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Sample records for financial basis contract

  1. 75 FR 24612 - Order Finding That the Zone 6-NY Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-05

    ... COMMODITY FUTURES TRADING COMMISSION Order Finding That the Zone 6-NY Financial Basis Contract.... Although Transco's Zone 6 hub is a major trading center for natural gas in the United States and, as noted... AGENCY: Commodity Futures Trading Commission. ACTION: Final order. SUMMARY: On October 9, 2009, the...

  2. 75 FR 23679 - Order Finding That the ICE Malin Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-04

    ... rights over IPI's bidweek price indices. As a result, no other exchange can offer such a basis contract... since ICE has the right to the IPI index for cash settlement purposes. In addition, ICE sells its price... right to base its settlement on the IPI Malin Index price. While the Commission acknowledges that there...

  3. 75 FR 23697 - Order Finding That the AECO Financial Basis Contract Traded on the IntercontinentalExchange, Inc...

    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...

  4. 75 FR 23710 - Order Finding That the ICE PG&E Citygate Financial Basis Contract Traded on the...

    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...

  5. 75 FR 24599 - Order Finding That the ICE Dominion-South Financial Basis Contract Traded on the...

    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...

  6. 75 FR 24626 - Order Finding That the TETCO-M3 Financial Basis Contract Traded on the IntercontinentalExchange...

    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...

  7. Towards Certified Management of Financial Contracts

    Bahr, Patrick; Berthold, Jost; Elsman, Martin

    2014-01-01

    . The seminal work by Peyton-Jones and Eber on financial contracts shows how an algebraic approach to contract specification can be used for valuation of contracts (when combined with a model of the underlying observables) and for managing how contracts evolve under so-called fixings and decision......-taking, with the contracts eventually evaporating into the empty contract, for which no party have further obligations. The ideas have emerged into Eber's company LexiFi, which has become a leading software provider for a range of financial institutions, with all contract management operations centralised around a domain......Banks and financial institutions nowadays often use domain-specific languages (DSLs) for describing complex financial contracts, in particular, for specifying how asset transfers for a specific contract depend on underlying observables, such as interest rates, currency rates, and stock prices...

  8. Contract Design: Financial Options and Risk.

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

    2018-01-12

    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. When designing healthcare options contractors are faced with a variety of financial options. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore 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. This article is the second in a row of three that are all published in this issue and contribute to a specific issue in designing healthcare contracts. The first dealt with the organisation of contracts and information asymmetries, while part 3 concludes with the question of risk management and evaluation. The specific research question of this second article focusses on the financial options and reimbursement schemes that are available to define healthcare contracts. A healthcare contract is a relational contract, which determines the level of reimbursement, the scope of services and the quality between service providers and payers, taking account of the risks relating to population and performance. A relational contract is an agreement based upon assumption of a longer timeframe. A major obstacle to the practical implementation of healthcare contracts is the prognosis of the inflows and outflows due to the actuarial risks of the insured population. Financing conditions and reimbursement arrangements that are based on a prospectively determined fixed price, have a significant drawback: it is very difficult to take the differences in health status and the utilisation of distinct insured clientele

  9. Optimal Long-Term Financial Contracting

    Peter M. DeMarzo; Michael J. Fishman

    2007-01-01

    We develop an agency model of financial contracting. We derive long-term debt, a line of credit, and equity as optimal securities, capturing the debt coupon and maturity; the interest rate and limits on the credit line; inside versus outside equity; dividend policy; and capital structure dynamics. The optimal debt-equity ratio is history dependent, but debt and credit line terms are independent of the amount financed and, in some cases, the severity of the agency problem. In our model, the ag...

  10. Certified symbolic management of financial multi-party contracts

    Bahr, Patrick; Berthold, Jost; Elsman, Martin

    2015-01-01

    Domain-specific languages (DSLs) for complex financial contracts are in practical use in many banks and financial institutions today. Given the level of automation and pervasiveness of software in the sector, the financial domain is immensely sensitive to software bugs. At the same time...... automatically extract a Haskell implementation of an embedded contract DSL along with the formally verified contract management functionality. This approach opens a road map towards more reliable contract management software, including the possibility of analysing contracts based on symbolic instead of numeric...

  11. Financial Economy and Financial System: Basis of Structural Interconnection

    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.

  12. Stochastic modeling of financial electricity contracts

    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)

  13. Financial Economy and Financial System: Basis of Structural Interconnection

    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 ...

  14. Contractibility of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption

    Shivakumar, L; Ball, R; Li, X

    2015-01-01

    We outline several properties of IFRS that potentially affect the contractibility or the transparency of financial statement information, and hence the use of that information in debt contracts. Those properties include the increased choice among accounting rules IFRS gives to managers, enhanced rule-making uncertainty, and increased emphasis on fair value accounting. Consistent with reduced contractibility of IFRS financial statement information, we find a significant reduction in accounting...

  15. The neural basis of financial risk taking.

    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.

  16. Managing the financial cost of exception to contracting standards

    Henschel, Rene Franz

    2008-01-01

    In managing financial cost of exception to contracting standards, the first step is to put up an intelligent contract standards exception monitoring system The next step is to maintain tailor-made, fair and transparent contracting standards The third step is to eliminate unnecessary information...... and repetitiveness in contracting standards The fourth step is to enable your organization and the customers or suppliers to handle the necessary exceptions themselves Finally you should consider the use of independent contracting standards and elimination of your own standards as a tool in managing the cost...

  17. 48 CFR 1552.242-72 - Financial administrative contracting officer.

    2010-10-01

    ... Administrative Contracting Officer (FACO) is responsible for performing certain post-award functions related to the financial aspects of this contract when the EPA is the cognizant federal agency. These functions...) Negotiate advance agreements applicable to treatment of costs and to Independent Research & Development/Bid...

  18. A contract-law perspective on legal cases in financial reporting: the Netherlands, 1880-1970

    Camfferman, C.

    2012-01-01

    This paper proposes a framework for the historical analysis of judicial decisions in financial reporting that may provide a basis for comparative research in the historical relation between the law and accounting. It is suggested that contract law may have been the dominant legal domain in which

  19. Teaching Financial Data Mining using Stocks and Futures Contracts

    Gary Boetticher

    2005-06-01

    Full Text Available Financial data mining models is considered to be "the hardest way to make easy money." Data miners are certainly motivated by the prospect of discovering a financial "Holy Grail." However, designing and implementing a successful model poses many intellectual challenges. These include securing and cleaning data; acquiring a sufficient amount of financial domain knowledge; bounding the complexity of the problem; and properly validating results. Teaching financial data mining is especially difficult due to the student's limited financial domain knowledge and the relatively short period (one semester for building financial models. This paper describes an application of a financial data mining term project based on Stock and E-Mini futures contracts and discusses "lessons learned" from assigning similar term projects over six different semesters. Results of each case study results are presented and discussed.

  20. Financial Crises and Danish Contract Law

    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...

  1. Study of impacts of physical contracts and financial contracts on bidding strategies of GENCOs

    Xiaoling Chen; He, Y.; Song, Y.H.

    2004-01-01

    This paper studies the impacts of physical contracts and financial contracts on the bidding strategies of GENCOs, including Physical Bilateral Contracts, Contracts for Difference (CfDs), Call Options and Put Options under discriminatory pricing mechanism. The integrated bidding decision model is applied, which has three main modules - probabilistic local marginal price simulator, market-oriented unit commitment model and multi-criteria decision system. The numerical results show that the GENCO will choose different bidding strategies if it holds different types of contract. The results also suggest that CfDs have the best performance for risk alleviation. (author)

  2. Valuing Interest Rate Swap Contracts in Uncertain Financial Market

    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.

  3. The contracting round: achieving health gain or financial balance?

    McCarthy, M

    1998-12-01

    In the 1991 National Health Service reforms, health authorities became responsible for the health of their resident population, and they contract for health services from NHS providers - trusts and primary care services. A case study in Camden and Islington, an inner London health district, during 1996-1997 shows that contracting was directed more towards achieving financial balance than health objectives. Reasons include the inflationary effect of competition within an internal market, the power of administrators in decision-making within the health authority, and lack of adequate financial accounting in the NHS to relate costs to health outcomes. The introduction of programme budgets for districts would provide more cost-effective use of the nation's resources.

  4. Fitting Islamic Financial Contracts in Developing Agricultural Land

    Muhammad Hakimi Mohd Shafiai

    2015-06-01

    Full Text Available The Islamic finance industry is one of the fastest growing industries in the world. However, many potential Muslim customers, particularly in rural areas, have unfulfilled banking needs and lack access to financing. Meanwhile, entrepreneurial projects in the agricultural sector are presumed to optimize economic growth. In addition, some scholars have expounded that the financial problems faced by the agricultural sector are caused by the risks of debt financing and lack of access to the capital market. In Islamic law, almuzara’ah and al-musaqah can be considered as forms of partnership contract in farming. Therefore, using descriptive analysis, this paper attempts to portray how Islamic financial principles are closely related to the agricultural sector in developing Islamic agricultural finance. This study found that the application of the modes of Islamic financing in the agricultural sector through financial institutions could be very effective in providing financing to ensure that the partnership progresses effectively and efficiently. As a result, there is an urgent need to develop a sound agricultural financial system based on Islamic contracts in order to increase and sustain the income of farmers and landowners and to reduce poverty.

  5. FBIH financial market segmentation on the basis of image factors

    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.

  6. Financial Consumer Protection in the EU : Towards a Self-Sufficient European Contract Law for Consumer Financial Services?

    Cherednychenko, O.O.

    2014-01-01

    The rapid expansion of European contract law in the field of consumer financial services gives rise to the question to what extent it is self-sufficient. A self-sufficient European contract law presupposes the existence of an EU-made and EU-enforced contract-related legal order which is largely

  7. Six Dimension Strategy As A Basis Of Banking Standard Contract

    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.

  8. Contract Hog Production: A Case Study of Financial Arrangements

    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.

  9. The Labour Contract as a Basis of Appearance of Labour Relations

    Вишновецька, Світлана Василівна; Національний авіаційний університет; Такаджі, Людмила Геннадіївна; Національний авіаційний університет

    2016-01-01

    The article is devoted to research of labour contract as a basis of appearance of labour relations. The problems of conclusion of labour contract, its entry into force, the time of appearance of the labour relationship are very topical. The labour contract is the main form of realization of the right to work, a basis of appearance of labour relations that makes legal base for their functioning. Before December 28th, 2014 the actual admission to work was a basis of appearance of labour relatio...

  10. Protection policy for users of financial services. Conceptual basis

    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

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

    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...

  12. 77 FR 18127 - Enforcement of Subsidiary and Affiliate Contracts by the FDIC as Receiver of a Covered Financial...

    2012-03-27

    ...''), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract... provides for the appointment of the FDIC as receiver of a covered financial company that poses a systemic... institution) shall have the power to enforce contracts of subsidiaries or affiliates of a covered financial...

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

    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)

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

    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…

  15. Financial accounting effects of tax aggressiveness: Contracting and measurement

    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

  16. Financial accounting effects of tax aggressiveness : Contracting and measurement

    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

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

    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.

  18. Preferences, behaviour and the design of financial contracts

    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...

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

    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.

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

    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...

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

    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.

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

    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...

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

    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.

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

    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.

  5. Managing water utility financial risks through third-party index insurance contracts

    Zeff, Harrison B.; Characklis, Gregory W.

    2013-08-01

    As developing new supply capacity has become increasingly expensive and difficult to permit (i.e., regulatory approval), utilities have become more reliant on temporary demand management programs, such as outdoor water use restrictions, for ensuring reliability during drought. However, a significant fraction of water utility income is often derived from the volumetric sale of water, and such restrictions can lead to substantial revenue losses. Given that many utilities set prices at levels commensurate with recovering costs, these revenue losses can leave them financially vulnerable to budgetary shortfalls. This work explores approaches for mitigating drought-related revenue losses through the use of third-party financial insurance contracts based on streamflow indices. Two different types of contracts are developed, and their efficacy is compared against two more traditional forms of financial hedging used by water utilities: Drought surcharges and contingency funds (i.e., self-insurance). Strategies involving each of these approaches, as well as their use in combination, are applied under conditions facing the water utility serving Durham, North Carolina. A multireservoir model provides information on the scale and timing of droughts, and the financial effects of these events are simulated using detailed data derived from utility billing records. Results suggest that third-party index insurance contracts, either independently or in combination with more traditional hedging tools, can provide an effective means of reducing a utility's financial vulnerability to drought.

  6. 77 FR 63205 - Enforcement of Subsidiary and Affiliate Contracts by the FDIC as Receiver of a Covered Financial...

    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...

  7. 75 FR 23718 - Orders Finding That the Henry Financial Basis Contract, Henry Financial Index Contract and Henry...

    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...

  8. A STUDY ON FINANCIAL DERIVATIVE WORLDWIDE TRANSACTIONS – FUTURES CONTRACTS

    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

  9. Ifrs Versus Cz Gaap: Influence of Construction Contracts on Financial Indicators

    Havlová Kristýna

    2015-12-01

    Full Text Available In 2009, 117 countries all over the world allowed to prepare financial statements according to International Financial Reporting Standards (IFRS including the Czech Republic. Between Czech General Accepted Accounting Principles (CZ GAAP and IFRS are some differences involving reporting of noncurrent fixed assets, leasing, construction contracts etc. Using different accounting procedure we can get different value of assets and assets are one component that is used to calculate the financial performance indicators. Those indicators are then used by investors to assess the financial performance of companies and the application of IFRS instead of CZ GAAP can lead to distinct presentation of enterprise performance. In this paper we examine the influence of construction contract reporting using IFRS and CZ GAAP on financial indicators. IFRS leads to more stable development during the period when the project is in progress. In the last year when the project is finished the figures of both ratios (ROA and Z-score are getting worse which is due to the lower percentage of the construction that is built in this year.

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

    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.

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

    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.)

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

    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

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

    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.

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

    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)

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

    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

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

    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.

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

    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.

  18. 75 FR 24633 - Order Finding That the ICE Chicago Financial Basis Contract Traded on the...

    2010-05-05

    ..., food processing, brick, chemicals, fertilizer, insulation, steel, glass, industrial gases... were received from the Industrial Energy Consumers of America (``IECA''), Working Group of Commercial Energy Firms (``WGCEF''), ICE, Economists Incorporated (``EI''), Natural Gas Supply Association (``NGSA...

  19. 75 FR 23704 - Order Finding That the NWP Rockies Financial Basis Contract Traded on the...

    2010-05-04

    ... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY... (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission undertook this...

  20. 75 FR 24648 - Order Finding That the Socal Border Financial Basis Contract Traded on the...

    2010-05-05

    ... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY...'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA.\\2\\ The Commission undertook this...

  1. Securing financial independence in the legal basis of a central bank

    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

  2. CVFA: Coal vendor financial advisor

    Goote, W.G.; Andersen, S.

    1992-01-01

    An expert system for determining coal vendor financial viability in fuel purchasing contracts at an electric utility is described. The system blends rules, data objects, and financial knowledge to provide a rational basis for accepting or rejecting coal contracts given the financial capability of the coal vendor. The discussion concludes with a critique of managerial issues in the development of the system and its use in decision making. 3 refs., 1 fig

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

    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.

  4. 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.

    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.

  5. 7 CFR 91.45 - Charges for laboratory services on a contract basis.

    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...

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

    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

  7. Securing financial independence in the legal basis of a central bank

    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...

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

    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...

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

    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.

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

    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. 

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

    Horbach Tatiana; Drozd Serhiy; Fedoryk Pavlo

    2018-01-01

    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...

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

    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.

