WorldWideScience

Sample records for financial innovation regulation

  1. Loopholes And Financial Innovation

    OpenAIRE

    Christopher Cohen; Stephen Kane

    2011-01-01

    The loophole phenomenon occurs in financial services, bureaucratically controlled marketplaces, as well as in our everyday lives. Whenever an entity writes a rule, that entity simultaneously creates many loopholes (Kane, 1977). Loopholes provide a way to pervert regulations and may even stimulate innovation. Different parties search out loopholes to adapt to changes as processes evolve over time. We discuss how various parties have reacted to specific loopholes. Our discussion seeks to provid...

  2. INNOVATIONS IN FINANCIAL ANALYTICS

    Directory of Open Access Journals (Sweden)

    T. V. Teplova

    2012-01-01

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

  3. Veblen, Bataille and Financial Innovation

    DEFF Research Database (Denmark)

    Gammon, Earl; Wigan, Duncan

    2015-01-01

    This article advances towards the reconceptualization of financial innovation. It examines the calamitous role of financial innovation in the global financial crisis, developing a non-rational theorization of finance within the social economy that factors in the role of affect. Outlining...... of financial innovation premised on pecuniary expedients and aspirations of market completion. As we argue, in a broader affective economy, contemporary financial innovation serves invidious ends, providing a means of attaining social distinction, constituting a medium for violent expenditure and bestowing...... access to sovereign expression on its purveyors. Highlighting the non-rational dimension of financial markets prompts a reconsideration of the nature of crisis and the means of its redress....

  4. WORLD EXPERIENCE OF FINANCIAL SUPPORT OF INNOVATIVE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    I. Kornilova

    2014-09-01

    Full Text Available This paper examines and summarizes the experience of the financial support of innovative development of the world economy, which occupied a high position in the world economy and demonstrates active dynamics of innovation growth. We consider the financial advantage of direct and indirect actions, which are often used in the practice of the regulation of innovation-studied countries.

  5. Financial innovation and system design

    Directory of Open Access Journals (Sweden)

    Mario Tonveronachi

    2010-01-01

    Full Text Available The official regulatory responses to the current crisis do not alter the laissez faire approach to the production and allocation of financial risks which characterises the existing regulatory framework. The stated goal remains that of maintaining the freedom for the private sector to introduce financial innovations, whose nature is consistent with the system design pursued by the official authorities. I argue that adopting a systemic perspective the crucial point is not just the nature of innovations but their quantitative dimension and dynamics, which are responsible for the endogenous creation of financial fragility. The new official proposals do not appear capable of changing this picture. A radical revision of the regulatory approach is necessary, of which an outline is presented.

  6. Regulating household financial advice

    Directory of Open Access Journals (Sweden)

    Benjamin F. Cummings

    2012-08-01

    Full Text Available This paper reviews economic theory related to investment advice. This theory explains 1 why financial advisors need to be carefully regulated for the benefit of both the investment advice industry and for consumers, 2 why principles-based regulation (e.g., a fiduciary standard is more efficient than rules-based regulation, 3 why dual regulation of financial professionals providing investment or insurance advice is inefficient and inequitable policy, and 4 why the application of a universal and uniform fiduciary standard will be difficult to implement.

  7. Financial Investment Services Regulation

    Directory of Open Access Journals (Sweden)

    Gabriela Anghelache

    2006-04-01

    Full Text Available This article includes the latest regulations regarding the financial investments services. After presenting some elements about prudence and conduct rules, the peculiar aspects of the presentation form and of the contract, with all the forms demanded by such transaction, are analyzed. Afterwards, the focus is set on the transparency and integrity of the operations. Another aspect is about the free circulation of services and about the role of the clearing fund, being distinguished all thesensitive elements this fund raises.

  8. Inbound Open Innovation in Financial Services

    Directory of Open Access Journals (Sweden)

    Andrey Martovoy

    2015-04-01

    Full Text Available In the existing literature on innovation, financial services firms are attributed with a dependence on external knowledge inputs. Meanwhile, relative importance of sources of knowledge for innovation, modes of knowledge inflow, cooperation partners, advantages and disadvantages of cooperation for innovation remain underexplored. This study has unveiled that the most important internal sources of knowledge for innovation in financial services are frontline employees, new service development teams, bank executives, and backstage staff. Highly valuable modes of knowledge inflow for innovation are human resource development, purchase of equipment, and informal personal interactions. Financial services firms benefit from cooperation for innovation with external partners in the following aspects: increase in customer satisfaction, developed new skills of employees, new technologies, access to knowledge and expertise, decreased costs, and finding a new approach to solve a problem. Costs associated with external cooperation for innovation remain the most influential disadvantage of this mode of inbound open innovation.

  9. Innovations in Rural Financial Services Provision

    DEFF Research Database (Denmark)

    Ndyetabula, Daniel; Temu, Andrew E.

    2013-01-01

    The aim of at investigating innovations related to financial services for the agri-bussiness sector, suing examples from Tanzania......The aim of at investigating innovations related to financial services for the agri-bussiness sector, suing examples from Tanzania...

  10. Financial prerequisites for innovative entrepreneurship development

    Directory of Open Access Journals (Sweden)

    Zyanko V.

    2013-06-01

    Full Text Available In the article has been detected and analyzed the main reasons of low activity of innovation entrepreneurship in Ukraine. Thenecessity of state financial support of innovation entrepreneurship was justified. Ways of accelerating of the innovation activity were identified.

  11. Financial Evaluation Techniques, Institutions and Innovation

    DEFF Research Database (Denmark)

    Howells, John

    2003-01-01

    This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of technological contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and theevaluative behaviour...... of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial...

  12. Financial Innovation: A Permanent Agenda in Finance

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-Da-Silva

    2017-05-01

    Full Text Available The Journal of Financial Innovation (JoFI, which is totally independent and completely free to anyone who is interested in reading it, has been establishing itself as one of the first periodicals dedicated to financial innovation, a subject that has been growing in importance in various spheres of interest, from academia to industry, including policy makers. Economic stability and growth are closely linked to financial innovation in its various formats, i.e. products, processes and financial institutions.At the end of the 1980s the financial market in the United States and its institutions were facing changes that were seen as revolutionary at the time. In other words, at that particular moment in time we witnessed the rise of financial instruments and institutions that did not even exist at the end of the 1970s. As Mishkin (1990 points out, there is still an interest in understanding better the dynamic of the changes in financial systems and the proliferation of financial products. In this regard, the forces behind financial innovation are increasing in relevance. These include the conditions required for changes in the market, advances in technology, market (deregulation, different types of crisis that are relevant to the market, new challenges facing banks, and other such matters.

  13. 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.

  14. Innovation and Financial Inclusion in Kenya

    DEFF Research Database (Denmark)

    Omanga, Josphat; Dreyer, Johannes Kabderian

    2017-01-01

    This chapter analyzes the role of financial innovation and mobile phone technologies to financial inclusion in Kenya. In order to do so, a case study on M-PESA is conducted, the leading mobile service of money transfers in Africa, which is offered by Safaricom. M-PESA services are cheap and easy...... to use in comparison to other formal and informal providers of financial services. It solves two different problems in Kenya: customers do not have to travel anymore long distances to reach financial services and more people can afford them. As result and in line with the literature, this chapter...... suggests that M-PESA services can be considered a type of disruptive innovation that promotes financial inclusion and wealth growth in Kenya....

  15. L’innovation et les marchés financiers aux États-Unis depuis les années 1970 : une approche contrastée Financial Innovation in the U.S.: Playing with the Markets?

    Directory of Open Access Journals (Sweden)

    Christine Zumello

    2009-10-01

    Full Text Available It seems particularly relevant to talk about financial innovation in the United States because this country can be considered as a major engine of innovation given the size of the financial markets and the wide variety of financial products available. Financial innovation is analysed through the lens of a genetic mutation which turns an existing financial product into a mutant under certain conditions [Merton Miller's 'seed beneath the snow']. The conditions which favour financial innovation as well as the role of regulation are considered in this paper. An insight into the potential negative market spin that can spring from financial innovation is also offered.

  16. Pension Funds and Financial Innovation

    OpenAIRE

    Zvi Bodie

    1989-01-01

    Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

  17. Financial Private Regulation and Enforcement

    OpenAIRE

    MILLER, Geoffrey

    2011-01-01

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

  18. CRYPTOCURRENCY: ERA AND FIELD OF FINANCIAL INNOVATIONS

    Directory of Open Access Journals (Sweden)

    V. Korneev

    2018-01-01

    Full Text Available Essence of cryptocurrencies is considered in the article, their risks and prospects of development in Ukraine and world. Advantages and disadvantages of crypto currency are described. Positions of foreign central banks and other financial regulators are lighted up in relation to cryptocurrencies and markets of cryptocurrencies. It is offered, that the experience of Japan, Switzerland, the United States and England in this question should be used as a fairway. It is marked that corresponding activity and financial services must be licensed by the state as a type of professional activity on the stages of formation of cryptocurrency (mining and support of its circulation (trading and financial consulting.

  19. The development strategy of financial and innovative technologies

    OpenAIRE

    R.V. Lavrov

    2013-01-01

    The aim of the article. The aim of the article is to define and to estimate the forming of expediency of the development strategy of financial and innovative technologies in the context of modern economic space realities.The results of the analysis. The growing importance of the financial sector in the contemporary economic space, as well as rapid changes in it, generates a need for financial innovative technologies. Development strategy of financial and innovative technologies is always asso...

  20. Sull'innovazione finanziaria. (On financial innovation

    Directory of Open Access Journals (Sweden)

    G. VACIAGO

    2013-12-01

    Full Text Available Negli ultimi anni, in tutti i paesi - anche se in misura diversa - molti cambiamenti hanno avuto luogo nella struttura finanziaria che hanno accompagnato lo sviluppo di nuovi strumenti, mercati e intermediari finanziari. Una crescente letteratura descrive e analizza questi cambiamenti, genericamente raggruppati sotto l'etichetta di "innovazione finanziaria". Al fine di chiarire i costi ei benefici di ciò che si intende per innovazione finanziaria, è necessario esaminare congiuntamente sia le sue cause ei suoi effetti. A tal fine, è in primo luogo necessario considerare alcune domande molto generali che finora ancora devono essere risolte  Il presente lavoro esamina lo stato attuale della teoria dell'innovazione finanziaria, per poi illustrare le caratteristiche principali del processo innovativo in atto. Questo porta ad alcune considerazioni sulle implicazioni che ne derivano per il modus operandi della politica monetaria e, più in generale, per la definizione di meccanismi di trasmissione di questa politica.In recent years, in all countries - albeit to varying degrees - many changes have taken place in the financial structure which have accompanied the development of new instruments, markets and financial intermediaries. A growing literature describes and analyses these changes, generically grouped together under the label of "financial innovation". In order to clarify the costs and benefits of what is meant by financial innovation, it is necessary to jointly examine both its causes and its effects. To this end, it is first necessary to consider some very general questions that thus far have yet to be answered in any certain or unambiguous way, if they have been considered in the scientific literature at all. The present work examines the current state of the theory of financial innovation, to then illustrate the main features of the innovation process currently taking place. This leads to some considerations on the resulting implications

  1. Product Innovation of Islamic Financial Institutions

    Directory of Open Access Journals (Sweden)

    Agus Rojak Samsudin

    2016-03-01

    Full Text Available This article was composed from the fact that the presence of Sharia Financial Institutions (SFC cannot be separated from the existence of Conventional Financial Institutions. Islamic Bank appeared in the midst of the conventional banking development. It certainly gives the impression product of Islamic Bank is seen as the imitation of conventional banking products. The historical analysis shows that the substantive function of banking operations has been practiced since the early days of Islam. Even the profit and lost sharing principle has been applied from transactions Islamic business transactions (Mu'amalah in the ancient Arab, which has been explored in the modern era and also legitimized by the Fatwa of DSN MUI (National Sharia Council of Indonesian Ulama Council (NSC-ICU. This institution is often reinterpreting the concept of Islamic business, including the innovation of Islamic Banking products that are derived from the Quran, the Sunna, and Islamic Jurisprudence (al-Ijtihad.

  2. Financial Services and the Deployment of Agricultural Innovations in ...

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

    As partners of farmers' associations and small agri-businesses, financial cooperatives can play an important role in the adoption of agricultural innovations by providing relevant financial services. This project will test the ability of financial services to support the deployment and large-scale adoption of innovations ...

  3. Development of Well-Balanced Regulation in the Sphere of Innovative Financial Technologies for Digitalization of the Common Measure of Value

    Directory of Open Access Journals (Sweden)

    Kotlyarevskyy Yaroslav V.

    2017-11-01

    Full Text Available The article focuses on the modern financial technologies in the sphere of monetary and credit circulation, in particular, the ontology of so-called virtual currencies is investigated, theoretical, methodological and practical aspects of their implementation are defined both in the retrospective and in modern contexts. Along with the analysis of theoretical developments of domestic and foreign scholars, a comparative analysis of the international financial and economic issues of establishing effective regulation was conducted, the main provisions for further improving the coordination of the monetary, financial and economic policies in the mentioned sphere with regard to aspects of sustainable development, institutional economy, tax policy and counteracting the money laundering have been expounded.

  4. The financial regulations of the Agency

    International Nuclear Information System (INIS)

    2000-01-01

    On 8 June 1999, the Board of Governors adopted certain amendments to the IAEA Financial Regulations to take effect from 1 January 2002. A consolidated text of the Financial Regulations, as revised, will be issued in 2001

  5. Macroprudential Policy in a Fisherian Model of Financial Innovation

    OpenAIRE

    Javier Bianchi; Emine Boz; Enrique Gabriel Mendoza

    2012-01-01

    The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification mechanism to study the effects of macroprudential policy. Financial innovation enhances the ability of agents to collateralize assets into debt, but the riskiness of this new regime can only be learned o...

  6. Financial innovation: Economic growth versus instability in bank-based versus financial market driven economies

    NARCIS (Netherlands)

    Boot, A.W.A.; Marinč, M.

    2010-01-01

    A fundamental feature of recent financial innovations is their focus on augmenting marketability. We point at the potential dark side of marketability. The paper casts its analysis of the pros and cons of financial innovation within the financial development and economic growth debate. The

  7. The financial regulations of the Agency

    International Nuclear Information System (INIS)

    1994-01-01

    On 14 September 1994, the Board of Governors approved revised Financial Regulations of the Agency, with implementation of these Regulations beginning 1 January 1995. The Financial Regulations, as revised, are reproduced in this document for the information of all Member States

  8. KNOWLEDGE, TECHNOLOGY ADOPTION AND FINANCIAL INNOVATION

    OpenAIRE

    Ana Fernandes

    2004-01-01

    Why are new financial instruments created? This paper proposes the view that financial development arises as a response to the contractual needs of emerging technologies. Exogenous technological progress generates a demand for new financial instruments in order to share risk or overcome private information, for example. A model of the dynamics of technology adoption and the evolution of financial instruments that support such adoption is presented. Early adoption may be required for financial...

  9. Management of financial sources for innovative development: foreign countries experience

    Directory of Open Access Journals (Sweden)

    Dyba O. M.

    2016-12-01

    Full Text Available Authors have analyzed and synthesized the main features of financial sources management for innovative development in development economies of foreign countries. The article describes the peculiarities of above mentioned type of management, using the examples of such countries as Germany, USA and Japan, which represent different kinds of economy and society. The main sources for innovative development financing are highlighted within the national economies conditions. The authors proposed the generalized models of financial sources management for innovative development. The information will be useful for Ukrainian model of financial sources management development.

  10. Financial innovation and monetary policy transmission mechanism in Pakistan

    Directory of Open Access Journals (Sweden)

    Safdar, S.

    2013-03-01

    Full Text Available In the recent past there are remarkable financial innovations in Pakistan which have the implications for the monetary policy. In Pakistan there is no or little empirical evidence on the impact of financial innovation on monetary policy transmission mechanism. In this paper we fill this gap by analyzing the impact of financial innovation on monetary policy transmission mechanism by using the interest rate channel. We use the quarterly date covering the period, 1981Q1 to 2010Q4 for Pakistan and for estimation we use OLS. We found that the interest rate channel of monetary policy transmission mechanism dampens by the interest rate channel.

  11. Understanding Financial Innovation: An Introduction to Derivative Financial Products.

    Science.gov (United States)

    Robinson, J. N.

    1992-01-01

    Explains the use of forwards, futures, swaps, and options in international currency trading. Argues that pricing options are based on the same basic principles as pricing other financial instruments. Concludes that, although financial markets have developed several new products, hedging and speculation involve similar processes. (CFR)

  12. Russian financial market and the prospect of its innovative development

    Directory of Open Access Journals (Sweden)

    Ukolova Nadezhda Viktorovna

    2013-05-01

    Full Text Available A lively problem of innovative development of Russia's economy is the subject of the article. The author focuses attention on direct targeting of financial market on innovations. It may be possible in case of co-operation of state and business.

  13. Adoption of financial innovation in the Ghanaian banking industry ...

    African Journals Online (AJOL)

    This century has been full of innovations: new technologies, new products, new services and a plethora of new industries have emerged. Yet the call for innovation in business, especially in financial services, has never been more intense. Although research on this topic exists, there is no empirical evidence regarding the ...

  14. Competition and Innovation: Evidence from Financial Services

    NARCIS (Netherlands)

    Bos, J.W.B.; Kolari, J.; van Lamoen, R.

    2009-01-01

    In this paper we seek to contribute to the literature on competition and innovation by focusing on individual firms within the U.S. banking industry in the period 1984-2004. We measure innovation by estimating technology gaps and find evidence of an inverted-U relationship between competition and

  15. Domestic financial regulation and external borrowing

    OpenAIRE

    Lanau, Sergi

    2011-01-01

    This paper studies the relationship between domestic financial regulation and the incentive of non-banks to borrow from banks abroad using BIS banking data in a gravity framework. Conditional on a large set of macroeconomic controls, we find that under tighter domestic financial regulation non-banks borrow more abroad. Non-banks in a country on the upper quartile of a financial deregulation index borrow 21%–28% more than non-banks in a country with minimum regulation. The finding also holds f...

  16. Student Centered Financial Services: Innovations That Succeed

    Science.gov (United States)

    Sinsabaugh, Nancy, Ed.

    2007-01-01

    This collection of best practices shares how 18 higher education institutions across the country have successfully evaluated and redesigned their student financial services programs to improve services to students and their parents and find cost savings for the institution. This volume illustrates how other institutions have successfully tackled…

  17. Innovation in Financial Systems. The Quest For Sustainability

    OpenAIRE

    Voicu-Doroban?u Roxana

    2012-01-01

    The paper focuses on the trials and tribulations the financial systems are facing in the current economic environment, in order to increase their economic sustainability, but also improve their social sustainability. As desperate times (characterized by an endemic crisis, reaching from the financial systems into the globalized economic network) require ‘desperate measures’, there is a certain need for improvement and innovation in instruments and behaviours exhibited by the actors in a financ...

  18. FINANCIAL INNOVATIONS IN THE STRATEGIC ANALYSIS OF BANK BUSINESS

    Directory of Open Access Journals (Sweden)

    A. N. Rasskazova

    2013-01-01

    Full Text Available In paper we identified the financial innovations in the strategic analysis of bank business. On the real data analytical research is executed and empirical proofs of practical applicability of the new financial performance, allowing to create the mechanism of strategic management by shareholder value in bank are received. The received results can be used for monitoring of acceptance of managerial decisions from the party and in interests of owners of bank

  19. Financial Services and the Deployment of Agricultural Innovations in ...

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

    As partners of farmers' associations and small agri-businesses, financial cooperatives can play an important role in the adoption of agricultural innovations by ... Au cours des vingt dernières années, plusieurs innovations visant à améliorer les rendements des cultures vivrières ont été développées dans les centres de ...

  20. Industrial Innovation and Environmental Regulation: Developing ...

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

    What role should governments play in protecting the environment and controlling the environmental impacts of industry? Do regulations benefit the environment, and how do they affect industrial innovation?

  1. The Financial Regulations of the Agency

    International Nuclear Information System (INIS)

    1965-01-01

    The Financial Regulations of the Agency, as approved and amended by the Board of Governors up to 24 February 1965, are reproduced in this document for the information of all Members of the Agency. The Regulations were first approved by the Board on 24 and 25 October 1957. The dates on which subsequent changes in individual provisions became effective are indicated by footnotes

  2. 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.

  3. Arbitrage and Competition in Global Financial Regulation

    DEFF Research Database (Denmark)

    Ringe, Wolf-Georg

    regulation and assesses their merits. I argue that regulatory competition has many advantages over alternative global approaches, notably international harmonization of regulation, by offering a dynamic process for the discovery of efficient regulatory standards. However, the risk is that countries lower...... this happens, such arbitrage can trigger regulatory competition between jurisdictions that may respond to the relocation of financial services (or threats to relocate) by moderating their regulatory standards. This paper develops a framework for the assessment of both phenomena in the context of financial...... their standards solely to attract businesses and thereby impose externalities on the worldwide financial market by undermining financial stability as a global public good. Policymakers worldwide are experimenting with remedies to respond to the phenomenon. I introduce the importance of an effective special...

  4. Adoption of agricultural innovations through non-traditional financial ...

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

    Agriculture is the backbone of many developing country economies, but the capacity of resource-poor smallholder farmers to adopt agricultural innovations is curtailed by lack of access to adequate financial services. International experts estimate that there is a global shortfall of US$400 billion (roughly CA$540 billion) to ...

  5. Institutions and Regulations in Innovation Systems

    DEFF Research Database (Denmark)

    Borrás, Susana; Edquist, Charles

    Institutions (including regulations) are constitutive elements of innovation systems, and therefore cornerstones of innovation policy. Focusing on (soft and hard) regulation, the paper identifies the most salient regulatory areas from the perspective of the innovation system. When asking about...... for the innovativeness of the society at large; and the extent to which regulation is adapting to new (social, economic and technological) contexts and is socially legitimate and accepted. These are potentially the three problems that innovation policy needs to address in this area. This provides guidance for the design...... and re-design of innovation policy, so that policy makers may analyse empirically the social dynamics actually generated by regulation rather than simply assuming deductively their effects....

  6. The Financial Regulations of the Agency

    International Nuclear Information System (INIS)

    2012-01-01

    For ease of comparison and reference, Attachment I shows the full texts of the relevant Regulations in the original form, incorporating all amendments approved by the Board of Governors until 8 June 1999, and in its amended form, after all the above mentioned approved changes. The full text of the Financial Regulations of the Agency, as approved and amended by the Board of Governors up to 11 June 2010, is reproduced in Attachment II for the information of all Members of the Agency

  7. The Politics of Financial Regulation Expertise

    DEFF Research Database (Denmark)

    Ban, Cornel; Seabrooke, Leonard; Freitas, Sarah

    Who controls global policy debates on shadow banking regulation? By looking at the policy recommendations of the Bank of International Settlements, the International Monetary Fund and the Financial Stability Board, we show how experts tied to these institutions secured control over how shadow...... and experts from other professional fields....

  8. Opening Innovation in Regulation Inside Government

    DEFF Research Database (Denmark)

    Hartmann, Rasmus Koss; Hienerth, Christoph

    2013-01-01

    , however, has been critiqued for resulting in high levels of compliance costs throughout public sector organizations. Concurrently, we show that it has also generally been dominated by a closed and regulator-centered model of innovative development. In this paper, we develop first a concept of user......A marked increase in regulation inside government has been a defining feature of public management reform in throughout the Western world over the past thirty years, making regulatory innovation one of the most important forms of innovation in the public sector. The process of regulatory innovation...... of regulation and typology of four forms of user involvement based on the available public management literature. Second, we develop a model of the costs of regulation. We then analyze scenarios of how these four forms can contribute to reducing regulatory costs. We find that user innovation can contribute both...

