FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

Directory of Open Access Journals (Sweden)

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.

Gap analysis between provisional diagnosis and final diagnosis in government and private teaching hospitals: A record-linked comparative study.

Science.gov (United States)

Chatterjee, Sudeshna; Ray, Krishnangshu; Das, Anup Kumar

2016-01-01

1. To identify the extent of clinical gaps at the context of knowledge, practice and systems. 2. To formulate necessary intervention measures towards bridging the gaps. Comparative, cross-sectional and non-interventional study. It is retrospective, record-based study conducted upon inpatients ( n = 200) of major disciplines of two teaching hospitals. Major outcome variables were to observe the matching and un-matching of final and provisional diagnosis by using ICD-10 criteria. Comparative analysis of specific and selective gaps were estimated in terms of percentage (%). Pilot observation showed the existence of gaps between provisional and final diagnosis in both private and government institution. Both knowledge and skill gaps were evident in caregivers and gap in documentation was existent in medical records. The pilot data is may be an eye-opener to public and private governance systems for understanding and revising the process service planning and service delivery. Necessary intervention measures may be contemplated towards enhancing diagnostic skill of doctors for quality hospital care.

Gap analysis between provisional diagnosis and final diagnosis in government and private teaching hospitals: A record-linked comparative study

Directory of Open Access Journals (Sweden)

Sudeshna Chatterjee

2016-01-01

Full Text Available Aims: 1. To identify the extent of clinical gaps at the context of knowledge, practice and systems. 2. To formulate necessary intervention measures towards bridging the gaps. Settings and Design: Comparative, cross-sectional and non-interventional study. Methods and Material: It is retrospective, record-based study conducted upon inpatients (n = 200 of major disciplines of two teaching hospitals. Major outcome variables were to observe the matching and un-matching of final and provisional diagnosis by using ICD-10 criteria. Statistical Analysis Used: Comparative analysis of specific and selective gaps were estimated in terms of percentage (%. Results: Pilot observation showed the existence of gaps between provisional and final diagnosis in both private and government institution. Both knowledge and skill gaps were evident in caregivers and gap in documentation was existent in medical records. Conclusions: The pilot data is may be an eye-opener to public and private governance systems for understanding and revising the process service planning and service delivery. Necessary intervention measures may be contemplated towards enhancing diagnostic skill of doctors for quality hospital care.

Competition between Final-State and Pairing-Gap Effects in the Radio-Frequency Spectra of Ultracold Fermi Atoms

International Nuclear Information System (INIS)

Perali, A.; Pieri, P.; Strinati, G. C.

2008-01-01

The radio-frequency spectra of ultracold Fermi atoms are calculated by including final-state interactions affecting the excited level of the transition and compared with the experimental data. A competition is revealed between pairing-gap effects which tend to push the oscillator strength toward high frequencies away from threshold and final-state effects which tend instead to pull the oscillator strength toward threshold. As a result of this competition, the position of the peak of the spectra cannot be simply related to the value of the pairing gap, whose extraction thus requires support from theoretical calculations

The 'gender gap' in final examination results at Oxford University.

Science.gov (United States)

Mellanby, J; Martin, M; O'Doherty, J

2000-08-01

A lower proportion of women than men obtain first class degrees at British universities (the so-called gender gap). At Oxford University, this difference is not seen in all degree subjects but is found both in some Arts and in some Science subjects. We have used a questionnaire administered under supervision to undergraduates 2 to 3 months before their final examination to assess factors which might be expected to affect examination performance. These included measures of verbal and non-verbal reasoning (Alice Heim AH6 test), self-esteem, motivation, responses to stresses of examinations and of personal relationships, happiness, risk-taking and working patterns. We have also obtained a detailed breakdown of the marks the students were given in the examination. Women scored higher on negative emotions while men scored higher on self-esteem, their perception of their own academic efficacy and on risk-taking strategies, but none of these factors predicted outcome. Verbal reasoning ability did predict outcome but there was no gender difference. Hence, it is concluded that the gender gap is not due to any of these individual differences and is more likely to be related to the nature of the academic assessment system.

78 FR 20317 - Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100...

Science.gov (United States)

2013-04-04

... supplying information that competitors could use to compete with companies in the United States. DATES... or Financial Guarantee in Excess of $100 Million: AP087223XX and AP087223XA AGENCY: Export-Import...''), that Ex-Im Bank has received an application for final commitment for a long-term loan or financial...

Show me the money: incorporating financial motives into the gambling motives questionnaire.

Science.gov (United States)

Dechant, Kristianne

2014-12-01

Although research has only recently begun to measure what motivates all levels of gambling involvement, motives could offer a theoretically interesting and practical way to subtype gamblers in research and for responsible gambling initiatives. The Gambling Motives Questionnaire (GMQ) is one measure that weaves together much of the gambling motives literature, but it has been criticized for neglecting financial reasons for gambling. This study uses a series of factor analyses to explore the effect of adding nine financial motives to the GMQ in a heterogeneous sample of 1,014 adult past-year gamblers. After trimming trivial financial motives, the penultimate factor analysis of the 15 GMQ items and four financial motives led to a four-factor solution, with factors tapping enhancement, social, coping and financial motives, as predicted. A final factor analysis performed on a modified GMQ-F (i.e., 16 items, including a financial subscale) revealed the same four factors, and hierarchical regression showed that the financial motives improve the GMQ-F's prediction of gambling frequency. This study provides evidence that omitting financial motives is a clear gap in the GMQ, yet suggests that the GMQ is a promising tool that can be conceptually and empirically strengthened with the simple addition of financial items.

Financial Literacy and Financial Planning in France

Directory of Open Access Journals (Sweden)

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.

The Financial Literacy of Social Work Students

Science.gov (United States)

Kindle, Peter A.

2013-01-01

The financial literacy of social work students has become the focus of curriculum development and research, but no study to date has attempted to assess the financial knowledge possessed by social work students. This study addressed that gap by assessing the level of objective financial knowledge reported by social work student respondents…

Does Financial Inclusion Induce Financial Stability? Evidence from Cross-country Analysis

Directory of Open Access Journals (Sweden)

Md. Nur Alam Siddik

2018-04-01

Full Text Available In recent times, financial inclusion and financial stability issue have become a priority on policy agendas across the world. However, there is relative dearth of empirical studies addressing and establishing the link between the same. This study fills this gap. Using panel data of 2001-2013, this study empirically investigated whether financial inclusion contributes to country’s financial stability, measured by Z-score. Robust results from GMM dynamic panel data estimator show that financial inclusion variables as measured by number of SME borrowers to total borrowers and ratio of outstanding SME loans to total loans have significant positive contributions to financial stability. Findings also indicate that GDP per capita, liquidity, proportion of private credit to GDP are positively and proportion of domestic credit provided to private sector and financial crisis are negatively associated with financial stability. Empirical findings of this study is of greater significance to the policymakers as it will invoke the attention of governments and policymakers to undertake such policies to accelerate financial inclusion of their countries which in turn will lead to country’s greater financial stability. This study also contributes to empirical literatures of the issue of financial inclusion and financial stability by reconfirming (or otherwise findings of previous studies.

The use of derivatives in Slovenian non-financial firms: is financial risk already well managed?

Directory of Open Access Journals (Sweden)

Aleš Berk

2006-12-01

Full Text Available Recent research about the financial behaviour of Slovenian firms has documented enterprise risk management as being one of its weakest areas. The goal of this article is to present insights into financial risk management, i.e. into the extent of the use of derivatives in the largest Slovenian firms and the related practices. The resultsare confronted with the same types of characteristics of US and German firms (although being much larger revealed in comparable studies. These firms provide relevant benchmarks for assessing the development gap since they operate in more advanced financial environments and are therefore expected to have much morerefined approaches to the use of derivatives than Slovenian firms. A survey points to the much smaller extent of the use of derivatives by Slovenian firms. There is a substantial gap, especially in the area of risk management policies (e.g. documentation, reporting, counterparty risk, valuation etc..

Interest Rate Risk Management using Duration Gap Methodology

Directory of Open Access Journals (Sweden)

Dan Armeanu

2008-01-01

Full Text Available The world for financial institutions has changed during the last 20 years, and become riskier and more competitive-driven. After the deregulation of the financial market, banks had to take on extensive risk in order to earn sufficient returns. Interest rate volatility has increased dramatically over the past twenty-five years and for that an efficient management of this interest rate risk is strong required. In the last years banks developed a variety of methods for measuring and managing interest rate risk. From these the most frequently used in real banking life and recommended by Basel Committee are based on: Reprising Model or Funding Gap Model, Maturity Gap Model, Duration Gap Model, Static and Dynamic Simulation. The purpose of this article is to give a good understanding of duration gap model used for managing interest rate risk. The article starts with a overview of interest rate risk and explain how this type of risk should be measured and managed within an asset-liability management. Then the articles takes a short look at methods for measuring interest rate risk and after that explains and demonstrates how can be used Duration Gap Model for managing interest rate risk in banks.The world for financial institutions has changed during the last 20 years, and become riskier and more competitive-driven. After the deregulation of the financial market, banks had to take on extensive risk in order to earn sufficient returns. Interest rate volatility has increased dramatically over the past twenty-five years and for that an efficient management of this interest rate risk is strong required. In the last years banks developed a variety of methods for measuring and managing interest rate risk. From these the most frequently used in real banking life and recommended by Basel Committee are based on: Reprising Model or Funding Gap Model, Maturity Gap Model, Duration Gap Model, Static and Dynamic Simulation. The purpose of this article is to give a

The Adaptation Finance Gap Report

DEFF Research Database (Denmark)

UNEP’s Adaptation Gap Report series focuses on Finance, Technology and Knowledge gaps in climate change adaptation. It compliments the Emissions Gap Report series, and explores the implications of failing to close the emissions gap. The report builds on a 2014 assessment by the United Nations...... Environment Programme (UNEP), which laid out the concept of ‘adaptation gaps’ and outlined three such gaps: technology, finance and knowledge. The 2016 Adaptation Gap Report assesses the difference between the financial costs of adapting to climate change in developing countries and the amount of money...... actually available to meet these costs – a difference known as the “adaptation finance gap”. Like the 2014 report, the 2016 report focuses on developing countries, where adaptation capacity is often the lowest and needs the highest, and concentrates on the period up to 2050. The report identifies trends...

Changes in drug utilization during a gap in insurance coverage: an examination of the medicare Part D coverage gap.

Directory of Open Access Journals (Sweden)

Jennifer M Polinski

2011-08-01

Full Text Available Nations are struggling to expand access to essential medications while curbing rising health and drug spending. While the US government's Medicare Part D drug insurance benefit expanded elderly citizens' access to drugs, it also includes a controversial period called the "coverage gap" during which beneficiaries are fully responsible for drug costs. We examined the impact of entering the coverage gap on drug discontinuation, switching to another drug for the same indication, and drug adherence. While increased discontinuation of and adherence to essential medications is a regrettable response, increased switching to less expensive but therapeutically interchangeable medications is a positive response to minimize costs.We followed 663,850 Medicare beneficiaries enrolled in Part D or retiree drug plans with prescription and health claims in 2006 and/or 2007 to determine who reached the gap spending threshold, n = 217,131 (33%. In multivariate Cox proportional hazards models, we compared drug discontinuation and switching rates in selected drug classes after reaching the threshold between all 1,993 who had no financial assistance during the coverage gap (exposed versus 9,965 multivariate propensity score-matched comparators with financial assistance (unexposed. Multivariate logistic regressions compared drug adherence (≤ 80% versus >80% of days covered. Beneficiaries reached the gap spending threshold on average 222 d ±79. At the drug level, exposed beneficiaries were twice as likely to discontinue (hazard ratio [HR]  = 2.00, 95% confidence interval [CI] 1.64-2.43 but less likely to switch a drug (HR  = 0.60, 0.46-0.78 after reaching the threshold. Gap-exposed beneficiaries were slightly more likely to have reduced adherence (OR  = 1.07, 0.98-1.18.A lack of financial assistance after reaching the gap spending threshold was associated with a doubling in discontinuing essential medications but not switching drugs in 2006 and 2007

A Comparison of Financial Literacy between Native and Immigrant School Students

Science.gov (United States)

Grama?ki, Iulian

2017-01-01

This paper investigates the gap in Financial Literacy (FL) between native and immigrant 15-year-old school students using data from the 2012 PISA Financial Literacy Assessment. The size of the gap is about 0.15 standard deviations, going up to 0.3 for first-generation immigrants. This is partly because immigrants have poorer economic background,…

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

International Nuclear Information System (INIS)

1995-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

NONE

1995-07-15

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

Financial education level of high school students and its economic reflections

Directory of Open Access Journals (Sweden)

Tarcísio Pedro da Silva

Full Text Available Abstract This research contributes to the understanding of the level of financial education of high school students from public schools, as well as verifying how their financial knowledge has been generated, providing a view of the gaps in financial education with which these students are able to attend undergraduate courses later. The objective of the research was to determine the level of financial education of high school students from public schools, according to individual, demographic and socializing aspects. The research methodology was characterized as descriptive regarding procedures such as survey and the approach of the quantitative nature of the problem. The research population included 4698 high school students from 14 public schools in the city of Blumenau. In the data processing, the Kruskal-Wallis and chi-square tests were used. The results indicate that there is an effective financial education among young high school students, which can be noticed in findings such as: some of the young are not obliged to explain to parents where they are spending their financial resources; students have acquired, largely, their financial knowledge with parents and relatives, and in day-to-day practices, but there is little dialog in the family on financial matters. The financial knowledge coming from the school is low, requiring an improvement in the quality of this knowledge at this stage or in the future, including undergraduate courses. Finally, potential workers may cause social problems through their inability to manage their resources and/or the expenses of their families.

ТHE MANAGEMENT OF FINANCIAL STABILITY IN NATIONAL STRATEGIES

Directory of Open Access Journals (Sweden)

Rodica PERCIUN

2017-02-01

Full Text Available In this article authors provide an overview of national strategies that directly or indirectlyconsider the management of financial stability. The actuality of this research topic is based on severalfactors. Firstly, the depth of the global financial crisis that started in 2007 has shown that financialstability must be ensured and monitored by competent authorities. Secondly, the situation of the nationaleconomy has been worsened since 2015, as a result of massive dilapidation of funds and serious violationswith regard to preserving the systemic financial stability of the Republic of Moldova. Under the presentstate the issue of ensuring financial stability becomes more significant and important. The purpose of theresearch is to analyze and synthesize national strategies which reflect the management of financialstability and to detect the existing gaps. The scientific methods used are the following: systemic approach,analysis and synthesis, induction and deduction, logical analysis, critical analysis, etc. The research hasfound that the policy of preserving the systemic financial stability is missing from the current nationalstrategies, and there is a huge gap with regard to banking supervision and the objective of ensuringsystemic financial stability.

Public health financial management competencies.

Science.gov (United States)

Honoré, Peggy A; Costich, Julia F

2009-01-01

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

Closing the gender gap in financial inclusion: Advancing the ...

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

GBA is the only global consortium of financial institutions dedicated to recognizing and building on the opportunity of the women's market. ... United States ... Call for new OWSD Fellowships for Early Career Women Scientists now open.

Why Ecologists Should Care about Financial Markets.

Science.gov (United States)

Galaz, Victor; Gars, Johan; Moberg, Fredrik; Nykvist, Björn; Repinski, Cecilia

2015-10-01

Financial actors such as international banks and investors play an important role in the global economy. This role is shifting due to financial innovations, increased sustainability ambitions from large financial actors, and changes in international commodity markets. These changes are creating new global connections that potentially make financial markets, actors, and instruments important aspects of global environmental change. Despite this, the way financial markets and actors affect ecosystem change in different parts of the world has seldom been elaborated in the literature. We summarize these financial trends, explore how they connect to ecosystems and ecological change in both direct and indirect ways, and elaborate on crucial research gaps. Copyright © 2015 Elsevier Ltd. All rights reserved.

The Geography of Financial Literacy

OpenAIRE

Christopher Bumcrot; Judy Lin; Annamaria Lusardi

2013-01-01

This paper explores how well equipped today’s households are to make complex financial decisions in the face of often high-cost and high-risk financial instruments. Specifically we focus on financial literacy. Most importantly, we describe the geography of financial literacy, i.e., how financial literacy is distributed across the fifty US states. We describe the correlation of financial literacy and some important aggregate variables, such as state-level poverty rates. Finally, we examine the...

From a supply gap to a demand gap? The risk and consequences of over-indebting the underbanked

OpenAIRE

Jessica Schicks

2011-01-01

In the past, the microfinance industry focused mainly on growth and outreach. Addressing financial exclusion implied a huge supply gap. Recent over-indebtedness crises in several countries have shown that this gap can turn into over-supply. The industry urgently requires research to understand the magnitude and consequences of this shift. This chapter reveals the broad spectrum of consequences over-indebtedness can have on borrowers and other stakeholders, mainly MFIs. It emphasizes that over...

A financial network perspective of financial institutions' systemic risk contributions

Science.gov (United States)

Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang; Uryasev, Stan

2016-08-01

This study considers the effects of the financial institutions' local topology structure in the financial network on their systemic risk contribution using data from the Chinese stock market. We first measure the systemic risk contribution with the Conditional Value-at-Risk (CoVaR) which is estimated by applying dynamic conditional correlation multivariate GARCH model (DCC-MVGARCH). Financial networks are constructed from dynamic conditional correlations (DCC) with graph filtering method of minimum spanning trees (MSTs). Then we investigate dynamics of systemic risk contributions of financial institution. Also we study dynamics of financial institution's local topology structure in the financial network. Finally, we analyze the quantitative relationships between the local topology structure and systemic risk contribution with panel data regression analysis. We find that financial institutions with greater node strength, larger node betweenness centrality, larger node closeness centrality and larger node clustering coefficient tend to be associated with larger systemic risk contributions.

Explaining the Gender Wealth Gap

Science.gov (United States)

Ruel, Erin; Hauser, Robert M.

2013-01-01

To assess and explain the United States’ gender wealth gap, we use the Wisconsin Longitudinal Study to examine wealth accumulated by a single cohort over 50 years by gender, by marital status, and limited to the respondents who are their family’s best financial reporters. We find large gender wealth gaps between currently married men and women, and never-married men and women. The never-married accumulate less wealth than the currently married, and there is a marital disruption cost to wealth accumulation. The status-attainment model shows the most power in explaining gender wealth gaps between these groups explaining about one-third to one-half of the gap, followed by the human-capital explanation. In other words, a lifetime of lower earnings for women translates into greatly reduced wealth accumulation. A gender wealth gap remains between married men and women after controlling for the full model that we speculate may be related to gender differences in investment strategies and selection effects. PMID:23264038

78 FR 20913 - Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100...

Science.gov (United States)

2013-04-08

... the transaction: To support the export of U.S. manufactured commercial aircraft to China. Brief non... EXPORT-IMPORT BANK [Public Notice 2013-0024] Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 million: AP087801XX AGENCY: Export-Import Bank of the United...

78 FR 33090 - Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100...

Science.gov (United States)

2013-06-03

...-haul passenger service from Australia to other countries. To the extent that Ex-Im Bank is reasonably... EXPORT-IMPORT BANK [Public Notice 2013-0030] Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 Million: AP087980XX AGENCY: Export-Import Bank of the United...

Closing the gender gap in financial inclusion: Advancing the ...

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

Many banks are unaware that women represent a significant market. There is little capacity and knowledge in financial institutions about the market size, what value proposition to offer, and how the market should be segmented. This initiative builds a partnership between IDRC and the Global Banking Alliance for Women ...

EPA's Final Financial Assistance Conflict of Interest Policy

Science.gov (United States)

EPA has established the following revised interim policy governing disclosure of actual and potential conflicts of interest (COI Policy) by applicants for, and recipients of, federal financial assistance awards from EPA.

78 FR 69850 - Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100...

Science.gov (United States)

2013-11-21

..., rail and port facilities in Australia. To the extent that Ex-Im Bank is reasonably aware, the item(s... EXPORT-IMPORT BANK [Public Notice: 2013-0054] Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 Million: AP086750XX AGENCY: Export-Import Bank of the...

Creating financial transparency in public health: examining best practices of system partners.

Science.gov (United States)

Honoré, Peggy A; Clarke, Richard L; Mead, Dean Michael; Menditto, Susan M

2007-01-01

Financial transparency is based on concepts for valid, standardized information that is readily accessible and routinely disseminated to stakeholders. While Congress and others continuously ask for an accounting of public health investments, transparency remains an ignored concept. The objective of this study was to examine financial transparency practices in other industries considered as part of the public health system. Key informants, regarded as financial experts on the operations of hospitals, school systems, and higher education, were a primary source of information. Principal findings were that system partners have espoused some concepts for financial transparency beginning in the early 20th century--signifying an 80-year implementation gap for public health. Critical features that promote accountability included standardized data collection methods and infrastructures, uniform practices for quantitative analysis of financial performance, and credentialing of the financial management workforce. Recommendations are offered on the basis of these findings to aid public health to close this gap by framing a movement toward transparency.

Low carbon mini grids 'Identifying the gaps; building the evidence base', Support Study for DFID - Final Report

International Nuclear Information System (INIS)

2013-11-01

- involving customer management. In some cases, one may have a single player. Field evidence shows that this is not the case as companies interested in the generation side, are more often than not is a separate entity from distributors with the local contacts. They want a (reliable) off taker, who can be a DISCO (distribution company), a distribution cooperative, or large anchor customers. Aside from that, the risks and returns of distribution in a mini-grid are very different from Small Green Power generation. One structure undertaking the two activities is observed in the case of much smaller micro grids, or low tech village level approach - which is a very relevant but different market segment. 6 - National Policies, Regulatory and Financial Frameworks shows that formulating without a vision, strategy, quantified plan and political commitment, GMG stand little chance of broad expansion beyond pilot projects. Once this foundation is established, the legal basis, authorisation, procedures, and transparency should be worked out, further offering the incentives required for GMG to take off. Field reality shows us that this is starting in countries which are already well advanced in grid expansion for rural electrification. In countries where grid expansion still offers a significant potential, policy makers will look at mini-grids only as 'pilots' to learn from in preparation for a future phase. 7 - Smart Technologies and Innovative Energy Storage provides a quick perspective on the very promising technology developments, which is a strong argument in favour of making efforts to bridge the gap between economic and financial viability. 8 - GMG Development Program is the final chapter of the report which suggests countries for priority intervention given DFID goals, and the types of interventions which would be most effective in scaling up the number of GMG from demonstrations to programs

78 FR 67144 - Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100...

Science.gov (United States)

2013-11-08

... EXPORT-IMPORT BANK [Public Notice 2013-0050] Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 Million: AP086418XX AGENCY: Export-Import Bank of the United...) of the Charter of the Export-Import Bank of the United States (``Ex-Im Bank''), that Ex-Im Bank has...

In-gap discounts in Medicare Part D and specialty drug use.

Science.gov (United States)

Jung, Jeah; Xu, Wendy Yi; Cheong, Chelim

2017-09-01

Specialty drugs can bring significant benefits to patients, but they can be expensive. Medicare Part D plans charge relatively high cost-sharing costs for specialty drugs. A provision in the Affordable Care Act reduced cost sharing in the Part D coverage gap phase in an attempt to mitigate the financial burden of beneficiaries with high drug spending. We examined the early impact of the Part D in-gap discount on specialty cancer drug use and patients' out-of-pocket (OOP) spending. Natural experimental design. We compared changes in outcomes before and after the in-gap discount among beneficiaries with and without low-income subsidies (LIS). Beneficiaries with LIS, who were not affected by the in-gap discount, made up the control group. We studied a random sample of elderly standalone prescription drug plan enrollees with relatively uncommon cancers (eg, leukemia, skin, pancreas, kidney, sarcomas, and non-Hodgkin lymphoma) between 2009 and 2013. We constructed 4 outcome variables annually: 1) use of any specialty cancer drug, 2) the number of specialty cancer drug fills, 3) total specialty drug spending, and 4) OOP spending for specialty cancer drugs. The in-gap discount did not influence specialty cancer drug use, but reduced annual OOP spending for specialty cancer drugs among users without LIS by $1108. In-gap discounts in Part D decreased patients' financial burden to some extent, but resulted in no change in specialty drug use. As demand for specialty drugs increases, it will be important to ensure patients' access to needed drugs, while simultaneously reducing their financial burden.

AUDIT EXPECTATION GAP: AUDITORS IN UNENDING ROLE ...

African Journals Online (AJOL)

GRACE

Key Words: Expectation gap, Auditors, Shareholders, Self-regulation, Audit ... of auditing has changed from fraud detection to ‗verification of financial .... According to the role theory, the role of the auditors can be viewed in terms of the.

Subsidiary divestiture and acquisition in a financial crisis: operational focus, financial constraints, and ownership

Czech Academy of Sciences Publication Activity Database

Zhou, Y. M.; Li, X.; Švejnar, Jan

2011-01-01

Roč. 17, č. 2 (2011), s. 272-287 ISSN 0929-1199 R&D Projects: GA ČR GAP402/10/2130; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : divestiture * corporate restructuring * financial constraints Subject RIV: AH - Economics Impact factor: 1.447, year: 2011

Assessment of Training Needs for Arizona Student Financial Aid Practitioners. Final Report.

Science.gov (United States)

Fenske, Robert H.

The present and future training needs of financial aid practitioners (financial aid officers, counselors, and support staff personnel) at Arizona colleges and government agencies were assessed. Attention was directed to the literature on training and programs for financial aid practitioners, as well as the possibilities of developing a…

The domestic resource gap and current transaction deficit in Indonesia in 2010-2014

OpenAIRE

Anhulaila M. Palampanga; Bakri Hasanuddin

2017-01-01

The purpose of this study is to determine the relationship between domestic financial resource gaps and current account balance in Indonesia by using data from 2010 to 2014. Gaps in the domestic economy are classified into three types: 1) the domestic absorptive capacity of the national income gap (GNP), 2) gross national savings and investment gap, 3) private sector gap (private saving minus private investment), and public sector gap (tax minus government spending). By using a concept of ope...

Endogenous money, circuits and financialization

OpenAIRE

Malcolm Sawyer

2013-01-01

This paper locates the endogenous money approach in a circuitist framework. It argues for the significance of the credit creation process for the evolution of the economy and the absence of any notion of ‘neutrality of money’. Clearing banks are distinguished from other financial institutions as the providers of initial finance in a circuit whereas other financial institutions operate in a final finance circuit. Financialization is here viewed in terms of the growth of financial assets an...

Fintech, the new era of financial services

OpenAIRE

Varga, Dávid

2017-01-01

The research aims to fill the gap in the current academic literature regarding the appearance of innovation-focused financial technology (fintech) companies. The analysis provides a conceptual overview of the key value drivers behind fintechs, including the utilization of resource-based theories, business models, human-centered design and open innovation. The article introduces how fintechs can serve as an enabler of innovation in the incumbent financial sector and can have positive effects o...

Complex systems: from nuclear physics to financial markets

International Nuclear Information System (INIS)

Speth, J.; Drozdz, S.; Gruemmer, F.

2010-01-01

We compare correlations and coherent structures in nuclei and financial markets. In the nuclear physics part we review giant resonances which can be interpreted as a coherent structure embedded in chaos. With similar methods we investigate the financial empirical correlation matrix of the DAX and Dow Jones. We will show, that if the time-zone delay is properly accounted for, the two distinct markets largely merge into one. This is reflected by the largest eigenvalue that develops a gap relative to the remaining, chaotic eigenvalues. By extending investigations of the specific character of financial collectivity we also discuss the criticality-analog phenomenon of the financial log-periodicity and show specific examples.

Complex systems: from nuclear physics to financial markets

Science.gov (United States)

Speth, J.; Drożdż, S.; Grümmer, F.

2010-11-01

We compare correlations and coherent structures in nuclei and financial markets. In the nuclear physics part we review giant resonances which can be interpreted as a coherent structure embedded in chaos. With similar methods we investigate the financial empirical correlation matrix of the DAX and Dow Jones. We will show, that if the time-zone delay is properly accounted for, the two distinct markets largely merge into one. This is reflected by the largest eigenvalue that develops a gap relative to the remaining, chaotic eigenvalues. By extending investigations of the specific character of financial collectivity we also discuss the criticality-analog phenomenon of the financial log-periodicity and show specific examples.

Protection policy for users of financial services. Conceptual basis

Directory of Open Access Journals (Sweden)

Adrián Zelaia Ulibarri

2011-12-01

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

Pairing-gap, pseudogap, and no-gap phases in the radio-frequency spectra of a trapped unitary 6Li gas

International Nuclear Information System (INIS)

Pieri, P.; Perali, A.; Strinati, G. C.; Riedl, S.; Altmeyer, A.; Grimm, R.; Wright, M. J.; Kohstall, C.; Sanchez Guajardo, E. R.; Hecker Denschlag, J.

2011-01-01

Radio frequency spectra of a trapped unitary 6 Li gas are reported and analyzed in terms of a theoretical approach that includes both final-state and trap effects. The different strength of the final-state interaction across the trap is crucial for evidencing two main peaks associated with two distinct phases residing in different trap regions. These are the pairing-gap and pseudo-gap phases below the critical temperature T c , which evolve into the pseudo-gap and no-gap phases above T c . In this way, a long standing puzzle about the interpretation of rf spectra for 6 Li in a trap is solved.

An Overview of Fiduciary Standards and Suitability for Financial Planning Students

Science.gov (United States)

Chong, James T.; Jennings, Penelope R.; Phillips, G. Michael

2015-01-01

Financial planning is an interdisciplinary field including finance and business law topics. Consequently, standard pedagogical resources often omit topics that fall between these fields. To address a key gap in educational materials for financial planning students and faculty, this article reviews recent regulatory developments for financial…

Morocco - Financial Services

Data.gov (United States)

Millennium Challenge Corporation — The final evaluation of the Financial Services Project (FSP), undertaken by North South Consultants Exchange (NSCE), was undertaken from 17 April to end of September...

Financial Literacy: Thai Middle Class Women Do Not Lag Behind

NARCIS (Netherlands)

A. Grohmann (Antonia); O. Hübler (Olaf); R.R.P. Kouwenberg (Roy); L. Menkhoff (Lukas)

2016-01-01

textabstractThis research studies the stylized fact of a “gender gap” in that women tend to have lower financial literacy than men. Our data which samples middle-class people from Bangkok does not show a gender gap. This result is not explained by men’s low financial literacy, nor by women’s high

Genesis of regulatory and legal provision of financial safety

Directory of Open Access Journals (Sweden)

M.V. Pataridze-Vyshynska

2016-07-01

Full Text Available The article describes the main problems that concern regulatory and legal provision of financial safety. The scientific groundwork of researchers of this matter in Ukraine is analyzed and its gaps are revealed. The state competences concerning the regulation of financial safety are investigated. The legal provision of financial safety in a retrospective section is considered. The short characteristic of the main legal instruments that make the subsoil for formation of financial safety environment is provided. The main stages of legislative process of ensuring financial safety are found out. The paradigm of financial safety formation is generalized. The possibilities of ensuring financial safety in different areas of the state financial policy through the definition of problem aspects and ways of their decision are defined. It is certain that the problem of protection of national interests in the economic sphere is rather actual, especially in formation of financial safety environment in modern conditions. This problem is subject to further investigation of both lawmakers and scientists-economists.

Health spending, illicit financial flows and tax incentives in Malawi ...

African Journals Online (AJOL)

Health spending, illicit financial flows and tax incentives in Malawi. B O'Hare, M Curtis. Abstract. This analysis examines the gaps in health care financing in Malawi and how foregone taxes could fill these gaps. It begins with an assessment of the disease burden and government health expenditure. Then it analyses the tax ...

Mythic gaps

Directory of Open Access Journals (Sweden)

William Hansen

2014-11-01

Full Text Available Different kinds of omissions sometimes occur, or are perceived to occur, in traditional narratives and in tradition-inspired literature. A familiar instance is when a narrator realizes that he or she does not fully remember the story that he or she has begun to tell, and so leaves out part of it, which for listeners may possibly result in an unintelligible narrative. But many instances of narrative gap are not so obvious. From straightforward, objective gaps one can distinguish less-obvious subjective gaps: in many cases narrators do not leave out anything crucial or truly relevant from their exposition, and yet readers perceive gaps and take steps to fill them. The present paper considers four examples of subjective gaps drawn from ancient Greek literature (the Pandora myth, ancient Roman literature (the Pygmalion legend, ancient Hebrew literature (the Joseph legend, and early Christian literature (the Jesus legend. I consider the quite varied ways in which interpreters expand the inherited texts of these stories, such as by devising names, manufacturing motives, creating backstories, and in general filling in biographical ellipses. Finally, I suggest an explanation for the phenomenon of subjective gaps, arguing that, despite their variety, they have a single cause.

Solution Focused Financial Therapy: A Brief Report of a Pilot Study

Directory of Open Access Journals (Sweden)

Kristy L. Archuleta

2015-07-01

Full Text Available The financial counseling, financial planning, and financial therapy fields are hampered by a conceptual and empirical paucity of clinical and experimental evidence-based research. In an attempt to decrease this gap in the literature, a pilot study was developed to test the implementation of a solution-focused financial therapy client intervention approach, in which solution-focused therapy techniques were applied in a financial counseling setting. This paper reports findings from a clinical intervention study of college students (N = 8 who presented a variety of financial issues related to budgeting, investing, and debt repayment problems. Data were gathered prior to the start of treatment, after treatment ended, and three months later. Participants’ psychological well-being and financial behaviors improved, while financial distress decreased. The solution-focused financial therapy approach used is discussed.

Evaluation of Cost Models and Needs & Gaps Analysis

DEFF Research Database (Denmark)

Kejser, Ulla Bøgvad

2014-01-01

they breakdown costs. This is followed by an in depth analysis of stakeholders’ needs for financial information derived from the 4C project stakeholder consultation.The stakeholders’ needs analysis indicated that models should:• support accounting, but more importantly they should enable budgeting• be able......his report ’D3.1—Evaluation of Cost Models and Needs & Gaps Analysis’ provides an analysis of existing research related to the economics of digital curation and cost & benefit modelling. It reports upon the investigation of how well current models and tools meet stakeholders’ needs for calculating...... andcomparing financial information. Based on this evaluation, it aims to point out gaps that need to be bridged in order to increase the uptake of cost & benefit modelling and good practices that will enable costing and comparison of the costs of alternative scenarios—which in turn provides a starting point...

Building Financial Peace: A Conflict Resolution Framework for Money Arguments

Directory of Open Access Journals (Sweden)

Sarah D Asebedo

2016-12-01

Full Text Available This paper presents a well-known and highly utilized conflict resolution framework from the mediation profession and demonstrates how to apply this framework to money arguments. While conflict resolution skills have been identified as important to communication within the financial planning context, an integrated conflict resolution framework has yet to be recognized and understood within the financial planning literature. This paper aims to fill this gap. Ultimately, both mental health professionals and financial planners can benefit from an interdisciplinary approach to resolving money arguments by combining training in personal financial strategies and conflict resolution principles.

Prospects for immigrant-native wealth assimilation: evidence from financial market participation

OpenAIRE

Una Okonkwo Osili; Anna L. Paulson

2004-01-01

Because financial transactions are important for wealth accumulation, and rely on trust and confidence in institutions, the financial market behavior of immigrants can provide important insights into the assimilation process. Compared to the native-born, immigrants are less likely to own savings and checking accounts and these differences tend to persist over time. Our results suggest that a large share of the immigrant-native gap in financial market participation is driven by group differenc...

The Expectation Gap in Internet Financial Reporting: Evidence from an Emerging Capital Market

OpenAIRE

Turel, Asli

2010-01-01

The development of the internet as a global medium has significantly impacted financial reporting environment of the companies. Recently, companies have started reporting their financial results and other information relating to business on their web pages. The internet offers the facility to provide all interested groups with information to make well-informed, timely investment decision thus reducing the information advantages of institutional investors and information intermediaries. This s...

Are South African financial advisor addressing the estate planning objectives that are important to their client?

Directory of Open Access Journals (Sweden)

Venter, J.M.P.

2014-07-01

Full Text Available Estate planning is an important aspect of any effective financial plan. When preparing an estate plan several objectives identified by the individual planner, as well as several pieces of legislation have to be considered. In South Africa the actions of financial advisors are regulated by the Financial Advisory and Intermediary Services Act. The act aims to ensure that the financial advisor act in the best interest of his / her client. If the act meets its set objectives there will be an alignment of objectives set by a financial advisor and his / her client. This study investigates the existence of an expectation gap between the estate planning objectives considered to be important by the financial advisor and the importance allocated to these factors by the clients. The study found that there was an expectation gap for three of the objectives that should be considered in the estate plan

Empirical Estimates in Economic and Financial Optimization Problems

Czech Academy of Sciences Publication Activity Database

Houda, Michal; Kaňková, Vlasta

2012-01-01

Roč. 19, č. 29 (2012), s. 50-69 ISSN 1212-074X R&D Projects: GA ČR GAP402/10/1610; GA ČR GAP402/11/0150; GA ČR GAP402/10/0956 Institutional research plan: CEZ:AV0Z10750506 Keywords : stochastic programming * empirical estimates * moment generating functions * stability * Wasserstein metric * L1-norm * Lipschitz property * consistence * convergence rate * normal distribution * Pareto distribution * Weibull distribution * distribution tails * simulation Subject RIV: BB - Applied Statistics, Operational Research http://library.utia.cas.cz/separaty/2012/E/houda-empirical estimates in economic and financial optimization problems.pdf

Reducing financial barriers to vaccinating children and adolescents in the USA.

Science.gov (United States)

Bednarczyk, Robert A; Birkhead, Guthrie S

2011-02-01

To increase awareness of the financial barriers to childhood and adolescent vaccination, recent steps taken to mitigate these barriers, and remaining gaps following passage of Federal healthcare reform legislation. Financial barriers to vaccination remain, even with the safety net of the Vaccines for Children Program. Newly recommended vaccines have substantially increased the cost to fully vaccinate a child up to age 18 years, and the combination of these cost burdens and inadequate reimbursement, in both the private and public sectors, has led some physicians to seriously consider stopping vaccination services. Up to 20% of privately insured children or adolescents have coverage that does not fully cover all costs of immunization, potentially leading to fragmented and inadequate preventive care. Federal healthcare reform legislation, as currently constituted, may not fully address all financing gaps, and the extent to which financial barriers to immunization services remain will need to be evaluated as the legislation is implemented. Recent National Vaccine Advisory Committee recommendations need to be considered to address financial barriers to immunization.

