

Corrupt Relational Contracting

OpenAIRE

Johann Graf Lambsdorff; Sitki Utku Teksoz

2002-01-01

Because corruption must be hidden from the public and is not enforced by courts it entails transaction costs, which are larger than those from legal exchange. This suggests that corrupt contracts are primarily relational contracts where legal exchange serves as a basis for sealing and enforcing corrupt agreements. Legal exchange not only provides for corrupt opportunities, but for the necessary enforcement mechanisms. Examples of such legal exchange are long-term business exchange, belonging ...

7 CFR 1206.41 - Financial statements.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Financial statements. 1206.41 Section 1206.41... Financial statements. (a) As requested by the Department, the Board shall prepare and submit financial statements to the Department on a periodic basis. Each such financial statement shall include, but not be...

Supply contract and portfolio insurance

Science.gov (United States)

Runsheng Yin; Bob Izlar

2001-01-01

The long-term growth of institutional timberland investments depends on the ability of timberland investment management organizations (TIMO) to deal effectively with securitization, leveraging, arbitraging, supply contracting, portfolio insurance, tax efficiency enhancement, and other issues. Financial engineering holds great promise for many of these issues. This...

Financial Management: Contracts Classified as Unreconcilable by the Defense Finance and Accounting Service Columbus (Contract DAAA09-81-G-2008-0031)

National Research Council Canada - National Science Library

Granetto, Paul J; Kornides, James L; Issel, John K; Knight, Clarence E., III; Frawley, John; Bennett, Karen M

2005-01-01

.... Defense Contract Management Agency (DCMA), Pittsburgh, Pennsylvania, personnel stated that the former Defense Contract Administration Services Region Philadelphia initially paid the contract until the payment function was transferred...

Considerations on Optimal Financial Invest ment into Infrastructural Facilities

Institute of Scientific and Technical Information of China (English)

无

2002-01-01

The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

The Brent Contract for Differences (CFD)

International Nuclear Information System (INIS)

Barrera-Rey, F.; Seymour, A.

1996-01-01

The market for Brent Contracts-for-Differences (CFDs) emerged as early as 1988 but its significant development did not occur until 1992. By financial market standards, however, this span of life is fairly long. Yet the characteristics and role of this oil trading instrument have not been seriously studied. This study aims at filling a gap in research on the Brent market complex which includes spot trades, a 15-day forward and futures contracts, various derivatives and, finally, the less well documented CFD. Chapters 2 and 3 aim to describe and explain the characteristics of the CFD market, in particular the evolution in contract terms and the composition of participants. (UK)

7 CFR 1218.51 - Financial statements.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Financial statements. 1218.51 Section 1218.51... § 1218.51 Financial statements. (a) As requested by the Secretary, the Council shall prepare and submit financial statements to the Secretary on a periodic basis. Each such financial statement shall include, but...

41 CFR 105-72.300 - Purpose of financial and program management.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Purpose of financial and.../Financial and Program Management § 105-72.300 Purpose of financial and program management. Sections 105-72... Property Management Regulations System (Continued) GENERAL SERVICES ADMINISTRATION Regional Offices-General...

Financial constraints and Islamic finance: Lesson learned from external financing perspective

Directory of Open Access Journals (Sweden)

Achmad Tohirin

2016-10-01

Full Text Available This study examines the presence of financial constraints and explores the role of profit-loss sharing (PLS in mitigating the problem of the financial constraints stemmed from the capital market imperfections. Using Malaysian listed companies’ data, this study finds that the financial constraints are present in the capital market. This finding implies the imperfect capital market. In Islamic PLS framework, there are two options of financing contracts that may be enforced in the capital market as financing mechanisms, i.e. al-musharakah and al-mudharabah. These schemes promote sharing of information and mutual trust between financiers and ‘borrowers’. In these contracts, there are strict terms and conditions to be adhered to by both parties so that the contracts pursue to be valid. Besides, PLS mechanism may reduce the cost of capital since the profit and loss are shared rather than be burdened only on one shoulder. In this regard, the imperfect market problems namely asymmetric information, agency problem and transaction cost can be reduced if not be overcome.

THE ACCOUNTING TREATMENT OF THE TOURISM UNIT’S FINANCIAL STATEMENTS IN AGREEMENT WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

OpenAIRE

BOGDAN RĂVAŞ

2011-01-01

Financial statements should be presented on a going-concern basis unless management intends to liquidate the tourism unit or cease trading. If not presented on a going concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the tourism unit's ability to continue as a going concern should be disclosed. The Statement of Financial Position provides information about the financial position of the tou...

Financial Management: Contracts Classified as Unreconcilable by the Defense Finance and Accounting Service Columbus (Contract No. F30602-81-C-0153)

National Research Council Canada - National Science Library

Granetto, Paul J; Kornides, James L; Issel, John K; Knight, Clarence E., III; Bennett, Karen M

2005-01-01

.... The Defense Contract Management Agency (DCMA) office in Orlando, Florida, administered the contract until October 7, 1985, when the responsibility for contract administration was transferred to the DCMA office in Palm Bay, Florida...

MODEL APLIKASI FIKIH MUAMALAH PADA FORMULASI HYBRID CONTRACT

Directory of Open Access Journals (Sweden)

Ali Murtadho

2013-10-01

Full Text Available Modern literatures of fiqh mu’āmalah talk alot about various contract formulation with capability of maximizing profit in shariah finance industry. This new contract modification is the synthesis among existing contracts which is formulated in such a way to be an integrated contract. This formulation is known as a hybrid contract or multicontract (al-'uqūd al-murakkabah. Some of them are, bay' bi thaman 'ājil, Ijārah muntahiyah bi ’l-tamlīk dan mushārakah mutanāqiṣah. This study intends to further describe models of hybrid contract, and explore the shari'ah principles in modern financial institutions. This study found a potential shift from the ideal values of the spirit of shari'ah into the spirit of competition based shari'ah formally.

48 CFR 32.103 - Progress payments under construction contracts.

Science.gov (United States)

2010-10-01

... REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.103... to be withheld shall be made by the contracting officer on a case-by-case basis. Such decisions will... other factors. Upon completion of all contract requirements, retained amounts shall be paid promptly...

A SEQUENTIAL MODEL OF INNOVATION STRATEGY—COMPANY NON-FINANCIAL PERFORMANCE LINKS

Directory of Open Access Journals (Sweden)

Wakhid Slamet Ciptono

2006-05-01

dimensions of innovation strategy (partially mediators to company non-financial performance —productivity or operational reliability. The findings provide empirical evidence extending the previous model of Zahra and Das. These findings also provide a basis for useful recommendations to upstream and downstream SBU managers attempting to implement a sequential model of innovation strategy —company non-financial performance links. This study shows that upstream SBUs rely on external innovation sources. They will acquire innovation policies through business partnership development (such as Joint Operation Body for Enhanced Oil Recovery or JOB-EOR, Joint Operation Body for Production Sharing Contract or JOB-PSC; licensing agreements (Technical Assistance Contract or TAC, Consortium Cooperation System; or acquisition with other firms (Joint Operating Contract or JOC. In contrast, downstream SBUs emphasize on generating internal innovation sources to develop their own in-house R&D efforts. The downstream SBUs should make extensive policies of internal innovation sources in their attempts to control the distribution of oil-based fuel and transmission of natural gas for domestic and international markets effectively. Both policies would enhance understanding and ultimately contribute to the improvement of company financial performance —sales, net profit margin, return on assets.

Financial and Mathematical Model of Payroll for Labour Remuneration of Teaching Staff in the Sphere of Secondary Professional Education

Directory of Open Access Journals (Sweden)

Aleksandr Vladimirovich Dorzhdeev

2015-12-01

Full Text Available The article is devoted to building up a financial and mathematical model and designing the appropriate procedure of forming the quota, directed to the payroll of the vocational education teaching staff under the circumstances of normative-per capita financing. Nowadays the given problem occurred after the implementation of normative-per capita financing system is one of the most urgent and complicated problems. The procedures used in many educational institutions are outdated, based on a totally hourly basis and don’t meet the modern requirements of the educational economics and financial management. The approach, suggested in the article, not only solves many financial problems of educational institutions but also reveals problem areas, unprofitable educational programs, resolves optimization tasks, and proposes the algorithm of making the appropriate managerial decisions. Besides, the article describes the distribution procedure of the teaching staff payroll among structural subdivisions of the vocational educational institutions. In the context of the given model, financing should be implemented in proportion to the part of the structural subdivision in the educational process. This part is determined on the basis of the education financial plan of the current academic year of each educational program in this educational institution. In addition, the part of each structural subdivision is determined as the sum of parts of the respective subjects of the educational plan. The suggested procedure promotes the optimization of managing financial performance of vocational educational institutions, provides the opportunity of implementing individual contracts with the teaching staff, and using a number of other modern approaches to financial management of educational institutions.

48 CFR 32.411 - Agreement for special account at a financial institution.

Science.gov (United States)

2010-10-01

... account at a financial institution. 32.411 Section 32.411 Federal Acquisition Regulations System FEDERAL... Items 32.411 Agreement for special account at a financial institution. The contracting officer must use... Contractor), and ____, a financial institution operating under the laws of ____, located at ____ (the...

What encourages local authorities to engage with energy performance contracting for retrofitting? Evidence from German municipalities

International Nuclear Information System (INIS)

Polzin, Friedemann; Flotow, Paschen von; Nolden, Colin

2016-01-01

Municipalities aiming at mitigating climate change by implementing new energy efficiency technologies face budgetary and capacity constraints. Outsourcing through energy service contracting could provide a solution. This paper reports results from a survey of 1298 municipalities concerning barriers to retrofitting public street lighting and the possible role of energy service contracting to overcome these barriers. Using a logistic regression analysis, the authors investigate determinants of opting for energy service contracts in the specific context of LED retrofits. Results point to an advantage of outsourcing in a financially and capacity-constrained environment, which corresponds with the main reasons for engaging in contracting: minimising investments and financial risks. However, municipalities often do not fully grasp the risks associated with retrofitting especially using a novel technology such as LED. In relation to that they underestimate the risk reduction potential of energy performance contracts (EPC). Previous experience with outsourcing increases the probability to engage in servitization although certain existing partnerships, particularly with utilities, prevent municipalities from considering energy performance contracts. Interestingly, engaging an energy consultant has a negative propensity to use energy service contracts, while pre-negotiated standardised contracts for energy performance contracts have a positive influence. - Highlights: •Barriers to retrofitting can be addressed through energy performance contracts (EPC). •Outsourcing has the potential to alleviate personnel and financial constraints. •Standardised contracts and previous experience with outsourcing facilitate use of EPC. •Engaging energy consultants has a negative influence on the willingness to adopt EPC. •Policy makers could support facilitators and standard contracts to boost EPC market.

Contractual Efficiency of PPP Infrastructure Projects: An Incomplete Contract Model

Directory of Open Access Journals (Sweden)

Lei Shi

2018-01-01

Full Text Available This study analyses the contractual efficiency of public-private partnership (PPP infrastructure projects, with a focus on two financial aspects: the nonrecourse principal and incompleteness of debt contracts. The nonrecourse principal releases the sponsoring companies from the debt contract when the special purpose vehicle (SPV established by the sponsoring companies falls into default. Consequently, all obligations under the debt contract are limited to the liability of the SPV following its default. Because the debt contract is incomplete, a renegotiation of an additional loan between the bank and the SPV might occur to enable project continuation or liquidation, which in turn influences the SPV’s ex ante strategies (moral hazard. Considering these two financial features of PPP infrastructure projects, this study develops an incomplete contract model to investigate how the renegotiation triggers ex ante moral hazard and ex post inefficient liquidation. We derive equilibrium strategies under service fees endogenously determined via bidding and examine the effect of equilibrium strategies on contractual efficiency. Finally, we propose an optimal combination of a performance guarantee, the government’s termination right, and a service fee to improve the contractual efficiency of PPP infrastructure projects.

Optimal Hedging and Pricing of Equity-Linked Life Insurance Contracts in a Discrete-Time Incomplete Market

Directory of Open Access Journals (Sweden)

Norman Josephy

2011-01-01

Full Text Available We present a method of optimal hedging and pricing of equity-linked life insurance products in an incomplete discrete-time financial market. A pure endowment life insurance contract with guarantee is used as an example. The financial market incompleteness is caused by the assumption that the underlying risky asset price ratios are distributed in a compact interval, generalizing the assumptions of multinomial incomplete market models. For a range of initial hedging capitals for the embedded financial option, we numerically solve an optimal hedging problem and determine a risk-return profile of each optimal non-self-financing hedging strategy. The fair price of the insurance contract is determined according to the insurer's risk-return preferences. Illustrative numerical results of testing our algorithm on hypothetical insurance contracts are documented. A discussion and a test of a hedging strategy recalibration technique for long-term contracts are presented.

A Guide to Performance Contracting. A Presentation and Discussion of the Multiple Considerations Regarding Contracted Services in Local Education Agencies.

Science.gov (United States)

Adams, John W.; Kitchak, Karen H.

This report provides a framework for evaluating the use of performance contracts. It serves as a working guide for those who are considering or are committed to performance contracts with public or private organizations. The topics cover (1) the theoretical basis and rationale of performance contracting, (2) the procurement model and the request…

Methods of Financial Risk Management

Directory of Open Access Journals (Sweden)

Korzh Natalia

2016-10-01

Full Text Available The essence and nature of financial risks are investigated. Their classification is conducted. The features of financial risk management and the main methods of management are considered. The ways of risk compensation are identified. It is proved that the objective external risk basis is such market imperfections as externalities of enterprises and incomplete information about the operation of the business environment and internal objective basis risk – the objective function to maximise profits in a competitive environment. It is revealed that to compensate market imperfections business entities should develop a strategy that combines fill in missing information and neutralise or minimise externalities that tactically implemented in financial risk management programs.

IMPACT OF DEREGULATION ON FINANCIAL SECTOR ...

African Journals Online (AJOL)

and the efficiency in the allocation of the society's resources, which were not ... financial system so as to make the system operate on the basis of the market ..... cases, the null hypothesis that financial sector deregulation does not granger .... Financial Sector Development and Growth: Evidence from Malaysia, Brookings.

Marketing Cooperatives and Financial Structure

NARCIS (Netherlands)

Hendrikse, G.W.J.; Veerman, C.P.

1995-01-01

The relationship between the financial structure of marketing cooperatives and the requirement of the domination of control by the members of the cooperative is analysed with an emphasis on incomplete contracts and system complementarities. It is argued that the disappearance of shortage markets in

Futures and forward contract as a route of hedging the risk

Directory of Open Access Journals (Sweden)

Misbahul Islam

2015-10-01

Full Text Available In the present highly uncertain business scenario, the importance of risk management is much greater than ever before. Variations in the prices of agricultural and non-agricultural commodities are induced, over time, by demand-supply dynamics. The last two decades have witnessed many-fold increase in the volume of international trade and business due to the wave of globalization and liberalization sweeping across the world. This has led to rapid and unpredictable variations in financial assets prices, interest rates and exchange rates, and subsequently, to exposing the corporate world to an unwieldy financial risk. As a result, financial markets have experienced rapid variations in interest and exchange rates, stock market prices thus exposing the corporate world to a state of growing financial risk. The emergence of derivatives market is an ingenious feat of financial engineering that provides an effective and less costly solution to the problem of risk that is embedded in the price unpredictability of the underlying asset. Derivatives provide an effective solution to the problem of risk caused by uncertainty and volatility in underlying assets. These are the financial instruments that are linked to a specific financial instrument or indicator or commodity and through which specific risks can be traded in financial markets in their own right. In actual practice there are various different types of derivatives but this paper emphasizes on the two most important types of derivatives i.e. futures and forward contracts. These two are the most commonly used types of derivatives in financial markets. We can hedge the risk of price variations in stocks, bonds, commodities, currencies, interest rates, market indices etc. This study is about the futures and forward contracts. This paper presents various types of futures and forward contract and what advantages and disadvantages these two important types of derivatives have? It also includes that how

Post contract / Project management in Nuclear Malaysia

International Nuclear Information System (INIS)

Mohd Jamil Hashim

2010-01-01

Full-text: Post contract is a period from issuance certificate of practical completion until final statement of account of the project. If this procedure not completed the whole project will at large, create customers un-satisfaction, contractual obligation not complied, record not completed and financial setback. With the usage terms of contract, standard JKR circulars, treasury circulars and JKR quality manual BKJ will produce new Standard operating procedure, SOP with regards to these matters. In doing so it shall increase customer satisfaction and reduce time to finalise project and provide good record system. Keywords: Post contract, certificate of practical completion, final account, customer satisfaction, Standard operating procedure. (author)

7 CFR 1212.51 - Financial statements.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Financial statements. 1212.51 Section 1212.51... statements. (a) The Board shall prepare and submit financial statements to the Department on a periodic basis. Each such financial statement shall include, but not be limited to, a balance sheet, income statement...

THE LOAN CONTRACT IN THE NEW CIVIL CODE

Directory of Open Access Journals (Sweden)

LIVIA MOCANU

2012-05-01

Full Text Available The new Civil Code maintains, mainly, the stipulations of the Civil Code of 1865 regarding loan contracts, in its both forms (the loan for use and the loan for consumption. As a variety of the loan for consumption, a few new specific stipulations were included, regarding the loan with interest.This research is focused on the current regulation of the loan contract, including a series of changes, of which the most important refers to: the loan promise, the risk regarding the asset placed in a bailment, property transfer and the risk in the loan for consumption contract, loan return and the interest regime. Also, what kept my attention is the significant changes brought to the interest regime by the Law for applying the Civil Code, included for now in Chapter I of the O.G. no. 13/2011, regarding the legal compensatory interest and the penalty interest for financial duties, as well as for the regulation of certain financial-fiscal measures in the banking department.

Securing financial independence in the legal basis of a central bank

OpenAIRE

Amtenbrink, Fabian

2005-01-01

textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be defined as referring to the legal and practical arrangements identifying the finances of a central bank and the extent to which the bank is subject to outside influence in this regard. In the (lega...

Complete Instruction and Project Book for Contracting. A Library Cooperation Tool.

Science.gov (United States)

Radcliffe, Walter H.; Kemper, Robert E.

An important tool for establishing efficient total library service is contracting, which allows a unit of government or a library to obtain the use of the resources of another library according to its specific needs. A contract can cover services to be purchased, financial arrangements, administrative responsibilities, legal considerations, and…

Quantum computational finance: Monte Carlo pricing of financial derivatives

OpenAIRE

Rebentrost, Patrick; Gupt, Brajesh; Bromley, Thomas R.

2018-01-01

Financial derivatives are contracts that can have a complex payoff dependent upon underlying benchmark assets. In this work, we present a quantum algorithm for the Monte Carlo pricing of financial derivatives. We show how the relevant probability distributions can be prepared in quantum superposition, the payoff functions can be implemented via quantum circuits, and the price of financial derivatives can be extracted via quantum measurements. We show how the amplitude estimation algorithm can...

29 CFR 4.107 - Federal contracts.

Science.gov (United States)

2010-07-01

... contracts to which any agency or instrumentality of the U.S. Government becomes a party pursuant to... distinction in this respect between such agencies and instrumentalities on the basis of their inclusion in or... corporate in form, or the fact that payment for the contract services is not made from appropriated funds...

Natural gas pricing and contracting practices in North America

International Nuclear Information System (INIS)

Hassan, F.

1992-01-01

Over the past 5 years the natural gas industry in North America has undergone substantial change as a result of the deregulated market. A comparison is provided of the key contract parameters in gas purchase contracts utilized by local distribution companies, industrial customers, cogenerators and marketers. Issues discussed include pricing mechanisms, indexed contracts, negotiated contracts, combinations, dispute resolution, supply, government regulation, industry structures, financial considerations, perception, geological influences, demand, transmission, storage, distribution, price trends and forecasts, Order 636 in the U.S., the evolution of North American market hubs, the futures market, and 'daisy chains' of connecting pipelines. 15 refs., 7 figs., 1 tab

76 FR 5567 - Service Contract Inventory for Fiscal Year (FY) 2010

Science.gov (United States)

2011-02-01

... DEPARTMENT OF EDUCATION Service Contract Inventory for Fiscal Year (FY) 2010 AGENCY: Office of the Chief Financial Officer, U.S. Department of Education. ACTION: Notice of availability--FY 2010 Service.... Skelly, Chief Financial Officer. [FR Doc. 2011-2236 Filed 1-28-11; 11:15 am] BILLING CODE 4000-01-P ...

78 FR 10611 - Service Contract Inventory for Fiscal Year (FY) 2012

Science.gov (United States)

2013-02-14

... DEPARTMENT OF EDUCATION Service Contract Inventory for Fiscal Year (FY) 2012 AGENCY: Office of the Chief Financial Officer, U.S. Department of Education. ACTION: Notice of availability--FY 2012 service... Deputy Chief Financial Officer. [FR Doc. 2013-03441 Filed 2-13-13; 8:45 am] BILLING CODE 4000-01-P ...

Assessing the Financial Benefits of Faster Development Times: The Case of Single-source Versus Multi-vendor Outsourced Biopharmaceutical Manufacturing.

Science.gov (United States)

DiMasi, Joseph A; Smith, Zachary; Getz, Kenneth A

2018-05-10

The extent to which new drug developers can benefit financially from shorter development times has implications for development efficiency and innovation incentives. We provided a real-world example of such gains by using recent estimates of drug development costs and returns. Time and fee data were obtained on 5 single-source manufacturing projects. Time and fees were modeled for these projects as if the drug substance and drug product processes had been contracted separately from 2 vendors. The multi-vendor model was taken as the base case, and financial impacts from single-source contracting were determined relative to the base case. The mean and median after-tax financial benefits of shorter development times from single-source contracting were $44.7 million and $34.9 million, respectively (2016 dollars). The after-tax increases in sponsor fees from single-source contracting were small in comparison (mean and median of $0.65 million and $0.25 million). For the data we examined, single-source contracting yielded substantial financial benefits over multi-source contracting, even after accounting for somewhat higher sponsor fees. Copyright © 2018 Elsevier HS Journals, Inc. All rights reserved.

Using electricity options to hedge against financial risks of power producers

DEFF Research Database (Denmark)

Pineda Morente, Salvador; Conejo, Antonio J.

2013-01-01

or unexpected unit failures faced by power producers. A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer. The key features of electricity options to reduce both price and availability risks......As a consequence of competition in electricity markets, a wide variety of financial derivatives have emerged to allow market agents to hedge against risks. Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility...

Contraction of the solar nebula

International Nuclear Information System (INIS)

Rawal, J.J.

1984-01-01

The concept of Roche limit is applied to the Laplacian theory of the origin of the solar system to study the contraction of a spherical gas cloud (solar nebula). In the process of contraction of the solar nebula, it is assumed that the phenomenon of supersonic turbulent convection is operative and brings about the halt at various stages of contraction. It is found that the radius of the contracting solar nebula follows the Titius-Bode law. The consequences of the relation are also discussed. The aim is to attempt to explain, on the basis of the concept of Roche limit, the distribution of planets in the solar system and try to understand the physics underlying it. (Auth.)

The Financial Service as an Economic Category

OpenAIRE

Matsuk Zoriana A.

2017-01-01

The article is aimed at: systematization of the existing provisions of research on financial service; allocation of the primary, the secondary, and the auxiliary financial services; analysis of the material basis of financial service and its consideration as the sum total of the high and the low material shares; exploration of the issue of cost of financial services. A definition of financial service as the possibility for implementation of a financial interest of market participant has been ...

48 CFR 49.305-2 - Construction contracts.

Science.gov (United States)

2010-10-01

... Convenience 49.305-2 Construction contracts. (a) The percentage of completion basis refers to the contractor's... a cost-reimbursement construction or professional services contract can be segregated into factors... depending on its importance and difficulty. The total weight value of all factors should be easily divisible...

Integrating physical and financial approaches to manage environmental financial risk

Science.gov (United States)

Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

2017-04-01

Physical and/or engineered solutions have long been used to manage risks associated with adverse environmental events. Examples include reservoirs as a tool for mitigating drought-related supply risk, levees for managing flood risk and dredging of inland waterways to ensure navigability during low flow periods. These measures can reduce many types of risk (e.g., loss of life), but are often employed as a means of protecting against financial losses. When the focus is on managing environmental financial risk, physical solutions can be effective, but also costly. In many cases, non-physical tools can provide a less expensive means of managing financial risk, with these often taking the form of financial instruments such as hedging contracts, contingency funds or insurance. Some of these instruments, such as flood insurance, are widely available, but historically many environmental financial risks have been managed primarily (or solely) via physical solutions without much consideration of alternatives, thereby opening opportunities for innovation in developing financial solutions. Recent research has demonstrated that financial instruments can play a significant role in managing drought-related financial risk in sectors as diverse as water utilities, energy generation and inland navigation. Nonetheless, this work has largely considered the use of these instruments within systems in which physical solutions are already in place (but failing to achieve desired performance). The next step in the evolution of managing environmental financial risk involves developing methods for designing risk management strategies that do not assume an established physical system. Here the goal is to identify the relative role that physical solutions and financial instruments should play as they are integrated into a comprehensive risk management strategy. This is not a straightforward challenge as one approach reduces the risk of financial losses and the other redistributes those losses

Banking system and financial monitoring in Russian Federation

Directory of Open Access Journals (Sweden)

Osipov A.V.

2017-04-01

Full Text Available the article explores the definition of banking system and financial monitoring. Attention is emphasizes on role of internal control in aspect their relation to contraction to money laundering and financing of terrorism/ Internal control is analises from the point of view law, economic and management. Basic attention in the article author emphasizes on work of systems of financial monitoring in organizations.

A FEW CONSIDERATIONS REGARDING THE SPHERE OF FINANCIAL RELATIONS

OpenAIRE

Bota Anton Florin

2009-01-01

The author discusses his financial affairs sphere, looking at this issue under a double aspect: analysis of the financial relations sphere and analyzing the financial activity sphere. Analysis of the financial relations sphere is made on the basis of fou

Factors associated with independent pharmacy owners' satisfaction with Medicare Part D contracts.

Science.gov (United States)

Zhang, Su; Doucette, William R; Urmie, Julie M; Xie, Yang; Brooks, John M

2010-06-01

As Medicare Part D contracts apply pressure on the profitability of independent pharmacies, there is concern about their owners' willingness to sign such contracts. Identifying factors affecting independent pharmacy owners' satisfaction with Medicare Part D contracts could inform policy makers in managing Medicare Part D. (1) To identify influences on independent pharmacy owners' satisfaction with Medicare Part D contracts and (2) to characterize comments made by independent pharmacy owners about Medicare Part D. This cross-sectional study used a mail survey of independent pharmacy owners in 15 states comprising 6 Medicare regions to collect information on their most- and least-favorable Medicare Part D contracts, including satisfaction, contract management activities, market position, pharmacy operation, and specific payment levels on brand and generic drugs. Of the 1649 surveys mailed, 296 surveys were analyzed. The regression models for satisfaction with both the least and the most-favorable Part D contracts were significant (Pequity. For the least-favorable contract, influences were negotiation, equity, generic rate bonus, and medication therapy management (MTM) payment. About one-third of the survey respondents made at least 1 comment. The most frequent themes in the comments were that Medicare Part D reimbursement rate is too low (28%) and that contracts are offered without negotiation in a "take it or leave it" manner (20%). Equity, contending, negotiation, generic rate bonus, and MTM payments were identified as the influences of independent pharmacy owners' satisfaction toward Medicare Part D contracts. Generic rate bonus and MTM payment provide additional financial incentives to less financially favorable contracts and, in turn, contribute to independent pharmacy owner's satisfaction toward these contracts. Copyright 2010 Elsevier Inc. All rights reserved.

An empirical analysis of smart contracts: platforms, applications, and design patterns

OpenAIRE

Bartoletti, Massimo; Pompianu, Livio

2017-01-01

Smart contracts are computer programs that can be consistently executed by a network of mutually distrusting nodes, without the arbitration of a trusted authority. Because of their resilience to tampering, smart contracts are appealing in many scenarios, especially in those which require transfers of money to respect certain agreed rules (like in financial services and in games). Over the last few years many platforms for smart contracts have been proposed, and some of them have been actually...

41 CFR 105-50.303 - Cost basis in lieu of fees.

Science.gov (United States)

2010-07-01

... § 105-50.303 Cost basis in lieu of fees. Where the cost of services is to be recovered on other than a... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Cost basis in lieu of fees. 105-50.303 Section 105-50.303 Public Contracts and Property Management Federal Property...

Incentive contracts for development projects

Science.gov (United States)

Finley, David T.; Smith, Byron; DeGroff, B.

2012-09-01

Finding a contract vehicle that balances the concerns of the customer and the contractor in a development project can be difficult. The customer wants a low price and an early delivery, with as few surprises as possible as the project progresses. The contractor wants sufficient cost and schedule to cover risk. Both want to clearly define what each party will provide. Many program offices do not want to award cost plus contracts because their funding sources will not allow it, their boards do not want an open ended commitment, and they feel like they lose financial control of the project. A fixed price incentive contract, with a mutually agreed upon target cost, provides the owner with visibility into the project and input into the execution of the project, encourages both parties to save costs, and stimulates a collaborative atmosphere by aligning the respective interests of customers and contractors.