  13. Effective development of the entities on the basis of forecasting of financial and economic activities

    I. I. Shanin

    2017-01-01

    Full Text Available In article, the questions connected with approach on effective development of industrial enterprises on the example of the furniture entities are considered. Effective development of the entities is directed to cost reduction in case of production and implementation of products, for improvement of indicators of financial and economic activities. The research is conducted on the example of the furniture entities of the Voronezh region and Krasnodar Krai. Any entity constantly uses these or those resources connected with material, labor and finance costs. All resources, which are consumed during a certain production cycle, create a cost budget or the expense plan of the entity, which are the most important economic indicators of activities of any entity. Not always at the entities the attention is properly paid to forecasting of production expenses for a further stage of functioning. Most the entities will organize the activities in such a way that current plans pass from year to year, and at the same time the alternative ways directed to cost reduction in case of production and further sales of products aren't considered. Any entity needs forecasting and planning of costs for the following production stages, for the purposes of innovative development and effective functioning of productive activity of the entity. First, it is necessary for assessment of opportunities when financing productive activity and for further scheduling of expenses, directed to cost reduction and cost reallocation. Having analysed activities of the entities and having studied accounting (financial records, it is revealed that at the entities in 2015 in comparison with 2014, there was a decrease in outputs, but at the same time, the loss is observed. Based on the carried-out analysis, on the example of financial and economic activities of JSC GRAFSKOYE and JSC GKMF, conclusions are drawn, cost reduction allowances in case of production are revealed, and recommendations in

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

    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...

  15. Reform of the global financial architecture: a new social contract between society and finance.

    Banziger, H.

    2009-01-01

    The current global crisis poses significant challenges for our fi nancial system, our economies, and our societies. Overcoming these will require a new “social contract” between society and finance. This must include improvements to corporate governance, a reform of capital requirements, a more transparent and less procyclical accounting framework, banking laws to reflect modern financial markets, better infrastructure, and stronger supervision. Given the global nature of today’s capital mark...

  16. FORMATION OF THE FINANCIAL BASIS FOR GOVERNMENT GUARANTEES OF HEALTH CARE IN RUSSIA

    E. V. Sinicyna

    2014-01-01

    Full Text Available Organization of the health system of theRussian Federationin the conditions of limited fi nancial resources needed to develop and implement new methods and management mechanisms. Conducted a study in the article allowed to formulate the basic problems of development management of medical organizations and off er possible solutions through the formation of the fi nancial basis for government guarantees of health care inRussia. The article deals with the current reform in the Russian budget-insurance model of health care fi nancing, reveals the content and direction of the program of state guarantees of medical care in the new fi nancing mechanism of public services. Development and implementation of a new funding system in the management of medical organization will help to reduce costs, improve staff effi ciency, improve the quality of public health services.

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

    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.

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

    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.

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

    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

  20. 48 CFR 2052.211-72 - Financial status report.

    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...

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

  2. 75 FR 24586 - Order Finding That the San Juan Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-05

    ..., industrial gases, pharmaceutical, aluminum and brewing.'' WGCEF describes itself as ``a diverse group of... from Industrial Energy Consumers of America (``IECA''), Working Group of Commercial Energy Firms (``WGCEF''), Platts, ICE, Economists Incorporated (``EI''), Natural Gas Supply Association (``NGSA...

  3. 75 FR 23690 - Order Finding That the NGPL TxOk Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-04

    ..., industrial gases, pharmaceutical, aluminum and brewing.'' WGCEF describes itself as ``a diverse group of... from Industrial Energy Consumers of America (``IECA''), Working Group of Commercial Energy Firms (``WGCEF''), Platts, ICE, Economists Incorporated (``EI''), Natural Gas Supply Association (``NGSA...

  4. 75 FR 24619 - Order Finding That the Permian Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-05

    ..., industrial gases, pharmaceutical, aluminum and brewing.'' WGCEF describes itself as ``a diverse group of... from Industrial Energy Consumers of America (``IECA''), Working Group of Commercial Energy Firms (``WGCEF''), Platts, ICE, Economists Incorporated (``EI''), Natural Gas Supply Association (``NGSA...

  5. 75 FR 24655 - Order Finding That the ICE Waha Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-05

    ..., fertilizer, insulation, steel, glass, industrial gases, pharmaceutical, aluminum and brewing.'' WGCEF... from the Industrial Energy Consumers of America (``IECA''), Working Group of Commercial Energy Firms... industrial, commercial and residential consumers'' and whose membership consists of ``energy producers...

  6. 75 FR 24592 - Order Finding that the TETCO-M3 Financial Basis Contract Traded on the IntercontinentalExchange...

    2010-05-05

    ... by industry participants. The TETCO M3 zone is a significant trading center for natural gas but is... transactions. \\20\\ 17 CFR part 36, Appendix A. The M3 zone is a major trading center for natural gas in the... adverse price movements. As noted above, the M3 zone is a significant trading center for natural gas in...

  7. 75 FR 24606 - Order Finding That the TCO Financial Basis Contract Traded on the IntercontinentalExchange, Inc...

    2010-05-05

    ... the IntercontinentalExchange, Inc., Does Not Perform a Significant Price Discovery Function AGENCY...'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission undertook this...

  8. 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

    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...

  9. 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

    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...

  10. Fundamental rights, contract law and the protection of the weaker party: a comparative analysis of the constitutionalisation of contract Law, with emphasis on risky financial transactions

    Cherednychenko, O.O.

    2007-01-01

    Originally, contract law was considered to be immune from the effect of fundamental rights, the function of which was limited to being individual defences against the vigilant eye of the State. This traditional view, however, has recently been put under pressure as a result of fundamental rights

  11. 75 FR 42380 - Orders Finding That the SP-15 Financial Day-Ahead LMP Peak Contract and SP-15 Financial Day-Ahead...

    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...

  12. Exploratory Study on the Capitalization of Accounting Information by Financial Constructions Determined on the Basis of the Balance Sheet

    Ciuhureanu Alina-Teodora

    2017-12-01

    Full Text Available The capitalization of the information provided through the balance sheet should be one of the priorities of the organization’s manager. This is because the processed accounting information is the one that contributes to the setting of objectives and strategy and at the same time provides the necessary information capital for proper management of the activity. For these reasons, the article presents a series of financial constructions based on the accounting information provided through the financial accounting system and centralized in the balance sheet. The aim of the paper is to capture the benefits of using it by management and not to detail indicators / rates / tools in terms of calculation methods.

  13. 75 FR 23686 - Order Finding That the Carbon Financial Instrument Contract Offered for Trading on the Chicago...

    2010-05-04

    [email protected] . SUPPLEMENTARY INFORMATION: I. Introduction The CFTC Reauthorization Act of 2008... Reduction Schedule, such as market makers and proprietary trading groups. Exchange Participants: Entities or... determination, ICE commented that ``under the Commission's theory, any spot contract automatically serves as a...

  14. Paying the piper: additional considerations of the theoretical, ethical and moral basis of financial incentives for health behaviour change.

    Stephens, Christine

    2014-02-01

    Lynagh, Sanson-Fisher and Bonevski's article entitled "What's good for the goose is good for the gander. Guiding principles for the use of financial incentives in health behaviour change" (Int J Behav Med 20:114-120, 2012) reviews evidence for the use of financial incentives for encouraging health behaviour change. Their discussion of the practical and moral issues involved is a timely contribution which will encourage consideration of the implications of such interventions. In this response to their paper, I suggest that there are also broader aspects that we must consider before developing principles for public policy intervention. First, we must include good theories that explain in a great deal more depth what we mean by health-related behaviours, and secondly, we need to understand the location of these behaviours in social life and within structural inequalities. To ignore these fundamental aspects of health is to risk increasing social injustice and worsening health inequalities, a facet of the morality of health promotion activities which is not touched upon by the Lynagh et al. paper.

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

    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

  16. Financial Liberalization and Financial Fragility

    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...

  17. Managing the Financial Risks of Water Scarcity

    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

  18. ANALYSIS OF FINANCIAL INSTRUMENTS THE BASIS SUPPORT THE DEVELOPMENT OF RURAL AREAS AND FISHERIES SECTOR, ROMANIA DURING 2007-2013

    CHIRCULESCU MARIA FELICIA

    2014-08-01

    Full Text Available This study presents funding opportunities to support investment and rural development and fisheries sector. Adoption of the national program and rural development as a strategic document for implementing European programs meant for rural Romania assumption of an intervention model is based on a medium-term strategy on the development of the village world. The work is based on the analysis of official documents indicating alignment programs of intervention policies in the field and on their analysis of available data that refers to the current state of implementation of programs referring to Romanian rural development. Given that the Common Agricultural Policythe (CAP budget for 2014-2020 is higher than the amounts allocated for the 2007-2013 program, consider that in determining the coordinates of financial allocation for the next year must take into account the problems encountered in previous period to eliminate them, because the efficiency of the implementation of funds to support rural development objectives depends largely on rural transformation internally and reducing disparities in the regions and communities, and externally in relation to Member States of the European Union .

  19. Promoting universal financial protection: contracting faith-based health facilities to expand access--lessons learned from Malawi.

    Chirwa, Maureen L; Kazanga, Isabel; Faedo, Giulia; Thomas, Stephen

    2013-08-19

    Public-private collaborations are increasingly being utilized to universalize health care. In Malawi, the Ministry of Health contracts selected health facilities owned by the main faith-based provider, the Christian Health Association of Malawi (CHAM), to deliver care at no fee to the most vulnerable and underserved populations in the country through Service Level Agreements (SLAs). This study examined the features of SLAs and their effectiveness in expanding universal coverage. The study involved a policy analysis focusing on key stakeholders around SLAs as well as a case study approach to analyse how design and implementation of SLAs affect efficiency, equity and sustainability of services delivered by SLAs. The study employed both qualitative and quantitative research methods to address the research questions and was conducted in five CHAM health facilities: Mulanje Mission, Holy Family, and Mtengowanthenga Hospitals, and Mabiri and Nkope Health Centres. National and district level decision makers were interviewed while providers and clients associated with the health facilities were surveyed on their experiences. A total of 155 clients from an expected 175 were recruited in the study. The study findings revealed key aspects of how SLAs were operating, the extent to which their objectives were being attained and why. In general, the findings demonstrated that SLAs had the potential to improve health and universal health care coverage, particularly for the vulnerable and underserved populations. However, the findings show that the performance of SLAs in Malawi were affected by various factors including lack of clear guidelines, non-revised prices, late payment of bills, lack of transparency, poor communication, inadequate human and material resources, and lack of systems to monitor performance of SLAs, amongst others. There was strong consensus and shared interest between the government and CHAM regarding SLAs. It was clear that free services provided by SLAs had

  20. Financial Statements

    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.

  1. 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

    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.

  2. Fundamentals of futures, options, basis and derivatives

    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.

  3. Fundamentals of futures, options, basis and derivatives

    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

  4. Financial markets and interest rate

    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?.

  5. 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

    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...

  6. Adding Concurrency to Smart Contracts

    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 ...

  7. Financial planning working capital ventures using software «analyzer bdds» sold on the basis of selection of optimal bond portfolio

    N.J. Timofeeva

    2011-05-01

    Full Text Available This article examines the financial planning of working capital organizations, in particular presented a software implementation of the algorithm analyzes the budget forecast working capital, identify and take advantage of temporarily free money using a model of a decision on the choice of the optimal bond portfolio, consistent with the free flow of liquidity of the enterprise.

  8. SR Ca2+-leak and disordered excitation-contraction coupling as the basis for arrhythmogenic and negative inotropic effects of acute ethanol exposure.

    Mustroph, Julian; Wagemann, Olivia; Lebek, Simon; Tarnowski, Daniel; Ackermann, Jasmin; Drzymalski, Marzena; Pabel, Steffen; Schmid, Christof; Wagner, Stefan; Sossalla, Samuel; Maier, Lars S; Neef, Stefan

    2018-03-01

    Ethanol has acute negative inotropic and arrhythmogenic effects. The underlying mechanisms, however, are largely unknown. Sarcoplasmic reticulum Ca 2+ -leak is an important mechanism for reduced contractility and arrhythmias. Ca 2+ -leak can be induced by oxidative stress and Ca 2+ /Calmodulin-dependent protein kinase II (CaMKII). Therefore, we investigated the influence of acute ethanol exposure on excitation-contraction coupling in atrial and ventricular cardiomyocytes. Isolated human atrial and murine atrial or ventricular cardiomyocytes were preincubated for 30 min and then superfused with control solution or solution containing ethanol. Ethanol had acute negative inotropic and positive lusitropic effects in human atrial muscle strips and murine ventricular cardiomyocytes. Accordingly, Ca 2+ -imaging indicated lower Ca 2+ -transient amplitudes and increased SERCA2a activity, while myofilament Ca 2+ -sensitivity was reduced. SR Ca 2+ -leak was assessed by measuring Ca 2+ -sparks. Ethanol induced severe SR Ca 2+ -leak in human atrial cardiomyocytes (calculated leak: 4.60 ± 0.45 mF/F 0 vs 1.86 ± 0.26 in control, n ≥ 80). This effect was dose-dependent, while spontaneous arrhythmogenic Ca 2+ -waves increased ~5-fold, as investigated in murine cardiomyocytes. Delayed afterdepolarizations, which can result from increased SR Ca 2+ -leak, were significantly increased by ethanol. Measurements using the reactive oxygen species (ROS) sensor CM-H 2 DCFDA showed increased ROS-stress in ethanol treated cells. ROS-scavenging with N-acetylcysteine prevented negative inotropic and positive lusitropic effects in human muscle strips. Ethanol-induced Ca 2+ -leak was abolished in mice with knockout of NOX2 (the main source for ROS in cardiomyocytes). Importantly, mice with oxidation-resistant CaMKII (Met281/282Val mutation) were protected from ethanol-induced Ca 2+ -leak. We show for the first time that ethanol acutely induces strong SR Ca 2+ -leak, also altering

  9. Public-law contracts as the basis for the creation, modification and termination of legal relationships, taking account of tax law

    Jörg Pudelka

    2017-12-01

    Full Text Available According to German legislation, which complies with the legislation of a large number of European and post-Soviet countries, the administrative procedure can be concluded with two different results. In most of cases, administrative actions will be aimed at adopting an administrative act. This is a centralized form of public administration, with which direct rights are justified, modified or discontinued. So, for example, the abstract right to a constitutionally protected property guarantees that a person is allowed to build on the territory that belongs to him (so-called "freedom of construction" is made by a way of passing an administrative act, named a building permit. Only this building permit gives concrete right for the construction of a particular building (according to the submitted architectural documents. Thus, the law on construction can be applied only by issuing a building permit, as well as can be canceled by canceling the construction permit or changing its contents. The second form of administration that can be used to conclude an administrative procedure in accordance with Article 9 of the law is a public contract. In practice, this is much less common in comparison with an administrative act and is not indisputable in general as a tool of government action.

  10. Democratic contract law

    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

  11. Dynamic contracting mechanism for pavement maintenance management

    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

  12. corporate social responsibility and psychological contract

    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.

  13. COMPANY ACTIVITY FINANCIAL RISK

    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.

  14. Sources of Financial Sociability

    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 ...

  15. Banking contracts

    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...

  16. Financial Leasing: Problems and Prospects of Development in Ukraine

    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.

  17. Statistics of financial markets an introduction

    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

  18. The contract - introduction

    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

  19. CHART OF ACCOUNTS OF THE RUSSIAN FEDERATION SHOULD BE DETAILED WITH REFORMING OF AN ACCOUNTING REPORTING ON THE BASIS OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS

    Gegetsik A. Tovmasyan

    2013-01-01

    Full Text Available The article deals with the problem related to information base of accounting (financial reporting, which depends on conducting accounting and creation of detailed classification of chart of accounts of the Russian Federation. It is offered to change the structure of the balance sheet and the report on changes of the capital in the Russian Federation with introduction of “paid-in capital” indicator which not only unifies the reporting according to IFRS, but also will allow objectively estimating and predicting results and risks of both business activity and investment activity.

  20. Commitment, Conscience or Compromise: The Changing Financial Basis and Evolving Role of Christian Health Services in Developing Countries. Peter Rookes and Jean Rookes. Saarbrücken, Germany: Lambert Academic Publishing; 2012

    Mathew Santhosh Thomas

    2014-01-01

    Full Text Available The book “Commitment, conscience or compromise: the changing financial basis and evolving role of Christian health services in developing countries” is an excellent research document converted into a book by the researchers Peter and Jean Rookes. The authors had years of experience, working in a developing world Christian health care services context and prior to this in academics and health service management. This varied and long experience brings a wealth of perspectives and wisdom into this well researched document.

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

    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

  2. Financialization and financial profit

    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.