Local financial development and capital accumulations: Evidence from Turkey

Directory of Open Access Journals (Sweden)

Eryiğit Sibel Balı

2015-01-01

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

A Study on the Financial Gap of Environmental Protection Industry in Hunan Province during the 12th Five-Year Plan%“十二五”时期湖南环保产业发展的融资缺口研究

Institute of Scientific and Technical Information of China (English)

贺立; 李远航

2012-01-01

“十二五”期间，湖南省将环保产业列为重点发展的战略性新兴产业之一。笔者基于经济核算的基本原理，对“十二五”期间湖南省环保产业发展的资金需求、资金供给和资金缺口进行了预测、分析，并针对性地提出了解决融资缺口问题的政策措施。笔者的研究对于保障“十二五”时期湖南环保产业发展的资金支持具有指导作用，对于国内其他地区经济发展的资金缺口预测具有借鉴意义。%During thel2th Five-Year Plan, the environmental protection industry has been listed as one of the strategic emerging industries for Hunan Province. This article is to project and analyze the financial needs, and financial supply and financial gap of the environmental protection industry development during the 12th Five-Year Plan based on the basic principles of economic accounting, and then come up with the policy targeted at the problem on addressing the financial gap. The study has its guiding role for guaranteeing the financial support of the development of environmental protection industry in Hunan Province, and could be used as reference on projecting the funding gap for the economic development in other areas of the country.

Is Financial Literacy a Determinant of Health?

Science.gov (United States)

Meyer, Melanie

2017-08-01

Changes in economic conditions and healthcare delivery models have shifted more healthcare costs to patients, resulting in greater patient financial responsibilities. As a result, it is important to understand the potential impact of financial literacy on patients' healthcare behavior. With the focus on delivering better health outcomes at lower costs, factors that influence patient behavior are important considerations for healthcare providers. Although researchers have proposed a variety of conceptual models that identify influential factors, those models do not fully address financial literacy and its potential impact patients' healthcare decisions. This article examines existing models of patient healthcare decision-making and current research on factors affecting patient decision-making and behavior and then presents recommendations for closing the identified gap in our current knowledge.

Assessing the interaction effect of cost control systems and information technology integration on manufacturing plant financial performance

OpenAIRE

Maiga, Adam S; Nilsson, Anders; Jacobs, Fred

2014-01-01

The interface between management control and information technology is an under-developed research area with a knowledge gap concerning its implications for financial performance. This study contributes to bridging this gap by investigates the interaction effect of cost control systems and information technology integration on manufacturing plant financial performance. We surveyed a sample of 518 managers of U.S. manufacturing plants, approximately evenly distributed between those using activ...

March 2010 Final for Publicat...

African Journals Online (AJOL)

User

trial data to particular patients as one major barrier. Time pressures as well as financial considerations are ... issues of attitudinal barriers and institutional defects contributing to this gap in the Nigeria situation and .... the Medical and Dental Council of Nigeria and the ... cardiovascular disease prevention programme A.

Financial signal processing and machine learning

CERN Document Server

Kulkarni,Sanjeev R; Dmitry M. Malioutov

2016-01-01

The modern financial industry has been required to deal with large and diverse portfolios in a variety of asset classes often with limited market data available. Financial Signal Processing and Machine Learning unifies a number of recent advances made in signal processing and machine learning for the design and management of investment portfolios and financial engineering. This book bridges the gap between these disciplines, offering the latest information on key topics including characterizing statistical dependence and correlation in high dimensions, constructing effective and robust risk measures, and their use in portfolio optimization and rebalancing. The book focuses on signal processing approaches to model return, momentum, and mean reversion, addressing theoretical and implementation aspects. It highlights the connections between portfolio theory, sparse learning and compressed sensing, sparse eigen-portfolios, robust optimization, non-Gaussian data-driven risk measures, graphical models, causal analy...

Financial development in emerging markets: The Indian experience

OpenAIRE

Krishnan, K. P.

2011-01-01

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing the development of each segment of financial markets. In doing so, it highlights the dualistic development of the financial sector. Finally, the paper makes an attempt to offer an explanation of this du...

77 FR 51705 - Rescission of Quarterly Financial Reporting Requirements

Science.gov (United States)

2012-08-27

... No. FMCSA-2012-0020] RIN-2126-AB48 Rescission of Quarterly Financial Reporting Requirements AGENCY...: FMCSA withdraws its June 27, 2012, direct final rule eliminating the quarterly financial reporting... future proposing the elimination of the quarterly financial reporting requirements for Form QFR and Form...

Audit expectation gap: auditors in unending role conflict? | Abiola ...

African Journals Online (AJOL)

This paper examines the audit expectation gap with respect to financial statement users. Fifty five copies of questionnaires were distributed to each of the respondents' group of auditors, stockbrokers and company's shareholders. A total of 154 usable questionnaires were received and analyzed using Pearson Correlation ...

Current Transformations of the Eurozone Financial and Institutional Space

Directory of Open Access Journals (Sweden)

Kornіvska Valerіa O.

2016-08-01

Full Text Available The article presents the results of studying the processes of reforming the financial and institutional space of the eurozone, which in the long run creates the foundation for basic changes, which will result in not just a postcrisis “restart” of the system of financial institutions, but the creation of new mechanisms of liquidity circulation and in view of this the restructuring of the current model of investment process from mainly the banking into the market (stock one. On the basis of the analysis of the credit cooperation between banking institutions of the eurozone and the real sector there made conclusions about the limited effectiveness of the current model of investment support due to the inability of the dominant financial institutions (banks to enable economic recovery under conditions of the gap between the complementary interaction of banking institutions and the real sector of the economy. The paper justifies that the gap between the complementarity of the banking system and the real sector emerged also in connection with the formation of the negative in the general economic context complementarity of the state and the banking sector, which greatly distorts the competitive foundations of the European financial and institutional space, contributes to the banking lobby, hinders the process of reforming the banking space, which will be of limited effectiveness in the future

Industry specific financial distress modeling

Directory of Open Access Journals (Sweden)

Naz Sayari

2017-01-01

Full Text Available This study investigates uncertainty levels of various industries and tries to determine financial ratios having the greatest information content in determining the set of industry characteristics. It then uses these ratios to develop industry specific financial distress models. First, we employ factor analysis to determine the set of ratios that are most informative in specified industries. Second, we use a method based on the concept of entropy to measure the level of uncertainty in industries and also to single out the ratios that best reflect the uncertainty levels in specific industries. Finally, we conduct a logistic regression analysis and derive industry specific financial distress models which can be used to judge the predictive ability of selected financial ratios for each industry. The results show that financial ratios do indeed echo industry characteristics and that information content of specific ratios varies among different industries. Our findings show diverging impact of industry characteristics on companies; and thus the necessity of constructing industry specific financial distress models.

Bridging the gap between financial reporting and the revenue cycle.

Science.gov (United States)

Clark, Kari; Bang, Derek A

2012-09-01

Implementing a standardized financial reporting and revenue cycle monitoring platform can help healthcare organizations improve their net revenue reporting and budgeting processes. Consistent, standardized data help the finance office estimate accounts receivable reserves more accurately, streamline the month-end closing process, and strengthen internal controls. The benefits of standardizing the finance and revenue cycle functions are particularly significant in large organizations with multiple facilities, but even single-facility providers can benefit from improved communication between the business office and finance.

40 CFR 280.112 - Drawing on financial assurance mechanisms.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 26 2010-07-01 2010-07-01 false Drawing on financial assurance... OF UNDERGROUND STORAGE TANKS (UST) Financial Responsibility § 280.112 Drawing on financial assurance... agency may draw on a standby trust fund when: (1) The Director makes a final determination that a release...

The Geography of Financial Literacy

Directory of Open Access Journals (Sweden)

Christopher Bumcrot

2013-07-01

Full Text Available This paper explores how well equipped today’s households are to make complex financial decisions in the face of often high-cost and high-risk financial instruments. Specifically we focus on financial literacy. Most importantly, we describe the geography of financial literacy, i.e., how financial literacy is distributed across the fifty US states. We describe the correlation of financial literacy and some important aggregate variables, such as state-level poverty rates. Finally, we examine the extent to which differences in financial literacy can be explained by states’ demographic and economic characteristics. To assess financial literacy, five questions were added to the 2009 National Financial Capability Study, covering fundamental concepts of economics and finance encountered in everyday life: simple calculations about interest rates and inflation, the workings of risk diversification, the relationship between bond prices and interest rates, and the relationship between interest payments and maturity in mortgages. We constructed an index of financial literacy based on the number of correct answers provided by each respondent to the five financial literacy questions. The financial literacy index reveals wide variation in financial literacy across states. Much of the variation is attributable to differences in the demographic makeup of the states; however, a handful of states have either higher or lower levels of financial literacy than is explained by demographics alone. Also, there is a significant correlation between the financial literacy of a state and that state’s poverty level. The findings indicate directions for policy makers and practitioners interested in targeting areas where financial literacy is low.

Closing the gender gap in financial inclusion on a large scale | IDRC ...

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

2017-10-16

Oct 16, 2017 ... More than 2 billion people lack access to a financial account — with women, the poor, and ... The Alliance comprises more than 100 member institutions ... societies, labour markets, and employment opportunities around the.

Financial Literacy among Israeli College Students

Science.gov (United States)

Shahrabani, Shosh

2013-01-01

In this study, responses of 574 students from two colleges in Israel were used to examine three issues: (a) financial literacy (FL) among Israeli college students, (b) gaps in FL between Jews and Arabs, and (c) factors affecting students' FL. The results showed that Israeli students exhibit a low level of FL and that FL is affected by gender,…

IFRS 9 for financial institutions : the case for IFRS and FinRep-taxonomies : a conceptual gap analysis

OpenAIRE

Beerbaum, Dirk; Piechocki, Maciej

2017-01-01

Manuscript Type: Theoretical Main topic: A tsunami of regulations since the 2013 financial crisis is steering toward’s Europe’s financial service sector. At the same time the accounting standard for financial institutions’ core products the financial instruments will be changing. As disclosures according to IFRS 9 become mandatory by 2018, the existing IFRS Taxonomy for IFRS 9 already developed by the IFRS Foundation, represents a suitable and objective framework to assess IFRS 9 impact on di...

Central Bank Financial Strength and Policy Performance; An Econometric Evaluation

OpenAIRE

Peter Stella; Ulrich H Klueh

2008-01-01

The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank financial strength influences policy performance remains controversial. This is due, in part, to a lack of econometric evidence. The paper presents a first step toward filling this gap, by providing a quanti...

Unmet Student Financial Need in the State of Washington: A Study of the "Need Gap."

Science.gov (United States)

Fenske, Robert; And Others

A study of unmet student financial need in Washington State was conducted by the Washington Council for Postsecondary Education. "Unmet need" is the difference between need and the total amount of aid received by the student through federal, state, and institutional financial aid programs, privately funded scholarships, and nonsubsidized…

The ISA 700 Auditor’s Report and the Audit Expectation Gap – Do Additional Explanations Matter?

NARCIS (Netherlands)

Gold, A.H.; Pott, C.; Gronewold, U.

2012-01-01

In this paper we test the effectiveness of explanations as mandated by the revised ISA 700 auditor's report in reducing the audit expectation gap. German auditors and financial statement users participated in an experiment where they read a summary of a firm's financial statements and an auditor's

76 FR 35273 - Open Meeting of the President's Advisory Council on Financial Capability

Science.gov (United States)

2011-06-16

... access the audio webcast will be posted on the Treasury's Office of Financial Education and Financial... Education and Financial Access and finally on President's Advisory Council on Financial Capability). The... to the Department of the Treasury, Office of Financial Education and Financial Access, Main Treasury...

Hyper-active gap filling

Directory of Open Access Journals (Sweden)

Akira eOmaki

2015-04-01

Full Text Available Much work has demonstrated that speakers of verb-final languages are able to construct rich syntactic representations in advance of verb information. This may reflect general architectural properties of the language processor, or it may only reflect a language-specific adaptation to the demands of verb-finality. The present study addresses this issue by examining whether speakers of a verb-medial language (English wait to consult verb transitivity information before constructing filler-gap dependencies, where internal arguments are fronted and hence precede the verb. This configuration makes it possible to investigate whether the parser actively makes representational commitments on the gap position before verb transitivity information becomes available. A key prediction of the view that rich pre-verbal structure-building is a general architectural property is that speakers of verb-medial languages should predictively construct dependencies in advance of verb transitivity information, and therefore that disruption should be observed when the verb has intransitive subcategorization frames that are incompatible with the predicted structure. In three reading experiments (self-paced and eye-tracking that manipulated verb transitivity, we found evidence for reading disruption when the verb was intransitive, although no such reading difficulty was observed when the critical verb was embedded inside a syntactic island structure, which blocks filler-gap dependency completion. These results are consistent with the hypothesis that in English, as in verb-final languages, information from preverbal NPs is sufficient to trigger active dependency completion without having access to verb transitivity information.

Hyper-active gap filling.

Science.gov (United States)

Omaki, Akira; Lau, Ellen F; Davidson White, Imogen; Dakan, Myles L; Apple, Aaron; Phillips, Colin

2015-01-01

Much work has demonstrated that speakers of verb-final languages are able to construct rich syntactic representations in advance of verb information. This may reflect general architectural properties of the language processor, or it may only reflect a language-specific adaptation to the demands of verb-finality. The present study addresses this issue by examining whether speakers of a verb-medial language (English) wait to consult verb transitivity information before constructing filler-gap dependencies, where internal arguments are fronted and hence precede the verb. This configuration makes it possible to investigate whether the parser actively makes representational commitments on the gap position before verb transitivity information becomes available. A key prediction of the view that rich pre-verbal structure building is a general architectural property is that speakers of verb-medial languages should predictively construct dependencies in advance of verb transitivity information, and therefore that disruption should be observed when the verb has intransitive subcategorization frames that are incompatible with the predicted structure. In three reading experiments (self-paced and eye-tracking) that manipulated verb transitivity, we found evidence for reading disruption when the verb was intransitive, although no such reading difficulty was observed when the critical verb was embedded inside a syntactic island structure, which blocks filler-gap dependency completion. These results are consistent with the hypothesis that in English, as in verb-final languages, information from preverbal noun phrases is sufficient to trigger active dependency completion without having access to verb transitivity information.

Customer behavior relative to gap between platform and train : final report, July 2009.

Science.gov (United States)

2009-07-01

Managing gap safety at the train platform interface has been an on-going concern for passenger : rail systems. The major questions this research seeks to answer are what customer behaviors are : associated with the risk of gap injury incidents and wh...

The US Finance Wage Premium Before and After the Financial Crisis

DEFF Research Database (Denmark)

Capuano, Stella; Lai, Tat-kei; Schmerer, Hans-Jörg

2014-01-01

Does the recent financial crisis change the wage structures of the US finance and nonfinance sectors? In this article, we study the wage gap between workers in these two sectors between 1990 and 2011. Using data from the Current Population Survey, we find that the finance wage premium increased...... over time and only dropped modestly during the crisis. Using the Oaxaca–Blinder method to decompose the wage gap into ‘explained’ and ‘unexplained’ parts, we also find that the wage gap was entirely driven by unexplained factors....

Achieving Robustness to Uncertainty for Financial Decision-making

Energy Technology Data Exchange (ETDEWEB)

Barnum, George M. [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Van Buren, Kendra L. [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Hemez, Francois M. [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Song, Peter [Univ. of Pennsylvania, Philadelphia, PA (United States)

2014-01-10

This report investigates the concept of robustness analysis to support financial decision-making. Financial models, that forecast future stock returns or market conditions, depend on assumptions that might be unwarranted and variables that might exhibit large fluctuations from their last-known values. The analysis of robustness explores these sources of uncertainty, and recommends model settings such that the forecasts used for decision-making are as insensitive as possible to the uncertainty. A proof-of-concept is presented with the Capital Asset Pricing Model. The robustness of model predictions is assessed using info-gap decision theory. Info-gaps are models of uncertainty that express the “distance,” or gap of information, between what is known and what needs to be known in order to support the decision. The analysis yields a description of worst-case stock returns as a function of increasing gaps in our knowledge. The analyst can then decide on the best course of action by trading-off worst-case performance with “risk”, which is how much uncertainty they think needs to be accommodated in the future. The report also discusses the Graphical User Interface, developed using the MATLAB® programming environment, such that the user can control the analysis through an easy-to-navigate interface. Three directions of future work are identified to enhance the present software. First, the code should be re-written using the Python scientific programming software. This change will achieve greater cross-platform compatibility, better portability, allow for a more professional appearance, and render it independent from a commercial license, which MATLAB® requires. Second, a capability should be developed to allow users to quickly implement and analyze their own models. This will facilitate application of the software to the evaluation of proprietary financial models. The third enhancement proposed is to add the ability to evaluate multiple models simultaneously

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

Directory of Open Access Journals (Sweden)

Joanna Błach

2011-11-01

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

Hyper-active gap filling

OpenAIRE

Omaki, Akira; Lau, Ellen F.; Davidson White, Imogen; Dakan, Myles L.; Apple, Aaron; Phillips, Colin

2015-01-01

Much work has demonstrated that speakers of verb-final languages are able to construct rich syntactic representations in advance of verb information. This may reflect general architectural properties of the language processor, or it may only reflect a language-specific adaptation to the demands of verb-finality. The present study addresses this issue by examining whether speakers of a verb-medial language (English) wait to consult verb transitivity information before constructing filler-gap d...

Financial Markets and the Challenges of Sustainable Growth

Directory of Open Access Journals (Sweden)

Janicka Małgorzata

2016-06-01

Full Text Available Sustainable growth and responsibility for the economy and the environment are postulates rarely associated with the term “financial market”. Financial markets are identified with the ruthless maximisation of profit at acceptable risk, rather than with socially responsible conduct. However, in the global economy businesses modify their priorities and become aware of not just the need to grow in financial terms but also to improve their quality performance. International financial markets have become part of this trend and are increasingly often adopting environmentally friendly attitudes and embracing the challenges posed by the concept of sustainable growth. Ideas such as CSR – Corporate Social Responsibility – and SRI – Socially Responsible Investment are gaining in importance. While sustainable growth of the economy as perceived from the point of view of the manufacturing or service sectors is widely discussed, the sustainable growth of financial markets is a relatively new concept and the available literature on “green” financial markets is quite scarce. This paper is intended to fill in this gap and examine the changes that have taken place on financial markets in the context of the idea of sustainable growth, with particular attention paid to the European Union markets.

Jordan Banks Financial Soundness Indicators

Directory of Open Access Journals (Sweden)

Imad Kutum

2015-09-01

Full Text Available The aim of this research paper is to examine the Jordanian banks using financial soundness indicators. This is to establish if Jordanian banks were affected because of the 2007/2008 financial crisis and determine the underlying reasons. The research paper was conducted on 25 banks in Jordan listed in the countries securities exchange. The research methodology used consisted of examining the banks financial records in order to derive four crucial Basel III ratio such as the capital adequacy ratio, the leverage ratio, the liquidity ratio and finally the Total Provisions (As % Of Non-Performing Loans %. The results revealed that out of the four hypotheses under examination Jordan Banks do not meet Basel financial Indicators for Capital Adequacy Ratio, Jordan Banks does not meet Basel financial Indicators for Liquidity Ratio , Jordan Banks do not meet Basel financial Indicators for Leverage Ratio and Jordan Banks do not meet Basel financial Indicators for Total Provisions (As % Of Non-Performing Loans ratio. Only one hypothesis was accepted based on the research outcomes. The rest of the hypothesis was rejected since the average trend line did not go below the Basel III required ratio level. The general outcome of the research revealed that Jordanian banks were not affected significantly by the financial crisis.

Estimating the financial resources needed for local public health departments in Minnesota: a multimethod approach.

Science.gov (United States)

Riley, William; Briggs, Jill; McCullough, Mac

2011-01-01

This study presents a model for determining total funding needed for individual local health departments. The aim is to determine the financial resources needed to provide services for statewide local public health departments in Minnesota based on a gaps analysis done to estimate the funding needs. We used a multimethod analysis consisting of 3 approaches to estimate gaps in local public health funding consisting of (1) interviews of selected local public health leaders, (2) a Delphi panel, and (3) a Nominal Group Technique. On the basis of these 3 approaches, a consensus estimate of funding gaps was generated for statewide projections. The study includes an analysis of cost, performance, and outcomes from 2005 to 2007 for all 87 local governmental health departments in Minnesota. For each of the methods, we selected a panel to represent a profile of Minnesota health departments. The 2 main outcome measures were local-level gaps in financial resources and total resources needed to provide public health services at the local level. The total public health expenditure in Minnesota for local governmental public health departments was $302 million in 2007 ($58.92 per person). The consensus estimate of the financial gaps in local public health departments indicates that an additional $32.5 million (a 10.7% increase or $6.32 per person) is needed to adequately serve public health needs in the local communities. It is possible to make informed estimates of funding gaps for public health activities on the basis of a combination of quantitative methods. There is a wide variation in public health expenditure at the local levels, and methods are needed to establish minimum baseline expenditure levels to adequately treat a population. The gaps analysis can be used by stakeholders to inform policy makers of the need for improved funding of the public health system.

Comprehensive Environmental Assessment Applied to Multiwalled Carbon Nanotube Flame-Retardant Coatings in Upholstery Textiles: A Case Study Presenting Priority Research Gaps for Future Risk Assessments (Final Report)

Science.gov (United States)

In September 2013, EPA announced the availability of the final report, Comprehensive Environmental Assessment Applied to Multiwalled Carbon Nanotube Flame-Retardant Coatings in Upholstery Textiles: A Case Study Presenting Priority Research Gaps for Future Risk Assessments...

Financial management, bargaining and efficiency within the household; An empirical analysis

NARCIS (Netherlands)

Dobbelsteen, S; Kooreman, P

1997-01-01

This paper analyzes data from the British Household Panel Survey on households' financial management and financial decision-making. Direct subjective information was collected by asking questions like 'Who has the final say in big financial decisions?'. All questions were answered separately by both

On the Feasibility of Gap Detection of Power Transformer Partial Discharge UHF Signals: Gap Propagation Characteristics of Electromagnetic Waves

Directory of Open Access Journals (Sweden)

Xiaoxing Zhang

2017-10-01

Full Text Available This study analyzed the transformer electromagnetic gap propagation characteristics. The influence of gap size is also analyzed, and the results experimentally verified. The obtained results indicated that the gap propagation characteristics of electromagnetic wave signals radiated by the partial discharge (PD source in different directions are substantially different. The intensity of the electromagnetic wave in the gap reaches a maximum at a gap height of 1 cm; and inside the gap, the intensity of the electromagnetic wave depicted an increasing trend at the tail area of the gap. Finally, from the obtained results, some suggestions on where to install sensors in practical systems for ultra high frequency (UHF PD signal detection in the transformer gap are provided. The obtained results confirmed the feasibility of using this approach. These results can be seen as a benchmark and a challenge for further research in this field.

Medicaid program; Medicaid Management Information Systems; conditions of approval and reapproval and procedures for reduction of Federal financial participation--HCFA. Final rule.

Science.gov (United States)

1985-07-30

This final rule provides the additional requirements to the conditions and procedures for initial approval and reapproval of Medicaid Management Information Systems (MMIS) that were added by section 1903(r) of the Social Security Act (as amended by section 901 of the Mental Health Systems Act of 1980, Pub. L. 96-398). These provisions are intended to improve States' MMIS, ensure efficient system operations, and make the procedures for detection of fraud, waste, and abuse more effective. In addition, this final rule specifies the procedures we follow in reducing the level of Federal financial participation in State administrative expenditures if a State fails to meet the conditions for initial operation, initial approval, or reapproval of an MMIS.

Nursing home safety: does financial performance matter?

Science.gov (United States)

Oetjen, Reid M; Zhao, Mei; Liu, Darren; Carretta, Henry J

2011-01-01

This study examines the relationship between financial performance and selected safety measures of nursing homes in the State of Florida. We used descriptive analysis on a total sample of 1,197. Safety information was from the Online Survey, Certification and Reporting (OSCAR) data of 2003 to 2005, while the financial performance measures were from the Medicare cost reports of 2002 to 2004. Finally, we examined the most frequently cited deficiencies as well as the relationship between financial performance and quality indicators. Nursing homes in the bottom quartile of financial performance perform poorly on most resident-safety measures of care; however, nursing homes in the top two financial categories also experienced a higher number of deficiencies. Nursing homes in the next to lowest quartile of financial performance category best perform on most of these safety measures. The results reinforce the need to monitor nursing home quality and resident safety in US nursing homes, especially among facilities with poor overall financial performance.

Financial burden of healthcare for cancer patients with social medical insurance: a multi-centered study in urban China

OpenAIRE

Mao, Wenhui; Tang, Shenglan; Zhu, Ying; Xie, Zening; Chen, Wen

2017-01-01

Background Cancer accounts for one-fifth of the total deaths in China and brings heavy financial burden to patients and their families. Chinese government has made strong commitment to develop three types of social medical insurance since 1997 and recently, more attempts were invested to provide better financial protection. To analyze health services utilization and financial burden of insured cancer patients, and identify the gaps of financial protection provided by insurance in urban China....

Financial Reporting of Department 97-Funded Property, Plant, and Equipment

National Research Council Canada - National Science Library

2001-01-01

This audit is the final part of the audit on "Compilation of the FY 1999 Financial Statements for Other Defense Organizations-General Fund" and in support of our audit of the FY 2000 Financial Statement...

Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

Directory of Open Access Journals (Sweden)

Daniel Karl Detzer

2015-03-01

Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

Corporate Governance and Financial Performance Nexus: Any Bidirectional Causality?

Directory of Open Access Journals (Sweden)

Alley Ibrahim S.

2016-06-01

Full Text Available Most studies on corporate governance recognize endogeneity in the nexus between corporate governance and financial performance. Little attention has, however, been paid to the direction of causality between the two phenomena, and hence the Vector Error Correction (VEC model, which allows for endogenous determination of the direction of causality, has not been widely employed. This study fills that gap by estimating the nexus and the direction of causality using the VEC model to analyze panel data on selected listed firms in Nigeria. The results agree with the findings of most previous studies that corporate governance significantly affects financial performance. Board skills, board composition and management skills enhanced financial performance indicators – return on equity (ROE, return on asset (ROA and net profit margin (NPM; in many occasions, significantly. Board size and audit committee size did not, and can actually undermine financial performance. More importantly, financial performance did not significantly affect corporate governance. On the basis of the lag structure of the VEC model, this study affirms unidirectional causality in the nexus, running from corporate governance to financial performance, nullifying the hypothesis of bidirectional causality in the nexus.

Closing the gap between spent fuel storage and final disposal in a multinational management system

International Nuclear Information System (INIS)

Bredell, P.J.

1999-01-01

In this paper, a multinational spent fuel management concept is proposed. The management concept is based on a service agreement between countries, which intend participating in a common spent fuel (SNF) management venture. Accordingly, one of the participants in this venture would act as the hosting country, while the others fulfil the role of customer countries. The hosting country would agree to accept SNF from customer countries under specific conditions, as required by the service agreement. The service agreement should cover a sufficient number of options that customers can use, such as storage, reprocessing or disposal. The service offering should be flexible enough to accommodate diverse customer requirements. Typically, the first step in the multinational management process is the storage of the SNF delivered to the hosting country. The final step being the disposal of the material in a deep geologic repository. This paper explores the ways and means of closing the gap between the first and last steps in the management process. (author)

Does Students' Financial Behaviour Differ Based on Their Family Income?

OpenAIRE

Dorjana Nano; Teuta Llukani

2015-01-01

This study investigates the differences on Financial Behaviour among Albanian university students based on their family income. The main objectives of this study are: i) firstly, to assess the level of financial behaviour of Albanian university students; ii) to examine whether the financial behaviour differs based on the level of students family income; and ii) finally, , to provide some conclusions and policy implications with regard to financial behaviour. An instrument comprised of specifi...

Financial problems facing the manufacturers of small wind energy conversion systems. Final report

Energy Technology Data Exchange (ETDEWEB)

Bolle, T G

1979-11-01

The financial barriers faced by the manufacturers of small wind energy conversion systems (SWECS) are assessed and found to be similar to those faced by other start up businesses. However, these problems are found to be aggravated by the high expectations for accelerated SWECS industry growth in the face of moderate government support and lack of investment capital. The underlying conditions of limited SWECS entrepreneur business experience, the highly competitive venture capital market, the inability of existing financial institutions to aid infant busineses and public unawareness of SWECS are reviewed. Specific manufacturer-oriented recommendations and federal, state and regulatory policy-oriented recommendations are made. In addition, the dynamics of the SWECS commercialization process are assessed and the variety of financial institutions playing a role in this process is detailed. Issues related to inflation, tax policy, regulation and federal R and D procurement policies are analyzed.

A consumption value-gap analysis for sustainable consumption.

Science.gov (United States)

Biswas, Aindrila

2017-03-01

Recent studies on consumption behavior have depicted environmental apprehension resulting from across wide consumer segments. However, this has not been widely reflected upon the growth in the market shares for green or environment-friendly products mostly because gaps exist between consumers' expectations and perceptions for those products. Previous studies have highlighted the impact of perceived value on potential demand, consumer satisfaction and behavioral intentions. The necessity to understand the effects of gaps in expected and perceived values on consumers' behavioral intention and potential demand for green products cannot be undermined as it shapes the consumers' inclination to repeated purchase and consumption and thus foster potential market demand. Pertaining to this reason, the study aims to adopt a consumption value-gap model based on the theory of consumption values to assess their impact on sustainable consumption behavior and market demand of green products. Consumption value refers to the level of fulfillment of consumer needs by assessment of net utility derived after effective comparison between the benefits (financial or emotional) and the gives (money, time, or energy). The larger the gaps the higher will be the adversarial impact on behavioral intentions. A structural equation modeling was applied to assess data collected through questionnaire survey. The results indicate that functional value-gap and environmental value-gap has the most adversarial impact on sustainable consumption behavior and market demand for green products.

Measuring the Tax Gap in the European Economy

Directory of Open Access Journals (Sweden)

Konrad Raczkowski

2015-07-01

Full Text Available The objective of the paper is to reveal the methodology used to examine the tax gap and calculate the tax gap for all EU states over 2011-2014. The paper draws on the review of reference literature addressing the tax gap in the context of tax avoidance and tax evasion. The paper features the GDP size across countries so as to demonstrate the overall level of the shadow economy compared to the aggregate tax burden. Finally, for the first time, the calculations of the tax gap for all EU states over 2011-2014 were displayed.

Conceptual Models and Guidelines for Clinical Assessment of Financial Capacity.

Science.gov (United States)

Marson, Daniel

2016-09-01

The ability to manage financial affairs is a life skill of critical importance, and neuropsychologists are increasingly asked to assess financial capacity across a variety of settings. Sound clinical assessment of financial capacity requires knowledge and appreciation of applicable clinical conceptual models and principles. However, the literature has presented relatively little conceptual guidance for clinicians concerning financial capacity and its assessment. This article seeks to address this gap. The article presents six clinical models of financial capacity : (1) the early gerontological IADL model of Lawton, (2) the clinical skills model and (3) related cognitive psychological model developed by Marson and colleagues, (4) a financial decision-making model adapting earlier decisional capacity work of Appelbaum and Grisso, (5) a person-centered model of financial decision-making developed by Lichtenberg and colleagues, and (6) a recent model of financial capacity in the real world developed through the Institute of Medicine. Accompanying presentation of the models is discussion of conceptual and practical perspectives they represent for clinician assessment. Based on the models, the article concludes by presenting a series of conceptually oriented guidelines for clinical assessment of financial capacity. In summary, sound assessment of financial capacity requires knowledge and appreciation of clinical conceptual models and principles. Awareness of such models, principles and guidelines will strengthen and advance clinical assessment of financial capacity. © The Author 2016. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Cash or Compliment? Older employees preference of financial versus non-financial incentives

Directory of Open Access Journals (Sweden)

Miodraga Stefanovska-Petkovska

2017-03-01

Full Text Available Resulting from the emerging importance of population ageing, the last several years an increased amount of academic interest has been located in the area of motivation of older employees. In this context, job satisfaction has been used as one of the measure to evaluate older workers wellbeing in the organization. The aim of this paper is to investigate the preference of financial and nonfinancial incentives among older employees and their impact on job satisfaction. A total of 351 employees aged 40 years and over working in the telecommunication industry in the Republic of Macedonia, have been included in the study. The results indicated that although both types of incentives are positively related to job satisfaction, financial incentives tend to be stronger predictors. In addition, managerial position, tenure and intrinsic motivation have been positively related to job satisfaction among older employees as well. The current research seeks to decrease the research gap concerning the ageing workforce in developing economies and contribute to the increased understanding of these growing age group of employees.

Demonstrating the financial impact of clinical libraries: a systematic review.

Science.gov (United States)

Madden, Anne; Collins, Pamela; McGowan, Sondhaya; Stevenson, Paul; Castelli, David; Hyde, Loree; DeSanto, Kristen; O'Brien, Nancy; Purdon, Michelle; Delgado, Diana

2016-09-01

The purpose of this review is to evaluate the tools used to measure the financial value of libraries in a clinical setting. Searches were carried out on ten databases for the years 2003-2013, with a final search before completion to identify any recent papers. Eleven papers met the final inclusion criteria. There was no evidence of a single 'best practice', and many metrics used to measure financial impact of clinical libraries were developed on an ad hoc basis locally. The most common measures of financial impact were value of time saved, value of resource collection against cost of alternative sources, cost avoidance and revenue generated through assistance on grant submissions. Few papers provided an insight into the longer term impact on the library service resulting from submitting return on investment (ROI) or other financial impact statements. There are limited examples of metrics which clinical libraries can use to measure explicit financial impact. The methods highlighted in this literature review are generally implicit in the measures used and lack robustness. There is a need for future research to develop standardised, validated tools that clinical libraries can use to demonstrate their financial impact. © 2016 Health Libraries Group.

Financial history and financial economics

OpenAIRE

Turner, John D.

2014-01-01

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

The Impact of Corporate Governance on the Market Value of Financial Institutions - Empirical Evidences from Italy

OpenAIRE

Bubbico, Rossana; Giorgino, Marco; Monda, Barbara

2012-01-01

This paper analyses how the quality of the corporate governance system impacts on the market value of the financial institutions listed on the Italian Stock Exchange. Implementing a good corporate governance is costly, therefore verifying whether the investment is worth its cost is a relevant issue. Despite the central role that financial institutions play in the real economy, there are few studies that focus specifically on the financial industry; filling this gap in literature is especiall...

Compilation of the FY 2000 Navy Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

Granetto, Paul

2001-01-01

... to the Office of Management and Budget. This is the fifth and final report on our audit work on the FY 2000 Navy Working Capital Fund Financial Statements and related controls and supporting financial data...

Gap flows and pressure fields in sealing and bearing gaps of hydrostatic machines. Final report; Spaltstroemungen und Druckfelder in Dicht- und Lagerfugen hydrostatischer Maschinen. Abschlussbericht

Energy Technology Data Exchange (ETDEWEB)

Kleist, A.

1997-07-01

The `hydrostatic machines` project was concerned with the examination of sealing and bearing gaps in hydraulic machines with the aim of creating a useful simulation tool for designing these gaps. In order to achieve this difficult target, extensive experimental investigations were carried out. A simulation program for the static calculation of sealing and bearing gaps was developed for the key gap bearing and the valve gap. The third main point of the experimental investigations was the examination of the piston/cylinder gap of a radial piston pump. The simulation was able to be verified from experimental results. (orig./AKF) [Deutsch] Das Projekt `Hydrostatische Maschinen` befasste sich mit der Untersuchung hydrostatischen Dicht- und Lagerfugen in hydraulischen Maschinen mit Ziel, fuer die Auslegung dieser Spalte ein handhabbares Simulationswerkzeug zu schaffen. Um dieses hochgesteckte Ziel zu erreichen, wurden umfangreiche experimentelle Untersuchungen durchgefuehrt. Fuer die Keilspaltlagerung und den Ventilsplat wurde ein Simulationsprogramm fuer die stationaere Berechnung von Dicht- und Lagerfugen entwickelt. Der dritte Schwerpunkt der experimentellen Untersuchungen war die Untersuchung des Kolben-Zylinder-Spaltes einer Radialkolbenpumpe. Die Simulation konnte anhand der experimentellen Ergebnisse verifiziert werden. (orig./AKF)

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

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2011-01-01

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

Gap sequence, Lipschitz equivalence and box dimension of fractal sets

International Nuclear Information System (INIS)

Rao Hui; Yang Yamin; Ruan Huojun

2008-01-01

We introduce a notion of gap sequences for compact sets E subset of R d , which is a generalization of the gap sequences of compact sets on the real line. We show that if the gap sequences of two fractal sets are not equivalent, then these two sets cannot be Lipschitz equivalent, where the latter fact is usually very hard to verify. Finally, we show that for some typical fractal sets, the gap sequences characterize the upper box dimension

Identifying Emerging Trends of Financial Business Method Patents

Directory of Open Access Journals (Sweden)

Won Sang Lee

2017-09-01

Full Text Available Financial technology has become an important part of the banking industry in recent times. This study attempts to propose a framework to identify emerging areas and trends using financial business method patents. Based on the abstracts of financial business method patents registered at the United States Patent and Trademark Office, this study first applies latent Dirichlet allocation to identify emerging topics. The probability of the annual occurrence of each topic is adjusted through the exponentially weighted moving average to reflect the importance of the recent probability of topics. Each topic is classified as “hot” or “cold” depending on whether the exponentially weighted moving average of the probabilities exceeds the threshold. We applied survival analysis to the time gap of recurrently becoming hot from a cold status with the associated factor of financial business method patents. The findings suggest that the topic with the short granted period and high forward citation is likely to become hot. In addition, the topic that is aged and specific in narrow areas is likely to continuously change into the hot or cold status. The approach proposed in this study contributes toward understanding topic emergence in the financial area and pursuing sustainable development.