Entrepreneurs, Contracts, and the Failure of Young Firms

OpenAIRE

Pierre Azoulay; Scott Shane

2001-01-01

Although economic theory has emphasized that moral hazard and hold-up problems influence the design of contracts, very little is known about the process by which explicit contracts are established and the effect of contractual arrangements on firm performance. This paper attempts to demonstrate that firms are selected for survival on the basis of contracting efficiency. Based on a statistical analysis of 170 new franchise contracts and interviews with the founders of 16 of these new franchise...

A FEW CONSIDERATIONS REGARDING THE SPHERE OF FINANCIAL RELATIONS

Directory of Open Access Journals (Sweden)

Bota Anton Florin

2009-05-01

Full Text Available The author discusses his financial affairs sphere, looking at this issue under a double aspect: analysis of the financial relations sphere and analyzing the financial activity sphere. Analysis of the financial relations sphere is made on the basis of fou

Financial accounting effects of tax aggressiveness: Contracting and measurement

NARCIS (Netherlands)

DeWaegenaere, A.M.B.; Sansing, R.C.; Wielhouwer, J.L.

2015-01-01

This study examines a setting in which a tax-reporting decision is delegated to a firm's tax manager. Using financial accounting measures of tax expense to evaluate the tax manager allows the firm to efficiently attain the level of tax avoidance it prefers, despite the fact that the consequences of

Financial accounting effects of tax aggressiveness : Contracting and measurement

NARCIS (Netherlands)

De Waegenaere, A.M.B.; Sansing, R.; Wielhouwer, J.L.

This study examines a setting in which a tax-reporting decision is delegated to a firm's tax manager. Using financial accounting measures of tax expense to evaluate the tax manager allows the firm to efficiently attain the level of tax avoidance it prefers, despite the fact that the consequences of

Economic Analysis in the System of Financial Planning of Forestry Enterprises

Directory of Open Access Journals (Sweden)

Ievdokymov Viktor V.

2017-12-01

Full Text Available The aim of the article is to develop organizational and methodological provisions of economic analysis of forestry enterprises’ financial plans as a result of financial planning. The importance of financial planning as a basis for developing managerial decisions regarding the financial potential is substantiated. The characteristic of the development stages and the importance of financial potential in countries of the world is given. The stages of forecasting as the basis of enterprises’ financial plans are considered. The composition of the subsystems, methods and functions of financial planning highlighted in the scientific literature is investigated. The place of economic analysis in financial planning and in the system of financial planning of an enterprise’s economic activity is determined. There identified the directions of information disclosure in a financial plan: formation of financial results, budget settlements, cash flow, capital investments, ratio analysis, financial status, breakdown of individual items. The prospect for further research is to determine the order of applying the analytical procedures for each of these directions of economic analysis to justify the application of the analytical procedures for assessing financial potential on the basis of financial plans of forestry enterprises. This will allow to create information space for managing the financial potential of a forestry enterprise to achieve its tactical and strategic goals.

14 CFR 152.315 - Reporting on accrual basis.

Science.gov (United States)

2010-01-01

...) AIRPORTS AIRPORT AID PROGRAM Accounting and Reporting Requirements § 152.315 Reporting on accrual basis. (a... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Reporting on accrual basis. 152.315 Section... financial reports on an accrual basis. (b) If records are not maintained on an accrual basis by a sponsor or...

Integrated Financial Management Program

Science.gov (United States)

Pho, Susan

2004-01-01

improper payments on firm fixed price contracts. Each of the projects that I have worked on this summer presents a different aspect of the work performed on a regular basis by members of this branch. Not only do I get to see the "big picture" of what occurs within the organization, but I also get to experience the "little stuff" that goes on here and throughout the NASA Agency.

Profiling Smart Contracts Interactions with Tensor Decomposition and Graph Mining

OpenAIRE

Charlier , Jérémy; Lagraa , Sofiane; State , Radu; Francois , Jerome

2017-01-01

International audience; Smart contracts, computer protocols designed for autonomous execution on predefined conditions, arise from the evolution of the Bit-coin's crypto-currency. They provide higher transaction security and allow economy of scale through the automated process. Smart contracts provides inherent benefits for financial institutions such as investment banking, retail banking, and insurance. This technology is widely used within Ethereum, an open source block-chain platform, from...

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

Full Text Available The article is aimed at researching the approaches to assessing financial flexibility and the ways to improve it as a constituent part of financial security. Both the external and the internal threats to financial security have been defined. The indicators of assessment of the financial status of enterprise that are being calculated on the basis of value of equity were analyzed. It has been determined that the growth of equity has a positive impact on all coefficients, with the exception of the ratio of non-negotiable assets and the equity funds. It has been suggested that the ratio of non-negotiable assets to equity funds should be used as an indicator of the sufficiency of own capital gains. The relationship between the maneuverability coefficient of the own negotiable capital and the ratio of non-negotiable assets to the equity funds has been considered. It has been found that formation of the own financial resources is one of the main ways of increasing the financial flexibility of enterprises and organizations. A number of measures to increase equity have been proposed; the sources of the equity funds and the factors influencing the money flows have been defined.

THE ACCOUNTING TREATMENT OF THE TOURISM UNIT’S FINANCIAL STATEMENTS IN AGREEMENT WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

Directory of Open Access Journals (Sweden)

BOGDAN RĂVAŞ

2011-01-01

Full Text Available Financial statements should be presented on a going-concern basis unless management intends to liquidate the tourism unit or cease trading. If not presented on a going concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the tourism unit's ability to continue as a going concern should be disclosed. The Statement of Financial Position provides information about the financial position of the tourism unit and it should distinguish between major categories and classifications of assets and liabilities current or noncurrent distinction. Departure from the requirements of an IFRS is allowed only in the extremely rare circumstance in which the application of the IFRS would be so misleading as to con-flict with the objectives of financial statements. In such circumstances, the tourism unit should disclose the reasons for and the financial effect of the departure from the IFRS.

Reconciling Global Financial Reporting With Domestic Taxation

OpenAIRE

Bokulic, Caitlin; Henry, Erin; Plesko, George A.

2012-01-01

This paper presents a new reconciliation of financial to taxable income, drawing from public financial statement and Schedule M-3 data for a panel of firms. The reconciliation compares the financial statement income of a firm’s consolidated financial statement entities to the financial statement income of a firm’s tax return entities on a worldwide, domestic, and foreign income basis. This analysis highlights the relation between these various measures of corporate income to better understand...

Opinion on the new financial products issued by financial institutions - structured products

Directory of Open Access Journals (Sweden)

Baranga Laurentiu Paul

2017-07-01

Full Text Available Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as well as due to the emergence of liquidity suppliers of international importance. The liquidity providers have developed on their own platforms a new range of derivatives which are different from the classical derivatives. These new derivatives, similar to contracts for difference (CFDs, have given to other institutions the possibility of transferring their risk more easily, regardless of the nature or type of the underlying asset. Thus, the financial institutions issuing structured financial products have found in liquidity providers the possibility of developing the CFDs required for their risk transfer operations. The issuers of structured products do not accept new risky positions when they issue certificates because they neutralize them through suitable risk transfer operations. The issuing financial institutions structure certificates from a variety of financial assets and/or commodities in order to adjust them to the various risk profiles of investors both in terms of expected return and in terms of the response to risk. Thus, products are issued that quickly respond to the trends of the financial or commodity markets. Investors in structured financial products benefit from the economic effect of a derivative but are exposed to financial risks that are more complex and more difficult to understand and at the same time depend on the reliability and stability of the contractual relationships between various financial institutions.

UNIDROITED POSITION AS A SOURCE OF CONTRACT LAW IN THE FUTURE OF INDONESIAN CONTRACT LAW AMANDEMENT

Directory of Open Access Journals (Sweden)

N. Ike Kusmiati

2018-01-01

Full Text Available [Unidroited Position As A Source Of Contract Law In The Future Of Indonesian Contract Law Amandement] Business transaction often faced the issue of ensuring that the rights and obligation are fulfilled as the agreement as agreed, especially when facing the difficulties of the rights and obligation of the parties due to different legal system between countries. Thereore, to answer the problems  the parties will seek legal sources, namely book III of the Civil Code in addition to studying and understanding the principles of internasional commercial contract law, namely UNIDROIT which contains principles that can be adopted as one of the works that seek Standarization of contract law to encourage the harmonization of commercial law international efforts to bring together different business actors between countries, so that the same legal basis is required in the coming renewal of Indonesia contract law. Keyword : Position, UNIDROIT, Law, Contract, Indonesia.

23 CFR 635.114 - Award of contract and concurrence in award.

Science.gov (United States)

2010-04-01

... TRAFFIC OPERATIONS CONSTRUCTION AND MAINTENANCE Contract Procedures § 635.114 Award of contract and concurrence in award. (a) Federal-aid contracts shall be awarded only on the basis of the lowest responsive... 23 Highways 1 2010-04-01 2010-04-01 false Award of contract and concurrence in award. 635.114...

Reducing Production Basis Risk through Rainfall Intensity Frequency (RIF) Indexes: Global Sensitivity Analysis' Implication on Policy Design

Science.gov (United States)

Muneepeerakul, Chitsomanus; Huffaker, Ray; Munoz-Carpena, Rafael

2016-04-01

The weather index insurance promises financial resilience to farmers struck by harsh weather conditions with swift compensation at affordable premium thanks to its minimal adverse selection and moral hazard. Despite these advantages, the very nature of indexing causes the presence of "production basis risk" that the selected weather indexes and their thresholds do not correspond to actual damages. To reduce basis risk without additional data collection cost, we propose the use of rain intensity and frequency as indexes as it could offer better protection at the lower premium by avoiding basis risk-strike trade-off inherent in the total rainfall index. We present empirical evidences and modeling results that even under the similar cumulative rainfall and temperature environment, yield can significantly differ especially for drought sensitive crops. We further show that deriving the trigger level and payoff function from regression between historical yield and total rainfall data may pose significant basis risk owing to their non-unique relationship in the insured range of rainfall. Lastly, we discuss the design of index insurance in terms of contract specifications based on the results from global sensitivity analysis.

Contract Management Monitoring And Evaluation Of Ghana School Feeding Programme At Atwima Kwanwoma District

Directory of Open Access Journals (Sweden)

Andrews Osei Mensah

2015-08-01

Full Text Available Ghana School Feeding Programme was introduced at Atwima Kwanwoma District and other parts of the country in 2008 to alleviate hunger and to provide good nutrition for pupils in the public basic schools. Caterers were given contract to provide food to the school pupils on every school-going day under Ghana school feeding programme. Some years have lapsed and there is the need to look back and evaluate this programme taking into consideration the award and management of those contracts. The study also examined how the programme is monitored and evaluated. Data was collected from 80 respondents comprising 29 school pupils and 51 other actors through the use of questionnaire and interview guide It was realised that caterers who are well experience in catering services were awarded contracts based on their past experience and financial abilities through submission of their certificates but not necessarily through bidding. The main component of managing the caterers contract included monitoring payment of debt and problems solving as well as supervision through visiting the schools on quarterly basis. The programme has helped to increase enrolment and retaining pupils in school. It was found out that food giving to the pupils was not served on time not regularly bases and was not sufficient to the pupils as well. The health component of the programme has not been successful as expected. It is recommended that fruits and variety of foods need to be introduced together with de-worming the pupils.

Energy contracting has lots to offer

International Nuclear Information System (INIS)

Aeberli, O.

2001-01-01

In this interview with Roland Heller, CEO of Greenergy Contracting AG, the future of contracting as a way of providing reliable and cheap energy services for enterprises is discussed. The topic is treated from the points of view of both the supplier of energy services - the contractor - and of the customer / energy user. Advantages to be gained by both sides in the financial and technical areas are listed. The use of modern, efficient technologies such as combined heat and power (CHP) units is discussed. Examples of successful co-operation with local utilities are given, including solutions where the utility provides gas and base load energy and the CHP units deliver valuable peak-load energy to the grid. Political aspects such as the influence of market liberalisation and environmental factors are discussed and the market for contracting solutions is also examined

Development of Financial Security of Agro-Industrial Enterprises

OpenAIRE

Iryna Kryukova

2012-01-01

The concept of 'financial security' has been covered in the article. The theoretical basis of agro-industrial factories financial security development has been considered. In particular, the author has done an overview of different methodological approaches to determining the content of financial security and its components. The indicators of financial security of enterprise have been defined. Summing up the methodological aspects of providing business financial security the author proposes t...

Global Financial Crisis and Vulnerability in Cambodia | IDRC ...

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

The global financial crisis of 2008 has aggravated poverty and inequality through contractions in employment, consumption and investment. While there have been a number of ... Country(s). Cambodia, Far East Asia, Central Asia, South Asia ...

ITEA Financial Report--Fiscal 2003

Science.gov (United States)

Technology Teacher, 2004

2004-01-01

The figures in this report reflect the financial year, which ended on June 30, 2003. The balance shown is the result of specifically planned activities on behalf of the Board of Directors and the headquarters staff to balance the budget. The Board monitors the financial condition of the association and foundation on an ongoing basis through its…

RATIONAL FINANCIAL BEHAVIOR OF POPULATION AS A PROSPERITY FACTOR OF FINANCIAL SECTOR

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

Full Text Available The rapid sophistication of the Russian financial system inevitably leads not only to the emergence of great opportunities for the development of the financial sector, as expressed in the opening of the new financial institutions or new financial products and services, but also a huge financial risks for companies of this sector, as expressed in the increase of population’s debts and the decline of trust in the financial sector. That is why special tools used in making management decisions about the development of the financial sector in a particular region acquires greater significance. On the basis of statistical data over the Volgograd region the author developed the model of initial attractiveness estimation of an area for business entities, reflecting the level of financial literacy and using the data from open sources of information. The article provides a brief introduction to the development of the methodology: from a theoretical substantiation of the original list of variables for analysis up to determine the regression equation. Obtained regression model can be used by entrepreneurs in case of expansion of their financial business to new areas and by regional governance whose aim is to increase the level of financial literacy.

Control of Bank Consolidated Financial Statements Quality

OpenAIRE

Margarita S. Ambarchyan

2013-01-01

The author presents the multiple linear regression model of bank consolidated financial statements quality. The article considers six characteristics that can be used to estimate the level of bank consolidated financial statements quality. The multiple linear regression model was developed, using the results of point-based system of consolidated financial statements of thirty European bank and financial groups on the basis of the developed characteristics. The author offers to use the charact...

A Business Case for Home Performance Contracting

Energy Technology Data Exchange (ETDEWEB)

Baechler, Michael C.; Antonopoulos, Chrissi A.; Sevigny, Maureen; Gilbride, Theresa L.; Hefty, Marye G.

2012-10-01

This report was prepared by PNNL for the DOE Building America program. The report provides information for businesses considering entering the home performance contracting industry. Metrics discussed include industry trends and drivers, specific points of entry, business models, startup costs, and marketing strategies. The report includes detailed analysis of eight businesses around the country that have successfully entered the home performance contracting industry. Data is provided on their financial structures, program participation, marketing efforts, and staff training. This report will be distributed via the DOE Building America website, www.buildingamerica.gov. Individual case studies will also be cleared separately.

Radiology equipment maintenance and contract procurement in the UK.

Science.gov (United States)

Wright, Christopher J

2012-01-01

Radiology equipment maintenance has a similar financial value to new device acquisition over the lifetime of the device. Comprehensive style contracts are dominant largely due to their ease of use and the potential to control budgetary costs, but costs are high. Creative procurement solutions can offer better value. The corrective portion of comprehensive contracts is estimated to be between 50% (Mobile C-Arm) to 92% (CT), which equates to $29.4 million; 80% of the total contract costs within the research population of this study. Many organizations could free up cash by better managing their maintenance costs, potentially creating funding opportunities for new equipment.

IAS 1 Presentation of Financial Statements - A Closer Look

OpenAIRE

Muthupandian, K S

2008-01-01

The International Accounting Standards Committee issued the International Accounting Standard 1 Presentation of Financial Statements. The objective of IAS 1 is to prescribe the basis for presentation of general purpose financial statements (GPFS), to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. The objective of GPFS is to provide information about the financial position, financial performance, and cas...

Ratio analysis specifics of the family dairies' financial statements

Directory of Open Access Journals (Sweden)

Mitrović Aleksandra

2015-01-01

Full Text Available The subject of this paper is the evaluation of the financial analysis specifics of the dairy enterprises with a focus on the implementation of the ratio analysis of financial statements. The ratio analysis is a central part of financial analysis, since it is based on investigating the relationship between logically related items in the financial statements to assess the financial position of the observed enterprise and its earning capacity. Speaking about the reporting of financial performance in family dairies, the basis is created for displaying techniques of financial analysis, with a special indication on the specifics of their application in agricultural enterprises focusing on companies engaged in dairying. Applied in the paper is ratio analysis on the example of a dairy enterprise, i.e. a family dairy operating in Serbia. The ratio indicators are the basis for identifying relationships based on which by comparing the actual performance and certain business standards differences or variations are identified.

Identification of the Level of Financial Security of an Insurance Company

Directory of Open Access Journals (Sweden)

Kozmenko Serhiy M.

2014-02-01

Full Text Available The article is devoted to theoretical and practical aspects of identification of financial security of the insurer. The article justifies urgency of identification of the level of financial security of the insurer and its qualitative assessment. It offers a scientific and methodical approach to identification of the level of financial security of the insurer on the basis of the conducted analysis of advantages and shortcomings of the existing approaches. The basis of the developed methods is a generalised assessment of the level of financial security of the insurer, which is offered to be carried out on the basis of calculation of statistical and dynamic integral indicators of financial security of the insurance company. The obtained integral assessments allow making a conclusion about efficiency of the selected strategy of the insurer and its ability to oppose to negative influence of threats to financial security. Results of calculation of integral indicators of financial security of the insurer allow identification of influence of fraud as the main threat to financial security of domestic insurance companies. The proposed approach was realised in practice of Ukrainian insurers and proved its efficiency.

PROBLEM OF OPTIMIZATION OF ENTERPRISE FINANCIAL STREAMS: URGENCY UNDER ECONOMIC CRISIS CONDITIONS

Directory of Open Access Journals (Sweden)

J. E. Gorbach

2011-01-01

Full Text Available The paper considers a problem of structural optimization of financial streams in the economic activities of the enterprises. The authors describe a general process of enterprise capital structure optimization while breaking it in stages and consider the most interesting financial stream theories. The paper presents for the first time «Combined optimization model». In order to develop the model the most commonly applied methods have been used, namely: an optimization  method on the basis of an average capital price, an optimization method on the basis of financial leverage effect and an optimization method on the basis of the average managing subject price. Alternative calculations of optimum structure of financial stream sources on the basis of the proposed «combined model» have been presented in corresponding tables. The authors also use for the first time such concepts as «a break-even point» and «a safety zone» in respect of enterprise financial streams while using a graphic method.

Case studies on the success or failure of futures contracts.

Directory of Open Access Journals (Sweden)

Hilary Till

2015-06-01

Full Text Available Why do some futures contracts succeed and others fail? Although the U.S. futures markets have evolved in a trial-and-error fashion, research suggests key elements have determined whether particular futures contracts succeeded or failed. This knowledge could be useful for new financial centers as they build successful futures markets. This paper shows that there are three elements that determine whether a futures contract succeeds or not: 1. There must be a commercial need for hedging; 2. A pool of speculators must be attracted to a market; and 3. Public policy should not be too adverse to futures trading

Contracting of energy services: often a viable alternative

International Nuclear Information System (INIS)

Milic, M.; Bruendler, M.

2001-01-01

This article discusses the outsourcing of energy services as a viable alternative to the operation of own energy facilities. The advantages of contracting for enterprises wanting to focus on their core competencies and have their energy infrastructure financed, built, maintained and operated by a third party are discussed. Financial aspects are looked at and examples in connection with the calculation of actual energy costs are given. The article is concluded with tips on the evaluation of offers for contracting services and on the definition of ownership aspects and property boundaries

Trust and Contracting in Agri-Food Hybrid Structures

OpenAIRE

Martino, Gaetano

2007-01-01

The paper aims at examining the hypothesis that the influence of trust on contract can be thought of as a dynamic factor of organizational choices in supply chains. The relationship between contract and trust is delineated on the basis of institutional environment, contractual incompleteness, safeguards and restrictive provisions. The interaction between individual and system elements in the formation of trust and its influence in hybrid contracting is considered. According to a New Instituti...

The financial impact of orthopaedic fellowship training.

Science.gov (United States)

Gaskill, Trevor; Cook, Chad; Nunley, James; Mather, R Chad

2009-07-01

Previous reports have compared the expected financial return of a medical education with those expected in other professions. However, we know of no published report estimating the financial return of orthopaedic training. The purpose of this study was to estimate the financial incentives that may influence the decision to invest an additional year of training in each of the major orthopaedic fellowships. With survey data from the American Academy of Orthopaedic Surgeons and using standard financial techniques, we calculated the estimated return on investment of an additional year of orthopaedic training over a working lifetime. The net present value, internal rate of return, and the break-even point were estimated. Eight fellowships were examined and compared with general orthopaedic practice. Investment in an orthopaedic fellowship yields variable returns. Adult spine, shoulder and elbow, sports medicine, hand, and adult arthroplasty may yield positive returns. Trauma yields a neutral return, while pediatrics and foot and ankle have negative net present values. On the basis of mean reported incomes, the break-even point was two years for spine, seven years for hand, eight years for shoulder and elbow, twelve years for adult arthroplasty, thirteen years for sports medicine, and twenty-seven years for trauma. Fellowship-trained pediatric and foot and ankle surgeons did not break even following the initial investment. When working hours were controlled for, the returns for adult arthroplasty and trauma became negative. The financial return of an orthopaedic fellowship varies on the basis of the specialty chosen. While reasons to pursue fellowship training vary widely, and many are not financial, there are positive and negative financial incentives. Therefore, the decision to pursue fellowship training is best if it is not made on the basis of financial incentives. This information may assist policy makers in analyzing medical education economics to ensure the

Development of regulations and trading practices relating to fuel supply contracts

International Nuclear Information System (INIS)

Poggi, C.; Paoletti Gualandi, M.; Sartorelli, C.

1983-01-01

This paper recalls that the construction of new nuclear plants is undergoing substantial delays in many countries as compared with initial programmes, thus resulting in an excess of enriched uranium and enrichment services on the world market. This has compelled operators to take action to reduce, at least in part, the costs incurred by large financial lockups. The only feasible solution regarding enrichment contracts has been to assign those contracts to other operators or enter into a second contract to have the latter utilize such enrichment services. (NEA) [fr

26 CFR 1.334-1 - Basis of property received in liquidations.

Science.gov (United States)

2010-04-01

...) INCOME TAX (CONTINUED) INCOME TAXES Corporate Liquidations § 1.334-1 Basis of property received in... certain contracts accounted for using a long-term contract method of accounting that are acquired in...

48 CFR 1852.245-73 - Financial reporting of NASA property in the custody of contractors.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Financial reporting of NASA... CONTRACT CLAUSES Texts of Provisions and Clauses 1852.245-73 Financial reporting of NASA property in the custody of contractors. As prescribed in 1845.106-70(d), insert the following clause: Financial Reporting...

Did We Say That? Consumerism and Contract Law.

Science.gov (United States)

Nordin, Virginia Davis

1982-01-01

The dominant emerging concept in academic contract theory is that the student-college relationship is not a commercially binding contract but a more flexible quasi-contractual relationship. It allows the university maximum control of the relationship on a continuing basis, allows development of some student rights, and combines traditional and…

Financial Private Regulation and Enforcement

OpenAIRE

MILLER, Geoffrey

2011-01-01

This paper has been delivered within the context of the research project "Transnational Private Regulatory Regimes: Constitutional foundations and governance design". This paper considers the topic of private regulation and enforcement for internationally active financial services firms. The paper documents the following types of regulation and enforcement that involve significant private input: house rules, contracts, internal compliance, management-based regulation, private standard-sett...

Value Relevance of Embedded Value and IFRS 4 Insurance Contracts

OpenAIRE

Rebecca Chung-Fern Wu; Audrey Wen-Hsin Hsu

2011-01-01

In light of the recent exodus of foreign insurers from Taiwan and the local insurers’ outcries against the International Financial Reporting Standard (IFRS) 4 Insurance Contracts, we examine the value relevance of financial statements for life insurance firms, with particular interests to the embedded value (EV) disclosure. We find that the EV of equity has an incremental information role for book value of equity, which indicates that the accounting mismatching problem in the insurance indust...

Linking the teaching of professionalism to the social contract: a call for cultural humility.

Science.gov (United States)

Cruess, Sylvia R; Cruess, Richard L; Steinert, Yvonne

2010-01-01

Professionalism, which is fundamental to medical practice, must be taught explicitly. It is the basis of medicine's relationship to society, which most observers call a "social contract." The social contract serves as the basis for society's expectations of medicine and medicine's of society. It therefore directly influences professionalism. The role of the healer is universal, but how professionalism is expressed will differ between countries and cultures due to differences in their social contracts. When professionalism is taught, it should be related to the different cultures and social contracts, respecting local customs and values.

FINANCIAL BALANCE AND LOANS OF THE SHAREHOLDERS TO THE COMPANY

Directory of Open Access Journals (Sweden)

Rus Luminita

2012-07-01

Full Text Available The present analyses, based on a case study show the influence on the financial balance of the loans from shareholders , taking into account the accounting treatment of loans. We do not know that the Romanian economic literature to be treated that aspect. That is why we consider the study as being useful to managers, members, shareholders, and all business partners to form the economic decisions. The purpose of this financial analysis is to examine critically the accounting and financial information ofered by the companies to assess their performance and their financial position (Laurence Le Gallo. The financial position of firms is assessed based on the financial structure and financial balance. In a same time the financial balance is approached from a static perspective based on the: net situation, working capital, necessary of working capital, net treasury. The present analyses deals with financial balance in a static manner based on these four indicators listed. The sources of data for the analysis of financial balance are offered mainly in the financial statement. This document has been used data from a company that is engaged in the carriage of goods. Analysis was made over a period of five years. The present analysis showed that financial balance is influenced by the way that the shareholders loans to the company are treated by including them in long-term debt or short-term. Reprocessing of loans and their inclusion in long-term debt, changes the perspective on financial balance showing that on the long-term company has a stable balance. These aspects require preparation of loan agreements with associates as loans work in reality. The contracts must to highlight the progress of the loan on the long term and not to be extended or remodeled the short-term contracts. Of course, there are always solutions to improve the financial balance and in this way the financial position and the performance of the company. However, the proposed solutions

The Financial Feasibility of Anaerobic Digestion for Ontario's Livestock Industries

OpenAIRE

Weersink, Alfons; Mallon, Shawn

2007-01-01

This report is an investigation of the financial feasibility of farm based anaerobic digestion investments under Ontario's Standard Offer Contract electricity prices. Using Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) Agricultural Anaerobic Digestion Calculation Spreadsheet (AADCS) anaerobic digestion inputs, outputs, cost and revenues were estimated and used to conduct a financial analysis on the feasibility of four sized farm base anaerobic digestion investments. The res...

Preemptive financial strategies help IPAs avoid insolvency.

Science.gov (United States)

Karling, J; Silberman, L

2000-11-01

The 1999 collapse in California of practice management giants FPA Medical Management, Inc. and MedPartners, Inc. has caused healthcare provider organizations, particularly independent practice associations (IPAs), to examine critical issues related to financial solvency. Problems such as declining membership, ineffective management, weak contracting, and lack of strategic vision frequently are encountered by troubled provider organizations. The common thread that runs through IPA failures is a combination of unreliable accounting data and inadequate reporting systems. This lack of satisfactory financial and reporting information impairs the ability of the provider group to maintain sufficient funds to cover expenses and pay physicians. Successful, financially stable provider networks use well-defined reporting procedures based on fundamental accounting and financial concepts, as well as a sound methodology for measuring and calculating claims liability estimates. In California, new regulations aimed at encouraging provider organizations to assume preemptive financial strategies are in the process of being adopted. IPAs in every state should consider reviewing these regulations as benchmarks by which to assess their financial procedures.

Contract portfolio optimization for a gasoline supply chain

Science.gov (United States)

Wang, Shanshan

Major oil companies sell gasoline through three channels of trade: branded (associated with long-term contracts), unbranded (associated with short-term contracts), and spot market. The branded channel provides them with a long-term secured and sustainable demand source, but requires an inflexible long-term commitment with demand and price risks. The unbranded channel provides a medium level of allocation flexibility. The spot market provides them with the greatest allocation flexibility to the changing market conditions, but the spot market's illiquidity mitigates this benefit. In order to sell the product in a profitable and sustainable way, they need an optimal contract portfolio. This dissertation addresses the contract portfolio optimization problem from different perspectives (retrospective view and forward-looking view) at different levels (strategic level, tactical level and operational level). The objective of the retrospective operational model is to develop a financial case to estimate the business value of having a dynamic optimization model and quantify the opportunity values missed in the past. This model proves the financial significance of the problem and provides top management valuable insights into the business. BP has applied the insights and principles gained from this work and implemented the model to the entire Midwest gasoline supply chain to retrospectively review optimization opportunities. The strategic model is the most parsimonious model that captures the essential economic tradeoffs among different contract types, to demonstrate the need for a contract portfolio and what drives the portfolio. We examine the properties of the optimal contract portfolio and provide a comparative statics analysis by changing the model parameters. As the strategic model encapsulates the business problem at the macroscopic level, the tactical model resolves lower level issues. It considers the time dynamics, the information flow and contracting flow. Using

“IS THE LABOUR RELATION OF THE CIVIL SERVANT AN ADMINISTRATIVE CONTRACT?”