  3. Integrated Financial Management Program

    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.

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

    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)

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

    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)

  6. Corrupt Relational Contracting

    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. Evaluating a Financial Assessment Tool: The Financial Checkup

    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...

  8. New algorithm for tensor contractions on multi-core CPUs, GPUs, and accelerators enables CCSD and EOM-CCSD calculations with over 1000 basis functions on a single compute node.

    Kaliman, Ilya A; Krylov, Anna I

    2017-04-30

    A new hardware-agnostic contraction algorithm for tensors of arbitrary symmetry and sparsity is presented. The algorithm is implemented as a stand-alone open-source code libxm. This code is also integrated with general tensor library libtensor and with the Q-Chem quantum-chemistry package. An overview of the algorithm, its implementation, and benchmarks are presented. Similarly to other tensor software, the algorithm exploits efficient matrix multiplication libraries and assumes that tensors are stored in a block-tensor form. The distinguishing features of the algorithm are: (i) efficient repackaging of the individual blocks into large matrices and back, which affords efficient graphics processing unit (GPU)-enabled calculations without modifications of higher-level codes; (ii) fully asynchronous data transfer between disk storage and fast memory. The algorithm enables canonical all-electron coupled-cluster and equation-of-motion coupled-cluster calculations with single and double substitutions (CCSD and EOM-CCSD) with over 1000 basis functions on a single quad-GPU machine. We show that the algorithm exhibits predicted theoretical scaling for canonical CCSD calculations, O(N 6 ), irrespective of the data size on disk. © 2017 Wiley Periodicals, Inc. © 2017 Wiley Periodicals, Inc.

  9. 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

    Aleksandra Andysz

    2016-08-01

    Full Text Available 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 least a year. The respondents completed a questionnaire on availability and the use of benefits guaranteed by the Polish Labour Code, referring to their current workplaces. Results: Most frequently the studied employees took sick leave because of one’s own illness and leave on demand. In our sample, 45% of the women took maternity leave and 26% of the men took paternity leave. The respondents took educational and parental leave the least frequently. More than half of the respondents (58% did not return to the same position after leave devoted to childcare, even though they had such a possibility. Conclusions: In fact, most of work-life balance benefits guaranteed by law were available to the employees of small and medium enterprises, regardless of their gender. Availability and the use of the majority of benefits were similar among the women and men. Availability of benefits depended on the specificity of industry and a profession, thus, future research on work-life balance policy should control for variables related to the character of work.

  10. 48 CFR 16.103 - Negotiating contract type.

    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...

  11. Financial Services Marketing.

    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…

  12. Household financial behavior

    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

  13. Reciprocity as a Foundation of Financial Economics.

    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.

  14. A FEW CONSIDERATIONS REGARDING THE SPHERE OF FINANCIAL RELATIONS

    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

  15. 7 CFR 1780.75 - Contract provisions.

    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...

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

    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

  17. 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.

    Andysz, Aleksandra; Jacukowicz, Aleksandra; Stańczak, Aleksander; Drabek, Marcin

    2016-01-01

    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. 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 least a year. The respondents completed a questionnaire on availability and the use of benefits guaranteed by the Polish Labour Code, referring to their current workplaces. Most frequently the studied employees took sick leave because of one's own illness and leave on demand. In our sample, 45% of the women took maternity leave and 26% of the men took paternity leave. The respondents took educational and parental leave the least frequently. More than half of the respondents (58%) did not return to the same position after leave devoted to childcare, even though they had such a possibility. In fact, most of work-life balance benefits guaranteed by law were available to the employees of small and medium enterprises, regardless of their gender. Availability and the use of the majority of benefits were similar among the women and men. Availability of benefits depended on the specificity of industry and a profession, thus, future research on work-life balance policy should control for variables related to the character of work. This work is available in Open Access model and licensed under a CC BY-NC 3.0 PL license.

  18. Compositional specification of commercial contracts

    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...

  19. Financial fairness and conditional indexation

    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

  20. Financial Fairness and Conditional Indexation

    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

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

    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 ...

  2. Financial history and financial economics

    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...

  3. JURIDICAL WILL IN CONTRACTS

    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.

  4. Polymorphic Contracts

    Belo, João Filipe; Greenberg, Michael; Igarashi, Atsushi; Pierce, Benjamin C.

    Manifest contracts track precise properties by refining types with predicates - e.g., {x : Int |x > 0 } denotes the positive integers. Contracts and polymorphism make a natural combination: programmers can give strong contracts to abstract types, precisely stating pre- and post-conditions while hiding implementation details - for example, an abstract type of stacks might specify that the pop operation has input type {x :α Stack |not ( empty x )} . We formalize this combination by defining FH, a polymorphic calculus with manifest contracts, and establishing fundamental properties including type soundness and relational parametricity. Our development relies on a significant technical improvement over earlier presentations of contracts: instead of introducing a denotational model to break a problematic circularity between typing, subtyping, and evaluation, we develop the metatheory of contracts in a completely syntactic fashion, omitting subtyping from the core system and recovering it post facto as a derived property.

  5. Administrative contracts

    Vukićević-Petković Milica

    2015-01-01

    Full Text Available Administrative contracts are a special type of contract where usually one of the contracting parties is a public law body and which is concluded for the performance of public service and the realization of a public interest. They go a long way since its inception to its eventual final acceptance of all the legal systems. One of the enduring characteristics of this type of contract is their disquised or unnoticed existence. This is why only monitoring their development may lead to a complete understanding of the importance and essence of this institution as well as the need for its complete legal regulation.

  6. Electrical contracting

    Neidle, Michael

    2013-01-01

    Electrical Contracting, Second Edition is a nine-chapter text guide for the greater efficiency in planning and completing installations for the design, installation and control of electrical contracts. This book starts with a general overview of the efficient cabling and techniques that must be employed for safe wiring design, as well as the cost estimation of the complete electrical contract. The subsequent chapters are devoted to other electrical contracting requirements, including electronic motor control, lighting, and electricity tariffs. A chapter focuses on the IEE Wiring Regulations an

  7. Administrative contracts

    Vukićević-Petković Milica

    2015-01-01

    Administrative contracts are a special type of contract where usually one of the contracting parties is a public law body and which is concluded for the performance of public service and the realization of a public interest. They go a long way since its inception to its eventual final acceptance of all the legal systems. One of the enduring characteristics of this type of contract is their disquised or unnoticed existence. This is why only monitoring their development may lead to a complete u...

  8. ASAS PROPORSIONALITAS SEBAGAI LANDASAN PERTUKARAN HAK DAN KEWAJIBAN PARA PIHAK DALAM KONTRAK KOMERSIAL / The Principle Of Proportionality As The Basis Exchange Rights And Obligations Of The Parties In The Commercial Contract

    Agus Yudha Hernoko

    2016-11-01

    commercial contracts do not demand results that are always balanced and same (equilibrium-mathematically, therefore the differences in the results are considered fair and reasonably acceptable if the exchange process of the rights and obligations stay proportional. Application of the principle of proportionality in the whole chain of contractual process is basically a manifestation of the doctrine of "fairness of contract" adopted and developed today.

  9. 23 CFR 635.125 - Termination of contract.

    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...

  10. The North Sea contracting industry

    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)

  11. 48 CFR 1845.7209-4 - Financial reports.

    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...

  12. Effect of Financial Constraint and Financial Incentive on Supply Efficient of Providing Public Goods in Public-Private-Partnership Mode: General Equilibrium Analysis Based on Incomplete Contracting Theory%融资激励和融资约束对PPP模式下公共产品提供效率的影响——基于不完全契约理论的一般均衡分析

    蔡东方; 孔淑红

    2017-01-01

    This paper compares the effects of financial constraint and financial incentive in public-private-partnership(PPP) mode on the supply efficient of public goods and social welfare,and analyzes the efficiency loss under financial constraints by constructing a general equilibrium model based on the incomplete contracting theory.The result shows as follows:depending on the professionalization,financial incentives from private sectors could improve the productivity of public goods,but financial constraints eliminate the benefit of professionalization,which results in the loss of social welfare.Finally,it suggests that the government should break the financial constraints and institutional discrimination,and improve financial market,and introduce specialized private sectors into the various industries of public goods in fair and competitive market environment.%通过构建不完全契约理论下的一般均衡模型,对比分析了PPP模式中的融资约束和融资激励对公共产品提供效率和社会福利的影响,并探讨了融资约束条件下的效率损失.结果显示:私人融资的专业性可以提高公共产品合意程度,但是私人部门的融资约束会抵消其专业性带来的好处,导致社会福利损失.最后针对民营企业参与PPP项目对政府提出建议:必须打破融资约束和制度歧视,完善和规范金融市场,在公平、竞争的市场环境下引入专业机构参与公共产品提供的各个领域.

  13. 7 CFR 634.40 - Financial management.

    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...

  14. Mortgage risks, debt literacy and financial advice

    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

  15. 48 CFR 828.7103 - Financial protection.

    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...

  16. Financial reporting, debt contracting and valuation

    Nikolaev, V.

    2007-01-01

    An important insight from the current literature is that the quality of accounting information is determined by economic incentives provided to managers and not by accounting standards per se. In four related essays, I examine topics revolving around this idea. The first essay draws on the

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

    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...

  18. The Financial Service as an Economic Category

    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 ...

  19. Integer-valued Lévy processes and low latency financial econometrics

    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...

  20. Supply contract and portfolio insurance

    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...

  1. 7 CFR 1218.51 - Financial statements.

    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...

  2. 7 CFR 1206.41 - Financial statements.

    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...

  3. Contract Renewal Information - all Contracts

    Department of Housing and Urban Development — Multifamily Portfolio datasets (section 8 contracts) - The information has been compiled from multiple data sources within FHA or its contractors. HUD oversees more...

  4. Contract theory and EU Contract Law

    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...

  5. Weathering the financial storm

    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...

  6. Agile Contracts

    Pries-Heje, Jan; Pries-Heje, Lene

    2014-01-01

    with “endless” re-negotiation of the requirements; you need a more flexible way to develop IS. A new way of coping with many changes is to use an agile development approach and a fixed budget and resources contract. This paper presents an example case. We analyse the case and design a guideline for how......When you have stable and non-ambiguous requirements then a classic contract for IS between a supplier and a public sector institution based on a requirements specification may be well suited. However, if you have to accept many changes or have ambiguous requirements then you may end up...... to implement a fixed budget and resources contract in the public sector. The guideline includes elements to cope with challenges in a tender process such as transparency, criteria for supplier selection, and live assessment of resource skills and capabilities, as well as achieving the flexibility for change...

  7. Turnkey contracts

    Langetepe, G.

    1977-01-01

    To make energy available economically and in sufficient quantity is a main point for the future of an industrial and more for a developing country. The investment costs and the availability of a power plant and in particular for a nuclear power plant are the most significant factors in the economic operation of the plant. In the phase before signing the contract the essential decisions are made with high influence in the economic operation and the availability of the plant. A turn-key contract offers good possibilities to minimize the risks referring a) the plant quality and functionality, b) the plant investment cost, c) the plant completion date, d) the handling of the licensing procedures, e) the availability of the operation. The lecture mentions the points which are of high influence for a successful erection and operation period and which must be clarified before signing the contract between the buyer and supplier of the plant. (orig./HP) [de

  8. 41 CFR 105-72.602 - Financial reporting.

    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...

  9. Financial Statements

    Financial Statements and accompanying notes provided on .... to good governance principles. there is the risk that ...... responsibilities of the centre's internal auditor includes reviewing internal controls, including accounting and financial.

  10. The Interim Financial Statements: The Case of Greece

    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...

  11. Contract policy for CERN staff members

    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...

  12. Financial Derivatives

    Janečková, Alena

    2011-01-01

    1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...

  13. Saving clauses in international contracts concerning the nuclear fuel cycle

    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

  14. 48 CFR 342.7001 - Contract monitoring responsibilities.

    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. ...

  15. 48 CFR 828.106-72 - Contract provision.

    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...

  16. Reconciling Global Financial Reporting With Domestic Taxation

    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...

  17. 48 CFR 432.007 - Contract financing payments.

    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...

  18. 48 CFR 32.103 - Progress payments under construction contracts.

    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...

  19. Contract theory and EU Contract Law

    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

  20. Muscle Contraction.

    Sweeney, H Lee; Hammers, David W

    2018-02-01

    SUMMARYMuscle cells are designed to generate force and movement. There are three types of mammalian muscles-skeletal, cardiac, and smooth. Skeletal muscles are attached to bones and move them relative to each other. Cardiac muscle comprises the heart, which pumps blood through the vasculature. Skeletal and cardiac muscles are known as striated muscles, because the filaments of actin and myosin that power their contraction are organized into repeating arrays, called sarcomeres, that have a striated microscopic appearance. Smooth muscle does not contain sarcomeres but uses the contraction of filaments of actin and myosin to constrict blood vessels and move the contents of hollow organs in the body. Here, we review the principal molecular organization of the three types of muscle and their contractile regulation through signaling mechanisms and discuss their major structural and functional similarities that hint at the possible evolutionary relationships between the cell types. Copyright © 2018 Cold Spring Harbor Laboratory Press; all rights reserved.

  1. Contract design

    Bradley, P.

    2006-01-01

    The current state of the electric power industry in Ontario was discussed with particular reference to the procurement of contracts and why the Ontario Power Authority (OPA) must be contracting to resolve many of Ontario's electricity issues. As Ontario increasingly relies on imports and natural gas-fired generation, the price of electricity continues to rise given that supply is at a low level. In addition to the generation gap, there are also several transmission constrained areas in Ontario, particularly in the Greater Toronto Area (GTA). The OPA announced 2 projects totalling 1900 MW to relieve congestion. According to the Independent Electricity System Operator (IESO), the total potential opportunity for new generation by 2015 is about 5,000 to 7,000 megawatts. OPA is expected to launch procurement processes for up to 1000 MW of cogeneration, 250 MW of province-wide conservation initiatives, 1900 MW of generation in the western part of the GTA, and 600 MW of generation in downtown Toronto. New nuclear capacity is also anticipated in addition to renewables and conservation/demand management (CDM) initiatives. The OPA's competitive procurement processes will include requests for expressions of interest, requests for qualifications and requests for proposals. The challenge of balancing the technical complexities and realities of procuring generation assets with the need for a fair procurement process was discussed. Contracts will be designed to react to market signals and will include 3 styles: tariff style, tolling style and standard offer contract. OPA will make every effort to balance generator and ratepayer interests. 6 figs

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

    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...

  3. Financial Literacy and Financial Behaviour

    Sayinzoga, Aussi; Bulte, Erwin H.; Lensink, Robert

    2016-01-01

    We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the

  4. Public health financial management competencies.

    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.

  5. Marketing Cooperatives and Financial Structure

    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

  6. Methods of Financial Risk Management

    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.

  7. Retractable Contracts

    Franco Barbanera

    2016-02-01

    Full Text Available In calculi for modelling communication protocols, internal and external choices play dual roles. Two external choices can be viewed naturally as dual too, as they represent an agreement between the communicating parties. If the interaction fails, the past agreements are good candidates as points where to roll back, in order to take a different agreement. We propose a variant of contracts with synchronous rollbacks to agreement points in case of deadlock. The new calculus is equipped with a compliance relation which is shown to be decidable.

  8. Financial mathematics

    Jothi, A Lenin

    2009-01-01

    Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m

  9. Incentive contracts for development projects

    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.

  10. 7 CFR 1212.51 - Financial statements.

    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...

  11. IMPACT OF DEREGULATION ON FINANCIAL SECTOR ...

    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.

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

    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...

  13. The Strange Notion of Contract

    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

  14. Contraction of the solar nebula

    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.)

  15. Contract Farming: Conceptual Framework and Indian Panorama

    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.

  16. 29 CFR 4.107 - Federal contracts.

    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...

  17. Types of contracts and contracting procedures

    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

  18. Financial Literacy, Financial Education, and Economic Outcomes

    Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

    2013-01-01

    In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

  19. 48 CFR 31.205-20 - Interest and other financial costs.

    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...

  20. Control of Bank Consolidated Financial Statements Quality

    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...

  1. 48 CFR 970.5232-7 - Financial management system.

    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...