  9. Financial Innovation and Risk Management: The Cross-Guarantee Solution

    OpenAIRE

    Bert Ely

    1998-01-01

    The cross-guarantee concept, which is summarized below, will eliminate the regulatory moral hazard that electronic technology has greatly exacerbated in recent years. The paper concludes by outlining the many benefits cross-guarantees will bring to the financial system as well as the structural and international implications of using cross-guarantees to bring market-driven regulation to the financial services sector of the American economy.

  10. Service software engineering for innovative infrastructure for global financial services

    OpenAIRE

    MAAD, Soha; MCCARTHY, James B.; GARBAYA, Samir; Beynon, Meurig; Nagarajan, Rajagopal

    2010-01-01

    International audience; The recent financial crisis motivates our re-thinking of the engineering principles for service software and infrastructures intended to create business value in vital sectors. Existing monolithic, inwarddirected, cost insensitive and highly regulated technical and organizational infrastructures for financial services make it difficult for the domain to benefit from opportunities offered by new computing models such as cloud computing, software as a service, hardware a...

  11. Monetary policy implications of financial innovation: In-depth analysis

    OpenAIRE

    Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

    2017-01-01

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

  12. Industrial Innovation and Environmental Regulation : Developing ...

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

    Couverture du livre Industrial Innovation and Environmental Regulation : Developing Workable Solutions ... Il ressort de cet ouvrage que la complexité des relations entre l'environnement et l'économie n'admet pas de solutions uniformes et que le rôle des mesures de réglementation dans l'innovation environnementale doit ...

  13. Industrial Innovation and Environmental Regulation: Developing ...

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

    2007-03-01

    Mar 1, 2007 ... What role should governments play in protecting the environment and controlling the environmental impacts of industry? Do regulations benefit the environment, and how do they affect industrial innovation?

  14. Building Competitive Advantage Through Open Innovation : A case study in the financial technology sector

    OpenAIRE

    Jonsson Holm, Erik; Andersson, Felix

    2018-01-01

    The modern financial industry includes fast-changing technology, new regulations, and markets where companies at times find themselves at disadvantage. This study focuses on how organizations can build competitive advantage, particularly by drawing on the open innovation concept. We conceptualize its relationship to competitive advantage as a strategy of using and developing dynamic capabilities in business ecosystems. This view is empirically analysed through qualitative data from four organ...

  15. Financial liberalization, financial regulation and bank efficiency : a multi-country analysis

    NARCIS (Netherlands)

    Hermes, Niels; Meesters, Aljar

    2015-01-01

    This article investigates the impact of financial reforms on bank efficiency. More specifically, we distinguish between two different types of financial reforms, i.e. financial liberalization measures and measures of the quality of bank regulation and supervision (i.e. financial regulation), and

  16. The Financial Regulations of the Agency

    International Nuclear Information System (INIS)

    2012-01-01

    For ease of comparison and reference, Attachment I shows the full texts of the relevant Regulations in the original form, incorporating all amendments approved by the Board of Governors until 8 June 1999, and in its amended form, after all the above mentioned approved changes. The full text of the Financial Regulations of the Agency, as approved and amended by the Board of Governors up to 11 June 2010, is reproduced in Attachment II for the information of all Members of the Agency [fr

  17. The Financial Regulations of the Agency

    International Nuclear Information System (INIS)

    2012-01-01

    For ease of comparison and reference, Attachment I shows the full texts of the relevant Regulations in the original form, incorporating all amendments approved by the Board of Governors until 8 June 1999, and in its amended form, after all the above mentioned approved changes. The full text of the Financial Regulations of the Agency, as approved and amended by the Board of Governors up to 11 June 2010, is reproduced in Attachment II for the information of all Members of the Agency [es

  18. Violation regulation of financial services authority (FSA, financial performance, and corporate social responsibility disclosure

    Directory of Open Access Journals (Sweden)

    Habib Muhammad Shahib

    2016-07-01

    Full Text Available So far, there has been a bureaucracy reform and implementation of new regulations for good governance capital markets. However, policy violations are still frequent. For example, cases of violation of financial regulations leading to fraudulent financial reporting occurred in several companies listed on the Indonesia Stock Exchange. This study aims to examine the empirical facts related to the legitimacy theory with-in the scope of violation of financial regulation, financial performance and social responsibility disclosure of non-financial companies in Indonesia Stock Exchange. The data were obtained from the Indonesia Stock Exchange. There were 24 non-financial violator-companies of financial regulation chosen as the sample. These data, in relation to the research hypotheses, were analyzed by using a path analysis test. The result showed there were no significant effect of the violations of financial regulations on financial performance and the level of corporate social responsibility disclosure. Therefore, this study confirms legitimacy theory in different forms.

  19. Essays on incentives in regulation and innovation

    NARCIS (Netherlands)

    Jansen, J.A.

    2000-01-01

    The thesis contains three essays on incentives in regulation and innovation. The first essay analyzes a problem of optimal regulatory design. Key feature of the problem is that there exists asymmetric information between the regulator and the industry concerning the costs of producing complementary

  20. Multilayered Governance in International Financial Regulation and Supervision

    OpenAIRE

    Rolf H. Weber

    2010-01-01

    In recent decades, financial markets have become increasingly international in scope, while the focus of financial regulation and supervision has largely remained limited to the domain of national jurisdictions. This article applies the doctrine of multilayered governance to financial markets, thereby addressing the discrepancy between international financial activities and nationally oriented financial regulation and supervision. It identifies core values that are widely shared within the in...

  1. Financial regulation and financial system architecture in Central Europe

    NARCIS (Netherlands)

    Scholtens, B

    At the beginning of the transition, advice to Central European countries with respect to how to set up their financial systems was based on models used in western economies. This paper analyzes the experiences to set up a financial system in Central Europe. The experience in the first transition

  2. Macro-Prudential Policy in a Fisherian model of Financial Innovation

    OpenAIRE

    Javier Bianchi; Emine Boz; Enrique G. Mendoza

    2012-01-01

    The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification mechanism to study the effects of macro-prudential policy. Financial innovation enhances the ability of agents to collateralize assets into debt, but the riskiness of this new regime can only be learned ...

  3. Industrial Innovation and Environmental Regulation : Developing ...

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

    1 mars 2007 ... Couverture du livre Industrial Innovation and Environmental Regulation : Developing Workable Solutions. Directeur(s) : Saeed Parto et ... L'Initiative des conseils subventionnaires de la recherche scientifique en Afrique subsaharienne remporte le prix de la diplomatie scientifique. L'Initiative des conseils ...

  4. Financial Innovation and Sustainable Development in Selected Countries in West Africa

    Directory of Open Access Journals (Sweden)

    Folorunsho M. Ajide

    2016-01-01

    Full Text Available Financial innovation has given a new trend to modern financial system and its importance has been widely recognized. This study investigated the effect of financial innovation augmented with bank competition on sustainable development in eight West African countries. Data were sourced from World Bank development indicators from years 2000-2013. We used two proxies of competitions, two proxies of financial innovations and regressed them on a growth indicator as well as development indicator with other control variables. Using panel data estimations, our results confirmed that an increase in banking efficiency driven by competition and financial innovation would improve economic growth and development. While the two proxies of competition were significant, the financial innovations were not significant; one displayed a negative, while the other exhibited a positive relationship with development. These results revealed the differential effects of different financial innovations adopted in the financial system. That is, the growth effect of financial innovation is sensitive to the choice of proxy. A reduction in demand for money caused by financial innovations could deter economic growth and development. This is because individuals would move away from more liquid assets to less liquid assets. On the other hand, financial innovations could potentially lead to an increase in money demand if payment systems improve and individual’s demand for more liquid assets is channeled to productive sectors. We therefore concluded that policies which would drive competition and efficiency in the banking industry as well as financial innovation should be introduced to ensure effective functioning of the financial system.

  5. Keeping the Genie in the Bottle: Grading the Regulation of Canadian Financial Institutions

    Directory of Open Access Journals (Sweden)

    John F. Chant

    2014-03-01

    Full Text Available The Canadian financial sector made it through the recent global credit crisis in better shape than most. Still the government undertook extraordinary measures to support the soundness of Canadian financial institutions. Fortunately, Canadians learned the lessons of the world banking crisis at lower cost than others. They may not be so lucky the next time. Canada’s approach to regulation includes many features that have been effective in insulating its financial sector from major shocks. Its principles-based approach has proven more adaptable to emerging financial innovations than the rules-based approaches as adopted in the U.S. By favouring permission over prohibition, it has allowed beneficial financial innovations to thrive, while leaving regulators able to step in when innovations appear harmful to the stability of the system. On the whole, Canada’s regulatory approach is, put simply, simpler and reduces the costs of compliance and enforcement. Significantly, it has remained immune from the toxic political influences that overshadow U.S. regulation. None of this guarantees that the Canadian approach to regulation is fail-proof. The Canadian financial sector has a few large banks – some with assets ranging up to 50% of GDP – who could be categorized as “too big to fail.” Deposit insurance rates remain low and insurer’s reserves are not sufficient to shield the Canadian public from the costs of institutional failure. Despite the good job in fostering a stable environment, Canadian regulators must still face a number of issues. Each financial crisis is different and future crises are always over the horizon. Success in avoiding the brunt of the last crisis does not guarantee that Canadian financial institutions will escape unscathed from the next one. Also, fast paced innovation puts regulators in a continual game of catch-up. The rapid growth of shadow banks and over-the-counter derivatives contributed to the last crisis and the

  6. EUROPEAN HARMONIZATION OF CONSOLIDATED FINANCIAL STATEMENTS REGULATIONS?

    Directory of Open Access Journals (Sweden)

    Cirstea Andreea

    2012-07-01

    Full Text Available The purpose of this paper is to analyze the degree of formal accounting harmonization within the European Union with respect to the EC Regulation No. 1606/2002 adopted by the European Parliament and European Council on the 19th of July 2002, which regulates the application of IAS/IFRS regarding the financial reporting of listed European companies. The conclusions of the paper were drawn after the completion of a thorough analysis performed by using correlation and/ or association coefficients, namely: the Jaccard’s Correlation Coefficients, Rogers and Tanimoto Coefficient, Lance and Williams Coefficient and Binary Euclidian Distance Coefficient. The results lead us to conclude that although our first hypothesis is verified, the degree of harmonization between the accounting systems of EU Member States could be truly quantified only through an analysis of the material accounting harmonization, more precisely by analyzing the way the companies put into practice the requirements imposed through the EC Regulation No. 1606/2002.

  7. 76 FR 64264 - Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2011-10-18

    ... threaten the financial condition and competitive position of other significant financial companies when... Supervision and Regulation of Certain Nonbank Financial Companies AGENCY: Financial Stability Oversight...'') authorizes the Financial Stability Oversight Council (the ``Council'') to require a nonbank financial company...

  8. Participation of non-banking financial organisations in crediting innovation projects

    Directory of Open Access Journals (Sweden)

    Duba Olexandr M.

    2014-01-01

    Full Text Available The article describes main results of study of non-banking financial institutions as creditors of innovation projects. Based on the analysis of their investment activity, the article identifies their place and role in financing innovations. The article also compares banks and non-banking financial institutions as participants of innovation projects. On the basis of statistical data it characterises the modern state of non-banking financial institutions in the market of crediting innovation projects and forecasts their further functioning and status by pessimistic, realistic and optimistic scenarios. In order to achieve the level of realistic scenario of development of the non-banking financial institutions in innovation projects, the article offers a plan of organisation of participation of non-banking financial institutions in innovation projects. Crediting innovation projects by non-banking intermediaries has not only commercial but mostly social effect, since their realisation gradually brings the country’s economy to a qualitatively new technical and technological level. Earlier, scientists paid significant attention to banks as main creditors, leaving non-banks aside. The article shows advantages of participation of non-banking financial institutions compared to banks, which seems valuable from the point of view of development of this issue in the financial science environment. The prospective direction here is a study of banks and non-banking financial institutions as competitors in the market of crediting innovation projects.

  9. CHALLENGES OF FINANCIAL AUDIT - THE IMPACT OF INTRODUCING UNIQUE REGULATION OF FINANCIAL MARKETS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2013-07-01

    Full Text Available The theme of our research is related to the new type of relationship between financial audits (statutory and unique regulation of financial markets in Romania.The Romanian authorities have decided as from 2013 regulation of financial markets, capital market, insurance market and private pensions market to achieve by a single entity, this situation will also lead to a number of challenges in the relationship between the auditor and the new regulatory regime. The main elements of our study are: the relationship between the audit committee and regulatory authority; quality of financial reporting for financial market entities. The auditor plays an important role in financial markets because it certifies the financial statements in accordance with European Union practice . It is also interesting to note potential interference that can occur in single regulation between compliance audit and financial stability and return on investment between performance audit and financial markets.In this case, financial regulation can coexist with compliance audit. EU legislation recommends that the auditor discuss with the audit committee the quality and acceptability of the financial reporting process.This recommendation is what should constitute a possible consensus to be highly unlikely between audit committees would align auditors in financial reporting disputes with management financial entities. In this regard, auditors should identify the factors we consider important in determining the quality of financial reporting. .We conducted this research in an effort to identify the possible divergence between the type of regulations that can emit single regulatory authority and the audit process. New regulator will operate on two levels, issue general regulations apply to all three categories of financial markets, capital market, insurance market and private pensions market, but in the same time and in greater extent will issue specific regulations of each market in

  10. Using Innovations in Financial Aid to Support College Success. Looking Forward

    Science.gov (United States)

    MDRC, 2017

    2017-01-01

    The country faces three problems in higher education: increasing costs, increasing student debt, and low completion rates. Although most students receive financial aid, many are left with unmet financial needs and may take on loans or drop out of college as a result. But promising innovations in financial aid could help students pay for college…

  11. Real Estate Crowdfunding. A financial innovation for direct property investment

    Directory of Open Access Journals (Sweden)

    Giacomo Morri

    2016-12-01

    Full Text Available The aim of this work is to provide a simple overview on crowdfunding with a focus on its potential application to the real estate market. The Global Financial Crisis of 2008 paralyzed the global economy, creating a strong diminishing trust in financial services and in the banking system in general. One of the most revolutionary systems to get funded in the market has been crowdfunding, a way of financing coming directly from the crowd through the Internet. Crowdfunding in real estate started in 2012 with the Jumpstart Our Business Startup Act (JOBS Act in USA and has been developing at a fast rate every year. In Italy, crowdfunding for real estate projects is not allowed yet, but there are various platforms that are already using the concept in different ways. Real Estate Crowdfunding could represent an interesting opportunity for private individual to have an exposure to direct real estate investments. After an initial description of crowdfunding in general, we present real estate crowdfunding in the U.S. by presenting the most relevant cases up to date. Finally, we analyze the Italian market by explaining why this innovative way of financing real estate projects is not feasible yet and how some platforms are legally trying to overcome the current limitations. In the U.S. the RECF has already raised more than $1 billion and there are more than 125 platforms; in Italy there are still limits for startups dealing with crowdfunding and a few platforms are starting to operate with a similar model.

  12. CONSOLIDATED FINANCIAL STATEMENTS IN UKRAINE: NORMATIVE AND LEGAL REGULATION STATE

    Directory of Open Access Journals (Sweden)

    S.V. Kucher

    2016-09-01

    Full Text Available The development of big business in Ukraine has led to the need to release a number of domestic companies and their groups and associations to the international financial market which was the prerequisite of the needs of users of financial statements to obtain reliable information about the activities of such companies. In accordance with the national legislation associations of enterprises and companies have to provide the consolidated financial statements which contain the pooled indices about the activities of these entities. The article analyzes the current state of normative and legal regulation of financial reporting consolidation process in Ukraine. In particular, the paper determines the basic legal acts of regulations of national and international governing process of preparation of consolidated financial statements; it also determines the circle of business entities required to draw up the consolidated financial statements solely in accordance with international financial reporting standards.

  13. THE 2012 FINANCIAL REGULATION: BUILDING THE CATHEDRAL OF EU LEGITIMACY?

    Directory of Open Access Journals (Sweden)

    María-Luisa SANCHEZ-BARRUECO

    2014-05-01

    Full Text Available The quest for enhanced financial accountability is a by-product of the financial crisis that hits Europe since 2008. Attention to sound financial management and its links to overall EU legitimacy has skyrocketed from the vocabulary of clerks and auditors up to top-level strategic documents, including recent Conclusions of the European Council. This trend evidences that the focus on democratic legitimacy in the European Union should shift away from the traditional input-output legitimacy dilemma and towards the so-called throughput or systemic legitimacy. Systemic legitimacy provides the citizen with assurances that the system (she is requested to trust is well-functioning and answerable to the people; however, the definition of its scope proves ellusive among scholars. This paper takes account of the relevant literature and concludes that financial accountability remains at the core of systemic legitimacy. From a legal perspective, financial accountability in the EU is incidentally mentioned in the Treaties, and further ensured by secondary legislation. The EU Financial Regulation, also known as the “EU Financial Bible” stands out from the legal framework governing financial management of the EU budget. Since its adoption in 1977, the EU Financial Regulation has been subject to two major revisions. The first one led to the adoption of Council Regulation 1605/2002 and represented then an attempt to regain citizens’ trust on financial accountability after the serious backlash brought about by the resignation of the Santer Commission in 1999. More recently, the Financial Regulation has been revamped through Regulation 966/2012 of the European Parliament and the Council. Following a qualitative and comparative approach, this paper highlights the main changes that have been introduced in the legal framework on financial management, with a view to assessing their potential contribution to improvement in financial accountability and, by ricochet

  14. Market Failure, Regulation and Education of Financial Advisors

    Directory of Open Access Journals (Sweden)

    Adam Steen

    2016-04-01

    Full Text Available This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.

  15. Mechanism of state regulation of innovation development of the construction sphere

    Directory of Open Access Journals (Sweden)

    Semenov Vasil F.

    2014-01-01

    Full Text Available The article provides theoretical and methodological justification of the process of formation of the mechanism of state regulation of innovation development of the construction sphere of Ukraine. The article studies conceptual provisions of formation of the mechanism of state regulation of innovation development of the construction sphere. It develops the mechanism of state regulation of innovation development of the construction sphere, realisation of which would ensure stable, effective and system functioning of the construction sphere on the basis of newest technologies and would become a powerful incentive for the national economy development. It analyses main principles, functions and instruments of state regulation of innovation development of the construction sphere in detail. It offers and justifies organisational, information, personnel and financial and economic support and also tax stimulation of creation of the mechanism of state regulation of innovation development of the construction sphere. Prospects of further studies in this direction is identification of priorities of innovation development of construction in the regional context, development of directions of improvement of the mechanism of state regulation of innovation development of the construction sphere and assessment of efficiency of the state impact on innovation development of construction.

  16. UKRAINE REGULATION OF BANKS AS THE DOMINANT FINANCIAL MARKET PARTICIPANTS

    Directory of Open Access Journals (Sweden)

    Viktoriia Kovalenko

    2016-06-01

    Full Text Available The article aims to study methods and instruments for regulating banks in Ukraine. Proved that the stable activities of banks Ukraine to some extent dependent on the efficient functioning of the regulation. Compared to all the participants of the financial market, banks occupy a dominant niche in it from a position of financial services and their role in the rise of economic growth in the country. The article is to develop recommendations for improving regulation of banks Ukraine in terms of balancing the regulatory impact on all financial intermediaries and the subsequent introduction of macroprudential regulation. It is proved that further improve the system of regulation of banks Ukraine is based on the implementation of the strategy macroprudential regulation and supervision and implementation in Ukraine model based on “twin peaks”. Substantiated that the regulation of banks Ukraine is the foundation to ensure their financial sustainability, which will contribute to economic recovery in the state. Keywords: regulation, banking supervision, macroprudential regulation of financial markets, banks and financial intermediaries. JEL: G 28

  17. Monetary Policy as Financial Stability Regulation

    OpenAIRE

    Jeremy C. Stein

    2012-01-01

    This article develops a model that speaks to the goals and methods of financial stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely, that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks...

  18. Does the regulation of the insurance industry have a pernicious effect on innovation by the sector in South Africa?

    Directory of Open Access Journals (Sweden)

    Elton Zingwevu

    2015-07-01

    Full Text Available Financial regulation could be a double edged sword in that despite its major thrust being that to secure the financial sector and bring about financial stability; it might have the unintended consequence of stifling innovation by the sector. We investigate the nexus between financial regulation and innovation by specifically focusing on the insurance industry in South Africa. We demonstrate that there are plethora pieces of legislation that govern the insurance industry in South Africa. As such this has driven the cost of compliance to unsustainable levels thereby curtailing the spending by companies on innovation. We thus would like to caution the policy makers’ that this “heavy-touch” regulatory mode is having a pernicious effect on research and development by the insurance sector. As such we encourage them to embrace the “light-touch” regulatory mode whereby self-regulation and moral suasion are other avenues to be considered.

  19. The Regulation of the Financial Activities of the European TNCs

    Directory of Open Access Journals (Sweden)

    Bohatyriov Ihor I.

    2017-03-01

    Full Text Available The article is aimed at a detailed analysis of the regulatory mechanisms for the financial activities of the European TNCs. Evolution of the economic financial system of the European Union was analyzed. The sequence of documents, adopted by the European Union, was investigated in detail. It has been specified that regulation of the financial activity of the European TNCs has a clear polystructural basis for the moderate management of the mega-market covering the supranational, national and corporate levels. The causes for «insufficient» implementation of the EU program as to establishment of a common financial market have been determined.

  20. Pengaruh Leadership Style Terhadap Financial Performance Melalui Employee Job Satisfaction Dan Innovation Pada Perusahaan Retail Di Surabaya

    OpenAIRE

    Ocsakawati, Serley

    2016-01-01

    This study aimed to examine the direct and significant affect of leadership style to financial performance, leadership style to employee's job satisfaction, leadership style to innovation, employee's job satisfaction to innovation , employee's job satisfaction to financial performace, and innovation to financial performace on retail firms in Surabaya. This study also aimed to examine the indirect and significant affect of leadership style to financial performance through employee's job satisf...

  1. Pressure and politics in financial accounting regulation

    NARCIS (Netherlands)

    van Lent, L.A.G.M.

    1995-01-01

    This study examines the political process of promulgating the draft laws 22169 and 22896, which pertained to the reporting of financial conglomerates, the lobbying efforts observed during the process, and the interaction between the government, the supervisors of banks and insurance companies, the

  2. Capital Allocation Effects of Financial Reporting Regulation

    NARCIS (Netherlands)

    Koenigsgruber, R.

    2012-01-01

    This paper analyses the effects of stricter financial reporting enforcement on capital allocation and reporting quality in a game-theoretic model and derives conclusions about optimal enforcement strictness. Analysis of the model shows that reporting quality strictly increases with tighter

  3. 77 FR 66918 - Iranian Financial Sanctions Regulations

    Science.gov (United States)

    2012-11-08

    ... control number. List of Subjects in 31 CFR Part 561 Administrative practice and procedure, Banking, Banks, Brokers, Electronic funds transfers, Financial institutions, Foreign banking, Foreign trade, International... chapter. Agents or affiliates of Iran's Islamic Revolutionary Guard Corps (``IRGC'') whose property and...

  4. Independent Biotechnology: The Innovation-Regulation Dilemma

    Energy Technology Data Exchange (ETDEWEB)

    Althouse, P. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Prosnitz, D. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Velsko, S. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

    2016-11-03

    The Center for Global Security Research at Lawrence Livermore National Laboratory convened a workshop on August 19, 2016 to consider “Independent Biotechnology: The Innovation-­Regulation Dilemma”. The topic was motivated by the observation that non-­government funded biotechnology research and development activities have grown and diversified tremendously over the past decade. This sector encompasses a broad range of actors and activities: individuals with private laboratories, community “hackerspaces,” biotechnology incubators, and individual startups. Motivations and aspirations are diverse and include such things as personal curiosity, community education, the invention of new products or services, and even the realization of certain economic, political, or social goals. One driving force is the “democratization” of ever more powerful biological technologies, allowing individual citizens and groups access to capabilities that have traditionally only been available to researchers in universities, research institutes, national laboratories, and large commercial concerns. Another is the rise of alternative financing mechanisms such as “crowdsourcing,” which ostensibly provide greater freedom to innovate, and greater public visibility, but entail looser management oversight and transparency.