Directory of Open Access Journals (Sweden)

LIANA-TEODORA PASCARIU

2011-04-01

Full Text Available Nowadays, public institutions have contractual employees, hired on the basis of the Labour Code, and public servants, appointed on the basis of the Civil Service Statute. If the labour relation of the public servant is not qualified as a labour contract, what is its juridical character? This paper tries to demonstrate that the civil servant develops labour relations under different circumstances, i.e. on the basis of an administrative contract.

Expectations and obligations: professionalism and medicine's social contract with society.

Science.gov (United States)

Cruess, Richard L; Cruess, Sylvia R

2008-01-01

As health care has become of great importance to both individual citizens and to society, it has become more important to understand medicine's relationship to the society it serves in order to have a basis for meaningful dialogue. During the past decade, individuals in the medical, legal, social sciences, and health policy fields have suggested that professionalism serves as the basis of medicine's relationship with society, and many have termed this relationship a social contract. However, the concept of medicine's social contract remains vague, and the implications of its existence have not been fully explored. This paper endorses the use of the term social contract, examines the origin of the concept and its relationship to professionalism, traces its evolution and application to medicine, describes the expectations of the various parties to the contract, and explores some of the implications of its use.

Public health financial management competencies.

Science.gov (United States)

Honoré, Peggy A; Costich, Julia F

2009-01-01

The absence of appropriate financial management competencies has impeded progress in advancing the field of public health finance. It also inhibits the ability to professionalize this sector of the workforce. Financial managers should play a critical role by providing information relevant to decision making. The lack of fundamental financial management knowledge and skills is a barrier to fulfilling this role. A national expert committee was convened to examine this issue. The committee reviewed standards related to financial and business management practices within public health and closely related areas. Alignments were made with national standards such as those established for government chief financial officers. On the basis of this analysis, a comprehensive set of public health financial management competencies was identified and examined further by a review panel. At a minimum, the competencies can be used to define job descriptions, assess job performance, identify critical gaps in financial analysis, create career paths, and design educational programs.

Structuring spot, short and long term gas contracts

International Nuclear Information System (INIS)

Gretener, N.M.

1996-01-01

A review of the core clauses of the modern natural gas purchase and sales contracts, was presented. There exists a wide variety of terms which can be used by a seller and a buyer to customize such a contract to suit particular circumstances. On the basis of length of term, gas contracts may classified as spot contracts having a term of 30 days or less, short term contracts having a term of 30 days to one to two years, and long term contracts having terms greater than two years. The three key elements which are applicable to all gas sales contracts are the contract price, the seller's obligation to deliver, and the buyer's obligation to accept. Other provisions that may be included in any gas sales contract in addition to the basic three were reviewed, including market pricing, load factor incentive pricing, seasonal pricing, pipeline demand charges, market shares, and the seller's right to decontract

Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste Management. Rules of Procedure and Financial Rules

International Nuclear Information System (INIS)

2006-01-01

The 'Rules of Procedure and Financial Rules' adopted at the Preparatory Meeting of the Contracting Parties to the Joint Convention held from 10 to 12 December 2001 were modified at the First Review Meeting of Contracting Parties held from 3 to 14 November 2003 and the Extraordinary Meeting of Contracting Parties held on 7 November 2005. The modified 'Rules of Procedure and Financial Rules' are set forth in the Attachment hereto

Interaction between Financial Intermediation Efficiency and Economic Growth

Directory of Open Access Journals (Sweden)

Milka Grbic

2016-12-01

Full Text Available Financial intermediaries have the key role in making a connection between savings and investments. Given the fact that an efficient transfer of savings into investments is made more difficult by transaction and information costs, financial intermediaries are specialized in minimizing the said costs per unit of invested capital. They are also trained to identify productive and innovative investment endeavors which contribute to the growth of real output. Real output growth is the basis for increasing the financial potential, which creates the basis for the development of financial intermediaries. In connection with that, apart from the analysis of the relevant factors making the process of the mobilization and transfer of savings more difficult, the theoretical models that put an emphasis on the relationship between the efficiency of financial intermediation and economic growth are discussed in the paper. The research results are indicative of the fact that the improvement in financial intermediaries’ business doing enables faster economic growth. Simultaneously, the growth of the economic activity increases the scope of the business operations conducted by financial intermediaries. Thanks to the effects of the economies of scale that contribute to a reduction in transaction and information costs, the efficiency of financial intermediations grows.

Increasing the competitiveness of maintenance contract rates by using an alternative methodology for the calculation of average vehicle maintenance costs

Directory of Open Access Journals (Sweden)

Stephen Carstens

2008-11-01

Full Text Available Companies tend to outsource transport to fleet management companies to increase efficiencies if transport is a non-core activity. The provision of fleet management services on contract introduces a certain amount of financial risk to the fleet management company, specifically fixed rate maintenance contracts. The quoted rate needs to be sufficient and also competitive in the market. Currently the quoted maintenance rates are based on the maintenance specifications of the manufacturer and the risk management approach of the fleet management company. This is usually reflected in a contingency that is included in the quoted maintenance rate. An alternative methodology for calculating the average maintenance cost for a vehicle fleet is proposed based on the actual maintenance expenditures of the vehicles and accepted statistical techniques. The proposed methodology results in accurate estimates (and associated confidence limits of the true average maintenance cost and can beused as a basis for the maintenance quote.

Medical negligence based on bad faith, breach of contract, or mental anguish.

Science.gov (United States)

Ficarra, B J

1980-01-01

Financial recovery owing to breach of contract is restricted to the pecuniary amount lost because of failure to perform on the stipulated contract. With the acquisition of newer knowledge, attorneys are now utilizing the weapon of contractual failure as applied to medical negligence. The impetus to this new weapon for the plaintiff has accrued because of the favorable verdicts rendered from positive decisions based upon bad faith.

JURIDICAL WILL IN CONTRACTS

Directory of Open Access Journals (Sweden)

Emilian CIONGARU

2015-07-01

Full Text Available In the business law, almost all judicial relationships of private law are obligational juridical relationships which are made up of legal acts and facts. The most important legal act is the contract since it is the basis of the social life in any community meaning that it represents the most important economic and juridical instrument for the participants to a contract. The persons are free and equal in society and, consequently, no power is valid and fundamental unless it relies on their consent, namely on a contract. So, the existence of a civil contract relies on the principles of consensualism, a perception based on moral rules to observe one’s promises, to have good faith and to observe the interests of your fellow creature. The exterior manifestation, the expression or declaration of the juridical will constitutes the consent of such person in making the structure of contract. The declared will must correspond to the person’s real will and the adoption and declaration of the juridical will must take place consciously. Any contract that does not derive from juridical will is null and the civilizing character is inexistent. The principles giving sense to consensualism is the one of agreement between parties so as to produce legal effects by itself and it is enough for the conclusion of a contract, regardless of the form in which it is exteriorized, a principle expressed by the Latin adagio pacta sunt servanda.

The multi-layer network nature of systemic risk and its implications for the costs of financial crises

NARCIS (Netherlands)

Poledna, S.; Molina-Borboa, J.L.; Martínez-Jaramillo, S.; van der Leij, M.; Thurner, S.

2015-01-01

The inability to see and quantify systemic financial risk comes at an immense social cost. Systemic risk in the financial system arises to a large extent as a consequence of the interconnectedness of its institutions, which are linked through networks of different types of financial contracts, such

Economic Essence and Function of Financial Intermediaries in Ukraine

OpenAIRE

Cheberiako Oksana V.; Loboda Hanna B.

2014-01-01

The article studies essence and purpose of activity of financial intermediaries in Ukraine. It analyses scientific works of foreign and Ukrainian scientists, on the basis of which it performs systematisation of views of researchers with respect to the essence of such terms as financial intermediary and financial intermediation. The author offers own interpretation of the financial intermediary notion. It identifies the goal of activity of financial intermediaries at the macro-level and micro-...

Financial risk management in a competitive electricity market

International Nuclear Information System (INIS)

Bjorgan, R.; Liu, C.C.; Lawarree, J.

1999-01-01

This paper proposes solutions for electricity producers in the field of financial risk management for electric energy contract evaluation. The efficient frontier is used as a tool to identify the preferred portfolio of contracts. Each portfolio has a probability density function for the profit. For important scheduling policies, closed form solutions are found for the amount of futures contracts that correspond to the efficient frontier. Production scheduling must consider resource constraints. It is found that, without resource constrains, the portfolio with the highest expected profit can be preferred--even for a risk-averse decision-maker. When resource constraints are present, portfolios not corresponding to the maximum expected profit criteria will more frequently be preferred

Control of Bank Consolidated Financial Statements Quality

Directory of Open Access Journals (Sweden)

Margarita S. Ambarchyan

2013-01-01

Full Text Available The author presents the multiple linear regression model of bank consolidated financial statements quality. The article considers six characteristics that can be used to estimate the level of bank consolidated financial statements quality. The multiple linear regression model was developed, using the results of point-based system of consolidated financial statements of thirty European bank and financial groups on the basis of the developed characteristics. The author offers to use the characteristic significance factor in the process of consolidated financial statements appraisal by points. The constructed regression model is checked on accuracy and statistical significance. The model can be used by internal auditors and financial analytics as an instrument for bank and non-bank consolidated financial statements quality control

48 CFR 237.7101 - Solicitation provisions and contract clauses.

Science.gov (United States)

2010-10-01

... contracts for laundry and dry cleaning services to be provided on a count-of-articles basis. (d) Use the clause at 252.237-7015, Loss or Damage (Weight of Articles), in solicitations and contracts for laundry... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Solicitation provisions...

Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

Directory of Open Access Journals (Sweden)

Emine ÇINA BAL

2013-06-01

Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

Islamic Banking in Malaysia: Arbitration Resolution of Financial Disputes and Obstacles to its Spread

Directory of Open Access Journals (Sweden)

Elena V. Sitkareva

2017-01-01

Full Text Available Purpose: the article examines the main problems associated with the extension of arbitration of domestic and international Islamic financial disputes in Malaysia. These include the specific features of the legal regulation of Malaysia, excluding the resolution of certain categories of cases by way of arbitration, and the lack of legal certainty in the submission of cross-border contracts in the field of Islamic banking to Sharia law.To achieve this goal in the article you must accomplish the following tasks: to determine whether there are institutions in Malaysia providing arbitration services for disputes in the field of Islamic banking; investigate the reasons for the unwillingness of the parties to a financial dispute to transfer it to arbitration; to identify the main problems of transferring a cross-border financial dispute to international arbitration; to study the practice of international arbitration on this issue.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: currently the popularization of arbitration permits for domestic and international financial disputes in Malaysia faces difficulties due to both internal reasons and the traditional approach of Islamic banks to include in contracts the reservation of subordination of the provisions of the contract to the law of England or the United States in conjunction with the reservation clause financial disputes in the courts and arbitration of these states. Nevertheless, one can assume with great confidence that, following the development of Islamic banking, so-called Islamic arbitration will spread in Malaysia.Conclusions and Relevance: the materials outlined in the article show the special role of arbitration in resolving domestic and international disputes in the field of Islamic banking. Practical application of its results

FINANCIAL RISK COVERAGE IN THE CONTEXT OF GLOBALIZATION FINANCIAL MARKETS

Directory of Open Access Journals (Sweden)

María Esperanza González-del Foyo

2016-01-01

Full Text Available In a globalized environment, the increase of risks that assume the international commerce makes necessary the to articulate the instruments of covering. The enterprise activity and the country in matter will condition in a great measure the type of covering that be needed to contract, the principal consist in: knowing the risks, evaluate its incidence, decide to cover it or assume it and in both cases the right choise most be the aplication of the strategy thatt be more efective. The States put under disposition of the enterprises a series of public mechanismes to help them to promote its internationalitation . One of the pillars where this politics rest is the use of mechanismes of riskes cover in the internacional commerce. In correspondence with the previous, to reflect on the aplications of the financial risk and the formulation of strategies to cover them in conditions of globalization of the financial markets, constitute the objetive of this article. 

THE DIRECTIONS OF IMPROVEMENT OF A COMPETITION POLICY ON THE BASIS OF DEVELOPMENT OF CONTRACT FORMS OF JOINT ACTIVITY OF SMALL AND LARGE BUSINESS

Directory of Open Access Journals (Sweden)

N. A. Serebriakova

2014-01-01

Full Text Available Summary: The analysis of the foreign economic theory and practice of antimonopoly regulation, the principles of the Russian civil law and the antitrust law, allows to formulate a number of the basic principles and approaches to an assessment of influence of different types of the contract relations on efficiency of use of public resources, welfare of consumers and the competitive environment, the research basis presented in this article also consists in it. Support of the competition is guaranteed by the Constitution of the Russian Federation, is one of bases of the constitutional system of the Russian Federation, and also relevance of a subject of research is confirmed by a constant priority of a state policy it. Development of the competition in economy is a multidimensional task which decision substantially depends on efficiency of carrying out a state policy in a wide range of the directions: from macroeconomic policy, creation of favorable investment climate, including development of financial and tax system, decrease in administrative and infrastructure barriers, before protection of the rights of citizens and national policy. Due to the complexity of a task dynamic landmark approach to work on development of a competition policy in connection with development of contract forms of joint activity of small and large business in the Russian Federation and to formation of the respective directions is necessary. For research by authors of research the following methods are chosen: a statistical method, a reference method to value, a comparative method, system approach, a historical method and a method of the economic analysis of the public relations and the right. Research covers the latest sources in the field reflecting the last economic and standard and legal changes, in particular, them treat: the statistical given, expert estimates, regulations, acts of judicial and administrative practice, scientific publications of economists

The Strange Notion of Contract

NARCIS (Netherlands)

Lock, G.E.

2007-01-01

The notion of contract is not as unproblematic as might at first sight appear. Its theoretical basis in particular is very difficult to decipher. It is arguable that whereas the Middle Ages and 16th century produced an exceptionally subtle foundational account, the rise of modernity largely

The NYMEX electricity futures contract

International Nuclear Information System (INIS)

Palmer-Huggins, D.

1998-01-01

Members of the New York Mercantile Exchange (NYMEX) include bankers, industry (such as refiners, producers, and electricity marketers) brokerage houses, and individuals. NYMEX is the largest physical commodity futures exchange in the world. The primary economic role of the commodity exchange industry was discussed, with special emphasis on open interest, volume, and liquidity. Hedge dynamics were also reviewed. A hedge was described as a financial instrument used to lock in prices, costs, and profit margins. Futures contracts in general, and electricity futures contracts in particular were defined ('a firm commitment to deliver or to receive a specified quantity or grade of commodity at a specific location within a designated month'). Results expected from hedging, - cost control, predictable margins, securing a certain market share, price stabilization - , the nature of options trading, and its benefits were also reviewed. 1 tab., 4 figs

Energy conservation. Federal shared energy savings contracting

International Nuclear Information System (INIS)

Fultz, Keith O.; Milans, Flora H.; Kirk, Roy J.; Welker, Robert A.; Sparling, William J.; Butler, Sharon E.; Irwin, Susan W.

1989-04-01

A number of impediments have discouraged federal agencies from using shared energy savings contracts. As of November 30, 1988, only two federal agencies - the U.S. Postal Service (USPS) and the Department of the Army -had awarded such contracts even though they can yield significant energy and cost savings. The three major impediments we identified were uncertainty about the applicability of a particular procurement policy and practice, lack of management incentives, and difficulty in measuring energy and cost savings. To address the first impediment, the Department of Energy (DOE) developed a manual on shared energy savings contracting. The second impediment was addressed when the 100th Congress authorized incentives for federal agencies to enter into shared savings contracts. DOE addressed the third impediment by developing a methodology for calculating energy consumption and cost savings. However, because of differing methodological preferences, this issue will need to be addressed on a contract-by-contract basis. Some state governments and private sector firms are using performance contracts to reduce energy costs in their buildings and facilities. We were able to identify six states that were using performance contracts. Five have established programs, and all six states have projects under contract. The seven energy service companies we contacted indicated interest in federal shared energy savings contracting

Corporate Finance: its organization and epistemological basis

Directory of Open Access Journals (Sweden)

Luiz Henrique Herling

2014-08-01

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.

quarterly financial report for the period ending 31 December 2011

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

Sophie Comeau

2011-12-31

Dec 31, 2011 ... 2 IDRC QUARTERLY FINANCIAL REPORT DECEMBER 2011. Consolidated ..... guiding principles and overarching strategies that formed the basis of the expenditure ... Accounting Standard 34, Interim Financial Reporting.

Financial statements – basis for assessing the financial performance from the investors’ perspective, by means of prospectively oriented indicators

Directory of Open Access Journals (Sweden)

Aristita Rotila

2009-12-01

starting from the financial statements, we could approach the issue of assessing the financial performance only from the single perspective of the investors, also taking into account the market value of the company. The market value of a company represents the sum of the market values of the two components in the capital’s structure: shareholders’ equity and liabilities. It is considered that it is only in the case of shareholders’ equity that the market value differs from the accounting value, but this is not the case with liabilities, so the “market value added” will be researched only by taking account of shareholders’ equity.

Weathering the financial storm: The importance of fundamentals and flexibility

DEFF Research Database (Denmark)

Ólafsson, Tjörvi; Pétursson, Thórarinn G.

The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking and currency collapse, others came off relatively ligh...... in determining the economic impact of the crisis and, in particular, that countries with sound fundamentals and flexible economic frameworks were better able to weather the financial storm....

AGENCY CONTRACTS – EXISTING REGULATIONS IN ROMANIAN LAWS

Directory of Open Access Journals (Sweden)

Cristina Cojocaru

2012-11-01

Full Text Available Agency contracts are created as legal instruments with a highly important role for the business activity, given that they are the basis for professional intermediation. Regulations have changed in time, in an attempt to offer a better apprehension of the notion and applicability of this type of contract through the legislative framework. In Romanian law, this type of contract was regulated for the first time by Law no. 509 in 2002 on permanent commercial agents, law that was repealed when the new Civil Code came into force on October 1, 2011.

Collaboration in Action: Measuring and Improving Contracting Performance in the University of California Contracting Network

Science.gov (United States)

Tran, Tam; Bowman-Carpio, LeeAnna; Buscher, Nate; Davidson, Pamela; Ford, Jennifer J.; Jenkins, Erick; Kalay, Hillary Noll; Nakazono, Terry; Orescan, Helene; Sak, Rachael; Shin, Irene

2017-01-01

In 2013, the University of California, Biomedical Research, Acceleration, Integration, and Development (UC BRAID) convened a regional network of contracting directors from the five University of California (UC) health campuses to: (i) increase collaboration, (ii) operationalize and measure common metrics as a basis for performance improvement…

On the performance of atomic natural orbital basis sets: A full configuration interaction study

International Nuclear Information System (INIS)

Illas, F.; Ricart, J.M.; Rubio, J.; Bagus, P.S.

1990-01-01

The performance of atomic natural orbital (ANO) basis sets has been studied by comparing self-consistant field (SCF) and full configuration interaction (CI) results obtained for the first row atoms and hydrides. The ANO results have been compared with those obtained using a segmented basis set containing the same number of contracted basis functions. The total energies obtained with the ANO basis sets are always lower than the one obtained by using the segmented one. However, for the hydrides, differential electronic correlation energy obtained with the ANO basis set may be smaller than the one recovered with the segmented set. We relate this poorer differential correlation energy for the ANO basis set to the fact that only one contracted d function is used for the ANO and segmented basis sets

Factors influencing the adoption of mobile financial services in the ...

African Journals Online (AJOL)

user

the basis for product or service development, pricing, marketing and policy formulation. In this study we ... Key words: Mobile financial services, Adoption, Tanzania ...... Financial Inclusion Strategies Referenca Framework. Washington DC: ...

Contract Design: The problem of information asymmetry

Directory of Open Access Journals (Sweden)

Axel C. Mühlbacher

2018-01-01

Full Text Available Introduction: Integrated care systems are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. Little is known about the contractual design and the main challenges of delegating “accountability” to these new kinds of organisations and/or contracts. The research question in this article focuses on how healthcare contracts can look like and which possible problems arise in designing such contracts. In this a special interest is placed on information asymmetries.  Methods: A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. This article is the first in a row of three that all contribute to a specific issue in designing healthcare contracts. Starting with the organisation of contracts and information asymmetries, part 2 focusses on financial options and risks and part 3 finally concludes with the question of risk management and evaluation.  Results: Healthcare contracting between providers and payers will have a major impact on the overall design of future healthcare systems. If Integrated care systems or any other similar concept of care delivery are to be contracted directly by payers to manage the continuum of care the costs of market utilisation play an essential role. Transaction costs also arise in the course of the negotiation and implementation of contracts. These costs are the reason why it is generally not possible to conclude perfect (complete contracts. Problems with asymmetric distribution of information can relate to the situation before a contract is concluded (adverse selection and after conclusion of a contract (moral hazard.  Discussion and Conclusions: Information asymmetries are seen as a major obstacle to the efficient operation of integrated care programmes. Coordination and motivation problems cannot be solved

Contract Design: The problem of information asymmetry.

Science.gov (United States)

Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

2018-01-12

Integrated care systems are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. Little is known about the contractual design and the main challenges of delegating "accountability" to these new kinds of organisations and/or contracts. The research question in this article focuses on how healthcare contracts can look like and which possible problems arise in designing such contracts. In this a special interest is placed on information asymmetries. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. This article is the first in a row of three that all contribute to a specific issue in designing healthcare contracts. Starting with the organisation of contracts and information asymmetries, part 2 focusses on financial options and risks and part 3 finally concludes with the question of risk management and evaluation. Healthcare contracting between providers and payers will have a major impact on the overall design of future healthcare systems. If Integrated care systems or any other similar concept of care delivery are to be contracted directly by payers to manage the continuum of care the costs of market utilisation play an essential role. Transaction costs also arise in the course of the negotiation and implementation of contracts. These costs are the reason why it is generally not possible to conclude perfect (complete) contracts. Problems with asymmetric distribution of information can relate to the situation before a contract is concluded (adverse selection) and after conclusion of a contract (moral hazard). Information asymmetries are seen as a major obstacle to the efficient operation of integrated care programmes. Coordination and motivation problems cannot be solved at no-costs. The presented problems in the design of selective individual contracts

Construction contract revenue recording comparison

Directory of Open Access Journals (Sweden)

Hana Bohušová

2008-01-01

Full Text Available Publicly traded companies prepare their consolidated accounts in conformity with the international accounting standards (IAS/IFRS in accordance with the Regulation No. 1606/2002. This is obliged for all publicly traded joint-stock companies in the Czech Republic. Other companies prepare financial statements in accordance with national accounting standards. There are Accounting Act No. 563/1991 of Coll. and Regulation No. 500/2002 of Coll., Czech Accounting Standards in the Czech Republic. Both systems are based on different principles so there are many differences. The Czech Accounting System (CAS is based on the rules while IAS/IFRS are based on principles (Kovanicová, 2005. These differences are mainly caused by the different philosophy. CAS prefers the fiscal policy to the economic substance while IAS/IFRS prefere the economic substance. One of the most significant dif­fe­ren­ces is in the field of revenue recording. There are two standards concerning the revenues recording (IAS 18 − Revenue, IAS 11 – Construction Contracts in IAS/IFRS. CAS 019 – Expenses and Revenue are dealing with the revenue recording in the Czech Republic. The paper is aimed at the comparison of the methodical approaches for revenue recording used by IAS/IFRS and by CAS. The most important differences are caused by the different approach to the long term contracts (construction contracts, software development contracts revenues recording.

Southwestern Power Administration Combined Financial Statements, 2006-2009

Energy Technology Data Exchange (ETDEWEB)

None

2009-09-01

We have audited the accompanying combined balance sheets of the Southwestern Federal Power System (SWFPS), as of September 30, 2009, 2008, 2007, and 2006, and the related combined statements of revenues and expenses, changes in capitalization, and cash flows for the years then ended. As described in note 1(a), the combined financial statement presentation includes the hydroelectric generation functions of another Federal agency (hereinafter referred to as the generating agency), for which Southwestern Power Administration (Southwestern) markets and transmits power. These combined financial statements are the responsibility of the management of Southwestern and the generating agency. Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Southwestern and the generating agency’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall combined financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the respective financial position of the Southwestern Federal Power

The COS Method : An Efficient Fourier Method for Pricing Financial Derivatives

NARCIS (Netherlands)

Fang, F.

2010-01-01

When valuing and risk-managing financial derivatives, practitioners demand fast and accurate prices and sensitivities. Aside from the pricing of non-standard exotic financial derivatives, so-called plain vanilla European options form the basis for the calibration of financial models. As any pricing

Freedom of Contract in the Post-Crisis Era: Quo Vadis?

NARCIS (Netherlands)

Cherednychenko, O.O.

2014-01-01

This article explores to what extent the future development of European financial services contract law will be determined by the information paradigm in the post-crisis era. By using the examples from the field of investment services and consumer credit, it shows that the regulatory measures

Public contracts by negotiated procedure in cases of urgency – a new interpretation of the legal basis in light of experiences with organization of the 2012 European Football Championships

Directory of Open Access Journals (Sweden)

Krzysztof Horubski

2013-06-01

Full Text Available The negotiated procedure without publication of a contract notice is a special procedure for awarding public procurement contracts which departs from the obligation imposed on contracting authorities of respecting the freedoms of the internal market and rules of competition. The procedure may be applied in exceptional situations of extreme urgency resulting from an event which could not be foreseen. The current judicature of the Court of Justice of the EU provides interpretations of the legal basis for application of the procedure in specific cases. However, it does not address the issue of whether it is possible to regard improper performance of contractual obligations as unpredictable. It does not provide broader considerations concerning the form of regulations on the procedure of awarding public interest contracts either. These issues were subject to analysis in one of the resolutions of the National Appeal Chamber (KIO – the Polish authority issuing decisions in matters related to public procurement contracts. In resolution KIO/KD 58/10 of 6 August 2010, KIO assessed the correctness of the application of the negotiated procedure for changing the contractor of the Municipal Stadium in Wrocław in the run-up to the 2012 European Football Championships. KIO found that the significant delay in construction of the facility was unpredictably exceptional, and significantly threatened the timeliness of commissioning the facility, which resulted in termination of the agreement by the contracting authority. The resolution also included an assessment allowing for the position that such a situation was exceptional due to the scale of the threat to the public interest, including the commercial interest of the contracting authority, stemming from a lack of immediate performance of the contract if it resulted in disproportionate consequences for a specific community. The issue of acceptance of such an interpretation by EU institutions remains unresolved.

Co-operation and conflict under hard and soft contracting regimes: case studies from England and Wales

OpenAIRE

Hughes, David; Allen, Pauline; Doheny, Shane; Petsoulas, Christina; Vincent-Jones, Peter

2013-01-01

BACKGROUND: This paper examines NHS secondary care contracting in England and Wales in a period which saw increasing policy divergence between the two systems. At face value, England was making greater use of market levers and utilising harder-edged service contracts incorporating financial penalties and incentives, while Wales was retreating from the 1990 s internal market and emphasising cooperation and flexibility in the contracting process. But there were also cross-border spill-overs inv...

Financial engineering on the corporate debt securities market of Ukraine

OpenAIRE

Bui, T.

2009-01-01

The approaches to the definition of financial engineering and its methods are highlighted, advisability of application of the new securities types created on the basis of financial engineering in Ukrainian corporate financing is grounded.

RESIDUAL VALUE RISK IN AUTOMOTIVE OPERATING LEASE CONTRACTS

Directory of Open Access Journals (Sweden)

Ivan Tot

2017-01-01

Full Text Available The subject of the research in this paper are automotive operating lease contracts in the Croatian business practice. The provisions of the general terms and conditions for operating lease contracts of the Croatian leasing companies are being analysed, particulary those relating to the rights and obligations of the parties to the contract after the operating lease contract was terminated and the motor vehicle returned to the lessor. The existence of three contractual models of the automotive operating lease contract in the Croatian business practice is established, which vary with regard to the assignment and the distribution of the residual value risk. Those contractual models are being compared with the two most common contractual models of automotive lease contracts in the Austrian and German business practice: the lease contract with the excess mileage adjustment and the lease contract with the terminal rent adjustment. On the basis of the results of this comparison, applicability of the legal solutions, developed in the Austrian and German jurisprudence and legal literature regarding the lease contract with the excess mileage adjustment and the lease contract with the terminal rent adjustment, to the automotive operating lease contract within the framework of Croatian law, is being examinded.

36 CFR 1212.115 - Does this part affect the Federal contracts that I receive?

Science.gov (United States)

2010-07-01

... ARCHIVES AND RECORDS ADMINISTRATION GENERAL RULES GOVERNMENTWIDE REQUIREMENTS FOR DRUG-FREE WORKPLACE (FINANCIAL ASSISTANCE) Purpose and Coverage § 1212.115 Does this part affect the Federal contracts that I...

Financial Innovations and Their Role in the Modern Financial System – Identification and Systematization of the Problem

Directory of Open Access Journals (Sweden)

Joanna Błach

2011-11-01

Full Text Available This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.

Global Warming and Financial Umbrellas

International Nuclear Information System (INIS)

Dosi, C.; Moretto, M.