  2. The Financial Service as an Economic Category

    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.

  3. Emotion and financial markets

    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...

  4. IAS 1 Presentation of Financial Statements - A Closer Look

    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...

  5. The Brent Contract for Differences (CFD)

    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)

  6. Post contract / Project management in Nuclear Malaysia

    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. Financial assurances

    Paton, R.F.

    1990-01-01

    US Ecology is a full service waste management company. The company operates two of the nation's three existing low-level radioactive waste (LLRW) disposal facilities and has prepared and submitted license applications for two new LLRW disposal facilities in California and Nebraska. The issue of financial assurances is an important aspect of site development and operation. Proper financial assurances help to insure that uninterrupted operation, closure and monitoring of a facility will be maintained throughout the project's life. Unfortunately, this aspect of licensing is not like others where you can gauge acceptance by examining approved computer codes, site performance standards or applying specific technical formulas. There is not a standard financial assurance plan. Each site should develop its requirements based upon the conditions of the site, type of design, existing state or federal controls, and realistic assessments of future financial needs. Financial assurances at U.S. Ecology's existing sites in Richland, Washington, and Beatty, Nevada, have been in place for several years and are accomplished in a variety of ways by the use of corporate guarantees, corporate capital funds, third party liability insurance, and post closure/long-term care funds. In addressing financial assurances, one can divide the issue into three areas: Site development/operations, third party damages, and long-term care/cleanup

  8. 42 CFR 417.470 - Basis and scope.

    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...

  9. Genesis nature of financial strategy

    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.

  10. Contract Design: The problem of information asymmetry.

    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

  11. FINANCIAL STABILITY AS A FACTOR ECONOMIC SECURITY

    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.

  12. Development of basis methodology for short term planning at an environment of financial constraints; Desenvolvimento de infra-estrutura metodologica para planejamento a curto prazo em ambiente de restricoes financeiras

    Ramos, Dorel S. [Centrais Eletricas de Sao Paulo, SP (Brazil); Morozowski Filho, Marciano [Santa Catarina Univ., Florianopolis, SC (Brazil); Schilling, Marcus T. [ELETROBRAS, Rio de Janeiro, RJ (Brazil)

    1992-12-31

    This work focuses a new methodological proposal that aims to fit the planning process to the dynamic of juncture changes. The suggested approach starts with the definition of a new criteria set, that could be interpreted as a relaxed version of the traditional deterministic criteria set. When establishing a concrete proposal for short term planning, at an environment of financial constraints, one can distinguish three main subsets: criteria for analyse system performance, including voltage levels, use of remedial actions and to set up system reliability targets; criteria for system design; (3) criteria for lines and transformers loading. In this paper the criteria relaxation concepts are thoroughly used in combination with the `priority evaluation` tool, in order to make feasible to find out the trade-off between service quality and investment reduction. 9 refs.

  13. A FEW CONSIDERATIONS REGARDING THE SPHERE OF FINANCIAL RELATIONS

    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

  14. Reading and understanding financial statements.

    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.

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

    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…

  16. EDF - Quarterly Financial Information

    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

  17. On a Roll: Term Contracts at Curry College.

    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)

  18. 14 CFR 152.315 - Reporting on accrual basis.

    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...

  19. The NYMEX electricity futures contract

    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

  20. Construction contract revenue recording comparison

    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.

  1. Energy conservation. Federal shared energy savings contracting

    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

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

    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

  3. Financial Private Regulation and Enforcement

    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...

  4. Financial engineering on the corporate debt securities market of Ukraine

    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.

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

    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: ...

  6. quarterly financial report for the period ending 31 December 2011

    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.

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

    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...

  8. Entrepreneurs, Contracts, and the Failure of Young Firms

    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...

  9. 41 CFR 105-71.120 - Standards for financial management systems.

    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...

  10. Considerations on Optimal Financial Invest ment into Infrastructural Facilities

    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.

  11. Cohesiveness in financial news and its relation to market volatility.

    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.

  12. Cohesiveness in Financial News and its Relation to Market Volatility

    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

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

    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.

  14. Financial crimes and financial misdemeanours

    Bamford, Colin

    2007-01-01

    The author argues that undesirable behaviour in the financial markets has not been countered by appropriate controls. Article by Colin Bamford (Barrister, 3-4 South Square) published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.

  15. Structuring spot, short and long term gas contracts

    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

  16. Corporate Finance: its organization and epistemological basis

    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.

  17. THE BASIS OF MEDICAL LIABILITY A) CONTRACT AND TORT are ...

    showed such disregard for the life and safety of others as to amount to a crime against the State and conduct deserving punishment. LITIGATION IN MEDICAL PRACTICE. The most common examples of the interjection of the law into medicine occur when patients sue their physicians or health professionals for malpractice.

  18. THE BASIS OF MEDICAL LIABILITY A) CONTRACT AND TORT are ...

    damages from health care providers for negligence. However, this ... A nurse might be sued for assault and battery if he or she intentionally harms another person with an improper .... guaranteeing a cure or a man of the very highest skill in his.

  19. Integrating physical and financial approaches to manage environmental financial risk

    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

  20. Development of Financial Security of Agro-Industrial Enterprises

    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...

  1. Economic Essence and Function of Financial Intermediaries in Ukraine

    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-...

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

    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.

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

    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...

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

    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 ...

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

    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 ...

  6. ITEA Financial Report--Fiscal 2003

    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…

  7. 25 CFR 163.42 - Obligated service and breach of contract.

    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...

  8. Reviving Ulysses contracts.

    Spellecy, Ryan

    2003-12-01

    Ulysses contracts have faced paternalism objections since they first were proposed. Since the contracts are designed to override a present request from a legally competent patient in favor of a past request made by that patient, enforcement of these contracts was argued to be unjustifiable strong paternalism. Recent legal developments and new theories of practical reasoning suggest that the discussion of Ulysses contracts should be revived. This paper argues that with a proper understanding of the future-directed planning embodied in Ulysses contracts, the charge of strong paternalism can be answered, and the enforcement of some Ulysses contracts may be justified under the rubric of weak paternalism.

  9. ADMINISTRATIVE CONTRACTS. DELIMITATIONS

    Liana Teodora PASCARIU

    2016-12-01

    Full Text Available Article examines whether all contracts of public persons are administrative contracts; in other words, if the administration may conclude contracts that, according to their legal nature, are not administrative. If we start from the definition of administrative contracts as it appears in Law no. 554/2004, these include contracts by public authorities which concern the enhancement of public property execution of works of public interest, public services, public procurement and other administrative contracts provided by special laws and subject to the jurisdiction of the administrative courts.

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

    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.

  11. Control of Bank Consolidated Financial Statements Quality

    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

  12. 23 CFR 635.114 - Award of contract and concurrence in award.

    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...

  13. 26 CFR 1.334-1 - Basis of property received in liquidations.

    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...

  14. A Business Case for Home Performance Contracting

    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.

  15. Natural gas pricing and contracting practices in North America

    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

  16. Financial Statements Analysis

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  17. Contractibility of curves

    Janusz Charatonik

    1991-11-01

    Full Text Available Results concerning contractibility of curves (equivalently: of dendroids are collected and discussed in the paper. Interrelations tetween various conditions which are either sufficient or necessary for a curve to be contractible are studied.

  18. Financial aspects of decommissioning

    Chirica, T.; Havris, A.

    2003-01-01

    European Commission adopted recently two proposals of Directives designed to pave the way for a Community approach to the safety of nuclear power plants and the processing of radioactive waste. Nuclear safety cannot be guaranteed without making available adequate financial resources. With regard, in particular, to the decommissioning of nuclear facilities, the Directive defines the Community rules for the establishment, management and use of decommissioning funds allocated to a body with legal personality separate from that of the nuclear operator. In order to comply with the acquis communautaire, Romanian Government issued the Emergency Ordinance no. 11/2003 which set up the National Agency for Radioactive Waste (ANDRAD) and soon will be established the financial mechanism for raising the necessary funds. Societatea Nationala 'Nuclearelectrica' S.A. operates, through one of its branches, Cernavoda NPP Unit 1 and has to prepare its decommissioning strategy and to analyze the options to assure the financing for covering the future costs. The purpose of this paper is to clarify the financial systems' mechanisms to the satisfaction of the nuclear operator obligations, according to the disbursement schedule foreseen by decommissioning projects . The availability of cash to pay for all the decommissioning expenditure must be foreseen by setting up assets and establishing a suitable financing plan. The different practices of assets management shall be presented in this paper on the basis of the international experience. Some calculation samples shall be given as an illustration. (author)

  19. Contract Design: Risk Management and Evaluation.

    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

  20. Contract Design: Risk Management and Evaluation

    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

  1. Concept of contracting authority

    Kasiliauskaitė, Vitalija

    2016-01-01

    Concept of Contracting Authority Law on Public Procurement the procurement concept implies the conclusion that public procurement be declared only such purchases are carried out by the contracting authority. The contracting authorities can be a subject of state and municipal management institutes, whose assignment authority is determined by a functional approach. Also, contracting authorities may be public and legal entities, but that the public interest and operates non-commercial activities...

  2. Inflation Forecast Contracts

    Gersbach, Hans; Hahn, Volker

    2012-01-01

    We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more effectively, thus facilitating more successful stabilization of current inflation. Inflation forecast contracts improve the accuracy of inflation forecasts, but have adverse consequences for output. On balanc...

  3. Understanding Financial Statements. Financial Matters. Board Basics.

    McCarthy, John H.; Turner, Robert M.

    1998-01-01

    This booklet for trustees of higher education institutions offers guidelines to help trustees understand the institution's financial statements. Individual sections describe the three major financial statements and cover topics such as: (1) standards of the Financial Accounting Standards Board; (2) the "statement of financial position,"…

  4. Teaching about Contracts.

    Froman, Michael; Kosnoff, Kathy

    1978-01-01

    Presents teaching strategies for introducing high school students to contract law. Offers as a case study a contract agreement between pro football players and team owners. Stresses basic elements of contracts (offer, acceptance, consideration, and understanding the bargaining process). Journal available from the American Bar Association, 1155…

  5. Contract law as fairness

    Klijnsma, J.

    2015-01-01

    This article examines the implications for contract law of Rawls' theory of justice as fairness. It argues that contract law as an institution is part of the basic structure of society and as such subject to the principles of justice. Discussing the basic structure in relation to contract law is

  6. 3 CFR - Government Contracting

    2010-01-01

    ... contract oversight could reduce such sums significantly. Government outsourcing for services also raises... a risk that taxpayer funds will be spent on contracts that are wasteful, inefficient, subject to... mission. In such cases, the agency must ensure that the risks associated with noncompetitive contracts are...

  7. Contracting for nuclear fuels

    Schuessler, C.M.

    1981-10-01

    This paper deals with uranium sales contracts, i.e. with contractual arrangements in the first steps of the fuel cycle, which cover uranium production and conversion. The various types of contract are described and, where appropriate, their underlying business philosophy and their main terms and conditions. Finally, the specific common features of such contracts are reviewed. (NEA) [fr

  8. Other enrichment related contracts

    Hall, J.C.

    1978-01-01

    In addition to long-term enrichment contracts, DOE has other types of contracts: (1) short-term, fixed-commitment enrichment contract; (2) emergency sales agreement for enriched uranium; (3) feed material lease agreement; (4) enriched uranium storage agreement; and (5) feed material usage agreement

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

    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.

  10. Banking system and financial monitoring in Russian Federation

    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.

  11. 41 CFR 105-71.141 - Financial reporting.

    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...

  12. Integrating Physical Actions and Financial Instruments to Manage Environmental Financial Risk

    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

  13. The Financial Flexibility as a Factor of Financial Security

    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.

  14. Financial risk management of pharmacy benefits.

    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.

  15. 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

    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...

  16. Duration in Production Contracts

    MacDonald, James M.; Korb, Penelope J.

    2006-01-01

    We use 2003 and 2004 ARMS data to analyze variations in contract duration among growers of broilers who hold production contracts. Most contracts cover just a single flock, but many extend for 1-2 years, and a significant minority of broiler contracts specify lengths of 5, 10, and even 15 years. We find that grower debt and production volume are inversely related to the choice of a short term (a year or less) contract, while lengthy prior experience with the contractor promotes short term con...

  17. Contract Design: The problem of information asymmetry

    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

  18. Negotiating Efficient PPP Contracts

    Tvarnø, Christina D.

    . An opportunity the member states should consider using when procuring a PPP. This paper looks at the negotiation and contracting of a PPP in an economic theoretical and EU public procurement perspective and discusses how to establish an efficient PPP contract under a strong public law doctrine. Governments......This paper concerns Public Private Partnership (PPP) contracts in concern to the coming new 2014/24IEU public procurement directive. The new EU public procurement directive gives the public authority the opportunity to negotiate PPPs much more when they are implemented in national law...... procurement law. Furthermore, the paper seeks to establish a connection between public law, private law and the efficient PPP contract by drawing upon economic theory and empirical contract data from UK, US and Danish partnering contracts from the construction industry and the aim of contracting joint utility...

  19. Quantum computational finance: Monte Carlo pricing of financial derivatives

    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...

  20. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    Sigit Setiawan

    2015-05-01

    Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.

  1. FINANCIAL RISK COVERAGE IN THE CONTEXT OF GLOBALIZATION FINANCIAL MARKETS

    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. 

  2. MODEL APLIKASI FIKIH MUAMALAH PADA FORMULASI HYBRID CONTRACT

    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.

  3. Energy contracting has lots to offer

    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

  4. Global Warming and Financial Umbrellas

    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

  5. FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

    Ionescu Cristian

    2012-12-01

    Full Text Available There is a positive relationship between financial development and economic growth in short-run and long-run. Financial development is beneficial to the reduction of poverty. But the financial instability which accompanies financial development is is costly for the poor and reduces the positive effect of financial development on the reduction of poverty. The paper aims to analyze in detail the relationship and the (direct and indirect effects between these variables, taking into account their economic and social importance. It is also highlighted the correlation between the financial economy and the real economy, emphasizing the impact on social welfare involved by the interaction of the above mentioned variables.

  6. A Radial Basis Function Approach to Financial Time Series Analysis

    1993-12-01

    consequently this approach is at the core of a large fraction of the portfolio management systems today. The Capital Asset Pricing Model ( CAPM ). due...representation used by each method. but of course a critical concern is how to actually estimate the parameters of the models. To sonic extent these...model fitting unseen data nicely depends critically on maintaining a balance between the number of data points used for estimation and the number of

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

    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

  8. Trust and Contracting in Agri-Food Hybrid Structures

    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...

  9. New staff contract policy

    HR Department

    2006-01-01

    Following discussion at TREF and on the recommendation of the Finance Committee, Council approved a new staff contract policy, which became effective on 1 January 2006. Its application is covered by a new Administrative Circular No. 2 (Rev. 3) 'Recruitment, appointment and possible developments regarding the contractual position of staff members'. The revised circular replaces the previous Circulars No. 9 (Rev. 3) 'Staff contracts' and No. 2 (Rev. 2) 'Guidelines and procedures concerning recruitment and probation period for staff members'. The main features of the new contract policy are as follows: The new policy provides chances for long-term employment for all staff recruits staying for four years without distinguishing between those assigned to long-term or short-term activities when joining CERN. In addition, it presents a number of simplifications for the award of ICs. There are henceforth only 2 types of contract: Limited Duration (LD) contracts for all recruitment and Indefinite Contracts (IC) for...

  10. Copyright Preemption of Contracts

    Bohannan, Christina

    2008-01-01

    This Article argues that both courts and scholars are wrong in their categorical approaches to preemption of contracts under the Copyright Act, and proposes an intermediate approach that recognizes the importance of both contract rights and federal policy in preemption analysis. First, it argues that both courts and scholars have misapplied preemption law to breach of contract claims. Although the two sides tend to favor opposite results, they take equally categorical approaches. Categori...

  11. Did We Say That? Consumerism and Contract Law.

    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…

  12. 48 CFR 49.305-2 - Construction contracts.

    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...

  13. 48 CFR 237.7101 - Solicitation provisions and contract clauses.

    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...

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

    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...