Financialization and financial profit

Directory of Open Access Journals (Sweden)

Arturo Guillén

2014-09-01

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

10 CFR 603.890 - Final performance report.

Science.gov (United States)

2010-01-01

... to Other Administrative Matters Financial and Programmatic Reporting § 603.890 Final performance report. A TIA must require a final performance report that addresses all major accomplishments under the... 10 Energy 4 2010-01-01 2010-01-01 false Final performance report. 603.890 Section 603.890 Energy...

Customizing Laboratory Information Systems: Closing the Functionality Gap.

Science.gov (United States)

Gershkovich, Peter; Sinard, John H

2015-09-01

Highly customizable laboratory information systems help to address great variations in laboratory workflows, typical in Pathology. Often, however, built-in customization tools are not sufficient to add all of the desired functionality and improve systems interoperability. Emerging technologies and advances in medicine often create a void in functionality that we call a functionality gap. These gaps have distinct characteristics—a persuasive need to change the way a pathology group operates, the general availability of technology to address the missing functionality, the absence of this technology from your laboratory information system, and inability of built-in customization tools to address it. We emphasize the pervasive nature of these gaps, the role of pathology informatics in closing them, and suggest methods on how to achieve that. We found that a large number of the papers in the Journal of Pathology Informatics are concerned with these functionality gaps, and an even larger proportion of electronic posters and abstracts presented at the Pathology Informatics Summit conference each year deal directly with these unmet needs in pathology practice. A rapid, continuous, and sustainable approach to closing these gaps is critical for Pathology to provide the highest quality of care, adopt new technologies, and meet regulatory and financial challenges. The key element of successfully addressing functionality gaps is gap ownership—the ability to control the entire pathology information infrastructure with access to complementary systems and components. In addition, software developers with detailed domain expertise, equipped with right tools and methodology can effectively address these needs as they emerge.

GAP-REACH

Science.gov (United States)

Lewis-Fernández, Roberto; Raggio, Greer A.; Gorritz, Magdaliz; Duan, Naihua; Marcus, Sue; Cabassa, Leopoldo J.; Humensky, Jennifer; Becker, Anne E.; Alarcón, Renato D.; Oquendo, María A.; Hansen, Helena; Like, Robert C.; Weiss, Mitchell; Desai, Prakash N.; Jacobsen, Frederick M.; Foulks, Edward F.; Primm, Annelle; Lu, Francis; Kopelowicz, Alex; Hinton, Ladson; Hinton, Devon E.

2015-01-01

Growing awareness of health and health care disparities highlights the importance of including information about race, ethnicity, and culture (REC) in health research. Reporting of REC factors in research publications, however, is notoriously imprecise and unsystematic. This article describes the development of a checklist to assess the comprehensiveness and the applicability of REC factor reporting in psychiatric research publications. The 16-itemGAP-REACH© checklist was developed through a rigorous process of expert consensus, empirical content analysis in a sample of publications (N = 1205), and interrater reliability (IRR) assessment (N = 30). The items assess each section in the conventional structure of a health research article. Data from the assessment may be considered on an item-by-item basis or as a total score ranging from 0% to 100%. The final checklist has excellent IRR (κ = 0.91). The GAP-REACH may be used by multiple research stakeholders to assess the scope of REC reporting in a research article. PMID:24080673

Financial Constrains for Innovative Firms: The Role of Size, Industry and ICT Uses as Determinants of Firms' Financial Structure

Science.gov (United States)

Castillo-Merino, David; Vilaseca-Requena, Jordi; Plana-Erta, Dolors

This paper uses a large and original data set of Catalan firms in all the economic branches to analyse the effects of size, industry and degree of ICT uses on financial constraints for innovative firms. We have conducted a micro econometric analysis following Henry et al. (1999) investment model to empirically contrast the relationship between firms' investment spread over time and their financial structure, and we have used von Kalckreuth (2004) methodology, based on an original survey with data on financial issues. Our results show that it exits a positive and significant relationship between investment shift and financial structure, emerging financial constraints for more innovative firms. Furthermore, these constraints are higher for micro companies and firms within the knowledge-advanced services' industry. Finally, we have also found that advanced ICT uses by more innovative firms allow them to reduce constraints of access to sources of finance.

Experimental study on in-vessel debris coolability during severe accident - Experimental and analytical model study on gap cooling in gap

Energy Technology Data Exchange (ETDEWEB)

Chang, Soon Heung; Baek, Won Pil; Yang, Soo Hyung; Kim, Soo Hyoung; Lee, Yong Ho; Chung, Yong Hun [Korea Advanced Institute of Science and Technology, Taejon (Korea)

1999-04-01

To understand the flooding and mechanism in gap geometry, research was conducted. Final objectives of research are as follows: 1) Literature survey of the flooding and heat transfer mechanism in gap geometry 2) Performing CHF experiments using bottom closed rectangular channels test section 3) Development of flooding correlation using flooding data 4) Derive instability wave length in narrow gap. The major results of research are as follows: 1) Gap size and span of channel are important parameter for flooding. 2) Kutateladze number used for analysing flooding data, is appropriate to the analysis of the flooding using non-circular narrow gap channel. 3) Flooding correlation was developed using collected flooding data and it predicts flooding data lower than 10%. 4) CHF correlation derived from developed flooding collreation overpredict CHF. 5) Instability wave length is increased as gap size is decreased. 26 refs., 46 figs., 2 tabs. (Author)

Financial Performance Bank BNI Syariah Company

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Diana Widhi Rachmawati

2018-05-01

Full Text Available ABSTRACT PT Bank BNI Syariah, one of them working are a big banking company is almost covering all over the country until now looked at  pretty good company asset which are owned, so author conduct research in the title “Financial Performance PT Bank BNI Syariah in Solvability Ratio”. Financial Statement Analysis is aplication from tools and technical analysis financial report general aim and data to be related and estimation produce useful conclutions in business analysis. Financial Performance Analysis research used analysis methode is solvability ratio. General aim to give information finance performance PT Bank BNI Syariah development.  Special goals is finance performance PT Bank BNI Syariah from Solvability Ratio”. This Sample is: PT Bank BNI Syariah. Final result which is research obtained it says finance performance  PT Bank BNI Syariah from Solvability Ratio quite solvable, because this three point inside it contained increased.  This development hope PT Bank BNI Syariah, to be remain consistent with trying to do breakthrough a company goals   Key Words  :  Financial Performance PT Bank BNI Syariah

PRUDENTIAL SUPERVISION OF NON-BANKING FINANCIAL INSTITUTION: DEVELOPMENTS AND PROSPECTS

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Adrian COSTEA

2011-08-01

Full Text Available This study addresses the practice of the supervision authority relating to performance evaluation of non-banking financial institutions from a prudential supervision perspective. First, it is described how non-banking financial institutions’ activity is regulated in the European Union and the current status of non-banking financial institutions’ sector in Romania. Then, the study presents the challenges and opportunities faced by the supervision authority when evaluating the performance of non-banking financial institutions and, finally, defines a set of indicators based on which these institutions can be benchmarked against each other.

Towards Excellence in Asthma Management: final report of an eight-year program aimed at reducing care gaps in asthma management in Quebec.

Science.gov (United States)

Boulet, Louis-Philippe; Dorval, E; Labrecque, M; Turgeon, M; Montague, T; Thivierge, R L

2008-09-01

Asthma care in Canada and around the world persistently falls short of optimal treatment. To optimize care, a systematic approach to identifying such shortfalls or 'care gaps', in which all stakeholders of the health care system (including patients) are involved, was proposed. Several projects of a multipartner, multidisciplinary disease management program, developed to optimize asthma care in Quebec, was conducted in a period of eight years. First, two population maps were produced to identify regional variations in asthma-related morbidity and to prioritize interventions for improving treatment. Second, current care was evaluated in a physician-patient cohort, confirming the many care gaps in asthma management. Third, two series of peer-reviewed outcome studies, targeting high-risk populations and specific asthma care gaps, were conducted. Finally, a process to integrate the best interventions into the health care system and an agenda for further research on optimal asthma management were proposed. Key observations from these studies included the identification of specific patterns of noncompliance in using inhaled corticosteroids, the failure of increased access to spirometry in asthma education centres to increase the number of education referrals, the transient improvement in educational abilities of nurses involved with an asthma hotline telephone service, and the beneficial effects of practice tools aimed at facilitating the assessment of asthma control and treatment needs by general practitioners. Disease management programs such as Towards Excellence in Asthma Management can provide valuable information on optimal strategies for improving treatment of asthma and other chronic diseases by identifying care gaps, improving guidelines implementation and optimizing care.

The gender wage gap and the overcrowding theory

OpenAIRE

Cobo Bru, María

2017-01-01

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016-2017 “The gender wage gap and the overcrowding theory” is a study based on the obstacles of the female gender when they try to get a job, besides to promote and obtain senior positions. In order to understand the situation as well as the effect and context of the wage gap, we have analyzed different theories and documents. We have emphasized in concepts like overcrowding and wage gap as the most im...

Annual Financial Statements � the Final Products of Accounting

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Genu Alexandru Caruntu

2016-07-01

Full Text Available Being a tool and a first class social stake in decision making, accounting language should be understood by all users in the national area, but also across national borders, which requires an internationalization of accounting language through standardization and harmonization. The expansion and multiplication of international economic relations in which commodity and capital markets are expanding at a rapid pace, ignoring national borders, due to globalization process, require that the accounting systems should ensure through the financial statements (balance sheet, profit and loss account, statement of changes in equity, cash flow statement, accounting policies and explanatory notes accounting information comparable between countries.

Income and financial aid effects on persistence and degree attainment in public colleges

Directory of Open Access Journals (Sweden)

Alicia C. Dowd

2004-05-01

Full Text Available This study examined the distribution of financial aid among financially dependent four-year college students and the effectiveness of different types of financial aid in promoting student persistence and timely bachelor’s degree attainment. The findings of descriptive statistical and logistic regression analyses using the NCES Beginning Postsecondary Students (1990-94 data show that subsidized loans taken in the first year of college have a positive effect on persistence. The first-year distribution of aid does not close the income gap in bachelor’s degree attainment. Living on campus and first-year grade point average are the most important predictors of timely degree completion.

Transacsys PLC - Final Results

CERN Multimedia

2002-01-01

Final results from Transacsys PLC. A subsidary of this company was set up to develop the CERN EDH system into a commercial product but incurred too much financial loss so the project was cancelled (1/2 page).

Global financial crisis

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MSc. Jusuf Qarkaxhija

2011-03-01

Full Text Available The most recent developments in economy are a clear indicator of many changes, which are a result of this high rate pacing, which also demonstrates as such. Market economy processes occur as a result of intertwining of many potential technological and human factors, thereby creating a system of numerous diver-gences and turbulences. Economics, a social science, is characteri-sed with movements from a system to another system, and is har-monized with elements or components which have impacted the development and application of economic policies as a result. This example can be illustrated with the passing from a commanded system (centralized to a self-governing (decentrali-zed system, while the movement from a system to another is known as transi-tion. Such transition in its own nature bears a number of problems of almost any kind (political, economic, social, etc., and is charac-terised with differences from a country to another. Financial crisis is a phenomenon consisting of a perception of economic policies and creation of an economic and financial stabi-lity in regional and global structures. From this, one may assume that each system has its own changes in its nature, and as a result of these changes, we have the crisis of such a system. Even in the economic field, if we look closely, we have such a problem, where development trends both in human and technological fields have created a large gap between older times and today, thereby crea-ting dynamics with a high intensity of action. If we dwell on the problem, and enter into the financial world, we can see that the so-called industrialized countries have made giant leaps in deve-lopment, while countries in transition have stalled in many fields, as a result of a high rate of corruption and unemployment in these countries, and obviously these indicators are directly connected, thereby stroking the financial system in these countries. Corruption is an element, which directly and indirectly

Stylized facts of price gaps in limit order books

International Nuclear Information System (INIS)

Gu, Gao-Feng; Xiong, Xiong; Zhang, Yong-Jie; Chen, Wei; Zhang, Wei; Zhou, Wei-Xing

2016-01-01

Highlights: • We uncover several stylized facts of price gaps for Chinese stocks. • The distribution of price gaps has a power-law tail for all stocks. • Gap time series is long-range correlated and possesses multifractal nature. • The statistical properties vary from stock to stock and are not universal. • We unveil buy–sell asymmetry phenomena for individual stocks. - Abstract: Price gap, defined as the logarithmic price difference between the first two occupied price levels on the same side of a limit order book (LOB), is a key determinant of market depth, which is one of the dimensions of liquidity. However, the properties of price gaps have not been thoroughly studied due to the less availability of ultrahigh frequency data. In the paper, we rebuild the LOB dynamics based on the order flow data of 26 A-share stocks traded on the Shenzhen Stock Exchange in 2003. Three key empirical statistical properties of price gaps are investigated. We find that the distribution of price gaps has a power-law tail for all stocks with an average tail exponent close to 3.2. Applying modern statistical methods, we confirm that the gap time series are long-range correlated and possess multifractal nature. These three features appear to be different in the measures across stocks, but they are similar for the buy and sell LOBs within each stock. Furthermore, we also unveil buy–sell asymmetry phenomena in the properties of price gaps on the buy and sell sides of the LOBs for individual stocks. These findings deepen our understanding of the dynamics of liquidity of common stocks and can be used to calibrate agent-based computational financial models.

Key components of financial-analysis education for clinical nurses.

Science.gov (United States)

Lim, Ji Young; Noh, Wonjung

2015-09-01

In this study, we identified key components of financial-analysis education for clinical nurses. We used a literature review, focus group discussions, and a content validity index survey to develop key components of financial-analysis education. First, a wide range of references were reviewed, and 55 financial-analysis education components were gathered. Second, two focus group discussions were performed; the participants were 11 nurses who had worked for more than 3 years in a hospital, and nine components were agreed upon. Third, 12 professionals, including professors, nurse executive, nurse managers, and an accountant, participated in the content validity index. Finally, six key components of financial-analysis education were selected. These key components were as follows: understanding the need for financial analysis, introduction to financial analysis, reading and implementing balance sheets, reading and implementing income statements, understanding the concepts of financial ratios, and interpretation and practice of financial ratio analysis. The results of this study will be used to develop an education program to increase financial-management competency among clinical nurses. © 2015 Wiley Publishing Asia Pty Ltd.

Closing the gap between socioeconomic and financial implications of residential and community level hydrogen-based energy systems: Incentives needed for a bridge to the future

Science.gov (United States)

Verduzco, Laura E.

benefits and costs of hydrogen-based alternatives, H2POWER compares the financial and socioeconomic costs of home and neighborhood refueling units to a baseline of "conventional" sources of residential electricity, space heat, water heat, and vehicle fuel. The model can also calculate the "gap" between the financial cost of the technology and the environmental cost of the externalities that are generated using conventional energy sources. H2POWER is a flexible, user-friendly tool that allows the user to specify different production pathways, supplemental power sources (renewable and non-renewable), component characteristics, electricity mixes, and other analysis parameters in order to customize the results to specific projects. The model has also built-in default values for each of the input fields based on national averages, standard technology specifications and input from experts.

Fair value versus historical cost valuation for non financial fixed assets : how is financial information affected?

OpenAIRE

Nebot Sanahuja, Adrián Manuel

2014-01-01

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2013/2014 This final degree project is devoted to non-financial fixed assets valuation, which can basically be done following the revaluation and the historical cost models. The topic is analyzed from both a theoretical and practical perspective. I first revise the differences between the two models, as included in the IASB standards. Then, I review the main arguments that different authorized voices put...

Assessment of non-financial incentives for volunteer community health workers - the case of Wukro district, Tigray, Ethiopia.

Science.gov (United States)

Haile, Fisaha; Yemane, Dejen; Gebreslassie, Azeb

2014-09-22

Volunteer community health workers (VCHW) are health care providers who are trained but do not have any professional certification. They are intended to fill the gap for unmet curative, preventative, and health promotion health needs of communities. This study aims to investigate the non-financial incentives for VCHWs and factors affecting their motivation. A cross-sectional quantitative study was performed from February to March 2013. A total of 400 randomly selected female VCHWs were included using the district health office registers. Finally, multivariate logistic regression was used to determine the independent predictors of VCHW motivation. Significant numbers (48%) of study participants have mentioned future training as a major non-financial incentive. Age between 20 and 36 years old (adjusted odds ratio (AOR) = 1.45, 95% CI = 1.18, 2.13), married VCHWs (AOR = 3.84, 95% CI = 1.73, 5.02), presence of children under five years old (AOR = 0.2, 95% CI = 0.09, 0.71), allowing volunteer withdrawal (AOR = 1.35, 95% CI = 1.06, 2.47), and establishment of a local endowment fund for community health workers after they left volunteerism (AOR = 1.11, 95% CI = 1.05, 1.91) are all factors associated with VCHW motivation. Future training was mentioned as the prime non-financial incentive. Age, marital status, presence of children under five, allowing volunteer withdrawal, and establishment of a local endowment fund were identified as the independent predictors of motivation. Therefore, considering a non-financial incentive package, including further training and allowing volunteer withdrawal, would be helpful to sustain volunteerism.

THE IMPORTANCE OF THE BANKING FINANCIAL EDUCATION COMPONENT IN ECONOMIC PERSPECTIVE

Directory of Open Access Journals (Sweden)

Lucian-Ion MEDAR

2016-10-01

Full Text Available Economy and civil society has gone through an unprecedented financial crisis determined by an acute shortage of financial education among the large community of individuals and legal persons. Thus, the low level of economic and financial knowledge from society contributed to the amplification of economic crisis. In 2008, in the midst of financial crisis in the European Union was created Expert Group on Financial Education (EGFE, aimed at supporting a new financial education order. Breaking the vicious circle of banks debt and sovereign one, improvement of supervision European banking system, solving the financial problems of some banks through the mechanism of bank resolution, without recourse to public resources, strengthening the trust of potential customers in the financial market, in the first process of finalizing the Union European banking, can be achieved and by a new order of financial education

IMPROVEMENT OF MANGOSTEEN FARMING AND POSTHARVEST HANDLING STRATEGIES BASED ON GLOBAL GAP STANDARD AT KIARA PEDES, PURWAKARTA DISTRICT

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Nanda Erlangga

2012-09-01

Full Text Available The objectives of this research were (1 to determine the value chain of mangosteen at Kiara Pedes Sub district, Purwakarta District, (2 to identify the gap between actual condition at Kiara Pedes and Global GAP standard, (3 to identify internal and external factors that can affect the implementation strategy of Global GAP standards, and (4 to develop alternative strategies that can be applied to improve the system of mangosteen cultivation and post harvest handling based on Global GAP standards. The analytical tools being used in this study were value chain analysis, gap analysis, internal and external factor evaluation (IFE, EFE, IE matrix, SWOT analysis, and quantitative strategic planning matrix (QSPM. Identified primary actors in mangosteen value chain were farmers, middlemen, suppliers, exporters, and local and overseas retailers. Based on IE Matrix and SWOT analysis, the strategies to implement Global GAP standards were (a to increase mangosteen productivity and improve its quality by using developed cultivation and postharvest technology, (b to increase productivity, and improve quality and transportation network in accordance with Global GAP standard, (c to improve clean water and post-harvest infrastructure through cooperation with exporters and financial institutions, and (d to improve warehouse and supporting facilities such as packaging and sanitation according to the Global GAP standard for minimizing the environmental constraints. The most priority strategies from the QSPM analysis were improving clean water and post-harvest infrastructure through cooperation with exporters and financial institutions, followed by using the developed cultivation and postharvest technology to increase mangosteen productivity and improve its quality.Keywords: Mangosteen, Global GAP Standard, Value Chain, Improvement Strategies, Farming and Postharvest Handling Practices

Consideration on the price stability – financial stability relationship in the context of financial globalization

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Marius Apostoaie

2010-12-01

Full Text Available This study is focused upon the involvement of the central banks regarding the fulfillment of the two main objectives: price  stability and financial stability. These two key concepts are part of an old and ongoing debate that the current turmoil has revived, and that is whether monetary policy should aim, or not, at ensuring financial stability in parallel to its main objective of price stability. On both sides there are solid and well known arguments. In the beginning of the study I have  considered a literature review with regard to price and financial stability issues. After that I have tried to shed some light (from a theoretical point of view on the nature and dynamics of the fundamental interlinkages between the two aspects and there implications on the central banks and the economy. Finally I outline some general conclusions that have emerged in the present study.

FINANCIAL LITERACY AROUND THE WORLD: AN OVERVIEW.

Science.gov (United States)

Lusardi, Annamaria; Mitchell, Olivia S

2011-10-01

In an increasingly risky and globalized marketplace, people must be able to make well-informed financial decisions. Yet new international research demonstrates that financial illiteracy is widespread when financial markets are well developed as in Germany, the Netherlands, Sweden, Japan, Italy, New Zealand, and the United States, or when they are changing rapidly as in Russia. Further, across these countries, we show that the older population believes itself well informed, even though it is actually less well informed than average. Other common patterns are also evident: women are less financially literate than men and are aware of this shortfall. More educated people are more informed, yet education is far from a perfect proxy for literacy. There are also ethnic/racial and regional differences: city-dwellers in Russia are better informed than their rural counterparts, while in the U.S., African Americans and Hispanics are relatively less financially literate than others. Moreover, the more financially knowledgeable are also those most likely to plan for retirement. In fact, answering one additional financial question correctly is associated with a 3-4 percentage point higher chance of planning for retirement in countries as diverse as Germany, the U.S., Japan, and Sweden; in the Netherlands, it boosts planning by 10 percentage points. Finally, using instrumental variables, we show that these estimates probably underestimate the effects of financial literacy on retirement planning. In sum, around the world, financial literacy is critical to retirement security.

Financial Literacy, Financial Education, and Economic Outcomes

Science.gov (United States)

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…

The art of company financial modelling

Directory of Open Access Journals (Sweden)

Zoran Lukić

2017-01-01

Full Text Available In corporate finance, the term financial modelling denotes a widely used technique of comprehensive customised quantification of a company’s entire operations. Even though not mathematically strict, such models exhibit descriptive, explanatory and predictive qualities. The paper elaborates on the main steps and principles for building financial models of companies. It also identifies required assumptions and certain statistical properties of well-constructed models. Furthermore, it describes the use of such models for decision support purposes, supplemented by an illustrative example. Finally, it discusses general characteristics and concerns associated with appropriate model construction and use.

Financing tuberculosis control: the role of a global financial monitoring system.

Science.gov (United States)

Floyd, Katherine; Pantoja, Andrea; Dye, Christopher

2007-05-01

Control of tuberculosis (TB), like health care in general, costs money. To sustain TB control at current levels, and to make further progress so that global targets can be achieved, information about funding needs, sources of funding, funding gaps and expenditures is important at global, regional, national and sub-national levels. Such data can be used for resource mobilization efforts; to document how funding requirements and gaps are changing over time; to assess whether increases in funding can be translated into increased expenditures and whether increases in expenditure are producing improvements in programme performance; and to identify which countries or regions have the greatest needs and funding gaps. In this paper, we discuss a global system for financial monitoring of TB control that was established in WHO in 2002. By early 2007, this system had accounted for actual or planned expenditures of more than US$ 7 billion and was systematically reporting financial data for countries that carry more than 90% of the global burden of TB. We illustrate the value of this system by presenting major findings that have been produced for the period 2002-2007, including results that are relevant to the achievement of global targets for TB control set for 2005 and 2015. We also analyse the strengths and limitations of the system and its relevance to other health-care programmes.

How to Avoid Fragility of Financial Systems: Lessons from the Financial Crisis and St. Petersburg Paradox

Science.gov (United States)

Takayasu, Hideki

Firstly, I point out that the financial crisis occurred in 2008 has many analogous points with a physical phenomenon of brittle fracture in the sense that it is a highly irreversible phenomenon caused by concentration of stress to the weakest point. Then, I discuss distribution of gain-loss of continuous transactions of options which can be regarded as a source of stress among financial companies. The historical problem of Saint Petersburg paradox is reviewed and it is argued that the paradox is solved by decomposing the process into a combination of a fair gamble and an accompanied financial option. By generalizing this fair gamble it is shown that the gain-loss distribution in this problem is closely related to the distribution of gain-loss of business firms in the real world. Finally, I pose a serious question to the ordinary way of financing money to business firms with compound interest rates. Instead we introduce a new way of financing business firms without applying prefixed interest rates, in which financial stress is shared by all involved firms. This method is expected to reduce the risk of both financial firms and business firms, and is applicable even in the non-growing society.

It's All About the Money (For Some): Consequences of Financially Contingent Self-Worth.

Science.gov (United States)

Park, Lora E; Ward, Deborah E; Naragon-Gainey, Kristin

2017-05-01

Financial success is an important goal, yet striving for it is often associated with negative outcomes. One reason for this paradox is that financial pressures may be tied to basing self-worth on financial success. Studies 1a to 1c developed a measure of Financial Contingency of Self-Worth (Financial CSW), and found that it predicted more financial social comparisons, financial hassles, stress, anxiety, and less autonomy. In response to a financial (vs. academic) threat, higher Financial CSW participants experienced less autonomy, perceived financial problems more negatively, and disengaged from their financial problems (Study 2). When given an opportunity to self-affirm, however, Financial CSW participants did not show diminished autonomy in response to a financial (vs. academic) threat (Study 3). Finally, participants with higher Financial CSW were less likely to make extravagant spending decisions following a financial (vs. health) threat (Study 4). Together, these studies demonstrate the many consequences of staking self-worth on financial success.

The Accounting Network: How Financial Institutions React to Systemic Crisis.

Science.gov (United States)

Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

2016-01-01

The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

The Accounting Network: How Financial Institutions React to Systemic Crisis

Science.gov (United States)

Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

2016-01-01

The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies’ financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001–2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities’ heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis. PMID:27736865

The Accounting Network: How Financial Institutions React to Systemic Crisis.

Directory of Open Access Journals (Sweden)

Michelangelo Puliga

Full Text Available The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio capable of trading off the size of the sample (coverage and the representativeness of the financial statements (accuracy. We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

Weathering the financial storm

DEFF Research Database (Denmark)

Ólafsson, Tjörvi; Pétursson, Thórarinn G.

2011-01-01

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

Financial management practices in successful Small and Medium Enterprises (SMEs

Directory of Open Access Journals (Sweden)

Hendrik Petrus Wolmarans

2015-07-01

Full Text Available Although the success of small, medium and micro enterprises (SMEs is extremely important for the South African economy, their failure rate is amongst the highest in the world; some researchers estimate as high as 90 percent. Research has shown that the lack of financial management skills and application of financial management practices are some of the biggest factors contributing to SME failure. However, it is not clear from the literature which of these skills and practices are more important than others. This study aims to fill this gap by determining which financial management skills are relevant for successful SMEs. A survey was done on a sample of owner-managers of successful SMEs who had been asked, firstly, whether they performed different financial management practices and, secondly, how frequently they performed these in their companies. The study concludes that practices regarding working capital as well as profitability are much more relevant than those regarding a balance sheet or strategic finance. Similarly, financial practices related to cash flow and decision making are more relevant than those related to planning or analysing. It may be true, due to the high risk and volatile environment of SMEs, as well as the challenges that are often underestimated, that financial practices which academics regard as important are not always implemented by these companies.  This study contributes to the existing body of knowledge as it determines the relative relevance and frequency of use of financial management practices by successful SMEs. KEY WORDS Small and medium enterprises, Financial management practices, Successful SMEs, Entrepreneurship education

Is the Development of China’s Financial Inclusion Sustainable? Evidence from a Perspective of Balance

Directory of Open Access Journals (Sweden)

Bao Zhu

2018-04-01

Full Text Available Balance plays an important role in the sustainable development of China’s financial inclusion. First, this paper reports the entropy weight method used to construct a financial inclusion index (FII and measure the level of development of financial inclusion in China’s regions. Second, the concept of the Gini coefficient of financial inclusion is proposed and the structural balance of China’s financial inclusion is shown, as calculated by using this Gini coefficient. Third, we report the use of a dynamic shift-share model to further discuss the development balance of the financial inclusion of China’s regions. The results show that there is an imbalance in the development of financial inclusion in China’s regions. For 2006–2016, the Gini coefficient and the structural balance of China’s financial inclusion show a significant downward trend. The gap of the financial inclusion development between regions is narrowing and the structure of China’s financial inclusion tends to be reasonable. The penetration dimension is at a structural disadvantage. Availability and usage dimension are at a structural advantage, which can effectively promote the development of China’s financial inclusion. In the future, the government should establish a more balanced financial inclusion development mechanism, making full use of structural advantages of the availability and usage of financial services to promote the sustainable development of China’s financial inclusion.

Financial integration and financial development in transition economies: What happens during financial crises?

Directory of Open Access Journals (Sweden)

Igor Masten

2011-12-01

Full Text Available

This paper provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing “normal times” from periods of financial crises. In addition to confirming the significant positive effect on growth exerted by financial development and financial integration, our estimates show that a higher degree of financial openness tends to reduce the contractionary effect of financial crises, by cushioning the effect on the domestic supply of credit. Consequently, the high reliance on international capital flows by transition countries does not necessarily increase their financial fragility. This implies that financial protectionism is a self-defeating policy, at least for transition countries.

The Competition between London Companies Regarding Their Financial Performance

Directory of Open Access Journals (Sweden)

Simionescu Mihaela

2016-06-01

Full Text Available There is a high level of competition between companies and the final result is often measured by their financial performance. The main purpose of this study is to evaluate the financial performance of a sample of companies from London. Statistical analysis is performed of 293 companies randomly selected from the population of firms resident in London, the economic indicators being registered for 2014. The main results indicated that most of the variation in financial performance is explained by the book-to-market ratio and cash-to-assets ratio. On the other hand, financial performance is also explained by cash flow and leverage. Most of the firms that were placed in the same group had a successful financial performance in 2014. Few companies located in the other cluster encountered some difficulties regarding cash flow and sales. This situation could be explained by the difficulties of facing the economic crisis. Thus the financial performance evaluation is useful in improving a firm’s financial indicators in order to achieve a higher profit. The diagnosis will help managers in taking the most suitable decisions to solve the financial problems by selecting the best strategies.

Detection and Evaluation of Pre-Preg Gaps and Overlaps in Glare Laminates

Science.gov (United States)

Nardi, Davide; Abouhamzeh, Morteza; Leonard, Rob; Sinke, Jos

2018-03-01

Gaps and overlaps between pre-preg plies represent common flaws in composite materials that can be introduced easily in an automated fibre placement manufacturing process and are potentially detrimental for the mechanical performances of the final laminates. Whereas gaps and overlaps have been addressed for full composite material, the topic has not been extended to a hybrid composite material such as Glare, a member of the family of Fibre Metal Laminates (FMLs). In this paper/research, the manufacturing, the detection, and the optical evaluation of intraply gaps and overlaps in Glare laminates are investigated. As part of an initial assessment study on the effect of gaps and overlaps on Glare, only the most critical lay-up has been considered. The experimental investigation started with the manufacturing of specimens having gaps and overlaps with different widths, followed by a non-destructive ultrasonic-inspection. An optical evaluation of the gaps and overlaps was performed by means of microscope image analysis of the cross sections of the specimens. The results from the non-destructive evaluations show the effectiveness of the ultrasonic detection of gaps and overlaps both in position, shape, width, and severity. The optical inspections confirm the accuracy of the non-destructive evaluation also adding useful insights about the geometrical features due to the presence of gaps and overlaps in the final Glare laminates. All the results justify the need for a further investigation on the effect of gaps and overlaps on the mechanical properties.

An index of financial safety of China

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Xiaojun Jia

2015-04-01

Full Text Available Purpose: This paper combines a synthetic index system by the variables and evaluates China’s financial safety through the change of indexes in a comprehensive way. First of all, it builds the financial industry evaluation index system composed of 25indicators in terms of the operation of the financial industry and external economic environment and particularly takes into consideration factors which might trigger liquidity risks such as off-balance-sheet business, interbank business and shadow banking; then it selects 10 indicators to conduct empirical analysis and identifies the indicator weight through principal component analysis; finally it combines the financial safety indexes through the linear weighted comprehensive evaluation model.Design/methodology/approach: Synthesis of indexes is made by constructing a proper comprehensive evaluation mathematical model, integrating a number of evaluation indexes into one comprehensive evaluation index and then obtaining corresponding comprehensive evaluation results. In this paper, it selects 10 indexes to conduct empirical analysis and identifies the index weight through principal component analysis; finally it combines the financial safety indexes through the linear weighted comprehensive evaluation model. Principal component analysis (PCA is a statistical procedure that uses an orthogonal transformation to convert a set of observations of possibly correlated variables into a set of values of linearly uncorrelated variables called principal components. PCA was invented in 1901 and was later independently developed (and named by Harold Hotelling in the 1930s.Findings: From 2003 to 2013 China’s financial safety indexes fluctuated. From 2003 to 2007 indexes rose, which indicates China’s financial safety status gradually improved; from 2007 to 2009 indexes declined, which indicates due to the impact of subprime crisis, China’s financial safety status took a turn for the worse; from 2009 to 2012

Understanding Financial Literacy and Competence: Considerations for Training, Collaboration, and Referral for MFTs

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Bryce L. Jorgensen

2014-08-01

Full Text Available Developing clinical competencies is a foundational feature for most mental health disciplines. Evidence suggests that many couples attending marital therapy regularly report that financial concerns are a significant contributor to their collective distress. Despite the reports of financial distress being a common occurrence, many practitioners are unfamiliar with available resources to remediate the problem. The authors address the concepts of practitioner competence in financial literacy, client financial problems, the benefits of financial literacy, and suggest a referral process, grounded in ethical decision making, that provides appropriate treatment considerations to clients experiencing such distress. The Referral for Financial Concerns Questionnaire (RFCQ and the Personal & Relationship Financial Assessment Tool (PREFAT are introduced. Finally, the authors provide suggestions for professional collaboration between mental health practitioners, financial planners, and financial counselors.

The influences of financial and non-financial factors on energy-saving behaviour: A field experiment in Japan

International Nuclear Information System (INIS)

Mizobuchi, Kenichi; Takeuchi, Kenji

2013-01-01

This study examines the influences of financial and non-financial factors on electricity-conservation behaviour. A random sample of 236 Japanese households participated in the field experiment and the participants were offered two interventions, such as monetary rewards, depending on their reduction in electricity consumption and comparative feedback. The average saving rates of the (i) reward-intervention group (5.9%) and the (ii) reward with comparative feedback group (8.2%) are statistically larger than those of the (iii) control group (1.7%). Our study demonstrates the following. First, our econometric analysis confirmed a significant response by households to financial incentives but a more inconclusive response to the treatment that provided non-financial, additional information. Second, we found a positive influence of treatment externalities across time and households on energy saving. Third, there is a heterogeneous treatment effect in the reward-intervention group, with the households having a high New Ecological Paradigm (NEP) score being more likely to respond to the reward programme and save electricity than those that do not. Finally, and most interestingly, differences in responses to the questionnaire before and after the experiment suggest that the participants had underestimated the marginal costs of saving electricity before they actually started to do so. - highlights: • We studied the effects of (non-)financial factors on household electricity use. • Financial factors had a significant effect; non-financial ones were inconclusive. • Externalities had a positive effect across time and households on saving energy. • There is a heterogeneous treatment effect in financial-reward intervention. • Before the experiment, participants underestimated the marginal costs of saving electricity

Financial Development, Government R&D Subsidies and Green Innovation

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Wang Shuying

2017-01-01

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

Financial Village Standing in Indonesian Financial System

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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

Reactive Nitrogen Monitoring Gaps: Issues, Activities and Needs

Science.gov (United States)

In this article we demonstrate the importance of ammonia and organic nitrogen to total N deposition budgets and review the current activities to close these monitoring gaps. Finally, remaining monitoring needs and issues are discussed.

TARGET 2 and Settlement Finality

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Ivan MANGATCHEV

2011-03-01

Full Text Available This article examines how TARGET 2 as system implements the idea of settlement finality regulated by Directive 98/26 EC of the European parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (Settlement Finality Directive and Directive 2009/44/EC of the European parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (Directive 2009/44/EC. As the title of the arti and finality of the settlement in this system.

"Not Just for the Money?" How Financial Incentives Affect the Number of Publications at Danish Research Institutions

DEFF Research Database (Denmark)

Andersen, Lotte Bøgh; Pallesen, Thomas

2008-01-01

. We investigate how the introduction of financial incentives to publish affects the number of publications at 162 Danish research institutions (17 government research institutions and subunits of 10 universities) when the perception of the incentives is taken into account. The results show......Do public employees work "for the money?" Do financial incentives determine their work effort? The literature gives conflicting answers, but Frey (1997) offers a possible explanation: If financial incentives are perceived as supportive, they can "crowd in" intrinsic motivation and increase the work...... effort. But if financial incentives are perceived as controlling, the intrinsic motivation is "crowded out," and the work effort decreases with increasing financial incentives to work. However, the empirical evidence concerning Frey's proposition is limited, and our article aims to fill part of this gap...

"Not Just for the Money?" How Financial Incentives Affect the Number of Publications at Danish Research Institutions

DEFF Research Database (Denmark)

Andersen, Lotte Bøgh; Pallesen, Thomas

2008-01-01

Do public employees work "for the money?" Do financial incentives determine their work effort? The literature gives conflicting answers, but Frey (1997) offers a possible explanation: If financial incentives are perceived as supportive, they can "crowd in" intrinsic motivation and increase the work...... effort. But if financial incentives are perceived as controlling, the intrinsic motivation is "crowded out," and the work effort decreases with increasing financial incentives to work. However, the empirical evidence concerning Frey's proposition is limited, and our article aims to fill part of this gap....... We investigate how the introduction of financial incentives to publish affects the number of publications at 162 Danish research institutions (17 government research institutions and subunits of 10 universities) when the perception of the incentives is taken into account. The results show...

Shadow Banking – Developments in Times of Financial Crisis

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Bogdan Munteanu

2016-01-01

The paper considers the following entities and activities, without limitation to or completenessof viewpoints: finance companies, asset backed financial instruments, structured investments,financing vehicles, money market funds, asset managers, credit hedge funds and venture capital,providing characteristics of shadow banking and their economic functions relative to the classicbanking system, as they pose a systemic risk due to asymmetric information and gaps created inmatching liquidity tenures with duration, by using synthetic leverage finance.