2001-10-01

A new instrument for hedging weather risks has made its appearance in the financial arena. Trade in 'weather derivatives' has taken off in the US, and interest is growing elsewhere. Whilst such contracts may be simply interpreted as a new tool for solving a historical problem, the question addressed in this paper is if, besides other factors, the appearance of weather derivatives is somehow related to anthropogenic climate change. Our tentative answer is positive. Since 'global warming' does not simply mean an increase in averaged temperatures, but increased climate variability, and increased frequency and magnitude of weather extremes, derivative contracts may potentially become a useful tool for hedging some weather risks, insofar as they may provide coverage at a lower cost than standard insurance schemes. Keywords: Global warming, climate variability, insurance coverage, weather derivatives

Contract Design: Risk Management and Evaluation.

Science.gov (United States)

Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

2018-01-12

Effective risk adjustment is an aspect that is more and more given weight on the background of competitive health insurance systems and vital healthcare systems. The risk structure of the providers plays a vital role in Pay for Performance. A prerequisite for optimal incentive-based service models is a (partial) dependence of the agent's returns on the provider's gain level. Integrated care systems as well as accountable care organisations (ACOs) in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced. Little is known about the contractual design and the main challenges of delegating "accountability" to these new kinds of organisations and/or contracts. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore information asymmetries and contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. The research question in this article focuses on how reimbursement strategies, evaluation of measures and methods of risk adjustment can best be integrated in healthcare contracting. Each integrated care contract includes challenges for both payers and providers without having sufficient empirical data on both sides. These challenges are clinical, administrative or financial nature. Risk adjusted contracts ensure that the reimbursement roughly matches the true costs resulting from the morbidity of a population. If reimbursement of care provider corresponds to the actual expenses for an individual/population the problem of risk selection is greatly reduced. The currently used methods of risk adjustment have widely differing model and forecast

Financial risk in the small scale hydroelectric power plant in the PROINFA; Riscos financeiros em uma PCH no PROINFA

Energy Technology Data Exchange (ETDEWEB)

Alves, Jailson Jose Medeiros; Estima, Luiz Claudio Pires; Martins, Marcelo Jaques [Centrais Eletricas Brasileiras S.A. (ELETROBRAS), Rio de Janeiro, RJ (Brazil). Dept. de Engenharia de Geracao. Div. de Acompanhamentos de Empreendimentos de Geracao

2006-10-15

The current work presents the study of the involved financial risks in an enterprise of a small hydroelectric plant in the incentive program of the alternative sources of electric energy (PROINFA), The financial conditions elaborated by the government through its bilateral contracts are analyzed with the objective to stimulate the private capital to participate of the program and thus to the diversification of our energy matrix in the next years. The research has as objective to identify and to consider the financial risks where a plant incurs when participating of a program as this. For risk analysis the simulation method of Monte-Carlo was used, that is an efficient methodology for calculation of financial risks in this type's enterprises. It is shown that these contracts are very useful tools to the businesses of this sector, adding economic-financial benefits to the Brazilian energy market. (author)

Designing and assessing weather-based financial hedging contracts to mitigate water conflicts at the river basin scale. A case study in the Italian Alps

Science.gov (United States)

Bellagamba, Laura; Denaro, Simona; Kern, Jordan; Giuliani, Matteo; Castelletti, Andrea; Characklis, Gregory

2016-04-01

Growing water demands and more frequent and severe droughts are increasingly challenging water management in many regions worldwide, exacerbating water disputes and reducing the space for negotiated agreements at the catchment scale. In the lack of a centralized controller, the design and deployment of coordination and/or regulatory mechanisms is a way to improve system-wide efficiency while preserving the distributed nature of the decision making setting, and facilitating cooperation among institutionally independent decision-makers. Recent years have witnessed an increased interest in index-based insurance contracts as mechanisms for sharing hydro-meteorological risk in complex and heterogeneous decision making context (e.g. multiple stakeholders and institutionally independent decision makers). In this study, we explore the potential for index-based insurance contracts to mitigate the conflict in a water system characterized by (political) power asymmetry between hydropower companies upstream and farmers downstream. The Lake Como basin in the Italian Alps is considered as a case study. We generated alternative regulatory mechanisms in the form of minimum release constraints to the hydropower facilities, and designed an insurance contract for hedging against hydropower relative revenue losses. The fundamental step in designing this type of insurance contracts is the identification of a suitable index, which triggers the payouts as well as the payout function, defined by strike level and slope (e.g., euros/index unit). A portfolio of index-based contracts was designed for the case study and evaluated in terms of revenue floor, basis risk and revenue fluctuation around the mean, both with and without insurance. Over the long term, the insurance proved to be capable to keep the minimum revenue above a specified level while providing a greater certainty on the revenue trend. This result shows the possibility to augment farmer's supply with little loss for hydropower

Financial and energy analyses of woody biomass plantations

International Nuclear Information System (INIS)

Strauss, C.H.

1991-01-01

This paper provides an economic analysis of a short rotation woody crop (SRWC) plantation system established the financial and energy costs of woody biomass and related net values for the total system. A production model for commercial-sized Populus plantations was developed from a series of research projects sponsored by the U.S,. Department of Energy's Short Rotation Woody Crops Program. The design was based on hybrid poplar planted on good quality agricultural sites at a density of 2100 cutting ha -1 . Growth was forecast at 16 Mg(OD) ha -1 yr -1 on a six-year rotation cycle. All inputs associated with plantation establishment, annual operations, and land use were identified on a financial and energy cost basis (Strauss et al. 1989). Net values for the system projected a minimum financial profit and a major net energy gain. Financial profit was limited by the high market value of energy inputs as compared to the low market value of the energy output. The net energy gain was attributed to the solar energy captured through photosynthesis. Principal input costs to the overall system, on both a financial and energy basis, were land rent and the harvesting/transportation requirements

The economics of energy service contracts

Energy Technology Data Exchange (ETDEWEB)

Sorrell, S. [University of Sussex, Brighton (United Kingdom). Sussex Energy Group, SPRU -Science and Technology Policy Research

2007-01-15

Energy service contracting can provide a cost-effective route to overcoming barriers to energy efficiency. Energy service contracts allow the client to reduce operating costs, transfer risk and concentrate attention on core activities. However, the energy services model may only be appropriate for a subset of energy services and energy using organisations. A challenge for both business strategy and public policy is to identify those situations in which energy service contracting is most likely to be appropriate and the conditions under which it is most likely to succeed. Energy service contracting is a form of outsourcing. It will only be chosen where the expected reduction in the production cost of supplying energy services can more than offset the transaction cost of negotiating and managing the relationship with the energy service provider. Production costs will be determined by a combination of the physical characteristics of the energy system and the technical efficiency of the relevant organisational arrangements, including economies of scale and specialisation. Transaction costs, in turn, will be determined by the complexity of the energy service, the 'specificity' of the investments made by the contractor, the competitiveness of the energy services market and the relevant legal, financial and regulatory rules. This paper develops these ideas into a general framework that may be used to assess the feasibility of energy service contracting in different circumstances. The framework leads to a number of hypotheses that are suitable for empirical test. (author)

The economics of energy service contracting

Energy Technology Data Exchange (ETDEWEB)

Sorrell, Steve [Univ. of Sussex (United Kingdom). SPRU

2005-07-01

Energy service contracting can provide a cost-effective route to overcoming barriers to energy efficiency. Energy service contracts allow the client to reduce operating costs, transfer risk and concentrate attention on core activities. However, the energy services model may only be appropriate for a subset of energy services and energy using organisations. A challenge for both business strategy and public policy is to identify those situations in which energy service contracting is most likely to be appropriate and the conditions under which it is most likely to succeed. Energy service contracting is a form of outsourcing. It will only be chosen where the expected reduction in the production cost of supplying energy services can more than offset the transactions cost of negotiating and managing the relationship with the energy service provider. Production costs will be determined by a combination of the physical characteristics of the energy system and the technical efficiency of the relevant organisational arrangements, including economies of scale and specialisation. Transaction costs, in turn, will be determined by the complexity of the energy service, the 'specificity' of the investments made by the contractor, the 'contestability' of the energy services market and the relevant legal, financial and regulatory rules. This paper develops these ideas into a general framework that may be used to assess the feasibility of energy service contracting in different circumstances. The framework leads to a number of hypotheses that are suitable for empirical test.

The economics of energy service contracts

International Nuclear Information System (INIS)

Sorrell, Steve

2007-01-01

Energy service contracting can provide a cost-effective route to overcoming barriers to energy efficiency. Energy service contracts allow the client to reduce operating costs, transfer risk and concentrate attention on core activities. However, the energy services model may only be appropriate for a subset of energy services and energy using organisations. A challenge for both business strategy and public policy is to identify those situations in which energy service contracting is most likely to be appropriate and the conditions under which it is most likely to succeed. Energy service contracting is a form of outsourcing. It will only be chosen where the expected reduction in the production cost of supplying energy services can more than offset the transaction cost of negotiating and managing the relationship with the energy service provider. Production costs will be determined by a combination of the physical characteristics of the energy system and the technical efficiency of the relevant organisational arrangements, including economies of scale and specialisation. Transaction costs, in turn, will be determined by the complexity of the energy service, the 'specificity' of the investments made by the contractor, the competitiveness of the energy services market and the relevant legal, financial and regulatory rules. This paper develops these ideas into a general framework that may be used to assess the feasibility of energy service contracting in different circumstances. The framework leads to a number of hypotheses that are suitable for empirical test

Genesis nature of financial strategy

Directory of Open Access Journals (Sweden)

O.V. Pashchenko

2015-03-01

Full Text Available The article is devoted to the study of the origin and history of the interpretation of the genesis of «strategy», «financial strategy», its elements and composite types. Scientists studied different views on the concept of strategy. Several specific positions founders of different approaches to define the strategy of schools operating strategies involved in the formulation and implementation of the concept of «strategy». Evaluation of different schools of strategies that deepened understanding of the industry and its strategy in the early stages of formation. Based on the works of various scholars studied by the author actually proposed interpretation of the concept strategy. The general industry and functional strategies which include the following strategies: innovation, resource, financial, production, marketing and human resources. Allocated financial strategy and its significant impact on other strategies. Author developed financial sector strategy and financial strategy of competitive enterprise. The importance of financial strategies under conditions of companies and the industry as a whole, as well as components of development of financial strategy. Deals with the factors that must be considered in the development and implementation of financial strategies. The systems analysis strategies and the impact on financial results, the estimation of their attractiveness and risk. Considered classification on the basis of financial strategies and sectoral orientation of the financial sector strategy based on company size, its form and noted the importance of this trait in systematizing strategies. The expediency of the financial strategy. Defined competitive advantage and efficiency of business and industry through the implementation of various financial strategies.

Contracts and Capabilities: An Evolutionary Perspective on the Autonomy-Paternalism Debate

NARCIS (Netherlands)

S. Deakin (Simon)

2010-01-01

textabstractAn evolutionary conception of contract law is suggested as a basis for assessing claims made in the autonomy-paternalism debate. Paternalism forms one part – although by no means the whole – of a discriminating approach to contract enforcement. Selective enforcement is a long-standing

Problems of cartel law in license contracts within the power economy

International Nuclear Information System (INIS)

Hueffer, U.

1992-01-01

First the licence contract is presented as a particularly important instrument of the power economy. In a second step a link is established with cartel law; that is, the special status of the power economy under cartel law and the significance of the licence contract within this context are illuminated. On this basis then, a very controversial complex of problems is entered into: the assessment of so-called expiration clauses in licence contracts, i.e. the legal situation upon expiration of a licence contract. It turns out that qualms about the time value being the takeover price have no legal basis. The fact that they were expressed at all is due to the lack of a synopsis of the relevant subareas of commercial law. Scientific purposes require a synopsis of the commercial law concerned rather than an argument in which each party splits off single aspects of the issue. (orig./HSCH) [de

The Consumption Effects of the 2007-2008 Financial Crisis

DEFF Research Database (Denmark)

Jensen, Thais Lærkholm; Johannesen, Niels

2017-01-01

Did the financial crisis in 2007–2008 spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders...... and banks. We document that banks exposed to the financial crisis reduced their lending relative to nonexposed banks, which in turn caused a significant decrease in the borrowing and spending of their customers. The effects were persistent: borrowing remained lower through the postcrisis years and spending...

Convention on nuclear safety. Rules of procedure and financial rules

International Nuclear Information System (INIS)

1999-01-01

The document is the first revision of the Rules of Procedures and Financial Rules that apply mutatis mutandis to any meetings of the Contracting Parties to the Convention on Nuclear Safety (INFCIRC/573), convened in accordance with the Chapter 3 of the Convention

Convention on Nuclear Safety. Rules of procedure and financial rules

International Nuclear Information System (INIS)

2002-01-01

The document is the second revision of the Rules of Procedures and Financial Rules that apply mutatis mutandis to any meetings of the Contracting Parties to the Convention on Nuclear Safety (INFCIRC/573), convened in accordance with the Chapter 3 of the Convention

Family Health and Financial Literacy--Forging the Connection

Science.gov (United States)

Braun, Bonnie; Kim, Jinhee; Anderson, Elaine A.

2009-01-01

Families are at-risk of or experiencing a diminished quality of living and life in current economic times and difficult decisions are required. Health and financial literacy are the basis for wise personal and public decision making. Family and consumer sciences (FCS) professionals can forge connections between health and financial literacy to…

Regulations and monitoring of the financial part of the electricity market

International Nuclear Information System (INIS)

Eriksson, Svante; Eliasson, Torben; Jenssen Aasmund

2001-11-01

The electricity derivatives market has grown significantly during the last few years. It refers to all commodity derivatives (options, futures and forwards) based on electricity and traded either on the Nord Pool Exchange or bilaterally between single parties. The growth of the derivatives market has also led to an increasing need for relevant regulation and monitoring. In this report ECON describes how the common financial regulations (e.g. Sweden's Securities Operations Act) affect power sector companies and how the electricity derivatives market is being monitored by the Swedish and the Norwegian financial supervisory authorities. The aim of the report is to give ideas about possible future research projects about the electricity derivatives market. In Sweden commodity derivatives based on electricity are generally considered to be 'financial instruments' according to The Trading in Financial Instruments Act. At least this seems to be the case with contracts traded on Nord Pool and bilateral contracts that can be subject to clearing by Nord Pool. In some cases, companies wanting to offer services regarding financial instruments in the Swedish market need a special licence and it comes from the Swedish Financial Supervisory Authority. The services that require a special permit are: trading financial instruments, in one's own name, on behalf of another party, brokering of contacts between purchasers and sellers, trading in financial instruments on one's own account, management of another party's financial instruments, and underwriting or other participation in issuances of securities or offers to purchase or sell financial instruments directly to the public. A licence to conduct a securities operation brings with it, among other things, certain mandatory capital requirements. Securities operations should also be conducted in such a manner that public confidence is maintained in the securities markets. Regulation should insure that for example, insider trading is

The regulation of peculiarities of electronic contracting: comparative analysis

Directory of Open Access Journals (Sweden)

Наталія Юліївна Філатова

2017-12-01

Full Text Available Contract formation by electronic means nowadays is a widespread phenomenon. Nevertheless electronic contracting has been thoroughly explored by scholars all over the world and regulated both internationally and domestically, there still remain some issues which need to be carefully analyzed. In our view, the most essential question raised by electronic contracting is whether there is a need to amend substantial contract law provisions with regard to peculiarities of contracts concluded by electronic means. Seeking the answer to this question several approaches have been formulated, but none of them seems to be completely appropriate. In this paper the answer is also attempted to be found. For this purpose a comparative analysis of doctrine, legislation and judicial practice of certain states is performed. Particularly, offer, acceptance and moment of electronic contract formation are explored. On the basis of this research the following conclusion is done: amendments to substantial contract law provisions are not always necessary to improve the regulation of electronic contracting. Nevertheless the provisions of law should be applied correctly to the disputes arising from electronic contract formation taking into account the peculiarities of such contracts.

The Regime of Contracts under Execution within the Insolvency Procedure

Directory of Open Access Journals (Sweden)

Cornelia Lefter

2008-01-01

Full Text Available According to the Romanian law the debtor that faces financial difficulties of a certain extent can be the object of the insolvency procedure, regulated by Law no. 85/2006 concerning the insolvency procedure. Because the insolvent debtor is no longer trustworthy to its contractual partners and cannot execute the assumed obligations, there is a risk that these contracts cease, or the services that are incumbent on contractual parties are not executed. This is why, it is very important to know within the insolvency procedure and, especially during the judicial reorganization period, what will be the treatment of contracts concluded prior to the opening of this procedure and still not executed, the so-called “contracts under execution”. Also, after clarifying the concept of contract under execution, it is important to establish who has the right to opt between their continuation, or their cancellation. On the other hand, there are presented the special rules provided by Law no. 85/2006 for some categories of contracts concluded prior to the opening of the insolvency procedure, such as: labor, lease, commission contracts, master of netting agreement or contracts concluded intuitu personae or by a debtor that is the owner of a leased building, etc.

Cellular Basis for ADT-Induced Acceleration of Sarcopenia

Science.gov (United States)

2015-10-01

1 AWARD NUMBER: W81XWH-14-1-0454 TITLE: Cellular Basis for ADT-Induced Acceleration of Sarcopenia PRINCIPAL INVESTIGATOR: Joe V...AND SUBTITLE Cellular Basis for ADT-Induced Acceleration of Sarcopenia 5a. CONTRACT NUMBER 5b. GRANT NUMBER W81XWH-14-1-0454 5c. PROGRAM...cell function and thereby regenerative capability contribute to the acceleration of sarcopenia observed in prostate cancer patients undergoing ADT

Equivalence: A Crucial Financial Concept for Extension, Consumer, and Investor Education

Science.gov (United States)

Straka, Thomas J.

2010-01-01

Equivalence is a fundamental concept that is the basis of personal financial planning. Any Extension consumer financial education program would need the concept to explain financial products that involve a series of payments over some length of time (pensions, fixed annuities, and mortgages). A table of annuity factors is presented that can be…

Updating Financial Ratios: Seeking Greater Understanding, Precision, and Practicality.

Science.gov (United States)

Jenny, Hans H.; Minter, W. John

1993-01-01

Modifications to current methods of calculating and reporting financial ratios are outlined for college managers. The modified ratios, felt to be more realistic, are illustrated with applications in three areas: (1) student revenues; (2) endowment and other investment income; and (3) public and private gifts, grants, and contracts revenue. (MSE)

The public utility contract between the French government and EDF

International Nuclear Information System (INIS)

2005-01-01

The public utility contract as foreseen by article 1 of the law from August 9, 2004 was signed on October 24, 2005. It represents the reference of EDF's (Electricite de France) commitments for its different activities of power producer-supplier and network manager. It precises also the commitments of the manager of the public energy transportation system (RTE EDF-Transport). It describes the level of commitment of EDF group over the 2005-2006-2007 era and precises the financial compensation modalities of its public utility missions and of its commitments as described in the contract. The public utility plan indicates the level of investments planned by EDF in the domain of power generation and networks. This document gathers: the talk given by D. de Villepin, Prime Minister, during the signature of the contract, the talk and presentation (slides) given by P. Gadonneix, head of EDF, the public utility contract between the government and EDF, and the public utility plan. (J.S.)

Administrative and Financial, Coordinator | IDRC - International ...

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

Primary Duties or Responsibilities Financial Responsibilities Support the effective ... On a monthly basis, prepares a summary for Accounting with the proper ... Analyses, reviews, and assesses incoming administrative issues to the office of the ...

FINANCIAL STABILITY AS A FACTOR ECONOMIC SECURITY

Directory of Open Access Journals (Sweden)

A. V. Endovitskaya

2015-01-01

Full Text Available Summary. The article examines the linkages between financial stability and the level of its economic security. Considered the content of financial stability, represented by its own definition, we studied the basic conditions to achieve it. The logic diagram showing the location of financial stability and financial security to ensure the economic security of the business entity. A system of internal and external factors affecting the financial stability and endanger financial stability and financial security company. It has been established that it is the internal factors such as the availability of financial resources and financial position, capital structure, the company's ability to generate profits determine the level of economic security and its ability to withstand the negative impact of external and internal threats. The necessity of improving the financial sustainability in order to improve the economic security of the enterprise. On the basis of the research proposed matrix of risks affecting the financial stability and economic security, which allows to determine the probability of their occurrence and impact. It presents the economic, social, human, financial, organizational, economic, innovative and productive tools to increase the stability and financial security of an economic entity. List considered standard measures will make a plan of action to minimize the adverse impacts and enhance financial stability and security. Therefore, a prerequisite for the economic security of the enterprise is the attainment of financial stability.

Cohesiveness in financial news and its relation to market volatility.

Science.gov (United States)

Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Smuc, Tomislav

2014-05-22

Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets.

Cohesiveness in Financial News and its Relation to Market Volatility

Science.gov (United States)

Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Šmuc, Tomislav

2014-01-01

Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets. PMID:24849598

48 CFR 915.404-4-72 - Special considerations for cost-plus-award-fee contracts.

Science.gov (United States)

2010-10-01

... cost-plus-award-fee contracts. 915.404-4-72 Section 915.404-4-72 Federal Acquisition Regulations System....404-4-72 Special considerations for cost-plus-award-fee contracts. (a) When a contract is to be awarded on a cost-plus-award-fee basis several special considerations are appropriate. Fee objectives for...

Management of Liquidity Risk Using Foreign Exchange Swap Contracts

Directory of Open Access Journals (Sweden)

Ivica Prga

2009-12-01

Full Text Available Croatian banks, like the other world banks, are exposed to liquidity risk. This is very significant question to them, particularly in this complex and crisis time. Therefore, the Croatian banks pay much attention to the management of liquidity. In these attempts, the banks use various derivative financial instruments of which the foreign exchange swap contracts are particularly remarkable.

Hedging with futures contracts in the Brazilian soybean complex: BM&F vs. CBOT

Directory of Open Access Journals (Sweden)

Andréia Regina O. da Silva

2003-06-01

Full Text Available This article analyzes the effectiveness of hedging Brazilian soy oil, soy meal, and soybeans in the Chicago Board of Trade (CBOT and in the Brazilian Commodities and Futures Exchange (BM&F to reduce the risk of financial loss due to commodity price fluctuations. The econometric results show that a cross-hedging strategy using the BM&F soybean futures contract is an instrument of low effectiveness for managing soy oil and soy meal price risk. Despite low effectiveness, the estimates demonstrate total advantage for soy meal hedging operations using CBOT soy meal futures contracts rather than cross-hedging using BM&F soybean futures contracts. With some exceptions, the results are also more favorable for hedging soy oil with soy oil futures contracts at the CBOT rather than cross hedging with soybeans at the BM&F. Conversely, Brazilian traders hedging soybeans receive more effective risk protection by trading soybean futures contracts at the BM&F than by trading soybean futures contracts at the CBOT.

Report and financial statements 31 March 1992

International Nuclear Information System (INIS)

1993-06-01

The directors submit their annual report and audited financial statements of the Company for the year ended 31 March 1992. The Company designs, engineers, constructs and acts as project manager and the larger part of its activities are connected with nuclear and conventional power generation. Substantial business is being undertaken by the Company's Defence and Process Divisions. The Company's Engineering Development Centre performs contract research and development and manufacturers specialist plant. The gas reactor business which services the requirements of Britain's three nuclear generating companies, Nuclear Electric, Scottish Nuclear and British Nuclear Fuels, continues to perform strongly. The PWR business division has continued to support the Sizewell B PWR construction and has pursued opportunities for new work in Eastern Europe. In the field of conventional power the Company secured a metering contract from National Power. The contract awarded by British Nuclear Fuels early in 1991 to construct a new 160 MW Combined Heat and Power gas turbine station at Sellafield is proceeding satisfactorily. Work on the AWE project management support contract at Aldermaston continues. Elsewhere safety and consultancy work for PSA Services and MoD remains an important part of the Company's defence business. The Company has obtained several contracts in the process area, notably in environmental engineering. (Author)

Contract Design: Risk Management and Evaluation

Directory of Open Access Journals (Sweden)

Axel C. Mühlbacher

2018-01-01

Full Text Available Introduction: Effective risk adjustment is an aspect that is more and more given weight on the background of competitive health insurance systems and vital healthcare systems. The risk structure of the providers plays a vital role in Pay for Performance. A prerequisite for optimal incentive-based service models is a (partial dependence of the agent’s returns on the provider’s gain level. Integrated care systems as well as accountable care organisations (ACOs in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced.  Methods: Little is known about the contractual design and the main challenges of delegating “accountability” to these new kinds of organisations and/or contracts. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore information asymmetries and contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. The research question in this article focuses on how reimbursement strategies, evaluation of measures and methods of risk adjustment can best be integrated in healthcare contracting.  Results: Each integrated care contract includes challenges for both payers and providers without having sufficient empirical data on both sides. These challenges are clinical, administrative or financial nature. Risk adjusted contracts ensure that the reimbursement roughly matches the true costs resulting from the morbidity of a population. If reimbursement of care provider corresponds to the actual expenses for an individual/population the problem of risk selection is greatly reduced. The currently used methods

Managing Projects with the Public, -bringing Partnering, Contracts and Financing together in Building Public Services

DEFF Research Database (Denmark)

Koch, Christian

2004-01-01

of opportunity shows that on the operational level the contractual, financial and skill basis for the project has to be mobilized, negotiated, partly stabilized and renegotiated. The participating actors thus have to develop a new set of skills in dealing with municipalities and managing operations in PPPs....... of projects have had trouble to develop. The paper views PPP as an interaction between an emergent governance frame and operational activities in the project. PPP is an element of a networked public sector and the paper takes a network and political process approach to the shaping of PPP in Denmark....... It is analysed how the governance frame for these type of projects constituted a window of opportunity in the late nineties for “sale and lease back” arrangements, combined with partnering and more traditional design-build contracts. A case of a municipality renewing its school services, exploiting this window...

The Role of Trust in Financial Customer-seller Relationships Before and After the Financial Crisis

DEFF Research Database (Denmark)

Hansen, Torben

2014-01-01

provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty......This study examines the role of trust in customer-seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty...

Contracting in vivo research: what are the issues?

Science.gov (United States)

Underwood, Wendy J

2007-07-01

As a result of increasing internal and external pressures, research institutions are using contract research organizations for the conduct of in vivo research. Many issues arise when contracting animal research, including concern regarding animal health and welfare. Each sponsor institution should develop a program for outsourced in vivo research that evaluates and ensures appropriate care and use of research animals. Each sponsoring institution should consider establishing a policy and procedure for how outsourced in vivo studies will be approved, conducted, and monitored. An approved list of contract facilities can be established on the basis of accepted standards for animal care and use. Written contracts should include confidentiality agreements, the delineation of animal ownership, and the expectation to comply with all applicable regulations and guidelines for research animal care and use. Finally, a process for communication of adverse study or animal welfare events should be established. Thorough evaluation of contract organizations will help ensure appropriate research animal care and use.

Customer value and financial services distribution channels

OpenAIRE

Chakrabarty, Anita

2017-01-01

This research effort seeks to investigate the co-creation of customer value in distribution channels of financial services as perceived by customers. In financial services, an in-depth investigation of customer value is necessary because of its recognised strategic imperative for competitive advantage (Woodruff, 1997). The Service Dominant Logic further demonstrates the importance of customer value as the basis of customers’ evaluations of products or service offerings (Vargo and Lusch, 2004)...

CONSIDERATIONS ON AUDIT OF GROUP FINANCIAL STATEMENTS

OpenAIRE

Attila Tamas Szora; Iulian Bogdan Dobra

2010-01-01

The objective of this paper is to present a comparative analysis of the consolidatedfinancial statements according to the International Financial Reporting Standards or the EuropeanDirectives and see how such accounting alternative affect the explanatory notes to the consolidatedfinancial statements, especially regarding to the revaluation basis of the assets. The study seeks todetermine if the accounting diversity influences the work of the financial auditor. The resultsindicate that the two...

75 FR 26916 - Federal Acquisition Regulation: FAR Case 2009-004, Enhancing Contract Transparency

Science.gov (United States)

2010-05-13

... Regulation: FAR Case 2009-004, Enhancing Contract Transparency AGENCY: Department of Defense (DoD), General... commercial or financial information. This transparency effort is intended to promote efficiency in Government... the Administration's memorandum entitled Transparency and Open Government (January 21, 2009...

Structuring spot, short and long term gas contracts; CD-ROM ed.

Energy Technology Data Exchange (ETDEWEB)

Gretener, N.M.

1996-05-01

A review of the core clauses of the modern natural gas purchase and sales contracts, was presented. There exists a wide variety of terms which can be used by a seller and a buyer to customize such a contract to suit particular circumstances. On the basis of length of term, gas contracts may classified as spot contracts having a term of 30 days or less, short term contracts having a term of 30 days to one to two years, and long term contracts having terms greater than two years. The three key elements which are applicable to all gas sales contracts are the contract price, the seller`s obligation to deliver, and the buyer`s obligation to accept. Other provisions that may be included in any gas sales contract in addition to the basic three were reviewed, including market pricing, load factor incentive pricing, seasonal pricing, pipeline demand charges, market shares, and the seller`s right to decontract.