  5. Illuminating the Dark Side of Financial Innovation: The Role of Investor Information

    OpenAIRE

    Ammann, Manuel; Arnold, Marc; Straumann, Simon

    2017-01-01

    This paper investigates the impact of investor information on financial innovation. We identify specific channels through which issuers of financially engineered products exploit retail investors by using their privileged access to information. Our results imply that imperfect investor information regarding volatility and dividends is crucial to explain the pricing and design of financially engineered products. We confirm our conjecture by exploiting a discontinuity in issuers' informational ...

  6. Developing creative and innovative thinking and problem-solving skills in a financial services organisation

    OpenAIRE

    Cherylene De Jager; Anton Muller; Gert Roodt

    2013-01-01

    Orientation: An important evaluation function is to determine whether creative and innovative thinking and problem-solving skills can be developed through training and to assess whether these skills, on their own, are sufficient to ignite innovation in organisations. Research purpose: The evaluation question that the present study aimed to address is whether employees in a corporate context, such as a financial services organisation, can develop creative and innovative thinking and probl...

  7. Innovation, Diffusion, and Regulation in Energy Technologies

    Science.gov (United States)

    Fetter, Theodore Robert

    The innovation and diffusion of new technologies is one of the central concerns of economics. New inventions or technological combinations do not spring fully formed into the world; as firms encounter and learn about new technologies they experiment, refine, and learn about them, improving productivity (and sometimes earning economic rents). Understanding the processes by which firms learn, and how these processes interact with regulations, is fundamental to understanding the emergence of new technologies, their contribution to growth, and the interaction of innovation and regulation. This dissertation addresses how firms learn and respond to regulations in the context of emerging technologies. Within this framework, I address several questions. When production inputs are socially controversial, do firms respond to disclosure laws by voluntarily constraining their inputs? Do these public disclosure laws facilitate knowledge transmission across firms, and if so, what are the implications for public welfare - for instance, do the gains from trade outweigh any effects of reduced incentives for innovation? I study these questions in the context of hydraulic fracturing, though the results offer insight for more general settings. Panning out to a much broader view, I also explore how energy-related technologies - in both generation and consumption - diffuse across national boundaries over time, and whether innovation and diffusion of energy-efficient technologies has led to more or less energy-efficient economic growth. In my first paper, I contribute to improved understanding of the conditions in which information-based regulations, which are increasingly common in multiple policy domains, decrease externalities such as environmental pollution. Specifically, I test whether information disclosure regulations applied to hydraulic fracturing chemicals caused firms to decrease their use of toxic inputs. Prior to these mandatory disclosure laws, some operators voluntarily

  8. The Financial Regulation of the Country’s Economic Development

    Directory of Open Access Journals (Sweden)

    Davydova Irina I.

    2017-12-01

    Full Text Available The article is aimed at disclosing the essence of the system of financial regulation of economic development of the country, defining institutional foundations in the process of development of financial mechanism. Approaches to strengthening the efficiency of financial policy as an important economic institution, which should significantly influence economic growth, have been developed. The directions of increase of efficiency of budget policy in conditions of institutional changes have been defined. Currently, financial regulation of the country is being formed in the context of socio-economic policy, which is resulting from the need for the State participation in the world economic and financial relations, for improving the quality of public services on the part of the State, which requires the implementation of a strategy of economic growth at a qualitatively new institutional level. The State financial policy should ultimately focus on the appropriate endogenous factors of economic growth. In modern conditions it is expedient to strengthen the role of financial policy as a significant macro-economic instrument, which provides an effective influence on achievement of financial and economic balance, efficiency of economic transformations.

  9. THE SYSTEM OF FINANCIAL SUPPORT FOR INNOVATIVE DEVELOPMENT OF UKRAINE

    Directory of Open Access Journals (Sweden)

    Katygrobova O.

    2013-07-01

    Full Text Available The article explains the essence of financial providing system, its structure and instruments, analyzed the features of formation in Ukraine and developed recommendations for its further development.

  10. ECONOMIC NATURE OF THE FINANCIAL REGULATION OF INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    L. Shirinyan

    2013-07-01

    Full Text Available Author made critical review of researches and found out the existance of the problem of determination and differentiation in a scientific literature the concepts “financial regulation of the insurance market”, “government financial regulation of the insurance market” and “government regulation of the insurance market”. It is offered the consideration of the insurance market from positions of analysis of the complex systems as being the component part of the greater system. It is disclosured the economic nature and determined the mentioned notions.

  11. Financial markets regulation in the energy sector. A few financial aspects of energy transactions

    International Nuclear Information System (INIS)

    Simonetti, S.

    2007-01-01

    In addition to energy legislation, financial markets legislation and regulation (FMR) are becoming increasingly important for the energy sector. Consequently, parties on the energy market not only have to deal with the energy and competition authorities (the Dte and NMa respectively), but may also face supervision by The Netherlands Authority for the Financial Markets (AFM). Energy transactions may trigger certain prohibitions and obligations under financial and securities law, the most relevant of which are discussed in this article. Both the recent changes as a result of the Financial Markets Supervision Act ('Wet op het financieel toezicht', Wft) entering into force as per 1 January 2007 and the anticipated future amendments following the implementation of the Markets in Financial Instruments Directive (MiFID) are examined [nl

  12. Empirical Assessment on Financial Regulations and Banking Sector Performance

    Directory of Open Access Journals (Sweden)

    Igbinosa S.

    2017-09-01

    Full Text Available This study examines financial regulation and banking sector performance in Nigeria. Specifically, the study determines the impact of reforms on banking sector performance and also assesses the nexus between capital adequacy and banking sector performance. Time series data for the period 1993 to 2014 was used. As an analytical tool, the study uses unit root test to determine the stationary state of the variables. We also employed the Johansson co-integration and error correction model (ECM statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The empirical findings indicate that financial regulation significantly impacts the banking sector performance while financial regulation has both short-run and long-run dynamic relationships with the banking sector performance in Nigeria. It was found that the four-period lag of capital adequacy negatively affects banking sector performance and is not statistically significant. The paper suggests that the Central Bank of Nigeria (CBN should continually make public the impacts that the various financial regulations and reforms have on the performance of Nigerian banks. Majority of the policies on financial regulation by the apex bank (CBN need to be long-run which can enable confidence of stakeholders, shareholders and the general public in the Nigerian banking industry when critically evaluated.

  13. Evaluating the enhancement and improvement of China's technology and financial services platform innovation strategy.

    Science.gov (United States)

    Wu, Ching-Sung; Hu, Kuang-Hua; Chen, Fu-Hsiang

    2016-01-01

    The development of high-tech industry has been prosperous around the world in past decades, while technology and finance have already become the most significant issues in the information era. While high-tech firms are a major force behind a country's economic development, it requires a lot of money for the development process, as well as the financing difficulties for its potential problems, thus, how to evaluate and establish appropriate technology and financial services platforms innovation strategy has become one of the most critical and difficult issues. Moreover, how the chosen intertwined financial environment can be optimized in order that high-tech firms financing problems can be decided has seldom been addressed. Thus, this research aims to establish a technology and financial services platform innovation strategy improvement model, as based on the hybrid MADM model, which addresses the main causal factors and amended priorities in order to strengthen ongoing planning. A DEMATEL technique, as based on Analytic Network Process, as well as modified VIKOR, will be proposed for selecting and re-configuring the aspired technology and financial services platform. An empirical study, as based on China's technology and financial services platform innovation strategy, will be provided for verifying the effectiveness of this proposed methodology. Based on expert interviews, technology and financial services platforms innovation strategy improvement should be made in the following order: credit guarantee platform ( C )_credit rating platform ( B )_investment and finance platform ( A ).

  14. INNOVATIVE FINANCIAL INSTRUMENTS IN THE EXECUTION OF EUROPEAN UNION BUDGET

    Directory of Open Access Journals (Sweden)

    FLOREA IANC MARIA MIRABELA

    2017-12-01

    Full Text Available One of the main reasons invoked to support the use of public funds through financial instruments is that these funds can be used several times: they are therefore "renewable". For example, if a loan granted through such an instrument was repaid after three years, the repaid money could be used later to provide a new loan. Was examined therefore examined whether this renewal effect really materialized. The extent to which funds are renewed in practice depends on the type of financial support but also on the investment period of the instrument concerned. The objective of this article is to highlight that financial instruments have been and are always a way of supporting the attraction and bringing of specific advantages compared to other forms of financing from the European Union The imbalance between the development environment of Central and Eastern Europe countries, candidate countries and EU member states, is quite large and the regions it is even more pronounced. These differences represent serious obstacles in the smooth functioning of the entire Community. The existence of the word "poverty" in some areas of the EU border disrupts the harmony and balance within the community and prevents the creation of an area of equilibrium across the European continent. Essentially, to reduce these imbalances, EU financial support to candidate countries through pre-accession structural instruments, which have a particularly important role in this process. I believe that the Financial Instruments are an effective way of mobilizing cohesion policy resources to achieve the objectives of the Europe 2020 strategy. Targeting projects with potential economic viability, financial instruments provide support for investment through loans, guarantees, capital investment and other bearing mechanisms of risk, which may be combined with technical assistance, interest rate subsidies or contributions to the guarantee fees in the same operation. In addition to the

  15. Financial markets and innovation in the 21st century

    NARCIS (Netherlands)

    Brouwer, M.

    2012-01-01

    Financial markets should allocate capital to its most profitable uses. However, derivatives trade that has spiraled in recent decades does not create value, but only redistributes capital among winners and losers. Both markets and democracies require different opinions to work well.The quality of

  16. THE ACCOUNTING REGULATION PROCESS IN THE FIELD OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Coroiu Sorina Ioana

    2010-07-01

    Full Text Available Our paper develops an analysis on the accounting regulation process by considering the field of financial instruments as one of the most controversial areas of financial reporting. After a brief introduction, comprising aspects related to the accounting regulation process, we first stop upon the historical evolution of the two main accounting referential that currently collaborate through the convergence process. Our analysis focuses both on standards first issuance and on their amendment process. A special emphasize is given to the international accounting referential. The obtained results enhance the complexity of the approached field and indicate significant steps still needed to be taken.

  17. Effect of Financial Innovations on Demand for Money in Pakistan: An ARDL approach

    Directory of Open Access Journals (Sweden)

    Qais Aslam

    2010-12-01

    Full Text Available An increasing array of development of banking system of Pakistan, through the use of information technology and modernization of products and services has led to financial innovations to be considered as important determinant of demand for money. This paper investigates the relationship of financial innovations and demand for money in Pakistan using Pesaran and Shin (1995 ARDL approach for long run and ECM for short run determination using yearly observations from 1957 to 2008. Using the ARDL coefficient estimation approach financial innovations demonstrates positive relationship, not found to significant but highly elastic and does not have deterministic trend for long run estimation whereas positively significant and deterministic trend for money demand function in short run in case of Pakistan.

  18. The State Regulation of Innovation Activity at the Present Stage

    Directory of Open Access Journals (Sweden)

    Qoqiauri Lamara G.

    2017-06-01

    Full Text Available The article discusses the necessity of state regulation in the field of development of innovations and technologies at the present stage. The main directions of the state innovation policies in developed countries of the world are studied and analyzed. Special attention is paid to the objectives of the national strategy for development of science and innovations and to searching the ways for fulfilling this strategy. Apart from these specific problems, the work considers the issue of the state regulation and support of further introduction of innovations and increase of the so called “entrepreneurial” role of the state.

  19. Circulating financial innovation: new knowledge and securitization in Europe

    OpenAIRE

    Wainwright, T.

    2015-01-01

    Research in economic geography has provided a critical examination of securitization’s role in the recent global financial crisis. Building on earlier studies which interrogated the development of US securitization, contemporary research has explored how securitization has been adopted in different political economies. Although these novel studies have begun to highlight the geographies of securitization, our knowledge of the historical spread of securitization remains underdeveloped. This pa...

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

    Directory of Open Access Journals (Sweden)

    Wakhid Slamet Ciptono

    2006-05-01

    Full Text Available This study extends the prior research (Zahra and Das 1993 by examining the association between a company’s innovation strategy and its non-financial performance in the upstream and downstream strategic business units (SBUs of oil and gas companies. The sequential model suggests a causal sequence among six dimensions of innovation strategy (leadership orientation, process innovation, product/service innovation, external innovation source, internal innovation source, and investment that may lead to higher company non-financial performance (productivity and operational reliability. The study distributed a questionnaire (by mail, e-mailed web system, and focus group discussion to three levels of managers (top, middle, and first-line of 49 oil and gas companies with 140 SBUs in Indonesia. These qualified samples fell into 47 upstream (supply-chain companies with 132 SBUs, and 2 downstream (demand-chain companies with 8 SBUs. A total of 1,332 individual usable questionnaires were returned thus qualified for analysis, representing an effective response rate of 50.19 percent. The researcher conducts structural equation modeling (SEM and hierarchical multiple regression analysis to assess the goodness-of-fit between the research models and the sample data and to test whether innovation strategy mediates the impact of leadership orientation on company non-financial performance. SEM reveals that the models have met goodness-of-fit criteria, thus the interpretation of the sequential models fits with the data. The results of SEM and hierarchical multiple regression: (1 support the importance of innovation strategy as a determinant of company non-financial performance, (2 suggest that the sequential model is appropriate for examining the relationships between six dimensions of innovation strategy and company non-financial performance, and (3 show that the sequential model provides additional insights into the indirect contribution of the individual

  1. 77 FR 38141 - Proposed Collection; Comment Request for Iranian Financial Sanctions Regulations Report on...

    Science.gov (United States)

    2012-06-26

    ... Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through... Department of the Treasury is soliciting comments concerning OFAC's Iranian Financial Sanctions Regulations... Comments (Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of...

  2. Barriers to innovation within large financial services firms : An in-depth study into disruptive and radical innovation projects at a bank

    NARCIS (Netherlands)

    Das, P.A.C.; Verburg, R.M.; Verbraeck, A.; Bonebakker, Lodewijk

    2017-01-01

    Purpose - Since the 2008 financial crisis, the financial industry is in need of innovation to increase stability and improve quality of services. The purpose of this paper is to explore internal barriers that influence the effectiveness of projects within large financial services firms focussing on

  3. The Financial Reporting Environment: the role of the media, regulators and auditors

    NARCIS (Netherlands)

    M. Koning (Miriam)

    2014-01-01

    markdownabstract__Abstract__ Financial reporting is the process of disclosing financial information about a company to external users. This dissertation investigates three different parties involved in the environment of financial reporting: the media, regulators and auditors. The media, or

  4. Developing creative and innovative thinking and problem-solving skills in a financial services organisation

    Directory of Open Access Journals (Sweden)

    Cherylene De Jager

    2013-05-01

    Full Text Available Orientation: An important evaluation function is to determine whether creative and innovative thinking and problem-solving skills can be developed through training and to assess whether these skills, on their own, are sufficient to ignite innovation in organisations. Research purpose: The evaluation question that the present study aimed to address is whether employees in a corporate context, such as a financial services organisation, can develop creative and innovative thinking and problem-solving skills through an intervention such as a workshop. Motivation for the study: A financial services organisation commissioned the primary author of this article to design a workshop with the intent to develop the creative and innovative thinking and problem-solving skills of their employees in order to ignite innovation and competitiveness. Research design, approach and method: This study employed mainly qualitative research. Utilisation-focused evaluation (UFE was employed and findings from the literature review, questionnaires, pen-and-paper tests and interviews were used. The unit of analysis was a niche business unit in a South African financial services organisation. Main findings: From this study’s point of view, the most critical finding related to the confirmation that individuals can acquire creative and innovative thinking and problemsolving skills. The acquisition of these skills, however, is not sufficient on its own to establish a culture supportive of creativity and sustainable innovation. Practical/managerial implications: The development of creative and innovative thinking and problem-solving skills of employees is not sufficient on its own to support sustainable innovation. Managers should consciously establish determinants on an organisational as well as an individual level to create an environment supportive of sustainable innovation. Contribution/value-add: The present study indicated how a workshop can assist

  5. Developing creative and innovative thinking and problem-solving skills in a financial services organisation

    Directory of Open Access Journals (Sweden)

    Cherylene De Jager

    2013-01-01

    Full Text Available Orientation: An important evaluation function is to determine whether creative and innovative thinking and problem-solving skills can be developed through training and to assess whether these skills, on their own, are sufficient to ignite innovation in organisations. Research purpose: The evaluation question that the present study aimed to address is whether employees in a corporate context, such as a financial services organisation, can develop creative and innovative thinking and problem-solving skills through an intervention such as a workshop. Motivation for the study: A financial services organisation commissioned the primary author of this article to design a workshop with the intent to develop the creative and innovative thinking and problem-solving skills of their employees in order to ignite innovation and competitiveness. Research design, approach and method: This study employed mainly qualitative research. Utilisation-focused evaluation (UFE was employed and findings from the literature review, questionnaires, pen-and-paper tests and interviews were used. The unit of analysis was a niche business unit in a South African financial services organisation.Main findings: From this study’s point of view, the most critical finding related to the confirmation that individuals can acquire creative and innovative thinking and problemsolving skills. The acquisition of these skills, however, is not sufficient on its own to establish a culture supportive of creativity and sustainable innovation. Practical/managerial implications: The development of creative and innovative thinking and problem-solving skills of employees is not sufficient on its own to support sustainable innovation. Managers should consciously establish determinants on an organisational as well as an individual level to create an environment supportive of sustainable innovation. Contribution/value-add: The present study indicated how a workshop can assist

  6. La vigilanza sul sistema finanziario: obiettivi, assetti e approcci (Financial-Sector Regulation and Supervision: Targets, Frameworks and Approaches

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2012-04-01

    Full Text Available The scandals that have tarnished the reputation of Wall Street and in Italy have damaged those who have invested their savings in Parmalat or Cirio corporate bonds or in Argentinean Government securities justify revisiting the objectives to be achieved by regulation and supervision of the financial sector. Stability is still regarded as paramount for banking, to be secured through an appropriate capital cushion, extensive supervisory arrangements, and market discipline, as agreed by Basel 2. Other financial intermediaries need to conduct their business with great transparency, openness and respect of the rules. However, an ever expanding and innovative financial sector, the blurring of traditional segmentations and globalisation make the task of regulating and supervising the financial sector more difficult and challenging, thus requiring new frameworks, for instance a single agency, in various jurisdictions and more international co-ordination and co-operation among regulating and supervising agencies. Up to now, the approach followed by the latter has been microeconomic, but the growing financial instability and the greater relevance of systemic risk may ask for a macroeconomic management of prudential regulation and supervision, thus complementing monetary policy in securing financial stability.  JEL Codes: E52, G18, G21, G28Keywords: Banking; Regulation; Securities

  7. MARKETING AND INNOVATION IN ENVIRONMENT BANKING FINANCIAL - REQUIREMENTS IN A KNOWLEDGE-BASED SOCIETY AND TECHNOLOGY

    Directory of Open Access Journals (Sweden)

    MIRCEA VALERIA ARINA

    2015-04-01

    Full Text Available In the context of knowledge-based economy and society has acquired a connotation marketing role vital for all fields. Evolution of social, cultural, political and economic, information, design and conduct of marketing activities contribute to increasing the efficiency of any institution. Evolution of marketing over time provoked the great researchers who have tried to define the concept of their views, but only surprising aspects of this vast and important field. The definitions are different as shown in the article approach, the essence is the same. In the banking and financial role of marketing is to continually improve the quality of customer services and products offered by formulating appropriate marketing strategies so as to be able to influence The consumer buying behavior. Customer focus, his loyalty and not least an innovative marketing that starts at the client key aspects FEATURES today. The emphasis on innovation and ingenuity in order to: create new banking services and products, ways to attract customers; loyalty of existing ones, defining marketing and communication strategies lead to appropriate strategies to maximize the results of innovative marketing campaigns. Referring to work in the banking environment we can say that innovation is the key to success BANK and are based on: product and service innovations, process innovations, organizational innovations, and not least of marketing innovations.

  8. Regulation and Supervision of The Global Financial System. A Proposal for Institutional Reform

    NARCIS (Netherlands)

    Denters, H.M.G.

    2009-01-01

    nternational financial markets are supervised primarily by national authorities. However, national authorities are inherently incapable to regulate and supervise seamless globalised financial markets. To the extent international regulators exist, they constitute a disorderly patchwork of

  9. 76 FR 8989 - Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References

    Science.gov (United States)

    2011-02-16

    ... Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References AGENCIES... Acquisition Regulation (FAR) to update references to authoritative accounting standards owing to the Financial... Accounting Principles (GAAP) (``Codification of GAAP''). DATES: Interested parties should submit written...

  10. The Dilemma of Service Productivity and Service Innovation: An Empirical Exploration in Financial Services.

    Science.gov (United States)

    Aspara, Jaakko; Klein, Jan F; Luo, Xueming; Tikkanen, Henrikki

    2018-05-01

    We conduct a systematic exploratory investigation of the effects of firms' existing service productivity on the success of their new service innovations. Although previous research extensively addresses service productivity and service innovation, this is the first empirical study that bridges the gap between these two research streams and examines the links between the two concepts. Based on a comprehensive data set of new service introductions in a financial services market over a 14-year period, we empirically explore the relationship between a firm's existing service productivity and the firm's success in introducing new services to the market. The results unveil a fundamental service productivity-service innovation dilemma: Being productive in existing services increases a firm's willingness to innovate new services proactively but decreases the firm's capabilities of bringing these services to the market successfully. We provide specific insights into the mechanism underlying the complex relationship between a firm's productivity in existing services, its innovation proactivity, and its service innovation success. For managers, we not only unpack and elucidate this dilemma but also demonstrate that a focused customer scope and growth market conditions may enable firms to mitigate the dilemma and successfully pursue service productivity and service innovation simultaneously.

  11. La vigilanza sul sistema finanziario: obiettivi, assetti e approcci (Financial-Sector Regulation and Supervision: Targets, Frameworks and Approaches

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2004-09-01

    Full Text Available The scandals that have tarnished the reputation of Wall Street and in Italy have damaged those who have invested their savings in Parmalat or Cirio corporate bonds or in Argentinean Government securities justify revisiting the objectives to be achieved by regulation and supervision of the financial sector. Stability is still regarded as paramount for banking, to be secured through an appropriate capital cushion, extensive supervisory arrangements, and market discipline, as agreed by Basel 2. Other financial intermediaries need to conduct their business with great transparency, openness and respect of the rules. However, an ever expanding and innovative financial sector, the blurring of traditional segmentations and globalisation make the task of regulating and supervising the financial sector more difficult and challenging, thus requiring new frameworks, for instance a single agency, in various jurisdictions and more international co-ordination and co-operation among regulating and supervising agencies. Up to now, the approach followed by the latter has been microeconomic, but the growing financial instability and the greater relevance of systemic risk may ask for a macroeconomic management of prudential regulation and supervision, thus complementing monetary policy in securing financial stability.

  12. FinTech transformation: how it-enabled innovations shape the financial sector

    OpenAIRE

    Zavolokina, Liudmila; Dolata, Mateusz; Schwabe, Gerhard

    2016-01-01

    FinTech, the phenomenon which spans over the areas of information technologies and financial innovation, is currently on the rise and is gaining more and more attention from practitioners, investors and researchers. FinTech is broadly discussed by the media, which constitutes its understanding and represents social opinion, however, this perception of FinTech should be supported by empirical evidences. Therefore, we examine five Swiss FinTech companies through the lens of the conceptual frame...

  13. Financial constraints for investors and the speed of adaptation: Are innovators special?

    OpenAIRE

    von Kalckreuth, Ulf

    2004-01-01

    This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that avoids the Kaplan and Zingales (1997) critique on the use of cash flow sensitivities for the identification of financial constraints. Using the autumn and the spring wave of the Ifo Institute?s Investment ...