Financial Literacy: Evidence and Perceptions in a Credit Cooperative

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Marcos Roberto Kühl

2016-08-01

Full Text Available This study aims to assess the perception of employees in a Credit Cooperative in what it refers to the importance of financial literacy of its cooperative members, taking into consideration the existing standards in the OECD and the Central Bank of Brazil that deal with the good practice of financial education, in order to verify the importance of financial education of its cooperative members is relevant from the perception of the cooperative's employees. The research is a descriptive study, with data collection through structured questionnaire and data analysis with the use of quantitative methods. The final sample was composed of 87 valid questionnaires, accounting for 68.5% of the population surveyed. The survey type field research was conducted in the second half of 2014. Four constructs from 19 study variables was identified by Exploratory Factor Analysis, called: financial knowledge; risk reduction; financial practice; external visibility, empirically demonstrating the relevance of financial education in a financially driven institution. Considering the average of the four constructs, and most of the variables that make up, it is possible to realize that financial literacy is an issue within the institution from the perception of employees, followed by external visibility. The main contribution of this study was to seek empirical evidence on the importance of financial literacy on the principles and recommendations on good practice of financial education.

Pedagogy of Financial Education among College Students

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Jacob Michael Ben

2016-12-01

Full Text Available The level of economic thinking and financial culture of population should be considered one of the most important components of society’s economic life quality. Here, a key factor is economic and financial socialization of an individual, which can be achieved mainly by modelling appropriate training process technology to promote and ensure financial awareness at the early stages of training in high school and later on in colleges and universities. This paper focuses on one of the options of a unique subject matter (course in Financial Education, for which testing started in 2008 and is successfully continuing in the Department of Business Management of Neri Bloomfield School of Design and Education (Haifa, Israel against the backdrop of a multicultural environment. The study shows the dynamics of the formation of the main teaching methods of the new course. In parallel, we analysed the results of the final examinations of students to further adjust the content and pedagogy of the educational process. The results once again confirmed the urgent need to improve the financial literacy of students in accordance with the challenges of economics and culture in the twenty-first century.

FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

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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.

Energy efficiency in existing buildings: investment gap, incentives and supporting measures

International Nuclear Information System (INIS)

Varenio, Celine

2012-01-01

This PhD dissertation focuses on energy efficiency policies in housing. It aims at evaluating the effectiveness of public incentives designed to increase household's investment in energy efficiency of their dwelling. To reach this objective this research combines the two key dimensions of ex-post evaluation, i.e. summary and formative dimensions. The first one aims at knowing the effectiveness of public policies whereas the other one targets to understand what the public policies' consequences are and to identify ways for improvement. To reach this purpose, the research follows four steps. Firstly, it requires a detailed analysis to understand the origins of the energy efficiency gap. This gap can be explained by markets failures, consequences of bounded rationality and coordination problem between stakeholders, especially in multi-family dwellings. Secondly, the argument progresses by drawing a parallel between results from normative analysis and from observations of actual level of investments in thermal retrofit actions. It aims at identifying investment households' criteria and then at understanding how barriers to energy efficiency raise. Thirdly, thanks to the inventory of these various energy efficiency barriers it becomes possible to examine if the incentives currently implemented in France can remove them all. It appears that the national policy does not significantly reduce the energy efficiency gap. On the one hand, some barriers remain because no tool has been proposed to overcome them. On the other hand, some barriers are only partially eliminated because the practical use of tools differs from their theoretical design. Finally, using the analysis of retrofitting programs implemented on the Grenoble area this research assesses the effectiveness of additional incentives. The objective is to know to what extent these 'reinforced' policies remove barriers still existing after national tools implementation. From these four

Improving Oncology Quality Measurement in Accountable Care: Filling Gaps with Cross-Cutting Measures.

Science.gov (United States)

Valuck, Tom; Blaisdell, David; Dugan, Donna P; Westrich, Kimberly; Dubois, Robert W; Miller, Robert S; McClellan, Mark

2017-02-01

Payment for health care services, including oncology services, is shifting from volume-based fee-for-service to value-based accountable care. The objective of accountable care is to support providers with flexibility and resources to reform care delivery, accompanied by accountability for maintaining or improving outcomes while lowering costs. These changes depend on health care payers, systems, physicians, and patients having meaningful measures to assess care delivery and outcomes and to balance financial incentives for lowering costs while providing greater value. Gaps in accountable care measure sets may cause missed signals of problems in care and missed opportunities for improvement. Measures to balance financial incentives may be particularly important for oncology, where high cost and increasingly targeted diagnostics and therapeutics intersect with the highly complex and heterogeneous needs and preferences of cancer patients. Moreover, the concept of value in cancer care, defined as the measure of outcomes achieved per costs incurred, is rarely incorporated into performance measurement. This article analyzes gaps in oncology measures in accountable care, discusses challenging measurement issues, and offers strategies for improving oncology measurement. Discern Health analyzed gaps in accountable care measure sets for 10 cancer conditions that were selected based on incidence and prevalence; impact on cost and mortality; a diverse range of high-cost diagnostic procedures and treatment modalities (e.g., genomic tumor testing, molecularly targeted therapies, and stereotactic radiotherapy); and disparities or performance gaps in patient care. We identified gaps by comparing accountable care set measures with high-priority measurement opportunities derived from practice guidelines developed by the National Comprehensive Cancer Network and other oncology specialty societies. We found significant gaps in accountable care measure sets across all 10 conditions. For

Technical indicators of financial performance in the dairy herd

DEFF Research Database (Denmark)

Kristensen, Erling Lundager; Østergaard, Søren; Krogh, Mogens Agerbo

2008-01-01

Monte Carlo simulation was used to predict the long-term financial performance related to the technical performance of dairy herds. The indicators addressed were derived from data collected routinely in the herd. They indicated technical performance that can be affected by the farmer...... or the consultant, and they were derived from expected cause-effect relations between technical performance and financial performance at the herd level. The study included the indicators shape of lactation curve, reproduction efficiency, heifer management, variation between cows in lactation curve persistency...... cow was analyzed as the measure of financial performance. The potential effects of the selected indicators on the gross margin were estimated by means of an ANOVA. The final model allowed estimation of the financial value of specific changes within the key performance indicators. This study indicated...

Financial Literacy and Financial Behaviour

NARCIS (Netherlands)

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

Financial Autonomy and Challenges to Being a Regionally Responsive Higher Education Institution

Science.gov (United States)

Kohtamaki, Vuokko; Lyytinen, Anu

2004-01-01

This paper discusses some current problems and challenges of the Finnish AMKs (polytechnic institutions), and whether financial autonomy could contribute to finding solutions for some of these problems. It provides an overview of the current status of financial autonomy of polytechnics in 6 European countries, and finally attempts to find links…

Predicting financial distress in publicly-traded companies

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Felipe Fontaine Rezende

2017-07-01

Full Text Available ABSTRACT Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company’s bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83% of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

CSR Integration into the Financial Economy: A Conceptual Approach

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Georgiana - Loredana FRECEA

2016-06-01

Full Text Available Corporate social responsibility is a complex concept and its design integrates economic, social and environmental issues, pointing out the operational effects on a voluntary basis. It is considered a strategic point in the actual evolution of the economy, due to the financial market dynamism, being identified a critical correlation between financial crises and corporate social responsibility. The main purpose of this paper is to synthesize, through a literature review, the multiple dimensions of CSR, with a special emphasis on the theoretical approach. In order to provide a coherent overview on the banking CSR, it will be proposed a division of the CSR theories according to: (1 the ethical approach, (2 the stakeholders approach, and (3 the corporate governance approach. The major aim of this paper is to fill a gap in the theoretical approach of the CSR for the banking system, due to the necessity to unify the CSR reporting elements in order to find a balance between the bank’s organizational structure and their legitimacy to operate on the financial market.

Collaborating with congregations: opportunities for financial services in the inner city.

Science.gov (United States)

Fondation, L; Tufano, P; Walker, P

1999-01-01

In all economies, financial systems perform a basic set of functions, which include the need to pool resources, to save and borrow, to make payments, and to collect information. And yet, in rich and poor communities, the ways in which those needs are met differ greatly. In part, this is because traditional financial service firms have found it too expensive to serve poor neighborhoods. But it is possible to work with less traditional institutions to meet those needs. According to the authors, inner cities face two core impediments to financial services: lack of economies of scale and lack of good information. An inner-city investor with $500, for instance, does not warrant much attention from financial service firms. But 20,000 parishioners investing $500 apiece can collectively wield $10 million. By partnering with strong social organizations such as churches, financial institutions can benefit both themselves and investors. A lack of good information concerning credit histories--a common problem in poor communities--also makes low-income customers much less appealing to financial institutions. Churches can help close such information gaps by vouching for parishioners' reliability. There are certainly problems that come with mixing business and religion, as the authors concede. Ethical issues, trust issues, and issues of experience all come to mind. But understanding that functions need to dictate the structure of the financial service sector may be the first step toward achieving inner-city prosperity.

Conducting financial due diligence of medical practices.

Science.gov (United States)

Louiselle, P

1995-12-01

Many healthcare organizations are acquiring medical practices in an effort to build more integrated systems of healthcare products and services. This acquisition activity must be approached cautiously to ensure that medical practices being acquired do not have deficiencies that would jeopardize integration efforts. Conducting a thorough due diligence analysis of medical practices before finalizing the transaction can limit the acquiring organizations' legal and financial exposure and is a necessary component to the acquisition process. The author discusses the components of a successful financial due diligence analysis and addresses some of the risk factors in a practice acquisition.

Methodological approaches to assessing of country’s financial capacity

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A.Yu. Polchanov

2017-12-01

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

Application of MOOCs for borrowers’ financial education in microfinance

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Md. Abul Kalam Siddike

2017-06-01

Full Text Available The main objective of this research was to explore current borrowers’ financial education in microfinance and determine the possibilities of adopting massive open online courses (MOOCs for such individuals. We adopted a semi-structured interview research strategy. A total of 25 employees and borrowers in BRAC’s (Bangladesh Rehabilitation Assistance Committee and then Bangladesh Rural Advancement Committee, currently, BRAC does not represent an acronym microfinance program were interviewed and the data were analyzed qualitatively. The results show that BRAC’s microfinance program provides borrowers’ financial education in terms of a pre-disbursement orientation and four-day training through the creation of a new role of customer service assistant. The results also reveal that edu-entertainment, easy understanding, and more borrower participation are the main possible opportunities for adopting MOOCs for borrowers’ financial education. We identified infrastructure, Internet connection, and funding as possible hindrances to adopting MOOCs for financial education. Finally, we propose a framework for adopting MOOCs for borrowers’ financial education in microfinance.

Financial analysis as a financial management instrument

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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

Experimental Study on Critical Power in a Hemispherical Narrow Gap

International Nuclear Information System (INIS)

Park, Rae-Joon; Ha, Kwang-Soon; Kim, Sang-Baik; Kim, Hee-Dong; Jeong, Ji-Hwan

2002-01-01

An experimental study of critical heat flux in gap (CHFG) has been performed to investigate the inherent cooling mechanism in a hemispherical narrow gap. The objectives of the CHFG test are to measure critical power from a critical heat removal rate through the hemispherical narrow gap using distilled water with experimental parameters of system pressure and gap width. The CHFG test results have shown that a countercurrent flow limitation (CCFL) brings about local dryout at the small edge region of the upper part and finally global dryout in a hemispherical narrow gap. Increases in the gap width and pressure lead to an increase in critical power. The measured values of critical power are lower than the predictions made by other empirical CHF correlations applicable to flat plate, annuli, and small spherical gaps. The measured data on critical power in the hemispherical narrow gaps have been correlated using nondimensional parameters with a range of approximately ±20%. The developed correlation has been expanded to apply the spherical geometry using the Siemens/KWU correlation

Tax shields, financial expenses and losses carried forward

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Ignacio Vélez-Pareja

2016-09-01

Full Text Available This article deals with the proper procedure for calculating Tax Shields (TS. The calculation includes cases where Losses Carried Forward are allowed and there is financial Other Income (OI. The procedure takes into account the magnitude of Adjusted Earnings before Interest and Taxes (EBITAdj –that is, EBIT + OI – OE excluding Financial- compared with Financial Expenses (FE. This comparison defines three intervals and results for TS. If EBITAdj. 0 and less than FE, TSis T × EBITAdj.; finally if EBITAdj. > FE, TSis T × FE. When firm possesses OI, TS are not equivalent to the difference in taxes and an adjustment is needed. Proper calculation of TS is important because their value might represent a substantial part of firm value.

Practical Applications of Evolutionary Computation to Financial Engineering Robust Techniques for Forecasting, Trading and Hedging

CERN Document Server

Iba, Hitoshi

2012-01-01

“Practical Applications of Evolutionary Computation to Financial Engineering” presents the state of the art techniques in Financial Engineering using recent results in Machine Learning and Evolutionary Computation. This book bridges the gap between academics in computer science and traders and explains the basic ideas of the proposed systems and the financial problems in ways that can be understood by readers without previous knowledge on either of the fields. To cement the ideas discussed in the book, software packages are offered that implement the systems described within. The book is structured so that each chapter can be read independently from the others. Chapters 1 and 2 describe evolutionary computation. The third chapter is an introduction to financial engineering problems for readers who are unfamiliar with this area. The following chapters each deal, in turn, with a different problem in the financial engineering field describing each problem in detail and focusing on solutions based on evolutio...

Financial satisfaction and financial stressors in marital satisfaction.

Science.gov (United States)

Archuleta, Kristy L; Britt, Sonya L; Tonn, Teresa J; Grable, John E

2011-04-01

Using a sample of 310 married respondents from one U.S. Midwestern state, a test was conducted to examine the association of financial satisfaction and financial stressors in a spouse's decision to stay married to the same person or leave the relationship. The role of demographic and socioeconomic variables, religiosity, psychological constructs, financial satisfaction, and financial stressors as factors influencing marital satisfaction was tested. Financial stressors were measured using a list of financial stressors adapted from the literature. Financial satisfaction was measured with a one-item scale. The Kansas Marital Satisfaction Scale was used as a validation tool to assess whether individuals would marry or not marry again. Religiosity and financial satisfaction were positively associated with marital satisfaction. A negative interaction between financial satisfaction and financial stressors was also noted. Findings suggest that respondents who are financially satisfied tend to be more stable in their marriages.

Indexation and causation of financial markets

CERN Document Server

Tanokura, Yoko

2015-01-01

This book presents a new statistical method of constructing a price index of a financial asset where the price distributions are skewed and heavy-tailed and investigates the effectiveness of the method. In order to fully reflect the movements of prices or returns on a financial asset, the index should reflect their distributions. However, they are often heavy-tailed and possibly skewed, and identifying them directly is not easy. This book first develops an index construction method depending on the price distributions, by using nonstationary time series analysis. Firstly, the long-term trend of the distributions of the optimal Box–Cox transformed prices is estimated by fitting a trend model with time-varying observation noises. By applying state space modeling, the estimation is performed and missing observations are automatically interpolated. Finally, the index is defined by taking the inverse Box–Cox transformation of the optimal long-term trend. This book applies the method to various financial data. ...

45 CFR 2540.660 - If the final decision determines that I received a financial benefit improperly, will I be...

Science.gov (United States)

2010-10-01

... financial benefit improperly, will I be required to repay that benefit? 2540.660 Section 2540.660 Public... determines that I received a financial benefit improperly, will I be required to repay that benefit? If it is determined that you received a financial benefit improperly, you may be required to reimburse the program for...

Fit Gap Analysis – The Role of Business Process Reference Models

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Dejan Pajk

2013-12-01

Full Text Available Enterprise resource planning (ERP systems support solutions for standard business processes such as financial, sales, procurement and warehouse. In order to improve the understandability and efficiency of their implementation, ERP vendors have introduced reference models that describe the processes and underlying structure of an ERP system. To select and successfully implement an ERP system, the capabilities of that system have to be compared with a company’s business needs. Based on a comparison, all of the fits and gaps must be identified and further analysed. This step usually forms part of ERP implementation methodologies and is called fit gap analysis. The paper theoretically overviews methods for applying reference models and describes fit gap analysis processes in detail. The paper’s first contribution is its presentation of a fit gap analysis using standard business process modelling notation. The second contribution is the demonstration of a process-based comparison approach between a supply chain process and an ERP system process reference model. In addition to its theoretical contributions, the results can also be practically applied to projects involving the selection and implementation of ERP systems.

Student Teachers' Capacity and Willingness to Teach Financial Literacy in Flanders

Science.gov (United States)

De Moor, Lieven; Verschetze, Lindsey

2017-01-01

The purpose of this article is to assess the student teachers' capacity and willingness to teach financial literacy in Flanders via on-site paper surveys of 368 final-year teacher education students. We argue that the Flemish teacher education program needs to be revised to introduce financial education in secondary schools. We find that revisions…

Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa

OpenAIRE

Enowbi Batuo, M.; Mlambo, Kupukile; Asongu, Simplice

2017-01-01

In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth has come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses ...

BASEL III – A new approach to improve international financial stability

Directory of Open Access Journals (Sweden)

Claudia Gabriela BAICU

2010-09-01

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

Gap flow in axial turbines. Effects on the flow patterns in the final turbine stage and inside the diffusor. Final report

International Nuclear Information System (INIS)

Krueckels, J.

1996-01-01

A 3D Navier-Stokes method was modified for discretisation of the gap between the tip of the rotor blade and the casing wall by an additional grid block. Flow calculations were carried out using a zoned approach in which the Navier-Stokes equations are solved only in the gap flow region inside the rotor while the Eulerian equations are solved in the other regions, thus reducing the calculation time. The results are compared with experimental data. The interdependence between turbine and diffusor is taken into account so that the pressure distribution at the rotor outlet will be modelled correctly. The distribution of static pressure at the diffusor outlet must be available as an input variable in this method [de

Implications of Declining Enrolment for the Schools of Ontario. A Statement of Effects and Solutions. Final Report. [Incidences de la Baisse des Effectifs Scolaires sur les Ecoles de l'Ontario. Problemes et Solutions. Rapport Final].

Science.gov (United States)

Jackson, R. W. B.

In this final report concerning declining enrollments in Ontario, the problems are defined almost entirely in economic and financial terms, and the solutions expressed in those terms. The first section of the report briefly reviews the essential background, the economic and financial constraints, and finally the demographic facts. The arguments…

Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit

OpenAIRE

Daniel VILSANOIU; Mihaela SERBAN

2010-01-01

This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, ou...

Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

OpenAIRE

Wang, Jianxin; Gochoco-Bautista, Maria Socorro; Sotocinal, Noli

2013-01-01

Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (1) financial conditions and financial development affect corporate investments through different channels. Financial conditions affect firms' growth opportunities an...

Treatment gaps in Parkinson's disease care in the Philippines.

Science.gov (United States)

Jamora, Roland Dominic G; Miyasaki, Janis M

2017-08-01

Neurological services and resources are scarce in low-income and developing countries, such as the Philippines. We looked into the treatment gaps in Parkinson's disease (PD) care in the Philippines in the following areas: epidemiology, healthcare, financial coverage, pharmacotherapy, surgical treatment and manpower. We collected relevant data on the above-mentioned areas. There is no available Philippine data on PD prevalence. Philippine healthcare is paid through user fees at the point of service. The average consultation fee in Manila ranges from US$10.57-31.74. The average minimum daily wage is US$9.39-10.17. Philippine healthcare is devolved to the local government units. Deep brain stimulation surgery is only available in Manila. Most PD medications are available in the Philippines. There are only nine movement disorder specialists for a population of 100.98 million. Gaps and challenges in PD care in the Philippines still exist.

Holographic entropy inequalities and gapped phases of matter

Energy Technology Data Exchange (ETDEWEB)

Bao, Ning [Institute for Quantum Information and Matter, California Institute of Technology,Pasadena, CA 91125 (United States); Walter Burke Institute for Theoretical Physics, California Institute of Technology,Pasadena, CA 91125 (United States); Cao, ChunJun [Walter Burke Institute for Theoretical Physics, California Institute of Technology,Pasadena, CA 91125 (United States); Walter, Michael [Stanford Institute for Theoretical Physics,Stanford University, Stanford, CA 94305 (United States); Wang, Zitao [Institute for Quantum Information and Matter, California Institute of Technology,Pasadena, CA 91125 (United States); Walter Burke Institute for Theoretical Physics, California Institute of Technology,Pasadena, CA 91125 (United States)

2015-09-29

We extend our studies of holographic entropy inequalities to gapped phases of matter. For any number of regions, we determine the linear entropy inequalities satisfied by systems in which the entanglement entropy satisfies an exact area law. In particular, we find that all holographic entropy inequalities are valid in such systems. In gapped systems with topological order, the “cyclic inequalities” derived recently for the holographic entanglement entropy generalize the Kitaev-Preskill formula for the topological entanglement entropy. Finally, we propose a candidate linear inequality for general 4-party quantum states.

Holographic entropy inequalities and gapped phases of matter

International Nuclear Information System (INIS)

Bao, Ning; Cao, ChunJun; Walter, Michael; Wang, Zitao

2015-01-01

We extend our studies of holographic entropy inequalities to gapped phases of matter. For any number of regions, we determine the linear entropy inequalities satisfied by systems in which the entanglement entropy satisfies an exact area law. In particular, we find that all holographic entropy inequalities are valid in such systems. In gapped systems with topological order, the “cyclic inequalities” derived recently for the holographic entanglement entropy generalize the Kitaev-Preskill formula for the topological entanglement entropy. Finally, we propose a candidate linear inequality for general 4-party quantum states.

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

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,"…

An Aligned-Gap and Centered-Gap Rectangular Multiple Split Ring Resonator for Dielectric Sensing Applications

Directory of Open Access Journals (Sweden)

Izyani Mat Rusni

2014-07-01

Full Text Available This paper presents the design and development of a planar Aligned-Gap and Centered-Gap Rectangular Multiple Split Ring Resonator (SRR for microwave sensors that operates at a resonance frequency around 5 GHz. The sensor consists of a microstrip transmission line loaded with two elements of rectangular SRR on both sides. The proposed metamaterial sensors were designed and fabricated on Rogers RT5880 substrate having dielectric constant of 2.2 and thickness of 0.787 mm. The final dimension of the proposed sensor was measured at 35 × 14 mm2. Measured results show good agreement with simulated ones as well as exhibiting high Q-factor for use in sensing application. A remarkably shift of resonance frequency is observed upon introduction of several sample with different dielectric value.

Critical Gap distance in Laser Butt-welding

DEFF Research Database (Denmark)

Bagger, Claus; Olsen, Flemming Ove

of "reference" welds are made and compared to sheets with the edges shear cut. The gap distance is precisely controlled by inserting spacers between the sheets. In the tests the gap is set at 0.00, 0.02, 0.05, 0.08 and 0.10 mm. Mild steel (St 1203) with thickness? of 0.75 and 1.25 mm with and without zinc......When butt-welding metal sheets with high power lasers the gap distance between the sheets determine the final quality of the seam. In a number of systematic laboratory experiments the critical gap distance that results in sound beads is identified. By grinding the edges of the sheets, a number...... coating were analysed. A total of 120 welds are made at different welding speeds.As quality norm DIN 8563 is used to divide the welds into quality classes. Since this norm only deals with surface defects a number of welds are also x-ray photographed.According to DIN 8563 the welds have classes of either B...

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

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...

Sense of coherence: A distinct perspective on financial well-being

Directory of Open Access Journals (Sweden)

Antoni Barnard

2016-11-01

Full Text Available With the ongoing financial challenges being faced in the economic environment, research exploring financial and psychological well-being is of significant value because employees’ socio-economic behaviour affects productivity. Research emphasises mainly the effect of income level on psychological well-being, and its orientation to psychological well-being is narrowly derived from a focus on subjective well-being constructs. This study addresses the research gap by exploring the relationship dynamics between sense of coherence, income level and financial well-being. Secondary data were obtained from a cross-sectional online employee-wellness survey (n=7 185. The sample distribution included 66 per cent females and 34 per cent males from various age groups, with 46 per cent of the sample comprising single-household earners and 54 per cent sharing household income. Analysis of variance was conducted to examine the relationship dynamics between sense of coherence, level of income and financial well-being. Demographic variables that formed part of the survey results were included in the analysis. The relationships between sense of coherence and identified significant income level, financial well-being and demographic effects were further explored in Bonferroni multiple comparisons of means test and cross reference frequency tables that included Pearson’s chi-square and/or Cochran–Armitage trend tests. Detail results indicate that high-income employees exhibit a significantly stronger sense of coherence than low-income employees, and that, despite level of income, financial wellbeing is nevertheless positively related to sense of coherence. Results indicate important implications for managing a financially healthy workforce. Limitations are discussed and recommendations for future research are highlighted.

ECONOMIC AND FINANCIAL IMPLICATIONS OF THE PHARMACEUTICAL INDUSTRY IN ROMANIA

Directory of Open Access Journals (Sweden)

Georgiana Daniela Minculete Piko

2014-09-01

Full Text Available In the wake of the financial crisis, most industries witnessed an economic downturn also boosted by the austerity measures imposed by the state. The pharmaceutical sector is one of the few sectors that followed an upward trend. Although the economic and financial crisis has long taken hold of the entire world, the domino theory did not apply to this industry; instead, the “butterfly effect” became evident. The phrase refers to the fact that the wings of a butterfly create small changes that may finally alter the route of certain elements. In the pharmaceutical industry, minor changes in research and development finally led to spectacular innovations. At present, there are no such big investments in research and development in Romania as there are in Europe; yet, due to mergers and acquisitions between Romanian and foreign companies, the pharmaceutical sector in Romania significantly contributes to the creation of added value in terms of economic development. The added value of the pharmaceutical industry in our country has increased significantly in recent years. The purpose of this article is to highlight the financial and economic significance of the pharmaceutical industry in Romania. This industry is one with an average degree of concentration; thus, the average liquidity and solvency indicators in this sector were calculated with a view to emphasizing its financial independence. The findings of this research indicate a high level of financial independence in this industry, as pharmaceutical companies are able to meet payment deadlines. This study highlights the importance of such an industry in times of economic crisis, the financial stability of the pharmaceutical sector reinforcing the need for massive investment in research and development.

MAS Integration and Controllership Effectiveness: Evidence of a Preparer-User Perception Gap

OpenAIRE

Weißenberger, Barbara E.; Angelkort, Hendrik; Holthoff, Gero

2012-01-01

Recent evidence suggests that managers establish a positive link between management accounting system (MAS) integration and controllership effectiveness, which is fully mediated by the perceived consistency of financial language. Our paper extends this research by analyzing whether controllers have similar perceptions on MAS design. Testing a series of multi-group structural equation models, we find evidence for a preparer-user perception gap with respect to the mediating impact of a consiste...

Quality of Financial Policies and Financial System Stress

OpenAIRE

Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov

2005-01-01

In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.

Why Financial Advice Cannot Substitute for Financial Literacy?

OpenAIRE

M. Debbich

2015-01-01

This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the existence of a conflict of interest from the advisor's perspective, the model predicts that only well financially sophisticated customers receive relevant information from the advisor. This fact tends ...

Gaps between jets in double-Pomeron-exchange processes at the LHC

CERN Document Server

Marquet, C; Trzebinski, M; Zlebcik, R

2013-01-01

The possibility to measure jet-gap-jet final states in double-Pomeron-exchange events at the LHC is presented. In the context of the ATLAS experiment with additional forward physics detectors, cross sections for different experimental settings and gap definitions are estimated. This is done in the framework of the Forward Physics Monte Carlo interfaced with a perturbative QCD model that successfully reproduces standard jet-gap-jet cross sections at the Tevatron. The extrapolation to LHC energies follows from the Balitsky-Fadin-Kuraev-Lipatov dynamics, implemented in the model at next-to-leading logarithmic accuracy.

THE INFLUENCE OF COMMUNITY FINANCIAL INSTRUMENTS ON THE ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

ANCA SIMINA POPESCU

2015-12-01

Full Text Available The absorption of structural and cohesion funds for the period 2007-2013 was relatively low, several reasons were identified by the European Union and the European Commission and had several gaps in legislative terms and in terms of management. Financial and economic crisis that started in 2008, dramatically altered the socio-economic context for cohesion policy programs. The economic downturn also triggered a sharp deterioration in the business climate and consumer confidence, investment (gross fixed capital formation decreased from 21% of GDP in 2008 to 18% in 2012, exports of goods and services and investment direct foreign having the same negative trend. Absorption capacity non-reimbursable financial resources is a variable with a direct and very strong link in ensuring economic and social cohesition with resources available from European funds.

Applying CSSI Methodology to the Interpretation of the Audit Expectation Gap

Directory of Open Access Journals (Sweden)

Bruno José Machado de Almeida

2016-09-01

Full Text Available The development of the audit process is underpinned by a set of concepts that are not generally understood by the users of financial information or by the generality of investors. An audit is developed based on an accounting platform whose abstract or formal object consists of a set of conventions, principles and standards that can give rise to what is called an accounting gap. An audit is also grounded on concepts of risk and materiality which, although considered audit anchors, are not perceived or understood by the general public and thus can give rise to an expectation gap. In addition, a credibility gap can occur, given the degree of judgment implicit in any accounting model: accounting principles and standards determine what should or should not be recognized. Equally present is the gap that exists between reasonable assurance and absolute assurance and the gap with respect to auditor performance. Analysing the concept and meaning of these terms is the main objective of this paper. Based on the model of Blumer, the methodology emphasizes symbolic interactionism, suggesting that, in society, every professional space interprets in a unique way the concepts and symbols used in the communication process. Our study suggests that  concepts are fundamental tools used in social practice for observing and representing the real world, and for acting and working in it.

Financial Performance Analysis of Selected Commercial Banks in ...

African Journals Online (AJOL)

user

Correspondance ..... According to BPP (2012) there are limitations of financial ratios analysis such as: .... Finally, in 2012, Nib was the leader in efficiency at RoA of 4.7%. This shows ..... strategies should be put in place to continue its growth in its earnings.

Financial System of Malaysia: the Concept of Financial Dispute

Directory of Open Access Journals (Sweden)

Evgenia E. Frolova

2017-01-01

Full Text Available Purpose: the article examines the main problems associated the new regulatory acts of Malaysia – the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013; The characteristics of the legal status of the "Ombudsman for financial services" are listed, types of financial disputes subject to settlement under the "financial ombudsman scheme" are listed, parties to the financial dispute are identified. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Malaysia that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority. Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia. Results: according to the provisions of the new laws of Malaysia, namely the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013, a financial dispute should be understood as a dispute, to which the parties are a financial consumer and a financial service provider provider. Financial disputes include disputes in the field of insurance and Islamic insurance, as well as disputes over bank cards, bank accounts, ATMs, Internet banking, mobile banking, and others. The main body for the settlement of financial disputes is the Financial Ombudsman. The competence of the financial ombudsman is limited by the amount of the claim of 250,000 ringgit (about 4.5 million rubles, under insurance claims – 10,000 ringgit, in the field of unauthorized transactions – 25,000 ringgit. The procedure for resolving a financial dispute, which in Malaysia is referred to as the "scheme of a financial ombudsman", is established by the Central Bank of Malaysia

Tire Crumb Research Study Literature Review / Gap ...

Science.gov (United States)

In order to more fully understand data gaps in human exposure and toxicity to tire crumb materials, ATSDR, CPSC and EPA undertook a collaborative effort in the form of a scientific literature review and subsequent gaps analysis. The first objective of the Literature Review and Gap Analysis (LRGA) collaboration was to identify the existing body of literature related specifically to human exposure to tire crumb materials through the use of synthetic turf athletic fields and playgrounds. The second objective was to characterize and summarize the relevant data from the scientific literature. The final objective was to review the summary information and identify data gaps to build on the current understanding of the state-of-the-science and inform the development of specific research efforts that would be most impactful in the near-term. Because of the need for additional information, the U.S. Environmental Protection Agency (EPA), the Centers for Disease Control and Prevention/Agency for Toxic Substances and Disease Registry (ATSDR), and the U.S. Consumer Product Safety Commission (CPSC) launched a multi-agency action plan to study key environmental human health questions. The Federal Research Action Plan includes numerous activities, including research studies (U.S. EPA, 2016). A key objective of the Action Plan is to identify key knowledge gaps.

The Usefulness of Financial Statements in Making Financial Diagnosis

Directory of Open Access Journals (Sweden)

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.

Does financial education impact financial literacy and financial behavior, and if so, when?

OpenAIRE

Kaiser, Tim; Menkhoff, Lukas

2017-01-01

A meta-analysis of 126 impact evaluation studies finds that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lowe...

Measuring financial performance: an overview of financial statements.

Science.gov (United States)

Dalsted, N L

1995-07-01

Financial management has emerged as a critical component in the long-term viability of today's ranches and farms. Proper and timely financial reporting and analysis of financial statements are valuable tools that agricultural producers can use to monitor, coordinate, and plan their operational production and marketing schemes and strategies. A side note to preparation of financial statements. With the concerns over lender liability issues associated with statements either assisted with or prepared by a lending officer, agricultural producers will be responsible for preparing their own statements. The lending institutions may prepare their own statements in their assessment of the financial condition of a business and or individual, but, ultimately, the responsibility of financial statements is the borrower's. Some of the material presented in this article provides important input for use in such analytical programs as the National Cattlemen's Association, Integrated Resource Committees, and Standard Performance Analysis (SPA). SPA techniques and associated software have been or currently are under development for cow-calf, stocker, seedstock, and sheep enterprises. Critical to the analysis is having complete and correct financial statements. These analytical programs build on the financial statements. These analytical programs build on the financial statements as recommended by the FFSTF. Proper financial reporting is critical not only to a SPA assessment but also to the overall financial management of today's farms and ranches. Recognizing the importance of financial management in production agriculture is not enough, taking a proactive stance in one's financial plan is paramount to success. Failure to do so will only enhance the exit rates of producers from production agriculture.

Financial Stress Indices and Financial Crises

NARCIS (Netherlands)

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

How attractive is the North Sea to the financial community?

International Nuclear Information System (INIS)

Arnott, R.

1992-01-01

How attractive is the North Sea to the financial community? This question is answered by discussing the type of investment opportunity that the North Sea offers the investor. It is shown how North Sea investments have performed and some of the methods used to measure that performance are discussed. Finally, some thoughts on the future importance of the North Sea to the financial community reach the conclusion that it will remain important for some years to come. (author)

Financial Analysis of the Financial Institutions Sector in Kosovo

Directory of Open Access Journals (Sweden)

Vlora Prenaj

2015-12-01

Full Text Available Paper work “Financial analysis of the financial institutions sector in Kosovo” treats financial sector in Kosovo. Paper work contains the current position of the economy, economic prospects and macroeconomic projections for the financial sector in Kosovo, future potential and possibilities of financial sector in Kosovo. The main goal of this research is financial analysis of Kosovo financial institutions sector - overview of key indicators. This research evaluates the performances of commercial bank’s profitability, which have operated in the market during the period 2006-2012. This research is conducted through financial analysis coefficients: Return on Equity, Return on assets and Cost to Income. Test t-Student is used to analyze the profitability for the period 2006/2007 before the financial crisis and the period 2011/2012 after financial crisis.

Offshoring and financial markets

Directory of Open Access Journals (Sweden)

Gianfranco Battisti

2014-06-01

Full Text Available The paper analyses the nature and extent of the offshore world, a grey area that is playing a major role in present-day economy. The main institutions moulding this peculiar environment are discussed: preferential tax regimes, tax havens and offshore financial centers. Their role in the globalised world is outlined after a scrutiny of the specialized literature, reports by non-governmental bodies and companies’ advertisings. Finally, we present a tentative reconstruction of its geographical organization, inclusive of cartographic representations of the main international networks.

Toward an affective neuroscience account of financial risk taking

Directory of Open Access Journals (Sweden)

Charlene C. Wu

2012-11-01

Full Text Available To explain human financial risk taking, economic and finance theories typically refer to the mathematical properties of financial options, whereas psychological theories have emphasized the influence of emotion and cognition on choice. From a neuroscience perspective, choice emanates from a dynamic multicomponential process. Recent technological advances in neuroimaging have made it possible for researchers to separately visualize perceptual input, intermediate processing, and motor output. An affective neuroscience account of financial risk taking thus might illuminate affective mediators that bridge the gap between statistical input and choice output. To test this hypothesis, we conducted a quantitative meta-analysis (via activation likelihood estimate or ALE of functional magnetic resonance imaging experiments that focused on neural responses to financial options with varying statistical moments (i.e., mean, variance, skewness. Results suggested that different statistical moments elicit both common and distinct patterns of neural activity. Across studies, high versus low mean had the highest probability of increasing ventral striatal activity, but high versus low variance had the highest probability of increasing anterior insula activity. Further, high versus low skewness had the highest probability of increasing ventral striatal activity. Since ventral striatal activity has been associated with positive aroused affect (e.g. excitement, whereas anterior insular activity has been associated with negative aroused affect (e.g. anxiety or general arousal, these findings are consistent with the notion that statistical input influences choice output by eliciting anticipatory affect. The findings also imply that neural activity can be used to predict financial risk taking – both when it conforms to and violates traditional models of choice.

Financial Economy and Financial System: Basis of Structural Interconnection

Directory of Open Access Journals (Sweden)

Khorosheva Olena I.

2014-02-01

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

East Asian Financial Cycles: Asian vs. Global Financial Crises

OpenAIRE

Akira Kohsaka; Jun-ichi Shinkai

2014-01-01

We examine the role of financial shocks in business cycles in general and in financial crises in particular in East Asia (Indonesia, Korea, Malaysia and Thailand) since the 1990s. Estimating a Financial Conditions Index, we found that financial shocks explain most of business downturns in all the economies in the Asian Financial Crisis (AFC) in 1997-98, but that the effects of financial shocks are diverse across economies in the Global Financial Crisis (GFC) in 2008-09. In the GFC, the financ...