Milestone and cost management financial reports for period ending September 30, 1995

International Nuclear Information System (INIS)

1995-01-01

This report is a monthly summary for September 1995 for work performed by IIT Research Institute under DOE contract number DE-AC05-93OR22160. Financial data and milestones for September 1995 are included in the report

Effective Form of Reproducing the Total Financial Potential of Ukraine

Directory of Open Access Journals (Sweden)

Portna Oksana V.

2015-03-01

Full Text Available Development of scientific principles of reproducing the total financial potential of the country and its effective form is an urgent problem both in theoretical and practical aspects of the study, the solution of which is intended to ensure the active mobilization and effective use of the total financial potential of Ukraine, and as a result — its expanded reproduction as well, which would contribute to realization of the internal capacities for stabilization of the national economy. The purpose of the article is disclosing the essence of the effective form of reproducing the total financial potential of the country, analyzing the results of reproducing the total financial potential of Ukraine. It has been proved that the basis for the effective form of reproducing the total financial potential of the country is the volume and flow of resources, which are associated with the «real» economy, affect the dynamics of GDP and define it, i.e. resource and process forms of reproducing the total financial potential of Ukraine (which precede the effective one. The analysis of reproducing the total financial potential of Ukraine has shown that in the analyzed period there was an increase in the financial possibilities of the country, but steady dynamics of reduction of the total financial potential was observed. If we consider the amount of resources involved in production, creating a net value added and GDP, it occurs on a restricted basis. Growth of the total financial potential of Ukraine is connected only with extensive quantitative factors rather than intensive qualitative changes.

The Nature and Structural Regularities of Financial Integration in the Global Dimension in the Context of «Impossible Trinity»

Directory of Open Access Journals (Sweden)

Krasnova Iryna V.

2016-11-01

Full Text Available The aim of the article is to determine the nature of financial integration and to justify its place in the system of measures on state regulation intended to search for a balanced model of economic growth of the country through the impossible trilemma reflecting the impossibility of simultaneous implementation of three macro-economic policies in one country, namely financial openness, monetary independence and exchange rate stability. On the basis of synthesis, analysis and comparison of different interpretations, the concept of «financial integration» is clarified. There identified signs of integration of financial markets, such as: the uniformity of rules (transparency; equal access (availability; common operating environment (involvement; equity of prices (unity; uniformity of the reaction of financial assets on the impact of external trends and news (response. The policy of financial integration, in particular its component of the free movement of capital is designed to provide additional incentives to domestic economic growth by attracting external financial resources. To stimulate the economy and prevent the unstable volatility of exchange rate, many countries seek to achieve such macroeconomic goals as openness of financial markets, independence of the monetary policy and exchange rate stability. Since the monetary authorities may choose at any moment only two of the three goals, the Mundell-Fleming trilemma determines a possibility of three different combinations of monetary targeting. At present science has not developed a unified methodological approach to determination of indices of financial integration. To assess the dynamics of financial integration the following basic indices of integration are used: KAOPEN, FINREFORM, KASHI, etc. Based on the analysis of the mentioned indices in the context of different countries, there can be made a conclusion about a possibility of combination of different policies with a tendency towards

Legal issues in power sale contract negotiations

International Nuclear Information System (INIS)

Goodwin, L.M.

1990-01-01

The Public Utility Regulatory Policies Act of 1978 (PURPA) is the foundation of the cogeneration industry. However, few cogeneration projects could be financed on the basis of PURPA alone. PURPA guarantees project owners the right to sell power at the purchasing utility's Avoided Cost, whatever that may be from time to time. However, the development and financing of a cogeneration project requires a secure and dependable income stream, not a mere guarantee of the right to receive the spot price for power. Accordingly, developers have found that a formal power sale contract with the purchasing utility is a prerequisite to successful project development. This paper summarizes some current issues in power sale contract negotiation, with a particular emphasis on contract terms which shift risks from the utility and its ratepayers to the developer. Many of these trends originally appeared before the advent of competitive bidding systems, but most will continue to affect power sale contracts under competitive bidding, and under IPP project development as well

The philosophical origin of the social contract theory

Directory of Open Access Journals (Sweden)

Todorović Tanja

2017-01-01

Full Text Available This paper shows the origin of the idea of a social contract in Greek ancient philosophy. The Greeks first discovered this idea in their mythological and cosmological notions. Sophists developed it on the basis of natural law. During its evolution in Greek ancient philosophy the social contract was differently understood: sometimes in a unity with natural law, sometimes in opposition to it. Socrates pointed out the abstract nature of the social contract, while Plato and Aristotle tried to solve the contradictions set by the sophists. The origins of these ideas are very important, because modern and contemporary theories of social contract which use both different customary language and are based on different rationalization of the notion of nature are in part developed on a logic similar to that which can be found in Greek ancient philosophy.

Optimization of portfolio of contracts for companies of electric power generation

International Nuclear Information System (INIS)

Gunn, Laura Keiko; Silva, Elisa Bastos; Correia, Paulo de Barros

2010-01-01

Portfolio optimization is a technique widely used to select investments in economic and financial zones. In the Brazilian Electric Market the portfolio models must consider not only different types of contracts used in the free market, but also different types of markets: the free market, the captive market and the spot market. Normally, the question is knowing which proportion of energy should be sold in each market, in order to maximize the return and minimize the risk. This article deals with a problem from the point of view of a power generator, where their objective is to maximize its profit, to serve their obligations regarding the delivery of energy and minimizing the risk associated with the occurrence of Spot Price - minimum (Spot Price). It is considered that the generator has flexible contracts and inflexible contracts to sell the energy. Inflexible contracts have delivery obligations of fixed energy and flexible contracts allow, the holder of the flexibility, to deliver or to receive an amount of variable energy. In this case, the holder of flexibility may be the purchaser or the generator. (author)

Contract theory and EU Contract Law

OpenAIRE

Hesselink, M.W.; Twigg-Flesner, C.

2016-01-01

This paper explores the relationship between contract theory and European contract law. In particular, it confronts the leading contract law theories with the main characteristics of EU contract law. The conclusion is that the two do not match well. In particular, monist normative contract theories are largely irreconcilable with the contract law of the EU. The paper further addresses the main implications of this mismatch, both for contract theory and for EU contract law. It suggests that in...

Contract Management: Organisational and Legal Form of Hotel Networks

OpenAIRE

Burak Tatyana V.

2013-01-01

Hotel business has been the most dynamic and profitable segment of economy, which is characterised with a high degree of internationalisation of capital and international character, during the recent decades. We clearly observe development of national and international hotel networks at this stage. Management contract is one of the methods of development and creation of hotel networks. The article describes theoretical basis of introduction of the contract management into the hotel business, ...

Blockchain based financial case analysis and its implications

Directory of Open Access Journals (Sweden)

Soonduck Yoo

2017-12-01

Full Text Available Purpose - In Korea and abroad, this paper investigates the use of blockchains in the financial sector. This study aims to examine how blockchains are applied to the financial sector and how to respond to the Korean conditions. Design/methodology/approach - This paper investigates the movements of the financial sector and related services using the blockchain in the current market. Findings - First, as a result of examining domestic and foreign cases, it can be seen that the areas where blockchains are most actively applied in the financial sector are expanding into settlement, remittance, securities and smart contracts. Also, in Korea, many of the authentication procedures based on the equipment possessed by the consumers are used so that introduction of the blockchain in the authentication part is prominent. Second, the move to introduce a closed (private distributed ledger that does not go through the central bank is accelerating in payments between banks. Third, domestic financial institutions also need joint action by financial institutions through a blockchain consortium to apply blockchain technology to the financial sector. Fourth, consumer needs and technological developments are changing. At the same time, as the opportunity to infringe on the information held by individuals has expanded, the need for blockchain technology is strongly emerging because of the efforts of the organizations to defend it. Originality/value - This paper contributes to understanding the changes in the financial sector using the blockchain.

Pan-European management of electricity portfolios: Risks and opportunities of contract bundling

International Nuclear Information System (INIS)

Gampert, Markus; Madlener, Reinhard

2011-01-01

Due to the liberalization of energy markets in the European Union, today's European utilities not only focus on electricity supply, but also offer exchange-traded 'structured products' or portfolio management for unbundling financial and physical risk positions. Many utilities are only able to provide these services in their domestic markets. In a globalized economy, the need for a centrally organized pan-European portfolio management has arisen, as it allows a simplified commodity sourcing in combination with an optimized risk management. In this paper, we examine the challenges to be overcome for establishing a European-wide bundling of electricity contracts. For this purpose, a case study based on the business perspective of RWE Supply and Trading in Central and Eastern Europe is carried out. In a first step, we analyze general requirements for a pan-European bundling of electricity contracts. Then, RWE's situation in Europe is examined, based on which we finally propose a concept to meet customer demands in Central and Eastern Europe. - Research highlights: → Analysis of electricity market liberalization in Central and Eastern Europe. → Identification of requirements and problems for pan-European bundling of contracts. → Case study based on RWE Supply and Trading perspective in Central and Eastern Europe. → Model development for pan-European unbundling of financial/physical risk positions.

Measures of Financial Capacity: A Review.

Science.gov (United States)

Ghesquiere, Angela R; McAfee, Caitlin; Burnett, Jason

2017-05-23

Capacity to manage finances and make financial decisions can affect risk for financial exploitation and is often the basis for legal determinations of conservatorship/guardianship. Several structured assessments of financial capacity have been developed, but have not been compared regarding their focus, validity, or reliability. Therefore, we conducted a review of financial capacity measures to examine these factors. We searched electronic databases, reference lists in identified articles, conference proceedings and other grey literature for measures of financial capacity. We then extracted data on the length and domains of each measure, the population for which they were intended, and their validity and reliability. We identified 10 structured measures of financial capacity. Most measures could be completed in 25-30 min, and were designed to be administered to older adults with some level of cognitive impairment. Reliability and validity were high for most. Measurement of financial capacity is complex and multidimensional. When selecting a measure of financial capacity, consideration should be made of the population of focus and the domains of capacity to be assessed. More work is needed on the cultural sensitivity of financial capacity measures, their acceptability, and their use in clinical work. Better understanding of when, and to whom, to administer different financial capacity measures could enhance the ability to accurately detect those suffering from impaired financial capacity, and prevent related negative outcomes like financial exploitation. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

CONDITIONS AND EFFECTS OF THE COMMISSORIA LEX IN THE LEASING CONTRACT

Directory of Open Access Journals (Sweden)

Raluca Tomescu

2015-11-01

Full Text Available The main problem with the execution of a leasing contract in Romania is that there are still shortcomings to the laws in force. The complexity of this contract which, at first sight, seems so commonplace, as well as the void in our ambiguous law are an inexhaustible source of research and exploration, but also the origin of controversial conflicts. With this paper I decided to elaborate I would like to contribute to consolidating the ”status” of national leasing operations, which are still in search of their own identity. Aiming to place the leasing contract back in its rightful place, that of a contract from which nobody has anything to lose but everything to gain, I consider it appropriate to analyse the conditions and effects of the commissoria lex fragments inserted in the leasing contract. One of the most controversial aspect of these last years brought to the attention of the courts of law cases where the financier, once the leasing contract was cancelled, requests the foreclosure of the user. The cancellation we are taking into account is based on the commissoria lex inserted in the clauses of the leasing contract. We have therefore to an alyse whether the foreclosure of the user can be carried on, based on the provisions of GO 51/1997 referring to leasing contracts.

The Information - Connexion Between Financial Accounting and Management Accounting

Directory of Open Access Journals (Sweden)

Florin Radu

2016-01-01

Full Text Available In the current context of the market economy development and evolution and development of companies’ activities it is remarked the proper development of economic and financial information. In this paper we shall present both the qualitative characteristics of the accounting information, from national and international perspective, and their classification according to Statement of Financial Accounting Standards No. 2. The need for information is covered by unpublished reports, statements, which include selective information from the financial statements. In the private sector, managers interested in the entity’s performance, turn to financial analysts, who on the basis of economic and financial indicators can give a diagnosis on the health of the entity.

Enhancing Readiness of the Unmanned Aerial Vehicle (UAV) System via Use of Simulation Modeling and Contract Incentives

National Research Council Canada - National Science Library

Kasal, Omer

1999-01-01

...) test system of the Turkish Army Command are the failure to address life cycle cost (LCC) considerations during financial resource allocations and the absence of contract reliability incentives...

Availability and the use of work-life balance benefits guaranteed by the Polish Labour Code among workers employed on the basis of employment contracts in small and medium enterprises

OpenAIRE

Aleksandra Andysz; Aleksandra Jacukowicz; Aleksander Stańczak; Marcin Drabek

2016-01-01

Objectives: Polish Labour Code provides employees with a range of solutions (benefits) supporting them in achieving balance between work and private life. This paper was aimed at indicating availability and the use of legal benefits supporting work-life balance (WLB) among Polish workers of small and medium enterprises. Material and Methods: The study sample included 219 respondents, aged 22–64, working in small and medium enterprises and employed on the basis of employment contracts for at l...

Financial and clinical risk in health care reform: a view from below.

Science.gov (United States)

Smith, Pam; Mackintosh, Maureen; Ross, Fiona; Clayton, Julie; Price, Linnie; Christian, Sara; Byng, Richard; Allan, Helen

2012-04-01

This paper examines how the interaction between financial and clinical risk at two critical phases of health care reform in England has been experienced by frontline staff caring for vulnerable patients with long term conditions. The paper draws on contracting theory and two interdisciplinary and in-depth qualitative research studies undertaken in 1995 and 2007. Methods common to both studies included documentary analysis and interviews with managers and front line professionals. The 1995 study employed action-based research and included observation of community care; the 2007 study used realistic evaluation and included engagement with service user groups. In both reform processes, financial risk was increasingly devolved to frontline practitioners and smaller organizational units such as GP commissioning groups, with payment by unit of activity, aimed at changing professionals' behaviour. This financing increased perceived clinical risk and fragmented the delivery of health and social care services requiring staff efforts to improve collaboration and integration, and created some perverse incentives and staff demoralisation. Health services reform should only shift financial risk to frontline professionals to the extent that it can be efficiently borne. Where team work is required, contracts should reward collaborative multi-professional activity.

Effects of Geographic Diversification on Risk Pooling to Mitigate Drought-Related Financial Losses for Water Utilities

Science.gov (United States)

Baum, Rachel; Characklis, Gregory W.; Serre, Marc L.

2018-04-01

As the costs and regulatory barriers to new water supply development continue to rise, drought management strategies have begun to rely more heavily on temporary conservation measures. While these measures are effective, they often lead to intermittent and unpredictable reductions in revenues that are financially disruptive to water utilities, raising concerns over lower credit ratings and higher rates of borrowing for this capital intensive sector. Consequently, there is growing interest in financial risk management strategies that reduce utility vulnerabilities. This research explores the development of financial index insurance designed to compensate a utility for drought-related losses. The focus is on analyzing candidate hydrologic indices that have the potential to be used by utilities across the US, increasing the potential for risk pooling, which would offer the possibility of both lower risk management costs and more widespread implementation. This work first analyzes drought-related financial risks for 315 publicly operated water utilities across the country and examines the effectiveness of financial contracts based on several indices both in terms of their correlation with utility revenues and their spatial autocorrelation across locations. Hydrologic-based index insurance contracts are then developed and tested over a 120 year period. Results indicate that risk pooling, even under conditions in which droughts are subject to some level of spatial autocorrelation, has the potential to significantly reduce the cost of managing financial risk.

The 1980 United Nations Convention on Contracts for the International Sale of Goods

DEFF Research Database (Denmark)

Lookofsky, Joseph

2012-01-01

On the basis of the central commercial importance of contracts of sale and the impressive and steadily growing list of ratifications (more than 75 States), the CISG Convention must be regarded as the most significant piece of substantive contract legislation in effect at the international level....

The 1980 United Nations Convention on Contracts for the International Sale of Goods

DEFF Research Database (Denmark)

Lookofsky, Joseph

2016-01-01

On the basis of the central commercial importance of contracts of sale and the impressive and steadily growing list of ratifications (more than 80 States), the CISG Convention must be regarded as the most significant piece of substantive contract legislation in effect at the international level....

The Experiences in Processing Policies and Contracts by Adult ESL Readers

Science.gov (United States)

Abiog, Evalyn B.

2017-01-01

The present study describes the experiences of adult English as a Second Language (ESL) readers in processing legal texts prior to entering a financial agreement. A preliminary survey was conducted to determine the commonly read policies and contracts of adult ESL reader-consumers, which revealed those of banks and life-insurance companies; hence,…

An exploratory study of relative and incremental information content of two non-financial performance measures: Field study evidence on absence frequency and on-time delivery

NARCIS (Netherlands)

Wiersma, E.

2008-01-01

In this exploratory field study, I test the relative and incremental information content of two non-financial performance measures compared to financial performance measures for future financial performance. The proprietary database used is from the contracts of the managers of 27 responsibility

Minimization of Basis Risk in Parametric Earthquake Cat Bonds

Science.gov (United States)

Franco, G.

2009-12-01

A catastrophe -cat- bond is an instrument used by insurance and reinsurance companies, by governments or by groups of nations to cede catastrophic risk to the financial markets, which are capable of supplying cover for highly destructive events, surpassing the typical capacity of traditional reinsurance contracts. Parametric cat bonds, a specific type of cat bonds, use trigger mechanisms or indices that depend on physical event parameters published by respected third parties in order to determine whether a part or the entire bond principal is to be paid for a certain event. First generation cat bonds, or cat-in-a-box bonds, display a trigger mechanism that consists of a set of geographic zones in which certain conditions need to be met by an earthquake’s magnitude and depth in order to trigger payment of the bond principal. Second generation cat bonds use an index formulation that typically consists of a sum of products of a set of weights by a polynomial function of the ground motion variables reported by a geographically distributed seismic network. These instruments are especially appealing to developing countries with incipient insurance industries wishing to cede catastrophic losses to the financial markets because the payment trigger mechanism is transparent and does not involve the parties ceding or accepting the risk, significantly reducing moral hazard. In order to be successful in the market, however, parametric cat bonds have typically been required to specify relatively simple trigger conditions. The consequence of such simplifications is the increase of basis risk. This risk represents the possibility that the trigger mechanism fails to accurately capture the actual losses of a catastrophic event, namely that it does not trigger for a highly destructive event or vice versa, that a payment of the bond principal is caused by an event that produced insignificant losses. The first case disfavors the sponsor who was seeking cover for its losses while the

Application of Sharī‘ah contracts in contemporary Islamic finance: A maqāṣid perspective

Directory of Open Access Journals (Sweden)

Younes Soualhi

2015-12-01

Full Text Available This research exposes the underlying maqāṣid embedded in Sharī‘ah contracts as applied in Islamic banking and finance. It addresses the problem of not observing maqāṣid in nominated and combined Sharī‘ah contracts as well as the problem of not sufficiently imbuing maqāṣid in products developed by Islamic financial institutions. As a benchmark of the maqāṣid of wealth, the research adopts Ibn ‘Āshūr’s classification of maqāṣid to evaluate the conformity of Sharī‘ah contracts to Maqāṣid al-Sharī‘ah namely, justice, circulation, transparency, and firmness. The study focuses on three markets related to the application of Sharī‘ah contracts, namely, banking, Islamic capital market, and takāful. The study concludes that, by and large, the application of Sharī‘ah contracts has observed Maqāṣid al-Sharī‘ah during its development and initial application stages of Islamic finance products; however, offering such products in the market has raised economic questions as to their viability and economic values. In addition, the malpractice of some Sharī‘ah contracts has long raised concerns as to the maqāṣid compliance of such products. The research recommends a de-sophistication of Islamic financial engineering to minimise the possibility of convergence with conventional finance. The research also emphasises product differentiation based on less complicated combined Sharī‘ah contracts.

An Analytical Evaluation of Contingency Contracting Operations in Iraq and Afghanistan: Capturing Critical Corporate Knowledge for the Future

Science.gov (United States)

2013-01-07

of contracting dollars from prime to sub-contractors and perform financial forensics on contracts and contractors (Abi-Habib & Rosenberg, 2010...organization would need, at a minimum  Contracting expertise,  Forensic finance and intelligence expertise,  Defense agencies liaison...8217C: eui~nce Olld tools to se.unkssJy iot ~tc OCS and CE. W pl3i\\Jtil~ 30d c:ecut.ion c:quldC":J. • lnl<:£.r.llc OCS clc:mcots ond i59.tes into

Polytope Contractions within Weyl Group Symmetries

Energy Technology Data Exchange (ETDEWEB)

Szajewska, Marzena, E-mail: m.szajewska@math.uwb.edu.pl [University of Bialystok, Institute of Mathematics (Poland)

2016-09-15

A general scheme for constructing polytopes is implemented here specifically for the classes of the most important 3D polytopes, namely those whose vertices are labeled by integers relative to a particular basis, here called the ω-basis. The actual number of non-isomorphic polytopes of the same group has no limit. To put practical bounds on the number of polytopes to consider for each group we limit our consideration to polytopes with dominant point (vertex) that contains only nonnegative integers in ω-basis. A natural place to start the consideration of polytopes from is the generic dominant weight which were all three coordinates are the lowest positive integer numbers. Contraction is a continuous change of one or several coordinates to zero.

Diagnosis of Financial Crisis in Asia : From Miracle to Debacle

NARCIS (Netherlands)

van de Gevel, A.J.W.

1998-01-01

This paper discusses the causes, cures and consequences of the Asian financial crisis.Since mid-1997 a number of Southeast Asian economies have been in the grip of a severe financial crisis that has thrown the region into a deep recession.On the basis of expected diminishing returns this has raised

Disciplinary Accountability in the Financial Area

Directory of Open Access Journals (Sweden)

Viorel Lefter

2007-09-01

Full Text Available The disciplinary accountability of the personnel from the local public administration isdifferently regulated, depending on the personnel category. The disciplinary accountability of the civilservants is an administrative-disciplinary accountability regulated by the Law no. 188/1999 concerningthe Status of the civil servants and can take place only under the circumstances stipulated by law, whilethe disciplinary accountability of the persons hired on the basis of the individual work contract isregulated by the Work Law, Law no. 53/2003 and can take place only under the circumstances stipulatedby this law. The only basis of the disciplinary responsibility is the disciplinary infringement, that in factrepresents a deed related to work, a deed consisting in an action or inaction carried out with guilt by theemployee, through which this one broke the legal norms, the internal regulations, the individual workcontract or the applicable collective work contract, the orders and the legal dispositions of the hierarchicalsuperiors (Law no. 53/2003, Art. 263, Paragr. 2.

Financial sustainability for a lignocellulosic biorefinery under carbon constraints and price downside risk

International Nuclear Information System (INIS)

Cheng, Lingfeng; Anderson, C. Lindsay

2016-01-01

Highlights: • Stochastic program determines production, risk management strategy for biorefinery. • Scheduled production commitment decreases as tiered carbon tax rate increases. • Risk averse producers prefer the forward contract as a mode of product sales. • Time varying forward prices and inventory enable producers to increase profits. • Inventory is beneficial to producers, below the threshold for inventory costs. - Abstract: The development of an environmentally sustainable and financially viable replacement for fossil fuels continues to elude industry investors even though the benefits of replacing them is undisputed. Biofuels are among the promising replacements for fossil fuels. However, the development and production process for bio-based fuels creates uncertainty for industry investors. In order to increase process profitability, financial tools can be implemented with current technology. This paper proposes the use of forward contracts to mitigate risk, and it also considers the impact of carbon tax constraints and price uncertainty. Specifically, a stochastic optimization approach is implemented to develop strategies, which increases the net present value (NPV) of a production facility through determination of an optimal production schedule, as well as the creation of a portfolio of forward contracts to reduce product price risk. Results of numerical case studies show that if the policymaker is risk averse, production is higher in the early planning period rather than the later period. This paper also investigates the ability to maintain inventory in order to create additional financial benefit.

The psychological contracts of National Health Service nurses.

Science.gov (United States)

Purvis, Lynne J; Cropley, Mark

2003-03-01

Following the psychological contract model of the employee-employer exchange relationship is offered as a means of understanding the expectations of a UK sample of 223 National Health Service (NHS) nurses in association with their leaving intentions. A pilot study involving 21 NHS nurses, using the repertory grid technique was conducted to elicit contract expectations. Twenty-nine categories of expectation were identified through content analysis. The study proper, employed a survey developed on the basis of results from the pilot study to identify contract profiles among 223 nurses from three London/South-east NHS hospitals, using the Q-sort method. Type of contract held (relational/transactional), satisfaction (job and organization), and leaving intentions were also examined. Q-analysis yielded four contract profiles among the nurses sampled: 'self-development and achievement'; 'belonging and development'; 'competence and collegiality' and 'autonomy and development'. Correlation analysis demonstrated that leaving intentions were associated with a need for personal autonomy and development, and the violation of expectations for being appreciated, valued, recognized and rewarded for effort, loyalty, hard-work and achievement, negative endorsement of a relational contract, positive endorsement of a transactional contract, and job and organizational dissatisfaction. Findings illustrate the diagnostic utility of the term psychological contract for understanding the expectations of NHS nurses. The potential significance of these findings for managing nurse retention is highlighted.

IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

Directory of Open Access Journals (Sweden)

V. N. Alferov

2012-01-01

Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

Directory of Open Access Journals (Sweden)

V. N. Alferov

2013-01-01

Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

Reciprocity as a Foundation of Financial Economics

OpenAIRE

Johnson, Timothy C.

2014-01-01

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the m...

Contract theory and EU Contract Law

NARCIS (Netherlands)

Hesselink, M.W.; Twigg-Flesner, C.

2016-01-01

This paper explores the relationship between contract theory and European contract law. In particular, it confronts the leading contract law theories with the main characteristics of EU contract law. The conclusion is that the two do not match well. In particular, monist normative contract theories

DERIVATIVE USE BY ROMANIAN BANKS AFTER THE EU ADHESION: A FINANCIAL REPORTING PERSPECTIVE

Directory of Open Access Journals (Sweden)

Maria Carmen Huian

2014-06-01

Full Text Available Romanian banks use derivatives to hedge against or speculate on the movement of economic variables such as foreign exchange rate or interest rate. To report these contracts, they apply the IFRS in both consolidated accounts (from 2007 onwards and individual accounts (starting with 2012. This paper analyzes disclosures on derivatives for a 6-year period (2007- the year of the EU adhesion -2012 based on 132 financial statements available. The findings show that more than 72% of Romanian banks use derivatives, mostly for economic hedges and without much application of hedge accounting. Swaps are the most important contracts and foreign exchange risks the most protected against. On average, disclosures on derivatives follow the IFRS rules but provide little additional information beyond the minimum requirements which enables ambiguities and misinterpretations from users of the financial statements.

When nursing takes ownership of financial outcomes: achieving exceptional financial performance through leadership, strategy, and execution.

Science.gov (United States)

Goetz, Kristopher; Janney, Michelle; Ramsey, Kristin

2011-01-01

With nurses and unlicensed supportive personnel composing the greatest percentage of the workforce at any hospital, it is not surprising nursing leadership plays an increasing role in the attainment of financial goals. The nursing leadership team at one academic medical center reduced costs by more than $10 million over 4 years while outperforming national benchmarks on nurse-sensitive quality indicators. The most critical success factor in attaining exceptional financial performance is a personal and collective accountability to achieving outcomes. Whether it is financial improvement, advancing patient safety, or ensuring a highly engaged workforce, success will not be attained without thoughtful, focused leadership. The accountability model ensures there is a culture built around financial performance where nurses and leaders think and act, on a daily basis, in a manner necessary to understand opportunities, find answers, and overcome obstacles. While structures, processes, and tools may serve as the means to achieve a target, it is leadership's responsibility to set the right goal and motivate others.

Contracts for joint provision of local public services

Directory of Open Access Journals (Sweden)

Francisco José Villar Rojas

2017-09-01

Full Text Available This paper studies the way a Local authority can provide a public service of its competence jointly or cooperatively with other public authorities. Specifically, article 12.4 of Directive 2014/24 /EU, on «contracts for the joint provision of public services», is analyzed. Its basis and the conditions that must be fulfilled for its valid use are studied, as it is an exception to the rules on public works contracts. The conclusion is that European law supports and regulates a traditional way of managing local public services.

Financial audit: DOE Uranium Enrichment Activity financial statements - September 30, 1984

International Nuclear Information System (INIS)

1986-01-01

In GAO's opinion the Department of Energy did not comply with the terms and provisions of laws and regulations for the financial transactions tested. Specifically, DOE did not comply with the Atomic Energy Act of 1954, as amended, requiring the Uranium Enrichment Activity to recover the cost of its operations when setting prices to be charged to its customers. Also, DOE's actions concerning its new utility services contract were not in compliance with applicable statutory principles. UEA did not amend its pricing criteria as required by the Atomic Energy Act, as amended. Consequently UEA did not comply with the 45-day notification to the appropriate congressional oversight committees as also required by the act

An Incomplete Contract Interpretation of the first Greek Bailout in 2010

OpenAIRE

貫, 芳祐

2016-01-01

Applying the concept of incomplete contract, this paper analyzes how the European Union had moved to resorting to Article 122(2) Treaty on the Functioning of the EU in bailing out Greece in May 2010, shifting from its long-held position of prohibiting the EU or member states from financially assisting any eurozone state in difficulties.