  15. Financial Village Standing in Indonesian Financial System

    Herry Purnomo

    2015-12-01

    Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81

  16. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    Sigit Setiawan

    2015-01-01

    This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

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

    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.

  18. 41 CFR 105-72.301 - Standards for financial management systems.

    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...

  19. 41 CFR 105-72.300 - Purpose of financial and program management.

    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...

  20. 48 CFR 32.411 - Agreement for special account at a financial institution.

    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...

  1. 48 CFR 1852.245-73 - Financial reporting of NASA property in the custody of contractors.

    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...

  2. Profiling Smart Contracts Interactions with Tensor Decomposition and Graph Mining

    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...

  3. Contracting for Public Services

    Greve, Carsten

    strategic purchasing understanding markets communicating the contracting decision designing and drafting the contract the role of the consumer the regulation of service provision Illustrated throughout with practitioner case-studies from a range of OECD countries, this book presents an important new......Insightful and comprehensive and covering new subjects like globalization and IT, this text, international in its approach, provides a thorough introduction to the key phases of the contracting process and the skills required by managers in its implementation. These include: policy for contracting...

  4. Smart contracts sobre Bitcoin

    Andreu Alemany, Josep Miquel

    2016-01-01

    El present treball final de màster realitza una introducció als smart contracts. El treball introdueix el concepte de contracte intel·ligent, els seus usos i alguns exemples existents. Seguidament proporciona les nocions necessàries de les transaccions del protocol Bitcoin per poder implementar un contracte intel·ligent, usant la blockchain que ofereix el protocol. Per últim, s'explica la implementació d'un contracte intel·ligent usant bitcoin: un canal de micropagaments. El presente traba...

  5. Strengthening financial management, providing financial safeguard mechanism

    Sun Wumei

    2010-01-01

    This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)

  6. Financial Stress Indices and Financial Crises

    Vermeulen, Robert; Hoeberichts, Marco; Vasicek, Borek; Zigraiova, Diana; Smidkova, Katerina; de Haan, Jakob

    This paper develops a Financial Stress Index (FSI) for 28 OECD countries and examines its relationship to crises using a novel database for financial crises. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. Our results suggest that

  7. Financial Globalization and Inequality

    Kunieda, Takuma

    2008-01-01

    This paper investigates how financial globalization and financial development affect income inequality within a country. We demonstrate that when a country is financially closed to the world market, the Gini coefficient is monotonically decreasing with respect to the degree of financial development, whereas when a country becomes so small due to financial globalization that financial development in the country does not affect the world interest rate, the Gini coefficient is monotonically incr...

  8. Large Retailers’ Financial Services

    Risso, Mario

    2010-01-01

    Over the last few years, large retailers offering financial services have considerably grown in the financial services sector. Retailers are increasing the wideness and complexity of their offer of financial services. Large retail companies provide financial services to their customers following different strategic ways. The provision of financial services in the retailers offer is implemented in several different ways related to the strategies, the structures and the degree of financial know...

  9. 48 CFR 552.238-78 - Scope of Contract (Eligible Ordering Activities).

    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...

  10. Value Relevance of Embedded Value and IFRS 4 Insurance Contracts

    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...

  11. The economics of energy service contracts

    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)

  12. The economics of energy service contracting

    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.

  13. The economics of energy service contracts

    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

  14. Financial Literacy and Financial Planning in France

    Luc Arrondel

    2013-07-01

    Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

  15. Contract Teachers in India

    Goyal, Sangeeta; Pandey, Priyanka

    2013-01-01

    In this paper, we use non-experimental data from government schools in Uttar Pradesh and Madhya Pradesh, two of the largest Indian states, to present average school outcomes by contract status of teachers. We find that contract teachers are associated with higher effort than civil service teachers with permanent tenures, before as well as after…

  16. Whither Performance Contracting?

    Green, Norman S.

    This report describes briefly performance contracts; discusses their shortcomings, pitfalls, and advantages; and gives some insight into the future development of this new concept. Two shortcomings of performance contracting include (1) teaching to the test and (2) board abdication of its responsibility for making final decisions about educational…

  17. Comparing contracting performance

    Lindholst, Andrej Christian

    . Hypotheses are suggested for the role of culture, competition, contracts, capabilities and collaboration for contracting performance between and across the countries. Arguments are tested against data from on four comparable national surveys of private delivery of park and road maintenance services in local...

  18. BOT Outsourcing Contracts

    Ørberg Jensen, Peter D.; Petersen, Bent

    2012-01-01

    Build-operate-transfer (BOT) contracting has been widely usen in the engineering and construction industry, but has only recently been introduced in services industry domains. Notably, service provider firms from emerging markets have recently started offering BOT outsourcing contracts. In this p...

  19. Viable Circumstances for Financial Negotiations in Pakistan Contracting Process

    2015-06-01

    Command NDAA National Defense Authorization Act NDMA National Disaster Management Agency NMS National Military Strategy NPRP National Procurement...Ministry of Defense and National Disaster Management Agency ( NDMA ) as a pilot project for next five years. • Give the PPRA a mandate to carry out audit

  20. 12 CFR 360.5 - Definition of qualified financial contracts.

    2010-01-01

    ..., against the transfer of funds. (c) Swap agreements. The following agreements shall be deemed “swap... purchase or sale of one currency in exchange for another currency (or a unit of account established by an intergovernmental organization such as the European Currency Unit) with a maturity date of two days or less after...

  1. Viable circumstances for financial negotiations in Pakistan contracting process

    Nazir, Ejaz; Nadeem, Faisal

    2015-01-01

    Approved for public release; distribution is unlimited In Pakistan, competitive forms of procurement include only two-step sealed bidding. In the United States, negotiated procurement falls under competitive forms of procurement. Pakistan established the Pakistan Procurement Regulatory Authority (PPRA) in 2002 on the recommendations of the World Bank and enacted PPRA rules in 2004 based on the 1994 UNCITRAL model procurement law. The purpose of PPRA rules in 2004 was twofold: First, it imp...

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

    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.

  3. Drilling contracts and incentives

    Osmundsen, Petter; Sorenes, Terje; Toft, Anders

    2008-01-01

    Shortages of rigs and personnel have encouraged discussion of designing incentive contracts in the drilling sector. However, for the drilling contracts, there are not a large variety of contract types in use. This article describes and analyses incentives for drilling contractors. These are directly represented by the compensation formats utilised in the present and in the consecutive drilling contracts. Indirectly, incentives are also provided by the evaluation criteria that oil companies use for awarding drilling assignments. Changes in contract format pose a number of relevant questions relating to resource management, and the article takes an in-depth look at some of these. Do evaluation criteria for awarding drilling assignments encourage the development of new technology and solutions? How will a stronger focus on drilling efficiency influence reservoir utilisation?

  4. Drilling contract issues

    Davison, G.B.; Worden, D.R.; Borbridge, G.K.D.

    1997-01-01

    Some selected issues which are facing both operators and contractors in drilling for oil and gas, such as the allocation of risk by contract and by statute and the implementation of new technologies, were discussed. There are three varieties of written drilling contracts used in Canada: (1) day work and meterage contracts, (2) master drilling agreements, and (3) contracts that are used in construction projects that do not specifically relate to drilling. Issues relevant to the contractual allocation of risk, to implementing new drilling technologies, to reconciling contract and statute liability, and the formation of strategic alliances for mutual benefit, and the factors contributing to the success of such alliances were explored. 12 refs

  5. THE PSYCHOLOGICAL CONTRACT

    Blanca Giorgiana GRAMA

    2015-04-01

    Full Text Available The psychological contract became known as a research paradigm within corporate research, providing a broad framework which explains the employee-company relations. Despite all this, there are still many debates on the concept and a series of criticism were expressed that led to the necessity of some more rigorous theoretical and empirical analysis. The psychological contract refers to the unwritten, implicit expectations that employees have from the company and vice versa; it is that which defines the things the employee expects from the employer. Consequently, each of the parties involved in the contract may have different perceptions on these commitments and obligations. Thus the psychological contract may be regarded as an exchange relation between the employer and the employee. Breaking the psychological contract affects the performance, the morale, and the motivation of the staff in a negative manner. The information presented in this paper is intended to contribute to the theoretical and methodological development of the concept.

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

    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...

  7. Radiology equipment maintenance and contract procurement in the UK.

    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.

  8. Case studies on the success or failure of futures contracts.

    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

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

    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.

  10. Financial planning

    Χατζηγώγου, Αρτεμις Π.

    2003-01-01

    Σκοπός της μελέτης αυτής, είναι η συγκέντρωση όλων των στοιχείων εκείνων που συνθέτουν μια οργανωμένη διαδικασία έρευνας, που είναι γνωστή ως Financial Planning. Θα μπορούσαμε εναλλακτικά να πούμε, ότι βασικά ο χρηματοοικονομικός σχεδιασμός προγραμματίζει, εξευρίσκει και χρησιμοποιεί τα κεφάλαια με τέτοιο τρόπο ώστε η συνεισφορά τους να είναι μεγαλύτερη στην αποτελεσματική λειτουργία της οικονομικής μονάδας. Παρέχει τις γνώσεις των χρηματιστικών αγορών από όπου αντλούνται τα κεφάλαια. Οδηγεί ...

  11. 36 CFR 1212.115 - Does this part affect the Federal contracts that I receive?

    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...

  12. Financial Risk Management

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

    Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

  13. Customer value and financial services distribution channels

    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)...

  14. CONSIDERATIONS ON AUDIT OF GROUP FINANCIAL STATEMENTS

    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...

  15. Contract Award Decisions Resulting in Contract Termination for Default

    1996-01-01

    .... Specifically, the audit focused on contracts terminated either for default or convenience and determined whether the contract terminations could have been averted based on information available before contract award...

  16. Ratio analysis specifics of the family dairies' financial statements

    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.

  17. RESIDUAL VALUE RISK IN AUTOMOTIVE OPERATING LEASE CONTRACTS

    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.

  18. ENFORCEMENT OF MORTGAGE CONTRACT

    Alisa A. BELU

    2016-07-01

    Full Text Available A chattel mortgage contract is the expression of a real guarantee that gives the creditor precedence over other creditors, in addition to the general pledge upon the belongings of the debtor. It refers to the sale of mortgaged movable assets, exclusively or prioritized in favor of the mortgaging creditor, in case the debtor does not comply with his / her commitments, under the signed mortgage contract. Beginning from this purpose, shared by both sides (as the chattel mortgage contract is synallagmatic, in case the debtor is unable to fulfill his / her commitments, the sides reach a situation of enforcement of the signed chattel mortgage contract. Given the legal status of the chattel mortgage contract [Art. 2387-2477 Noul Cod Civil , Universul Juridic, Bucureşti, 2016, ISBN 978-606-673-792-0], the principle of binding force of the contract and the principle according to which signed legal conventions will entail legal effects, the Romanian law maker developed the proper legal framework for the enforcement of the chattel mortgage contract. [art. 622 si urm. Noul Cod de Procedură Civilă, ed. Hamangiu, Bucureşti, 2016, ISBN 978-606-27-0459-9].

  19. 41 CFR 105-50.303 - Cost basis in lieu of fees.

    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...

  20. Bottlenecks and contracts

    2001-01-01

    The report surveys the central points in the literature about contracts on geographical price differences and transmission rights in the power market. It is commonly believed that such contracts may reduce market power and contribute to better network investments. The theoretical debate is in part unfinished and largely based on very stylised assumptions. There is some indication that such contracts may not be very useful in practice. But they may be useful in some cases, perhaps in particular when power is transported outside limited surplus areas and for certain investment decisions where there is no systems operator with a natural responsibility

  1. Contract management survey 2002.

    Hoppszallern, Suzanna

    2002-10-01

    Spending on clinical contracts continues to outpace spending on business services, but may be leveling off. The 12th annual Contract Management Survey shows that the performance of clinical vendors is now comparable to business service vendors in meeting savings targets. Both business and clinical vendors are receiving higher marks from hospital leaders, but execs quickly respond to low marks by bringing the service back in-house of changing vendors. This report examines trends in outsourcing, satisfaction levels, the decision-making process, contract features and performance, and spending.

  2. 2001 contract management survey.

    2001-10-01

    For the second year running, hospitals are spending more on clinical outsourcing than on business services. The Eleventh Annual Contract Services Survey shows that, in clinical areas, executives use outsourcing to acquire specialized expertise with cost savings secondary. Reducing costs and FTEs are the primary reasons for outsourcing business operations. Business service contracts are more likely to meet expectations for cost savings. Overall, satisfaction levels are up, but in some areas there's still a lot of room for improvement. This report examines current trends in outsourcing, strategies for the future, satisfaction levels, the decisionmaking process, contract features, and costs.

  3. Measures of Financial Capacity: A Review.

    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.

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

    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.

  5. 48 CFR 915.404-4-72 - Special considerations for cost-plus-award-fee contracts.

    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...

  6. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    Sigit Setiawan

    2015-01-01

    This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  7. Financial Ratios and Perceived Household Financial Satisfaction

    Scott Garrett

    2013-08-01

    Full Text Available This paper tests the relative strength of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio in predicting a household’s subjective feeling of current financial satisfaction. Using a sample of 6,923 respondents in the 2008 Health and Retirement Study this paper presents evidence of two main findings: 1 the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and 2 changes in the investment asset ratio are most strongly associated with changes in financial satisfaction over time.

  8. Financial Depth and Financial Access in Indonesia

    Setiawan, Sigit

    2015-01-01

    This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  9. Financial analysis as a financial management instrument

    Stehlíková Beáta

    2001-12-01

    Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

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

    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…

  11. Management of Liquidity Risk Using Foreign Exchange Swap Contracts

    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.

  12. PRICING AND ASSESSING UNIT-LINKED INSURANCE CONTRACTS WITH INVESTMENT GUARANTEES

    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

  13. Establishing contract periods

    Huffman, F.C.

    1978-01-01

    The lead time for executing the Adjustable Fixed-Commitment (AFC) contract and exceptions which may be considered are discussed. The initial delivery period is also discussed. Delays, deferrals, and schedule adjustment charges are finally considered

  14. Industrial Services Contracts

    2006-01-01

    This document gives an overview of Industrial Services contracts at CERN, including the probable expenditure in 2006 and the estimated expenditure for 2007. The Finance Committee is invited: - to take note of the revised amount in 2006 for Industrial Services contracts referred to in this document of 138.02 MCHF at 2006 prices compared to the previously anticipated amount of 122.67 MCHF at 2005 prices; - to take note that the estimated amount in 2007 for the contracts referred to in this document will be 112.54 MCHF at 2006 prices; - for the reasons set out in this document, the Finance Committee is also invited to approve the requests for the contracts presented and highlighted in the Annexes.

  15. Temporary labour contracts

    2001-01-01

    At its September 2000 meeting, the Finance Committee approved a second one-year extension of the four existing temporary labour contracts (L020/PE, L021/PE, L022/PE, L023/PE) until 31 December 2001 for a total amount not exceeding 6 000 000 Swiss francs at 2000 prices. The Finance Committee is invited: - to take note that the estimated annual expenditure on temporary labour in 2001 will amount to approximately 4 500 000 Swiss francs against the previously estimated 6 000 000 Swiss francs; - to approve the extension of the four existing contracts by six months to 30 June 2002 for an overall amount not exceeding 1 500 000 Swiss francs; - to take note that new contracts for the Swiss part of the CERN site will be submitted for adjudication in December 2001 and that new contracts for the French part of the CERN site will be submitted for adjudication in the course of 2002.

  16. Temporary labour contracts

    1999-01-01

    The five contracts for Temporary Labour assignments on the CERN site (L020/PE, L021/PE, L022/PE, L023/PE and L024/PE) approved by the Finance Committee in March 1996 (CERN/FC/3857) will reach the end of their initial three-year contractual period at the end of December 1999. Following the satisfactory execution of these contracts during this period, CERN requests approval to extend them from January 2000 for the first of the two years foreseen in the original adjudication. The Finance Committee is invited: - to take note that the three-year expenditure for Temporary Labour contracts from 1997 to 1999 will not exceed 19 100 000 Swiss francs, compared to the 18 900 000 Swiss francs estimated at the time of the adjudication in March 1996; - to approve an extension of the present Temporary Labour contracts for the year 2000 for a total amount not exceeding 6 000 000 Swiss francs.