75 FR 60287 - Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial...

Science.gov (United States)

2010-09-30

... conditions for sale accounting treatment under generally accepted accounting principles (``GAAP''). The rule... securitization participants. Modifications to GAAP Accounting Standards On June 12, 2009, the Financial Accounting Standards Board (``FASB'') finalized modifications to GAAP through Statement of Financial...

The prototype GAPS (pGAPS) experiment

International Nuclear Information System (INIS)

Mognet, S.A.I.; Aramaki, T.; Bando, N.; Boggs, S.E.; Doetinchem, P. von; Fuke, H.; Gahbauer, F.H.; Hailey, C.J.; Koglin, J.E.; Madden, N.; Mori, K.; Okazaki, S.; Ong, R.A.; Perez, K.M.; Tajiri, G.; Yoshida, T.; Zweerink, J.

2014-01-01

The General Antiparticle Spectrometer (GAPS) experiment is a novel approach for the detection of cosmic ray antiparticles. A prototype GAPS (pGAPS) experiment was successfully flown on a high-altitude balloon in June of 2012. The goals of the pGAPS experiment were: to test the operation of lithium drifted silicon (Si(Li)) detectors at balloon altitudes, to validate the thermal model and cooling concept needed for engineering of a full-size GAPS instrument, and to characterize cosmic ray and X-ray backgrounds. The instrument was launched from the Japan Aerospace Exploration Agency's (JAXA) Taiki Aerospace Research Field in Hokkaido, Japan. The flight lasted a total of 6 h, with over 3 h at float altitude (∼33km). Over one million cosmic ray triggers were recorded and all flight goals were met or exceeded

Financial Investing Made for Women: The Economic and Psychological Reasons Why Women Invest Differently Than Men

Directory of Open Access Journals (Sweden)

Carolina M. Reece

2013-07-01

Full Text Available Financial Investing is becoming not only a way to plan for a future source of retirement, but also a method to control a personal financial situation without having to rely on government aid or family member support to survive during the elderly years. Today, individuals cannot depend on social security being available in the future for financial support. It is especially vital for women to become more interested in making long-term investments that will provide a secure and effective approach to money management and financial planning. However, as various studies have concluded, women are less interested than men in managing their finances due to various economic and psychological reasons related to risk aversion, sociopolitical and biological factors, and income. This study reviews previous research findings related to the relationship between women and investments, as well as several economic and psychological reasons behind the gender gap on financial investing are presented. Surveys were used to identify the main reasons for women’s tendency to rely less on financial investments. It was found that women who had some source of financial investment showed confidence in the stock market, as well as in their financial decisions. These results contradict some of the findings shown in previous research.

Corporate financial restructuring in Asia: implications for financial stability

OpenAIRE

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.

FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

Directory of Open Access Journals (Sweden)

TAK ISA

2010-12-01

Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

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

Financial risk protection from social health insurance.

Science.gov (United States)

Barnes, Kayleigh; Mukherji, Arnab; Mullen, Patrick; Sood, Neeraj

2017-09-01

This paper estimates the impact of social health insurance on financial risk by utilizing data from a natural experiment created by the phased roll-out of a social health insurance program for the poor in India. We estimate the distributional impact of insurance on of out-of-pocket costs and incorporate these results with a stylized expected utility model to compute associated welfare effects. We adjust the standard model, accounting for conditions of developing countries by incorporating consumption floors, informal borrowing, and asset selling which allow us to separate the value of financial risk reduction from consumption smoothing and asset protection. Results show that insurance reduces out-of-pocket costs, particularly in higher quantiles of the distribution. We find reductions in the frequency and amount of money borrowed for health reasons. Finally, we find that the value of financial risk reduction outweighs total per household costs of the insurance program by two to five times. Copyright © 2017. Published by Elsevier B.V.

Corporate Governance: Insider Information, the Bane of Financial ...

African Journals Online (AJOL)

The finding is that the insider information possessed by the manager informed the manipulation of firms, securities, risky business, terms, prices, etc, for their benefit to the detriment of investors and therefore caused the financial melt-down. Finally, the major recommendation is that corporate governance needs reforms for ...

Evidence and evidence gaps - an introduction.

Science.gov (United States)

Dreier, Gabriele; Löhler, Jan

2016-01-01

Background: Medical treatment requires the implementation of existing evidence in the decision making process in order to be able to find the best possible diagnostic, therapeutic or prognostic measure for the individual patient based on the physician's own expertise. Clinical trials form the evidence base and ideally, their results are assembled, analyzed, summarized, and made available in systematic review articles. Beside planning, conducting, and evaluating clinical trials in conformity with GCP (good clinical practice), it is essential that all results of conducted studies are publicly available in order to avoid publication bias. This includes also the public registration of planned and cancelled trials. History: During the last 25 years, evidence-based medicine became increasingly important in medical care and research. It is closely associated with the names of Archibald Cochrane and David Sackett. About 15 years ago, the Deutsche Cochrane Zentrum (Cochrane Germany) and the Deutsche Netzwerk Evidenzbasierte Medizin e.V. (German Network for Evidence-based Medicine, DNEbM) were founded in Germany. In the International Cochrane Collaboration, clinicians and methodologists come together on an interdisciplinary level to further develop methods of evidence-based medicine and to discuss the topics of evidence generation and processing as well as knowledge transfer. Problem: Evidence is particularly important for physicians in the process of decision making, however, at the same time it is the base of a scientific proof of benefit for the patient and finally for the payers in health care. The closure of evidence gaps requires enormously high staff and financial resources, significant organizational efforts, and it is only successful when clinical and methodical expertise as well as specific knowledge in the field of clinical research are included. On the other hand, the knowledge has to be transferred into practice. For this purpose, practice guidelines, meetings

gamma-induced modification on optical band gap of CR-39 SSNTD

International Nuclear Information System (INIS)

Zaki, M.F.

2010-01-01

effect of gamma irradiation on optical absorption of nuclear track detectors like CR-39 was studied at different absorbed doses using ultraviolet-visible (UV-VIS)spectroscopy. the existence of the peaks, their shifting and broadening as a result of gamma irradiation has been discussed. the width of the tail of localized states in the band gap (E u )was evaluated using the Urbach edge method. finally the indirect and direct band gap in pristine and gamma irradiated CR-39 have been determined. the values of indirect band gap have been found to be lower than the corresponding values of direct band gap. a decrease in the optical energy gap with increasing the gamma absorbed dose can be discussed on the basis of gamma-irradiation-induced defects in the CR-39. the correlation between optical band gap and the number of carbon atoms in a cluster with modified Tauc's equation has been discussed in case of CR-39.

Disclosure of Non-Financial Information: Relevant to Financial Analysts?

OpenAIRE

ORENS, Raf; LYBAERT, Nadine

2013-01-01

The decline in the relevance of financial statement information to value firms leads to calls from organizational stakeholders to convey non-financial information in order to be able to judge firms' financial performance and value. This literature review aims to report extant literature findings on the use of corporate non-financial information by sell-side financial analysts, the information intermediaries between corporate management and investors. Prior studies highlight that financial ana...

Financial globalisation uncertainty/instability is good for financial development

OpenAIRE

Asongu, Simplice A.; Koomson, Isaac; Tchamyou, Vanessa S.

2015-01-01

Purpose – This study assesses the effect of time-dynamic financial globalisation uncertainty on financial development in 53 African countries for the period 2000-2011. Design/methodology/approach – Financial globalisation uncertainty is estimated as time-dynamic to capture business cycle disturbances while all dimensions identified by the Financial Development and Structure Database of the World Bank are employed, namely: financial depth (money supply and liquid liabilities), financial sy...

Applying CSSI Methodology to the Interpretation of the Audit Expectation Gap

OpenAIRE

Bruno José Machado de Almeida

2016-01-01

The development of the audit process is underpinned by a set of concepts that are not generally understood by the users of financial information or by the generality of investors. An audit is developed based on an accounting platform whose abstract or formal object consists of a set of conventions, principles and standards that can give rise to what is called an accounting gap. An audit is also grounded on concepts of risk and materiality which, although considered audit anchors, are not perc...

The prototype GAPS (pGAPS) experiment

Energy Technology Data Exchange (ETDEWEB)

Mognet, S.A.I., E-mail: mognet@astro.ucla.edu [University of California, Los Angeles, CA 90095 (United States); Aramaki, T. [Columbia University, New York, NY 10027 (United States); Bando, N. [Institute of Space and Astronautical Science, Japan Aerospace Exploration Agency (ISAS/JAXA), Sagamihara, Kanagawa 252-5210 (Japan); Boggs, S.E.; Doetinchem, P. von [Space Sciences Laboratory, University of California, Berkeley, CA 94720 (United States); Fuke, H. [Institute of Space and Astronautical Science, Japan Aerospace Exploration Agency (ISAS/JAXA), Sagamihara, Kanagawa 252-5210 (Japan); Gahbauer, F.H.; Hailey, C.J.; Koglin, J.E.; Madden, N. [Columbia University, New York, NY 10027 (United States); Mori, K.; Okazaki, S. [Institute of Space and Astronautical Science, Japan Aerospace Exploration Agency (ISAS/JAXA), Sagamihara, Kanagawa 252-5210 (Japan); Ong, R.A. [University of California, Los Angeles, CA 90095 (United States); Perez, K.M.; Tajiri, G. [Columbia University, New York, NY 10027 (United States); Yoshida, T. [Institute of Space and Astronautical Science, Japan Aerospace Exploration Agency (ISAS/JAXA), Sagamihara, Kanagawa 252-5210 (Japan); Zweerink, J. [University of California, Los Angeles, CA 90095 (United States)

2014-01-21

The General Antiparticle Spectrometer (GAPS) experiment is a novel approach for the detection of cosmic ray antiparticles. A prototype GAPS (pGAPS) experiment was successfully flown on a high-altitude balloon in June of 2012. The goals of the pGAPS experiment were: to test the operation of lithium drifted silicon (Si(Li)) detectors at balloon altitudes, to validate the thermal model and cooling concept needed for engineering of a full-size GAPS instrument, and to characterize cosmic ray and X-ray backgrounds. The instrument was launched from the Japan Aerospace Exploration Agency's (JAXA) Taiki Aerospace Research Field in Hokkaido, Japan. The flight lasted a total of 6 h, with over 3 h at float altitude (∼33km). Over one million cosmic ray triggers were recorded and all flight goals were met or exceeded.

75 FR 934 - Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial...

Science.gov (United States)

2010-01-07

... accounting principles (``GAAP''). The rule was a clarification, rather than a limitation, of the repudiation... has created uncertainty for securitization participants. On June 12, 2009, the Financial Accounting Standards Board (``FASB'') finalized modifications to GAAP through Statement of Financial Accounting...

College Students and Financial Distress: Exploring Debt, Financial Satisfaction, and Financial Anxiety

Science.gov (United States)

Archuleta, Kristy L.; Dale, Anita; Spann, Scott M.

2013-01-01

The impact of financial concerns on overall mental health has become a popular topic among researchers and practitioners. In this exploratory study, possible associations of financial anxiety were explored using a sample of 180 college students who sought services at a university peer financial counseling center in a Midwestern state. Of…

A study on critical heat flux in gap

Energy Technology Data Exchange (ETDEWEB)

Park, Rae Joon; Jeong, Ji Whan; Cho, Young Ro; Chang, Young Cho; Kang, Kyung Ho; Kim, Jong Whan; Kim, Sang Baik; Kim, Hee Dong

1999-04-01

The scope and content of this study is to perform the test on critical heat flux in hemispherical narrow gaps using distilled water and Freon R-113 as experimental parameters, such as system pressure from 1 to 10 atm and gap thickness of 0.5, 1.0, 2.0, and 5.0 mm. The CHFG test results have shown that the measured values of critical power are much lower than the predictions made by empirical CHF correlations applicable to flat plate gaps and annuli. The pressure effect on the critical power was found to be much milder than predictions by those CHF correlations. The values and the pressure trend of the critical powers measured in the present experiments are close to the values converted from the CCFL data. This confirms the claim that a CCFL brings about local dryout and finally, global dryout in hemispherical narrow gaps. Increases in the gap thickness lead to increase in critical power. The measured critical power using R-113 in hemispherical narrow gaps are 60 % lower than that using water due to the lower boiling point, which is different from the pool boiling condition. The CCFL (counter counter flow limit) test facility was constructed and the test is being performed to estimate the CCFL phenomena and to evaluate the CHFG test results on critical power in hemispherical narrow gaps. (Author). 35 refs., 2 tabs., 19 figs.

A study on critical heat flux in gap

International Nuclear Information System (INIS)

Park, Rae Joon; Jeong, Ji Whan; Cho, Young Ro; Chang, Young Cho; Kang, Kyung Ho; Kim, Jong Whan; Kim, Sang Baik; Kim, Hee Dong

1999-04-01

The scope and content of this study is to perform the test on critical heat flux in hemispherical narrow gaps using distilled water and Freon R-113 as experimental parameters, such as system pressure from 1 to 10 atm and gap thickness of 0.5, 1.0, 2.0, and 5.0 mm. The CHFG test results have shown that the measured values of critical power are much lower than the predictions made by empirical CHF correlations applicable to flat plate gaps and annuli. The pressure effect on the critical power was found to be much milder than predictions by those CHF correlations. The values and the pressure trend of the critical powers measured in the present experiments are close to the values converted from the CCFL data. This confirms the claim that a CCFL brings about local dryout and finally, global dryout in hemispherical narrow gaps. Increases in the gap thickness lead to increase in critical power. The measured critical power using R-113 in hemispherical narrow gaps are 60 % lower than that using water due to the lower boiling point, which is different from the pool boiling condition. The CCFL (counter counter flow limit) test facility was constructed and the test is being performed to estimate the CCFL phenomena and to evaluate the CHFG test results on critical power in hemispherical narrow gaps. (Author). 35 refs., 2 tabs., 19 figs

Health spending, illicit financial flows and tax incentives in Malawi.

Science.gov (United States)

O'Hare, B; Curtis, M

2014-12-01

This analysis examines the gaps in health care financing in Malawi and how foregone taxes could fill these gaps. It begins with an assessment of the disease burden and government health expenditure. Then it analyses the tax revenues foregone by the government of Malawi by two main routes: Illicit financial flows (IFF) from the country, Tax incentives. We find that there are significant financing gaps in the health sector; for example, government expenditure is United States Dollars (USD) 177 million for 2013/2014 while projected donor contribution in 2013/2014 is USD 207 million and the total cost for the minimal health package is USD 535 million. Thus the funding gap between the government budget for health and the required spending to provide the minimal package for 2013/2014 is USD 358 million. On the other hand we estimate that almost USD 400 million is lost through IFF and corporate utilization of tax incentives each year. The revenues foregone plus the current government health spending would be sufficient to cover the minimal public health package for all Malawians and would help tackle Malawi's disease burden. Every effort must be made, including improving transparency and revising laws, to curtail IFF and moderate tax incentives.

The risk level of Vietnam non-banking investment and financial services industry under financial leverage during and after the global crisis 2007-2011

Directory of Open Access Journals (Sweden)

Dinh Tran Ngoc Huy

2013-09-01

Full Text Available This paper estimates the impacts of external financing on market risk for the listed firms in the Viet nam non-banking financial services industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Vietnam non-banking financial services industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down, we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var if the leverage decreases down to 20%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

Gender Inequality and Disabled Inclusivity in Accounting Higher Education and the Accounting Profession during Financial Crises

Science.gov (United States)

Lodh, Suman; Nandy, Monomita

2017-01-01

In this article, the authors find that, during financial crises, the wage gap between female and male accounting professionals declines and gender inequality in higher education is affected. In addition, less support and lower wages for disabled accounting professionals demotivate disabled students in accounting higher education. Because of budget…

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

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

Money matters: a resident curriculum for financial management.

Science.gov (United States)

Mizell, Jason S; Berry, Katherine S; Kimbrough, Mary Katherine; Bentley, Frederick R; Clardy, James A; Turnage, Richard H

2014-12-01

A 2005 survey reported 87% of surgery program directors believed practice management training should occur during residency. However, only 8% of program directors believed residents received adequate training in practice management [1]. In addition to the gap in practice financial management knowledge, we recognized the need for training in personal finance among residents. A literature review and needs assessment led to the development of a novel curriculum for surgery residents combining principles of practice management and personal finance. An 18-h curriculum was administered over the 2012 academic year to 28 post graduate year 1-5 surgery residents and faculty. A self-assessment survey was given at the onset and conclusion of the curriculum [2]. Pre-tests and post-tests were given to objectively evaluate each twice monthly session's content. Self-perception of learning, interest, and acquired knowledge were analyzed using the Wilcoxon signed ranks test. Initial self-assessment data revealed high interest in practice management and personal finance principles but a deficiency in knowledge of and exposure to these topics. Throughout the curriculum, interest increased. Residents believed their knowledge of these topics increased after completing the curriculum, and objective data revealed various impacts on knowledge. Although surgery residents receive less exposure to these topics than residents in other specialties, their need to know is no less. We developed, implemented, and evaluated a curriculum that bridged this gap in surgery education. After the curriculum, residents reported an increase in interest, knowledge, and responsible behavior relating to personal and practice financial management. Copyright © 2014 Elsevier Inc. All rights reserved.

Some Characteristics Of the Financial Data Series

Directory of Open Access Journals (Sweden)

Gheorghe Săvoiu

2013-05-01

Full Text Available This paper attempts to delineate from a theoretical of view the financial data series relative to other statistical data, starting from the financial econometrics’ models and from the resulting features of the specific descriptive statistics’ analysis of these characteristic series. From the analysis of these financial data during either very short and short or medium periods of time or from the information provided by the website of the Bucharest Stock Exchange (BVB, the trend of great values of kurtosis or eccentricity and skewness or asymmetry of series appears as a characteristic tendency. During a long period of time, between 1920 and 2008, this tendency seems to be more relevant, being confirmed by an excerpt from the author’s earlier paper written in 2009, concerning the statistical Dow Jones Industrial Average Index (DJIA Index. The skewness, kurtosis and normality of data distribution analysis, using Jarque Bera test, along with the identification of residual autocorrelation or serial correlation in the presence of significant residual values and heteroskedasticity are the major evaluated aspects. Finally, the author investigates the optimal way to ensure statistical comparability inflationary and deflationary method for financial series of data, and offers a solution to the selection of the appropriate indicator from the categories of the absolute values, absolute variation of the absolute values and the relative variation of the absolute values, expressed by percentages, with the finding of the latter alternative as the best alternative in the world of financial modelling of the economic and financial processes and phenomena.

31 CFR 223.20 - Final decisions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Final decisions. 223.20 Section 223.20 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING BUSINESS WITH THE UNITED...

Financial Coaching's Potential for Enhancing Family Financial Security

Science.gov (United States)

Collins, J. Michael; Olive, Peggy; O'Rourke, Collin M.

2013-01-01

Financial coaching is an emerging complement to financial education and counseling. As defined in this article, financial coaching is a process whereby participants set goals, commit to taking certain actions by specific dates, and are then held accountable by the coach. In this way, financial coaching is designed to help participants bridge the…

Financial compensation due to municipalities that host radioactive waste deposits

International Nuclear Information System (INIS)

Silva, Renata A. da; Simoes, Francisco Fernando L.; Martins, Vivian B.

2013-01-01

This work aims to perform calculation about the financial compensation due to municipalities where there is viability for construction of radioactive waste deposits from low and medium activity. Were used like base structure de Resolution No. 96 of August, 10, 2010, entitled 'Model of Calculation For Financial Compensation to Municipalities' where are determinate those principal characteristics by the waste and deposits, such as the half-life, activity level, type of deposits (initial, intermediate or final), costs for construction and maintenance of deposits, demography, between others. The calculation was made according to the temporally or definitive storage for solids waste like personal protection equipment (gloves, shoes, masks, etc) resins and filters used in wastewater treatment, between others, from of nuclear and radioactivity facilities. There are presented some countries that do the compensation, financial or not, for some municipalities for the construction of waste deposits and in some cases, the way that occurred the negotiation between the stake holders, in other words, the local population and the companies. Also are presented others forms of financial compensation in Brazil in consequence of activities in large scale which result in potential risk for the surrounding population and for the environment, like compensation for oil and natural gas, hydropower plants and mining. Were used on methodology the inventory of waste presented on RMBN project (Repository of Waste of Low and Medium Activity) developed by the CDTN which present the implementation of a repository for final storage to radioactive waste. With this was possible to develop a case study with the creation of four scenarios. Values were found which initially range from R$2,6 thousand to R$79,8 thousand for month. Finally are analyzed the possible influences which that values may have on the municipality budget revenue and some divergent points about the resolution. (author)

Financial compensation due to municipalities that host radioactive waste deposits

Energy Technology Data Exchange (ETDEWEB)

Silva, Renata A. da; Simoes, Francisco Fernando L.; Martins, Vivian B., E-mail: renata.amaral@ufrj.br, E-mail: flamego@ien.gov.br, E-mail: vbmartins@gmail.com [Instituto de Engenharia Nuclear (IEN/CNEN-RJ), Rio de Janeiro, RJ (Brazil)

2013-07-01

This work aims to perform calculation about the financial compensation due to municipalities where there is viability for construction of radioactive waste deposits from low and medium activity. Were used like base structure de Resolution No. 96 of August, 10, 2010, entitled 'Model of Calculation For Financial Compensation to Municipalities' where are determinate those principal characteristics by the waste and deposits, such as the half-life, activity level, type of deposits (initial, intermediate or final), costs for construction and maintenance of deposits, demography, between others. The calculation was made according to the temporally or definitive storage for solids waste like personal protection equipment (gloves, shoes, masks, etc) resins and filters used in wastewater treatment, between others, from of nuclear and radioactivity facilities. There are presented some countries that do the compensation, financial or not, for some municipalities for the construction of waste deposits and in some cases, the way that occurred the negotiation between the stake holders, in other words, the local population and the companies. Also are presented others forms of financial compensation in Brazil in consequence of activities in large scale which result in potential risk for the surrounding population and for the environment, like compensation for oil and natural gas, hydropower plants and mining. Were used on methodology the inventory of waste presented on RMBN project (Repository of Waste of Low and Medium Activity) developed by the CDTN which present the implementation of a repository for final storage to radioactive waste. With this was possible to develop a case study with the creation of four scenarios. Values were found which initially range from R$2,6 thousand to R$79,8 thousand for month. Finally are analyzed the possible influences which that values may have on the municipality budget revenue and some divergent points about the resolution. (author)

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

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...

Materiality from financial towards non-financial reporting

OpenAIRE

Chiara Mio

2013-01-01

The article aims at discussing the evolution of the concept of materiality in financial and, more specifically, non-financial reporting. Materiality will play a central role in the next years in order for reports to reach conciseness, which is at present one of the main goals both financial and non-financial reporting (in particular Integrated Reporting) aims to achieve. The article reviews the most relevant materiality frameworks and definitions and provides further insights for the advancem...

FINANCIAL INCLUSION STRATEGIES IN DEVELOPING COUNTRIES WITH SPECIAL REFERENCE TO INDIA

Directory of Open Access Journals (Sweden)

DIN SANGMI MOHI - UD

2013-12-01

Full Text Available Day in and day out, the gap between the haves and have-nots is widening, not only at inter- country level but also at the intra – country level. In this process, a large chunk of population does not have access to the formal financial markets, institutions and instruments. It is estimated that as many as eighty seven percent of marginal households in the world lack access to formal finance, and to fulfill their credit needs, they are resorting to the means of informal and unregulated finance, through money lenders, who charge them as much as hundred percent rate of interest. Thus, this stratum of population, in midst of financial exclusion, has been pushed to the vicious circle of poverty and, therefore, remain outside the growth parameters always. However, recently, the governments in about one hundred and forty two countries have become serious to overcome this menace and decided to design strategies to make formal finance available to the un-bankable at cheaper (price interest. In this way, Financial Inclusion became a buzzword of these strategies. Financial inclusion, as a pre-condition to inclusive development, refers to the process of ensuring the accessibility, availability and usage of formal financial system for all members of an economy. In this paper, an attempt has been made to examine the financial inclusion efforts made at the global level and highlight the progress made on the subject in SAARC countries, and what strategies were designed and implemented in the fast developing economy like India in the past two decades have been discussed in detail.

Prediksi Financial Distress Bank Umum di Indonesia: Analisis Diskriminan dan Regresi Logistik

Directory of Open Access Journals (Sweden)

Imaduddin Shidiq

2017-02-01

Full Text Available Financial Distress Prediction in The Indonesian Banks: Discriminant Analysis and Logistic RegressionThis research aims to create early warning models for predicting financial distress on Indonesian commercial banks. Early warning models is made by estimating bank indicators that led bank run into financial problems which to be shut down by the government. Estimation use two methods, discriminant analysis, logistic regression. The data used to create models is bank's financial ratios in 1994-1997 gathered from Direktori Perbankan Indonesia (DPI. Out of the sample test use the data in 1998. All model were used to predict the bank's financial distress after 2000. This study found some characteristics of distressed banks that will be in the state of failure in two or three years. Finally, this research found that early warning system models is able to predict the probability of financial distress on commercial banks.DOI:  10.15408/ess.v7i1.4686 

Late Financial Distress Process Stages and Financial Ratios

DEFF Research Database (Denmark)

Sormunen, Nina; Laitinen, Teija

2012-01-01

stage affects the classification ability of single financial ratios and financial distress prediction models in short-term financial distress prediction. The study shows that the auditor's GC task could be supported by paying attention to the financial distress process stage. The implications...... of these findings for auditors and every stakeholder of business firms are considered....

International pooling of operators' funds: an option to increase the amount of financial security to cover nuclear liability?

International Nuclear Information System (INIS)

Pelzer, N.

2007-01-01

This paper aims at answering the question whether international pooling of operators funds could open a viable avenue to complement financial security provided by insurance and thus to either fill gaps in insurance coverage or increase amount of compensation for nuclear damage. (author)

Rising Prices of Targeted Oral Anticancer Medications and Associated Financial Burden on Medicare Beneficiaries.

Science.gov (United States)

Shih, Ya-Chen Tina; Xu, Ying; Liu, Lei; Smieliauskas, Fabrice

2017-08-01

Purpose The high cost of oncology drugs threatens the affordability of cancer care. Previous research identified drivers of price growth of targeted oral anticancer medications (TOAMs) in private insurance plans and projected the impact of closing the coverage gap in Medicare Part D in 2020. This study examined trends in TOAM prices and patient out-of-pocket (OOP) payments in Medicare Part D and estimated the actual effects on patient OOP payments of partial filling of the coverage gap by 2012. Methods Using SEER linked to Medicare Part D, 2007 to 2012, we identified patients who take TOAMs via National Drug Codes in Part D claims. We calculated total drug costs (prices) and OOP payments per patient per month and compared their rates of inflation with general health care prices. Results The study cohort included 42,111 patients who received TOAMs between 2007 and 2012. Although the general prescription drug consumer price index grew at 3% per year over 2007 to 2012, mean TOAM prices increased by nearly 12% per year, reaching $7,719 per patient per month in 2012. Prices increased over time for newly and previously launched TOAMs. Mean patient OOP payments dropped by 4% per year over the study period, with a 40% drop among patients with a high financial burden in 2011, when the coverage gap began to close. Conclusion Rising TOAM prices threaten the financial relief patients have begun to experience under closure of the coverage gap in Medicare Part D. Policymakers should explore methods of harnessing the surge of novel TOAMs to increase price competition for Medicare beneficiaries.

THE SAVINGS-TRADE-FISCAL GAP MODEL: APPLICATION IN SELECTED WEST AFRICAN STATES

Directory of Open Access Journals (Sweden)

Efayena Oba Obukohwo

2017-07-01

Full Text Available With most African economies experiencing adverse economic misalignment in recent times, the need of enhancing the growth process cannot be overemphasized. Using a typical Savings-Trade-Fiscal Gap Model, the paper employed panel data estimation method to examine the impact of savings, trade and fiscal gap on economic growth of 15 West African countries. The paper finds a negative relationship between net trade and economic growth, while savings and government expenditure impacts positively on economic performance. The paper thus, among recommended that it is appropriate for all countries to eliminate fiscal dominance from monetary policy-making, reduce public debt and establish institutions that promote and encourage counter-cyclical fiscal policy, develop their financial systems, establish credibility in fiscal and monetary policy-making as well as encourage trade.

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

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...

Financial Depth and Financial Access in Indonesia

OpenAIRE

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...

Learning to cope with uncertainty: on the spatial distributions of financial innovation and its fallout

NARCIS (Netherlands)

Engelen, E.; Clark, G.L.; Dixon, A.D.; Monk, A.H.B.

2009-01-01

The final year of the boom will enter financial history books as a Janus-faced year. While the problems that were ultimately to unlock the triumphant course that the financial markets had taken since 2003 had been brewing for quite some time, disaster nevertheless struck like lightning. The

Associations of financial stressors and physical intimate partner violence perpetration.

Science.gov (United States)

Schwab-Reese, Laura M; Peek-Asa, Corinne; Parker, Edith

2016-12-01

Contextual factors, such as exposure to stressors, may be antecedents to IPV perpetration. These contextual factors may be amenable to modification through intervention and prevention. However, few studies have examined specific contextual factors. To begin to address this gap, we examined the associations between financial stressors and three types of physical IPV perpetration. This analysis used data from Wave IV of The National Longitudinal Study of Adolescent to Adult Health. We used logistic regression to examine the associations of financial stressors and each type of IPV (minor, severe, causing injury), and multinomial logit regression to examine the associations of financial stressors and patterns of co-occurring types of IPV perpetration (only minor; only severe; minor and severe; minor, severe, and causing injury; compared with no perpetration). Fewer men perpetrated threats/minor physical IPV (6.7 %) or severe physical IPV (3.4 %) compared with women (11.4 % and 8.8 %, respectively). However, among physical IPV perpetrators, a higher percentage of men (32.0 %) than women (21.0 %) reported their partner was injured as a result of the IPV. In logistic regression models of each type of IPV perpetration, both the number of stressors experienced and several types of financial stressors were associated with perpetrating each type of IPV. Utilities nonpayment, housing nonpayment, food insecurity, and no phone service were associated with increased odds of perpetrating each form of IPV in adjusted analysis. Eviction was associated with perpetrating severe physical IPV but not threats/minor IPV or IPV causing injury. In multinomial logit regression comparing patterns of IPV perpetration to perpetrating no physical IPV, the relationships of financial stressors were less consistent. Food insecurity was associated with perpetrating only minor physical IPV. Comparatively, overall number of financial stressors and four types of financial stressors (utilities

A Simple Hybrid Synchronization for a Class of Chaotic Financial Systems

Directory of Open Access Journals (Sweden)

Jiming Zheng

2017-01-01

Full Text Available It is an important to achieve the hybrid synchronization of the chaotic financial system. Chaos synchronization is equivalent to the error system which is asymptotically stable. The hybrid synchronization for a class of finance chaotic systems is discussed. First, a simple single variable controller is obtained to synchronize two identical chaotic financial systems with different initial conditions. Second, a novel algorithm is proposed to determine the variables of the master system that should antisynchronize with corresponding variables of the slave system and use this algorithm to determine the corresponding variables in the chaotic financial systems. The hybrid synchronization of the chaotic financial systems is realized by a simple controller. At the same time, different controllers can implement the chaotic financial system hybrid synchronization. In comparison with the existing results, the obtained controllers in this paper are simpler than those of the existing results. Finally, numerical simulations show the effectiveness of the proposed results.

The HIV Treatment Gap: Estimates of the Financial Resources Needed versus Available for Scale-Up of Antiretroviral Therapy in 97 Countries from 2015 to 2020.

Directory of Open Access Journals (Sweden)

Arin Dutta

2015-11-01

Full Text Available The World Health Organization (WHO released revised guidelines in 2015 recommending that all people living with HIV, regardless of CD4 count, initiate antiretroviral therapy (ART upon diagnosis. However, few studies have projected the global resources needed for rapid scale-up of ART. Under the Health Policy Project, we conducted modeling analyses for 97 countries to estimate eligibility for and numbers on ART from 2015 to 2020, along with the facility-level financial resources required. We compared the estimated financial requirements to estimated funding available.Current coverage levels and future need for treatment were based on country-specific epidemiological and demographic data. Simulated annual numbers of individuals on treatment were derived from three scenarios: (1 continuation of countries' current policies of eligibility for ART, (2 universal adoption of aspects of the WHO 2013 eligibility guidelines, and (3 expanded eligibility as per the WHO 2015 guidelines and meeting the Joint United Nations Programme on HIV/AIDS "90-90-90" ART targets. We modeled uncertainty in the annual resource requirements for antiretroviral drugs, laboratory tests, and facility-level personnel and overhead. We estimate that 25.7 (95% CI 25.5, 26.0 million adults and 1.57 (95% CI 1.55, 1.60 million children could receive ART by 2020 if countries maintain current eligibility plans and increase coverage based on historical rates, which may be ambitious. If countries uniformly adopt aspects of the WHO 2013 guidelines, 26.5 (95% CI 26.0 27.0 million adults and 1.53 (95% CI 1.52, 1.55 million children could be on ART by 2020. Under the 90-90-90 scenario, 30.4 (95% CI 30.1, 30.7 million adults and 1.68 (95% CI 1.63, 1.73 million children could receive treatment by 2020. The facility-level financial resources needed for scaling up ART in these countries from 2015 to 2020 are estimated to be US$45.8 (95% CI 45.4, 46.2 billion under the current scenario, US$48.7 (95

The Relationship Between the Output Gap and Excess Liquidity: Evidence from Czech Republic, Estonia and Kosovo

Directory of Open Access Journals (Sweden)

Albulenë Kastrati

2018-03-01

Full Text Available Aim/purpose - The purpose of the paper is to identify the main areas of customers' threats concerning using financial services and the in-depth review of European industry- -specific consumer regulations concerning current accounts and payments. Design/methodology/approach - Desk research including in-depth analysis of industry- specific consumer regulations referring to current accounts and payment services having the character of EU directives and regulations, European Commission reports, and documents. Findings - The paper shows that consumers' interests are threatened even when they use basic financial services as current account and combined payment instruments. The analysis based on of desk resources has revealed that the regulations give effect to customer protection only if they strictly correspond to defined areas of threats and particular types of risks. Research implications/limitations - The experience of the recent financial crisis proved that the asymmetry of knowledge and information was one of the crucial reasons disrupting customers' position on financial markets. Research findings will help to identify gaps in regulations and develop the quality of further initiatives aimed on informing customers about the implementation of regulations and improving their financial literacy level. Originality/value/contribution - The payment products are rarely discussed in the literature in the context of consumers' protection and financial regulations. This paper contributes to the debate by providing an overview of financial consumer protection issues concerning retail payments.(original abstract

77 FR 14493 - Polyethylene Terephthalate Film, Sheet, and Strip From the People's Republic of China: Final...

Science.gov (United States)

2012-03-12

... Issues for the Final Results Surrogate Country Selection and Surrogate Financial Ratios Issue 1: Whether... Department should have selected the financial statement of JBF Industries Ltd. to calculate financial ratios... this review. We invited interested parties to comment on our Preliminary Results. Based on our analysis...

Tracking financial flows for immunization in Honduras.

Science.gov (United States)

Valdés, Werner; Janusz, Cara Bess; Molina Aguilera, Ida Berenice; Mendoza, Lourdes; Díaz, Iris Yolanda; Resch, Stephen

2015-05-07

In Honduras, until 2008, vaccine and injection supplies were financed with domestic resources. With the introduction of rotavirus vaccine in 2009 and pneumococcal conjugate in 2011, the country's Expanded Program on Immunization required an influx of resources to support not only vaccine procurement but also investments in cold chain infrastructure and programmatic strategies. This paper examines the origin, allocation, and use of resources for immunization in 2011 in Honduras, with the aim of identifying gaps in financing. An adaptation of the System of Health Accounts (2011) codes was used to specifically track resources for immunization services in Honduras for 2011. All financial flows were entered into an Excel database, and each transfer of resources was coded with a financing source and a financing agent. These coded financing sources were then distributed by provider, health care function (activity), health care provision (line item or resource input), and beneficiary (geographic, population, and antigen). All costs were calculated in 2011 United States dollars. In 2011, financing for routine immunization in Honduras amounted to US$ 49.1 million, which is equal to 3.3% of the total health spending of US$ 1.49 billion and 0.29% of the GDP. Of the total financing, 64% originate from domestic sources. The other 36% is external financing, most importantly Gavi support for introducing new vaccines. This analysis identified potential financing gaps for many immunization-related activities besides procuring vaccines, such as expanding the cold chain, training, social mobilization, information systems, and research. The funding for Honduras' immunization program is a small share of total public spending on health. However, new vaccines recently added to the schedule with financial support from Gavi have increased the financing requirements by more than 30% in comparison to 2008. The Honduran government and its partners are developing sustainability plans to cover a

Adolescents' Financial Literacy: The Role of Financial Socialization Agents, Financial Experiences, and Money Attitudes in Shaping Financial Literacy among South Korean Youth

Science.gov (United States)

Sohn, Sang-Hee; Joo, So-Hyun; Grable, John E.; Lee, Seonglim; Kim, Minjeung

2012-01-01

The purpose of this study was to test the relationships between financial socialization agents, financial experiences, money attitudes, demographic characteristics, and the financial literacy of Korean adolescents. Using the 2006 Korean National Financial Literacy Test Survey for Adolescents (N = 1185), a series of regression analyses were…

Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies

Energy Technology Data Exchange (ETDEWEB)

Tamazian, Artur [School of Economics and Business Administration, University of Santiago de Compostela (Spain); Bhaskara Rao, B. [School of Economics and Finance, University of Western Sydney, Sydney (Australia)

2010-01-15

Several studies have examined the relationship between environmental degradation and economic growth. However, most of them did not take into account financial developments and institutional quality. Moreover, Stern [Stern, D., 2004. The rise and fall of the environmental Kuznets curve. World Development 32(8): 1419-1439.] noted that there are important econometric weaknesses in the earlier studies, such as endogeneity, heteroscedasticity, omitted variables, etc. The purpose of this paper is to fill this gap in the literature by investigating the linkage between not only economic development and environmental quality but also financial development and institutional quality. We employ the standard reduced-form modelling approach to control for country-specific unobserved heterogeneity and GMM estimation to control for endogeneity. Our study considers 24 transition economies and panel data for 1993-2004. Our results support the EKC hypothesis while confirming the importance of both institutional quality and financial development for environmental performance. We also found that financial liberalization may be harmful for environmental quality if it is not accomplished in a strong institutional framework. (author)

76 FR 74074 - Final Environmental Impact Statement for the Windy Gap Firming Project, Colorado

Science.gov (United States)

2011-11-30

... to an electric power line that would be affected by the project, while Grand County is involved... Firming Project and discuss the factors, including C-BT water rights, considered in making that decision... Windy Gap Firming Project, Colorado AGENCY: Bureau of Reclamation, Interior. ACTION: Notice of...