FINANCIAL STATEMENTS ANALYSIS AND FIRMS’ VALUATION IN VIETNAM

OpenAIRE

Kim, Trang Thu

2009-01-01

Valuation is the central focus in fundamental analysis. This dissertation considers the usefulness of financial statements in predicting market values of companies in Vietnam stock market by adopting the valuation model constructed by Chung et al., (2001). The overview of Vietnam stock market; some definitions about financial statements, valuation; description of several basis valuation models and empirical evidence including the description of valuation model developed by Chung et al., (2001...

45 CFR 98.46 - Nondiscrimination in admissions on the basis of religion.

Science.gov (United States)

2010-10-01

... religion. 98.46 Section 98.46 Public Welfare DEPARTMENT OF HEALTH AND HUMAN SERVICES GENERAL ADMINISTRATION... Requirements § 98.46 Nondiscrimination in admissions on the basis of religion. (a) Child care providers (other... contracts under the CCDF shall not discriminate in admissions against any child on the basis of religion. (b...

Accounting for derivative contracts in an energy environment

International Nuclear Information System (INIS)

Lewthwaite, T.; Majid, H.; Swingler, N.

1999-01-01

This chapter reviews the latest developments in the accounting for derivative contracts in the energy environment, covering the US accounting and disclosure requirements and the Statement of Financial Accounting Standards (SFAS) 133 Accounting for Derivative Instruments and Hedging Activities, and the Emerging Issues Task Force Consensus (EITF) 98-10 accounting for energy trading and risk management activities. UK accounting and disclosure requirements and the international point of view are discussed. Three different types of hedges are described

Accounting for derivative contracts in an energy environment

Energy Technology Data Exchange (ETDEWEB)

Lewthwaite, T.; Majid, H.; Swingler, N. [Arthur Andersen (United Kingdom)

1999-07-01

This chapter reviews the latest developments in the accounting for derivative contracts in the energy environment, covering the US accounting and disclosure requirements and the Statement of Financial Accounting Standards (SFAS) 133 Accounting for Derivative Instruments and Hedging Activities, and the Emerging Issues Task Force Consensus (EITF) 98-10 accounting for energy trading and risk management activities. UK accounting and disclosure requirements and the international point of view are discussed. Three different types of hedges are described.

From depolarization-dependent contractions in gastrointestinal smooth muscle to aortic pulse-synchronized contractions

Directory of Open Access Journals (Sweden)

Marion SB

2014-03-01

Full Text Available Sarah B Marion, Allen W MangelRTI Health Solutions, Research Triangle Park, NC, USAAbstract: For decades, it was believed that the diameter of gastrointestinal smooth muscle cells is sufficiently narrow, and that the diffusion of calcium across the plasma membrane is sufficient, to support contractile activity. Thus, depolarization-triggered release of intracellular calcium was not believed to be operative in gastrointestinal smooth muscle. However, after the incubation of muscle segments in solutions devoid of calcium and containing the calcium chelator ethylene glycol tetraacetic acid, an alternative electrical event occurred that was distinct from normal slow waves and spikes. Subsequently, it was demonstrated in gastrointestinal smooth muscle segments that membrane depolarization associated with this alternative electrical event triggered rhythmic contractions by release of intracellular calcium. Although this concept of depolarization-triggered calcium release was iconoclastic, it has now been demonstrated in multiple gastrointestinal smooth muscle preparations. On the basis of these observations, we investigated whether a rhythmic electrical and mechanical event would occur in aortic smooth muscle under the same calcium-free conditions. The incubation of aortic segments in a solution with no added calcium plus ethylene glycol tetraacetic acid induced a fast electrical event without corresponding tension changes. On the basis of the frequency of these fast electrical events, we pursued, contrary to what has been established dogma for more than three centuries, the question of whether the smooth muscle wall of the aorta undergoes rhythmic activation during the cardiac cycle. As with depolarization-triggered contractile activity in gastrointestinal smooth muscle, it was “well known” that rhythmic activation of the aorta does not occur in synchrony with the heartbeat. In a series of experiments, however, it was demonstrated that rhythmic

48 CFR 42.1104 - Surveillance requirements.

Science.gov (United States)

2010-10-01

... production surveillance on the basis of (1) the criticality (degree of importance to the Government) assigned by the contracting officer (see 42.1105) to the supplies or services and (2) consideration of the... contractor's financial capability. (vii) Any supplementary written instructions from the contracting office...

Accounting aspects of contracts for the operation of public water supply assets in WSS operators

Directory of Open Access Journals (Sweden)

Nedyalka Alexandrova

2017-12-01

Full Text Available The article investigates and analyses the nature of the Contracts for exploitation of WSS assets concluded between the Water Supply and Sewerage Associations and operators under the Water Act in order to outline the opportunities for accounting of the assets and liabilities resulting from these contracts. The contracts, as well as the WSS Associations, are new and unique for Bulgarian practice phenomena, affecting the entire water supply sector and their reporting poses considerable difficulties in practice. The article is based on an analysis of the normative requirements of the Water Act, a study of the clauses of the contracts, as well as their comparison with the concession contracts. Based on the analysis of their economic nature and under the requirements of the International Accounting Standards, a model of accounting for the assets and liabilities arising from these contracts is proposed, including their presentation and valuation in the financial statements of the operators.

EDF - Quarterly Financial Information

International Nuclear Information System (INIS)

Trivi, Carole; Boissezon, Carine de; Hidra, Kader

2014-01-01

EDF's sales in the first quarter of 2014 were euro 21.2 billion, down 3.9% from the first quarter of 2013. At constant scope and exchange rates, sales were down 4.2% due to mild weather conditions, which impacted sales of electricity in France, gas sales abroad and trading activities in Europe. UK sales were nonetheless sustained by B2B sales due to higher realised wholesale market prices. In Italy, sales growth was driven by an increase in electricity volumes sold. The first quarter of 2014 also saw the strengthening of the Group's financial structure with the second phase of its multi-annual hybrid funding programme (nearly euro 4 billion equivalent) as well as the issue of two 100-year bonds in dollars and sterling aimed at significantly lengthening average debt maturity. 2014 outlook and 2014-2018 vision: - EDF Group has confirmed its financial objectives for 2014; - Group EBITDA excluding Edison: organic growth of at least 3%; - Edison EBITDA: recurring EBITDA target of euro 1 billion and at least euro 600 million in 2014 before effects of gas contract re-negotiations; - Net financial debt / EBITDA: between 2x and 2.5x; - Pay-out ratio of net income excluding non-recurring items post-hybrid: 55% to 65%. The Group has reaffirmed its goal of achieving positive cash flow after dividends, excluding Linky, in 2018

48 CFR 247.573-1 - Ocean transportation incidental to a contract for supplies, services, or construction.

Science.gov (United States)

2010-10-01

... and financial considerations. (ii) The contracting officer must forward the report to— (A) The... format, and must— (A) Take into consideration that the 1904 Act is, in part, a subsidy of the U.S.-flag...

Development of methodology of financial assets accounting in IFRS context

Directory of Open Access Journals (Sweden)

V.I. Tsurkanu

2018-04-01

Full Text Available In the innovation economy the proportion of resources directed to investment is significantly increasing and therefore the process becomes an integral part of the economic activities of modern organizations. In that situation the organization acquire another type of assets called financial, which differ in their characteristics from tangible and intangible assets. The authors of the present study firstly prove the need for economic interpretation of the financial assets and allocation in the balance their own positions, after the recognition, on the basis of the characteristic of such assets and for accounting and reporting should be assessed. In this context, we reveal methods that can choose the organizations, using business management models implemented by IFRS 9 «Financial instruments» for evaluation of financial assets, depending on their category. Special attention is paid to improving the methodology of accounting for financial assets in accordance with their specific characteristics of recognition and measurement. These issues are investigated not only in theoretical terms, but also on the basis of the comparison of normative and legislative acts of the Republic of Moldova and Ukraine with the regulations of IFRS. In addition, whereas the accounting systems and financial reporting in these countries change in accordance with the requirements of the Directive 2013/34/EU, their impact on the accounting of financial assets is also taken into account. According to the results of the research, drafting conclusions and suggestions are of theoretical nature and are of practical importance.

Optimisation of Healthcare Contracts: Tensions Between Standardisation and Innovation; Comment on “Competition in Healthcare: Good, Bad or Ugly?”

Directory of Open Access Journals (Sweden)

Misja Mikkers

2016-02-01

Full Text Available An important determinant of health system performance is contracting. Providers often respond to financial incentives, despite the ethical underpinnings of medicine, and payers can craft contracts to influence performance. Yet contracting is highly imperfect in both single-payer and multi-payer health systems. Arguably, in a competitive, multi-payer environment, contractual innovation may occur more rapidly than in a single-payer system. This innovation in contract design could enhance performance. However, contractual innovation often fails to improve performance as payer incentives are misaligned with public policy objectives. Numerous countries seek to improve healthcare contracts, but thus far no health system has demonstrably crafted the necessary blend of incentives to stimulate optimal contracting.

LHC Civil Engineering Construction Contracts Cost Monitoring and Budget Forecasting

CERN Document Server

Skelton, K

2000-01-01

The Civil Engineering project for the LHC is estimated at 350 MCHF, of which about 316 MCHF is for the construction contracts. These contracts are based on a system of remeasurement whereby the consultant estimates the quantities required for the construction of each structure and the contractor commits himself to the unit price, which define the initial tender price. There are many factors that affect the final price for these contracts, from increases or decreases in quantities of the estimated amounts in the original bill of quantities to variations to the contract. This paper will look at how these factors change costs at the individual level of a structure to the overall costs of the contract. It will look at how the Civil Engineering Group monitors these changes to calculate cash flows and final costs and how this information is used as a basis for budget forecasts.

Convention on nuclear safety. Rules of procedure and financial rules

International Nuclear Information System (INIS)

1998-01-01

The document presents the Rules of Procedure and Financial Rules that apply mutatis mutandis to any meeting of the Contracting Parties to the Convention on Nuclear Safety (INFCIRC/449) convened in accordance with Chapter 3 of the Convention. It includes four parts: General provisions, Preparatory process for review meetings, Review meetings, and Amendment and interpretation of rules

Belene nuclear power plant contracting approach

International Nuclear Information System (INIS)

Tankosic, D.; Mignone, O.

2004-01-01

Historically, three main types of project execution and contractual approaches have been applied to energy and industrial projects, including nuclear projects. These approaches are grouped into three broad categories: 1) Turnkey Approach; 2) Split Package (Island) Approach; and 3)Multiple Package Approach. Based on a preliminary screening done by an ongoing feasibility study work for NPP Belene (NEK contract to Parsons E and C), the recommended approach is going to follow that general trend i.e., with some variation between the Split Package and the Turnkey approach. Before deciding on an execution approach or at least before issuing bid specifications for the nuclear power plant, it is prudent, even for a country with existing nuclear power program (like Bulgaria), to re-check/verify capabilities of the interested bidders to handle contracts of this size and nature. During the last decades, nuclear energy went through a substantial restructuring and most of the capabilities (human and financial) that existed before are not any more available. This re-checking should mainly cover the experience of the bidders as regards the design, construction and operation of the stations where they were involved, but also include items such as local experience, capability to bring favorable financing, liability coverage, general background, potential and organizational structures. The advantages and disadvantages for the Owner of the three contracting approaches can be briefly summarized as follows: Turnkey Approach - main advantages: all responsibilities rest in a Contractor or Consortium. Main disadvantages - limited project control by Owner and restricted local participation. For Split Package Contract Approach main advantage are more favorable financing conditions and increased local participation. Main disadvantage is the increased interface problems. For Multiple package Contract Approach main advantages are the opportunity to tailor the plant and maximum increase of local

Financial and Economic Crisis and Corporate Finance Development

Institute of Scientific and Technical Information of China (English)

LI Xinhe

2015-01-01

Financial and economic crisis has challenged the ideological and methodological basis,the basic assumptions and the universal applicability of the research conclusions of the mainstream corporate finance.In order to construct corporate finance appropriate to the state of financial crisis,it is necessary to adjust the objective function of corporate finance,modify the corporate financing theory,extend corporate investment theory,enrich corporate working capital management theory,and adjust corporate dividend policy theory.

The Information Provision of the Non-Financial Reporting

OpenAIRE

Korol Svitlana Ya.

2017-01-01

The article is aimed at developing the methodological foundations together with a scientific substantiation of the methodical recommendations for accounting and information provision of the non-financial reporting of enterprise. As a basis for this study have been taken recommendations by the Global Reporting Initiative. The indicators of non-financial report have been grouped with regard to their possible information provision. The article proves the possibility to use a single database to g...

Linking apple farmers to markets: Determinants and impacts of marketing contracts in China

OpenAIRE

Ma, Wanglin; Abdulai, Awudu

2015-01-01

This study investigates the determinants of marketing contract choices and the related impact on farm net returns of apple farmers in China. We employ a two-stage selection correction approach (BFG) for the multinomial logit model. On the basis of the BFG estimation, we also use an endogenous switching regression model and a propensity score matching technique to estimate the causal effects of marketing contract choices on net returns. The empirical results reveal that written contracts incre...

INTEGRATION OF FINANCIAL AND NON-FINANCIAL REPORTS UNDER MANAGEMENT CONDITIONS

Directory of Open Access Journals (Sweden)

Mihail PRODANCIUK

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models. The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Integration of financial and non-financial reports under management conditions

Directory of Open Access Journals (Sweden)

Prodanciuk Mihail

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models.The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Types of contracts and contracting procedures

International Nuclear Information System (INIS)

Zijl, N.A. van

1977-01-01

Contracting for a nuclear power plant can be carried out in many different ways, from a bilateral agreement between two countries to an international open bidding competition. Also the kind of contracts (turnkey, split-package or multi-contract type) are discussed with their pros and cons as well as the contracting procedures which can be followed to come to the conclusion of a contract. (orig.) [de

48 CFR 552.238-78 - Scope of Contract (Eligible Ordering Activities).

Science.gov (United States)

2010-10-01

... containing information technology Special Item Numbers, and Schedule 84 contracts, on an optional basis... Act of 1937), school districts, colleges and other institutions of higher education, council of...

DIAGNOSIS OF FINANCIAL POSITION BY BALANCE SHEET ANALYSIS - CASE STUDY

OpenAIRE

Hada Teodor; Marginean Radu

2013-01-01

This study aims to elucidate and to exemplify an important technique for assessing the economic entities, namely the fundamental analysis of the balance sheet, in several significant aspects. The analysis of financial data reported in the balance sheet are, for an economic entity, the basis of a principle diagnosis by determining specific indicators of economic and financial analysis. This analysis aims to provide an insight into the companyâ€(tm)s financial position. The stated aim of this s...

A Story of Three Bank-Regulatory Legal Systems: Contract, Financial Management Regulation and Fiduciary Law

Directory of Open Access Journals (Sweden)

Tamar Frankel

2016-08-01

Full Text Available How should banks be regulated to avoid their failure? Banks must control the risks they take with depositors' money. If depositors lose their trust in their banks, and demand their money, the banks will fail. This article describes three legal bank regulatory systems: Contract with depositors (U.S.; a mix of contract and trust law, but going towards trust (Japan and a full trust-fiduciary law regulating banks (Israel. The article concludes that bank regulation, which limits the banks' risks and conflicts of interest, helps create trustworthy banks that serve their country best.

Electricity market risk management using forward contracts with bilateral options

International Nuclear Information System (INIS)

Chung, T.S.; Yu, C.W.; Wong, K.P.; Zhang, S.H.

2003-01-01

Extreme short-term price volatility in competitive electricity markets creates the need for risk management arrangements. A new electricity forward contract with bilateral financial options is introduced, which allows both seller and buyer to take advantage of flexibility in generation and consumption to obtain monetary benefits while simultaneously removing the risk of market price fluctuations. The option theory is incorporated to formulate the contract price. The strike prices of options are derived from solving an equilibrium model in which both the buyer and the seller aim to maximise their own profit. Theoretical analysis shows that the proposed optional forward contract presents a more equitable and reasonable payoff structure that allows the buyer and seller to earn a larger overall expected benefit, and the contractual arrangement supports efficiency in economic dispatch of electricity production and consumption. The insights obtained from these results will be helpful to participants in the contractual decision-making process. (Author)

FEATURES OF FORMATION OF FINANCIAL RESULTS IN ACCOUNTING OF AGRARIAN COMPANIES

OpenAIRE

Shulepina S. A.; Lukyanchik A. A.

2015-01-01

In connection with the development of private business in Russia today we can see the need to achieve the criteria of reliability, completeness, timeliness and clarity of accounting and analytical information. This information is the basis in the areas of management, control and analysis of financial and economic activities of organizations. The article studied the accounting classifications of financial results proposed by national scientists. There are the problems of accounts of financial ...

Responding to the financial crisis in five European countries: people, roles, reactions and initiatives in archaeology

Czech Academy of Sciences Publication Activity Database

Cleary, K.; Frolík, Jan; Krekovič, E.; Parga-Dans, E.; Prokopiou, E. S.

2014-01-01

Roč. 10, č. 3 (2014), s. 211-231 ISSN 1555-8622 Institutional support: RVO:67985912 Keywords : archaeologists * financial crisis * Czech Republic * work contracts * innovation Subject RIV: AC - Archeology, Anthropology, Ethnology

Co-operation and conflict under hard and soft contracting regimes: case studies from England and Wales.

Science.gov (United States)

Hughes, David; Allen, Pauline; Doheny, Shane; Petsoulas, Christina; Vincent-Jones, Peter

2013-01-01

This paper examines NHS secondary care contracting in England and Wales in a period which saw increasing policy divergence between the two systems. At face value, England was making greater use of market levers and utilising harder-edged service contracts incorporating financial penalties and incentives, while Wales was retreating from the 1990 s internal market and emphasising cooperation and flexibility in the contracting process. But there were also cross-border spill-overs involving common contracting technologies and management cultures that meant that differences in on-the-ground contracting practices might be smaller than headline policy differences suggested. The nature of real-world contracting behaviour was investigated by undertaking two qualitative case studies in England and two in Wales, each based on a local purchaser/provider network. The case studies involved ethnographic observations and interviews with staff in primary care trusts (PCTs) or local health boards (LHBs), NHS or Foundation trusts, and the overseeing Strategic Health Authority or NHS Wales regional office, as well as scrutiny of relevant documents. Wider policy differences between the two NHS systems were reflected in differing contracting frameworks, involving regional commissioning in Wales and commissioning by either a PCT, or co-operating pair of PCTs in our English case studies, and also in different oversight arrangements by higher tiers of the service. However, long-term relationships and trust between purchasers and providers had an important role in both systems when the financial viability of organisations was at risk. In England, the study found examples where both PCTs and trusts relaxed contractual requirements to assist partners faced with deficits. In Wales, news of plans to end the purchaser/provider split meant a return to less precisely-specified block contracts and a renewed concern to build cooperation between LHB and trust staff. The interdependency of local

THE STAGES OF ESTABLISHMENT AND DEVELOPMENT OF FINANCIAL MANAGEMENT

Directory of Open Access Journals (Sweden)

Roman GRESHKO

2017-06-01

Full Text Available The paper reviews major stages of establishment and development of financial management, main conceptual theories, and methods, approaches, developed by academic economists in the field of corporate finance that became the basis for the development of financial management as a science. In the paper, the authors identify the major five stages of its establishment, in the process of which the range of thoroughly studied issues was constantly expanded, the methodologies of their research were enriched. The paper describes the main scientific works of famous economists of the relevant periods that have made a significant contribution to the formation and development of financial management as a science. The authors drew the conclusions about prerequisites to the development of financial science and research priorities in the financial management of enterprises.

Local financial development and capital accumulations: Evidence from Turkey

Directory of Open Access Journals (Sweden)

Eryiğit Sibel Balı

2015-01-01

Full Text Available Despite the unquestionable importance of financial markets in the economy, the factors promoting financial development have just recently begun to be researched intensively. In this context, the aim of the study is to explain the reasons for the financial development gaps among provinces in Turkey on the basis of capital accumulations. According to the results of the spatial panel data model estimates based on indices of 81 provinces in Turkey for the period 2005-2009, it was found that the level of social capital best explained the level of financial development, followed by physical capital and human capital. Additionally, it was found that capital accumulations contributed above average not only to the financial development of that province, but also to that of the surrounding provinces.

A Benchmark Study of Large Contract Supplier Monitoring Within DOD and Private Industry

Science.gov (United States)

1994-03-01

capability to improve their processes, Ford took a tip from Mazda (25t owned by Ford) and established a technical assistance branch within their buying...thorough assessment of a company’s financial viability prior to contract award), on a contractor which had a long history of successful 72 Ii Government

Managing Financial Risk to Hydropower in Snow Dominated Systems: A Hetch Hetchy Case Study

Science.gov (United States)

Hamilton, A. L.; Characklis, G. W.; Reed, P. M.

2017-12-01

Hydropower generation in snow dominated systems is vulnerable to severe shortfalls in years with low snowpack. Meanwhile, generators are also vulnerable to variability in electricity demand and wholesale electricity prices, both of which can be impacted by factors such as temperature and natural gas price. Year-to-year variability in these underlying stochastic variables leads to financial volatility and the threat of low revenue periods, which can be highly disruptive for generators with large fixed operating costs and debt service. In this research, the Hetch Hetchy Power system is used to characterize financial risk in a snow dominated hydropower system. Owned and operated by the San Francisco Public Utilities Commission, Hetch Hetchy generates power for its own municipal operations and sells excess power to irrigation districts, as well as on the wholesale market. This investigation considers the effects of variability in snowpack, temperature, and natural gas price on Hetch Hetchy Power's yearly revenues. This information is then used to evaluate the effectiveness of various financial risk management tools for hedging against revenue variability. These tools are designed to mitigate against all three potential forms of financial risk (i.e. low hydropower generation, low electricity demand, and low/high electricity price) and include temperature-based derivative contracts, natural gas price-based derivative contracts, and a novel form of snowpack-based index insurance contract. These are incorporated into a comprehensive risk management portfolio, along with self-insurance in which the utility buffers yearly revenue volatility using a contingency fund. By adaptively managing the portfolio strategy, a utility can efficiently spread yearly risks over a multi-year time horizon. The Borg Multiobjective Evolutionary Algorithm is used to generate a set of Pareto optimal portfolio strategies, which are used to compare the tradeoffs in objectives such as expected

MERGER AND ACQUISITION IN THE FINANCIAL SERVICES INDUSTRY

Directory of Open Access Journals (Sweden)

Éva PINTÉR

2011-01-01

Full Text Available The paper analyses the driving forces of the convergence in the financial sector, focused on banking and insurance companies, in terms of strategic cross-sector and cross-border mergers and acquisitions (M As. New tendencies such globalization, integration, disintermediation and deregulation give the basis for new dimensions in the financial services industry. Based on the data, the banking industry has experienced an enormous level of consolidation as M As. We find that the penetration process, so the entry into insurance services industry is mostly driven by banks. We analyse whether this risky strategic process is beneficial or necessary in the financial services industry.

Precarious Pedagogies? The Impact of Casual and Zero-Hour Contracts in Higher Education

Directory of Open Access Journals (Sweden)

Ana Lopes

2015-05-01

Full Text Available Precarious work is associated with and characterizes the effects of neoliberal policy—the transference of economic risk onto workers, the erosion of workers’ rights, the flexibilization and casualization of work contracts, self-responsibility, financial insecurity, and emotional stress. In the Higher Education (HE sector, the number of insecure academic jobs, especially zero-hour contracts for hourly paid teaching and short-term contract research, has grown exponentially in recent years in response to the structural and fiscal changes within universities, which reflect these global shifts. This paper presents findings from a pilot study conducted with academics on casual contracts in HE institutions in England and Wales. Qualitative interviews and focus groups were undertaken with teachers (lecturers and tutors on hourly paid and zero-hour contracts to examine the relationship between their contractual situations and pedagogical practices. The research broadly seeks to contribute to ongoing discussions concerned with the impact of neoliberalism on higher education and specifically highlights the case of contingent lecturers as casualties of the casualization of the academic labor force.

75 FR 42380 - Orders Finding That the SP-15 Financial Day-Ahead LMP Peak Contract and SP-15 Financial Day-Ahead...

Science.gov (United States)

2010-07-21

... Exchange Act (``CEA'' or the ``Act''), perform a significant price discovery function pursuant to section 2...Exchange, Inc., Perform a Significant Price Discovery Function AGENCY: Commodity Futures Trading Commission... that the SPM and OFP contracts perform a significant price discovery function. Authority for this...

Independent management and financial review, Yucca Mountain Project, Nevada. Final report, Appendix

International Nuclear Information System (INIS)

1995-01-01

The Nuclear Waste Policy Act of 1982 (Public Law 97-425), as amended by Public Law 100-203, December 22, 1987, established the Office of Civilian Radioactive Waste Management (OCRWM) within the Department of Energy (DOE), and directed the Office to investigate a site at Yucca Mountain, Nevada, to determine if this site is suitable for the construction of a repository for the disposal of high level nuclear waste. Work on site characterization has been under way for several years. Thus far, about $1.47 billion have been spent on Yucca Mountain programs. This work has been funded by Congressional appropriations from a Nuclear Waste Fund to which contributions have been made by electric utility ratepayers through electric utilities generating power from nuclear power stations. The Secretary of Energy and the Governor of the State of Nevada have appointed one person each to a panel to oversee an objective, independent financial and management evaluation of the Yucca Mountain Project. The Requirements for the work will include an analysis of (1) the Yucca Mountain financial and, contract management techniques and controls; (2) Project schedules and credibility of the proposed milestones; (3) Project organizational effectiveness and internal planning processes, and (4) adequacy of funding levels and funding priorities, including the cost of infrastructure and scientific studies. The recipient will provide monthly progress report and the following reports/documents will be presented as deliverables under the contract: (1) Financial and Contract Management Preliminary Report; (2) Project Scheduling Preliminary Report; (3)Project Organizational Effectiveness Preliminary Report; (4) Project Funding Levels and Funding Priorities Preliminary Report; and (5) Final Report

Independent management and financial review, Yucca Mountain Project, Nevada. Final report, Appendix

Energy Technology Data Exchange (ETDEWEB)

NONE

1995-07-15

The Nuclear Waste Policy Act of 1982 (Public Law 97-425), as amended by Public Law 100-203, December 22, 1987, established the Office of Civilian Radioactive Waste Management (OCRWM) within the Department of Energy (DOE), and directed the Office to investigate a site at Yucca Mountain, Nevada, to determine if this site is suitable for the construction of a repository for the disposal of high level nuclear waste. Work on site characterization has been under way for several years. Thus far, about $1.47 billion have been spent on Yucca Mountain programs. This work has been funded by Congressional appropriations from a Nuclear Waste Fund to which contributions have been made by electric utility ratepayers through electric utilities generating power from nuclear power stations. The Secretary of Energy and the Governor of the State of Nevada have appointed one person each to a panel to oversee an objective, independent financial and management evaluation of the Yucca Mountain Project. The Requirements for the work will include an analysis of (1) the Yucca Mountain financial and, contract management techniques and controls; (2) Project schedules and credibility of the proposed milestones; (3) Project organizational effectiveness and internal planning processes, and (4) adequacy of funding levels and funding priorities, including the cost of infrastructure and scientific studies. The recipient will provide monthly progress report and the following reports/documents will be presented as deliverables under the contract: (1) Financial and Contract Management Preliminary Report; (2) Project Scheduling Preliminary Report; (3)Project Organizational Effectiveness Preliminary Report; (4) Project Funding Levels and Funding Priorities Preliminary Report; and (5) Final Report.

Emotion and financial markets

OpenAIRE

Lucy F. Ackert; Bryan K. Church; Richard Deaves

2003-01-01

Psychologists and economists hold vastly different views about human behavior. Psychologists contend that economists' models bear little relation to actual behavior. This view is supported by a large body of psychological research that shows that emotional state can significantly affect decision making. ; Economists, on the other hand, argue that psychological studies have no theoretical basis and offer little empirical evidence about people's decision-making processes. The reigning financial...

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

OpenAIRE

Škrinjarić, Tihana; Šego, Boško

2016-01-01

Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity) makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation an...

Contracts and management services site support program plan WBS 6.10.14

Energy Technology Data Exchange (ETDEWEB)

Knoll, J.M. Jr.

1994-09-01

Contracts and Management Services is recognized as the central focal point for programs having company or sitewide application in pursuit of the Hanford Missions`s financial and operational objectives. Contracts and Management Services actively pursues cost savings and operational efficiencies through: Management Standards by ensuring all employees have an accessible, integrated system of clear, complete, accurate, timely, and useful management control policies and procedures; Contract Reform by restructuring the contract, organization, and cost accounting systems to refocus Hanford contract activities on output products; Systems and Operations Evaluation by directing the Cost Reduction program, Great Ideas, and Span of Management activities; Program Administration by enforcing conditions of Accountability (whether DEAR-based or FAR-based) for WHC, BCSR, ICF KH, and BHI; Contract Performance activities; chairing the WHC Cost Reduction Review Board; and analyzing companywide Performance Measures; Data Standards and Administration by establishing and directing the company data management program; giving direction to the major RL programs and mission areas for implementation of cost-effective and efficient data management practices; directing all operations, application, and interfaces contained within the Hanford PeopleCore System; directing accomplishment and delivery of TPA data management milestones; and directing the sitewide data management processes for Data Standards and the Data Directory.