  14. INNOVATIVE ASPECTS OF DEVELOPMENT OF STATE INTERNAL FINANCIAL CONTROL AND INTERNAL FINANCIAL AUDIT

    Directory of Open Access Journals (Sweden)

    T. P. Voronchenko

    2015-01-01

    Full Text Available The article presents the innovative aspects of development of state internal fi nancial control and internal fi nancial audit in terms of the budgeting focused on result. A mechanism for implementing the functions of the Supervisory bodies in order to ensure the effi cient use of budgetary funds and eff ectiveness of budget expenditures. The main purpose of the article is justifi cation of implementing systems of internal fi nancial control and internal fi nancial audit in the structures of the major administrators and recipients of budgetary funds, with the allocation of the basic tools that ensure the functioning of the control mechanism, the combination of control procedures and sequence of their implementation. Methodological base of research is the generalization of domestic and foreign experience of internal fi nancial control and internal fi nancial audit, refl ecting an objective law and the necessity of development of state fi nancial control system in the conditions of innovative economy. The result of the implementation of the proposed mechanism and instruments for its implementation in key spending units and recipients of budget funds should be to ensure the eff ectiveness of the implementation of government programmes and projects. Signifi cance of the research contained in the article problems and their solutions is to ensure the effectiveness of the regulatory authorities at all stages of movement of budgetary funds and effective implementation of their Manager and recipient assigned to them socio-economic functions.

  15. Industrial Innovation and Environmental Regulation: Developing ...

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

    The purpose of environmental regulation has been to coerce producers of goods and services into internalizing environmental costs of production. ...... Replacement of PCB in transformers; replacement of heavy metals – lead, chromium and cadmium – in pigments, with calcium, strontium and barium counter ions.

  16. Innovation killers: how financial tools destroy your capacity to do new things.

    Science.gov (United States)

    Christensen, Clayton M; Kaufman, Stephen P; Shih, Willy C

    2008-01-01

    Most companies aren't half as innovative as their senior executives want them to be (or as their marketing claims suggest they are). What's stifling innovation? There are plenty of usual suspects, but the authors finger three financial tools as key accomplices. Discounted cash flow and net present value, as commonly used, underestimate the real returns and benefits of proceeding with an investment. Most executives compare the cash flows from innovation against the default scenario of doing nothing, assuming--incorrectly--that the present health of the company will persist indefinitely if the investment is not made. In most situations, however, competitors' sustaining and disruptive investments over time result in deterioration of financial performance. Fixed- and sunk-cost conventional wisdom confers an unfair advantage on challengers and shackles incumbent firms that attempt to respond to an attack. Executives in established companies, bemoaning the expense of building new brands and developing new sales and distribution channels, seek instead to leverage their existing brands and structures. Entrants, in contrast, simply create new ones. The problem for the incumbent isn't that the challenger can spend more; it's that the challenger is spared the dilemma of having to choose between full-cost and marginal-cost options. The emphasis on short-term earnings per share as the primary driver of share price, and hence shareholder value creation, acts to restrict investments in innovative long-term growth opportunities. These are not bad tools and concepts in and of themselves, but the way they are used to evaluate investments creates a systematic bias against successful innovation. The authors recommend alternative methods that can help managers innovate with a much more astute eye for future value.

  17. THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE

    Directory of Open Access Journals (Sweden)

    Sukmawati Sukamulja

    2018-01-01

    Full Text Available Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of Bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin’s price is its attractiveness for investors. The Vector Error Correction Model (VECM is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA, the demand for bitcoins and the gold price influence bitcoin’s price fluctuations in the short-run and long-run. Bitcoin’s supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and

  18. 76 FR 4555 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2011-01-26

    ... structure and quality of the assets of nonbank financial companies? Commenters suggested examining the... FINANCIAL STABILITY OVERSIGHT COUNCIL 12 CFR Part 1310 RIN 4030-AA00 Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies AGENCY: Financial Stability Oversight...

  19. Shadows amid sunshine: regulating financial conflicts in medical research.

    Science.gov (United States)

    Saver, Richard S

    2014-02-01

    Under brand new rules implementing the Physician Payments Sunshine Act (Sunshine Act), a wide range of financial relationships, including many research-related payments, between industry, physicians, and teaching hospitals will be publicly disclosed through comprehensive, standardized payment reporting. The Sunshine Act represents the latest in a series of regulatory attempts to address financial conflicts of interest that may bias research conduct and threaten subject safety. This article summarizes the major aspects of the Sunshine Act affecting medical research, how it interacts with existing laws and policies, and identifies important unresolved issues and implementation challenges that still lie ahead with the rollout of the legislation underway. The Sunshine Act primarily depends on disclosure as a regulatory tool. As such, its long-term impact remains open to question. Disclosure in this context may have limited utility given, among other reasons, uncertainty about who the intended recipients are and their ability to use the information effectively. Apart from the insufficiency of transparency, this article further explores how proportionality, fairness, and accountability considerations make optimal regulation of financial conflicts in medical research quite challenging.

  20. 78 FR 5873 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

    Science.gov (United States)

    2013-01-28

    ... Service 26 CFR Parts 1 and 301 Regulations Relating to Information Reporting by Foreign Financial... 9610] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions and... (Code) regarding information reporting by foreign financial institutions (FFIs) with respect to U.S...

  1. 77 FR 9021 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

    Science.gov (United States)

    2012-02-15

    ... Service 26 CFR Parts 1 and 301 Regulations Relating to Information Reporting by Foreign Financial...-121647-10] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions... respect to withholding and reporting under chapter 4. If a territory financial institution is a flow...

  2. 78 FR 55202 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

    Science.gov (United States)

    2013-09-10

    ... Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain... (78 FR 5874). The regulations related to information reporting by foreign financial institutions (FFIs... foreign branch of a U.S. financial institution that is a reporting Model 1 FFI must withhold in accordance...

  3. Regulating Listed Companies: Between Company Law and Financial Market Law in Danish Law

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2011-01-01

    The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law.......The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law....

  4. Department of Defense Financial Management Regulation. Volume 11A. Reimbursable Operations Policy and Procedures

    National Research Council Canada - National Science Library

    1997-01-01

    .... In addition, it directs statutory and regulatory financial reporting requirements. Volume 11 A of the "DoD Financial Management Regulation" establishes policy and procedures for Department of Defense...

  5. 77 FR 202 - Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References

    Science.gov (United States)

    2012-01-03

    ... 9000-AM00 Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting... accounting standards owing to the Financial Accounting Standards Board's Accounting Standards Codification of Generally Accepted Accounting Principles. DATES: Effective Date: February 2, 2012. FOR FURTHER INFORMATION...

  6. The innovation inducement impact of environmental regulations on maritime transport

    DEFF Research Database (Denmark)

    Makkonen, Teemu; Repka, Sari

    2016-01-01

    Maritime transport is facing wide-ranking challenges due to stricter environmental regulations. It has been positioned that these stricter environmental regulations will significantly hamper the competitiveness of the shipping industry and other export/import oriented industries. However, contras......Maritime transport is facing wide-ranking challenges due to stricter environmental regulations. It has been positioned that these stricter environmental regulations will significantly hamper the competitiveness of the shipping industry and other export/import oriented industries. However......), in general, and the economic impacts of environmental regulations (here Annex VI of the MARPOL Convention) as it applies to shipping in Northern Europe, in particular. According to the review, the literature is still inconclusive and lacks a clear consensus on the economic and innovation inducement impacts...... of environmental regulations on maritime transport. Therefore, the review concludes in suggestions for further studies on the use of marine scrubber systems as an illustrative case study example....

  7. Regulating the negative externalities of enterprise cluster innovations : Lessons from Vietnam

    NARCIS (Netherlands)

    Voeten, J.; Naudé, Wim

    2014-01-01

    Innovation has been acknowledged as contributing to development, in particularly inclusive innovations that involve and benefit poorer groups in developing countries. However, such innovation may have negative externalities. Most often external regulation is required to reduce these effects.

  8. Innovation and CSR Impact on Financial Performance of Selected Companies in Mexico

    Directory of Open Access Journals (Sweden)

    Rocío Durán-Vázquez

    2012-01-01

    Full Text Available This study analyzes the behavior of the companies in the index of México’s Precios y Cotizaciones (IPC, with respect to measures of financial performance and its relationship with the two main approaches of innovation, according to the Bogota and Oslo manuals; assessing their impact on the stock price. The data is used on a quarterly basis from January 2000 to December 2011. It also makes reference to the impact of having the distinction “Socially Responsible Company” (Corporate Social Responsibility, in the Mexican stock market price reaction. Our main interest is to be pioneers in the search for relationships between topics that are currently treated as “alien” (CSR and Innovation in formal academic publications, but we intuitively know that they are related inside organizations.

  9. Financial Flexibility in Highly Regulated Market: Indonesian Telecommunication Case during Tariff Pricing War

    Directory of Open Access Journals (Sweden)

    Y. Arief Rijanto

    2016-07-01

    Full Text Available In year 2008, regulation of Indonesian telecommunicationindustries changes due the tariff pricing war within Telecommunication operator. This regulation tie up the telecommunication operator and affect operating revenue margin.The needs of financial flexibility within tele communication firm is increased.Capex, operating revenue and reinvestment needs to be flexible must be inline with competition and change of technology. This paper goals is measuring financial flexibility based on Capex, operating revenue and re-investment needs.Re-investment needs by Telecommunication operator can be financed with or without financial flexibility. Data from year 2007 up to 2014 is selected to accommodate before and after changes of telecommunication regulation. The regulation effect to financial flexibility of telecommunication firm is still relevantbecause telecommunication industries by nature needs larger capital to re-new the telecommunication technology. Real options method will be used to measure financial flexibility.Keywords: Financial flexibility, Price war, Telecommunication Regulation, Real Option

  10. The Broadening of Activities in the Financial System : Implications for Financial Stability and Regulation

    NARCIS (Netherlands)

    Wagner, W.B.

    2006-01-01

    Conglomeration and consolidation in the financial system broaden the activities financial institutions are undertaking and cause them to become more homogenous.Although resulting diversification gains make each institution appear less risky, we argue that financial stability may not improve as total

  11. Measuring the Potential for Financial Reporting Fraud in a Highly Regulated Industry

    OpenAIRE

    Awang, Yunita; Ismail, Suhaiza; Abdul Rahman, Abdul Rahim

    2016-01-01

    Fraud in financial reporting is an intentional misstatement of financial statements to mislead the users. It caused huge losses to the organizations, erodes accounting profession's image and affects the public confidence on published financial statements. This paper aims to examine the relevance of the theory of reasoned action in measuring the intention towards fraud in financial reporting in a highly regulated industry. Partial least squares structural equation modelling was used for data a...

  12. Environmental Policies, Product Market Regulation and Innovation in Renewable Energy

    International Nuclear Information System (INIS)

    Nesta, Lionel; Vona, Francesco; Nicolli, Francesco

    2012-10-01

    We investigate the effectiveness of policies in favor of innovation in renew- able energy under different levels of competition. Using information regarding renewable energy policies, product market regulation and high-quality green patents for OECD countries since the late 1970's, we develop a pre-sample mean count-data econometric specification that also accounts for the endogeneity of policies. We find that renewable energy policies are significantly more effective in fostering green innovation in countries with deregulated energy markets. We also find that public support for renewable energy is crucial only in the generation of high-quality green patents, whereas competition enhances the generation of green patents irrespective of their quality. (authors)

  13. The Impact of the 2008 Global Financial Crisis on the Structure of the Transmission of Price Innovations Across Financial Markets: The Case of Southwest Asian Equity Markets

    Directory of Open Access Journals (Sweden)

    Liao Qunfeng

    2016-06-01

    Full Text Available This study examines the reaction of Southeast Asian equity markets to the transmission of price innovations from major equity markets during the pre and post periods of the 2008 global financial crisis. In particular, we examine the reaction of returns indices in Malaysia, the Philippines, South Korea, Taiwan, and Thailand as endogenous variables, and compare them to the returns indices of the U.S., the Eurozone, Japan, and China as exogenous variables. The results of VAR models indicate the combined and individual impact of the price innovations from the major equity markets on the volatility of returns of selected countries is relatively trivial during either the pre- or post-financial crisis periods. However, the individual impact of the U.S. innovations is generally higher during the post-financial crisis. The ARCH and GARCH models indicate the stock markets of Southeast Asian countries are more responsive to their own price innovations during both the pre- and the post-crisis periods, although some response to U.S. and Eurozone shocks is also observed.

  14. Peculiarities of state regulation of the Russian industrial corporations in the process of innovation development

    Directory of Open Access Journals (Sweden)

    K. Dobrova

    2015-01-01

    Full Text Available In this article the features of innovative development corporations in Russia and abroad. The article describes the main factors hampering the process of innovative development of Russian corporations. Defines the role of government programs as an important form of direct government financial support for innovation activities by corporations. Innovative development in the world is caused by the necessity of the continuous increase and retain the competitiveness of enterprises. This innovation enables businesses to compete effectively in the market, attract new customers, improve financial results. The degree of competitiveness of the enterprise is most significant depends on the technological level of the enterprise. In addition, you must take into account the depth of innovation processes in the enterprise, since the competitiveness of lead is not all innovations, but only those that are focused on new markets and accompanied by original.

  15. Regulating Robo Advice across the Financial Services Industry

    NARCIS (Netherlands)

    T. Baker (Tom); B.G.C. Dellaert (Benedict)

    2017-01-01

    textabstractAutomated financial product advisors – “robo advisors” – are emerging across the financial services industry, helping consumers choose investments, banking products, and insurance policies. Robo advisors have the potential to lower the cost and increase the quality and transparency of

  16. DISCUSSION OF SOME CRITERIA OF FINANCIAL EVALUATION IN THE DECISION OF INNOVATION PROJECTS IN PROCESSES

    Directory of Open Access Journals (Sweden)

    Jair Sbaraini

    2014-06-01

    Full Text Available One of the greatest challenges for small companies is to administer scarce resources, because, they represent the means by which companies accomplish their operations. These resources - materials, financial, human, administrative or of market - managed in a harmonious way, are responsible for maintaining the competitiveness level of the company. Besides the proper administration of their resources, innovation is extremely important in the context of maintaining and improving the competitive advantages of these companies. Nowadays with the speed of information, lots of ideas appear in the companies intending to improve processes, increase productivity, and reduce costs, among other proposals. However a small portion of these ideas have effective implementation potential and do not reach their goals. The higher the assertiveness the better is the result. As there is a great dispute of resources in the companies, it is necessary to decide appropriately which ideas have better chance for obtaining success, and, for such, it is very important to properly quantify the financial return.

  17. Availability and access of financial support for renewables: issues and an illustrative innovation

    International Nuclear Information System (INIS)

    DeLucia, R.J.

    1998-01-01

    This paper examines issues related to increasing the market penetration of renewable forms of energy in developing countries. It particularly focuses on availability and access of financial support for investments relating to renewable energy and a case study is presented illustrating innovative financing. While the main focus of the discussion is on renewable energy (RE) attention is also devoted to energy efficiency (EE) projects and investment. An underlying premise is that, if RE projects are to reach their market potential, they must be fiscally sustainable and the appropriate promotion of such fiscally sustainable RE projects yields multiple environmental and developmental synergies. Commercial viability is not primarily a question of technology. There is a broad range of RE products with proven performance and commercial operation in selected market situations. The challenge of extending this market penetration is to establish the institutional, organizational and financial conditions under which a commercial market for these products can develop, particularly in developing countries. This article reflects current emphasis on increased private participation in the energy sector, as well as policy reform at the national level. (author)

  18. Innovazione finanziaria e controllo monetario. (Financial innovation and monetary control in Italy

    Directory of Open Access Journals (Sweden)

    F. COTULA

    2013-12-01

    Full Text Available Sempre più spesso le pressioni della deregulation e della concorrenza hanno promosso l'innovazione nello sviluppo di strumenti finanziari . Nel caso dell' Italia, la pressione per l'innovazione è nata dalla necessità di finanziare il fabbisogno del settore pubblico e gli effetti dell'inflazione . Come risultato , gli strumenti di finanziamento sono passati da obbligazioni a lungo termine per il disegno di legge di tesoreria a breve termine . Tuttavia , questo può portare a un'eccessiva offerta di liquidità con conseguenti problemi per i controlli monetari. Tali fattori renderà più difficile utilizzare aggregati monetari come guida alla politica monetaria in futuroIncreasingly the pressures of deregulation and competition have promoted innovation in the development of financial instruments. In the case of Italy the pressure for innovation has arisen from the need to finance the public sector borrowing requirement and the effects of inflation. As a result, funding instruments have been switched from longer-term bonds to the shorter-term treasury bill. However, this can lead to excessive supply of liquid assets with consequent problems for monetary controls. Such factors will make it more difficult to use monetary aggregates as a guide to monetary policy in the future. JEL: E31, E40, E52

  19. Financial Flexibility in Highly Regulated Market: Indonesian Telecommunication Case during Tariff Pricing War

    Directory of Open Access Journals (Sweden)

    Y. Arief Rijanto

    2015-08-01

    Full Text Available In year 2008, regulation of Indonesian telecommunicationindustries changes due the tariff pricing war within Telecommunication opera-tor. This regulation tie up the telecommunication operator and affect operating revenue margin.The needs of financial flexibility within tele-communication firm is increased.Capex, operating revenue and reinvestment needs to be flexible must be inline with competition and change of technology. This paper goals is measuring financial flexibility based on Capex, operating revenue and re-investment needs.Reinvestment needs by Telecommunication operator can be financed with or without financial flexibility. Data from year 2007 up to 2014 is selec-ted to accommodate before and after changes of telecommunication regulation. The regulation effect to financial flexibility of telecommu-nication firm is still relevantbecause telecommunication industries by nature needs larger capital to re-new the telecommunication technology. Real options method will be used to measure financial flexibility.

  20. Will Regulatory and Financial Considerations Dampen Innovation in the Clinical Microbiology Laboratory?

    Directory of Open Access Journals (Sweden)

    Peter H. Gilligan

    2016-03-01

    Full Text Available Over a million prosthetic joints are placed in patients in the United States annually. Of those that fail, 25% will be due to infection, with an estimated cost approaching 1 billion dollars. Despite the clinical and economic importance of these infections, the techniques for their detection are relatively insensitive. An innovative method for detecting these infections by using blood culture bottles (BCB to culture specimens of periprosthetic tissue (PPT was described in a recent article [T. N. Peel, et al., mBio 7(1:e01776-15, 2016, doi:10.1128/mBio.01776-15]. There are two potential stumbling blocks to the widespread implementation of this innovation. First, the FDA judges such an application of BCB as an “off-label use” and as such, a laboratory-developed test (LDT. LDTs are coming under greater scrutiny by the FDA and may require extensive, costly validation studies in laboratories that adopt this methodology. Second, the Center for Medicare and Medicaid Services has established a Hospital Acquired Condition Reduction Act under which institutions performing in the lowest quartile forfeit 1% of their Medicare reimbursement. Hospital-acquired infections are an important component of this quality metric. Although prosthetic joint infection (PJI rates are not currently a hospital quality metric, given their cost and increasing frequency, it is reasonable to expect that they may become one. Will those with financial oversight allow an innovative technique that will require an expensive validation and may put the institution at risk for loss of CMS reimbursement?

  1. Systemic risk in the energy sector—Is there need for financial regulation?

    International Nuclear Information System (INIS)

    Kerste, Marco; Gerritsen, Matthijs; Weda, Jarst; Tieben, Bert

    2015-01-01

    The credit crisis points at serious systemic risks in Over The Counter derivative trading. This has resulted in new financial regulation, covering both the financial sector and non-financial sectors. The actual extent to which non-financial companies trading on OTC markets contribute to systemic risk has hardly been the subject of research. This paper investigates the need for financial regulation in the energy sector, which shows a high use of OTC derivatives, by modeling systemic risk measured by the expected fraction of additional failing firms (EAF). Contagion risk within the energy sector and from the energy sector towards the banking sector is compared with that in other non-financial sectors. This paper adds to existing systemic risk literature by specifically looking at financial interdependence between a non-financial sector showing a high usage of OTC commodity derivatives and the banking sector, while contributing to the discussion on energy sector regulation with technical systemic risk analysis. Results indicate that contagion risk from the energy towards the banking sector is not relatively high compared to other non-financial sectors. Our results provide a first indication to question the need for generalized regulation of OTC derivative transactions, as recently introduced by the European Market Infrastructure Regulation (EMIR). - Highlights: • We assess the need for regulating OTC energy commodity derivatives under EMIR. • We present a methodology to model systemic risk in non-financial sectors. • We analyse direct and indirect channels for contagion giving rise to systemic risk. • Contagion risk from the energy towards the banking sector is not relatively high. • New EU regulation for energy OTC trading not supported by analysis of systemic risk

  2. The Financial Regulations of the Agency. Amendment of Regulation 7.03

    International Nuclear Information System (INIS)

    1972-01-01

    On 8 December 1971 the Board of Governors amended the second sentence of Financial Regulation 7. 03, and the Regulation now reads as follows: There shall be established a Working Capital Fund in an amount and for purposes to be determined from time to time by the Board of Governors, with the approval of the General Conference. The source of moneys of the Working Capital Fund shall be advances from Member States, and these advances shall be in accordance with their respective base rates of assessment provided for in sub-paragraph (b) of the operative paragraph of Resolution GC(XV)/RES/283 adopted by the General Conference in 1971. Each advance shall be carried to the credit of the Member State which has made such advance

  3. Government regulation as an impetus for innovation: Evidence from energy performance regulation in the Dutch residential building sector

    International Nuclear Information System (INIS)

    Beerepoot, Milou; Beerepoot, Niels

    2007-01-01

    The recent implementation of energy performance policy as a way to tackle energy consumption in the building sector in Europe draws attention to the effect it has on the development and diffusion of energy-saving innovations. According to innovation system literature, government regulation through norms and standards is one of the factors stimulating innovation. This paper concentrates on the role of stricter government regulation as an incentive to innovation in the Dutch residential building sector. Innovation in this sector is predominantly a process of applying incremental modifications to comply with new and stricter government regulations and standards. Energy performance policy in its current shape will therefore not contribute to the diffusion of really new innovation in energy techniques for residential buildings in the Netherlands. If diffusion of really new innovation is an explicit aim of energy performance policy then the European wide introduction of this scheme needs reconsideration

  4. 36 CFR 400.1 - Cross-references to employees' ethical conduct standards, financial disclosure regulations and...

    Science.gov (United States)

    2010-07-01

    ...' ethical conduct standards, financial disclosure regulations and other conduct rules. 400.1 Section 400.1... CONDUCT § 400.1 Cross-references to employees' ethical conduct standards, financial disclosure regulations... executive branch-wide standards of ethical conduct and financial disclosure regulations at 5 CFR parts 2634...

  5. 3 CFR 100.1 - Ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 3 The President 1 2010-01-01 2010-01-01 false Ethical conduct standards and financial disclosure... § 100.1 Ethical conduct standards and financial disclosure regulations. Employees of the Executive Office of the President are subject to the executive branch-wide standards of ethical conduct at 5 CFR...