  17. S.210: A Bill to establish the United States Enrichment Corporation to operate the Federal uranium enrichment program on a profitable and efficient basis in order to maximize the long term economic value to the United States, to provide assistance to the domestic uranium industry and to provide a Federal contribution for the reclamation of mill tailings generated pursuant to Federal defense contracts at active uranium and thorium processing sites, introduced in the Senate of the United States, One Hundred Second Congress, First Session, January 15, 1991

    Anon.

    1991-01-01

    The bill would amend the Atomic Energy Act of 1954 to establish the US Enrichment Corporation to operate the Federal uranium enrichment program on a profitable and efficient basis in order to maximize the long term economic value to the US, would provide a Federal contribution for the reclamation of mill tailings generated as a result of Federal defense contracts at active uranium and thorium processing sites, and would provide assistance to the domestic uranium industry

  18. Reciprocity as a Foundation of Financial Economics

    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...

  19. Contracting as a Science

    2012-04-30

    disconfirmation of expectations theory to examine customer satisfaction in the procuring contracting officer (PCO)–program manager (PM) relationship in...marketing terms, finding that disconfirmed expectations lead to consumer satisfaction or dissatisfaction. The former approach presents the idea that if an...individual exerts effort, the expectation is that successful performance will occur leading to a desired result. In contracting, the theory might be

  20. Expansionary fiscal contractions

    Bergman, Ulf Michael; Hutchison, Michael

    2010-01-01

    The Expansionary Fiscal Contraction (EFC) hypothesis predicts that a major fiscal consolidation leads to an economic expansion under certain circumstances. We test this hypothesis, and the implied non-linear responses of the economy to large and small changes in fiscal policy, using data from...... that the exogenous fiscal contraction in Denmark was a credible regime shift and, together with other reforms undertaken at the time, increased both private consumption and aggregate output....

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

    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.

  2. An unsatisfactory contract policy

    Association du personnel

    2012-01-01

    For the last 15 years contract policy has been one of the top priorities of CERN staff, as expressed in successive surveys initiated by the Staff Association. In one’s professional life, having some forward vision of one’s career prospects is the key to loyalty and motivation. On the contrary, instability about the future is always at the root of anxiety, conflicts, or even health problems. A good employer must therefore balance the needs of the Company and those of its employees. CERN’s current contract policy, as described in the Administrative Circular No 2, states that staff members should first obtain a limited duration (LD) contract of up to five years. Then, if they want to stay in the Organization, staff members must apply, usually once a year, and before the end of their LD contract, for an indefinite contract (IC) post. All candidates for an IC post are considered by the Review Board for the award of indefinite contracts (Review Board) which will choose the most suita...

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

    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…

  4. Practical C++ financial programming

    Oliveira, Carlos

    2015-01-01

    Practical C++ Financial Programming is a hands-on book for programmers wanting to apply C++ to programming problems in the financial industry. The book explains those aspects of the language that are more frequently used in writing financial software, including the STL, templates, and various numerical libraries. The book also describes many of the important problems in financial engineering that are part of the day-to-day work of financial programmers in large investment banks and hedge funds. The author has extensive experience in the New York City financial industry that is now distilled in

  5. The financial impact of orthopaedic fellowship training.

    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

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

    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.

  7. Financial Literacy, Confidence and Financial Advice Seeking

    Kramer, Marc M.

    2016-01-01

    We find that people with higher confidence in their own financial literacy are less likely to seek financial advice, but no relation between objective measures of literacy and advice seeking. The negative association between confidence and advice seeking is more pronounced among wealthy households.

  8. The regulation of peculiarities of electronic contracting: comparative analysis

    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.

  9. 76 FR 5567 - Service Contract Inventory for Fiscal Year (FY) 2010

    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 ...

  10. 78 FR 10611 - Service Contract Inventory for Fiscal Year (FY) 2012

    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 ...

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

    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...

  12. Preemptive financial strategies help IPAs avoid insolvency.

    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.

  13. Safety Basis Report

    R.J. Garrett

    2002-01-01

    As part of the internal Integrated Safety Management Assessment verification process, it was determined that there was a lack of documentation that summarizes the safety basis of the current Yucca Mountain Project (YMP) site characterization activities. It was noted that a safety basis would make it possible to establish a technically justifiable graded approach to the implementation of the requirements identified in the Standards/Requirements Identification Document. The Standards/Requirements Identification Documents commit a facility to compliance with specific requirements and, together with the hazard baseline documentation, provide a technical basis for ensuring that the public and workers are protected. This Safety Basis Report has been developed to establish and document the safety basis of the current site characterization activities, establish and document the hazard baseline, and provide the technical basis for identifying structures, systems, and components (SSCs) that perform functions necessary to protect the public, the worker, and the environment from hazards unique to the YMP site characterization activities. This technical basis for identifying SSCs serves as a grading process for the implementation of programs such as Conduct of Operations (DOE Order 5480.19) and the Suspect/Counterfeit Items Program. In addition, this report provides a consolidated summary of the hazards analyses processes developed to support the design, construction, and operation of the YMP site characterization facilities and, therefore, provides a tool for evaluating the safety impacts of changes to the design and operation of the YMP site characterization activities

  14. Safety Basis Report

    R.J. Garrett

    2002-01-14

    As part of the internal Integrated Safety Management Assessment verification process, it was determined that there was a lack of documentation that summarizes the safety basis of the current Yucca Mountain Project (YMP) site characterization activities. It was noted that a safety basis would make it possible to establish a technically justifiable graded approach to the implementation of the requirements identified in the Standards/Requirements Identification Document. The Standards/Requirements Identification Documents commit a facility to compliance with specific requirements and, together with the hazard baseline documentation, provide a technical basis for ensuring that the public and workers are protected. This Safety Basis Report has been developed to establish and document the safety basis of the current site characterization activities, establish and document the hazard baseline, and provide the technical basis for identifying structures, systems, and components (SSCs) that perform functions necessary to protect the public, the worker, and the environment from hazards unique to the YMP site characterization activities. This technical basis for identifying SSCs serves as a grading process for the implementation of programs such as Conduct of Operations (DOE Order 5480.19) and the Suspect/Counterfeit Items Program. In addition, this report provides a consolidated summary of the hazards analyses processes developed to support the design, construction, and operation of the YMP site characterization facilities and, therefore, provides a tool for evaluating the safety impacts of changes to the design and operation of the YMP site characterization activities.

  15. Materiality in Financial Audit

    Adriana Claudia GHIMIS

    2012-01-01

    The financial audit aims toward increasing the credibility of financial informaiton. The purpose of the paper is to outline the most important topics regarding the definition and application of significance limit.

  16. CMS Financial Reports

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  17. Financial Key Ratios

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on computing techniques starting from trial balance data regarding financial key ratios. There are presented activity, liquidity, solvency and profitability financial key ratios. It is presented a computing methodology in three steps based on a trial balance.

  18. Quarterly Financial Report

    acray

    2011-06-30

    Jun 30, 2011 ... 2 IDRC QUARTERLY FINANCIAL REPORT JUNE 2011. Consolidated .... spending on capacity-building projects as well as to management's decision to restrict capacity- building ...... The investments in financial institutions.

  19. Financial Integrity Benchmarks

    City of Jackson, Mississippi — This data compiles standard financial integrity benchmarks that allow the City to measure its financial standing. It measure the City's debt ratio and bond ratings....

  20. INNOVATIONS IN FINANCIAL ANALYTICS

    T. V. Teplova

    2012-01-01

    Full Text Available In this paper as the main feature of innovation in the financial health of a company analyst view the shift to two circuits of key interests of owners of capital (financial stakeholders. Justifi ed by differences key financial systems within the contour ownership interest and the lender three projections: liquidity, the current economic efficiency and growth. In the paper as the main feature of the innovation in the analysis of the financial health of a company is considered a transition to the two circuits of the interests of the key owners of financial capital (financial stakeholders. Justifi ed differences of key financial indicator systems in the framework of the outline of the interests of the owner and the lender by three projections: liquidity, efficiency and the quality of growth. The examples of Russian companies have different interpretations of financial targets and indicators with a choice of activities.

  1. Weathering the financial storm: The importance of fundamentals and flexibility

    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....

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

    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...

  3. INDEFINITE CONTRACT REVIEW 2000

    Division des ressources humaines

    2000-01-01

    The Director-General has decided to review staff members in professional categories 2 to 5 satisfying the criteria for consideration for the award of an indefinite contract, in accordance with Article R II 1.20 of the Staff Regulations. Staff members holding a fixed-term contract which it has been decided not to renew will not be considered. The following stages are foreseen:1.\tCandidates qualifying for review in accordance with Article R II 1.20 of the Staff Regulations and the Administrative Circular N° 9 will be contacted by Human Resources Division. 2.\tThe criteria as to when staff members qualify for review are described in Administrative Circular N° 9. These include the following:staff members who are in their fourth year of service on a fixed-term contract;in addition, for staff members having three years or more of previous relevant service in the Organization on a contract of limited duration (or term-contract) and upon proposal by the division leader concerned, consid...

  4. INDEFINITE CONTRACT REVIEW 2001

    Human Resources Division

    2001-01-01

    The Director-General has decided to review staff members in professional categories 2 to 5 satisfying the criteria for consideration for the award of an indefinite contract, in accordance with Article R II 1.20 of the Staff Regulations. Staff members holding a fixed-term contract which it has been decided not to renew will not be considered. The following stages are foreseen: 1. Candidates qualifying for review in accordance with Article R II 1.20 of the Staff Regulations and the Administrative Circular N° 9 will be contacted by Human Resources Division. 2. The criteria as to when staff members qualify for review are described in Administrative Circular N° 9. These include the following: staff members who are in their fourth year of service on a fixed-term contract; in addition, for staff members having three years or more of previous relevant service in the Organization on a contract of limited duration (or term-contract) and upon proposal by the division leader concerned, consideration fo...

  5. Temporary labour contracts

    2000-01-01

    The five contracts for Temporary Labour assignments on the CERN site (L020/PE, L 021/PE, L 022/PE, L 023/PE and L 024/PE) approved by the Finance Committee in March 1996 (CERN/FC/3857) reached the end of their initial three-year contractual period at the end of December 1999. At CERN?s request, in September 1999 the Finance Committee approved an extension of these contracts for the year 2000 for a total amount not exceeding 6 000 000 Swiss francs (CERN/FC/4196). In December 1999, one of the five contractors, FIRCROFT, withdrew from its contract for 2000. Following the satisfactory execution of the four remaining contracts during 2000, CERN requests approval to extend them from January 2001 for the second of the two optional years provided for in the original adjudication. The Finance Committee is invited to approve the extension of the existing contracts until 31 December 2001 for a total amount not exceeding 6 000 000 Swiss francs at 2000 prices.

  6. Networks and informal contract law

    Tjong Tjin Tai, Eric; Brownsword, Roger; van Gestel, Rob A.J.; Micklitz, Hans-W.

    2017-01-01

    It is often argued that formal contract law cannot treat networks correctly. An analysis of networks in an informal contract law system shows that informal contract law is no panacea. Remaining problems require a different approach to legal regulation and contract practice.

  7. Minimization of Basis Risk in Parametric Earthquake Cat Bonds

    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

  8. Financial Services Industry

    2006-01-01

    www.investopedia.com/features/industryhandbook/banking.asp Mishkin , F. & Eakins, S. (2003). Financial Markets + Institutions (4th ed.). Boston...purposes, participants interact in financial markets for securities, bonds, futures and options, utilizing financial intermediaries such as retail and...nations. U.S. participants, likewise, may also choose to participate in foreign financial institutions in order to gain access to or operate in

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

    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

  10. Financial Advice: Who Pays

    Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.

    2011-01-01

    Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…

  11. Financial Sector Assessment : Morocco

    World Bank; International Monetary Fund

    2017-01-01

    A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...

  12. Invest in Financial Literacy

    Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.

    2012-01-01

    The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…

  13. Marketing Financial Aid

    Huddleston, Thomas, Jr.; Batty, Burt F.

    1978-01-01

    Student financial assistance services are becoming a major part of the institutional marketing plan as traditional college-age students decline in numbers and price competition among institutions increases. The effect of financial aid on enrollment and admissions processes is discussed along with the role of the financial aid officer. (Author/LBH)

  14. Financial Markets and Compliance

    van de Laar, T.A.H.M.; Bleker, Sylvie; Houben, Raf

    2017-01-01

    This chapter will focus on the goals of financial market regulation through the rules of economics, the strategies financial regulation employs to achieve these goals and the insights this provides for the compliance profession. For an overview of the goals and strategies of financial regulation

  15. Essays on financial liberalization

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that

  16. Capitation, contracts, and control

    McIsaac, L.H.

    1987-01-01

    The radiology business manager in today's environment must become proficient in contract evaluations and negotiations. Health care is focusing on preventive medicine. Third-party payers are offering plans and programs to provide ''well-patient'' care. For prepaid (HMO-IPA-PTO) plans to succeed, demands for reduced fees and other entrepreneurial contractual arrangements are developed. This presentation will focus on specific items contained in most contracts. The issues of withhold, billing procedures, prompt-payment rewards, medical liability, capitation determinations, and modified capitation plans will be discussed. It is the intent of this presentation to share with the audience methods of evaluating contracts, the importance of negotiating specific terms, and an approach to determination of capitation amounts

  17. PROCUREMENT AND CONTRACT MANAGEMENT

    Training & Development Group; Linda Orr-Easo; Tel. 72460; Nathalie Dumeaux; Tel. 78144

    2001-01-01

    We are pleased to announce the launch of a new training on: Procurement and Contract Management (This seminar will be run by CERN experts in French or in English) Level 1 The aim is to raise awareness of the key issues involved. Date : 8 June 2001 This level is open to everyone. Participants should register via our Web page as soon as possible. Level 2 To develop the skills needed to effectively manage contracts, from the Technical, Commercial and Legal aspects. Dates : Three days, Autumn 2001 This Level is open to those who are/will be more directly responsible for procurement and contract management. Participants should have followed Level 1. For a description of the seminar, please consult:   Level 1: http://training.web.cern.ch/Training/MANCO/P9798/9-cm_e.htm Level 2: http://training.web.cern.ch/Training/MANCO/P9798/9-cm2_e.htm

  18. Amending Contracts for Choreographies

    Laura Bocchi

    2011-07-01

    Full Text Available Distributed interactions can be suitably designed in terms of choreographies. Such abstractions can be thought of as global descriptions of the coordination of several distributed parties. Global assertions define contracts for choreographies by annotating multiparty session types with logical formulae to validate the content of the exchanged messages. The introduction of such constraints is a critical design issue as it may be hard to specify contracts that allow each party to be able to progress without violating the contract. In this paper, we propose three methods that automatically correct inconsistent global assertions. The methods are compared by discussing their applicability and the relationships between the amended global assertions and the original (inconsistent ones.

  19. Panel discussion : contract design

    Vallas, A. [Sempra Energy Trading, Toronto, ON (Canada); Vegh, G. [MacLeod Dixon, Toronto, ON (Canada); McGee, M. [Energy Profiles Ltd., Etobicoke, ON (Canada); Zaremba, T. [Direct Energy Marketing, Calgary, AB (Canada); Seshan, A. [Larson and Toubro Information Technology, Toronto, ON (Canada); Harricks, P. [Gowlings, Toronto, ON (Canada); Bertoldi, L. [Borden Ladner Gervais, Toronto, ON (Canada); Taylor, R. [Hydro One Networks Inc., Markham, ON (Canada)

    2003-05-01

    This session presented highlights of the comments of 8 panelists who discussed the issue of contract design. The new electricity market in Ontario has introduced the energy trader, who enters into a contract with the consumer, based on the spot price set by the Independent Electricity Market Operator. Every contract has a fixed price payer as well as floating-price payers. If the floating price for a given amount of energy is higher than the fixed price, then the consumer gets the difference. Confusion, however, arises with the purchase of retail physical power in the market, particularly in deciding a fixed rate that the consumer will be paying. Different billing options were also discussed with emphasis on mid to large retail customers that have portfolios in the tens of MW and up to 100 MW or more. figs.