Financial impacts of nonutility power purchases on investor-owned electric utilities

Energy Technology Data Exchange (ETDEWEB)

1994-06-01

To assist in its these responsibilities in the area of electric power, EIA has prepared this report, Financial Impacts of Nonutility Power Purchases on Investor-Owned Electric Utilities. The primary purpose of this report is to provide an overview of the issues surrounding the financial impacts of nonutility generation contracts (since the passage of the Public Utility Regulatory Policies Act of 1978) on investor-owned utilities. The existing concern in this area is manifest in the provisions of Section 712 of the Energy Policy Act of 1992, which required State regulatory commissions to evaluate various aspects of long-term power purchase contracts, including their impact on investor-owned utilities` cost of capital and rates charged to customers. The EIA does not take positions on policy questions. The EIA`s responsibility is to provide timely, high quality information and to perform objective, credible analyses in support of the deliberations by both public and private decision-makers. Accordingly, this report does not purport to represent the policy positions of the US Department of Energy or the Administration.

Financial impacts of nonutility power purchases on investor-owned electric utilities

International Nuclear Information System (INIS)

1994-01-01

To assist in its these responsibilities in the area of electric power, EIA has prepared this report, Financial Impacts of Nonutility Power Purchases on Investor-Owned Electric Utilities. The primary purpose of this report is to provide an overview of the issues surrounding the financial impacts of nonutility generation contracts (since the passage of the Public Utility Regulatory Policies Act of 1978) on investor-owned utilities. The existing concern in this area is manifest in the provisions of Section 712 of the Energy Policy Act of 1992, which required State regulatory commissions to evaluate various aspects of long-term power purchase contracts, including their impact on investor-owned utilities' cost of capital and rates charged to customers. The EIA does not take positions on policy questions. The EIA's responsibility is to provide timely, high quality information and to perform objective, credible analyses in support of the deliberations by both public and private decision-makers. Accordingly, this report does not purport to represent the policy positions of the US Department of Energy or the Administration

Developing and Structuring a Permanent Contracting Command in the United States Marine Corps to Maximize the Training, Education and Potential of Military Contracting Officers in Order to be Better Prepared to Support the Operational Forces and Lead the Marine Corps Through the 21st Century

National Research Council Canada - National Science Library

Corcoran, Eric

2000-01-01

.... To accomplish this objective, this thesis identified the historical and statutory basis for government contracting, where billets for qualified Marine Corps military contracting officers exist...

Assignments of rights and obligations under a gas sales contract

International Nuclear Information System (INIS)

Kowch, J.R.M.

1996-01-01

A general overview of the principles of assignment in a gas sales contract was presented. Assignment is a process wherein the rights or obligations under a contract are transferred from one of the contracting parties to a third party. It is, in other words, the introduction of a new party to the original contractual relationship. Under the rights and obligations of a gas sales contract, the most important right of the seller is to have its gas taken and to be paid. Likewise, the most important obligation of the buyer is to take the gas and pay for it. An assignment by either party has the potential to alter the original expectations of the parties or the basis of which they committed to the contract in the first place. Prior to deregulation and unbundling initiatives, gas sellers and buyers could enter a 20 year sales contract and deal exclusively with each other over the entire 20 year term. Since deregulation, there are more players, and a higher level of corporate acquisitions, divestitures, rationalizations, and restructuring. Today, there are greater chances than ever before that the original party to a contract may change, or that certain rights and obligations may be assigned to a third party and affect the expectations under the contract

Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance

Science.gov (United States)

Brown, Casey; Carriquiry, Miguel

2007-11-01

This paper explores the performance of a system of economic instruments designed to facilitate the reduction of hydroclimatologic variability-induced impacts on stakeholders of shared water supply. The system is composed of bulk water option contracts between urban water suppliers and agricultural users and insurance indexed on reservoir inflows. The insurance is designed to cover the financial needs of the water supplier in situations where the option is likely to be exercised. Insurance provides the irregularly needed funds for exercising the water options. The combined option contract - reservoir index insurance system creates risk sharing between sectors that is currently lacking in many shared water situations. Contracts are designed for a shared agriculture - urban water system in Metro Manila, Philippines, using optimization and Monte Carlo analysis. Observed reservoir inflows are used to simulate contract performance. Results indicate the option - insurance design effectively smooths water supply costs of hydrologic variability for both agriculture and urban water.

Financial history and financial economics

OpenAIRE

Turner, John D.

2014-01-01

This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

The contracting risks of nuclear power engineering and the risk management strategies

International Nuclear Information System (INIS)

Ding Shuying

2010-01-01

With the trend of professional operation on the nuclear power engineering (thereafter using NPE for short) construction, the companies specialized on NPE whole-contracting are established one after the other, the mode of NPE whole-contracting has been wide adopted domestically. As people always concern for the safety of nuclear power, the risks exposed to NPE contractors are also concerned with the operator, the NPE corporations and the society. Therefore, it is very meaningful to analyze on the risks exposed to NPE contractors and the strategies they should take, for it not only determines whether the NPE construction will be finished on time, but also related to sustainable development of the NPE contracting corporations. The main content of this paper includes the analysis on the features and advantages of NPE whole contracting, the major NPE contracting risks, such as nuclear safety risks, strategic risks, market risks, legal risks, financial risks and operation risks, and the strategies to prevent or to control these risks. The paper focuses on identifying those business processes which risks may frequently take place, and how to manage them, illustrating practice cases to explain the theory, in order to make reference to NPE corporations. (author)

Contract market power and its impact on the efficiency of the electricity sector

International Nuclear Information System (INIS)

Serra, Pablo

2013-01-01

This paper analyzes the pro-competitive effects of financial long-term contracts in oligopolistic electricity markets. This is done in a model that incorporates the main features of the industry: non-storable production, time-varying price-elastic demand, and sequential investment and production decisions. The paper considers contracts for difference that have as reference price the average spot price. Assuming that the spot market coordinator sets competitive prices, the paper shows that installed capacity increases with the quantity of energy contracted, reaching the welfare-maximizing capacity when energy contracted equals this same level. Next, the paper studies the case where the quantity of energy contracted is endogenous and contracts are traded before capacity decisions are taken. Regarding purchasers of contracts, two polar cases are considered: either they are price-taker speculators or they are an aggregation of consumers that auctions a long (buy) contract for a given energy quantity. In the former case the strike price equals the reference price, i.e., arbitrage is perfect, and the quantity of energy contracted falls short of the efficient level. In turn, in the latter case, the strike price equals the average efficient spot price. Moreover, an aggregation of all consumers would choose to auction the social optimum quantity. - Highlights: • The paper analyzes the pro-competitive impact of contracts for difference. • The reference price of contracts is the average spot price. • Installed capacity increases with total quantity of energy contracted. • Social welfare is maximized when energy contracted equals the efficient capacity. • An aggregation of all consumers would choose to auction the efficient quantity

A third generation of performance contracting in danish central government?

DEFF Research Database (Denmark)

Kristiansen, Mads Bøge

2017-01-01

This paper compares the content of performance contracts in Danish central government over time in order to identify whether – and if so, how – it develops. The analysis is conducted as a two-step, mixed methods study. First, a quantitative study was carried out based on a study of all performance...... contracts in Danish central government in 2002, 2006, 2009, 2012 and 2014. For each year, all performance contracts have been coded according to the number and type of targets included in them. A range of qualitative interviews was then carried out, and Ministry of Finance recommendations were consulted...... of outcomes has increased, activity-oriented targets have decreased, and targets for internal management decreased in the mid-2000s before again increasing more recently. On this basis, performance contracting in Danish central government is argued to have entered a third generation....

Financial Return in the Field of Constructions: What Accounting Issues Should an Investor Know?

Directory of Open Access Journals (Sweden)

Baba M.C

2014-12-01

Full Text Available The present paper focuses on the accounting, taxation and analysis of the financial statements of companies within the construction field. The first part of the paper contains some guidelines regarding construction contracts and their accounting methods with respect to the international standards and issues on construction taxation introduced starting with 2014. The second part of the paper focuses on an analysis of the financial return of five large and medium-sized construction companies operating in the city of Brasov.

DYNAMICS OF DEVELOPMENT OF FINANCIAL SAFETY OF THE ENTERPRISE AS A COMPLEX ECONOMIC SECURITY OF THE STATE

Directory of Open Access Journals (Sweden)

Tetiana Ganushchak

2017-09-01

Full Text Available The purpose of the paper is to the performance of the evaluation of the financial safety of the enterprise. To achieve the stated aim it has been necessary to solve the following tasks: to use the approaches as to the evaluation of the financial safety of the enterprise, to introduce the analysis system of the financial safety of the enterprise, to consider the structural logical scheme of the analysis procedure of the financial safety of the enterprise, to give the description of the integral indicator of the financial safety of the enterprise; to evaluate and compare companies in the paltry industry according to the level of their financial safety. Methodology. Methodologial basis of the research are the scientific methods, such as : method of logical generalization, dialectical method of recognition of the economic phenomena – to give the definitions of «economic security of the enterprise», «financial security of the enterprise», grouping method, analysis which were used to estimate indicator position of the financial security of the poultry company, graph method which was applied to compare integral estimation of the enterprise;methods of synthesis, deduction, induction, method of the expert estimation to calculate and implement integral marker of the financial security of the poultry company;method of the correlation analysis which was used to identify weight coefficients of the all sided figures of the solvency , business activity, profitability, financial steadiness, pay ability. The priority in methods using was defined by the particular tasks and goals. Results of the research showned into a wide set of the ways of financial enterprise safety as a component of economic security of the state. There is an evaluation of enterprise financial safety on the basis of calculations of integral indicator, including combined indices of profitability (unprofitability, pay ability or the lack of that, business activity (fading, financial

Pricing of contract options for electric power; Precificacao de contrato de opcoes de energia eletrica

Energy Technology Data Exchange (ETDEWEB)

Takahashi, Leticia; Gunn, Laura Keiko; Correia, Paulo B. [Universidade Estadual de Campinas (FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica. Dept. de Energia

2008-07-01

The reorganization of the electric sector has improved the opportunity of energy trade through contracts, which have to be considered on the risk evaluation for generating companies. Different types of contracts have been used in electric energy commercialization. This work develops a model for option contract pricing. The classic model of options pricing used in the financial market is based in Black- Scholes. Due to the inherent feature of the Brazilian electrical system, with a strong predominance of hydroelectricity, the seasonal swing of the electricity price is the main source of contractual risk. So, the Black-Scholes model very is not adjusted. To deal with the uncertainties, this work uses an approach based on analysis of scenarios and binomial trees. Case studies are analyzed with binomial tree to calculate the price of the option contract. (author)

Financial sector taxation: Financial activities tax or financial transaction tax?

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2011-01-01

Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.

Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

Directory of Open Access Journals (Sweden)

E. Young Song

2014-12-01

Full Text Available This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trade both dropped sharply, but the ratio of trade finance over trade was stable and in some cases increased during the crisis period. Secondly, using quarterly data on listed firms in Korea, we conduct panel estimations to test whether firms that are more dependent on external finance experienced greater export contraction during the crisis. Our regression analysis suggests that the financial vulnerability of firms, measured by various financial ratios, did not contribute to export contraction during the financial crisis. This observation largely applies even to smaller firms, who are usually thought of as being more vulnerable financially. However, we find that small exporters that relied heavily on cross-border trade payables or receivables suffered larger drops in export growth during the crisis.

Financial Liberalization and Banking Profitability: a Panel Data analysis for Tunisian Banks

Directory of Open Access Journals (Sweden)

Hakimi Abdelaziz

2011-01-01

Full Text Available The financial liberalization policy was undertaken in several countries like in Tunisia in order to have modern and dynamic financial system. However, the consequences of this program are completely divergent from it’s waitings. In this paper, on the basis of data relating to 9 Tunisian banks over the period 1980-2009, and by adopting the panal data analysis, we will try to check the effect of financial liberalization on the Tunisian banking profitability. The results of our study show a negative and significative relation between financial liberalization and banking profitability.

Basis set effects on the energy and hardness profiles of the ...

Indian Academy of Sciences (India)

Unknown

maximum hardness principle (MHP); spurious stationary points; hydrogen fluoride dimer. 1. Introduction ... This error can be solved when accounting for the basis ..... DURSI for financial support through the Distinguished. University Research ...

THE RELATIVE IMPORTANCE OF FINANCIAL RATIOS AND NONFINANCIAL VARIABLES IN PREDICTING OF INSOLVENCY

Directory of Open Access Journals (Sweden)

Ivica Pervan

2013-02-01

Full Text Available One of the most important decisions in every bank is approving loans to firms, which is based on evaluated credit risk and collateral. Namely, it is necessary to evaluate the risk that client will be unable to repay the obligations according to the contract. After Beaver's (1967 and Altman's (1968 seminal papers many authors extended the initial research by changing the methodology, samples, countries, etc. But majority of business failure papers as predictors use financial ratios, while in the real life banks combine financial and nonfinancial variables. In order to test predictive power of nonfinancial variables authors in the paper compare two insolvency prediction models. The first model that used financial rations resulted with classification accuracy of 82.8%, while the combined model with financial and nonfinancial variables resulted with classification accuracy of 88.1%.

2 CFR 182.125 - Does this part affect the Federal contracts that I receive?

Science.gov (United States)

2010-01-01

... GOVERNMENTWIDE GUIDANCE FOR GRANTS AND AGREEMENTS Reserved GOVERNMENTWIDE REQUIREMENTS FOR DRUG-FREE WORKPLACE (FINANCIAL ASSISTANCE) Purpose and Coverage § 182.125 Does this part affect the Federal contracts that I... violation of the requirements of this part, as described in § 182.510(c). However, this part does not apply...

FORMATION OF FINANCIAL SECURITY OF THE ENTERPRISE BASED ON STRATEGIC PLANNING

Directory of Open Access Journals (Sweden)

Nadiya Rushchyshyn

2017-09-01

Full Text Available The purpose of the study is to improve ways of forming financial security of the enterprise based onstrategic planning. The subject of the research: formation of financial security of the enterprise on the basis of strategicplanning. The methodological background of the research is a set of theoretical and general scientific methods:analysis and synthesis, theoretical and logical generalization, grouping, abstraction, and others. The paper providesa general description of the core approaches defining the concept of “financial security of the enterprise”. Functionalgoals of financial security of the enterprise are outlined, namely: ensuring financial stability and independence;achievement of high competitiveness in the market of goods, works, services; ensuring high efficiency of financialand economic activity; ensuring high liquidity of assets, and increasing the market value of the enterprise; supportfor the appropriate level of business activity and image; formation of information security and commercialsecrets; efficient organization of security of share capital and assets of the enterprise. The scheme of organizationof financial security organization is considered based on strategic planning. It is determined that the strategicplanning results in strategic plan (strategy for ensuring the financial security of the enterprise. Such a strategyshould be consistent with both financial and the company’s overall strategies, as well as main goals and objectives.For the most effective implementation of the chosen financial security strategy at the enterprise, it is expedientto develop and implement a system of plans covering all aspects of the strategic planning process, including thetarget program, strategic, tactical, calendar, and individual plans. The system of plans should specify: the purpose ofchanges in the functioning of internal systems of the enterprise; terms of making changes; the work that needs tobe done to make changes; their

Evaluation model based on FAHP for nuclear power project contract performance

International Nuclear Information System (INIS)

Liu Bohang; Cheng Jing

2012-01-01

Fuzzy Comprehensive Evaluation is a common tool to analyze comprehensive integration. Fuzzy Analytic Hierarchy Process is an improvement for Analytic Hierarchy Process. Firstly the paper pointed out the concept of FAHP, and then used FAHP to setup an evaluation system model for nuclear power project contract performance. Based on this model, all the evaluation factors were assigned to different weightiness. By weighting the score of each factor, output would be the result which could evaluate the contract performance. On the basis of the research, the paper gave the principle of evaluating contract performance of nuclear power suppliers, which can assure the procurement process. (authors)

Modern approaches to definition of essence enterprise financial resources in a market economy

OpenAIRE

Merenkova, L.

2010-01-01

On the basis of generalization approaches of economists-scientists in relation of definition of enterprise financial resources the clarify definition is offered, which indicated the existence of forms enterprise financial resources, sources of their formation, purpose of used and form of representation in accounts.

HISTORICAL TRAJECTORIES OF THE FINANCIAL SECTOR DISPLAY IN THE SYSTEM OF NATIONAL ACCOUNTS

Directory of Open Access Journals (Sweden)

R. Zadorozhna

2017-08-01

Full Text Available This article examines the evolution of approaches to the financial sector display as a part of the economy on the conceptual basis of the System of National Accounts. The main prerequisites for the formation of SNA are revealed. The formation of the methodology of national accounting and the impact of the development of economic theory on it are traced. The role and interconditionality of the Keynes' macroeconomic theory as a methodological basis of the SNA and the SNA as an empirical basis of macroeconomics are defined. The international standards SNA-1953, SNA-1968, SNA-1993 and SNA-2008; the features of presentation of the financial sector and its subsectors composition in standards are analysed.

CUSTOMER EQUITY:MAKING MARKETING STRATEGY FINANCIALLY ACCOUNTABLE

Institute of Scientific and Technical Information of China (English)

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

2004-01-01

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

Financialization and financial profit

Directory of Open Access Journals (Sweden)

Arturo Guillén

2014-09-01

Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

Winning PEMEX consulting contracts through international bidding : sharing a Canadian success strategy

International Nuclear Information System (INIS)

Lin, J.

1999-01-01

A series of brief notes and overhead viewgraphs accompanied this presentation which described how Enbridge Technology obtained a contract with Mexico's PEMEX Refining through an international open bid. The scope of the contract was to advise PEMEX on how to modernize and automate their national liquids pipeline system. The value of the contract was US$11.6 million. The time span was from April 1998 to October 1999. A flow chart was included which illustrated the typical international bidding process. Enbridge prepared their bid by paying attention to bid basis details and emphasized their technical qualifications. 1 fig

Energy contracting. Energy-related services and decentral energy supply. 2. ed.; Energie-Contracting. Energiedienstleistungen und dezentrale Energieversorgung

Energy Technology Data Exchange (ETDEWEB)

Hack, Martin

2012-11-01

According to the author, the intended German energy turnaround cannot be achieved solely on the basis of power from renewables and by constructing new passive buildings. Also required are decentral energy services if the energy saving and efficiency goals are to be achieved. In spite of many variations, the basic structure of these is the following: A contractor providing energy services does not only supply energy but also carries the risk and responsibility for efficient supply. This will relieve energy users, whether industrial or trade enterprises, public administration or home owners from this task; also, this integrated approach will open up undeveloped efficiency potentials. The book discusses current legal issues in a clear and practice-oriented manner and also provides a check list for energy contracting and an exemplary contract. (orig./RHM)

17 CFR 210.3-10 - Financial statements of guarantors and issuers of guaranteed securities registered or being...

Science.gov (United States)

2010-04-01

... substantially duplicate disclosure elsewhere in the parent company's consolidated financial statements; and (12) Where the parent company's consolidated financial statements are prepared on a comprehensive basis other... included elsewhere in the reconciliation of the consolidated financial statements. [65 FR 51707, Aug. 24...

Payroll contracting for smoking cessation: a worksite pilot study.

Science.gov (United States)

Jeffery, R W; Pheley, A M; Forster, J L; Kramer, F M; Snell, M K

1988-01-01

Twenty-one men and 38 women participated in a worksite smoking cessation/smoking reduction program that combined financial contracts, organized through payroll deduction, and biweekly group treatment sessions. At the end of the program the smoking cessation rate was 51%, validated by expired air carbon monoxide. Six months later the validated cessation rate was 12%. We conclude that payroll incentives may be effective in helping workers quit smoking and offer suggestions for ways to promote better maintenance of this important behavior change.

Financial statistics of major US publicly owned electric utilities 1993

Energy Technology Data Exchange (ETDEWEB)

1995-02-01

The 1993 edition of the Financial Statistics of Major U.S. Publicly Owned Electric Utilities publication presents five years (1989 to 1993) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decision making purposes related to publicly owned electric utility issues. Generator and nongenerator summaries are presented in this publication. The primary source of publicly owned financial data is the Form EIA-412, the Annual Report of Public Electric Utilities, filed on a fiscal basis.

Comparison of the models of financial distress prediction

Directory of Open Access Journals (Sweden)

Jiří Omelka

2013-01-01

Full Text Available Prediction of the financial distress is generally supposed as approximation if a business entity is closed on bankruptcy or at least on serious financial problems. Financial distress is defined as such a situation when a company is not able to satisfy its liabilities in any forms, or when its liabilities are higher than its assets. Classification of financial situation of business entities represents a multidisciplinary scientific issue that uses not only the economic theoretical bases but interacts to the statistical, respectively to econometric approaches as well.The first models of financial distress prediction have originated in the sixties of the 20th century. One of the most known is the Altman’s model followed by a range of others which are constructed on more or less conformable bases. In many existing models it is possible to find common elements which could be marked as elementary indicators of potential financial distress of a company. The objective of this article is, based on the comparison of existing models of prediction of financial distress, to define the set of basic indicators of company’s financial distress at conjoined identification of their critical aspects. The sample defined this way will be a background for future research focused on determination of one-dimensional model of financial distress prediction which would subsequently become a basis for construction of multi-dimensional prediction model.

Values underlying perceptions of breach of the psychological contract

Directory of Open Access Journals (Sweden)

Leon Botha

2010-10-01

Research purpose: The study identifies the most important breaches and investigates which values underlie employee perceptions of breach of the psychological contract. It also addresses values that lead to employees interpreting incidents as breaches. Motivation for the study: The study calls on the fact that employees make inconsequential contributions to the terms of many formal employment contracts may imply that such contracts cannot be viewed as documents between equals. Research design, approach and method: The study identifies the most prominent breaches of the psychological contract and the values underlying the perceptions that violations have occurred. Main findings: The data revealed lack of promotion, poor interpersonal relations between colleagues and bad treatment by seniors as three main breaches of the contract, and social recognition, world of peace and sense of accomplishment as three dominant values that underlie perceptions of contract violation. Practical/managerial implications: The competent and intelligent manner in which lack of promotion is handled and communicated to employees is vital because it has implications for their willingness to contribute, their career prospects and their intention to stay in the organisation. Contribution/value-add: This research can serve as the basis for the development of survey or research instruments that are appropriate and relevant to the population.

THE PROCESS OF EVALUATING PRIMARY FINANCIAL ASSETS ON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Ionel Eduard Ionescu

2013-12-01

Full Text Available The capital market is where supply meets demand and stocks, bonds, future contracts and other stock products are circulated. This study intends to argue for the importance of financial instruments on the capital market, and especially their evaluating process. On such a market, the moment when an investor decides to buy or sell a portfolio is very important. Hence the numerous questions that an investor is faced with: should I buy today? Should I wait? What will be the price trend the following days? In order to be able to handle any situation, it is necessary to carry out calculations on the evaluation indicators of financial instruments.

An Approach to Regulation on Financial Derivatives in the Spanish Law

Directory of Open Access Journals (Sweden)

Pablo Sanz Bayón

2013-07-01

Full Text Available This review examines the major reforms implemented in the regulations governing the trading of financial derivatives in Spain. This new regulation is intended to harmonize the treatment of derivative products with the legal standards of international markets in the European area as well as improving their competitiveness by enhancing the trading of new products and business lines in the Spanish markets while reducing the systemic risk associated to the clearing and settlement of derivatives contracts. Including measures regarding the conversion of OTC derivatives into assets quoted on organized markets into Spanish law has made an important contribution to a better regulation, security and transparency of the financial system.

Financial Development, Government R&D Subsidies and Green Innovation

Directory of Open Access Journals (Sweden)

Wang Shuying

2017-01-01

Full Text Available In the low carbon economic era, green innovation has become an important basis for an enterprise to obtain and maintain a sustained competitive advantage. In paper, explores the path of green innovation using the panel data of 30 regions in China from 2008 to 2014.It finds that financial development has heterogeneity and different dimensions of financial development have different effects on green innovation of enterprises. That is, financial development structure has a negative impact on enterprise green innovation, and financial development efficiency has a positive impact on green innovation. Howere, the impact between financial development scale and green innovation is not significant. In addition, the study also finds that government R&D subsidies has no significantly effect on green innovation. Finally, this paper aims to provide the government and enterprises some theoretical and practical guidance to carry out policy-making of green innovation.

The instrument of asset securitization on the basis of investment funds

Directory of Open Access Journals (Sweden)

O.S. Novak

2015-03-01

Full Text Available This article explores the instruments of asset securitization on the basis of investment funds According to the proposed national model of asset securitization on the basis of investment funds developed the financial instruments, which provide its implementation. Depending on the opportunities the payment management proposed to service the operations of asset securitization by investment certificates with replenishment and without the possibility of replenishment. The use of financial instruments without the possibility of replenishment envisages a simple and low-cost operation of redirecting funds from the originator to the investors in the form of investment income by certification of securitization fund. The instruments with replenishment allow not only to redirect payments for operations of assets securitization, but also to manage them in order to minimize risks.

FINANCIAL STABILITY CROSS-REFERENCE BASED ON CALCULATION OF ABSOLUTE INDICATORS

Directory of Open Access Journals (Sweden)

Neli MUNTEAN

2017-04-01

Full Text Available The lack of applied methods in the national practice that would allow the realization of a complex analysis of financial stability in the corporate sector is one of the primary problems outlined in the process of organizing the fair and efficient management system of numerous factors that determine the financial performance in this sector. Under these circumstances, the need for a comprehensive analysis of financial stability in the corporate sector significantly increases, being an integrated part of the entity's financial situation analysis. The purpose and objectives of the article consist in the generalization of theoretical principles, financial stability analysis instruments and techniques in terms of absolute indicators adaptation to the norms and requirements of International Financial Reporting Standards, and in the comparative analysis of several methods that can be used to measure financial stability in the corporate sector. Thus, the following study, developed as a fusion of existing knowledge and authors own research, aims to provide a basis for reflection and discussion with theorists, practitioners and analysts within the financial field.

Impact of stakeholders' interests on financial accounting policy-making : the case of Lithuania

OpenAIRE

Rudžionienė, Kristina

2006-01-01

This paper analyses the expectations of particular stakeholder groups’ impact on corporate financial accounting policy-making in Lithuanian enterprises from Stakeholder theory perspective. Companies should seek to present a true and fair view of their financial performance and results while making financial accounting policy because stakeholders need informative and truthful accounting data for making right decisions. On the basis of empirical results it could be stated that the impact of dif...

Use of radial basis functions for meshless numerical solutions applied to financial engineering barrier options

Directory of Open Access Journals (Sweden)

Gisele Tessari Santos

2009-08-01

Full Text Available A large number of financial engineering problems involve non-linear equations with non-linear or time-dependent boundary conditions. Despite available analytical solutions, many classical and modified forms of the well-known Black-Scholes (BS equation require fast and accurate numerical solutions. This work introduces the radial basis function (RBF method as applied to the solution of the BS equation with non-linear boundary conditions, related to path-dependent barrier options. Furthermore, the diffusional method for solving advective-diffusive equations is explored as to its effectiveness to solve BS equations. Cubic and Thin-Plate Spline (TPS radial basis functions were employed and evaluated as to their effectiveness to solve barrier option problems. The numerical results, when compared against analytical solutions, allow affirming that the RBF method is very accurate and easy to be implemented. When the RBF method is applied, the diffusional method leads to the same results as those obtained from the classical formulation of Black-Scholes equation.Muitos problemas de engenharia financeira envolvem equações não-lineares com condições de contorno não-lineares ou dependentes do tempo. Apesar de soluções analíticas disponíveis, várias formas clássicas e modificadas da conhecida equação de Black-Scholes (BS requerem soluções numéricas rápidas e acuradas. Este trabalho introduz o método de função de base radial (RBF aplicado à solução da equação BS com condições de contorno não-lineares relacionadas a opções de barreira dependentes da trajetória. Além disso, explora-se o método difusional para solucionar equações advectivo-difusivas quanto à sua efetividade para solucionar equações BS. Utilizam-se funções de base radial Cúbica e Thin-Plate Spline (TPS, aplicadas à solução de problemas de opções de barreiras. Os resultados numéricos, quando comparados com as soluções analíticas, permitem afirmar

Long-term contracts for European gas supply - an empirical analysis of the changing nature of pipeline and LNG-contracts

International Nuclear Information System (INIS)

Neumann, Anne

2005-01-01

As the structure of the European natural gas market is evolving towards more competition and more diverse market structures than before, the nature of the long-term contracts for European natural gas supply is also undergoing change. Experience from other liberalization processes, such as in the U.S. or the UK, suggests that the importance of long-term contracts diminishes over time, but that they remain an important element of supply. In Europe long-term contracts are still considered as a firm basis for investment and financing of capital-intensive infrastructure with a high degree of asset and relationship-specificity. Literature on institutional economics also suggests that long-term contracts act as a device to overcome the ''hold-up'' problem of relationship-specific investments in infrastructure (Klein, Crawford, and Alchian, 1987; Williamson, 1975, 1985). On the other hand, Hartley and Brito (2002) show that more flexible markets also imply a lower degree of asset specificity, thus requiring less fixed contracts. This paper explores the changing nature of long-term contracts for European natural gas supply, with a particular focus on differences between contracts for pipeline gas and liquefied natural gas (LNG). Traditionally, Europe relied on very long-term contracts for pipeline gas (Russia, Norway, Algeria). More recently, increasing LNG supplies are contemplated as a more flexible source of natural gas: The international LNG market is becoming more flexible, LNG can be sourced from a variety of sellers, and the cost of LNG supplies and infrastructure is coming down rapidly (Jensen, 2004). Thus, the evaluation of investing in LNG infrastructure (and the so bought flexibility and possibility of arbitraging profits) may be higher than committing to fixed/predetermined flows of pipeline gas. We ask whether this is reflected in the observed contracts. The paper is based on standard contract theory (Bolton and Dewatripont, 2005). We apply a microeconomic

A Case Study of True and Fair View Override in Financial Reporting

Directory of Open Access Journals (Sweden)

Ho Horace

2016-12-01

Full Text Available This paper documents a case study of true and fair view override in financial reporting by a multinational firm subject to International Financial Reporting Standards (IFRSs. The 2009 Interim Report of HSBC Holdings plc states that HSBC departed from the requirements of IAS 32 Financial Instruments: Presentation (IAS 32. Notwithstanding its noncompliance with the IFRSs, HSBC (2009 concluded that “the interim consolidated financial statements prepared on this basis presented fairly, and gave a true and fair view of the Group’s financial position, financial performance and cash flows” (p. 2. The purpose of this paper is to evaluate critically the accounting treatment in light of the relevant requirements of the IFRSs and the implications for professional accounting standards arising from this departure.