  6. IFP Energies nouvelles - 2013 Activity Report. 2013 financial report. Innovating for energy

    International Nuclear Information System (INIS)

    2014-01-01

    IFP Energies nouvelles (IFPEN) is a public research and training player. It has an international scope, covering the fields of energy, transport and the environment. From research to industry, technological innovation is central to all its activities. As part of the public-interest mission with which it has been tasked by the public authorities, IFPEN focuses on: - providing solutions to take up the challenges facing society in terms of energy and the climate, promoting the emergence of a sustainable energy mix; - creating wealth and jobs by supporting French and European economic activity, and the competitiveness of related industrial sectors. IFPEN has proven expertise across the entire value chain, from fundamental research to industrial research and innovation. It is funded both by a state budget and by resources provided by French and foreign international partners. The aim of IFPEN's R and D programs is to overcome existing scientific and technological barriers in order to develop innovations that can be used by industry. Through its research and resulting innovations, IFPEN fosters the economic development of fields related to the energy, transport and eco-industry sectors. In so doing, it also contributes to creating wealth and jobs. IFPEN's innovations are developed industrially through close partnerships with industrial players and IFP Group subsidiaries. In both emerging and mature markets, IFPEN creates companies or acquires stakeholdings in companies of significant potential, either directly or via capital funds. In addition, IFPEN supports the development of SMEs and SMIs as part of collaboration agreements, contributing its technical and legal expertise. Representing over 50 professions, from geological engineers to power-train engineers, IFPEN's employees form a unique body of globally recognized scientific specialists and an unparalleled network of expertise. In order to carry out their research work at the cutting edge of innovation, they have

  7. The Financial Regulations of the Agency. Amendment of Articles V, VI and VII

    International Nuclear Information System (INIS)

    1960-01-01

    On 13 January 1960 the Board of Governors made certain changes in Articles V, VI and VII of the Financial Regulations. The Articles thus amended are reproduced in this document for the information of all Members of the Agency

  8. A Peer-Based Financial Planning & Education Service Program: An Innovative Pedagogic Approach

    Science.gov (United States)

    Goetz, Joseph W.; Durband, Dorothy B.; Halley, Ryan E.; Davis, Kimberlee

    2011-01-01

    This paper presents a peer-based financial planning and education program as a strategy to address the lack of financial literacy among college students and provide an experiential learning opportunity for students majoring in financial planning or other financial services-related disciplines. Benefits of such programs to campus communities are…

  9. Review of changes in the regulation of derivatives in compliance with the directive No. 2014/65/ЕС “The Markets in Financial Instruments Directive”

    Directory of Open Access Journals (Sweden)

    Angelika M. Kriger

    2017-06-01

    Full Text Available Objective to identify and analyze the changes in the legal regulation of financial markets in the EU which occurred as a result of continuous reforms one of the key steps of which was the adoption of Directive 201465EC ldquoOn financial tools marketsrdquo. This document defines the framework for transactions with derivative financial instruments. Methods formallegal comparative historical analytical methods of scientific cognition. Results it was found that Regulation No. 6002014EU of the European Parliament and of the EU Council ldquoOn the financial tools marketsrdquo introduced the trading obligation to transactions with derivative financial instruments that is the rules on signing contracts on a certain type of regulated platforms. These platforms include regulated markets multilateral and organized trading platforms as well as similar platforms registered in the third states. The delegated regulations of the European Commission define the criteria for the diffusion of trading obligations onto various types of financial derivatives. At the moment it is impossible to fully evaluate the innovations results as most of the provisions and secondary legal acts have not yet come into force or have not been adopted. However it is clear that the reform of 2014 will not leave the derivatives market in its previous state. Directive No. 201465EU and Regulation No. 6002014EU ldquoOn financial tools marketsrdquo produced a revolution for them. The trading obligation imposed by these documents has forced the parties involved into transactions with derivative financial instruments to adopt a new perspective on their activities. As a result of the innovation a huge part of transactions with them has to be transferred onto regulated platforms and the OTC contracts for many will become illegal. Scientific novelty the article for the first time analyses and studies the reform of the derivatives market in the European Union as well as peculiarities of

  10. MODERN APPROACHES TO THE IMPLEMENTATION OF MONETARY POLICY AND THE REGULATION OF FINANCIAL SYSTEMS

    Directory of Open Access Journals (Sweden)

    Radu CUHAL

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF. New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy. The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  11. Modern approaches to the implementation of monetary policy and the regulation of financial systems

    Directory of Open Access Journals (Sweden)

    Basistîi Nicolae

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF.New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy.The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  12. The Development of Innovation Systems as an Object with the State Regulation

    Directory of Open Access Journals (Sweden)

    Melnyk Alexander G.

    2017-09-01

    Full Text Available The article examines the processes of structuring the environment for the development of innovation systems in terms of the formation of a State regulated object. A methodological approach to definition of the State regulation at the primary, secondary and tertiary levels of structuring the environment of innovation systems has been suggested, based on the premise of the objective nature of the integration of social environment and market mechanisms into the structure of an object with the State regulation for the development of innovation systems. The definition of innovative systems as an object with the State regulation in terms of structural-organizational and functional areas of their expansion has been presented. A model for the progressive extension of the State regulated object by means of the development of innovation systems at the primary, secondary and tertiary levels of the structuring of environment in the process of formation of the institutional and technological structures of innovation systems has been proposed.

  13. 77 FR 30227 - Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small...

    Science.gov (United States)

    2012-05-22

    ... Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small Business Technology... eligibility for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR... Investment and Innovation at [email protected] . SUPPLEMENTARY INFORMATION: I. Background Information On...

  14. The Financial Policy as a Component of the State Regulation of Economy

    Directory of Open Access Journals (Sweden)

    Kravets Vladislav I.

    2017-12-01

    Full Text Available The article is aimed at disclosing the economic essence of financial policy as a component of institutional development of economy. At the current stage of improvement of financial-economic relations it is important to deepen the essence of financial policy as a component of socio-economic development, improvement of provisions on the influence of instruments of the State financial regulation on the socio-economic processes in the country taking into account the institutional peculiarities of the financial system. It is necessary to increase investment activity of economic entities with increasing the level of efficiency of capital investments, including through the use of mechanisms of the State support and the stimulating measures of both the fiscal-tax and the monetary-credit policy. The priority directions of financial policy need to be improved based on the main tasks of the socio-economic development, as well as the cyclical dynamics of the economy.

  15. Financial mechanisms and social safety-oriented model of development of the Russian economy (based on import substitution and innovation

    Directory of Open Access Journals (Sweden)

    T. I. Ovchinnikova

    2016-01-01

    Full Text Available In article features of import substitution in the socially oriented model determined as economy with the high level of the state income redistribution of subjects of managing and developed on this basis of system of social protection are considered. Import substitution is considered from the traditional point of view – creation of new productions and technologies which are implemented at the expense of own and borrowed funds of investors. The financial mechanisms for implementation of innovations promoting import substitution are offered: industry plans and road maps as availability of reference points for creation of rational amounts of the budget payments and financial resources of the entities necessary for upgrade of productions, and also the directions of financial resources for implementation of specific most important national priorities and innovative investment projects. The volume of investment into the fixed capital correlated to its cost considerably grew from 3.5% in 2003 to 11.6% in 2009, but value of this indicator isn't enough as degree of depreciation of fixed assets in economy of the region constituted 44.9% in 2009. Direct foreign investments prevail: in Krasnoyarsk Krai their share constituted in 2009 – 45.4%, Krasnodar Region – 40.5%, the Nizhny Novgorod Region – 84.5%. In the Voronezh region such entities as KBHA, Federal State Unitary Enterprise State Research and Production Space Center branch of M. V. Khrunichev the Voronezh Mechanical Plant, JSC Sozvezdiye Concern having the high technologies making safety of the country and especially needing investments function. In plans of urgent strategy of social and economic development of the Voronezh region it is supposed to increase specific weight of innovative products of such entities and to increase the level of innovative activity till 2020. The socially oriented model considering import substitution domestic technologies and products needs strengthening of the

  16. 18 CFR 3c.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-04-01

    ... employee ethical conduct standards and financial disclosure regulations. 3c.1 Section 3c.1 Conservation of... STANDARDS OF CONDUCT § 3c.1 Cross-reference to employee ethical conduct standards and financial disclosure... branch-wide financial disclosure regulations at 5 CFR part 2634, the Standards of Ethical Conduct for...

  17. Bank regulation and financial fragility in developing countries

    NARCIS (Netherlands)

    Klomp, Jeroen; Haan, de Jakob

    2015-01-01

    Using data for 1238 banks located in 94 developing and emerging countries, we explore whether the impact of bank regulation and supervision on banking risk (measured by the banks' Z-scores) depends on bank structure. Our findings suggest that stricter regulation and supervision increases the

  18. Regulations and monitoring of the financial part of the electricity market

    International Nuclear Information System (INIS)

    Eriksson, Svante; Eliasson, Torben; Jenssen Aasmund

    2001-11-01

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

  19. Financial Regulations and the Diversification of Funding Sources in Higher Education Institutions: Selected European Experiences

    Science.gov (United States)

    Stachowiak-Kudla, Monika; Kudla, Janusz

    2017-01-01

    The paper addresses the problem of the financial regulations' impact on the share of private financing in higher education institutions (HEIs). The authors postulate the trade-off between the size and stability of public financing and the regulations fostering stability of HEIs' funds. If the public sources are insufficient then the regulations…

  20. Renewable resource regulation and uncertain prices: The role of financial structure and bankruptcy

    International Nuclear Information System (INIS)

    Damania, Richard; Bulte, Erwin H.

    2006-01-01

    We analyze the interaction between regulatory policies and the financial structure of a fishery and show that firms with debts may respond differently to regulations than firms that have not accumulated debts. There are conditions where more stringent regulation is counterproductive, providing a perverse incentive to increase harvesting effort. We show that optimal regulation depends on the sector's financial structure, and demonstrate that there are cases when intervention is counterproductive, or too costly to implement. There are also cases where successful regulatory intervention can only be implemented when accompanied by a sufficiently large subsidy. (author)

  1. An Approach to Regulation on Financial Derivatives in the Spanish Law

    Directory of Open Access Journals (Sweden)

    Pablo Sanz Bayón

    2013-07-01

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

  2. The dilemma of service productivity and service innovation : An empirical exploration in financial services

    NARCIS (Netherlands)

    Aspara, Jaakko; Klein, Jan; Luo, Xueming; Tikkanen, Henrikki

    2017-01-01

    We conduct a systematic exploratory investigation of the effects of firms’ existing service productivity on the success of their new service innovations. Although previous research extensively addresses service productivity and service innovation, respectively, this is the first empirical study that

  3. Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1995

    National Research Council Canada - National Science Library

    1996-01-01

    ... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...

  4. Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1996

    National Research Council Canada - National Science Library

    Lane, F

    1997-01-01

    ... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...

  5. Department of Defense Financial Management Regulation. Volume 3. Budget Execution-Availability and Use of Budgetary Resources

    National Research Council Canada - National Science Library

    1996-01-01

    .... In addition, it directs statutory and regulatory financial reporting requirements. Volume 3 of the "DoD Financial Management Regulation" establishes procedures for DoD Components to use in budget execution...

  6. Innovation in Doctoral Degrees Designed for Adult Learners: A Hybrid Model in Personal Financial Planning

    Science.gov (United States)

    Grable, John E.

    2011-01-01

    Innovation in doctoral degree program development and delivery provides an effective counterpoint to the expert-apprentice model established in the Middle Ages. The author outlines the importance of innovation in reaching adult learners and describes an innovative hybrid PhD program designed to allow aspiring doctoral adult-age students to pursue…

  7. Financial Innovation Among the Community Wind Sector in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark

    2011-01-19

    community wind projects in Minnesota more than a decade ago (and is therefore sometimes referred to as the 'Minnesota flip' model) before being adapted by the broader wind market. More recently, a handful of community wind projects built in the United States over the past year have been financed via new and creative structures that push the envelope of wind project finance in the U.S. - in many cases, moving beyond the now-standard partnership flip structures. These projects include: (1) a 4.5 MW project in Maine that combines low-cost government debt with local tax equity, (2) a 25.3 MW project in Minnesota using a sale/leaseback structure, (3) a 10.5 MW project in South Dakota financed by an intrastate offering of both debt and equity, (4) a 6 MW project in Washington state that taps into 'New Markets Tax Credits' using an 'inverted' or 'pass-through' lease structure, and (5) a 9 MW project in Oregon that combines a variety of state and federal incentives and loans with unconventional equity from high-net-worth individuals. In most cases, these are first-of-their-kind financing structures that could serve as useful examples for other projects - both community and commercial wind alike. This new wave of financial innovation occurring in the community wind sector has been facilitated by policy changes, most of them recent. Most notably, the American Recovery and Reinvestment Act of 2009 ('the Recovery Act') enables, for a limited time, wind power (and other types of) projects to elect either a 30% investment tax credit ('ITC') or a 30% cash grant (the 'Section 1603 grant') in lieu of the federal incentive that has historically been available to wind projects in the U.S. - a 10-year production tax credit ('PTC'). This flexibility, in turn, enables wind power projects to pursue lease financing for the first time - leasing is not possible under the PTC. Because they are based on a project

  8. A REVIEW OF FINANCIAL REGULATIONS TO AVOID THE NATIONALISATION OF LOSSES IN THE BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2011-01-01

    Full Text Available This article investigates the regulations which should be applied in the financial system in order to minimize the losses. The subject is based on the banking policy of “privatisation of profits and nationalisation of losses” and it is debated mainly from trade articles point of view. Even when taxpayers do not agree, governments choose either to bailout influential banks or to cover their losses with a deposit insurance. Banks would take advantage of any opportunity to increase earnings, even in the insolvency stage, and thus certain regulations and limitations must be provided to minimize the moral hazard occurred. The most important problem that deepens financial regressions relates to the losses spillover effect on the worldwide economy, and although a perfect global banking model cannot be implemented, the paper suggests regulations which improve the financial systems.

  9. Influence of product innovations on financial performance of small and medium-sized enterprises in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Jakub Tabas

    2012-01-01

    Full Text Available Objective of this article is to determine possible effect of product innovations on the financial performance of small and medium-sized enterprises in the Czech Republic. The pilot research has been realized on the statistical sample of 100 companies which were categorized into three basic groups; service companies, trade companies, and production companies. As the measure of innovation effect, the authors applied the deviation of production power, i.e. the ration of EBIT to assets, of a business entity from the industry average while the industry average of production power was selected especially in order to reduce the influence of the economy cycles. In the three categories of companies, different effects of product innovations have been observed. In the service companies and trade companies, the positive effect is limited because of potential simplicity of imitation by competitors. More positive effect of product innovations has been observed in production companies which can protect the products or production processes better then service companies or trade companies where the product innovations are mostly connected with extension of extension of services portfolio offered. For the conclusion, the authors provide suppositions and designs for their future research in this problem of innovations’ effectiveness measurement.

  10. 41 CFR 105-735.1 - Cross-references to employee ethical conduct standards, financial disclosure regulations, and...

    Science.gov (United States)

    2010-07-01

    ... employee ethical conduct standards, financial disclosure regulations, and other regulations. 105-735.1... CONDUCT § 105-735.1 Cross-references to employee ethical conduct standards, financial disclosure... executive branch-wide standards of ethical conduct at 5 CFR part 2635, GSA's regulations at 5 CFR part 6701...

  11. 12 CFR 400.101 - Cross-reference to employee financial disclosure and ethical conduct standards regulations.

    Science.gov (United States)

    2010-01-01

    ... disclosure and ethical conduct standards regulations. 400.101 Section 400.101 Banks and Banking EXPORT-IMPORT BANK OF THE UNITED STATES EMPLOYEE FINANCIAL DISCLOSURE AND ETHICAL CONDUCT STANDARDS REGULATIONS § 400.101 Cross-reference to employee financial disclosure and ethical conduct standards regulations...

  12. 24 CFR 0.1 - Cross-reference to employees ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-04-01

    ... ethical conduct standards and financial disclosure regulations. 0.1 Section 0.1 Housing and Urban... Cross-reference to employees ethical conduct standards and financial disclosure regulations. Employees...-wide standards of ethical conduct at 5 CFR part 2635, the Department's regulation at 5 CFR part 7501...

  13. The impact of the new wave of financial regulation for European energy markets

    International Nuclear Information System (INIS)

    Nijman, Luuk

    2012-01-01

    As the financial and physical markets for energy have increasingly become intertwined, energy trade is also covered by financial legislation. The European Commission wishes to strengthen this financial regulation of energy trade. It has put forward a set of regulatory proposals aimed at stabilizing financial markets and limiting volatility of energy prices. The most noteworthy are EMIR, MAD, REMIT and the revised MiFID. Key elements are transparency, new trading venues, central clearing obligations and mandatory transaction reporting. This article evaluates the likely outcomes for energy markets, given the new incentives for market parties. It argues that although there is no ground to exempt particular energy market participants such as energy companies from financial legislation, increased regulation will not necessarily bring about the effects the Commission desires. The causal link between derivatives trading and volatility of energy prices is not known precisely and many of the economic effects of the proposed legislation are theoretically and empirically ambiguous. Moreover, potentially conflicting instruments and objectives risk policy inconsistency. - Highlights: ► The European Commission has put forward a set of financial legislation to stabilize both financial markets and energy prices. ► This article assesses the impact of this financial regulation on energy markets. ► It shows that the theoretical and empirical effects of key elements in this legislation are ambiguous. ► It argues that, if enacted, particular market parties such as energy companies should not be exempted. ► It concludes that this set of legislation will not necessarily bring about the effects the Commission desires.

  14. Regulations concerning liability, financial security, and the financing of decommissioning

    International Nuclear Information System (INIS)

    Mutschler, U.

    1991-01-01

    It is self-evident that any sensible reform in the area of liability has to work from the concern for the protection of the injured parties. After the introduction of unlimited liability in 1985 the only remaining starting point for improving the position of an assumed injured partly is that of provision of funds. In view of the responsibility of the respective consative parties for the spheres concerned it is the task of the state and the industry to raise sufficient provision funds to meet the requirements for the protection of the injured parties. Prompted by the existence of corresponding models in foreign legal systems, decommissioning provisions have been discovered as a new field of atomic energy law requiring regularization. Model considerations on how to improve decommissioning provisions show that legislative action is not required to achieve the desired aim. Financial provisions are regularizable solely on the basis of the law in force. Changes are required neither in atomic energy law nor in commercial law nor in tax law. (orig./HSCH) [de

  15. Inovações financeiras e institucionais do sistema de financiamento residencial americano Institutional and financial innovations in the U.S. housing finance system

    Directory of Open Access Journals (Sweden)

    Rafael Fagundes Cagnin

    2009-09-01

    Full Text Available This article has the gold of summarize the institutional modifications of the US housing finance system between the 60's and the end of the 90's. Those changes narrowed the bonds between this segment of the credit market and the securitized financial markets, encouraging the foundation and diffusion of financial innovations that are in the core of the current financial crises.

  16. Innovation through Coopetition: An analysis of small- and medium-sized trust companies operating in the Liechtenstein financial centre

    Directory of Open Access Journals (Sweden)

    Sascha Kraus

    2018-02-01

    Full Text Available Coopetition has received increasing attention in the academic literature. Prior research has examined the benefits and risks of coopetition as well as its potential impact on innovation in many different contexts, including large companies and manufacturing industries. Surprisingly, despite the omnipresence of small- and- medium-sized enterprises (SMEs and the growing relevance of service industries, coopetition in these contexts has not yet been widely explored. This study seeks to broaden the present understanding of coopetition by finding an answer to the research question “How do small- and medium-sized trust companies apply coopetition in the Liechtenstein trust industry and how can this strategy facilitate innovation?” As such, the presented work investigates the application of coopetition by small- and medium-sized trust companies operating in the Liechtenstein financial centre. The qualitative expert interviews with major actors in the Liechtenstein trust industry reveal that coopetition is a frequently applied business strategy among Liechtenstein trust companies, members of the Liechtenstein financial centre and international competitors. The trustees’ conservative attitude, however, is found to be a typical barrier to coopetition, since it induces trustees to give priority to the protection of their own business. Nevertheless, coopeting partners recognise their ability to derive crucial benefits from their cooperative interactions with rival organisations in terms of possibilities to share resources, costs and know-how. Moreover, coopetition enables coopetitors to innovate their current business models.

  17. Innovation

    Science.gov (United States)

    EPA frames innovation as critical to the protection of human health and the environment through initiatives such as sustainable practices, innovative research, prize competitions, innovation awards, partnerships, and community activities.

  18. Innovative solutions: sample financial management business plan: neurosurgical intensive care unit.

    Science.gov (United States)

    Villanueva-Baldonado, Analiza; Barrett-Sheridan, Shirley E

    2010-01-01

    This article describes one institution's intention to implement a financial management business plan for a neurosurgical intensive care unit in a level I trauma center. The financial objective of this proposed business plan includes a service increase in the patient population requiring critical care in a way that will help control costs.

  19. 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

  20. NANO(materials): EHS, Research, INnovation, ReGulation

    OpenAIRE

    GOTTARDO STEFANIA; MECH AGNIESZKA; QUIROS PESUDO LAIA; CRUTZEN HUGUES

    2017-01-01

    This collection contains data, results, information and tools derived from research and institutional activities regarding the environment, health and safety matters for supporting sustainable innovation for regulatory purposes, with a focus on nanomaterials.

  1. Radical innovation in the energy sector and the impact on regulation

    NARCIS (Netherlands)

    Lavrijssen, Saskia; Carrillo, Arturo

    2017-01-01

    The electricity sector is in a transition towards a Smart Energy System where the roles of private and institutional actors are evolving. This work deals with the influence of some technological innovations on the regulation of the energy sector. It identifies the main radical innovations in the

  2. Oil price volatility, financial regulation and energy policy; Volatilite du prix de petrole regulation financiere et politique energetique

    Energy Technology Data Exchange (ETDEWEB)

    Chevalier, J.M. [CGEMP, Universite Paris Dauphine, 75 - Paris (France)

    2010-05-15

    In October of 2009, the French Ministry of Economy asked the author to chair a work group on oil price volatility. The report resulting from that work was submitted to the minister on February 9, 2010. Based on the report, this article focuses on three major elements: (i) the operation of the oil market, with interacting physical basics and financial basics (ii) financial market regulation, more specifically commodities-derived product markets and current work in that area and (iii) the lessons one can draw from that exercise in terms of energy policy. Significant projects have been initiated on global, European and national levels. (author)

  3. 28 CFR 45.1 - Cross-reference to ethical standards and financial disclosure regulations.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Cross-reference to ethical standards and...) EMPLOYEE RESPONSIBILITIES § 45.1 Cross-reference to ethical standards and financial disclosure regulations. Employees of the Department of Justice are subject to the executive branch-wide Standards of Ethical Conduct...

  4. Fertility Regulation in Kazakhstan : The Role of Providers and the Public Financial Cost

    OpenAIRE

    Rani, Manju; Chao, Shiyan; Arystanova, Gulzada; Rakhimova, Meruert

    2006-01-01

    This study examines fertility regulation in Kazakhstan, with dual emphases on providers' attitudes toward abortion and the public financial costs of abortion provision. Though abortion incidence declined sharply in the 1990s in Eastern European countries and in the former Soviet republics, it stagnated at relatively high levels in the early 2000s, accounting for a substantial proportion of...

  5. 78 FR 41835 - Inflation Adjustments to the Price-Anderson Act Financial Protection Regulations

    Science.gov (United States)

    2013-07-12

    ... Price-Anderson Act Financial Protection Regulations AGENCY: Nuclear Regulatory Commission. ACTION: Final rule. SUMMARY: The Atomic Energy Act of 1954, as amended (AEA), requires the U.S. Nuclear Regulatory.... Congressional Review Act I. Background Section 604 of the Energy Policy Act of 2005, Public Law 109-58, amended...

  6. The FinTech phenomenon: antecedents of financial innovation perceived by the popular press

    OpenAIRE

    Zavolokina, Liudmila; Dolata, Mateusz; Schwabe, Gerhard

    2016-01-01

    The financial industry has been strongly influenced by digitalization in the past few years reflected by the emergence of 'FinTech,' which represents the marriage of 'finance' and 'information technology.' FinTech provides opportunities for the creation of new services and business models and poses challenges to traditional financial service providers. Therefore, FinTech has become a subject of debate among practitioners, investors, and researchers and is highly visible in the popular media. ...

  7. Services financiers et déploiement d'innovations agricoles au Sahel ...

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

    Au cours des vingt dernières années, plusieurs innovations visant à améliorer les rendements des cultures vivrières ont été développées dans les centres de recherche agronomique d'Afrique de l'Ouest et par les chercheurs de la communauté internationale. Si elles étaient adoptées, plusieurs de ces innovations ...