Analysis of financial measures in the energy area; Analyse finanzieller Massnahmen im Energiebereich: Theoretische Reflexion der Wirkungsweise und Auswertung empirischer Studien

Energy Technology Data Exchange (ETDEWEB)

Rieder, S.; Haefeli, U.

2008-10-15

This final report for Swiss Federal Office of Energy (SFOE) analyses financial measures that can be taken in the energy area. Based on 17 years of experience with the use of financial measures for the support of energy policy in Switzerland, the mechanisms involved and the effects obtained are discussed. Financial measures are looked at in the light of theoretical economics and applied psychology. The so-called 'deadweight' effect, i.e. that part of activities that would have taken place anyway, is looked at in detail. Finally, the importance of measures is examined and the strengths and weaknesses of financial measures and subvention mechanisms are commented on.

Analysis of financial measures in the energy area; Analyse finanzieller Massnahmen im Energiebereich: Theoretische Reflexion der Wirkungsweise und Auswertung empirischer Studien

Energy Technology Data Exchange (ETDEWEB)

Rieder, S; Haefeli, U

2008-10-15

This final report for Swiss Federal Office of Energy (SFOE) analyses financial measures that can be taken in the energy area. Based on 17 years of experience with the use of financial measures for the support of energy policy in Switzerland, the mechanisms involved and the effects obtained are discussed. Financial measures are looked at in the light of theoretical economics and applied psychology. The so-called 'deadweight' effect, i.e. that part of activities that would have taken place anyway, is looked at in detail. Finally, the importance of measures is examined and the strengths and weaknesses of financial measures and subvention mechanisms are commented on.

Non-linear forecasting in high-frequency financial time series

Science.gov (United States)

Strozzi, F.; Zaldívar, J. M.

2005-08-01

A new methodology based on state space reconstruction techniques has been developed for trading in financial markets. The methodology has been tested using 18 high-frequency foreign exchange time series. The results are in apparent contradiction with the efficient market hypothesis which states that no profitable information about future movements can be obtained by studying the past prices series. In our (off-line) analysis positive gain may be obtained in all those series. The trading methodology is quite general and may be adapted to other financial time series. Finally, the steps for its on-line application are discussed.

Financial Ratios and Perceived Household Financial Satisfaction

Directory of Open Access Journals (Sweden)

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.

THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

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Yu. Kovalenko

2015-06-01

Full Text Available Broad and narrow approaches of the financial system are obtained. The difference between the financial system and the financial sector (the fi-nancial corporations sector is shown. Organizational and institutional matrix of the financial system of the economy is proposed. Key positions of institutional sectors classification of Ukraine’s economy are analyzed, as well as the System of National Accounts with respect to the financial sec-tor of corporations. The structure of the sector of financial corporations in Ukraine is defined.

GapBlaster-A Graphical Gap Filler for Prokaryote Genomes.

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Pablo H C G de Sá

Full Text Available The advent of NGS (Next Generation Sequencing technologies has resulted in an exponential increase in the number of complete genomes available in biological databases. This advance has allowed the development of several computational tools enabling analyses of large amounts of data in each of the various steps, from processing and quality filtering to gap filling and manual curation. The tools developed for gap closure are very useful as they result in more complete genomes, which will influence downstream analyses of genomic plasticity and comparative genomics. However, the gap filling step remains a challenge for genome assembly, often requiring manual intervention. Here, we present GapBlaster, a graphical application to evaluate and close gaps. GapBlaster was developed via Java programming language. The software uses contigs obtained in the assembly of the genome to perform an alignment against a draft of the genome/scaffold, using BLAST or Mummer to close gaps. Then, all identified alignments of contigs that extend through the gaps in the draft sequence are presented to the user for further evaluation via the GapBlaster graphical interface. GapBlaster presents significant results compared to other similar software and has the advantage of offering a graphical interface for manual curation of the gaps. GapBlaster program, the user guide and the test datasets are freely available at https://sourceforge.net/projects/gapblaster2015/. It requires Sun JDK 8 and Blast or Mummer.

Quarterly Financial Report for the period ending 30 June 2017

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

Trina Bragger

2017-06-30

Jun 30, 2017 ... In the last few years, various cost containment measures were .... received in advance, are recognized as revenue when the related expenses are incurred. The ..... IFRS 9 – Financial Instruments – The final version of this new ...

Strengthening financial management, providing financial safeguard mechanism

International Nuclear Information System (INIS)

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)

Financial Stress, Financial Literacy, Counselling and the Risk of Homelessness

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Adam Steen

2013-09-01

Full Text Available Poor financial literacy may lead to poor life choices. These life choices can create or contribute to financial stress with adverse consequences - not the least of which may be homelessness. These issues are relatively well understood, but there is limited research on the link between financial stress, financial literacy and counselling, and homelessness. Specifically, there has been little research on how improved financial literacy and appropriate financial counselling might help to prevent homelessness. This paper synthesises existing literature on this topic and considers these issues using the ABCX family stress model of Hill (1958 using data from an Australian program aimed at alleviating family homelessness, the Home Advice Program. We provide evidence that suggests that case management and support which incorporates financial counselling and financial literacy can assist in moderating the impact of financial stress and help those at risk of homelessness. The findings have implications for public policy in the areas of financial education, consumer finance, and social services provision.

Financial Resources Allocation of Tabriz University of Medical Sciences

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Esmaeil Afiyan

2015-08-01

Full Text Available ​ Background and Objectives : According to complexity of resource allocation, issue about how to allocate health care resources in an accurate and fair manner has become the subject of discussions and decisions of related groups. Therefore, in this research we aim to study the methods of financial resource allocation of Tabriz University of Medical Sciences in order to identify its strengths and weaknesses for its promotion. Material and Methods : This study is a descriptive, qualitative sectional research and all comments have been collected by focus group discussions with experts and managers involved in the allocation of financial resources of Tabriz University of Medical Sciences. All factors affecting the process of allocation have been reviewd carefully. Results : Results suggested that except the health sector, none of the other sectors use the formulated  and scientific methods for allocating financial resources and despite the emphasize in the 4th development plan for operating funding, the final cost of the services, has no role in allocating financial resources. Conclusion : Regarding to judgmental and subjective method of financial resources allocation of Tabriz University of Medical Sciences and lack of documented and formulated methods, there is an essential need for developing an appropriate and formulated model for scientific allocation of financial resources in order to improve the efficiency and fairness of the allocation.

Financial times: Competing temporalities in the age of finance capitalism

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Christian Kloeckner

2018-05-01

Full Text Available This special issue explores how finance deploys time, structures the future, and interacts with actors and institutions that sometimes function according to very different temporal regimes. Finance capitalism’s logic of recurrence, repetitive cycles, and successive ruptures has long been with us, but the essays in this special issue are particularly interested in how recent decades of intensified financialization have restructured temporal experience. They interrogate the production and dissemination of agency in an age of acceleration, risk, and uncertainty, asking how the temporality inscribed in financial transactions emerges from and simultaneously shapes individual and social practice. Topics covered range from the logic of finance and foundational concepts of financial theory to the intersection between objective structures and social practice, the role of literature, and finally questions of social insecurity, political action, and the possibility of resistance within a context of competing temporalities. In this introduction, the editors delineate some fundamental concepts and questions for our financial times.

Financial cost of lymphedema borne by women with breast cancer

Science.gov (United States)

Xu, Ying; Kalfa, Senia; Koelmeyer, Louise; Parkinson, Bonny; Mackie, Helen; Viveros, Hector; Gollan, Paul; Taksa, Lucy

2016-01-01

Abstract Objective Our study examines the financial cost of lymphedema following a diagnosis of breast cancer and addresses a significant knowledge gap regarding the additional impact of lymphedema on breast cancer survivors. Methods An online national survey was conducted with 361 women who had either breast cancer without lymphedema (BC) (group 1, n = 209) or breast cancer with lymphedema (BC+LE) (group 2, n = 152). Participant recruitment was supported by the Breast Cancer Network Australia and the Australasian Lymphology Association. Results Both breast cancer and lymphedema result in significant out‐of‐pocket financial costs borne by women. Of patients with BC+LE, 80% indicated that their breast cancer diagnosis had affected them financially compared with 67% in the BC group (P < .020). For patients with lymphedema, over half (56%) indicated that this specific additional diagnosis to their breast cancer affected them financially and that costs increased with lymphedema severity. The cost of compression garments formed a large proportion of these costs (40.1%). The average number of attendances to a therapist each year was 5.8 (range, 0‐45). Twenty‐five patients (16.4%) had an episode of cellulitis in the past year. The incidence of cellulitis was 7.7% in 91 patients with subclinical or mild lymphedema compared with 29.5% of 61 patients with more extensive lymphedema (P < .001). The average out‐of‐pocket financial cost of lymphedema care borne by women was A$977 per annum, ranging from A$207 for subclinical lymphedema to over A$1400 for moderate or severe lymphedema. Conclusions This study identifies an additional detrimental effect of lymphedema on women in terms of financial costs. PMID:27479170

Final Energy Consumption Trends and Drivers in Czech Republic and Latvia

OpenAIRE

Zhiqian Yu; Dalia Streimikiene; Tomas Balezentis; Rimantas Dapkus; Radislav Jovovic; Veselin Draskovic

2017-01-01

This paper analyses the trends of final energy consumption in Latvia and Czech Republic. Analysis of final energy consumption during 2000-2013 period indicated the main driving forces of final energy consumption during and after world financial crisis of 2008. The paper aimed to evaluate the impact of economic activity and other factors on final energy consumption. The decomposition of the final energy consumption is assessed by analyzing effect of different drivers by the main end-users sect...

Band-gap creation by icosahedral symmetry in nearly-free-electron materials

International Nuclear Information System (INIS)

Carlsson, A.E.

1993-01-01

A series of numerical electronic density-of-states calculations is performed for rational approximants to a model one-electron potential based on icosahedrally arranged plane-wave components. It is found that high-order approximants can have band gaps even if the low-order approximants do not; furthermore, the magnitude of the gap increases with the order of the approximant. The results are interpreted via a two- and three-wave analysis of the energy eigenvalues at the pseudo-Jones-zone faces and edges. It is also found that the mechanism of band-gap reduction in the rational approximants is the presence of a small density of gap states. An analytic calculation shows that these gap states result from a splitting of threefold and pseudothreefold states at the valence-band edge when the icosahedral symmetry is broken. The splitting is proportional to the error with which the ratio between the approximant indices approximates τ, the golden mean. Finally, an application to the AlCuLi system is presented

Private equity ownership and nursing home financial performance.

Science.gov (United States)

Pradhan, Rohit; Weech-Maldonado, Robert; Harman, Jeffrey S; Laberge, Alex; Hyer, Kathryn

2013-01-01

Private equity has acquired multiple large nursing home chains within the last few years; by 2009, it owned nearly 1,900 nursing homes. Private equity is said to improve the financial performance of acquired facilities. However, no study has yet examined the financial performance of private equity nursing homes, ergo this study. The primary purpose of this study is to understand the financial performance of private equity nursing homes and how it compares with other investor-owned facilities. It also seeks to understand the approach favored by private equity to improve financial performance-for instance, whether they prefer to cut costs or maximize revenues or follow a mixed approach. Secondary data from Medicare cost reports, the Online Survey, Certification and Reporting, Area Resource File, and Brown University's Long-term Care Focus data set are combined to construct a longitudinal data set for the study period 2000-2007. The final sample is 2,822 observations after eliminating all not-for-profit, independent, and hospital-based facilities. Dependent financial variables consist of operating revenues and costs, operating and total margins, payer mix (census Medicare, census Medicaid, census other), and acuity index. Independent variables primarily reflect private equity ownership. The study was analyzed using ordinary least squares, gamma distribution with log link, logit with binomial family link, and logistic regression. Private equity nursing homes have higher operating margin as well as total margin; they also report higher operating revenues and costs. No significant differences in payer mix are noted. Results suggest that private equity delivers superior financial performance compared with other investor-owned nursing homes. However, causes for concern remain particularly with the long-term financial sustainability of these facilities.

39 CFR 233.5 - Requesting financial records from a financial institution.

Science.gov (United States)

2010-07-01

... INSPECTION SERVICE AUTHORITY § 233.5 Requesting financial records from a financial institution. (a... Department of the U.S. Postal Service to request financial records from a financial institution pursuant to... authorized to request financial records of any customer from a financial institution pursuant to a formal...

Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit

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Daniel VILSANOIU

2010-01-01

Full Text Available This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, our research suggests that there is a direct causality effect between the employment of BRA (business risk audit methodologies and the growing importance of IS audit.

A Person-Centered Approach to Financial Capacity Assessment: Preliminary Development of a New Rating Scale.

Science.gov (United States)

Lichtenberg, Peter A; Stoltman, Jonathan; Ficker, Lisa J; Iris, Madelyn; Mast, Benjamin

2015-01-01

Financial exploitation and financial capacity issues often overlap when a gerontologist assesses whether an older adult's financial decision is an autonomous, capable choice. Our goal is to describe a new conceptual model for assessing financial decisions using principles of person-centered approaches and to introduce a new instrument, the Lichtenberg Financial Decision Rating Scale (LFDRS). We created a conceptual model, convened meetings of experts from various disciplines to critique the model and provide input on content and structure, and select final items. We then videotaped administration of the LFDRS to five older adults and had 10 experts provide independent ratings. The LFDRS demonstrated good to excellent inter-rater agreement. The LFDRS is a new tool that allows gerontologists to systematically gather information about a specific financial decision and the decisional abilities in question.

ROUTING FINANCIAL FLOWS AT THE EXECUTION OF THE MUNICIPALITY BUDGET

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Mariya V. Fedotova

2018-05-01

Full Text Available Economic development of each administrative-territorial unit is an important factor in the economic development of the Russian Federation. In its turn, the effective execution of the budget at each level of the budget system is invariably topical, influencing the development of a system of both centralized and decentralized finance. The paramount characteristic of the organization of the budget execution of the municipality is an ability to ensure the timely and full execution of their commitments. There is a direct correlation of the budget process on both the revenue and expenditure sides. Cash gap in the local budget execution is actually quite common and, usually, inevitable, because revenues are coming unevenly during the financial year, budgetary expenditures are seasonal, and this threatens the execution of planned budgets; there is a need to raise funds. The article deals with the execution of the cash balance plan, cash flow at the single account of budget, debt and source of financing deficits. The analysis of financial flows in the execution of municipalities’ budget shows problems of execution of budget revenues and allows assessing the scale of emerging cash gaps. An outcome of the review consists in the recognition of an objective need to develop approaches to assessing the effectiveness of budget execution at all its stages and to implement the monitoring of the effectiveness of budget execution and timely effective measures for ensuring its high-quality.

Financial Statements Analysis

OpenAIRE

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.

Financial Distress in Small and Medium Enterprises (SMES of Bangladesh: Determinants and Remedial Measures

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Mohammad Saleh JAHUR

2012-06-01

Full Text Available Financial distress in SMEs is a common phenomenon across the world, which has been a subject matter of academicians, professionals and government. Although SMEs are contributing to the economy in the form of employment, supply of products and services by using indigenous technologies, social entrepreneurship, income generating activities etc. SMEs are found most vulnerable to the macro-economic as well as internal management crises. Consequently, they fall into financial distress. In view of this, the present study has been undertaken aiming at identifying the causes of financial distress in SMEs of Bangladesh. The study has employed both financial and statistical techniques for analyzing the data collected for the study. The study has identified some potential problem areas related to financial distress such as rate adequacy, sales trends, indebtedness, management capability, financial planning, etc. The study has also identified some most important causes of financial distress such as fund management & resource crunch, poor accounting system, poor financial control, poor productivity and profitability and management succession. The study has finally come out some strategic and policy related measures for both viable and financially distressed SMEs for preventing them from the exposition to financial and operating risk.

Relationship between Community Collectivization and Financial Vulnerability of Female Sex Workers in Southern India.

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Sangram Kishor Patel

Full Text Available Studies exploring the linkages between financial vulnerabilities and community collectivization of female sex workers (FSWs are scarce in India despite having potential policy implications. To fill this gap in the literature, this study attempts to understand the financial vulnerabilities among FSWs and assess the relationship between community collectivization and financial vulnerabilities in southern India.Data were drawn from a cross-sectional, behavioral tracking survey (BTS-2014, conducted among FSWs (N = 2400 in Andhra Pradesh, a southern state of India under the Avahan-India AIDS initiative program. Adjusted odds ratios (AOR and their 95% confidence intervals (CI were estimated through multivariate logistic regression, to assess the independent relationships of the degree of community collectivization indicators with financial vulnerability indicators, adjusting for socio-demographic characteristics.Most FSWs (87% reported having either one or more financial vulnerability and nearly one-fifth had a high financial vulnerability. The risk of facing financial vulnerability was significantly lower among FSWs with a high degree of perceived collective efficacy (15% vs 31%; AOR: 0.4; 95% CI: 0.3-0.5 and collective agency (4% vs 21%; AOR: 0.2; 95% CI: 0.1-0.3 as compared to their respective counterparts, after controlling for their individual socio-demographic characteristics. FSWs with a high degree of collective efficacy are also less likely to report different components of financial vulnerability (e.g. income, saving, expenditure, and debt.This study finding suggests that community-led interventions such as improving collectivization are promising strategies to address financial vulnerabilities and a path to a sustainable reduction of HIV risk. This study calls for further evidence-based research and measurement of the effects of community-led approaches in addressing the financial vulnerabilities of the key population at risk for HIV.

Relationship between Community Collectivization and Financial Vulnerability of Female Sex Workers in Southern India.

Science.gov (United States)

Patel, Sangram Kishor; Prabhakar, Parimi; Jain, Anrudh Kumar; Saggurti, Niranjan; Adhikary, Rajatashuvra

2016-01-01

Studies exploring the linkages between financial vulnerabilities and community collectivization of female sex workers (FSWs) are scarce in India despite having potential policy implications. To fill this gap in the literature, this study attempts to understand the financial vulnerabilities among FSWs and assess the relationship between community collectivization and financial vulnerabilities in southern India. Data were drawn from a cross-sectional, behavioral tracking survey (BTS)-2014, conducted among FSWs (N = 2400) in Andhra Pradesh, a southern state of India under the Avahan-India AIDS initiative program. Adjusted odds ratios (AOR) and their 95% confidence intervals (CI) were estimated through multivariate logistic regression, to assess the independent relationships of the degree of community collectivization indicators with financial vulnerability indicators, adjusting for socio-demographic characteristics. Most FSWs (87%) reported having either one or more financial vulnerability and nearly one-fifth had a high financial vulnerability. The risk of facing financial vulnerability was significantly lower among FSWs with a high degree of perceived collective efficacy (15% vs 31%; AOR: 0.4; 95% CI: 0.3-0.5) and collective agency (4% vs 21%; AOR: 0.2; 95% CI: 0.1-0.3) as compared to their respective counterparts, after controlling for their individual socio-demographic characteristics. FSWs with a high degree of collective efficacy are also less likely to report different components of financial vulnerability (e.g. income, saving, expenditure, and debt). This study finding suggests that community-led interventions such as improving collectivization are promising strategies to address financial vulnerabilities and a path to a sustainable reduction of HIV risk. This study calls for further evidence-based research and measurement of the effects of community-led approaches in addressing the financial vulnerabilities of the key population at risk for HIV.

Prediction of Gap Asymmetry in Differential Micro Accelerometers

Directory of Open Access Journals (Sweden)

Xiaoping He

2012-05-01

Full Text Available Gap asymmetry in differential capacitors is the primary source of the zero bias output of force-balanced micro accelerometers. It is also used to evaluate the applicability of differential structures in MEMS manufacturing. Therefore, determining the asymmetry level has considerable significance for the design of MEMS devices. This paper proposes an experimental-theoretical method for predicting gap asymmetry in differential sensing capacitors of micro accelerometers. The method involves three processes: first, bi-directional measurement, which can sharply reduce the influence of the feedback circuit on bias output, is proposed. Experiments are then carried out on a centrifuge to obtain the input and output data of an accelerometer. Second, the analytical input-output relationship of the accelerometer with gap asymmetry and circuit error is theoretically derived. Finally, the prediction methodology combines the measurement results and analytical derivation to identify the asymmetric error of 30 accelerometers fabricated by DRIE. Results indicate that the level of asymmetry induced by fabrication uncertainty is about ±5 × 10⁻², and that the absolute error is about ±0.2 µm under a 4 µm gap.

The commerce crime and ways of conducting a financial security

Directory of Open Access Journals (Sweden)

Đekić Milica D.

2016-01-01

Full Text Available It's well-known that the developing countries such as Republic of Serbia lose many funds through the financial crime. The corruption and bribe, industrial frauds, money laundering, organized crime, insider's threats and much more are some of the examples of well-planned and conducted crimes within the commerce and financial sector. What drags our attention here are socio-economical consequences of those activities. In this paper, we would talk a bit more about how to prevent and effectively resolve such cases. It's quite clear that it's not all about the rising a competitiveness of domestic economy, but rather it's about the saving the already existing resources. Finally, this paper would bring a brief overview of typical commerce crimes as well as the measures of assuring the financial sector.

Convention on nuclear safety. Final act

International Nuclear Information System (INIS)

1994-01-01

The Diplomatic Conference, which was convened by the International Atomic Energy Agency at its Headquarters from 14 to 17 June 1994, adopted the Convention on Nuclear Safety reproduced in document INFCIRC/449 and the Final Act of the Conference. The text of the Final Act of the Conference, including an annexed document entitled ''Some clarification with respect to procedural and financial arrangements, national reports, and the conduct of review meetings, envisaged in the Convention on Nuclear Safety'', is reproduced in the Attachment hereto for the information of all Member States

THE ROLE OF FINANCIAL EDUCATION IN DEVELOPING THE FINANCIAL SERVICES MARKET

OpenAIRE

Ivanka Daneva

2015-01-01

Considering the current complexity of financial markets and of financial instruments and services, financial education is part of population’s financial literacy and it ranks as paramount factor in the complex for the financial markets development.

Financial literacy and financial literacy education : what might be the components of an effective financial literacy curriculum?

OpenAIRE

Lee, Nirmala

2010-01-01

Abstract There is concern about lack of financial literacy and need for financial literacy education, but little or no attempt to understand their nature. Three questions were asked: 'What is financial literacy?', 'What is financial literacy education?' and 'What might be the components of an effective financial literacy curriculum?'. Adopting an inductive grounded theory approach and a pragmatist philosophy, in association with real-world organisations such as the National ...

Photonic band gap materials: design, synthesis, and applications

International Nuclear Information System (INIS)

John, S.

2000-01-01

Full text: Unlike semiconductors which facilitate the coherent propagation of electrons, photonic band gap (PBG) materials execute their novel functions through the coherent localization of photons. I review and discuss our recent synthesis of a large scale three-dimensional silicon photonic crystal with a complete photonic band gap near 1.5 microns. When a PBG material is doped with impurity atoms which have an electronic transition that lies within the gap, spontaneous emission of light from the atom is inhibited. Inside the gap, the photon forms a bound state to the atom. Outside the gap, radiative dynamics in the colored vacuum is highly non Markovian. I discuss the influence of these memory effects on laser action. When spontaneous emission is absent, the next order radiative effect (resonance dipole dipole interaction between atoms) must be incorporated leading to anomalous nonlinear optical effects which occur at a much lower threshold than in ordinary vacuum. I describe the collective switching of two-level atoms near a photonic band edge, by external laser field, from a passive state to one exhibiting population inversion. This effect is forbidden in ordinary vacuum. However, in the context of a PBG material, this effect may be utilized for an all-optical transistor. Finally, I discuss the prospects for a phase sensitive, single atom quantum memory device, onto which information may be written by an external laser pulse

Financial Literacy as the Foundation for Individual Financial Behavior

Science.gov (United States)

Dwiastanti, Anis

2015-01-01

Research that is dealing with financial literacy turns to be such an important thing to be conducted. It is due to the fact that financial literacy level of Indonesian society is still very low. A good financial literacy is necessary for every individual to manage his/her finances to achieve prosperity. To have a good level of financial literacy,…

Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412

Science.gov (United States)

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

2012-01-01

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…

DUST COAGULATION IN THE VICINITY OF A GAP-OPENING JUPITER-MASS PLANET

Energy Technology Data Exchange (ETDEWEB)

Carballido, Augusto; Matthews, Lorin S.; Hyde, Truell W., E-mail: Augusto_Carballido@baylor.edu [Center for Astrophysics, Space Physics and Engineering Research, Baylor University, Waco, TX 76798 (United States)

2016-06-01

We analyze the coagulation of dust in and around a gap opened by a Jupiter-mass planet. To this end, we carry out a high-resolution magnetohydrodynamic (MHD) simulation of the gap environment, which is turbulent due to the magnetorotational instability. From the MHD simulation, we obtain values of the gas velocities, densities, and turbulent stresses (a) close to the gap edge, (b) in one of the two gas streams that accrete onto the planet, (c) inside the low-density gap, and (d) outside the gap. The MHD values are then input into a Monte Carlo dust-coagulation algorithm which models grain sticking and compaction. We also introduce a simple implementation for bouncing, for comparison purposes. We consider two dust populations for each region: one whose initial size distribution is monodisperse, with monomer radius equal to 1 μ m, and another one whose initial size distribution follows the Mathis–Rumpl–Nordsieck distribution for interstellar dust grains, with an initial range of monomer radii between 0.5 and 10 μ m. Without bouncing, our Monte Carlo calculations show steady growth of dust aggregates in all regions, and the mass-weighted (m-w) average porosity of the initially monodisperse population reaches extremely high final values of 98%. The final m-w porosities in all other cases without bouncing range between 30% and 82%. The efficiency of compaction is due to high turbulent relative speeds between dust particles. When bouncing is introduced, growth is slowed down in the planetary wake and inside the gap. Future studies will need to explore the effect of different planet masses and electric charge on grains.

DUST COAGULATION IN THE VICINITY OF A GAP-OPENING JUPITER-MASS PLANET

International Nuclear Information System (INIS)

Carballido, Augusto; Matthews, Lorin S.; Hyde, Truell W.

2016-01-01

We analyze the coagulation of dust in and around a gap opened by a Jupiter-mass planet. To this end, we carry out a high-resolution magnetohydrodynamic (MHD) simulation of the gap environment, which is turbulent due to the magnetorotational instability. From the MHD simulation, we obtain values of the gas velocities, densities, and turbulent stresses (a) close to the gap edge, (b) in one of the two gas streams that accrete onto the planet, (c) inside the low-density gap, and (d) outside the gap. The MHD values are then input into a Monte Carlo dust-coagulation algorithm which models grain sticking and compaction. We also introduce a simple implementation for bouncing, for comparison purposes. We consider two dust populations for each region: one whose initial size distribution is monodisperse, with monomer radius equal to 1 μ m, and another one whose initial size distribution follows the Mathis–Rumpl–Nordsieck distribution for interstellar dust grains, with an initial range of monomer radii between 0.5 and 10 μ m. Without bouncing, our Monte Carlo calculations show steady growth of dust aggregates in all regions, and the mass-weighted (m-w) average porosity of the initially monodisperse population reaches extremely high final values of 98%. The final m-w porosities in all other cases without bouncing range between 30% and 82%. The efficiency of compaction is due to high turbulent relative speeds between dust particles. When bouncing is introduced, growth is slowed down in the planetary wake and inside the gap. Future studies will need to explore the effect of different planet masses and electric charge on grains.

Linking ecosystem characteristics to final ecosystem services for public policy

Science.gov (United States)

Wong, Christina P; Jiang, Bo; Kinzig, Ann P; Lee, Kai N; Ouyang, Zhiyun

2015-01-01

Governments worldwide are recognising ecosystem services as an approach to address sustainability challenges. Decision-makers need credible and legitimate measurements of ecosystem services to evaluate decisions for trade-offs to make wise choices. Managers lack these measurements because of a data gap linking ecosystem characteristics to final ecosystem services. The dominant method to address the data gap is benefit transfer using ecological data from one location to estimate ecosystem services at other locations with similar land cover. However, benefit transfer is only valid once the data gap is adequately resolved. Disciplinary frames separating ecology from economics and policy have resulted in confusion on concepts and methods preventing progress on the data gap. In this study, we present a 10-step approach to unify concepts, methods and data from the disparate disciplines to offer guidance on overcoming the data gap. We suggest: (1) estimate ecosystem characteristics using biophysical models, (2) identify final ecosystem services using endpoints and (3) connect them using ecological production functions to quantify biophysical trade-offs. The guidance is strategic for public policy because analysts need to be: (1) realistic when setting priorities, (2) attentive to timelines to acquire relevant data, given resources and (3) responsive to the needs of decision-makers. PMID:25394857

Management and financial report 2010: managing today to prepare to-morrow

International Nuclear Information System (INIS)

2011-01-01

This document presents the financial statements of the ANDRA (the French national agency for the management of radioactive wastes) for the year 2010: final accounts, cash flows, financing table. It also contains the auditor's report on the annual accounts

Emplacement Gantry Gap Analysis Study

International Nuclear Information System (INIS)

Thornley, R.

2005-01-01

To date, the project has established important to safety (ITS) performance requirements for structures, systems, and components (SSCs) based on the identification and categorization of event sequences that may result in a radiological release. These performance requirements are defined within the ''Nuclear Safety Design Bases for License Application'' (NSDB) (BSC 2005 [DIRS 171512], Table A-11). Further, SSCs credited with performing safety functions are classified as ITS. In turn, assurance that these SSCs will perform as required is sought through the use of consensus codes and standards. This gap analysis is based on the design completed for license application only. Accordingly, identification of ITS SSCs beyond those defined within the NSDB are based on designs that may be subject to further development during detail design. Furthermore, several design alternatives may still be under consideration to satisfy certain safety functions, and final selection will not be determined until further design development has occurred. Therefore, for completeness, alternative designs currently under consideration will be discussed throughout this study. This gap analysis will evaluate each code and standard identified within the ''Emplacement Gantry ITS Standards Identification Study'' (BSC 2005 [DIRS 173586]) to ensure each ITS performance requirement is fully satisfied. When a performance requirement is not fully satisfied, a gap is highlighted. This study will identify requirements to supplement or augment the code or standard to meet performance requirements. Further, this gap analysis will identify nonstandard areas of the design that will be subject to a design development plan. Nonstandard components and nonstandard design configurations are defined as areas of the design that do not follow standard industry practices or codes and standards. Whereby, assurance that an SSC will perform as required may not be readily sought though the use of consensus standards. This

The moderating role of stakeholder pressure in the relationship between CSR practices and financial performance in a globalizing world

DEFF Research Database (Denmark)

Haleem, Fazli; Farooq, Sami; Boer, Harry

2015-01-01

Studies based on the role of context and stakeholder pressures on the relationship between CSR practices and financial performance are few and inconclusive. Aimed at contributing to filling this gap, the paper is based on data collected in 2013 from the sixth round of the International Manufactur...

Financial Stress and Financial Counseling: Helping College Students

Science.gov (United States)

Britt, Sonya L.; Canale, Anthony; Fernatt, Fred; Stutz, Kristen; Tibbetts, Racquel

2015-01-01

This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97).…

76 FR 76945 - Pure Magnesium From the People's Republic of China: Final Results of the 2009-2010 Antidumping...

Science.gov (United States)

2011-12-09

... based our determination of the surrogate financial ratios on the financial statements of Hindalco... and Calculation of Financial Ratios Comment 6: Whether the Department Should Grant TMI By-Product... analysis of the comments received, we made changes to the margin calculations for TMI. The final dumping...

Decision Background and Financial Institutions: for What Contemporary Theoretical Reorientation?

Directory of Open Access Journals (Sweden)

Walter Gerard Amedzro St-Hilaire

2013-10-01

Full Text Available How financial institutions do they manage their interface with their decision-making context? What is the performance "social" beyond the simple economic and financial performance? How can we measure this performance "social"? This article focuses on the theoretical corpus contemporary necessary to understand the couple context decision / financial institutions. This is basically to contribute to the establishment of a comprehensive approach which captures applied with consistency, the conceptual opposition series (role and impact of the decision context / financial institutions structures. Gradually, driven by the reality of change, the paper come to a Copernican revolution in the theory of relations between financial institutions and decision context. Standards for new perspectives on the role of the financial institutions, it is not the decision-making environment that revolves around the sun institutions. Note that this reversal was anticipated in 1965 by Emery and Trist in a prophetic article, but it is only recently that we began to theorize in this direction. The article finally understood that economic performance is insufficient to ensure the sustainability of the organisations, at least for him to avoid problems. We understand that in a multiple rationalities world, the issue of "social performance of the financial institutions" is wide open to uncertainty. Everything depends on the status that is given to the organization: simple machine to produce cash register for shareholders, human community service of another larger community?

Prospect Theory for Online Financial Trading

Science.gov (United States)

Liu, Yang-Yu; Nacher, Jose C.; Ochiai, Tomoshiro; Martino, Mauro; Altshuler, Yaniv

2014-03-01

Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people make decisions based on the potential value of losses and gains rather than the final outcome. People are risk-averse with respect to gains and risk-seeking with respect to losses, a phenomenon called ``loss aversion''. Despite of the fact that prospect theory has been well studied in behavioral economics at the theoretical level, there exist very few empirical research and most of them has been undertaken with micro-panel data. Here we analyze the trading activities of over 1.5 million members of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behaviour of ``winners'' and ``losers'', i.e., traders with positive or negative final net profit, we find clear evidence of the loss aversion phenomenon, an essence in prospect theory. This work demonstrates an unprecedented large-scale empirical evidence of prospect theory. It has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the effect of loss aversion. It also provides opportunity to augment online social trading, where users are allowed to watch and follow the trading activity of others, by predicting potential winners based on their historical trading behaviour.

Framework for financial ratio analysis of audited federal financial reports

OpenAIRE

Brady, Richard T.

1999-01-01

Federal agencies have traditionally prepared financial reports to monitor and report the obligation and expenditure of federal funding. With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations. The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and...

The financial position and funding of French non-financial corporations

OpenAIRE

G. Cette.; J.-P. Villetelle.

2015-01-01

This study, based on recent company statistics from national accounts and financial statements, shows a deterioration in the financial position of French non-financial corporations. This is affecting their performances and is prompting them to diversify their sources of funding in order to rationalise their financial structure.

THE IMPACT OF THE FOREIGN CAPITAL BANKS ON ENSURING FINANCIAL STABILITY ON LONG TERM

Directory of Open Access Journals (Sweden)

Isac\tBORS

2015-06-01

Full Text Available The present study is focusing on analysing the role played by the foreign banks within the national and international banking system as well the impact the foreign banks have on the autochthon banking system, on the financial activity, on the real economy and on the financial stability on long terms. The research conducted highlights the fact that along the positive impact on the banking system and on the economy of the host country, generated by their quality as vectors of mobilizing and directioning the international financial flows towards the host country, there can also be considered a negative impact. The study shows that the impact of the negative effects, that have as main cause the reversibility of the international financial flows, depends, on a great extent, on the specific conditions of the host country, on the characteristics of the foreign banks, but mostly, by the share held by the foreign countries within the framework of the host banking system. Starting from the role played by the capitalization of the banking system to ensure financial stability, the research made on Romania’s case shows both, the positive effects generated by the presence of the foreign banks and also, their vulnerability in front of this excessive dependence on the foreign capital induced by this presence. The solution to reduce this dependence can only come from the autochthon capital direction whose mobilization may countervail the gap made by the foreign banks and, by surceasing the process of financial disintermediation, to ensure the maintenance of the financial stability on long term.

APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

Directory of Open Access Journals (Sweden)

Ayuba A. Aminu

2016-03-01

Full Text Available The importance of financial ethics and its application in financial reporting of banks cannot be ignored as it assists in building public confidence and fostering professionalism. However, the non-compliance and conformity with Nigerian Financial Regulatory Authorities prudential guidelines in the preparation of financial statements lead to incomplete or false information. The objective of the study is to examine the application of financial ethics in annual financial reporting of banks. The study employed primary and secondary data and stratified and purposive sampling techniques were used in which 20 questionnaires were administered to respondents. ANOVA and chi-square were in analysis and the findings revealed that there are significant unethical practices in the preparation of financial reports of banks in Nigeria. The study recommends that more emphasis and attention should be given to ethical standards in all banks and banks should give out clear reports of their financial activities to the regulatory authorities.

Financial Planners: Educating Widows in Personal Financial Planning

Science.gov (United States)

Korb, Brian R.

2010-01-01

Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight…

Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom

OpenAIRE

João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

2011-01-01

Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: 1) stabilization and the subsequent financial crisis; 2) universality of banks; 3) market segmentation through public lending; 4) institutional improvement. Further paraphrasing Díaz Alejandro (1984), we raise some h...

Bellman's GAP--a language and compiler for dynamic programming in sequence analysis.

Science.gov (United States)

Sauthoff, Georg; Möhl, Mathias; Janssen, Stefan; Giegerich, Robert

2013-03-01

Dynamic programming is ubiquitous in bioinformatics. Developing and implementing non-trivial dynamic programming algorithms is often error prone and tedious. Bellman's GAP is a new programming system, designed to ease the development of bioinformatics tools based on the dynamic programming technique. In Bellman's GAP, dynamic programming algorithms are described in a declarative style by tree grammars, evaluation algebras and products formed thereof. This bypasses the design of explicit dynamic programming recurrences and yields programs that are free of subscript errors, modular and easy to modify. The declarative modules are compiled into C++ code that is competitive to carefully hand-crafted implementations. This article introduces the Bellman's GAP system and its language, GAP-L. It then demonstrates the ease of development and the degree of re-use by creating variants of two common bioinformatics algorithms. Finally, it evaluates Bellman's GAP as an implementation platform of 'real-world' bioinformatics tools. Bellman's GAP is available under GPL license from http://bibiserv.cebitec.uni-bielefeld.de/bellmansgap. This Web site includes a repository of re-usable modules for RNA folding based on thermodynamics.