  20. Panel discussion : contract design

    Vallas, A.; Vegh, G.; McGee, M.; Zaremba, T.; Seshan, A.; Harricks, P.; Bertoldi, L.; Taylor, R.

    2003-01-01

    This session presented highlights of the comments of 8 panelists who discussed the issue of contract design. The new electricity market in Ontario has introduced the energy trader, who enters into a contract with the consumer, based on the spot price set by the Independent Electricity Market Operator. Every contract has a fixed price payer as well as floating-price payers. If the floating price for a given amount of energy is higher than the fixed price, then the consumer gets the difference. Confusion, however, arises with the purchase of retail physical power in the market, particularly in deciding a fixed rate that the consumer will be paying. Different billing options were also discussed with emphasis on mid to large retail customers that have portfolios in the tens of MW and up to 100 MW or more. figs

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

    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

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

    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

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

    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.

  4. DIAGNOSIS OF FINANCIAL POSITION BY BALANCE SHEET ANALYSIS - CASE STUDY

    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...

  5. Strategic versus financial investors: The role of strategic objectives in financial contracting

    Arping, S.; Falconieri, S.

    2009-01-01

    Strategic investors, such as corporate venture capitalists, engage in the financing of start-up firms to complement their core businesses and to facilitate the internalization of externalities. We argue that while strategic objectives make it more worthwhile for an investor to elicit high

  6. 75 FR 74146 - Office of Financial Research; Statement on Legal Entity Identification for Financial Contracts

    2010-11-30

    ... information regarding this Statement contact the Office of Domestic Finance, Treasury, at (202) 622-1766. All... relationship to other entities. Identification of the legal entity is a fundamental ingredient in creating a... reassigned; (3) Persist over the life of an entity regardless of corporate actions or other business or...

  7. Is Contract Law Necessary?

    SCHWARTZ, Alan

    2010-01-01

    This lecture was delivered on 17 March 2010. Alan Schwartz, Sterling Professor of Law; Professor of Management, Yale University This Lecture argues that much of the contract law in the cases (the US, the UK and Canada) and in the codes (Europe and Latin America) is unnecessary. To say that a law is unnecessary is to say that it does not perform a useful social function. The argument below thus sets out the functions that contract laws today are thought to serve, and then shows that many of...

  8. Culture and Contract Laws

    Lando, Ole

    2007-01-01

    In the article it is argued that the wish to preserve the cultural values of national law should not prevent the EU from preparing a Code or an Optional Instrument. The no-code countries on the British Isles and in Scandinavia are the most ardent opponents to the idea of unifying European Contract...... Law by way of a code on Contracts. In both these regions however the absence of a code causes problems. In England a prominent writer has found that the major weakness of the judge-made law is its immense diffusion and the consequent difficulty of access to it and the Nordic countries face the same...

  9. Do contracts help?

    Tumennasan, Norovsambuu

    Economists perceive moral hazard as an undesirable problem because it undermines efficiency. Carefully designed contracts can mitigate the moral hazard problem, but this assumes that a team is already formed. This paper demonstrates that these contracts are sometimes the reason why teams do...... transfers, then moral hazard affects stability positively in a large class of games. For example, a stable team structure exists if teams produce public goods or if the quota is two. However, these existence results no longer hold if efforts are verifiable....

  10. Statutes and contracts

    Trosborg, Anna

    1995-01-01

    and commissive acts. The findings show that the language of the law characteristically selects patterns of regulative distinct from, for example, the patterns typically selected in everyday conversational English. The characteristics of the language of the law can be interpreted within the adherence to legal......This paper is concerned with the language used in legal speech acts in legislative texts and contracts in the field of English Contract Law. The central objects of study are regulative functions with a particular view to establishing realization patterns of the rhetorical functions of directive...

  11. Consensus, contracts, and committees.

    Moreno, J D

    1991-08-01

    Following a brief account of the puzzle that ethics committees present for the Western Philosophical tradition, I will examine the possibility that social contract theory can contribute to a philosophical account of these committees. Passing through classical as well as contemporary theories, particularly Rawls' recent constructivist approach, I will argue that social contract theory places severe constraints on the authority that may legitimately be granted to ethics committees. This, I conclude, speaks more about the suitability of the theory to this level of analysis than about the ethics committee phenomenon itself.

  12. Appropriated Capital Used in the FY 1995 Defense Business Operations Fund Financial Statements

    Lane, F

    1997-01-01

    .... 1996 Defense Business Operations Fund consolidated financial statements were presented fairly in accordance with the "other comprehensive basis of accounting" described in Office of Management and Budget Bulletin...

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

    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.

  14. Does financial literacy improve financial inclusion? Cross country evidence

    Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

    2017-01-01

    While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding "access to finance", financial infrastructure and financial literacy are mainly substitutes. However, regarding the "use of financial services", the effect of higher financial literac...

  15. Economic Analysis in the System of Financial Planning of Forestry Enterprises

    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.

  16. FINANCIAL INSTABILITY IN ROMANIA

    Cristian, IONESCU

    2014-11-01

    Full Text Available The aim of this paper is to empirically study the concept of financial stability in Romania, from both a monetary policy perspective and a financial perspective. In this paper, I also compute an aggregate index of financial stability, for the period 2008-2013, explaining the correlations between several extremely important macroeconomic and sectorial variables and financial stability. The article also debates the aspect of policy instruments that aim to promote, highlighting the undertaken measures and also giving some measures recommendations, pointing out the main pillars: crises management; cross-sectoral challenges; banking sector; securities markets and capital markets; insurance sector; pensions sector; access to financial services.

  17. Diagnosis of Financial Crisis in Asia : From Miracle to Debacle

    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

  18. Family Health and Financial Literacy--Forging the Connection

    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…

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

    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.

  20. Belene nuclear power plant contracting approach

    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

  1. Interactive Financial Charts- Agency Financial Reports

    General Services Administration — For a visual depiction of GSA's Balance Sheet and Statement of Net Cost, please use the interactive charts to view the financial results for fiscal years 2007-2013.

  2. THE GLOBAL FINANCIAL CRISIS AND NATIONAL FINANCIAL ...

    propose solutions aimed at reducing the effects of global financial crisis by ... rates of return leading to more investment and higher growth for developing countries. .... capital can without notice turn into outflows as it did in Russia and East Asia.

  3. Presenting practice financial information.

    Webster, Lee Ann H

    2007-01-01

    Medical practice leadership teams, often consisting primarily of physicians with limited financial backgrounds, must make important business decisions and continuously monitor practice operations. In order to competently perform this duty, they need financial reports that are relevant and easy to understand. This article explores financial reporting and decision-making in a physician practice. It discusses reports and tools, such as ratios, graphs, and comparisons, that practices typically include in their reports. Because profitability and cash flow are often the most important financial considerations for physician practices, reports should generally focus on the impact of various activities and potential decisions upon these concerns. This article also provides communication tips for both those presenting practice financial information and those making the decisions. By communicating effectively, these leaders can best use financial information to improve decision-making and maximize financial performance.

  4. Report and financial statements 31 March 1992

    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)

  5. Partnering and contracting

    Bohnstedt, Kristian Ditlev

    2014-01-01

    Purpose - Partnering is often, by economists, and construction managerial literature related to more incomplete contracts. This can be explained by seeing partnering as something that neutralizes opportunism. The aim is to uncover whether partnering neutralizes opportunism when there is an incomp...

  6. Cognition and Incomplete Contracts

    Tirole, Jean

    2008-01-01

    Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design. (JEL D23, D82, D86, L22)

  7. Validating Timed Component Contracts

    Le Guilly, Thibaut; Liu, Shaoying; Olsen, Petur

    2015-01-01

    This paper presents a technique for testing software components with contracts that specify functional behavior, synchronization, as well as timing behavior. The approach combines elements from unit testing with model-based testing techniques for timed automata. The technique is implemented...... in an online testing tool, and we demonstrate its use on a concrete use case....

  8. Turn key contracts

    Feretic, D.

    1975-01-01

    The aim of this summary is to point out some specific areas which have to be covered in a turn-key contract and which are of primarily interest to the buyer of a nuclear plant. It will be assumed that the buyer is utility company in a developing country and a plant supplier a company in an industrial country. (orig./FW) [de

  9. Startpoints via weak contractions

    Agyingi, Collins Amburo; Gaba, Yaé Ulrich

    2018-01-01

    Startpoints (resp. endpoints) can be defined as "oriented fixed points". They arise naturally in the study of fixed for multi-valued maps defined on quasi-metric spaces. In this article, we give a new result in the startpoint theory for quasi-pseudometric spaces. The result we present is obtained via a generalized weakly contractive set-valued map.

  10. Copyright or Contract?

    Okerson, Ann

    1997-01-01

    Most authors and publishers of electronic information believe that current copyright law does not address technical capabilities or reader uses and have turned to contracts or licenses to define the rights of owners and users. Discusses copyrights, fair use, and licenses and highlights licensing's unresolved issues: use and users; archiving;…

  11. Contract Management: Organisational and Legal Form of Hotel Networks

    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, ...

  12. LHC Civil Engineering Construction Contracts Cost Monitoring and Budget Forecasting

    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.

  13. Contracting in vivo research: what are the issues?

    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.

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

    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.

  15. An index of financial safety of China

    Xiaojun Jia

    2015-04-01

    indexes rose, which indicates the external environment improved so did China’s financial safety status; from 2012 to 2013 indexes declined because due to the rapid development of banks’ financial products and trust products, banks’ off-balance-sheet assets and liquidity risks increased. The changes of financial safety indexes are generally identical with those of China’s financial safety status.Research limitations/implications: In the empirical analysis part, this article tries to selective 24 indicators synthetic index of China's financial security, but due to some of the indicators data acquisition is relatively difficult, can only Selective 10 of 25 indicators and gather the annual data of 10 indicators from 2003 to 2013 to synthetic index. The information of eliminated indicators cannot be reflected in the index. Index change also does not reflect of the risk from these indicators. In order to make up for the above limitations, this paper is mainly to introduce and analysis our latest financial institutions business trends associated with these eliminated indicators to get the conclusions more reliable.Originality/value: The aim of this research is to estimate financial safety of China with the application of the index of financial safety of a country using the annual data of 2003-2013. Through synthetic index of financial security measure the risks of China's financial system, provide the basis for the government macro financial policy. The Originality of the paper is mainly manifested in incorporating factors which have made important impacts on China’s financial safety in recent years, but have not been taken into consideration in the existing studies into the newly constructed financial safety index system. For example, some factors that cannot be controlled easily might have huge hidden risk hazards. To be more specific, factors such as off-balance-sheet business, interbank business and shadow banking might trigger liquidity risks. In this way, the

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

    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.

  17. Theoretical basis for dosimetry

    Carlsson, G.A.

    1985-01-01

    Radiation dosimetry is fundamental to all fields of science dealing with radiation effects and is concerned with problems which are often intricate as hinted above. A firm scientific basis is needed to face increasing demands on accurate dosimetry. This chapter is an attempt to review and to elucidate the elements for such a basis. Quantities suitable for radiation dosimetry have been defined in the unique work to coordinate radiation terminology and usage by the International Commission on Radiation Units and Measurements, ICRU. Basic definitions and terminology used in this chapter conform with the recent ''Radiation Quantities and Units, Report 33'' of the ICRU

  18. The Regime of Contracts under Execution within the Insolvency Procedure

    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.

  19. Employee contract issues for dermatologists.

    Brown, Christopher E; Indest, George F

    2013-12-01

    Employees and employers routinely face negotiating and preparing physician employment contracts. It is important for both sides to know and understand the basic information on what a comprehensive employment contract for a dermatologist should contain. There are various employment contract provisions from both the employee's perspective and the employer's perspective that must be considered when preparing physician employment contracts. This article provides basic advice and recommendations on requirements that should be included in such contracts. It suggests legal pitfalls that can be avoided through various contract clauses.

  20. AGENCY CONTRACTS – EXISTING REGULATIONS IN ROMANIAN LAWS

    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.

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

    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.

  2. Reconciling Contracts and Relational Governance through Strategic Contracting

    Petersen, Bent; Østergaard, Kim

    2018-01-01

    on contract types, such as strategic versus conventional, may reconcile the enduring research controversy between the substitution and complements perspectives. Practical implications: Today, formal contracts with foreign distributors tend to resemble “prenuptial agreements”. The opportunity for relational...

  3. Contractual Efficiency of PPP Infrastructure Projects: An Incomplete Contract Model

    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.

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

    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.

  5. FINANCIAL BALANCE AND LOANS OF THE SHAREHOLDERS TO THE COMPANY

    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

  6. Contracting with the Enemy: The Contracting Officer’s Dilemma

    2015-06-01

    contracting command xv KO contracting officer KTR contractor LSC lead service component MGAA Mesopotamia Group Atlas Apache NAT National Afghanistan...and Contract Authority Understanding the roles of contracting versus command authority and command relationships is a fundamental that must be...Audit 12-7 (2012) described the CENTCOM-JTSCC (C- JTSCC) formation and command relationship : In April 2010, CENTCOM issued a fragmentary order to

  7. Polytope Contractions within Weyl Group Symmetries

    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.

  8. From BASIS to MIRACLES

    Tsapatsaris, Nikolaos; Willendrup, Peter Kjær; E. Lechner, Ruep

    2015-01-01

    Results based on virtual instrument models for the first high-flux, high-resolution, spallation based, backscattering spectrometer, BASIS are presented in this paper. These were verified using the Monte Carlo instrument simulation packages McStas and VITESS. Excellent agreement of the neutron count...... are pivotal to the conceptual design of the next generation backscattering spectrometer, MIRACLES at the European Spallation Source....

  9. 48 CFR 247.573-1 - Ocean transportation incidental to a contract for supplies, services, or construction.

    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...

  10. Convention on nuclear safety. Rules of procedure and financial rules

    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

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

    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)

  12. Convention on nuclear safety. Rules of procedure and financial rules

    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

  13. Convention on Nuclear Safety. Rules of procedure and financial rules

    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

  14. Cellular Basis for ADT-Induced Acceleration of Sarcopenia

    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

  15. Contracting of energy services: often a viable alternative

    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

  16. Legal issues in power sale contract negotiations

    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

  17. The World Financial Crisis

    F. Gerard Adams

    2009-01-01

    The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned freemarket philosophy. This paper links the systemic financial/economic crisis of 2008 to the new economy developments, globalisation and policy philosophy perspectives of recent decades. It raises the question of how to re-establish confidence once traditional thinkin...

  18. Taxing Financial Activity

    Jack M. Mintz

    2003-01-01

    In most countries, substantial business activity is related to financial intermediation: banking, trusts, investment companies and insurance. Financial businesses play a crucial role in the economy by matching lenders with borrowers as well as facilitating governance of businesses through close monitoring of funds lent to businesses. Financial institutions also reduce risk faced by investors by pooling investments over many different types of business activities and insuring against property,...

  19. Contracting in a Foreign Country

    Rodeschin, Darrin

    1997-01-01

    .... This thesis investigates and compares the different contracting structures of the U.S. Army, the UN, and Apple as well as the duties and responsibilities of the contracting individuals within these organizations...

  20. Utility Energy Services Contracts Guide

    None

    2013-09-01

    The UESC Guide is a compilation of samples and templates developed as a resource to help contracting officers implement task orders for UESCs under existing U.S. General Services Administration areawide contracts.

  1. Automatic Conflict Detection on Contracts

    Fenech, Stephen; Pace, Gordon J.; Schneider, Gerardo

    Many software applications are based on collaborating, yet competing, agents or virtual organisations exchanging services. Contracts, expressing obligations, permissions and prohibitions of the different actors, can be used to protect the interests of the organisations engaged in such service exchange. However, the potentially dynamic composition of services with different contracts, and the combination of service contracts with local contracts can give rise to unexpected conflicts, exposing the need for automatic techniques for contract analysis. In this paper we look at automatic analysis techniques for contracts written in the contract language mathcal{CL}. We present a trace semantics of mathcal{CL} suitable for conflict analysis, and a decision procedure for detecting conflicts (together with its proof of soundness, completeness and termination). We also discuss its implementation and look into the applications of the contract analysis approach we present. These techniques are applied to a small case study of an airline check-in desk.