  8. Network Effects on Radical Innovation and Financial Performance: An Open-mindedness Approach

    OpenAIRE

    Marcelo Gattermann Perin; Cláudio Hoffmann Sampaio; Daniel Jiménez-Jiménez; Juan Garcia Cegarra-Navarro

    2016-01-01

    Abstract This study examines how companies can achieve high performance through certain organizational behaviors (open-mindedness and social networks) and innovation. The impact of open-mindedness in defiance of basic assumptions and processes could motivate the use of internal and external networks. These social networks are the cornerstone for the creation of knowledge and the construction of radical innovations, which in turn trigger the transformation new knowledge into organizational per...

  9. FINANCIAL REPORTING REGULATION FOR THE LISTED COMPANIES: ANALYSIS FOR SELECTED EASTERN EUROPEAN TRANSITIONAL COUNTRIES IN THE PROCESS OF EU ENLARGEMENT

    OpenAIRE

    Pervan, Ivica; Horak, Hana; Vasilj, Marijana

    2010-01-01

    Financial reporting of listed companies is very important element for efficient functioning of capital markets ; therefore, the developed countries have increased mandatory reporting requirements during the last decade. Since the regulation of financial reporting in the countries in transition is trying to follow up with modern trends the main objective of this paper was the analysis of financial reporting regulation for listed companies in six Eastern European countries in different stage...

  10. Essays on Innovation in Retail Banking

    OpenAIRE

    Mariotto , Carlotta

    2016-01-01

    During the last years, the finance industry has experienced a proliferation of innovations which may disrupt traditional financial services. They blur the boundaries between banks and financial start-ups, speed up transactions, democratize the access to credit, revise how we can purchase goods and how merchants can sell their products, while imposing regulators the challenge for a new level playing field which balances the trade-off between financial stability, competition and innovation. In ...

  11. 14 CFR 1207.101 - Cross-references to ethical conduct, financial disclosure, and other applicable regulations.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Cross-references to ethical conduct, financial disclosure, and other applicable regulations. 1207.101 Section 1207.101 Aeronautics and Space...-references to ethical conduct, financial disclosure, and other applicable regulations. Employees of the...

  12. The FinTech phenomenon: antecedents of financial innovation perceived by the popular press

    OpenAIRE

    Zavolokina, Liudmila; Dolata, Mateusz; Schwabe, Gerhard

    2016-01-01

    The financial industry has been strongly influenced by digitalization in the past few years reflected by the emergence of “FinTech,” which represents the marriage of “finance” and “information technology.” FinTech provides opportunities for the creation of new services and business models and poses challenges to traditional financial service providers. Therefore, FinTech has become a subject of debate among practitioners, investors, and researchers and is highly visible in the popular media. ...

  13. Innovative Financial Approach for Agricultural Sustainability: A Case Study of Alibaba

    Directory of Open Access Journals (Sweden)

    Qi Zhou

    2018-03-01

    Full Text Available Sustainability and agricultural finance are two important issues attracting attention from industry and academia. This research adopts an in-depth case study methodology to investigate the agricultural finance initiatives of Alibaba Group, and explores how the agricultural finance practices of an e-commerce platform facilitate its sustainability goal. A reference framework is proposed to prove the adoption of agricultural finance. The influence of three moderating variables, namely, IT support, financial attractiveness, and cooperation with other entities, is analyzed. We find that advanced IT support and financial attractiveness are two indispensable enablers for agricultural finance initiatives, and collaboration with other entities is necessary in adopting agricultural supply chain finance.

  14. The Legal Structure of Commercial Banks and Financial Regulation : does organizational form matter for the design of bank regulation?

    OpenAIRE

    Cedeno-Brea, Enmanuel

    2017-01-01

    markdownabstractDo the different ways that commercial banks are legally organized matter for the design of financial regulation? It is often assumed that most commercial banks are setup as investor owned business corporations. However, this is not always the case In many jurisdictions, banks are legally organized using a plethora of organizational forms, which include: co-operatives, mutual associations and even nonprofit entities. Thus, some of the distinctive legal attributes and features o...

  15. Innovation

    DEFF Research Database (Denmark)

    Nielsen, Janni; Yaganeh, Suzanne; Bloch Rasmussen, Leif

    2013-01-01

    This paper contributes to a theoretical discussion of creation of innovation with participants in, or outside, organisations. We address the creation of innovation with a complex theoretical understanding drawing on the Scandinavian and the Participatory Design tradition introducing two approaches...... to the processes of innovation. We ask if innovation can be initiated and enhanced looking at two collaborative approaches; participatory innovation (PIN) and cooperative innovation (COIN). We invite to dialogue and reflections on PIN’s conflict and creative frictions on one side and COIN’s complexity......, complementarity in diversity and the didactic scaffolding of the innovation process on the other side. Our contribution focuses on the methods and practices for facilitation of co-creating activities between different groups leading to cooperation, and innovation in thinking....

  16. Impact of medical loss regulation on the financial performance of health insurers.

    Science.gov (United States)

    McCue, Michael; Hall, Mark; Liu, Xinliang

    2013-09-01

    The Affordable Care Act's regulation of medical loss ratios requires health insurers to use at least 80-85 percent of the premiums they collect for direct medical expenses (care delivery) or for efforts to improve the quality of care. To gauge this rule's effect on insurers' financial performance, we measured changes between 2010 and 2011 in key financial ratios reflecting insurers' operating profits, administrative costs, and medical claims. We found that the largest changes occurred in the individual market, where for-profit insurers reduced their median administrative cost ratio and operating margin by more than two percentage points each, resulting in a seven-percentage-point increase in their median medical loss ratio. Financial ratios changed much less for insurers in the small- and large-group markets.

  17. Determinants of Renewable Energy Innovation: Environmental Policies vs. Market Regulation

    International Nuclear Information System (INIS)

    Vona, Francesco; Nesta, Lionel; Nicolli, Francesco

    2012-02-01

    This paper carries out a comprehensive analysis of renewable energy innovations considering four mechanisms suggested by innovation models: 1. policy-inducement; 2. market structure; 3. demand and social cohesion- mainly proxied by income inequality; 4. characteristics of country knowledge base. For OECD countries and years 1970-2005, we build a unique dataset containing time-varying information on quality-adjusted patent production in renewable energy, the latter being a function of environmental policies, green R and D, entry barriers, knowledge stock, knowledge diversity and income inequality. We develop count data models using the Generalized Method of Moments (GMM) to account for endogeneity of policy support. Our synthetic policy index positively affects innovations especially in countries with deregulated energy markets and low entry barriers. The effect of entry barriers and inequality is negative and of similar magnitude as that of policy. Product market liberalization positively affects green patent generation, especially so when ambitious policies are adopted, when the initial level of public R and D expenditures and when the initial share of distributed energy generation is high. Our results are robust to alternative specifications, to the inclusion of technology-specific effects and to the use of quality-adjusted patents as dependent variables. In the latter case, the estimated effect of lowering entry barriers and of knowledge diversity almost double on citation count relatively to patent count. (authors)

  18. GLOBAL FINANCIAL CRISIS 2008 CAUSES AND CONSEQUENCES FOR RUSSIAN MACROPRUDENTIAL REGULATION

    Directory of Open Access Journals (Sweden)

    Егор Николаевич Поляков

    2013-09-01

    Full Text Available This article analyzes the impact of volatility in global financial markets on the economy of developing countries and the analysis of factors contributing to a greater or lesser degree of vulnerability of the financial systems of developing countries in the global crisis of 2008-2010. Particular attention is paid to the influence of the global financial crisis on the economies of the two groups of developing countries of Southeast Asia and Central and Eastern Europe. On the basis of the analysis due to the dynamics of the main macroeconomic indicators of the Russian Federation during the acute phase of the crisis. The author presents an analysis of the vulnerability of the Russian economy in the event of possible instability in global financial markets at present. The author came to the conclusion that the main reason for which in 2009 the level of GDP growth Russia won 178 seats out of 184 countries, were 2 groups of errors. The first group of errors - errors are system of macro-prudential regulation made by the Central Bank from 2002 to 2007, such as: lack of control and regulation of borrowings of the private and banking sectors to foreign markets, as well as in the domestic market in foreign currency, the loss of control over domestic financial markets, such as: the interbank lending market, the stock market. The second group of errors - errors it committed securities during the crisis. The first error of the Central Bank - a rejection Vat refinance foreign debt of non-financial sector, resulting in an acute liquidity crisis. The second error is stretched for a few months, not a one-time devaluation of the ruble. Price of the second error was 200 billion USD, which the Central Bank lost and speculators earned.DOI: http://dx.doi.org/10.12731/2218-7405-2013-9-4

  19. HARMONIZATION OF NATIONAL REGULATION AND INTERNATIONAL FINANCIAL REPORTING STANDARDS – PARTICULAR CASE OF NONCURRENT ASSETS

    Directory of Open Access Journals (Sweden)

    Coste Andreea Ioana

    2013-07-01

    Full Text Available In the scientific literature, accounting harmonization is a top topic because it helps to increase the comparability of financial statements. Also in Romania in the last 10 years becames a topic that is very often debated. The harmonization is trying to reduce differences of financial reporting statements between countries or, in the other words, it is trying to bring to a common denominator of existing rules when appear conflicts of comparability between them. The purpose of this paper is to measure the harmonisation between national and international regulation for a significant element of financial position statement, such as noncurrent assets. This paper provides an empirical research of information that must be presented by entities which apply national accounting standards or international ones when financial statements are prepared, trying to measure the harmonization between the two referential. Thus, in trying to determine the harmonisation, we use the Jaccard coefficient in order to provide an overview of the degree of harmonization of accounting practice. When measuring the degree of comparability of Romanian accounting regulations with International Accounting Standards we analyzed noncurrent assets and impairment of assets using the Jaccard coefficient for accounting treatments and we calculated an average of similarities between the two regulations. Further, the results suggest that there is an average level of harmonization for the accounting treatment of noncurrent assets and for determining the impairment of the assets, the methods are the same. The study contributes to the development of accounting literature about the harmonisation between national regulation and international standards regarding the noncurrent assets and impairment of the assets, which together with the other elements define the activity of the business. In addition, the study provides an analysis of how the regulations treats noncurrent assets, during the

  20. The Normative Legal Regulation of Accounting Activities of Non-Bank Financial Institutions in Ensuring the Strategic Development of the Financial System of Ukraine

    Directory of Open Access Journals (Sweden)

    Prokopenko Zhanna V.

    2017-03-01

    Full Text Available The aim of the article is to study the normative legal regulation of accounting activities of non-bank financial institutions to ensure the strategic development of the financial system of Ukraine. There actualized the issue of examining the system of normative legal regulation in terms of: first, regulation of the market for non-bank financial services and their activities as an object of accounting; second, regulation of accounting and reporting as the basis of the impact on its organization, methodology; third, formation of requirements to the management of the institution concerning the qualification requirements to the chief accountant as a subject of organization and carrying out the accounting activities. In the course of the research, there developed a model for influencing the transformation of the organization and methodology of accounting, which will be implemented by establishing new requirements to its methods and objects as a result of changes in the normative legal acts and their impact on the systems of economic analysis and audit as components of corporate management of non-bank financial institutions. The proposed model determines the impact of the provisions of the integrated program for the development of the financial sector of Ukraine until 2020 in accounting in terms of methodology, specificity and composition of its objects. As a result of studying the set of documents that define the strategic provisions for the development of the market for non-bank financial services, there identified directions for the formation of new and transformation of the existing provisions of the normative legal regulation of the accounting system through its elements (methods, objects, subjects, study of its functions and justification of the significance in risk management. We believe that these provisions should be implemented by means of the development of organizational and methodological regulations for the accounting of non

  1. Information Technology Adoption for Service Innovation Practices and Competitive Advantage: The Case of Financial Firms

    Science.gov (United States)

    Chen, J. S.; Tsou, H. T.

    2007-01-01

    Background: The importance of information technology to current business practices has long drawn the attention of practitioners and academicians. Aim: This paper aims to broaden understanding about service innovation as a critical organizational capability through which information technology adoption influences the competitive advantage of a…

  2. Functional foods: regulation and innovations in the EU

    NARCIS (Netherlands)

    Moors, E.H.M.

    2012-01-01

    Worldwide consumers are becoming more interested in the relation between food and health. In order to harmonize regulation on foods throughout the EU, the Regulation EC1924/2006 on nutrition and health claims came into force, as a first specific set of EU legal rules dealing with nutrition and

  3. Environmental regulation of tourism: impact on business innovation

    DEFF Research Database (Denmark)

    Hjalager, Anne-Mette

    1998-01-01

    Tourism and environmental issues are particularly critical in small islands. This article compares environmental constraints and regulations on Bornholm, Isle of Wight and Mallorca.......Tourism and environmental issues are particularly critical in small islands. This article compares environmental constraints and regulations on Bornholm, Isle of Wight and Mallorca....

  4. Modern trends in economic regulation of the innovative development of the higher education system

    Directory of Open Access Journals (Sweden)

    Аleksandr LEVCHENKO

    2015-12-01

    Full Text Available The consensus in the high school is valued by how much we invest in human capital which is determinant of efficiency. High school is a pillar contributor to productivity growth. There is evidence that innovation is a key player in nurturing technology chan¬ge. In today’s knowledge based economy, it becomes more evident that investing in human capital has greater return for university and corporation which is more effec¬tive than that of physical assets. Simultaneously, the conceptual fundamental of hu¬man capital is based on knowledge, skills, competencies, and tools that are developed through coaching and learning activities provided by the concerned institution. This paper intend to tackle and to develop separate positions of the theory and practice of financing the innovative development of higher education (IDHE toward the formati¬on and development of the national economy of knowledge. Furthermore, it examines the retention of the increased globalization of higher education, while state financial obligation is in decrease, which leads to greater distinction among universities in res¬pect of financial support and security. Financial support should be a priority to support the innovative development of higher education.

  5. WHAT FIRMS ARE REWARDED AFTER GLOBAL FINANCIAL CRISIS? THE ROLE OF INNOVATION AND GLOBALIZATION STRATEGIES IN RECOVERY

    Directory of Open Access Journals (Sweden)

    Victoria Golikova

    2016-03-01

    Full Text Available The aim of the research is to conduct an empirical investigation and reveal what types of globalization and innovation strategies in turbulent and unfavorable regional institutional environment are most likely to be associated with different trajectories of Russian manufacturing firms’ performance in 2007- 2012. We employ the results of empirical survey of 1000 medium and large enterprises in manufacturing (2009 linked to financial data from Amadeus database and the data on the regional institutional environment. We test that (1 introduction of innovations before the crisis ceteris paribus helped the firms to successfully pass the crisis and recover. We expect that (2 companies that became globalized before the crisis (via importing of intermediate and capital goods; exporting; FDI; establishment of partner linkages with foreign firms ceteris paribus are more likely to successfully pass the crisis and grow. And (3 propose the positive effect of synergy of innovation efforts and globalization strategy of the firm. We expect that the abovementioned factors are complimentary and reinforce the ability of the firm to recover after crisis shock. We found strong support for the hypothesis that firms financing introduction of new products before the crisis and simultaneously managed to promote and sell them on the global market were rewarded by quick return to the growing path after global crisis. Other strategies, i.e. solely innovations without exporting play insignificant role while exporting without attempts to introduce new products contribute even negatively to post-crisis recover. Institutional environment also matters: in the regions with less level of corruption firms were more likely to grow after the crisis.

  6. ICT technologies and financial innovations: the case of Exchange Traded Funds in Brazil, Japan, Mexico, South Korea and the United States

    OpenAIRE

    Lechman, Ewa; Marszk, Adam

    2014-01-01

    Exchange traded funds (ETFs), funds structured in order to mimic the performance of selected financial assets, are one of the most significant innovative financial instruments recently introduced. They have gained considerable popularity among investors due to their advantages in comparison with conventional mutual funds, investment vehicles with a significantly longer history. This paper contributes by providing extensive knowledge about the empirical links between information and communicat...

  7. Innovative Payment Solutions in Agricultural Value Chain as a Means for Greater Financial Inclusion

    OpenAIRE

    Pandey, Tushar; Krishna, Nagahari; Vickers, Venetia; Menezes, Antonio; Raghavendra, M.

    2010-01-01

    The efforts for financial inclusion need to be designed with a vision beyond just the percentage of the country population with access to a bank account or a no frills account; to focus more on how this can enhance the capability and convenience for the un-banked and under-banked, specifically the small and marginal farmers in this case, to enable greater transparency, accountability, efficiency and convenient access to necessary facilities. The growth of ICT industry and mobile telecom revol...

  8. Purchasing-Power Annuities: Financial Innovation for Stable Real Retirement Income in an Inflationary Environment

    OpenAIRE

    Zvi Bodie

    1980-01-01

    This paper is organized as follows: The first part of the paper introduces the topic. In the next part, we explore the inadequacies of conventional and equity-based variable annuities in an inflationary environment by contrasting them with a hypothetical PPA. We then try to assess the suitability of money market instruments hedged with commodity futures as the asset base for PPA's, and consider the possibility of having financial institutions offer them to the public. The major conclusion of ...

  9. INNOVATIVE METHODS TO EVALUATE THE RELIABILITY OF INFORMATION CONSOLIDATED FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Irina P. Kurochkina

    2014-01-01

    Full Text Available The article explores the possibility of using foreign innovative methods to assess the reliabilityof information consolidated fi nancial statements of Russian companies. Recommendations aremade under their adaptation and applicationinto commercial organizations. Banish methodindicators are implemented in one of the world’s largest vertically integrated steel and miningcompanies. Audit firms are proposed to usemethods of assessing the reliability of information in the practical application of ISA.

  10. Specific character of sustainable innovative development of transport construction in self-regulation conditions

    Science.gov (United States)

    Gumba, Khuta; Belyaeva, Svetlana

    2017-10-01

    The providing of sustainable development is impossible without activating the innovative activity of backbone economical sectors, in particular of transport construction. The system of self-regulation of activities is a specific feature of the transport industry development. The authors carried out the correlation analysis of innovative activity of construction enterprises, which proved the necessity of improving the normative and technical documents. The authors proposed and calculated the index of the legislation stability in the industry. The article suggests recommendations on the activation of innovative development in construction industry basing on the results of the modeling.

  11. Family Financial Stress and Adolescent Sexual Risk-Taking: The Role of Self-Regulation.

    Science.gov (United States)

    Crandall, AliceAnn; Magnusson, Brianna M; Novilla, M Lelinneth B; Novilla, Lynneth Kirsten B; Dyer, W Justin

    2017-01-01

    The ability to control one's emotions, thoughts, and behaviors is known as self-regulation. Family stress and low adolescent self-regulation have been linked with increased engagement in risky sexual behaviors, which peak in late adolescence and early adulthood. The purpose of this study was to assess whether adolescent self-regulation, measured by parent and adolescent self-report and respiratory sinus arrhythmia, mediates or moderates the relationship between family financial stress and risky sexual behaviors. We assessed these relationships in a 4-year longitudinal sample of 450 adolescents (52 % female; 70 % white) and their parents using structural equation modeling. Results indicated that high family financial stress predicts engagement in risky sexual behaviors as mediated, but not moderated, by adolescent self-regulation. The results suggest that adolescent self-regulatory capacities are a mechanism through which proximal external forces influence adolescent risk-taking. Promoting adolescent self-regulation, especially in the face of external stressors, may be an important method to reduce risk-taking behaviors as adolescents transition to adulthood.

  12. A literature review on the impact of IAS/IFRS and regulations on quality of financial reporting

    Directory of Open Access Journals (Sweden)

    Wadesango Newman

    2016-10-01

    Full Text Available The International Accounting Standards Board (IASB in its objectives and preamble, presume that IFRS adoption and perceived compliance to regulatory framework is associated with increased financial reporting quality. Based on these assumptions, this desktop study reviewed several documents to determine whether the IFRS adoption has led to increased financial reporting quality in Zimbabwe. The researchers reviewed literature on how the IAS/IFRS and regulations affect the financial reporting quality of listed companies. The factors around IFRS adoption were identified (mandatory, voluntary and convergence and discussed in relation to the financial reporting quality. Evidence from previous studies conducted in line with this same issue shows that there is no conclusive evidence on how IFRS and regulations affect the financial reporting quality. Issues to be addressed in further studies include the importance of financial statements prepared under IFRS framework and the importance of compliance with accounting and auditing requirements

  13. Socializing space and politicizing financial innovation/destruction: some observations on Occupy Wall Street

    OpenAIRE

    Aalbers, Manuel B.

    2012-01-01

    This short paper discusses two issues related to the Occupy Wall Street movement. First, a local urban political geography is presented in which Liberty Plaza is not the accidental place of Occupy Wall Street but a deliberate one, not only because it is located between the towers of global capital, but also because it constitutes a so-called “privately owned public space” (POPS). Second, a global financial political geography is presented in which I argue that the imprecise demands of Occupy ...

  14. Regulation Scheme for Improved Innovation and Efficiency in Wireless Communications

    Science.gov (United States)

    2009-03-01

    for rules crafted by a single user.123 The current form of regulation in the United States, and almost everywhere else, can be described best as...follows the “Swiss cheese ” model used in implementing PCS in the mid-1990s.182 Unlike in Kwerel and Williams’ proposal, this scheme allows current

  15. 46 CFR 508.101 - Cross-referrence to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Cross-referrence to employee ethical conduct standards... GENERAL AND ADMINISTRATIVE PROVISIONS EMPLOYEE ETHICAL CONDUCT STANDARDS AND FINANCIAL DISCLOSURE REGULATIONS § 508.101 Cross-referrence to employee ethical conduct standards and financial disclosure...

  16. 13 CFR 105.101 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... ethical conduct standards and financial disclosure regulations. 105.101 Section 105.101 Business Credit... RESPONSIBILITIES Standards of Conduct § 105.101 Cross-reference to employee ethical conduct standards and financial... to the Standards of Ethical Conduct for Employees of the Executive Branch at 5 CFR part 2635 and the...

  17. 22 CFR 705.101 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Cross-reference to employee ethical conduct... INVESTMENT CORPORATION ADMINISTRATIVE PROVISIONS EMPLOYEE ETHICAL CONDUCT STANDARDS AND FINANCIAL DISCLOSURE REGULATIONS § 705.101 Cross-reference to employee ethical conduct standards and financial disclosure...

  18. Convergence of Croatian Financial and Budget Regulations to the Framework and Practices of the European Union

    Directory of Open Access Journals (Sweden)

    Ivana MALETIĆ

    2010-03-01

    Full Text Available As of 2004 intensive preparatory activities for the accession of the Republic of Croatia into the European Union have started. Significant changes have been taking place in legislation, institutional and administrative respect. The so called “silent reform“ is changing the appearance and the way of work of state administration. Institutions acquire the rules and way of work of the European Union through the usage of pre-accession programmes. General opinion moves in the direction of successfulness, competitiveness, attainment of results and added values. Financial regulations regarding stipulation of budget processes have been changing through the introduction of the following elements: strategic planning, multi-annual budget framework, fiscal discipline, internal audit as well as financial management and control system based on clearly set work processes and procedures. This document provides the description of the most significant changes regarding financial management and budget regulations in the Republic of Croatia which have taken place in the course of adapting (developing the system to the European practices and rules.