Energetic, exergetic and financial evaluation of a solar driven absorption chiller – A dynamic approach

International Nuclear Information System (INIS)

Bellos, Evangelos; Tzivanidis, Christos; Symeou, Christoforos; Antonopoulos, Kimon A.

2017-01-01

Highlights: • A solar cooling system with ETC and a single effect absorption chiller is analyzed. • The analysis is dynamic and it is made for the city of Athens, Greece. • The analysis is energetic, exergetic and financial for all the summer period. • Firstly the system is optimized exergetically and after it is analyzed financially. • The optimum case is 450 m"2 of solar collectors coupled with a storage tank of 14 m"3. - Abstract: In this study, a solar cooling system of 100 kW is analyzed parametrically in dynamic basis for the city of Athens, Greece. The objective of this study is the design of a sustainable system, using energetic, exergetic and financial criteria. The examined system includes evacuated tube collectors, storage tank and a single stage absorption chiller operating with LiBr-H_2O working pair. Different combinations of collecting areas and storage tank volumes are tested in order to determine the most suitable cases exergetically. These optimum cases are evaluated financially and finally the system with the higher financial indexes is selected as the most suitable. More specifically, the collecting area is analyzed from 150 m"2 to 600 m"2 and the storage tank from 6 m"3 to 16 m"3. Finally, 450 m"2 of evacuated tube collectors with a 14 m"3 storage tank was proved to be the optimum solution financially with 15 years payback period and 67 k€ net present value.

Multivariate multiscale entropy of financial markets

Science.gov (United States)

Lu, Yunfan; Wang, Jun

2017-11-01

In current process of quantifying the dynamical properties of the complex phenomena in financial market system, the multivariate financial time series are widely concerned. In this work, considering the shortcomings and limitations of univariate multiscale entropy in analyzing the multivariate time series, the multivariate multiscale sample entropy (MMSE), which can evaluate the complexity in multiple data channels over different timescales, is applied to quantify the complexity of financial markets. Its effectiveness and advantages have been detected with numerical simulations with two well-known synthetic noise signals. For the first time, the complexity of four generated trivariate return series for each stock trading hour in China stock markets is quantified thanks to the interdisciplinary application of this method. We find that the complexity of trivariate return series in each hour show a significant decreasing trend with the stock trading time progressing. Further, the shuffled multivariate return series and the absolute multivariate return series are also analyzed. As another new attempt, quantifying the complexity of global stock markets (Asia, Europe and America) is carried out by analyzing the multivariate returns from them. Finally we utilize the multivariate multiscale entropy to assess the relative complexity of normalized multivariate return volatility series with different degrees.

Building financial and insurance resilience in the context of climate change

Directory of Open Access Journals (Sweden)

Miškić Miroslav

2017-01-01

Full Text Available The key challenge for individuals, businesses and governments would be the building financial and insurance resilience in changing climate. It becomes important issue for the financial management to create financial protection and insurance means to manage the financial losses, reducing the economic impact of disaster events, and supporting better recovery. In accordance with that the Paper provides an overview of the field and desk research of potential income implications of climate change for the financial management of disaster risks and losses. Desk research is based on Serbian case and its experience with the 2014 floods. Key findings of the field research provided in Serbia in 2016 on managing the risk of natural disasters, floods, fires, earthquakes as a part of organizational risk in 92 manufacturing firms, banks and insurance companies is also provided in the Paper. The methods used are: statistical description, X2 test and liner regression models. The results of both researches on risk management of floods showed that: companies calculate the impact of this risk to their year revenues as small, also a non-strategic approach of the Serbian government can be seen, as a financial gap of 65% in covering the losses. The research results pointed also to low awareness of the problem on the corporate and national level. The contribution of the Paper is to support further development of country and local plans for more effectively reducing the economic disruption of disaster events and policy approaches to supporting the penetration of disaster finance and insurance coverage and the capacity of insurance markets to absorb these risks. Also, to support the improvement of the culture of risk management of business sector in this field.

Exploring the Effects of Financial Aid on the Gap in Student Dropout Risks by Income Level

Science.gov (United States)

Chen, Rong; DesJardins, Stephen L.

2008-01-01

Using national survey data and discrete-time logit modeling, this research seeks to understand whether student aid mediates the relationship between parental income and student dropout behavior. Our analysis confirms that there is a gap in dropout rates for low-income students compared with their upper income peers, and suggests that some types of…

Modeling and analysis of mover gaps in tubular moving-magnet linear oscillating motors

Directory of Open Access Journals (Sweden)

Xuesong LUO

2018-05-01

Full Text Available A tubular moving-magnet linear oscillating motor (TMMLOM has merits of high efficiency and excellent dynamic capability. To enhance the thrust performance, quasi-Halbach permanent magnet (PM arrays are arranged on its mover in the application of a linear electro-hydrostatic actuator in more electric aircraft. The arrays are assembled by several individual segments, which lead to gaps between them inevitably. To investigate the effects of the gaps on the radial magnetic flux density and the machine thrust in this paper, an analytical model is built considering both axial and radial gaps. The model is validated by finite element simulations and experimental results. Distributions of the magnetic flux are described in condition of different sizes of radial and axial gaps. Besides, the output force is also discussed in normal and end windings. Finally, the model has demonstrated that both kinds of gaps have a negative effect on the thrust, and the linear motor is more sensitive to radial ones. Keywords: Air-gap flux density, Linear motor, Mover gaps, Quasi-Halbach array, Thrust output, Tubular moving-magnet linear oscillating motor (TMMLOM

The effects of perceived and actual financial knowledge on regular personal savings: Case of Vietnam

Directory of Open Access Journals (Sweden)

Thi Anh Nhu Nguyen

2017-06-01

Full Text Available The paper examines the factors, which affect decision-making on regular personal saving behaviour in the context of an emerging market in Vietnam. Focusing on financial literacy, the paper uses a combined measure of actual financial knowledge and a self-assessment of overall financial knowledge. The sample of the study consists of 240 commercial banks customers selected in 12 branches of four banks in Ho Chi Minh City. The questionnaire covers: (1 actual financial knowledge; (2 self-rating of financial knowledge; (3 financial risk tolerance; and (4 demographic characteristics of the respondents. The results of a logistic regression analysis show that perceived and actual financial literacy have separate effects on regular personal saving. Particularly, actual financial knowledge has a statistically significant positive relationship with regular personal saving with odds ratio higher than 6.5 times. However, perceived financial knowledge and financial risk tolerance factor are not statistically significant with regular personal saving. Finally, this paper offers evidence that the interaction variable, which is used to combine education level with their major study, has a statistically significant relationship with regular personal saving.

Capacity Prediction Model Based on Limited Priority Gap-Acceptance Theory at Multilane Roundabouts

Directory of Open Access Journals (Sweden)

Zhaowei Qu

2014-01-01

Full Text Available Capacity is an important design parameter for roundabouts, and it is the premise of computing their delay and queue. Roundabout capacity has been studied for decades, and empirical regression model and gap-acceptance model are the two main methods to predict it. Based on gap-acceptance theory, by considering the effect of limited priority, especially the relationship between limited priority factor and critical gap, a modified model was built to predict the roundabout capacity. We then compare the results between Raff’s method and maximum likelihood estimation (MLE method, and the MLE method was used to predict the critical gaps. Finally, the predicted capacities from different models were compared, with the observed capacity by field surveys, which verifies the performance of the proposed model.

Financial Literacy and Financial Education: Review and Policy Implications

OpenAIRE

Annamaria Lusardi

2006-01-01

In recent years, as workers have gained an unprecedented degree of control over their pensions and savings, the importance of financial literacy and financial education has increased considerably. Large changes in the structure of financial markets, labor markets, and demographics in developed countries have led to this change. Consumers have a bewildering array of complex financial products – from reverse mortgages to annuities – to choose from, making saving decisions increasingly complex. ...

Study on profits and the financial position of regional grid operators 2006-2009

International Nuclear Information System (INIS)

2010-11-01

Grid operators have a distribution duty and a legal task to take care of a reliable energy network. To carry out the legal tasks it is important that grid operators have sufficient financial means. On the other hand, it is also important that users of energy networks do not pay too much. Chapter 1 addresses the research approach. The results of the first research question on regulated profits are discussed in chapter 2. The findings on the impact of the economic profit on the financial position are described in chapter 3. And finally, the findings on the financial position are described in chapter 4. [nl

Financial Derivatives

OpenAIRE

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...

Structural Transformation of Wireframe DNA Origami via DNA Polymerase Assisted Gap-Filling.

Science.gov (United States)

Agarwal, Nayan P; Matthies, Michael; Joffroy, Bastian; Schmidt, Thorsten L

2018-03-27

The programmability of DNA enables constructing nanostructures with almost any arbitrary shape, which can be decorated with many functional materials. Moreover, dynamic structures can be realized such as molecular motors and walkers. In this work, we have explored the possibility to synthesize the complementary sequences to single-stranded gap regions in the DNA origami scaffold cost effectively by a DNA polymerase rather than by a DNA synthesizer. For this purpose, four different wireframe DNA origami structures were designed to have single-stranded gap regions. This reduced the number of staple strands needed to determine the shape and size of the final structure after gap filling. For this, several DNA polymerases and single-stranded binding (SSB) proteins were tested, with T4 DNA polymerase being the best fit. The structures could be folded in as little as 6 min, and the subsequent optimized gap-filling reaction was completed in less than 3 min. The introduction of flexible gap regions results in fully collapsed or partially bent structures due to entropic spring effects. Finally, we demonstrated structural transformations of such deformed wireframe DNA origami structures with DNA polymerases including the expansion of collapsed structures and the straightening of curved tubes. We anticipate that this approach will become a powerful tool to build DNA wireframe structures more material-efficiently, and to quickly prototype and test new wireframe designs that can be expanded, rigidified, or mechanically switched. Mechanical force generation and structural transitions will enable applications in structural DNA nanotechnology, plasmonics, or single-molecule biophysics.

FINANCIAL BALANCE - BASIC TOOL IN APPROACHING FINANCIAL DIAGNOSIS FOR FIRM VALUATION

OpenAIRE

Dorel BERCEANU; Nicolae SICHIGEA; Marcel DRĂCEA

2010-01-01

This paper addresses a very topical issue, namely the importance in assessing the company's financial accounts. Thus, after a brief role in evaluating company financial diagnosis and approaches related to the concept of financial balance, we presented the financial balance sheet in terms of logic building financial stability analysis. At the end of the paper were presented some conclusions.

Gap Resolution

Energy Technology Data Exchange (ETDEWEB)

2017-04-25

Gap Resolution is a software package that was developed to improve Newbler genome assemblies by automating the closure of sequence gaps caused by repetitive regions in the DNA. This is done by performing the follow steps:1) Identify and distribute the data for each gap in sub-projects. 2) Assemble the data associated with each sub-project using a secondary assembler, such as Newbler or PGA. 3) Determine if any gaps are closed after reassembly, and either design fakes (consensus of closed gap) for those that closed or lab experiments for those that require additional data. The software requires as input a genome assembly produce by the Newbler assembler provided by Roche and 454 data containing paired-end reads.

THE IMPACT OF INFLATION ON LEVEL OF DEBT OF BRAZILIAN FINANCIAL INSTITUTIONS

Directory of Open Access Journals (Sweden)

Carlos André Marinho Vieira

2016-03-01

Full Text Available Financial institutions are naturally leveraged companies that use their debt to aim for profit in their operations. The role of financial intermediary gives these institutions the context needed to use financial leverage for profit. Among the several variables used in debt levels of these institutions, Hortlund (2005 highlights inflation as having a central role in this phenomenon. This study aimed to find out how inflation influences the debt of Brazilian financial institutions. To achieve this goal, data of brazilian banks from 1996 to 2013 were analyzed, being related to other variables in order to allocate more consistency of the model used. Through balanced and unbalanced panel data regressions, results indicate that different from the hypothesis defended by Hortlund (2005, inflation has a negative impact on debt earned by financial institutions during the period. Other findings of the study indicate that the representative variables of increased operations of these institutions, such as GDP growth, growth of assets and loans/assets positively impact the leverage of financial institutions, indicating that these are more likely to go into debt when they can apply this capital in productive operations. Finally, it was found out that the guidelines contained in the Capital Accords Basel II and Basel III, which were required by the national financial system, influenced negatively the levels of debt of financial institutions, making them less leveraged.

Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China

Directory of Open Access Journals (Sweden)

Feng Wei

2016-11-01

Full Text Available Using annual data from 1997–2014 of 30 provinces, municipalities, and autonomous regions, subdividing trended and cyclical volatility of macroeconomics and inflation, considering different indicators of financial development and financial structure, this paper investigated the impact of financial development and financial structure on macroeconomic volatility. The empirical results found that (1 the trended and cyclical volatility of the previous macroeconomic period had a significantly positive impact on that of the current period, and the impact of trended volatility was greater than that of cyclical volatility; (2 financial development had a significantly negative impact on macroeconomic cyclical volatility through inflation cyclical volatility, but inflation trended volatility would amplify macroeconomic volatility; financial markets have no significant effect on macroeconomic volatility; financial structure measured with the ratio of stock market turnover and the efficiency of the financial development had a significant positive impact on macroeconomic cyclical volatility; and (3 inflation trended volatility had a significantly negative impact on macroeconomic cyclical volatility and trended volatility, while inflation cyclical volatility had a significantly positive impact on macroeconomic cyclical volatility.

Financial and Non Financial Factors on Going-Concern Opinion

Directory of Open Access Journals (Sweden)

Junaidi Junaidi

2012-09-01

Full Text Available Company's ability to survive is a fundamental uncertainty faced in the preparation and auditing financial statements. Provision of going-concern opinion on these financial statements the company is still being debated. Public Accountant Professional Standards in section 341 states that the auditor is responsible for evaluating whether there is a major doubt on the ability of entities in the continued survival of the appropriate period of time, not more than one year from the date of the financial statements being audited. This research analyzed the financial and non financial factors that affected the provision of going-concern opinion. This research used samples of 63 companies with 315 observations, taken from years 2005-2009. The logistic regression analysis showed that the company's financial condition variables, mitigating evidence, and disclosure significantly influence the acceptance of going-concern opinion. Enterprise risk was not significant at propensity of going-concern opinion.

Automated inspection of gaps on the free-form shape parts by laser scanning technologies

Science.gov (United States)

Zhou, Sen; Xu, Jian; Tao, Lei; An, Lu; Yu, Yan

2018-01-01

In industrial manufacturing processes, the dimensional inspection of the gaps on the free-form shape parts is critical and challenging, and is directly associated with subsequent assembly and terminal product quality. In this paper, a fast measuring method for automated gap inspection based on laser scanning technologies is presented. The proposed measuring method consists of three steps: firstly, the relative position is determined according to the geometric feature of measuring gap, which considers constraints existing in a laser scanning operation. Secondly, in order to acquire a complete gap profile, a fast and effective scanning path is designed. Finally, the range dimension of the gaps on the free-form shape parts including width, depth and flush, correspondingly, is described in a virtual environment. In the future, an appliance machine based on the proposed method will be developed for the on-line dimensional inspection of gaps on the automobile or aerospace production line.

GAP CLEARING BY PLANETS IN A COLLISIONAL DEBRIS DISK

Energy Technology Data Exchange (ETDEWEB)

Nesvold, Erika R. [Department of Physics, University of Maryland Baltimore County 1000 Hilltop Circle Baltimore, MD 21250 (United States); Kuchner, Marc J., E-mail: Erika.Nesvold@umbc.edu, E-mail: Marc.Kuchner@nasa.gov [NASA Goddard Space Flight Center Exoplanets and Stellar Astrophysics Laboratory, Code 667 Greenbelt, MD 21230 (United States)

2015-01-10

We apply our 3D debris disk model, SMACK, to simulate a planet on a circular orbit near a ring of planetesimals that are experiencing destructive collisions. Previous simulations of a planet opening a gap in a collisionless debris disk have found that the width of the gap scales as the planet mass to the 2/7th power (α = 2/7). We find that gap sizes in a collisional disk still obey a power law scaling with planet mass, but that the index α of the power law depends on the age of the system t relative to the collisional timescale t {sub coll} of the disk by α = 0.32(t/t {sub coll}){sup –0.04}, with inferred planet masses up to five times smaller than those predicted by the classical gap law. The increased gap sizes likely stem from the interaction between collisions and the mean motion resonances near the chaotic zone. We investigate the effects of the initial eccentricity distribution of the disk particles and find a negligible effect on the gap size at Jovian planet masses, since collisions tend to erase memory of the initial particle eccentricity distributions. Finally, we find that the presence of Trojan analogs is a potentially powerful diagnostic of planets in the mass range ∼1-10 M {sub Jup}. We apply our model to place new upper limits on planets around Fomalhaut, HR 4796 A, HD 202628, HD 181327, and β Pictoris.

GAP CLEARING BY PLANETS IN A COLLISIONAL DEBRIS DISK

International Nuclear Information System (INIS)

Nesvold, Erika R.; Kuchner, Marc J.

2015-01-01

We apply our 3D debris disk model, SMACK, to simulate a planet on a circular orbit near a ring of planetesimals that are experiencing destructive collisions. Previous simulations of a planet opening a gap in a collisionless debris disk have found that the width of the gap scales as the planet mass to the 2/7th power (α = 2/7). We find that gap sizes in a collisional disk still obey a power law scaling with planet mass, but that the index α of the power law depends on the age of the system t relative to the collisional timescale t coll of the disk by α = 0.32(t/t coll ) –0.04 , with inferred planet masses up to five times smaller than those predicted by the classical gap law. The increased gap sizes likely stem from the interaction between collisions and the mean motion resonances near the chaotic zone. We investigate the effects of the initial eccentricity distribution of the disk particles and find a negligible effect on the gap size at Jovian planet masses, since collisions tend to erase memory of the initial particle eccentricity distributions. Finally, we find that the presence of Trojan analogs is a potentially powerful diagnostic of planets in the mass range ∼1-10 M Jup . We apply our model to place new upper limits on planets around Fomalhaut, HR 4796 A, HD 202628, HD 181327, and β Pictoris

76 FR 3084 - Silicon Metal From the People's Republic of China: Final Results and Partial Rescission of the...

Science.gov (United States)

2011-01-19

... Financial Ratios For the final results, we have included the financial statements of Vipra Ferro Alloys Private Ltd. and Lalwani Ferro Alloys Ltd. in our calculation of surrogate financial ratios. See Comment 9... Results. Based on our analysis of the comments received, we made certain changes to our margin calculation...

Modeling financial disaster risk management in developing countries

Science.gov (United States)

Mechler, R.; Hochrainer, S.; Pflug, G.; Linnerooth-Bayer, J.

2005-12-01

The public sector plays a major role in reducing the long-term economic repercussions of disasters by repairing damaged infrastructure and providing financial assistance to households and businesses. If critical infrastructure is not repaired in a timely manner, there can be serious effects on the economy and the livelihoods of the population. The repair of public infrastructure, however, can be a significant drain on public budgets especially in developing and transition countries. Developing country governments frequently lack the liquidity, even including international aid and loans, to fully repair damaged critical public infrastructure or provide sufficient support to households and businesses for their recovery. The earthquake in Gujarat, and other recent cases of government post-disaster liquidity crises, have sounded an alarm, prompting financial development organizations, such as the World Bank, among others, to call for greater attention to reducing financial vulnerability and increasing the resilience of the public sector. This talk reports on a model designed to illustrate the tradeoffs and choices a developing country must make in financially managing the economic risks due to natural disasters. Budgetary resources allocated to pre-disaster risk management strategies, such as loss mitigation measures, a catastrophe reserve fund, insurance and contingent credit arrangements for public assets, reduce the probability of financing gaps - the inability of governments to meet their full obligations in providing relief to private victims and restoring public infrastructure - or prevent the deterioration of the ability to undertake additional borrowing without incurring a debt crisis. The model -which is equipped with a graphical interface - can be a helpful tool for building capacity of policy makers for developing and assessing public financing strategies for disaster risk by indicating the respective costs and consequences of financing alternatives.

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

OpenAIRE

Frederic S. Mishkin

2001-01-01

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

Countercyclical capital buffers and real-time credit-to-GDP gap estimates: A South African perspective

OpenAIRE

Farrell, Greg

2014-01-01

Countercyclical capital buffers are intended to protect the banking sector and the broader economy from episodes of excessive credit growth, which have been associated with financial sector procyclicality and the build-up of systemic risk. The Basel Committee on Banking Supervision has suggested in its guidance to national authorities that the credit-to-GDP gap be used as a guide to taking decisions regarding the countercyclical capital buffer. This paper provides a South African pers...

Nuclear waste: Department of Energy's program for financial assistance

International Nuclear Information System (INIS)

1986-01-01

The Department of Energy's existing grant guidelines for financial assistance to first and second repository states do not clearly establish a basis for determining who is funded, what activities are funded, and how much funding is provided each activity. Because the guidelines do not cover all funding circumstances, DOE has interpreted them differently when making both mandatory and discretionary grant decisions. In addition, DOE has not considered state and Indian tribe needs in establishing its budget request for grant awards. Instead, the requests are based on the amounts of grants awarded in prior years and DOE planned activities. Finally, both grantee compliance with certain reporting requirements of DOE's financial assistance regulations and DOE's enforcement of them has been inconsistent

FINANCIAL REPORTING IN PUBLIC INSTITUTIONS AND NON-FINANCIAL ENTITIES. SIMILARITIES AND DIFFERENCES

OpenAIRE

Daniela Vitan

2011-01-01

The present paperwork contains issues regarding financial reporting at the public institutions and non – financial entities. The main aspects are regarding the obligation of all entities to present the financial statements, the content of financial statements in public institutions and non-financial entities. Also, is presented the similarities and the differences aspects between financial reporting of these two patrimonial entities.

Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors

Science.gov (United States)

Prawitz, Aimee D.; Cohart, Judith

2014-01-01

Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both…

[Evaluation of financial status of public hospitals considering the updated costs of their services].

Science.gov (United States)

Cid P, Camilo; Bastías S, Gabriel

2014-02-01

In 2011 the Chilean National Health Fund (FONASA) commissioned a study to assess the costs of the 120 most relevant hospital care services with an established fee, in a large sample of public hospitals. We herein report the cost evaluation results of such study, considering the financial condition of those hospitals in the year of the study. Based on the premise that the expenses derived from the provision of institutional and appraised hospital services should be identical to the billing of hospitals to FONASA, the prices are undervalued, since they cover only 56% of billing, generating a gap between expenses and invoicing. This gap shows an important limitation of tariffs, since their prices do not cover the real costs. However not all hospitals behave in the same way. While the provision of services of some hospitals is even higher than their billing, most hospitals do not completely justify their invoicing. These assumptions would imply that, generally speaking, hospital debts are justified by the costs incurred. However, hospitals have heterogeneous financial situations that need to be analyzed carefully. In particular, nothing can be said about their relative efficiency if cost estimations are not adjusted by the complexity of patients attended and comparison groups are not defined.

Financial mathematics

CERN Document Server

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

Linking ecosystem characteristics to final ecosystem services for public policy.

Science.gov (United States)

Wong, Christina P; Jiang, Bo; Kinzig, Ann P; Lee, Kai N; Ouyang, Zhiyun

2015-01-01

Governments worldwide are recognising ecosystem services as an approach to address sustainability challenges. Decision-makers need credible and legitimate measurements of ecosystem services to evaluate decisions for trade-offs to make wise choices. Managers lack these measurements because of a data gap linking ecosystem characteristics to final ecosystem services. The dominant method to address the data gap is benefit transfer using ecological data from one location to estimate ecosystem services at other locations with similar land cover. However, benefit transfer is only valid once the data gap is adequately resolved. Disciplinary frames separating ecology from economics and policy have resulted in confusion on concepts and methods preventing progress on the data gap. In this study, we present a 10-step approach to unify concepts, methods and data from the disparate disciplines to offer guidance on overcoming the data gap. We suggest: (1) estimate ecosystem characteristics using biophysical models, (2) identify final ecosystem services using endpoints and (3) connect them using ecological production functions to quantify biophysical trade-offs. The guidance is strategic for public policy because analysts need to be: (1) realistic when setting priorities, (2) attentive to timelines to acquire relevant data, given resources and (3) responsive to the needs of decision-makers. © 2014 The Authors. Ecology Letters published by John Wiley & Sons Ltd and CNRS.

The association between objective income and subjective financial need and depressive symptoms in South Koreans aged 60 and older.

Science.gov (United States)

Kim, Woorim; Kim, Tae Hyun; Lee, Tae-Hoon; Ju, Yeong Jun; Park, Eun-Cheol

2017-11-01

This study aimed to investigate the effect of the gap between objective income and subjective financial need on depressive symptoms in individuals aged 60 and older. Data from the 2011 and 2013 Korean Retirement and Income Study were used. A total of 4891 individuals aged 60 and older were included at baseline. The Generalized Estimating Equation model was used to examine the association between the gap in objective income and subjective financial need and the presence of depressive symptoms, which were measured using the Center for Epidemiological Studies Depression Scale. Compared to individuals in the middle objective income-middle subjective financial need group, individuals in the low-low category (odds ratio (OR): 1.30, 95% confidence interval (CI): 1.04-1.61) and the low-middle category (OR: 1.26, 95%CI: 1.09-1.45) showed a statistically significant higher likelihood of having depressive symptoms. In contrast, participants in the middle-low (OR: 0.74, 95%CI: 0.54-0.99), high-low (OR: 0.50, 95%CI: 0.34-0.73), high-middle (OR: 0.74, 95%CI: 0.63-0.87), and high-high categories (OR: 0.74, 95%CI: 0.55-0.99) were less likely to exhibit depressive symptoms. Additionally, the lower likelihood of depressive symptoms found in middle- and high-income groups with lower levels of subjective financial need was strong among individuals with chronic disease. Differences in the prevalence of depressive symptoms generally exist between individuals of the same income category depending on perceived income adequacy. Therefore, it is important to consider discrepancies in objective income and subjective financial need when assessing risk factors for depressive symptoms in older populations. © 2017 Japanese Psychogeriatric Society.

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

National Research Council Canada - National Science Library

Brady, Richard

1999-01-01

.... With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations...

Development of Multidimensional Gap Conductance model using Virtual Link Gap Element

Energy Technology Data Exchange (ETDEWEB)

Kim, Hyo Chan; Yang, Yong Sik; Kim, Dae Ho; Bang, Je Geon; Kim, Sun Ki; Koo, Yang Hyun [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

2013-10-15

The gap conductance that determines temperature gradient between pellet and cladding can be quite sensitive to gap thickness. For instance, once the gap size increases up to several micrometers in certain region, difference of pellet surface temperatures increases up to 100 Kelvin. Therefore, iterative thermo-mechanical coupled analysis is required to solve temperature distribution throughout pellet and cladding. Recently, multidimensional fuel performance codes have been being developed in the advanced countries to evaluate thermal behavior of fuel for off normal conditions and DBA(design based accident) conditions using the Finite Element Method (FEM). FRAPCON-FRAPTRAN code system, which is well known as the verified and reliable code, incorporates 1D thermal module and multidimensional mechanical module. In this code, multidimensional gap conductance model is not applied. ALCYONE developed by CEA introduces equivalent heat convection coefficient that represents multidimensional gap conductance as a function of gap thickness. BISON, which is multidimensional fuel performance code developed by INL, owns multidimensional gap conductance model using projected thermal contact. In general, thermal contact algorithm is nonlinear calculation which is expensive approach numerically. The gap conductance model for multi-dimension is difficult issue in terms of convergence and nonlinearity because gap conductance is function of gap thickness which depends on mechanical analysis at each iteration step. In this paper, virtual link gap (VLG) element has been proposed to resolve convergence issue and nonlinear characteristic of multidimensional gap conductance. In terms of calculation accuracy and convergence efficiency, the proposed VLG model was evaluated. LWR fuel performance codes should incorporate thermo-mechanical loop to solve gap conductance problem, iteratively. However, gap conductance in multidimensional model is difficult issue owing to its nonlinearity and

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

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

Financial Literacy and Financial Sophistication in the Older Population

Science.gov (United States)

Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa

2017-01-01

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications. PMID:28553191

Financial Literacy and Financial Sophistication in the Older Population.

Science.gov (United States)

Lusardi, Annamaria; Mitchell, Olivia S; Curto, Vilsa

2014-10-01

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications.

RISK MANAGEMENT WITH FINANCIAL DERIVATIVES: EMPIRICAL EVIDENCE FROM ROMANIAN NON-FINANCIAL FIRMS

Directory of Open Access Journals (Sweden)

Sorin Gabriel Anton

2016-12-01

Full Text Available Financial risk management has rapidly evolved over the past two decades and has become an indispensable function in many institutions from different area of activities. In the last two decades, as the financial markets have become more and more mature, an increasing number of firms from emerging economies have chosen to use derivatives to hedge financial risks. As a result, risk management with financial derivatives has attracted much attention recently, becoming an important topic in the financial literature. However, we know little about the use of financial derivatives by firms from emerging economies and about the effect of these instruments on firms’ risk and value. The aim of the paper is to provide new insights into the use of financial derivatives for hedging purpose by non-financial firms from emerging markets. We analyzed risk management practices on a sample of 68 non-financial firms listed at Bucharest Stock Exchange (BSE over a long time frame (2001 to 2011. We found that Romanian non-financial firms from our sample are exposed mainly to commodity price risk, currency risk, interest rate risk, and liquidity risk. More than half of the firms in our sample (55.88% publish in their annual reports the goal of risk management process. Our results show that 10.29% of non-financial firms in our sample use financial derivatives to hedge their currency, interest rate or commodity price risks. We also found that the volatility caused by the global financial crisis determined many firms to use financial derivatives over the period 2007-2011. Nevertheless, the use of financial derivatives by Romanian non-financial firms is low relative to values registered for other emerging economies. The most important factors that hindered the use of financial derivatives have been the low liquidity of exchange derivatives markets, high hedging costs, and the lack of risk management expertise. The traditional approach of managing risks individually is

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V K

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

Enhancing Financial Security in Agricultural Business: Financial and Property Aspects

OpenAIRE

Yuliya Bezdushna

2014-01-01

The article provides the analysis of information support for the developing agrarian businesses financial security activities. The impact of financial statements on financial security has been proved through generalization procedure of such calculating indicators as operating margin, return on assets, total liquidity ratio and financial autonomy ratio. A causal effect between mass underestimation of operating fixed assets in accounting and inflated profitability rates in agribusinesses operat...

Using gaps in N-body tidal streams to probe missing satellites

International Nuclear Information System (INIS)

Ngan, W. H. W.; Carlberg, R. G.

2014-01-01

We use N-body simulations to model the tidal disruption of a star cluster in a Milky-Way-sized dark matter halo, which results in a narrow stream comparable to (but slightly wider than) Pal-5 or GD-1. The mean Galactic dark matter halo is modeled by a spherical Navarro-Frenk-White potential with subhalos predicted by the ΛCDM cosmological model. The distribution and mass function of the subhalos follow the results from the Aquarius simulation. We use a matched filter approach to look for 'gaps' in tidal streams at 12 length scales from 0.1 kpc to 5 kpc, which appear as characteristic dips in the linear densities along the streams. We find that, in addition to the subhalos' perturbations, the epicyclic overdensities (EOs) due to the coherent epicyclic motions of particles in a stream also produce gap-like signals near the progenitor. We measure the gap spectra—the gap formation rates as functions of gap length—due to both subhalo perturbations and EOs, which have not been accounted for together by previous studies. Finally, we project the simulated streams onto the sky to investigate issues when interpreting gap spectra in observations. In particular, we find that gap spectra from low signal-to-noise observations can be biased by the orbital phase of the stream. This indicates that the study of stream gaps will benefit greatly from high-quality data from future missions.

Integrating physical and financial approaches to manage environmental financial risk

Science.gov (United States)

Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

2017-04-01

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

Financial Risk Management

OpenAIRE

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.

Future of European Financial Supervision, Towards a European System of Financial Supervisors

NARCIS (Netherlands)

Arons, T.M.C.

The 2008 financial crisis made clear the shortcomings in the European structure of financial supervision. In the cur­rent system of financial supervision the financial supervi­sor of the home Member State is in principle the only autho­rity entitled to supervise financial institutions even in case

Financial Stress, Self-Efficacy, and Financial Help-Seeking Behavior of College Students

Science.gov (United States)

Lim, HanNa; Heckman, Stuart J.; Letkiewicz, Jodi C.; Montalto, Catherine P.

2014-01-01

Financial stress and self-efficacy are examined in relationship to college students' financial help-seeking behavior utilizing Grable and Joo's (1999) framework. A cognitive approach is taken by focusing on the moderating role of financial self-efficacy on the relationship between financial stress and financial help-seeking. Data from the 2010…

Final Report: Rational Design of Wide Band Gap Buffer Layers for High-Efficiency Thin-Film Photovoltaics

Energy Technology Data Exchange (ETDEWEB)

Lordi, Vincenzo [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

2016-09-30

The main objective of this project is to enable rational design of wide band gap buffer layer materials for CIGS thin-film PV by building understanding of the correlation of atomic-scale defects in the buffer layer and at the buffer/absorber interface with device electrical properties. Optimized wide band gap buffers are needed to reduce efficiency loss from parasitic absorption in the buffer. The approach uses first-principles materials simulations coupled with nanoscale analytical electron microscopy as well as device electrical characterization. Materials and devices are produced by an industrial partner in a manufacturing line to maximize relevance, with the goal of enabling R&D of new buffer layer compositions or deposition processes to push device efficiencies above 21%. Cadmium sulfide (CdS) is the reference material for analysis, as the prototypical high-performing buffer material.

Financial Literacy and Long- and Short-Term Financial Behavior in Different Age Groups

Science.gov (United States)

Henager, Robin; Cude, Brenda J.

2016-01-01

The purpose of this study was to examine the relationship between financial literacy and financial behaviors among various age groups. Financial literacy was measured in three ways: objective financial knowledge, subjective financial knowledge or confidence, and subjective financial management ability. The age groups were 18-24, 25-34, 35-44,…

Simultaneous Use of the Financial Literacy Level and the Financial Inclusion Degree as a Result of Financial Education Efficiency in Visegrad Group Countries

Directory of Open Access Journals (Sweden)

Bożena Frączek

2017-02-01

Full Text Available The appropriate level of financial knowledge and the degree of financial integration needed in today's financialized world. This paper studies the level of financial literacy and the degree of financial inclusion among the students who study economic fields. These students are a special target group - very important for future development of financial markets. They are not only the future participants, but also the potential animators and creators of the financial market as well as the future financial advisors. The research sample comes from Visegrad Group countries (4V Countries, as the representatives from Central and Eastern Europe countries, where the level of financial literacy and degree of financial inclusion seems to be lower in comparison to the West European Countries. The research also contributes to knowledge in the area of expanding the methods of assessments of efficiency of financial education. The Authors decided to verify the new assessment of effectiveness of financial education. It will be conducted by a separate and simultaneous assessment of financial literacy and financial inclusion. The main results of research confirm the very low level of financial literacy and financial inclusion of young future economists in 4V Countries in both groups: starting and finishing the professional financial education. In addition, examining the degree of financial inclusion among the students who at the same time are educated at the basic level confirms the much lower level of informed financial inclusion.

Marginal Gap Formation in Approximal "Bulk Fill" Resin Composite Restorations After Artificial Ageing.

Science.gov (United States)

Peutzfeldt, A; Mühlebach, S; Lussi, A; Flury, S

The aim of this in vitro study was to investigate the marginal gap formation of a packable "regular" resin composite (Filtek Supreme XTE [3M ESPE]) and two flowable "bulk fill" resin composites (Filtek Bulk Fill [3M ESPE] and SDR [DENTSPLY DeTrey]) along the approximal margins of Class II restorations. In each of 39 extracted human molars (n=13 per resin composite), mesial and distal Class II cavities were prepared, placing the gingival margins below the cemento-enamel junction. The cavities were restored with the adhesive system OptiBond FL (Kerr) and one of the three resin composites. After restoration, each molar was cut in half in the oro-vestibular direction between the two restorations, resulting in two specimens per molar. Polyvinylsiloxane impressions were taken and "baseline" replicas were produced. The specimens were then divided into two groups: At the beginning of each month over the course of six months' tap water storage (37°C), one specimen per molar was subjected to mechanical toothbrushing, whereas the other was subjected to thermocycling. After artificial ageing, "final" replicas were produced. Baseline and final replicas were examined under the scanning electron microscope (SEM), and the SEM micrographs were used to determine the percentage of marginal gap formation in enamel or dentin. Paramarginal gaps were registered. The percentages of marginal gap formation were statistically analyzed with a nonparametric analysis of variance followed by Wilcoxon-Mann-Whitney tests and Wilcoxon signed rank tests, and all p-values were corrected with the Bonferroni-Holm adjustment for multiple testing (significance level: α=0.05). Paramarginal gaps were analyzed descriptively. In enamel, significantly lower marginal gap formation was found for Filtek Supreme XTE compared to Filtek Bulk Fill ( p=0.0052) and SDR ( p=0.0289), with no significant difference between Filtek Bulk Fill and SDR ( p=0.4072). In dentin, significantly lower marginal gap formation was

Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

OpenAIRE

Hoe, Siew Yee

2008-01-01

The financial planning industry in Malaysia is still very much at its inception stage. Currently, regulators- Bank Negara Malaysia and Securities Commission of Malaysia have started to regulate the industry by imposing requirements for whoever wanted to venture into the financial planning profession. The title of ‘Financial Planner’ is now highly legalized by the authorities. Empirical studies have been done by overseas scholars and found that the lack of personal financial literacy has been ...

Financial Literacy, Confidence and Financial Advice Seeking

NARCIS (Netherlands)

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.