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

    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.

  3. Water and Muscle Contraction

    Enrico Grazi

    2008-08-01

    Full Text Available The interaction between water and the protein of the contractile machinery as well as the tendency of these proteins to form geometrically ordered structures provide a link between water and muscle contraction. Protein osmotic pressure is strictly related to the chemical potential of the contractile proteins, to the stiffness of muscle structures and to the viscosity of the sliding of the thin over the thick filaments. Muscle power output and the steady rate of contraction are linked by modulating a single parameter, a viscosity coefficient. Muscle operation is characterized by working strokes of much shorter length and much quicker than in the classical model. As a consequence the force delivered and the stiffness attained by attached cross-bridges is much larger than usually believed.

  4. Energy contracting in Switzerland

    Muggli, C.

    2000-01-01

    The article discusses the status of energy contracting in Switzerland and compares it with the situation in USA, Germany and France, where it has been standard practice for many years. The fact that this financing and operating instrument is not widely used in Switzerland in spite of its benefits for users and suppliers is discussed, as are the obstacles placed in its way. The results of a study made by the Federal Office of Energy are presented, whereby some 220 existing contracting arrangements with a total investment volume of around CHF 200 million were noted and a further potential of around CHF 1.1 billion estimated. The author notes that in order to utilise this potential, great efforts must be made by all parties involved

  5. 48 CFR 937.7040 - Contract clauses.

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract clauses. 937.7040... CONTRACTING SERVICE CONTRACTING Protective Services Contracting 937.7040 Contract clauses. The contracting... services” in all protective services solicitations and contracts involving DOE-owned facilities requiring...

  6. Contracting for Complex Products

    2010-05-01

    asymmetries, and barriers to market entry and exit (e.g., Mankiw , et al., 2002). Goods may be non-rivalrous or non-excludable so that transferable property...investments. Expenditures are asset specific to the extent they have no economic value outside the product being produced (Williamson, 2005). For...example, some research in the US space program produced economic value outside the contract (e.g., Tang), while other research produced little value

  7. Contract types - turnkey

    Loeffler, G.

    1975-01-01

    Turnkey or the turnkey type of contract refers to a system of management according to which one organization accepts total responsibility for completing all parts and all phases of a project. In the case of a power project the turnkey contractor undertakes to design the plant, supply or procure and erect the equipment, build the station and put it into operation. (orig./FW) [de

  8. Between Status and Contract?

    Thorsten Keiser

    2013-01-01

    Full Text Available This contribution deals with unfree labour in Germany from the early modern age until the beginning of the 20th century. It presents the main conclusions of a book published in 2013 on this subject in German. Unfree labour is not identified in the first place with slavery or any other labour relationship based on status. Instead, this study aims at an analysis of freedom and coercion in contractual labour relationships. It will be argued that in Germany contractual labour relationships before 1800 were embedded in a legal system that strongly restricted contractual autonomy and aimed at the suppression of free labour markets. The scope of this legislation was to guarantee efficient labour performance, which was not only perceived as being in the personal interest of an employer, but as a fundamental element of the common good. After 1800 the system changed to more incentive-based legislation that established freedom of contract for labour relations. Nevertheless, coercion in order to perform the contractual duties of a work contract remained important for many groups of workers, especially farmhands and industrial workers. The last criminal sanctions for breaches of labour contracts were only abolished in the revolution of 1919. This development shows the difficulties German law had in extending the principles of private law to workers. When a system of free labour was fully established, the issue of unemployment and economic problems, especially in the Weimar Republic, required a new system of protective rules. The history of free market based labour contracts in Germany was therefore very short, with state intervention shi ing from control and coercion to social assistance.

  9. RTE - 2012 financial results

    Ricour, Olivia; Marguier, Marina; Lartigau, Thierry

    2013-01-01

    The mission of RTE, the French electricity Transportation grid, a public service assignment, is to balance the electricity supply and demand in real time. This report presents RTE's financial results for 2012: increase of investments for services to clients, performance results, financial balance, stability of the economical model. RTE's regulated economical model, main financial indicators, 2007-2012 investments, 2012 investments by category, 2012 turnover, 2012 costs structure, taxes, financial balance sheet at the end of 2012, and the share of electricity transport in the electricity price are presented in appendixes

  10. Domesticizing Financial Economies

    Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

    show. Third, the “domestication of financial economies”: financial literacy programs developed by governmental bodies, international organizations, and banks have become a ubiquitous layer attached to the assemblage of financial economies in many countries. And last but not least, “domesticizing social...... practices as well as the precise way financial providers are evaluating, sorting and targeting their consumers. We believe these diverse trends are starting to converge, and the ambitions of this paper are both to organize scattered literature and to reflect upon the consequences of the new field...

  11. Forecasting Financial Stress

    Jan Willem Slingenberg; Jakob de Haan

    2011-01-01

    This paper uses a Financial Stress Index (FSI) for 13 OECD countries to examine which variables can help predicting financial stress. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. We employ three criteria for indicators to be used in constructing a multi-country FSI (the index covers the entire financial system, indicators used are available at a high frequency for many countries for a long period, and are comparable) to c...

  12. Financial statistics of major US publicly owned electric utilities 1993

    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.

  13. The interpretation of administrative contracts

    Cătălin-Silviu SĂRARU

    2014-06-01

    Full Text Available The article analyzes the principles of interpretation for administrative contracts, in French law and in Romanian law. In the article are highlighted derogations from the rules of contract interpretation in common law. Are examined the exceptions to the principle of good faith, the principle of common intention (willingness of the parties, the principle of good administration, the principle of extensive interpretation of the administrative contract. The article highlights the importance and role of the interpretation in administrative contracts.

  14. Exit from contract

    Oren Bar-Gill

    2016-01-01

    Full Text Available Objective to study the procedure of exiting the contract its costs and benefits. Methods statistical method comparative analysis. Results free exit from contract is one of the most powerful tools for the consumer rights protection. The procedure frees consumers from bad deals and keeps businesses honest. Yet consumers often choose transactions with lockin provisions trading off exit rights for other perks. This article examines the costs and benefits of free exit as compared to the lockin alternative. According to the authors the present regulation of exit penalties in the USA is poorly tailored to address concerns about lockin particularly in light of increasingly ubiquitous marketbased solutions. The article also calls regulatory attention to loyalty rewards which are shown to be as powerful as exit penalties and equally detrimental. Scientific novelty the article reveals a paradoxical state of the law exit regulations in the USA are used most where they are needed least. Termination penalties present an obvishyous target for regulatory intervention while loyalty programs seem benign not warranting any regulatory attention. Practical significance the article is of interest for the Russian juridical science and lawmaking authorities as in Russia the issue of exiting the contract is as topical as in the USA and requires solution which would impair neither the rights of consumers nor the rights of the sellers ofnbspproducts and services. nbsp

  15. CONTRACT FOLLOW UP TRAINING

    Technical Training; Tel. 74460

    2001-01-01

    SPL is organizing Training Sessions on the Contract Follow Up application. CFU is a Web based tool, developped and supported by the Administrative Information Services. It allows the creation of Divisional Requests and the follow up of their processing, from the Market Survey to the Invitation to Tender or Price Enquiry, approval by the Finance Committee, up to the actual signature of a Contract, acccording to the CERN Purchasing procedures. It includes a document management component. It also provides link with other AIS applications such as BHT and EDH. The course is primarily intended for DPOs, Contract Technical responsibles in the division and their assistants, but is beneficial to anybody involved in the follow up of such Purchasing Procedures. This course is free of charge, but application is necessary. The details of the course may be found at http://training.web.cern.ch/Training/ENSTEC/P2001/Bureautique/cfu4_f.htm General information of CFU may be found at http://ais.cern.ch/apps/cfu/ The dates of t...

  16. Non-turnkey contract

    Shimoyama, Shunji

    1975-01-01

    A turnkey contract is recommended to such a country which is in the initial stage of nuclear power development with respect to a few plants being constructed earlier. The prime contractor may not necessarily be a reactor supplier. In some cases an architect engineering company may be a contractor. If this arrangement is not possible and the contract had to be a non-turnkey type, there might be some advantage to such a developing country capable of undertaking some major portions of the project works. Even if she might face with troubles and difficulties during construction of the first nuclear power station, she might have chance of aquiring technical kowledge and experience which would later enable her to make the plant of her own manufacture. In such a case it is advisable to limit the number of main contracts as small as possible and to utilize an organization to assist the owner in project management or to assume this function in his behalf. (orig./FW) [de

  17. Non-turnkey contract

    Shimoyama, S

    1975-01-01

    A turnkey contract is recommended to such a country which is in the initial stage of nuclear power development with respect to a few plants being constructed earlier. The prime contractor may not necessarily be a reactor supplier. In some cases an architect engineering company may be a contractor. If this arrangement is not possible and the contract had to be a non-turnkey type, there might be some advantage to such a developing country capable of undertaking some major portions of the project works. Even if she might face troubles and difficulties during construction of the first nuclear power station, she might have a chance of aquiring technical kowledge and experience which would later enable her to make the plant of her own manufacture. In such a case it is advisable to limit the number of main contracts as small as possible and to utilize an organization to assist the owner in project management or to assume this function in his behalf.

  18. Practical guide on contract of technology

    Choi, Chiho

    1991-12-01

    This book gives descriptions of practical guide on contract of technology, which deals with basic of contract like meaning, function term, singing and sealing, contract and stamp tax, common things on contract of research like keeping secret and prevention and treat of dispute, compensation for damages, notice, expiration date of contract and measurement at end of contract, contract of joint research such as meaning and necessity, note at contract, check list at contract, and return of the research product.

  19. Why radiologists lose their hospital contracts: is your contract secure?

    Muroff, Lawrence R

    2010-03-01

    Previously, a hospital contract meant tenure for the incumbent group of radiologists; however, those days are long gone. Exclusive contracts have morphed into exclusive contracts with carve-outs. Turf erosion has become a fact of life for radiology practices. Now radiologists are losing their hospital contracts in record numbers. Group size, though helpful for a variety of reasons, does not ensure that a practice will be secure in its hospital setting. The reasons that groups lose their hospital contracts are varied, and in this paper, the author discusses the most common ones. Suggestions to help practices avoid this unfortunate fate are presented.

  20. Contracting between firms: empirical evidence

    Iyer, R.; Sautner, Z.

    2014-01-01

    We analyse 185 contracts signed between a buyer and 89 suppliers to test how moral-hazard and hold-up problems affect contract design. Our data allow us to study both static and dynamic effects. If a supplier’s products are more critical to the buyer, contracts contain more clauses that address

  1. Static Verification for Code Contracts

    Fähndrich, Manuel

    The Code Contracts project [3] at Microsoft Research enables programmers on the .NET platform to author specifications in existing languages such as C# and VisualBasic. To take advantage of these specifications, we provide tools for documentation generation, runtime contract checking, and static contract verification.

  2. Transnational Law of Public Contracts

    Audit, M.; Schill, S.W.

    2016-01-01

    Public contracts were traditionally conceived as instruments of domestic public law and used within markets confined to the territory of the state party to the contract. Globalization, however, subjects public contracting to an increasing number of processes that take place at a transnational level

  3. Service quality in contracted facilities.

    Rabbani, Fauziah; Pradhan, Nousheen Akber; Zaidi, Shehla; Azam, Syed Iqbal; Yousuf, Farheen

    2015-01-01

    The purpose of this paper is to explore the readiness of contracted and non-contracted first-level healthcare facilities in Pakistan to deliver quality maternal and neonatal health (MNH) care. A balanced scorecard (BSC) was used as the assessment framework. Using a cross-sectional study design, two rural health centers (RHCs) contracted out to Aga Khan Health Service, Pakistan were compared with four government managed RHCs. A BSC was designed to assess RHC readiness to deliver good quality MNH care. In total 20 indicators were developed, representing five BSC domains: health facility functionality, service provision, staff capacity, staff and patient satisfaction. Validated data collection tools were used to collect information. Pearson χ2, Fisher's Exact and the Mann-Whitney tests were applied as appropriate to detect significant service quality differences among the two facilities. Contracted facilities were generally found to be better than non-contracted facilities in all five BSC domains. Patients' inclination for facility-based delivery at contracted facilities was, however, significantly higher than non-contracted facilities (80 percent contracted vs 43 percent non-contracted, p=0.006). The study shows that contracting out initiatives have the potential to improve MNH care. This is the first study to compare MNH service delivery quality across contracted and non-contracted facilities using BSC as the assessment framework.

  4. The psychological contracts of National Health Service nurses.

    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.

  5. Assignments of rights and obligations under a gas sales contract

    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

  6. Financial Wealth Distribution in Revised Financial Accounts

    Václav Rybáček

    2012-09-01

    Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.

  7. Dynamical basis set

    Blanco, M.; Heller, E.J.

    1985-01-01

    A new Cartesian basis set is defined that is suitable for the representation of molecular vibration-rotation bound states. The Cartesian basis functions are superpositions of semiclassical states generated through the use of classical trajectories that conform to the intrinsic dynamics of the molecule. Although semiclassical input is employed, the method becomes ab initio through the standard matrix diagonalization variational method. Special attention is given to classical-quantum correspondences for angular momentum. In particular, it is shown that the use of semiclassical information preferentially leads to angular momentum eigenstates with magnetic quantum number Vertical BarMVertical Bar equal to the total angular momentum J. The present method offers a reliable technique for representing highly excited vibrational-rotational states where perturbation techniques are no longer applicable

  8. Design basis 2

    Larsen, G.; Soerensen, P. [Risoe National Lab., Roskilde (Denmark)

    1996-09-01

    Design Basis Program 2 (DBP2) is comprehensive fully coupled code which has the capability to operate in the time domain as well as in the frequency domain. The code was developed during the period 1991-93 and succeed Design Basis 1, which is a one-blade model presuming stiff tower, transmission system and hub. The package is designed for use on a personal computer and offers a user-friendly environment based on menu-driven editing and control facilities, and with graphics used extensively for the data presentation. Moreover in-data as well as results are dumped on files in Ascii-format. The input data is organized in a in-data base with a structure that easily allows for arbitrary combinations of defined structural components and load cases. (au)

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

    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…

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

    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

  11. The Usefulness of Financial Statements in Making Financial Diagnosis

    Mitica Pepi

    2016-01-01

    Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.

  12. Corporate financial restructuring in Asia: implications for financial stability

    Michael Pomerleano

    2007-01-01

    Corporate financial fragility preceding the Asian financial crisis heightened vulnerabilities. Many countries in the region undertook significant corporate financial restructuring after the crisis, with some countries bouncing back much faster than others. These sounder corporate financial practices bode well for financial stability.

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

    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

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

    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.

  15. Financial Rogue Waves

    Yan Zhenya

    2010-01-01

    We analytically give the financial rogue waves in the nonlinear option pricing model due to Ivancevic, which is nonlinear wave alternative of the Black-Scholes model. These rogue wave solutions may he used to describe the possible physical mechanisms for rogue wave phenomenon in financial markets and related fields.

  16. Understanding financial statements.

    Tarantino, D P

    2001-01-01

    In his premier column for The Physician Executive, David Tarantino takes a look at those critical "financials" that can make or break a business. If you're considering a career move, you need to know the financial condition of future employers. Learn how to read the statements and glean valuable information from the numbers.

  17. Optimal Fragile Financial Networks

    Castiglionesi, F.; Navarro, N.

    2007-01-01

    We study a financial network characterized by the presence of depositors, banks and their shareholders. Belonging to a financial network is beneficial for both the depositors and banks' shareholders since the return to investment increases with the number of banks connected. However, the network is

  18. Consolidating Financial Statements.

    Wood, Marcia R.

    This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…

  19. Illiquidity and financial crisis

    A.M. Pacces (Alessio)

    2013-01-01

    textabstractThis article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's

  20. Financial Sector Assessment : Morocco

    World Bank

    2003-01-01

    This Financial Sector Assessment (FSA) provides a summary of the policy priorities, and main findings intended to assist the Moroccan authorities in evaluating the country's financial system. It reviews the uneasy trade-off between concerns for stability, and development, suggesting Morocco's macroeconomic policies and practices as a whole tend to err more on the side of the concerns of pr...