  19. Approaches to Risk and Consumer Policy in Financial Service Regulation in the UK

    Directory of Open Access Journals (Sweden)

    Peter Lunt

    2006-01-01

    Full Text Available The financial service and communication sectors in the UK have been subject to radical re-organisation, involving the formation of sector-wide regulatory bodies (FSA and Ofcom with wide-ranging powers and statutory obligations. Although both have responsibilities for assessment and management of risk, their remits go beyond traditional approaches to regulation. Hence, although primarily oriented to economic policy, both regulators address questions of corporate responsibility, balance of stakeholder interests, the public good, consumer representation and public participation. Accordingly, they are undertaking a range of activities, including consumer education and research, public consultation and the involvement of stakeholders in policy review. Focusing on the case of financial services, this paper presents an analysis of two early speeches by FSA directors, one focused on the approach to risk adopted by the regulator and the other on consumer policy. The second part of the paper considers the conceptual issues regarding different modes of risk management in the new regulators, requiring an account of the various levels and forms of involvement by stakeholders and publics in the identification and management of risk. It follows on from the analysis of the speeches to examine the relationship between risk and consumer policy in the practices of the FSA. URN: urn:nbn:de:0114-fqs0601323

  20. Cooperative or Competitive? Private Regulators and Public Supervisors in the Post-Crisis European Financial Services Landscape

    NARCIS (Netherlands)

    Cherednychenko, Olha O.

    This article explores the interplay between private regulators and public supervisors within principles-based regulation and meta-regulation in the post-crisis European retail financial services landscape. It shows that the way in which the compliance with such regulatory frameworks is supervised

  1. Effects of Federal Regulation on the Financial Structure and Performance of the Domestic Motor Vehicle Manufacturers (Source Document)

    Science.gov (United States)

    1978-11-01

    PURPOSE OF THE STUDY : The increasing government regulation of automative transportation : industries in the United States has produced the need for : financial and economic studies of the effects of such policies. : The purpose of this document is t...

  2. Evaluation of the Navy Implementation of DOD Financial Management Regulation, Volume 14, Administrative Control of Funds and Antideficiency Act Violations

    National Research Council Canada - National Science Library

    Lane, F

    1996-01-01

    On August 1, 1995, the Under Secretary of Defense (Comptroller) released for implementation Financial Management Regulation, volume 14, "Administrative Control of Funds and Antideficiency Act Violations," August 1, 1995...

  3. University hosts symposium to forge agenda for financial regulatory reform; transparency cited as major challenge

    OpenAIRE

    Micale, Barbara L.

    2009-01-01

    Virginia Tech National Capital Region recently hosted a symposium titled "A Public Administration Moment: Forging an Agenda for Financial Regulatory Reform" to address such relevant topics as: How can financial regulation be made more transparent? What is the government's role in regulating financial innovation and risk? What are the educational challenges in preparing public administrators for financial regulation? And what are the lessons from rapid responses to tough economic issues?

  4. Innovation

    OpenAIRE

    2009-01-01

    Il s’agit du second ouvrage paru dans le cadre du projet « Innovation und Recht », financé par la Fondation Volkswagen. D’approche interdisciplinaire, celui-ci a pour ambition de dé­terminer l’impact du droit existant sur l’innovation en vue de le faire évoluer. Au regard du droit de la concurrence et de la régulation sectorielle actuels, les auteurs se consacrent aux possibilités offertes par une orientation accrue vers l’innovation, notamment dans le secteur prometteur des télécommunication...

  5. Deciphering the Sunshine Act: Transparency Regulation and Financial Conflicts in Health Care.

    Science.gov (United States)

    Saver, Richard S

    2017-11-01

    The Physician Payments Sunshine Act ("Sunshine Act"), enacted to address financial conflicts in health care, is the first comprehensive federal legislation mandating public reporting of payments between drug companies, device manufacturers, and medicine. This article analyzes the Sunshine Act's uneven record, exploring how the law serves as an intriguing example of the uncertain case for transparency regulation in health care. The Sunshine Act's bumpy rollout demonstrates that commanding transparency through legislation can be arduous because of considerable implementation challenges. Capturing all the relevant information about financial relationships and reporting it with sufficient contextual and comparative data has proven disappointingly difficult. In addition, the law suffers from uncertainty and poor design as to the intended audience. Indeed, there is strong reason to believe that it will not significantly impact decision-making of primary recipients like patients. Yet the Sunshine Act nonetheless retains important and perhaps underappreciated value. From the almost four years of information generated, we have learned that industry-medicine financial ties vary significantly by physician specialty, and somewhat by physician gender. In many medical fields the distribution of top dollar payments tends to be heavily skewed to a few recipients, all of which have important implications for optimal management of financial conflicts and for health policy more generally. Accordingly, the Sunshine Act's greatest potential is not guiding decisions of individual patients or physicians, but its downstream effects. This Article traces how secondary audiences, such as regulators, watchdogs, and counsel are already starting to make productive use of Sunshine Act information. Public reporting has, for example, made more feasible linking industry payment information with Medicare reimbursement data. As a result, policymakers can more closely examine correlations between

  6. Innovation

    DEFF Research Database (Denmark)

    Helms, Niels Henrik

    2012-01-01

    Kravet om innovation og kreativitet er på flere måder en stor og en ny udfordring for voksenuddannelserne. Det udfordrer det didaktiske dilemma, det at vi skal gøres til kompetente og frie mennesker gennem pædagogiske handlinger, som netop pålægger os en ufrihed. – Men hvor denne ufrihed...... innovative, netop er det, vi endnu ikke kender...

  7. Features Of Legal Regulation Of Financial Relations And Financial Policies Of The Russian Empire In The Second Half Of The Nineteenth Century

    Directory of Open Access Journals (Sweden)

    Elena L. Alehina

    2014-12-01

    Full Text Available In the present article the nature and direction of the financial relations of legal regulation in the Russian Empire are described. Program notes of the finance ministers of the second half of the nineteenth century are analyzed, and on this basis the main areas of financial policy of the government is identified. It is emphasized that in the period of reforms in the Russian Empire a radical reform of the entire system of financial management was initiated. The Russian financial and economic policy in the second half of the nineteenth century was aimed at finding new and effective ways to overcome chronic financial crisis and budget deficits. As a principal mean of this policy still stood modernization of existing taxation system. Its reform in their base areas was based on the concepts and views that were expressed and formulated by the next minister of finance. As a result to achieve a certain stabilization of the financial system of the country became possible only in the early twentieth century after the conducted monetary reform by the Count Sergei Yulyevich Witte, the main principle of which was gold monometallism. But this reform did not also completely solve all financial problems of the Russian Empire. Nevertheless, it became possible to achieve some financial stabilization, the result of which was the accelerated development of industry, commerce and agriculture. On the basis of the economic recovery in the Russian Empire a new system of social relations was formed, prerequisites for the development of civil society arose. But the revolutionary events of the year 1917 interrupted this economic take-off and put Russian empire to the brink of disaster, which occurred soon. This experience should be studied further.

  8. 創新金融教育課程之設計 The Design of Innovative Financial Education Curriculum

    Directory of Open Access Journals (Sweden)

    林正昌 Cheng-Chang Lin

    2016-03-01

    Full Text Available 本研究旨在說明高中創新金融教育課程規劃設計的過程與結果。分別以內容分析法、調查研究法和產學合作方式,研發該課程之課程模組、評量模組與模擬體驗模組。研究成果包括:一、課程模組:內容涉及「金錢與交易」、「計劃與管理財務」、「風險與獲利」和「金融環境」四個領域,各領域下分為三個單元。課程目標在於培養和提升學生的金融素養。教學活動內容引入具備金融概念的桌上遊戲,以金融場域的探究活動取代傳統教科書,並於每週進行模擬資產配置,發展出探究式的課程模組。二、評量模組:包括「金融素養認知測驗題庫」193題,皆有難度與鑑別度的指標;「金融素養態度量表」共19題,具備良好之信、效度。此外,也包括學習單40份與隨堂測驗題101題。三、模擬體驗模組:乃以「全球資本市場動態演化知識庫」為基礎,透過每週與真實金融市場的模擬投資比較,讓學生能夠了解和推論國際事件與金融市場之間的關係,以及個人風險承受度、投資風格與投資策略的關係。 The purpose of this article was to illustrate the high school innovative financial education curriculum development process and results. Content analysis was adapted to plan and design curriculum module. The survey research was used to construct assessment module. By way of industry cooperation, “Financial Rising Star Netware” was introduced to develop simulated experience module. This curriculum includes three modules: (1 Course module contains four domains: “money and transactions”, “planning and managing finances”, “risk and reward” and “financial landscape”, each domain includes three teaching units. The course objective is to enhance students’ financial literacy. Teaching financial concepts incorporated with table games, in order to explore the

  9. Les innovations financières s’inscrivent-elles dans un processus schumpeterien de destruction créatrice ? Do financial innovations fit into the scheme of the Schumpeterian creative destruction process?

    Directory of Open Access Journals (Sweden)

    Faruk Ülgen

    2012-11-01

    Full Text Available Le présent article pose la question de savoir si les innovations financières peuvent être pensées dans le cadre du processus de destruction créatrice. Dans cet objectif, la dynamique schumpeterienne de l’économie capitaliste est interprétée en termes d’une économie monétaire dans laquelle les innovations bancaires et financières affectent structurellement les activités entrepreneuriales et jouent un rôle crucial sur la stabilité macroéconomique. À l’opposé des effets, souvent jugés positifs, des innovations des entrepreneurs schumpeteriens sur la croissance, les marchés financiers libéralisés génèrent des déséquilibres cumulés à travers le développement d’une financiarisation spéculative qui peut être étudiée en termes de la deuxième vague des cycles schumpeteriens. Le processus de destruction créatrice des innovations peut se transformer en une création destructrice. Par conséquent, la redéfinition des mécanismes de régulation dans une optique minskienne s’avère nécessaire pour faire face aux déséquilibres macroéconomiques.This paper asks the question to know if financial innovations can be thought within the framework of a creative destruction process. In this aim, the Schumpeterian dynamics of the capitalist economy is studied in terms of a monetary economy where banking and financial innovations affect structurally entrepreneurs’ activities and play a crucial role on the macroeconomic stability. Contrary to the effects, usually assumed to be positive, of innovations of the Schumpeterian entrepreneurs on the growth, liberalized financial markets generate accumulated imbalances through the development of a speculative financialization which can be studied in terms of the second wave of Schumpeterian business cycles. The process of creative destruction of innovations may turn to be a destructive creation. Then, redefining of regulatory mechanisms in a Minskian perspective seems to be

  10. Innovation

    OpenAIRE

    2008-01-01

    Voilà deux approches complémentaires de la problématique de l’innovation et des pôles de compétitivité. L’innovation, facteur-clef de compétitivité, y est considérée sous deux angles. D’un côté, celui de la politique industrielle et de sa mise en œuvre à l’échelon territorial via la création de pôles de compétitivité et des partenariats institutionnels que cela implique. D’un autre côté, l’angle des systèmes nationaux d’innovation et de leur comparaison internationale ; ces systèmes sont cons...

  11. Understanding entrepreneurial intent in late adolescence: the role of intentional self-regulation and innovation.

    Science.gov (United States)

    Geldhof, G John; Weiner, Michelle; Agans, Jennifer P; Mueller, Megan K; Lerner, Richard M

    2014-01-01

    Entrepreneurship represents a form of adaptive developmental regulation through which both entrepreneurs and their ecologies benefit. We describe entrepreneurship from the perspective of relational developmental systems theory, and examine the joint role of personal attributes, contextual attributes, and characteristics of person-context relationships in predicting entrepreneurial intent in a sample 3,461 college students enrolled in colleges and universities in the United States (60 % female; 61 % European American). Specifically, we tested whether personal characteristics (i.e., gender, intentional self-regulation skills, innovation orientation) and contextual factors (i.e., entrepreneurial parents) predicted college students' intentions to pursue an entrepreneurial career. Our findings suggest that self-regulation, innovation orientation, and having entrepreneurial role models (i.e., parents) predict entrepreneurial intent. Limitations and future directions for the study of youth entrepreneurship are discussed.

  12. Innovation

    DEFF Research Database (Denmark)

    Torfing, Jacob; Ricard, Lykke Margot

    2017-01-01

    Innovation i krydsfeltet mellem forskellige styringsparadigmer i offentlige organisationer. New Public Governance gør det muligt at skabe offentlig værdi på nye måder. Men NPG er ingen trylledrik, der fra den ene dag til den anden skaber balance mellem borgernes store forventninger og en trængt...

  13. Innovation

    African Journals Online (AJOL)

    ... libraries as support for the reading intervention is also an important part of the project. The focus of this article is on the use of family literacy workshops to introduce the reading programme and the fledgling school libraries to parents and the potential role of the school library in supporting reading activities. Innovation Vol.

  14. Innovation

    African Journals Online (AJOL)

    In order to gain experience in scanning of diverse media, projects have deliberately been kept small. It has been found that management of scanned images is as important as the process of scanning. Adequate planning, correct storage procedures and accurate metadata are essential to the success of a project. Innovation ...

  15. Innovation

    African Journals Online (AJOL)

    The purpose of Innovation journal of appropriate librarianship and information work in Southern Africa is to publish material on libraries, information supply and other related matters in South and Southern Africa. Vol 45 (2012). DOWNLOAD FULL TEXT Open Access DOWNLOAD FULL TEXT Subscription or Fee Access ...

  16. 29 CFR 2703.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Cross-reference to employee ethical conduct standards and...-reference to employee ethical conduct standards and financial disclosure regulations. Members and employees... of Ethical Conduct at 5 CFR part 2635; the Commission's regulations at 5 CFR part 8401, which...

  17. 12 CFR 264.101 - Cross-reference to employees' ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Cross-reference to employees' ethical conduct... § 264.101 Cross-reference to employees' ethical conduct standards and financial disclosure regulations... branch-wide standards of ethical conduct at 5 CFR part 2635 and the Board's regulation at 5 CFR part 6801...

  18. 29 CFR 0.735-1 - Cross-references to employee ethical conduct standards, financial disclosure regulations and...

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Cross-references to employee ethical conduct standards, financial disclosure regulations and other ethics regulations. 0.735-1 Section 0.735-1 Labor Office of the Secretary of Labor ETHICS AND CONDUCT OF DEPARTMENT OF LABOR EMPLOYEES Standards of Conduct for Current...

  19. Next-Generation Performance-Based Regulation: Emphasizing Utility Performance to Unleash Power Sector Innovation

    Energy Technology Data Exchange (ETDEWEB)

    Logan, Jeffrey S [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Zinaman, Owen R [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Littell, David [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Kadoch, Camille [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Baker, Phil [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Bharvirkar, Ranjit [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Dupuy, Max [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Hausauer, Brenda [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Linvill, Carl [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Migden-Ostrander, Janine [Regulatory Assistance Project (RAP), Montpelier, VT (United States); Rosenow, Jan [Regulatory Assistance Project; Xuan, Wang [Regulatory Assistance Project

    2017-09-12

    Performance-based regulation (PBR) enables regulators to reform hundred-year-old regulatory structures to unleash innovations within 21st century power systems. An old regulatory paradigm built to ensure safe and reliable electricity at reasonable prices from capital-intensive electricity monopolies is now adjusting to a new century of disruptive technological advances that change the way utilities make money and what value customers expect from their own electricity company. Advanced technologies are driving change in power sectors around the globe. Innovative technologies are transforming the way electricity is generated, delivered, and consumed. These emerging technology drivers include renewable generation, distributed energy resources such as distributed generation and energy storage, demand-side management measures such as demand-response, electric vehicles, and smart grid technologies and energy efficiency (EE). PBR enables regulators to recognize the value that electric utilities bring to customers by enabling these advanced technologies and integrating smart solutions into the utility grid and utility operations. These changes in the electric energy system and customer capacities means that there is an increasing interest in motivating regulated entities in other areas beyond traditional cost-of-service performance regulation. This report addresses best practices gleaned from more than two decades of PBR in practice, and analyzes how those best practices and lessons can be used to design innovative PBR programs. Readers looking for an introduction to PBR may want to focus on Chapters 1-5. Chapters 6 and 7 contain more detail for those interested in the intricate workings of PBR or particularly innovative PBR.

  20. INNOVATION

    DEFF Research Database (Denmark)

    Helms, Niels Henrik

    2012-01-01

    Kravet om innovation og kreativitet er på flere måder en stor og en ny udfordring for voksenuddannelserne. Det udfordrer det didaktiske dilemma, det at vi skal gøres til kompetente og frie mennesker gennem pædagogiske handlinger, som netop pålægger os en ufrihed. – Men hvor denne ufrihed tidligere...... kunne begrundes med, at skolen eller uddannelsen vidste bedre, så er det ikke længere tilfældet. Skolen skal sørge for, at vi lærer noget – og ikke noget andet. Men det kan ikke længere med bestemthed afgøres, hvad det er vi skal lære i skolen, fordi det nye, det kreative og ikke mindst innovative...

  1. Innovation

    OpenAIRE

    2012-01-01

    Présenté par FutuRIS, plate-forme prospective sur la recherche, l’innovation et la société animée par l’Association Nationale de la Recherche et de la Technologie, ce volume livre un panorama du système français de recherche et d’innovation dans son environnement européen. Sont abordés dans une première partie les champs décisionnels concernés, les politiques nationales menées en matière de R&D, les relations entre enseignement supérieur et recherche et l’Espace européen de la recherche à l’h...

  2. Facilitating major additions to gas pipeline capacity: innovative approaches to financing, contracting, and regulation

    International Nuclear Information System (INIS)

    Schlesinger, B.; George, R.

    1997-01-01

    The North American gas pipeline industry is in the process of changing from a highly regulated merchant business to a less-regulated, more competitive, transportation industry. This has changed the risk profiles of many companies. This study examined various innovative approaches to successfully financing major pipeline projects emphasizing pipeline capacity financing, contractual terms between shippers and pipelines, and regulatory developments. Besides suggesting options to enhance prospects for financing major pipeline expansion projects, the study also aimed at creating a better understanding of the regulatory market and commercial changes in the pipeline industry and their financing implications. The study also includes a review of the evolution in gas markets and a record of consultations with lenders, producers, marketers and users. Innovative financing, contracting and regulatory solutions are identified and assessed. 25 refs., 17 tabs., 16 figs

  3. 76 FR 10234 - Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts

    Science.gov (United States)

    2011-02-24

    ... entity to be created for a purpose of evading the FBAR reporting requirement would have a financial... relation for any person with a foreign financial agency.'' For this purpose, foreign financial agency means... reporting of foreign financial accounts.\\3\\ Most significantly, the NPRM proposed to (1) Define the scope of...

  4. Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente (Central Banking and Financial Innovation: A Survey of the Modern Literature

    Directory of Open Access Journals (Sweden)

    Jan Marc Berk

    2002-12-01

    Full Text Available I review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form of central bank instruments and current methods for implementing monetary policy may change, the goals that the policy makers try to achieve by employing these instruments remain valid, and achievable.

  5. Regulation evolution in Sweden with emphasis on financial aspects of decommissioning

    Energy Technology Data Exchange (ETDEWEB)

    Lindskog, St. [the Swedish Nuclear Power Inspectorate, Stockholm (Sweden); Sjoblomb, R. [Tekedo AB, Nykoping (Sweden)

    2008-07-01

    It is generally agreed that it should be the polluters that pay. A corollary to this principle is that it is those who benefit from e g nuclear electricity generation that should pay all the future costs for decommissioning and waste management. In order for such a corollary to be implemented in practice it is necessary that costs can be estimated, that appropriate funds can be accumulated, and that money can be made available at the time when it is needed. This is the principle underlying the recent (2006) recommendation of the European Union Commission on financial resources for decommissioning. The Commission states that a segregated fund with appropriate controls on use is the preferred option for all nuclear installations, and a clear recommendation to this effect is made for new installations. Furthermore, as regards the estimation of decommissioning costs, the Commission recommends a prudent calculation of costs based on appropriate risk management criteria and external supervision. The commission finds that experience shows that exchange of information between national experts concerning the various approaches to and financial arrangements for decommissioning and waste management is an excellent way of facilitating a common response to safety challenges. However, stringent requirements on assessing and securing assets for liabilities have been in force since many years through the various national implementations of the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS). Thus, precise calculations are to be presented each year (except for ongoing court cases), and in case estimation is difficult, various scenarios should be considered and a weighed average presented. In Sweden, the Law of Finance (SFS 2006:647) regulates how the costs for decommissioning and waste management are to be calculated and paid. A fee is levied on the use of nuclear electricity and accumulated in the waste fund. In addition, the

  6. Regulation evolution in Sweden with emphasis on financial aspects of decommissioning

    International Nuclear Information System (INIS)

    Lindskog, St.; Sjoblomb, R.

    2008-01-01

    It is generally agreed that it should be the polluters that pay. A corollary to this principle is that it is those who benefit from e g nuclear electricity generation that should pay all the future costs for decommissioning and waste management. In order for such a corollary to be implemented in practice it is necessary that costs can be estimated, that appropriate funds can be accumulated, and that money can be made available at the time when it is needed. This is the principle underlying the recent (2006) recommendation of the European Union Commission on financial resources for decommissioning. The Commission states that a segregated fund with appropriate controls on use is the preferred option for all nuclear installations, and a clear recommendation to this effect is made for new installations. Furthermore, as regards the estimation of decommissioning costs, the Commission recommends a prudent calculation of costs based on appropriate risk management criteria and external supervision. The commission finds that experience shows that exchange of information between national experts concerning the various approaches to and financial arrangements for decommissioning and waste management is an excellent way of facilitating a common response to safety challenges. However, stringent requirements on assessing and securing assets for liabilities have been in force since many years through the various national implementations of the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS). Thus, precise calculations are to be presented each year (except for ongoing court cases), and in case estimation is difficult, various scenarios should be considered and a weighed average presented. In Sweden, the Law of Finance (SFS 2006:647) regulates how the costs for decommissioning and waste management are to be calculated and paid. A fee is levied on the use of nuclear electricity and accumulated in the waste fund. In addition, the

  7. innovazione finanziaria e politica monetaria: Italia e stati uniti a confronto. (Financial innovation and monetary policy: Italy versus the United States

    Directory of Open Access Journals (Sweden)

    G. VACIAGO

    2013-12-01

    Full Text Available L'innovazione finanziaria è stata collegata al problema del controllo monetario in molti paesi. Negli Stati Uniti è stato suggerito che i tassi di interesse elevati e volatili hanno creato innovazioni che ha ridotto l'efficacia della politica monetaria . C'è una visione alternativa che ritiene  il controllo monetario inefficace ed ha creato volatilità dei mercati finanziari . Questo articolo considera i recenti sviluppi del sistema finanziario italiano e negli Stati Uniti , al fine di confrontare l'evoluzione di innovazione e il suo impatto sul controllo monetario .Financial innovation has been linked to the problem of monetary control in many countries. In the United States it has been suggested that high and volatile interest rates have created innovations that have reduced the effectiveness of monetary policy. There is an alternative view which believes that ineffective monetary control has created volatility in financial markets. This article considers recent developments in the Italian and United States financial system, in order to compare the evolution of innovation and its impact on monetary control.JEL: E52, E44

  8. Uganda; Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, and Payment Systems

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This paper presents findings of Uganda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. The banking system in Uganda, which dominates the financial system, is fundamentally sound, more resilient than in the past, and currently poses no threat to macroeconomic stability. A major disruption ...

  9. Risks and resolutions: the ‘day after’ for financial institutions - a conference summary

    OpenAIRE

    Carl R. Tannenbaum; Steven VanBever

    2009-01-01

    The Chicago Fed’s Supervision and Regulation Department, in conjunction with DePaul University’s Center for Financial Services, sponsored its second annual Financial Institutions Risk Management Conference on April 14–15, 2009. The conference focused on risk management, headline issues, and recent financial innovations.

  10. Innovation

    OpenAIRE

    2011-01-01

    Cette publication biennale, dont voici le septième volume, recense les tendances et les grandes orientations scientifiques, technologiques et industrielles, dans l’ensemble de la zone OCDE, ainsi que dans les grandes économies non membres. Outre les notes par pays en matière de recherche et d’innovation, le rapport présente l’évolution des politiques nationales et leur évaluation en termes de « dosage ». Comme l’OCDE célèbre cette année son 50e anniversaire, cette édition 2010 comporte égalem...

  11. Technology alliance portfolios and financial performance: Value-enhancing and cost-increasing effects of open innovation.