A comparison of the value relevance of interim and annual financial statements

Directory of Open Access Journals (Sweden)

Mbalenhle Zulu

2017-03-01

Aim: It explores whether the value relevance of interim financial statements is higher than the value relevance of annual financial statements. Finally, it investigates whether accounting information published in interim and annual financial statements has incremental value relevance. Setting: Data for the period from 1999 to 2012 were collected from a sample of non-financial companies listed on the Johannesburg Stock Exchange. Method: The Ohlson model to investigate the value relevance of accounting information was used for the study. Results: The results show that interim book value of equity is value relevant while interim earnings are not. Interim financial statements appear to have higher value relevance than annual financial statements. The value relevance of interim and annual accounting information has remained fairly constant over the sample period. Incremental comparisons provide evidence that additional book value of equity and earnings that accrue to a company between interim and annual reporting dates are value relevant. Conclusion: The study was conducted over a long sample period (1999–2012, in an era when a technology-driven economy and more timely reporting media could have had an effect on the value relevance of published accounting information. To the best of our knowledge, this is the first study to evaluate and compare the value relevance of published interim and annual financial statements.

Financial Structure Analysis of Publicly Held Lodging Companies: An International Comparison

Directory of Open Access Journals (Sweden)

Erdinç KARADENİZ

2015-12-01

Full Text Available The aim of this study is to analyze financial structure and preference of lodging companies that issues traded in European and Turkish stock markets by using ratio analysis technique. In this context, statements of financial positions of 51 lodging companies from European stock markets and 12 lodging companies from Borsa Istanbul used and calculated 10 financial structure ratios for each company between 2011-2012-2013 years. In the results of ratio analysis, it is determined that Turkish lodging companies use mainly equity while European lodging companies prefer liabilities and debt to finance their activities. In respect to maturity of liabilities it is determined that European lodging companies prefer long term debt while Turkish lodging companies use short term liabilities. Finally, it is determined that European lodging companies use leasing but no Turkish lodging companies to choose leasing.

THEORETICAL CONSIDERATIONS OF PRICE STABILITY AS PART OF THE FINANCIAL STABILITY

Directory of Open Access Journals (Sweden)

Magdalena RĂDULESCU

2012-09-01

Full Text Available Currently there are many authors who consider that the only objective of the central bank should be the price stability and between the respective objective and financial stability there is incompatibility. As far we are concerned, we subscribe the idea that between price stability and financial stability there are complementarities. And a strong argument in the favour of this position is also historical. Actually, many older or newer facts show that banking crises were often caused by the unfavourable macroeconomic situation coupled with the bad macroeconomic policies carried by the authorities. But, a monetary policy that aims the price stability reduces this risk. The truth is that the central banks have a series of tools that allow them to act for achieving both the objective of price stability, and that of the stability of financial sector. Although the financial stability is not, usually, an explicit objective for the modern central bank, the systematic financial instability can cancel their performances in achieving their major final objective: the price stability. Being that, because of the need that it creates to inject additional liquidity into the banking system, a crisis of the banking sector may directly affect the monetary stability. Here the mentioned complementarities arise between price stability and financial stability, although the achievement of the first does not necessarily involve the assurance of the last.

Financial Adaptation among College Students: Helping Students Cope with Financial Strain

Science.gov (United States)

Serido, Joyce; Shim, Soyeon; Xiao, Jing Jian; Tang, Chuanyi; Card, Noel A.

2014-01-01

This study examines the impact of the recent financial crisis on co-occurring patterns of change in financial strain and financial coping behaviors of college students (N = 748) using two-timed, longitudinal data collected prior to the 2008 financial crisis and again one year later. Using a stress and coping framework, we found that different…

Introduction of policy of management of financial risks in LLC Tekhosnastka

Directory of Open Access Journals (Sweden)

N. N. Kudryavtseva

2017-01-01

the deposit risk. At the final stage methods of lowering of financial risks of the enterprise are offered. Such as prediction and monitoring of production and financial activities with establishment of the normative ranges, increase in solvency through optimization of control of monetary assets. And as methods of lowering of criminogenic risk methods of transfer of financial risk, such as, diversification and insurance are selected

Financial Services Industry

Science.gov (United States)

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

Numeracy, Financial Literacy, and Financial Decision-Making

Directory of Open Access Journals (Sweden)

Annamaria Lusardi

2012-01-01

Full Text Available Financial decisions, be they related to asset building or debt management, require the capacity to do calculations, including some complex ones. But how numerate are individuals, in particular when it comes to calculations related to financial decisions? Studies and surveys implemented in both the United States and in other countries that are described in this paper show the level of numeracy among the population to be very low. Moreover, lack of numeracy is not only widespread but is particularly severe among some demographic groups, such as women, the elderly, and those with low educational attainment. This has potential consequences for individuals and for society as a whole because numeracy is found to be linked to many financial decisions. As we shift responsibility from governments and employers onto individuals, it is increasingly important to find ways to equip people with the skills that are necessary to make savvy financial decisions.

The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers

Directory of Open Access Journals (Sweden)

Rayenda Khresna Brahmana

2016-10-01

Full Text Available Indonesian migrant workers (IMW face life difficulties after returning back to Indonesia. This is a contrary condition considering their contribution to their home family in Indonesia while working abroad. Literature mentions that their financial planning is the root of the poverty of ex-IMW. Therefore, this research adopts literacy theory to explain this phenomenon. This research conducted a survey among 548 ex-IMW and measures their financial literacy and financial planning. This research also maps their asset ownership to examine the relationship between financial literacy and asset ownership. Overall, this research documents that financial literacy contributes statistically significantly and positively to financial planning. Furthermore, this research shows that asset ownership is closely related to financial literacy. In a nutshell, this research concludes that it is important for migrant workers to have good knowledge of financial issues, because having good financial literacy helps the migrant workers to plan their finance and budget much better, thereby helping them to avoid the poverty trap. Therefore, policymakers such as migrant worker authorities and/or Indonesian embassies abroad have to institute financial education programmes for migrant workers before they return to Indonesia.

Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

NARCIS (Netherlands)

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

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 new

[Research progress of larger flexion gap than extension gap in total knee arthroplasty].

Science.gov (United States)

Zhang, Weisong; Hao, Dingjun

2017-05-01

To summarize the progress of larger flexion gap than extension gap in total knee arthro-plasty (TKA). The domestic and foreign related literature about larger flexion gap than extension gap in TKA, and its impact factors, biomechanical and kinematic features, and clinical results were summarized. During TKA, to adjust the relations of flexion gap and extension gap is one of the key factors of successful operation. The biomechanical, kinematic, and clinical researches show that properly larger flexion gap than extension gap can improve both the postoperative knee range of motion and the satisfaction of patients, but does not affect the stability of the knee joint. However, there are also contrary findings. So adjustment of flexion gap and extension gap during TKA is still in dispute. Larger flexion gap than extension gap in TKA is a new joint space theory, and long-term clinical efficacy, operation skills, and related complications still need further study.

Large Retailers’ Financial Services

OpenAIRE

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...

Effects of Radial Gap Ratio between Impeller and Vaned Diffuser on Performance of Centrifugal Compressors

Directory of Open Access Journals (Sweden)

Mohammadjavad Hosseini

2017-07-01

Full Text Available A high-performance centrifugal compressor is needed for numerous industry applications nowadays. The radial gap ratio between the impeller and the diffuser vanes plays an important role in the improvement of the compressor performance. In this paper, the effects of the radial gap ratio on a high-pressure ratio centrifugal compressor are investigated using numerical simulations. The performance and the flow field are compared for six different radial gap ratios and five rotational speeds. The minimal radial gap ratio was 1.04 and the maximal was 1.14. Results showed that reducing the radial gap ratio decreases the choke mass flow rate. For the tip-speed Mach number (impeller inlet with Mu < 1, the pressure recovery and the loss coefficients are not sensitive to the radial gap ratio. However, for Mu ≥ 1, the best radial gap ratio is 1.08 for the pressure recovery and the loss coefficients. Furthermore, the impeller pressure ratio and efficiency are reduced by increasing the radial gap ratio. Finally, the compressor efficiency was compared for different radial gap ratios. For Mu < 1, the radial gap ratio does not have noticeable effects. In comparison, the radial gap ratio of 1.08 has the best performance for Mu ≥ 1.

FORMATION OF FINANCIAL RESOURCES OF ENTERPRISES IN CONDITIONS OF FINANCIAL INSTABILITY

Directory of Open Access Journals (Sweden)

Veronika Dmytrovska

2017-08-01

Full Text Available The success of entrepreneurial activity depends on the state of the financial resources of the entity and the choice of the strategy of financial resources forming. In the article  the specification of socio-economic nature of the financial resources of enterprises  is analyzed and proved , their classification under the relevant characteristics and peculiarities of the financial resources formation of businesses in a rapidly changing economy in the context of sustainable economic state development are given. Keywords: financial resources, assets, cash funds, sustainable development

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

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

Gap Junctions

Science.gov (United States)

Nielsen, Morten Schak; Axelsen, Lene Nygaard; Sorgen, Paul L.; Verma, Vandana; Delmar, Mario; Holstein-Rathlou, Niels-Henrik

2013-01-01

Gap junctions are essential to the function of multicellular animals, which require a high degree of coordination between cells. In vertebrates, gap junctions comprise connexins and currently 21 connexins are known in humans. The functions of gap junctions are highly diverse and include exchange of metabolites and electrical signals between cells, as well as functions, which are apparently unrelated to intercellular communication. Given the diversity of gap junction physiology, regulation of gap junction activity is complex. The structure of the various connexins is known to some extent; and structural rearrangements and intramolecular interactions are important for regulation of channel function. Intercellular coupling is further regulated by the number and activity of channels present in gap junctional plaques. The number of connexins in cell-cell channels is regulated by controlling transcription, translation, trafficking, and degradation; and all of these processes are under strict control. Once in the membrane, channel activity is determined by the conductive properties of the connexin involved, which can be regulated by voltage and chemical gating, as well as a large number of posttranslational modifications. The aim of the present article is to review our current knowledge on the structure, regulation, function, and pharmacology of gap junctions. This will be supported by examples of how different connexins and their regulation act in concert to achieve appropriate physiological control, and how disturbances of connexin function can lead to disease. © 2012 American Physiological Society. Compr Physiol 2:1981-2035, 2012. PMID:23723031

The financial crisis and global health: the International Monetary Fund's (IMF) policy response.

Science.gov (United States)

Ruckert, Arne; Labonté, Ronald

2013-09-01

In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.

Financial Globalization and Inequality

OpenAIRE

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...

Financial literacy: an interface between financial information and ...

African Journals Online (AJOL)

D.G. Gouws is in the School of Financial Management Sciences, University of Pretoria, and Ms ... connection between the financial numbers and the real business world context. ...... The Origin of Wealth: Evolution, Complexity, and the Radical.

Inmate Perceptions of Financial Education Needs: Suggestions for Financial Educators

Science.gov (United States)

Call, Lindsay Larson; Dyer, W. Justin; Wiley, Angela R.; Day, Randal D.

2013-01-01

Recently, national attention has turned to the need for increased financial education, particularly for low-income populations. Incarcerated individuals represent a growing low-income group with unique needs that could likely benefit from financial education. However, few studies have examined the specific financial education needs of inmates,…

Financial assurances

International Nuclear Information System (INIS)

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

From networks to hybrids : Strategic behaviour and crisis-driven change in the regulation and governance of the European financial and economic system,

NARCIS (Netherlands)

Groenleer, M.L.P.; Mijs, A.; Ten Heuvelhof, E.F.; Meeuwen, B.; Van der Puil, J.

2014-01-01

A key challenge that European decision-makers struggle with today is regulating and governing the European financial and economic system in a way that is both effective and legitimate. To help address this challenge, this paper asks why regulatory gaps occurred and European governance has been weak,

Financial Analysis of National University Hospitals in Korea.

Science.gov (United States)

Lee, Munjae

2015-10-01

This paper provides information for decision making of the managers and the staff of national university hospitals. In order to conduct a financial analysis of national university hospitals, this study uses reports on the final accounts of 10 university hospitals from 2008 to 2011. The results of comparing 2008 and 2011 showed that there was a general decrease in total assets, an increase in liabilities, and a decrease in total medical revenues, with a continuous deficit in many hospitals. Moreover, as national university hospitals have low debt dependence, their management conditions generally seem satisfactory. However, some individual hospitals suffer severe financial difficulties and thus depend on short-term debts, which generally aggravate the profit and loss structure. Various indicators show that the financial state and business performance of national university hospitals have been deteriorating. These research findings will be used as important basic data for managers who make direct decisions in this uncertain business environment or by researchers who analyze the medical industry to enable informed decision-making and optimized execution. Furthermore, this study is expected to contribute to raising government awareness of the need to foster and support the national university hospital industry.

The effect of financial ratios on systematic risk index

Directory of Open Access Journals (Sweden)

Ali Faez

2013-11-01

Full Text Available This paper investigates the relationship between financial ratios and indicator of systemic risk in the Tehran Stock Exchange. The study selects 73 manufacturing companies of the Tehran Stock Exchange market over the period 2003-2010. The study first calculates the independent variables in the form of financial ratios and then the ratios affecting the systematic risk index are extracted using entropy method. The output of this stage is the introduction of five influential financial indicators as the independent variables of the study. Using t-test and Pearson correlation coefficient the rate of independent variables effect on the systematic risk index is evaluated and finally, using stepwise regression method, the effect of independent variables on the dependent variable is examined. According to results of our survey, the correlation coefficient of such indices as “the ratio of stock price to the profit of each share”, “Current ratio”, “each share profit ratio” and “the stockholders rights return ratio” have respectively the highest correlation with the systematic risk index.

Financial Leverage and Corporate Performance: Does Financial Crisis Owe an Explanation?

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2015-04-01

Full Text Available The objective of this study is to investigate the impact of financial leverage on corporate financial performance of Pakistan’s textile sector from 1999-2012 using panel data. The leverage-performance relationship is examined with a special focus on the Global Financial Crisis of 2007-2008. Both accounting-based (Return on Assets - ROA and market-based (Tobin’s Q measures of corporate financial performance are used. Regression analysis is performed with and without inclusion of financial crisis dummy. Total Debt to Total Assets (TDTA, Long Term Debt to Total Assets (LDTA, Short Term Debt to Total Assets (SDTA and Debt to Equity (DE ratios are used as proxies for financial leverage whereas firm’s size and firm’s efficiency are used as control variables. The results indicate that financial leverage has a negative impact on corporate performance when measured with ROA. Whereas in case of Tobin’s Q, SDTA coefficient is positive. It can be concluded that since cost of borrowing is high in Pakistan and debt capital markets are less developed, firms are forced to resort to banks as their source of debt finance and thus have to repay huge amount of principal and interest which has a heavy toll on their financial health. In addition to this, financial crisis was found to have a negative impact on corporate performance and also affect the leverage-performance relationship.

Contagion effects of the global financial crisis in us and European real economy sectors

Directory of Open Access Journals (Sweden)

Kenourgios Dimitris

2014-01-01

Full Text Available This paper empirically investigates the contagion effects of the Global Financial Crisis (2007-2009 from the financial sector to the real economy by examining nine sectors of US and developed European region. We provide a regional analysis by testing stock market contagion on the aggregate level and the sector level, on the global level and the domestic/regional level. Results show evidence of global contagion in US and developed European aggregate stock market indices and all US sector indices, implying the limited benefits of portfolio diversification. On the other hand, most of the European regional sectors seem to be immune to the adverse effects of the crisis. Finally, all non-financial sectors of both geographical areas seem to be unaffected by their domestic financial systems. These findings have important implications for policy makers, investors and international organizations.

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

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

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

Financial Planning and Financial Instruments: 2013 in Review, 2014 in Prospect

Directory of Open Access Journals (Sweden)

Mark Brimble

2013-09-01

Full Text Available The Global Financial Crisis (GFC; changes in regulation; issues in public perception and trust have contributed to a troubled 2013 for financial planners. As financial planning and wealth management providers seek to bolster their professional status, the Financial Planning Education Council’s National Curriculum and Accreditation Framework and ASIC’s minimum training requirements are also a space to watch. In prospect, 2014 will offer opportunities and challenges in the form of a changed government; regulatory changes; accreditation challenges and the hope of the recruitment of strong financial planning and wealth management professionals for the future.

Financial Statements in Providing Financial Security of Agricultural Enterprises

OpenAIRE

Olha Vdovenko

2014-01-01

In conditions of severe market competition and economic turmoil financial security of agricultural businesses largely depends on the effectiveness of management decisions, reporting being the information support to ensure such decision making. Thus, the practice of preparing accounting figures and their adjustment has a direct effect on agricultural businesses financial security. Having been generalized at the industry level, statistical and financial statements are used for the development o...

A Financial Literacy Measure: Gendering and Contextualising Financial Technicalities

Directory of Open Access Journals (Sweden)

Asta Zokaityte

2016-03-01

Full Text Available This article analyses the relationship between law, gender, and finance, with a particular focus on gender inequalities in the financial literacy measure which was constructed by the Organisation for Economic Cooperation and Development (OECD. It seeks to trouble predominant claims about financial literacy as an effective, ‘edu-regulatory’ policy to address gender inequalities in the financial services market. The article suggests that instead of acting as a neutral assessment of people’s financial literacy, the measure, in fact, embodies gendered assumptions about finance and financial practices. The measure presents a financial world in abstract terms and fails to account for different contexts within which financial decisions are made. The article exposes the measure’s problematic deployment of the literacy/illiteracy binary in thinking about financial gender inequalities. Rather than being attentive to the ways in which gender inequalities are produced in financial markets, the OECD measure misattributes these to irrational financial behaviour, and further reproduces the marginalisation of women in the global financial market. Este artículo analiza la relación entre derecho, género y finanzas, realizando un enfoque particular en las desigualdades de género existentes en el estudio sobre los conocimientos financieros que elaboró la Organización para la Cooperación y el Desarrollo Económico (OCDE. Busca contrastar las afirmaciones dominantes sobre los conocimientos financieros como una política efectiva, “edu-reguladora” para abordar las desigualdades de género en el mercado de servicios financieros. El artículo sugiere que, en lugar de realizar una evaluación neutral de los conocimientos financieros de las personas, la medida plasma asunciones de género sobre las finanzas y las prácticas financieras. El estudio presenta un mundo financiero en términos abstractos y no tiene en cuenta los diferentes contextos en los

Influence of the financial crisis on SMEs in the energy area

International Nuclear Information System (INIS)

Grass, M.; Schoder, T.; Scheller, E.

2009-05-01

This final report for the Swiss Federal Office of Energy (SFOE) presents and discusses the results of an opinion survey made among small and medium-scale enterprises (SME) in Switzerland concerning the influence of the financial crisis. The methods and questionnaires used are briefly described and the enterprises questioned are characterised. Innovation activities and research and development activities are reviewed. The effects of the financial crisis on business in 2008 are reported on and present and future developments are discussed. The general framework for long-term development is discussed, as are commercial, institutional and governmental general conditions. The report is concluded with a literature list

ISTANBUL’S CURRENT STATUS AND POTENTIAL FOR BECOMINGAN INTERNATIONAL FINANCIAL CENTRE

Directory of Open Access Journals (Sweden)

Hasmet Sarigul

2012-07-01

Full Text Available The Turkish government has been pursuing a goal to turn Istanbul into aregionalcentre for finance and then, an international one.However, creating aninternationalfinancial centre where international demand and supply of fundsmeet is not an easy process. In this context,we aimed toexamine the currentstatus and the potential of Istanbul to become an international financial centre. Inorder to reach the aim of the study, firstly,the characteristics of an internationalfinancial centre have been explained and a brief overview ofthe Turkishgovernment’sofficial plans of development of theinternational financial centrehavebeen given. Then,the strengths, weaknesses, opportunities and threats ofIstanbul havebeen analyzed.Finally,we have made assessments and put forwardsome suggestions.

Financial Statements

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

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.

Financial Planning and Financial Instruments: 2013 in Review, 2014 in Prospect

OpenAIRE

Mark Brimble; Ciorstan Smark

2013-01-01

The Global Financial Crisis (GFC); changes in regulation; issues in public perception and trust have contributed to a troubled 2013 for financial planners. As financial planning and wealth management providers seek to bolster their professional status, the Financial Planning Education Council’s National Curriculum and Accreditation Framework and ASIC’s minimum training requirements are also a space to watch. In prospect, 2014 will offer opportunities and challenges in the form of ...

Volatility in financial markets: The impact of the global financial crisis

OpenAIRE

Valls Ruiz, Natàlia

2014-01-01

This dissertation focuses on volatility in financial markets, with a special concern for: (i) volatility transmission between different financial markets and asset categories and, (ii) the effect of macroeconomic announcements on the returns, volatility and correlation of stock markets. These issues are analysed taking into account the phenomenon of asymmetric volatility and incorporating the period of financial turmoil caused by the Global Financial Crisis. The study focuses the attention on...

The role of 'financial myths' in financial crises

OpenAIRE

Eric S. Rosengren

2011-01-01

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Boston University conference on The State of Financial Reform (panel on Lessons Learned from the Global Financial Meltdown), February 28, 2011, Boston, Massachusetts

Improving Financial Literacy : case Study of Financial Education in Schools in Estonia

OpenAIRE

Rabtsinski, Deniss

2010-01-01

The thesis discusses the problem of low financial literacy levels that people have in today's world and how financial literacy levels can be improved through school education. It is identified that financial literacy is a complex problem requiring a complex solution (which is yet to be discovered). Financial education can only be part of this complex solution. Even so, financial education encounters similar problems as traditional education: the decay of knowledge and effective retention of l...

A tool to determine financial impact of adverse events in health care: healthcare quality calculator.

Science.gov (United States)

Yarbrough, Wendell G; Sewell, Andrew; Tickle, Erin; Rhinehardt, Eric; Harkleroad, Rod; Bennett, Marc; Johnson, Deborah; Wen, Li; Pfeiffer, Matthew; Benegas, Manny; Morath, Julie

2014-12-01

Hospital leaders lack tools to determine the financial impact of poor patient outcomes and adverse events. To provide health-care leaders with decision support for investments to improve care, we created a tool, the Healthcare Quality Calculator (HQCal), which uses institution-specific financial data to calculate impact of poor patient outcomes or quality improvement on present and future margin. Excel and Web-based versions of the HQCal were based on a cohort study framework and created with modular components including major drivers of cost and reimbursement. The Healthcare Quality Calculator (HQCal) compares payment, cost, and profit/loss for patients with and without poor outcomes or quality issues. Cost and payment information for groups with and without quality issues are used by the HQCal to calculate profit or loss. Importantly, institution-specific payment and cost data are used to calculate financial impact and attributable cost associated with poor patient outcomes, adverse events, or quality issues. Because future cost and reimbursement changes can be forecast, the HQCal incorporates a forward-looking component. The flexibility of the HQCal was demonstrated using surgical site infections after abdominal surgery and postoperative surgical airway complications. The Healthcare Quality Calculator determines financial impact of poor patient outcomes and the benefit of initiatives to improve quality. The calculator can identify quality issues that would provide the largest financial benefit if improved; however, it cannot identify specific interventions. The calculator provides a tool to improve transparency regarding both short- and long-term financial consequences of funding, or failing to fund, initiatives to close gaps in quality or improve patient outcomes.

Economic development, flow of funds, and the equilibrium interaction of financial frictions

Science.gov (United States)

Moll, Benjamin; Townsend, Robert M.; Zhorin, Victor

2017-01-01

We use a variety of different datasets from Thailand to study not only the extremes of micro and macro variables but also within-country flow of funds and labor migration. We develop a general equilibrium model that encompasses regional variation in the type of financial friction and calibrate it to measured variation in regional aggregates. The model predicts substantial capital and labor flows from rural to urban areas even though these differ only in the underlying financial regime. Predictions for micro variables not used directly provide a model validation. Finally, we estimate the impact of a policy of counterfactual, regional isolationism. PMID:28592655

The Effects of Financial Education and Networks on Business Students' Financial Literacy

Science.gov (United States)

Chung, Yunhyung; Park, Youngkyun

2014-01-01

This study investigates the joint effects of financial education and educational networks on students' financial literacy. With a sample (N = 105) of senior students in a business college, the study finds that not only financial education, but also strong networks with professors, are positively related to the financial literacy of business…

Small streams, diverse sources: Who invests in renewable energy in Finland during the financial downturn?

International Nuclear Information System (INIS)

Heiskanen, Eva; Jalas, Mikko; Juntunen, Jouni K.; Nissilä, Heli

2017-01-01

This article addresses the investment gap in renewable energy sources identified by several authors. Examining the case of a country, Finland, which introduced policy measures to diversify its renewable energy portfolio, we analyse the development of investments in renewable heat and power in response to new policy measures and contextual factors during the downturn period 2009–2013. We investigate investor heterogeneity, i.e., the diversity of logics employed by different types of RES investors. In spite of a severe financial recession, we find an emergence of new sources of investment. Among these new investor types, we find diversity in investment drivers and available options. These include investors mobilized by the feed-in-tariff to seek profitable targets and investors such as real estate owners investing in heat pumps for their own use and benefiting from low interest rates. We find that the diversification of investors supports the diversification in RES sources, and brings in new investors undeterred by the financial downturn. Our findings imply that policy-makers should recognize that the responses to distinct incentives and pressures vary by investor types. This also means that a mix of policies is required to maximize the contribution of different sectors to filling the renewable energy investment gap. - Highlights: • Diversified policies prompt new types of investors and growth in renewable energy. • New investors have a range of motives with different expectations for returns. • New investments stem from a range of policies beyond energy policy. • Investor diversity contributes to steady overall investment across economic cycles. • A diverse mix of policy is needed to fill the renewable energy investment gap.

The Knowledge Gap Versus the Belief Gap and Abstinence-Only Sex Education.

Science.gov (United States)

Hindman, Douglas Blanks; Yan, Changmin

2015-08-01

The knowledge gap hypothesis predicts widening disparities in knowledge of heavily publicized public affairs issues among socioeconomic status groups. The belief gap hypothesis extends the knowledge gap hypothesis to account for knowledge and beliefs about politically contested issues based on empirically verifiable information. This analysis of 3 national surveys shows belief gaps developed between liberals and conservatives regarding abstinence-only sex education; socioeconomic status-based knowledge gaps did not widen. The findings partially support both belief gap and knowledge gap hypotheses. In addition, the unique contributions of exposure to Fox News, CNN, and MSNBC in this process were investigated. Only exposure to Fox News was linked to beliefs about abstinence-only sex education directly and indirectly through the cultivation of conservative ideology.

Are Financial Education Programs Meeting the Needs of Financially Disadvantaged Consumers?

OpenAIRE

Yunhee Chang; Angela Lyons

2007-01-01

This paper uses data collected from a retrospective pre-test to investigate he impact that a financial education program has on participants’ financial behaviors. Specifically, we compare program impact across participants with varying levels of financial competency prior to the program and examine whether the program is meeting the educational needs of those it was designed to target – namely, financially disadvantaged consumers. The findings show that the program benefited all of the partic...

Regression analysis for bivariate gap time with missing first gap time data.

Science.gov (United States)

Huang, Chia-Hui; Chen, Yi-Hau

2017-01-01

We consider ordered bivariate gap time while data on the first gap time are unobservable. This study is motivated by the HIV infection and AIDS study, where the initial HIV contracting time is unavailable, but the diagnosis times for HIV and AIDS are available. We are interested in studying the risk factors for the gap time between initial HIV contraction and HIV diagnosis, and gap time between HIV and AIDS diagnoses. Besides, the association between the two gap times is also of interest. Accordingly, in the data analysis we are faced with two-fold complexity, namely data on the first gap time is completely missing, and the second gap time is subject to induced informative censoring due to dependence between the two gap times. We propose a modeling framework for regression analysis of bivariate gap time under the complexity of the data. The estimating equations for the covariate effects on, as well as the association between, the two gap times are derived through maximum likelihood and suitable counting processes. Large sample properties of the resulting estimators are developed by martingale theory. Simulations are performed to examine the performance of the proposed analysis procedure. An application of data from the HIV and AIDS study mentioned above is reported for illustration.

Practical C++ financial programming

CERN Document Server

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

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V.K.

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures

NARCIS (Netherlands)

Léon, C.; Berndsen, R.J.; Renneboog, L.D.R.

2014-01-01

An interacting network coupling financial institutions’ multiplex (i.e. multi-layer) and financial market infrastructures’ single-layer networks gives an accurate picture of a financial system’s true connective architecture. We examine and compare the main properties of Colombian multiplex and

FINANCIAL SYSTEM OF JAPAN: THE LEGAL REGULATION OF DISPUTES BETWEEN FINANCIAL SERVICES PROVIDERS AND CONSUMERS

Directory of Open Access Journals (Sweden)

E. E. Frolova

2018-01-01

Full Text Available Purpose: the article examines the main problems associated the regulatory acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The  Insurance Business Act, lists the types of financial disputes subject to alternative settlement, identified the parties to the financial dispute. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Japan that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, – refer to financial disputes – disputes resolved by "Designated Dispute Resolution Organizations", the so-called "financial DDRO". Financial disputes are disputes between suppliers and consumers of financial services. The Financial Instruments and Exchange Act details the persons, whose activities fall within the definition of financial provider services. A brief list of financial service providers is available on the website of Japan's main financial regulator, the Financial Services Agency. The list include: Japanese banking institutions, branches and representative offices of foreign banks, business operators of financial instruments, insurance companies, trust companies, financial markets, foreign audit firms. However, unlike other countries of the Asia-Pacific region, consumers of financial services can be both physical and legal entities.Conclusions and Relevance: the materials presented in the article show the special role of "Designated Dispute Resolution

Abundance of gap junctions at glutamatergic mixed synapses in adult Mosquitofish spinal cord neurons

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Jose L Serrano-Velez

2014-06-01

Full Text Available Dye-coupling, whole-mount immunohistochemistry for gap junction channel protein connexin 35 (Cx35, and freeze-fracture replica immunogold labeling (FRIL reveal an abundance of electrical synapses/gap junctions at glutamatergic mixed synapses in the 14th spinal segment that innervates the adult male gonopodium of Western Mosquitofish, Gambusia affinis (Mosquitofish.To study gap junctions’ role in fast motor behavior, we used a minimally-invasive neural-tract-tracing technique to introduce gap junction-permeant or -impermeant dyes into deep muscles controlling the gonopodium of the adult male Mosquitofish, a teleost fish that rapidly transfers (complete in 50 of the 62 gap junctions at mixed synapses are in the 14th spinal segment.Our results support and extend studies showing gap junctions at mixed synapses in spinal cord segments involved in control of genital reflexes in rodents, and they suggest a link between mixed synapses and fast motor behavior. The findings provide a basis for studies of specific roles of spinal neurons in the generation/regulation of sex-specific behavior and for studies of gap junctions’ role in regulating fast motor behavior. Finally, the CoPA IN provides a novel candidate neuron for future studies of gap junctions and neural control of fast motor behaviors.

Washington State Nursing Home Administrator Model Curriculum. Final Report.

Science.gov (United States)

Cowan, Florence Kelly

The course outlines presented in this final report comprise a proposed Fort Steilacoom Community College curriculum to be used as a statewide model two-year associate degree curriculum for nursing home administrators. The eight courses described are introduction to nursing, home administration, financial management of nursing homes, nursing home…

To Facilitate or Curb? The Role of Financial Development in China's Carbon Emissions Reduction Process: A Novel Approach.

Science.gov (United States)

Xing, Tiancai; Jiang, Qichuan; Ma, Xuejiao

2017-10-13

With the Paris Agreement coming into effect, China, as the largest CO₂ emitter in the world, will be facing greater pressure to reduce its carbon emissions. This paper discusses how to solve this issue from the perspective of financial development in China. Although many studies have analyzed its impact on carbon emissions, the conclusions are contradictory. A major criticism of the existing studies is the reasonability of the selection of appropriate indicators and panel estimation techniques. Almost all studies use only one or limited indicators to represent the financial development and ignore the cross-sectional dependence. To fulfil the gaps mentioned above, a financial development index system is built, and with the framework of the STIRPAT (Stochastic impacts by regression on population, affluence, and technology) model, this paper applies an ARDL approach to investigating the long-run relationship between financial development and carbon emissions and a dynamic panel error-corrected model to capture the short-run impact. The empirical results show that financial development can improve carbon emissions, and such impact not only shows a regional difference but also reflects the features of stage differences. Additionally, based on the discussion on seven specific aspects of financial development, our findings can be helpful for policy makers to enact corresponding policies to realize the goal of reducing carbon emissions in China.

Forecasting Financial Stress

OpenAIRE

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...

Decision-making, financial risk aversion, and behavioral biases: The role of testosterone and stress.

Science.gov (United States)

Nofsinger, John R; Patterson, Fernando M; Shank, Corey A

2018-05-01

We examine the relation between testosterone, cortisol, and financial decisions in a sample of naïve investors. We find that testosterone level is positively related to excess risk-taking, whereas cortisol level is negatively related to excess risk-taking (correlation coefficient [r]: 0.75 and -0.21, respectively). Additionally, we find support for the dual-hormone hypothesis in a financial context. Specifically, the testosterone-to-cortisol ratio is significantly related to loss aversion. Individuals with a higher ratio are 3.4 times more likely to sell losing stocks (standard error [SE]: 1.63). Furthermore, we find a positive feedback loop between financial success, testosterone, and cortisol. Specifically, financial success is significantly related to higher post-trial testosterone and cortisol by a factor of 0.53 (SE: 0.14). Finally, we find that in a competitive environment, testosterone level increases significantly, leading to greater risk-taking than in noncompetitive environment. Overall, this study underscores the importance of the endocrine system on financial decision-making. The results of this study are relevant to a broad audience, including investors looking to optimize financial performance, industry human resources, market regulators, and researchers. Copyright © 2018 Elsevier B.V. All rights reserved.

Sub-arc narrow gap welding of Atucha 2 RPV closure head

International Nuclear Information System (INIS)

Hantsch, H.; Million, K.; Zimmermann, H.

1982-01-01

Narrow gap technology was used for reasons of design and fabrication when welding the closure-head dome to its flange. Preliminary tests had yielded the necessary improvements of the well-proven sub-arc practice. New facilities had to be developed for welding proper and for the accompanying machining work (finishing in the narrow gap). Special measures were adopted for monitoring the welding process and for recording the welding parameters. The new method was tried out on several large test coupons before welding of the final product was started. No difficulties were encountered during the welding job. Fabrication of the closure head is shown in a short film sequence. (orig.)

Final Masses of Giant Planets II: Jupiter Formation in a Gas-Depleted Disk

OpenAIRE

Tanigawa, Takayuki; Tanaka, Hidekazu

2015-01-01

Firstly, we study the final masses of giant planets growing in protoplanetary disks through capture of disk gas, by employing an empirical formula for the gas capture rate and a shallow disk gap model, which are both based on hydrodynamical simulations. The shallow disk gaps cannot terminate growth of giant planets. For planets less massive than 10 Jupiter masses, their growth rates are mainly controlled by the gas supply through the global disk accretion, rather than their gaps. The insuffic...

Multi-cavity locally resonant structure with the low frequency and broad band-gaps

Directory of Open Access Journals (Sweden)

Jiulong Jiang

2016-11-01

Full Text Available A multi-cavity periodic structure with the characteristic of local resonance was proposed in the paper. The low frequency band-gap structure was comparatively analyzed by the finite element method (FEM and electric circuit analogy (ECA. Low frequency band-gap can be opened through the dual influence of the coupling’s resonance in the cavity and the interaction among the couplings between structures. Finally, the influence of the structural factors on the band-gap was analyzed. The results show that the structure, which is divided into three parts equally, has a broader effective band-gap below the frequency of 200 Hz. It is also proved that reducing the interval between unit structures can increase the intensity of the couplings among the structures. And in this way, the width of band-gap would be expanded significantly. Through the parameters adjustment, the structure enjoys a satisfied sound insulation effect below the frequency of 500Hz. In the area of low frequency noise reduction, the structure has a lot of potential applications.

Physics and financial economics (1776-2014): puzzles, Ising and agent-based models

Science.gov (United States)

Sornette, Didier

2014-06-01

This short review presents a selected history of the mutual fertilization between physics and economics—from Isaac Newton and Adam Smith to the present. The fundamentally different perspectives embraced in theories developed in financial economics compared with physics are dissected with the examples of the volatility smile and of the excess volatility puzzle. The role of the Ising model of phase transitions to model social and financial systems is reviewed, with the concepts of random utilities and the logit model as the analog of the Boltzmann factor in statistical physics. Recent extensions in terms of quantum decision theory are also covered. A wealth of models are discussed briefly that build on the Ising model and generalize it to account for the many stylized facts of financial markets. A summary of the relevance of the Ising model and its extensions is provided to account for financial bubbles and crashes. The review would be incomplete if it did not cover the dynamical field of agent-based models (ABMs), also known as computational economic models, of which the Ising-type models are just special ABM implementations. We formulate the ‘Emerging Intelligence Market Hypothesis’ to reconcile the pervasive presence of ‘noise traders’ with the near efficiency of financial markets. Finally, we note that evolutionary biology, more than physics, is now playing a growing role to inspire models of financial markets.

Physics and financial economics (1776-2014): puzzles, Ising and agent-based models.

Science.gov (United States)

Sornette, Didier

2014-06-01

This short review presents a selected history of the mutual fertilization between physics and economics--from Isaac Newton and Adam Smith to the present. The fundamentally different perspectives embraced in theories developed in financial economics compared with physics are dissected with the examples of the volatility smile and of the excess volatility puzzle. The role of the Ising model of phase transitions to model social and financial systems is reviewed, with the concepts of random utilities and the logit model as the analog of the Boltzmann factor in statistical physics. Recent extensions in terms of quantum decision theory are also covered. A wealth of models are discussed briefly that build on the Ising model and generalize it to account for the many stylized facts of financial markets. A summary of the relevance of the Ising model and its extensions is provided to account for financial bubbles and crashes. The review would be incomplete if it did not cover the dynamical field of agent-based models (ABMs), also known as computational economic models, of which the Ising-type models are just special ABM implementations. We formulate the 'Emerging Intelligence Market Hypothesis' to reconcile the pervasive presence of 'noise traders' with the near efficiency of financial markets. Finally, we note that evolutionary biology, more than physics, is now playing a growing role to inspire models of financial markets.