A performance incentive contract that pays off for all parties

International Nuclear Information System (INIS)

Krummrich, C.R.; Johnston, R.E.; Crist, T.W.

1995-01-01

The Western Business Unit Bakersfield drilling department of Chevron, U.S.A. Production Company developed a drilling performance incentive contract that was implemented during 1994 in the Lost Hills field of California. The performance incentive contract (PIC) financially rewarded all of the drilling contractor's rig employees for outperforming pre-established drilling performance goals. The key elements of the performance incentive program are: (1) Goals that rigger incentives are based on cost categories that are controllable by the drilling team; (2) Goals were established using a database of past years performance; (3) Goals that are not achieved negatively impact the incentive earned in an effort to deter repeated errors; (4) Accidents that occur on the job negatively impact the incentive earned; (5) Administration of the program is not time consuming. The results of using an incentive contract in the Lost Hills drilling program are: (1) Time and cost of operations are reduced; (2) The results are measurable and repeatable; (3) A team environment develops in which ideas are shared and acted upon by crew members and supervisory personnel

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

Directory of Open Access Journals (Sweden)

Škrinjarić Tihana

2016-09-01

Full Text Available Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

Mitigating Corporate Water Risk: Financial Market Tools and Supply Management Strategies

Directory of Open Access Journals (Sweden)

Wendy M. Larson

2012-10-01

Full Text Available A decision framework for business water-risk response is proposed that considers financial instruments and supply management strategies. Based on available and emergent programmes, companies in the agricultural, commodities, and energy sectors may choose to hedge against financial risks by purchasing futures contracts or insurance products. These strategies address financial impacts such as revenue protection due to scarcity and disruption of direct operations or in the supply chain, but they do not directly serve to maintain available supplies to continue production. In contrast, companies can undertake actions in the watershed to enhance supply reliability and/or they can reduce demand to mitigate risk. Intermediate strategies such as purchasing of water rights or water trading involving financial transactions change the allocation of water but do not reduce overall watershed demand or increase water supply. The financial services industry is playing an increasingly important role, by considering how water risks impact decision making on corporate growth and market valuation, corporate creditworthiness, and bond rating. Risk assessment informed by Conditional Value-at-Risk (CVaR measures is described, and the role of the financial services industry is characterised. A corporate decision framework is discussed in the context of water resources management strategies under complex uncertainties.

Performance contracting to engage detoxification-only patients into continued rehabilitation.

Science.gov (United States)

Haley, Sean J; Dugosh, Karen Leggett; Lynch, Kevin G

2011-03-01

In 2006, only 18.7% of Delaware's detoxification patients were admitted to continuing recovery-oriented treatment within 30 days after discharge. In response, Delaware established financial contingencies to (1) maintain 90% detoxification occupancy, (2) make receipt of 10% of the facility's monthly reimbursement contingent on 25% of patients entering treatment, and (3) provide a $500 bonus for every patient with three or more prior detoxification visits who was retained in treatment. Under the performance contract, the detoxification provider (1) maintained the 90% occupancy requirement, (2) achieved the 25% treatment entry target for 7 of 12 months, and (3) observed only 8% (27/337) of detoxification completions that met the targeted length of stay. Continuation to and retention in treatment was even more constrained for patients with three or more prior detoxifications. Contrary to the policy intent, the number of patients with three or more detoxifications in fiscal year (FY) 2008 is nearly triple that of FY 2006. The modest gain in the transition rate was achieved without changes in patient access; the FY 2008 patient population reported significantly higher rates of homelessness and a younger age of first use than before the performance contract in FY 2006. Performance contracting may offer promise for improving transition to treatment rates. However, the unique needs of detoxification patients, the treatment capacity of each level of care to meet patient needs, and the structure of the performance contract must be carefully considered. Performance contracting efforts may be strengthened when service contracts across the system are tightly synchronized. Copyright © 2011 Elsevier Inc. All rights reserved.

Financial sector and economic growth in the Republic of Croatia 1995-2005

Directory of Open Access Journals (Sweden)

Novotny Damir

2006-01-01

Full Text Available Financial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the financial sector and credit expansion have been allocated in favour of private and public consumption, but not in industry investments. GDP growth didn't have the same momentum as financial aggregates. Economic growth, after a contraction in 1999 was within the average of global economic growth. Relying on neoclassical growth model, government and central bank didn't put in place the needed set of pro-active policies. Factor allocation was solely through private bank channels financing private consumption. If the sustainable economic growth and new employment are to be major macroeconomic goals, a new macroeconomic paradigm as combination of neclassical and neokeynesians approach will be needed.

Reengineering and health physics within the project Hanford management contract

International Nuclear Information System (INIS)

Atencio, E.M.

1997-01-01

The impending transition of the Hartford Site management and operations (M ampersand O) contract to a management and integrating (M ampersand I) contract format, together with weak radiological performance assessments by external organizations and reduced financial budgets prompted the 're-engineering' of the previous Hanford prime contractor Radiological Control (Rad Con) organization. This paper presents the methodology, identified areas of improvements, and results of the re-engineering process. The conversion from the M ampersand O to the M ampersand I contract concept resulted in multiple independent Rad Con organizations reporting to separate major contractors who are managed by an integrating contractor. This brought significant challenges when establishing minimum site standards for sitewide consistency, developing roles and responsibilities, and maintaining site Rad Con goals. Championed by the previous contractor's Rad Con Director, Denny Newland, a five month planning effort was executed to address the challenges of the M ampersand I and to address identified weaknesses. Fluor Daniel Hanford assumed the responsibility as integrator of the Project Hanford Management Contract on October 1, 1996. The Fluor Daniel Hanford Radiation Protection Director Jeff Foster presents the results of the re-engineering effort, including the significant cost savings, process improvements, field support improvements, and clarification of roles and responsibilities that have been achieved

Financial standing of counties in the Wielkopolskie province in the years 2004-2006

Directory of Open Access Journals (Sweden)

Anna Majchrzak

2009-01-01

Full Text Available The article presents a selection of indexes describing financial standing of local government units based on counties of the Wielkopolskie province. On the basis of their values analysed local government units were classified using Ward’s method to form classes with a similar financial situation.

Socio-cultural context of reviewing the gender contract

Directory of Open Access Journals (Sweden)

Yakovlev L. S.

2016-08-01

Full Text Available the article is devoted to the problem of gender inequality in Russian community. The authors describe gender structure of Russian people on the basis of analysis of gender construction practice, investigate self-presentations in the Internet, perspectives of gender contract changes. The research also covers the relation of young generation to their gender roles.

Is the jury still out on PFI contracts?

Science.gov (United States)

Baillie, Jonathan

2012-02-01

Last September Andrew Lansley claimed that some NHS Trusts occupying PFI healthcare facilities had been 'landed with deals they could not afford', seemingly attributing much of the blame for a scenario where the Department of Health said 22 Trusts in England alone could be at significant financial risk to Labour, which, in the 1990s, greatly expanded a public/private funding partnership originally introduced by the Tories a decade earlier. Two key factors critics claim have put such Trusts 'at risk' are the 'inflexibility' of some PFI contracts, which makes varying terms difficult mid-contract, and the fact that many of the earlier deals were inexpertly negotiated by the 'public sector side'. HEJ editor Jonathan Baillie sought the views of Malcolm Austwick, a partner at top commercial law firm, DAC Beachcroft (see panel below), with extensive experience in the legal complexities of PFI, on whether or not the initiative's 'pros' do indeed outweigh the 'cons'.

Financial conditions of the Dutch Mining Law. How easy can it be?

International Nuclear Information System (INIS)

Nan, W.R.M.

2003-01-01

In this article the financial conditions as they apply under the Mining Act as from 2003 are summarised. From a public finance point of view the financial consequences of this legislation in comparison to the previous legislation would be neutral as the reduced income would be balanced by increasing activities in the Netherlands and on the Netherlands part of the Continental Shelf. Royalty is abolished for offshore activities, and state participation no longer exclusively applies to production but can be requested during the exploration stages as well. The basis for profit share levy is much more linked to the corporate income tax result on a 'ring fenced' basis. Although an abolishment of profit share would have been a welcome improvement of the Mining climate, the Mining Act 2003 still is in many ways an improvement in comparison to the diversified previous systems. For the industry it is important that, also under the Mining Act the stability of the financial regime remains a cornerstone of Dutch financial politics [nl

Have Recent Financial Reforms Improved Financial Accountability in the Australian Commonwealth Public Sector?

Directory of Open Access Journals (Sweden)

Graham Bowrey

2007-09-01

Full Text Available Since the early 1990s the Australian Commonwealth public sector has undergone significant financialreforms, due primarily to the current federal Liberal government’s drive to improve the financialaccountability of the Commonwealth Government. These reforms include the adoption of accrualaccounting and budgeting and the development and implementation of an outcomes and outputs framework.These reforms culminated in the first full federal budget to be developed on an accrual basis in 1999 – 2000.This paper will examine the implementation of these reforms and the associated processes to determinewhether or not the Commonwealth government is more financially transparent and better able to dischargeits financial accountability. It is argued the complexity of the processes associated with, and the reportingrequirements of these reforms may have actually decreased the level of accountability to the key party towhom accountability is due — the Australian public.

Evaluation of wholesale electric power market rules and financial risk management by agent-based simulations

Science.gov (United States)

Yu, Nanpeng

dissertation, basic financial risk management concepts relevant for wholesale electric power markets are carefully explained and illustrated. In addition, the financial risk management problem in wholesale electric power markets is generalized as a four-stage process. Within the proposed financial risk management framework, the critical problem of financial bilateral contract negotiation is addressed. This dissertation analyzes a financial bilateral contract negotiation process between a generating company and a load-serving entity in a wholesale electric power market with congestion managed by locational marginal pricing. Nash bargaining theory is used to model a Pareto-efficient settlement point. The model predicts negotiation results under varied conditions and identifies circumstances in which the two parties might fail to reach an agreement. Both analysis and agent-based simulation are used to gain insight regarding how relative risk aversion and biased price estimates influence negotiated outcomes. These results should provide useful guidance to market participants in their bilateral contract negotiation processes.

45 CFR 1336.50 - Financial and administrative requirements.

Science.gov (United States)

2010-10-01

... basis of sex in education programs and activities receiving or benefiting from Federal financial... third parties have been unsuccessful. Evidence of such efforts can include letters from possible sources... must be appropriate to the source in terms of project purpose, applicant eligibility, and...

Contract-based electricity markets in developing countries: Overcoming inefficiency constraints

Science.gov (United States)

Perera, M. N. Susantha

The electric utility sector throughout the world has been undergoing significant changes. It is changing from its traditional, central-station generation model managed under a vertically integrated monopoly to a more market-dependent business. In the rich industrialized countries, this change has progressed rapidly with the emergence of competitive markets---not only in the area of electricity generation, but also in the extension of such markets down to the level of retail domestic consumer. Developing countries, on the other hand, are trying to attract much-needed investment capital for their power sector expansion activities, particularly for the expansion of generating capacity, through the involvement of the private sector. Unlike their industrialized counterparts, they are facing many limitations in transforming the mostly government-owned monopolies into market-driven businesses, thereby creating an environment that is conducive to private sector participation. Amongst these limitations are the lack of a well-developed, local private sector or domestic financial market that can handle the sophisticated power sector financing; inadequate legal and regulatory frameworks that can address the many complexities of private power development; and numerous risk factors including political risks. This dissertation research addresses an important inefficiency faced by developing countries in the new contract-based market structure that has emerged within these countries. It examines the inefficiencies brought on by restrictions in the contracts, specifically those arising from the guaranteed purchase conditions that are typically included in contracts between the purchasing utility and independent power producers in this new market. The research attempts to provide a solution for this problem and proposes a methodology that enables the parties to conduct their businesses in a cost-efficient manner within a cooperative environment. The situation described above is

Pharmacological basis for the use of turmeric in gastrointestinal and respiratory disorders.

Science.gov (United States)

Gilani, Anwarul Hassan; Shah, Abdul Jabbar; Ghayur, Muhammad Nabeel; Majeed, Kashif

2005-05-13

This study was carried out to provide scientific basis for the medicinal use of turmeric (Curcuma longa) in gastrointestinal and respiratory disorders. The crude extract of turmeric (Cl.Cr), relaxed the spontaneous and K+ (80 mM)-induced contractions in isolated rabbit jejunum as well as shifted the CaCl2 concentration-response curves. In rabbit tracheal preparation, Cl.Cr inhibited carbachol and K(+)-induced contractions. In anesthetized rats, Cl.Cr produced variable responses on blood pressure with a mixture of weak hypertensive and hypotensive actions. In rabbit aorta, Cl.Cr caused a weak vasoconstrictor and a vasodilator effect on K+ and phenylephrine-induced contractions. In guinea-pig atria, Cl.Cr inhibited spontaneous rate and force of contractions at 14-24 times higher concentrations. Activity directed fractionation revealed that the vasodilator and vasoconstrictor activities are widely distributed in the plant with no clear separation into the polar or non-polar fractions. When used for comparison, both curcumin and verapamil caused similar inhibitory effects in all smooth muscle preparations with relatively more effect against K(+)-induced contractions and that both were devoid of any vasoconstrictor effect and curcumin had no effect on atria. These data suggest that the inhibitory effects of Cl.Cr are mediated primarily through calcium channel blockade, though additional mechanism cannot be ruled out and this study forms the basis for the traditional use of turmeric in hyperactive states of the gut and airways. Furthermore, curcumin, the main active principle, does not share all effects of turmeric.

Eroding market stability by proliferation of financial instruments

Science.gov (United States)

Caccioli, F.; Marsili, M.; Vivo, P.

2009-10-01

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability. in here

Institutional Response of Contract Farming: Its Implications on the ...

African Journals Online (AJOL)

The term contract as applied includes both written and oral agreements between commercial buyers and farmers. This paper does not take into account the operations of marketing parastatals and legal monopolies that do not operate on commercial basis. This is deliberately done to maintain the main thrust of neoclassical ...

The employment contract as an exclusionary device: An analysis on the basis of 25 years of developments in the Netherlands

NARCIS (Netherlands)

Knegt, R.

2008-01-01

The employment contract has, in a relatively short time, developed into the atom of the normative structuralization of labour relations. Its basic form may be simple, directed at restricting the scope of respective commitments to the exchange of labour for money. But the employment contract has

Study of the influence on emotional work contract nurses on Job Burnout

Directory of Open Access Journals (Sweden)

Song Changping

2017-01-01

Full Text Available Discuss the influences of contract nurse’ emotion work on job burnout and provide theoretical basis for reducing the job burnout of perception level which caused by emotion work of contract nurse. Methods: The data which comes from the questionnaire survey about the Chinese edition of Maslach job burnout scale for 298 contract nurse is used statistical analysis by SPSS11.5 software. Results: The current contract nurse is more inclined to “surface acting” on working and the nurses have a lower level “depersonalization” (P < 0.05, the difference is statistically significant and the more “deep acting” are used the lower level of job burnout. There is a various factors’ correlation between contract nurse’s emotion work and job burnout. : Conclusions: The “surface acting” could increase job burnout, “deep acting” and emotion expression requirements could increase personal job satisfaction.

Methodological approaches to assessing of country’s financial capacity

Directory of Open Access Journals (Sweden)

A.Yu. Polchanov

2017-12-01

Full Text Available This research is devoted to the theoretical basis of country’s financial capacity assessment, its specificities and algorithm. The aim of the investigation is the generalization of methodological approaches to evaluating country’s financial capacity. The author determines that the assessment involves preparatory, analytical, and final stages. The special attention is paid to the information based on the analysis, demands on it, impact of changes in methodology, dynamics of macroeconomic indicators. The establishment of the united analytical center for assessment of financial capacity of the state for post-conflict recovery is proposed. The results of the critical review of the publications in this field have helped to improve the classification of country’s financial capacity assessment methods by providing some new attributes such as the focus of the evaluation and type of intelligence. The problem of using unlicensed software to assess the financial capacity of the state and the associated risk have not been left without attention.

Creating the future with all finance and financial conglomerates

CERN Document Server

Berghe, Lutgart

1998-01-01

Creating the Future with All Finance and Financial Conglomerates comprises an academic search for an understanding of all finance and financial conglomerates. It presents a strategic and economic analysis of diversification strategies and the growing interface between different types of financial firms. On the basis of a solid analysis of theoretical foundations and practical value, the book develops basic concepts of creating the future: especially solutions in managing risks and fresh ideas for the development of integrated financial services. The structure of the book is logical: starting on theoretical foundations (section 1, part A) and examining the economic value of All Finance and Financial Conglomerates (part B), leads to creating a concept for the future (part C). Case studies add additional practical value to this research. The review of the subject is completed by aspects of risk management in this sector and by political guidelines for the EU single market (section 2). The book builds further on ...

Laplace-transformed multi-reference second-order perturbation theories in the atomic and active molecular orbital basis

NARCIS (Netherlands)

Helmich-Paris, B.; Knecht, Stefan

2017-01-01

In the present article, we show how to formulate the partially contracted n-electron valence second-order perturbation theory (NEVPT2) energies in the atomic and active molecular orbital basis by employing the Laplace transformation of orbital-energy denominators (OEDs). As atomic-orbital (AO) basis

Inspector General, DOD, Oversight of the Audit of the FY 2000 Military Retirement Fund Financial Statements

Science.gov (United States)

2001-02-28

statements and to report on the adequacy of internal controls and compliance with laws and regulations. We contracted the audit of the FY 2000 Military...performed on the oversight of the audit of the FY 2000 Military Retirement Fund Financial Statements.

Banking contracts

OpenAIRE

Durčáková, Klára

2010-01-01

Resumé - Bank Contracts Bank Contracts are an integral part of our everyday lives. Citizen and bussines entities used bank contracts very often. Despite this fact we can't find legal definition in the Czech law. Banking contracts understand contracts that are signed by banks in their business activities and obligations under these contracts arise. While the banking contracts have been widely used, in Czech law there is not too much literature and judgements abou this issue. Lack of legislatio...

26 CFR 1.818-4 - Election with respect to life insurance reserves computed on preliminary term basis.

Science.gov (United States)

2010-04-01

... reserves for all such contracts had been computed on a net level premium basis (using the same mortality or... portion of such reserves during the taxable year by actually changing to a net level premium basis in... a net level premium basis for the purpose of determining the amount which may be taken into account...

7 CFR 91.45 - Charges for laboratory services on a contract basis.

Science.gov (United States)

2010-01-01

... basis as will reimburse the Agricultural Marketing Service of the Department for the full cost of... that will reimburse the Agricultural Marketing Service of the Department for the full cost of rendering... MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE (CONTINUED...

Methodological eclecticism in the interpretation of the essence of financial system

Directory of Open Access Journals (Sweden)

Oksana Snizhko

2014-08-01

Full Text Available The article is dedicated to critical analysis of competitive conceptual approaches to determining the essence of financial system. The system establishing element of the financial system resource concept is understanding finance as economic relations of formation, allocation and use of financial resource funds with the purpose of performing functions and tasks of the state/company and provision of conditions for expanded reproduction. According to this approach, the notion «financial system» is further determination of finance and shall be interpreted as the totality of relatively separated but mutually related spheres and links of relations, in the process of which centralized and decentralized financial resource funds are created and used. The institutional concept of the financial system considers finance as a social institution that organizes determined ways of interactions between individuals or their separate groups in the society. Its target purpose is to minimize transaction expenses arising at exchange of binding requirements for real resources in the economy. Under this approach, the financial system is understood as an aggregate of means — financial institutions and markets — which result from the evolution of social contracts and with the help of which intertime decisions and interactions are fulfilled and coordination of savings and investments in the economy is performed. The article shows that the alternative theoretical models of financial system contain structural elements heterogeneous by content and nature of interrelations, with various properties. The differences between them concern methodological approach to distinguishing qualitative signs which determine the essential nature and structure of the financial system; mechanism of formation and functioning of financial relations; nature of distribution and scheme of financial resources flow; the nature of functions of the financial system in the economic environment

48 CFR 9905.506-60 - Illustrations.

Science.gov (United States)

2010-10-01

... fiscal year from a calendar year to the 12-month period ending May 31. For financial reporting purposes... service center is expected to be material in amount, will be accumulated in an intermediate cost objective...) of the contract clause at 9903.201-4(e). (d) Financial reports are prepared on a calendar year basis...

BASEL III – A new approach to improve international financial stability

Directory of Open Access Journals (Sweden)

Claudia Gabriela BAICU

2010-09-01

Full Text Available In its first part, the article highlights the factors standing at the basis of the modification of the general framework of development of the banking activity in the last decades and the main trends that manifested on the international banking market until the global financial crisis. Thenceforth, the main lessons learned from the global financial crisis for the regulation and supervision authorities are presented. The final part of the article concerns the Basel Committee answer to the global financial crisis, concretised in a reform programme regarding the regulatory framework of the banking activity. The improvements and news brought by the Basel III reform programme take into account the flaws revealed by the global financial crisis and have the purpose to strengthen the stability of the international financial system.

Natural gas price uncertainty and the cost-effectiveness of hedging against low hydropower revenues caused by drought

Science.gov (United States)

Kern, Jordan D.; Characklis, Gregory W.; Foster, Benjamin T.

2015-04-01

Prolonged periods of low reservoir inflows (droughts) significantly reduce a hydropower producer's ability to generate both electricity and revenues. Given the capital intensive nature of the electric power industry, this can impact hydropower producers' ability to pay down outstanding debt, leading to credit rating downgrades, higher interests rates on new debt, and ultimately, greater infrastructure costs. One potential tool for reducing the financial exposure of hydropower producers to drought is hydrologic index insurance, in particular, contracts structured to payout when streamflows drop below a specified level. An ongoing challenge in developing this type of insurance, however, is minimizing contracts' "basis risk," that is, the degree to which contract payouts deviate in timing and/or amount from actual damages experienced by policyholders. In this paper, we show that consideration of year-to-year changes in the value of hydropower (i.e., the cost of replacing it with an alternative energy source during droughts) is critical to reducing contract basis risk. In particular, we find that volatility in the price of natural gas, a key driver of peak electricity prices, can significantly degrade the performance of index insurance unless contracts are designed to explicitly consider natural gas prices when determining payouts. Results show that a combined index whose value is derived from both seasonal streamflows and the spot price of natural gas yields contracts that exhibit both lower basis risk and greater effectiveness in terms of reducing financial exposure.

31 CFR 586.519 - Release of certain funds held at overseas branches of U.S. financial institutions.

Science.gov (United States)

2010-07-01

... overseas branches of U.S. financial institutions. 586.519 Section 586.519 Money and Finance: Treasury... of U.S. financial institutions. Specific licenses may be issued on a case-by-case basis to permit the overseas branches of U.S. financial institutions to unblock deposit accounts that were blocked pursuant to...

MULTIVARIATE ACCOUNTING IN INTERNATIONAL FINANCIAL REPORTING STANDARDS

Directory of Open Access Journals (Sweden)

V. V. IEVDOKYMOV

2017-03-01

Full Text Available The necessity of the research on the basis of the positivist model of scientific knowledge is proved. The value of the conceptual framework in the process of bookkeeping selection is analyzed. The differences of the accounting selection adjustment procedure in US GAAP and IFRS are considered. The role and importance of the qualitative characteristics of financial reporting in the implementation of accounting selection are substantiated. The structure of the qualitative characteristics of financial reporting and their limitations under the Conceptual Framework for the preparation and presentation of financial statements are examined. The correlation between the accounting rules and alternatives adopted in US GAAP and IAS / IFRS is analyzed. The necessity to discuss the issue of the feasibility of «rule-oriented» or «principle-oriented» accounting model in the context of multivariate concept is studied. The authors prove the necessity of the application of institutional theory to solve the problems of accounting opportunism that arises when using the concept of multivariate accounting in International Financial Reporting Standards.

Private savings and financial modernization in Mexico, 1988-95

Directory of Open Access Journals (Sweden)

Julio Lopez G.

2000-09-01

Full Text Available The evolution of private savings has attracted a lot of attention in the controversy about the origins of Mexico's 1995 crisis. In this paper the authors analyze the evolution of private savings in Mexico using the theory of effective demand as a framework and making use of econometric estimates. In this context, they analyze the impact of the financial reforms, and in particular the effect of liberalization and deregulation of the financial system on private savings in Mexico from 1980 to 1995. The authors formulate an explanation of the determinants of private savingsand the impact of the strategy of "financial modernization" on private savings, by specifying a model that allows to identify the influence of monetary and credit policies on savings. Then they carry out econometric estimates that lend empirical support to the main conclusions of the theoretical analysis. Their econometric work confirm notably that private savings has been low due to a series of changes in monetary policy that favored the contraction of private demand and led to greater foreign indebtedness.

Financial risks for green electricity investors and producers in a tradable green certificate market

International Nuclear Information System (INIS)

Lemming, Jacob

2003-01-01

This paper analyzes financial risks in a market for tradable green certificates (TGC) from two perspectives; existing renewable producers and potential investors in new renewable electricity generation capacity. The equilibrium pricing mechanism for a consumer-based TGC market is described and a market with wind turbines as the sole renewable technology is analyzed. In this framework, TGC prices and fluctuations in production from wind turbines will be negatively correlated and, as a result, TGC price fluctuations can actually help decrease the total financial risk. Based on this recognition, analytical expressions for revenue-variance-minimizing trading strategies are derived and an analysis of the demand and supply for financial hedging is used to show that forward contracts will be traded at a risk premium

The Information Provision of the Non-Financial Reporting

Directory of Open Access Journals (Sweden)

Korol Svitlana Ya.

2017-03-01

Full Text Available The article is aimed at developing the methodological foundations together with a scientific substantiation of the methodical recommendations for accounting and information provision of the non-financial reporting of enterprise. As a basis for this study have been taken recommendations by the Global Reporting Initiative. The indicators of non-financial report have been grouped with regard to their possible information provision. The article proves the possibility to use a single database to generate both financial and non-financial reporting based on the identification of the common accounting objects, formating a unified system of quantitative and qualitative characteristics. The expediency of using the faceted classification of accounts for organization of analytical accounting has been substantiated. New approaches to registration of both quantitative and qualitative data about facts of economic life of a socially responsible enterprise have been suggested, which make use of different algorithms for simple recording to odd and even accounts.

FINANCIAL ANALYSIS FUNDAMENT FOR ASSESSMENT THE COMPANY'S VALUE

Directory of Open Access Journals (Sweden)

Goran Karanovic

2010-06-01

Full Text Available Lack of capital market development cause that calculating the value of companies in the small markets, such as the Croatian market, is carried out primarily from the analysis of financial statements. Lack of market development is evident from the unrealistic and unobjective corporate values, as result of too small volumeof securities trading in financial markets. The primary financial analysis is the basic method for estimating company value, and represents the foundation for an objective determination of cash flow components that will be discounted. Trought analysis investors are trying to answer the questions such as: status of the assets,liabilities and capital, the dynamics of business enterprises, the level of solvency and liquidity, utilization of fixed assets, contribution of fixed assets in total income, company profitability rates and investment in the company. Investors use financial analysis only as a basis and as a tool to predict the potential for creating new business value.

Fair Value Considerations during the Current Financial Crisis

Directory of Open Access Journals (Sweden)

Banu Esra Aslanertik

2010-03-01

Full Text Available In the current economic conditions, accounting applications seem to face new and complex challenges. Especially, these challenges are on the basis of fair value. Recent crisis has highlighted the complexity and difficulty of valuing financial instruments when market information is not available or not sufficient to give better economic decisions. FASB 157 “Fair Value Accounting” became effective by January 1, 2008 for most U.S. companies and some believe that this caused the problem. Oppositely, a wider group of interested parties and investors believe that fair value increases transparency and give relevant information for decision making. Depending on the financial reporting framework and the going concern assumption, this paper investigates the process for determining fair value measurements and its in-depth effects in financial reports. Also, the paper will try to highlight the question: “Can fair value be really the main reason of the global financial crisis?” from the aspect of an accounting academician.