    NARCIS (Netherlands)

    Faems, D.L.M.; de Visser, Matthias; Andries, Petra; van Looy, Bart; van Looy, Bart

    2010-01-01

    Firms increasingly adopt an open innovation model in which they rely on technology alliances to complement and supplement their internal innovation efforts. Although previous studies provide in-depth insight into the impact of technology alliances on the innovation performance, they remain

  12. Technology Alliance Portfolios and Financial Performance : Value-Enhancing and Cost-Increasing Effects of Open Innovation

    NARCIS (Netherlands)

    Faems, Dries; de Visser, Matthias; Andries, Petra; Van Looy, Bart

    2010-01-01

    Firms increasingly adopt an open innovation model in which they rely on technology alliances to complement and supplement their internal innovation efforts. Although previous studies provide in-depth insight into the impact of technology alliances on the innovation performance, they remain

  13. Financial derivatives

    OpenAIRE

    Koutný, Ondřej

    2012-01-01

    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...

  14. Innovation

    OpenAIRE

    2008-01-01

    A l’heure où le gouvernement fédéral accroît ses dépenses de R&D de 7 % pour réaliser l’objectif de Lisbonne des 3 % de R&D dans le PIB à l’horizon 2010, cette étude publiée par la Fondation Hans Böckler du DGB tombe à point nommé. Ses auteurs passent en revue pour les évaluer les politiques d’innovation technologique menée par 9 Länder, dont bien entendu la Bavière et le Bade-Wurtemberg, mais aussi la Saxe ou la Sarre. (ib)

  15. Analysing stratified medicine business models and value systems: innovation-regulation interactions.

    Science.gov (United States)

    Mittra, James; Tait, Joyce

    2012-09-15

    Stratified medicine offers both opportunities and challenges to the conventional business models that drive pharmaceutical R&D. Given the increasingly unsustainable blockbuster model of drug development, due in part to maturing product pipelines, alongside increasing demands from regulators, healthcare providers and patients for higher standards of safety, efficacy and cost-effectiveness of new therapies, stratified medicine promises a range of benefits to pharmaceutical and diagnostic firms as well as healthcare providers and patients. However, the transition from 'blockbusters' to what might now be termed 'niche-busters' will require the adoption of new, innovative business models, the identification of different and perhaps novel types of value along the R&D pathway, and a smarter approach to regulation to facilitate innovation in this area. In this paper we apply the Innogen Centre's interdisciplinary ALSIS methodology, which we have developed for the analysis of life science innovation systems in contexts where the value creation process is lengthy, expensive and highly uncertain, to this emerging field of stratified medicine. In doing so, we consider the complex collaboration, timing, coordination and regulatory interactions that shape business models, value chains and value systems relevant to stratified medicine. More specifically, we explore in some depth two convergence models for co-development of a therapy and diagnostic before market authorisation, highlighting the regulatory requirements and policy initiatives within the broader value system environment that have a key role in determining the probable success and sustainability of these models. Copyright © 2012 Elsevier B.V. All rights reserved.

  16. Health consumers and stem cell therapy innovation: markets, models and regulation.

    Science.gov (United States)

    Salter, Brian; Zhou, Yinhua; Datta, Saheli

    2014-05-01

    Global health consumer demand for stem cell therapies is vibrant, but the supply of treatments from the conventional science-based model of innovation is small and unlikely to increase in the near future. At the same time, several models of medical innovation have emerged that can respond to the demand, often employing a transnational value chain to deliver the product. Much of the commentary has approached the issue from a supply side perspective, demonstrating the extent to which national and transnational regulation fails to impose what are regarded as appropriate standards on the 'illicit' supply of stem cell therapies characterized by little data and poor outcomes. By contrast, this article presents a political economic analysis with a strong demand side perspective, arguing that the problem of what is termed 'stem cell tourism' is embedded in the demand-supply relationship of the health consumer market and its engagement with different types of stem cell therapy innovation. To be meaningful, discussions of regulation must recognize that analysis or risk being sidelined by a market, which ignores their often wishful thinking.

  17. Regulating innovative crop technologies in Canada: the case of regulating genetically modified crops.

    Science.gov (United States)

    Smyth, Stuart; McHughen, Alan

    2008-04-01

    The advent of genetically modified crops in the late 1980s triggered a regulatory response to the relatively new field of plant genetic engineering. Over a 7-year period, a new regulatory framework was created, based on scientific principles that focused on risk mitigation. The process was transparent and deliberately sought the input of those involved in crop development from non-governmental organizations, industry, academia and federal research laboratories. The resulting regulations have now been in place for over a decade, and the resilience of the risk-mitigating regulations is evident as there has been no documented case of damage to either environment or human health.

  18. 77 FR 21637 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2012-04-11

    ... financial activities'' for this purpose.\\3\\ \\1\\ See 12 U.S.C. 5311(a)(4). \\2\\ See 12 U.S.C. 5311(a)(6). \\3... identified in Stage 1 to pose a threat to U.S. financial stability. In general, this analysis will be based... provide a reasonable set of measures for identifying nonbank financial companies that, in general, warrant...

  19. SOME INSIGHTS REGARDING CREATIVE ACCOUNTING IN ROMANIAN ACCOUNTING ENVIRONMENT - REGULATORS, FINANCIAL AUDITORS AND PROFESSIONAL BODIES OPINION

    Directory of Open Access Journals (Sweden)

    Grosanu Adrian

    2011-07-01

    Full Text Available This empirical study reports the results of a survey designed to explore the existence and magnitude of creative accounting practices in the Romanian accounting environment using as a reference point the opinion of some of the top representative accounting professionals like: financial auditors, regulators and professional bodies representatives of the Chamber of Financial Auditors of Romania and also representative of the Body of Expert and Licensed Accountants of Romania. Since the existence of creative accounting practices are connected in accounting with issues of vulnerability and in some cases panic getting to know its magnitude can be regarded of higher importance. In this respect we were interested to see if our respondents can document its existence and magnitude based on their experience. In order to achieve this goal our methodology employed neutral and direct interviews based on closed questions questionnaire. The results of our empirical study documented that the credibility of accounting profession in the Romanian accounting environment is not affected by items like creative accounting since all our respondents asserted that is not facile to employ creative accounting schemes in the practice of accounting. One particular question was concerned about the ease of detection of creative accounting practices. In this respect we interrogated our respondents and all had similar opinions that in order to detect those practice skilled professionals are needed and more than that the desire to engage in this demarche since it is not specified particularly in the law.When it comes to creative accounting schemes that our respondents could identify in their day to day work they shared similar views: items like profit overstatement and profit undervaluation, income tax and leasing can be included frequently in those schemes. On the other hand practices of creative accounting that include goodwill, provisions and developments costs are not found

  20. Efficiency assessment method of financial leasing as a factor of innovative development of a construction complex for a lessee in comparison with a credit

    Directory of Open Access Journals (Sweden)

    Alekseeva Tat’yana Romanovna

    Full Text Available Modernization and innovative and technological rearmament of a construction complex is one of the priority problems of national economy development. Development and implementation of innovative technologies in the process of creating construction production will allow improving its quality, consumer characteristics, ensuring energy efficiency and ecological safety of buildings and constructions. One of problems of innovative development of a construction complex is the problem of financing of innovative activity. In our opinion leasing is one of effective ways of its solving. In the leasing transaction the owner of an asset temporarily transfers a right to use an asset to other party. The owner of an asset is a lessor. Other party is a lessee. The lessor makes a lease for a specified time in return for a periodic rental payments from the lessee. One of the advantages of leasing is that it provides alternative to ownership. Also lessees benefit from a number of tax advantages. Leasing has many other advantages. The assessment method of the efficiency of financial leasing as a factor of innovative development of a construction complex for a lessee enterprise in comparison with the credit is shown in article. As a result of scientific research we specified the criteria of this assessment.

  1. 5 CFR 1300.1 - Cross-reference to employees ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Cross-reference to employees ethical conduct standards and financial disclosure regulations. 1300.1 Section 1300.1 Administrative Personnel OFFICE OF MANAGEMENT AND BUDGET ADMINISTRATIVE PROCEDURES STANDARDS OF CONDUCT § 1300.1 Cross-reference...

  2. 15 CFR 0.735-2 - Cross-references to ethical conduct, financial disclosure, and other applicable regulations.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Cross-references to ethical conduct... Cross-references to ethical conduct, financial disclosure, and other applicable regulations. Employees of the Department of Commerce should refer to the executive branch-wide Standards of Ethical Conduct...

  3. 5 CFR 1900.100 - Cross-references to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Cross-references to employee ethical... ethical conduct standards and financial disclosure regulations. Officers and employees of the Appalachian Regional Commission Federal Staff are subject to the Standards of Ethical Conduct for Employees of the...

  4. 16 CFR 1030.101 - Cross-references to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Cross-references to employee ethical conduct... employee ethical conduct standards and financial disclosure regulations. Employees of the Consumer Product Safety Commission are subject to the Standards of Ethical Conduct, 5 CFR part 2635, which are applicable...

  5. 12 CFR 336.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Cross-reference to employee ethical conduct... and Conduct § 336.1 Cross-reference to employee ethical conduct standards and financial disclosure... Branch-wide Standards of Ethical Conduct at 5 CFR part 2635, the Corporation regulation at 5 CFR part...

  6. 12 CFR 601.100 - Cross-references to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Cross-references to employee ethical conduct... employee ethical conduct standards and financial disclosure regulations. Board members, officers, and other employees of the Farm Credit Administration are subject to the Standards of Ethical Conduct for Employees of...

  7. 29 CFR 1600.101 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 4 2010-07-01 2010-07-01 false Cross-reference to employee ethical conduct standards and... to employee ethical conduct standards and financial disclosure regulations. Employees of the Equal Employment Opportunity Commission (EEOC) are subject to the executive branch-wide Standards of Ethical...

  8. 43 CFR 20.101 - Cross-references to ethical conduct, financial disclosure and other applicable regulations.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Cross-references to ethical conduct... Cross-references to ethical conduct, financial disclosure and other applicable regulations. In addition... Standards of Ethical Conduct for Employees of the Executive Branch, at 5 CFR part 2635; the Department's...

  9. 49 CFR 1019.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 8 2010-10-01 2010-10-01 false Cross-reference to employee ethical conduct... Cross-reference to employee ethical conduct standards and financial disclosure regulations. Members and employees of the Surface Transportation Board also should refer to the executive branch Standards of Ethical...

  10. 5 CFR 1633.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Cross-reference to employee ethical... ethical conduct standards and financial disclosure regulations. Employees of the Federal Retirement Thrift Investment Board (Board) are subject to the executive branch-wide Standards of Ethical conduct at 5 CFR part...

  11. 39 CFR 3000.735-101 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-07-01

    ... 39 Postal Service 1 2010-07-01 2010-07-01 false Cross-reference to employee ethical conduct... employee ethical conduct standards and financial disclosure regulations. Employees of the Postal Regulatory Commission (Commission) are subject and should refer to the executive branch-wide Standards of Ethical...

  12. Uranium and thorium mining regulations: Amendments relating to financial assurances and decommissioning of uranium mining facilities. Consultative document

    International Nuclear Information System (INIS)

    Brooks, G.L.

    1993-01-01

    The purpose of this document is to describe the objectives, scope, substance and application of proposed amendments to the Uranium and Thorium Mining Regulations; in particular, amendments relating to the provision of financial assurances for the decommissioning of Canadian uranium mines. (author)

  13. Public Regulation, Contract Law, and the Protection of the Weaker Party : Some Lessons from the Field of Financial Services

    NARCIS (Netherlands)

    Cherednychenko, O.O.

    2014-01-01

    While contractual relationships between private parties in the financial services field were traditionally the exclusive domain of private law, in particular contract law, the early twenty-first century has witnessed the rise of contract-related public regulation in this area both at EU and Member

  14. The development of creative and innovative thinking and problem-solving skills in a financial services organisation

    OpenAIRE

    2012-01-01

    M.Comm. Globalization initiates rapid change and innovation that is: “… no longer an option, but it has become a business imperative” (Grulke, 2002, p. 18). Innovative organizations have developed the ability to satisfy both the shareholders’ demand for wealth (Hamel, 2000) and the customers’ demand for more creative and innovative products that facilitate ease of use (Kelley, 2001) while at the same time ensuring business sustainability (Skarzynski & Gibson, 2008). The development of crea...

  15. Embodied innovation and regulation of medical technoscience: transformations in cancer patienthood.

    Science.gov (United States)

    Kerr, Anne; Cunningham-Burley, Sarah

    2015-07-03

    Biomedical advances are transforming the diagnosis and treatment of disease. Patienthood is also transforming, as patients actively participate in research, innovation and regulation of novel technologies and therapies. In this paper we explore the new kinds of practices that patients are performing in their roles as research subject, co-researchers, donors, campaigners, representatives and consumers of novel stratified therapies. We outline their embodied contributions to clinical trials, biobanks and stratified therapies prior to, during and after having cancer. Exploring how patienthood involves donating more than tissue or data to these developments, we consider their emotional and identity work which informs and shapes the novel diagnostics and therapies being developed. We also consider how this kind of work is stratified according to the social and biological location of participants, and end by reflecting on the implications of our analysis for the organisation and regulation of biomedicine.

  16. A tale of two perspectives: regulation versus self-regulation. A financial reporting approach (from Sarbanes-Oxley) for research ethics.

    Science.gov (United States)

    Richman, Vincent; Richman, Alex

    2012-06-01

    Reports of research fraud have raised concerns about research integrity similar to concerns raised about financial accounting fraud. We propose a departure from self-regulation in that researchers adopt the financial accounting approach in establishing trust through an external validation process, in addition to the reporting entities and the regulatory agencies. The general conceptual framework for reviewing financial reports, utilizes external auditors who are certified and objective in using established standards to provide an opinion on the financial reports. These standards have become both broader in scope and increasingly specific as to what information is reported and the methodologies to be employed. We believe that the financial reporting overhaul encompassed in the US Sarbanes-Oxley Act of 2002, which aims at preventing accounting fraud, can be applied to scientific research in 4 ways. First, Sarbanes-Oxley requires corporations to have a complete set of internal accounting controls. Research organizations should use appropriate sampling techniques and audit research projects for conformity with the initial research protocols. Second, corporations are required to have the chief financial officer certify the accuracy of their financial statements. In a similar way, each research organization should have their vice-president of research (or equivalent) certify the research integrity of their research activities. In contrast, the primary responsibility of the existing Research Integrity Officers is to handle allegations of research misconduct, an after-the-fact activity. Third, generally accepted auditing standards specify the appropriate procedures for external review of a corporation's financial statements. For similar reasons, the research review process would also require corresponding external auditing standards. Finally, these new requirements would be implemented in stages, with the largest 14 research organizations that receive 25% of the total

  17. The effects of customer benefit and regulation on environmental product innovation. Empirical evidence from appliance manufacturers in Germany

    International Nuclear Information System (INIS)

    Kammerer, Daniel

    2009-01-01

    Environmental product (EP) innovations and their determinants have received increasing attention from researchers during the past years. So far, empirical studies have shown inconsistent results, especially regarding the impact of regulation. In this paper, I seek to advance the understanding of EP-innovation by introducing and testing a novel research framework. First, a novel unit of analysis, the environmental issue level, is applied. EP-innovation is not studied in broad terms but specifically for four environmental issues that are relevant to the electrical and electronic appliances industry: energy efficiency, toxic substances, material efficiency, and electromagnetic fields. Second, the customer benefit, a concept from the green marketing literature, is included as an explanatory variable for EP-innovation for the first time. The argument is that green products which besides their public benefits have private environmental benefits for the customer (e.g., energy savings) will generate stronger consumer demand and can thus constitute the firm's motivation to implement those innovations in the first place. Third, EP-innovation is observed more comprehensively, measuring its extent and level of novelty. I apply this research framework to study EP-innovations of German manufacturers of electrical and electronic appliances. My results support the issue level as unit of analysis. The impact of customer benefit and regulation on EP-innovation is analyzed with logit regression and the results clearly show that both customer benefit and regulation play a key role for EP-innovation. They not only foster the implementation of EP-innovations but also their broad application and their level of novelty. (author)

  18. Innovation types at smes and external influencing factors

    Directory of Open Access Journals (Sweden)

    Monika Walicka

    2014-12-01

    Full Text Available Stimulating innovation is one of the pressing policy challenges facing many countries in the world today. The paper analyses the external factors that Polish entrepreneurs find most detrimental to their innovative activity. A sample of 199 small and medium size enterprises (SMEs in Poland were subjected to a survey. The data collected revealed the innovation types of SMEs in Poland and external financial factors influencing innovation the most. The results show external factors such as legal regulations, access to external financing, bureaucracy of institutions, financial government support, the tax system, time necessary to comply with regulations, and crisis and instability are very important for SMEs. According to the results, process and marketing innovations are applied more frequently than product and organisational innovations. Finally, the results indicate that entrepreneurs indicate that lack of government support and weakness of tax incentives is an important barrier to the innovation process.

  19. Department of Defense Financial Management Regulation. Volume 13. Nonappropriated Funds Policy and Procedures

    National Research Council Canada - National Science Library

    1994-01-01

    .... In addition, it directs statutory and regulatory financial reporting requirements. This Volume prescribes standard accounting principles and practices for all DoD nonappropriated fund instrumentalities (NAFIs...

  20. The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

    Directory of Open Access Journals (Sweden)

    David John Lutton

    2008-11-01

    Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

  1. Complexity theory and financial regulation: economic policy needs interdisciplinary network analysis and behavioral modeling

    NARCIS (Netherlands)

    Battiston, S.; Farmer, J.D.; Flache, A.; Garlaschelli, D.; Haldane, A.G.; Heesterbeek, H.; Hommes, C.; Jaeger, C.; May, R.; Scheffer, M.

    2016-01-01

    Traditional economic theory could not explain, much less predict, the near collapse of the financial system and its long-lasting effects on the global economy. Since the 2008 crisis, there has been increasing interest in using ideas from complexity theory to make sense of economic and financial

  2. 78 FR 11745 - Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small...

    Science.gov (United States)

    2013-02-20

    ..., Small Business Innovation Research (SBIR) Program and Small Business Technology Transfer (STTR) Program... Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. DATES: Effective February...

  3. Financial and environmental behavior of the regulated firm: A case study of the US nuclear power industry, 1974-1984

    International Nuclear Information System (INIS)

    Mitchell, E.P.

    1991-01-01

    This study of the US commercial nuclear power industry from 1974-1984 covers the operations of 87 power plants. It seeks to help explain the actions of a regulated firm faced with environmental constraints from the Nuclear Regulatory Commission and financial constraints from State regulatory bodies. Theoretical and applied conceptions of the regulated monopoly are reviewed in a historical and integrated format using both the neoclassical and institutional positions. For the neoclassical approach, the author seeks empirical support for the Averch-Johnson hypothesis by including profit-maximizing and environmental constraints in his econometric model. For the institutionalist approach, he tries to look into the institutional reasons for the behavior exhibited by the firms. A date base which consists of financial, radioactive emissions, and technical operations information has been compiled in order to allow testing of various hypotheses drawn from theoretical and applied sources. The results of the analysis support five very clear conclusions which are presented

  4. Corporate market responsibility for orderly financial markets: systemic risk and regulation following Citigroup, sovereign funds, and the credit crunch

    OpenAIRE

    Gomes, Rafael A.R. Pereira

    2011-01-01

    How are companies responsible for helping to ensure orderly financial markets? In economic theory, the question is redundant, because orderly markets result from normal business activity, with support from regulators. Within the last few years, however, several episodes have suggested differently. Citigroup investment bank was fined for destabilising bond markets, despite being absolved of criminal conduct. Sovereign wealth funds were compelled to sign a code-of-conduct, to safeguard "free an...

  5. 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.

  6. 18 CFR Appendix A to Part 1302 - Federal Financial Assistance to Which These Regulations Apply

    Science.gov (United States)

    2010-04-01

    ... TITLE VI OF THE CIVIL RIGHTS ACT OF 1964 Pt. 1302, App. A Appendix A to Part 1302—Federal Financial... by TVA and to educate farmers and other interested persons concerning these new fertilizers. This...

  7. HARMONIZATION OF NATIONAL REGULATION AND INTERNATIONAL FINANCIAL REPORTING STANDARDS - PARTICULAR CASE OF NONCURRENT ASSETS

    OpenAIRE

    Coste Andreea Ioana; Fekete Pali-Pista Szilveszter

    2013-01-01

    In the scientific literature, accounting harmonization is a top topic because it helps to increase the comparability of financial statements. Also in Romania in the last 10 years becames a topic that is very often debated. The harmonization is trying to reduce differences of financial reporting statements between countries or, in the other words, it is trying to bring to a common denominator of existing rules when appear conflicts of comparability between them. The purpose of this paper is to...

  8. HARMONIZATION OF NATIONAL REGULATION AND INTERNATIONAL FINANCIAL REPORTING STANDARDS – PARTICULAR CASE OF NONCURRENT ASSETS

    OpenAIRE

    Coste Andreea Ioana; Fekete Pali-Pista Szilveszter

    2013-01-01

    In the scientific literature, accounting harmonization is a top topic because it helps to increase the comparability of financial statements. Also in Romania in the last 10 years becames a topic that is very often debated. The harmonization is trying to reduce differences of financial reporting statements between countries or, in the other words, it is trying to bring to a common denominator of existing rules when appear conflicts of comparability between them. The purpose of this paper is to...

  9. An Advisory Committee for the Regulation of Innovation in Gynaecologic Practice: Development and Implementation.

    Science.gov (United States)

    Farrell, Scott A; Van Eyk, Nancy

    2016-08-01

    The fundamental precepts that underpin the delivery of all medical care are safety and efficacy. Although these precepts, in theory, are accepted without challenge, in many settings where clinical care is delivered, there is a lack of formal oversight necessary to ensure their implementation in practice. Even though most medical specialties have national bodies that provide guidelines for good medical practice, and hospital accreditation makes reference to dissemination of such guidelines, there is usually not a mechanism to monitor medical uptake and adherence to good practice in the day-to-day delivery of care. Most hospitals require approval by an institutional review board before research protocols can be undertaken, but regional health authorities and hospitals do not usually have formal processes in place to regulate the adoption of new technologies into clinical practice. Recognizing the lack of a formal process at the hospital level to guide and regulate the introduction of new technologies or procedures, we set out to establish an oversight process to fill this gap. A committee was established to oversee innovation in the Gynaecology Division of our hospital. We describe here the establishment of this committee, the tools the committee used, and the processes used for the committee to do its work. We conclude that formal, local oversight of medical innovation is indispensible for ensuring the high standards of medical practice necessary to optimize patient safety. Copyright © 2016 The Society of Obstetricians and Gynaecologists of Canada/La Société des obstétriciens et gynécologues du Canada. Published by Elsevier Inc. All rights reserved.

  10. Benefits Access for College Completion: Innovative Approaches to Meet the Financial Needs of Low-Income Students

    Science.gov (United States)

    Center for Postsecondary and Economic Success, 2014

    2014-01-01

    Benefits Access for College Completion (BACC) was designed to help colleges develop new policies that increase low-income students' access to public benefits, easing their financial burden to allow them to finish school and earn postsecondary credentials. Colleges participating in BACC have developed and institutionalized scalable, sustainable…

  11. The apotheosis of holding company accounting: Unilever's financial reporting innovations from the 1920s tot the 1940s

    NARCIS (Netherlands)

    Camfferman, C.; Zeff, S.A.

    2003-01-01

    The annual reports of Unilever were widely hailed in the 1940s as outstanding examples of holding company accounting. The accounts did indeed contain many new and innovative features, including segment reporting of sales turnover. This contrasts with the frequently negative assessments of the

  12. AGC kinases, mechanisms of regulation ‎and innovative drug development.

    Science.gov (United States)

    Leroux, Alejandro E; Schulze, Jörg O; Biondi, Ricardo M

    2018-02-01

    The group of AGC kinases consists of 63 evolutionarily related serine/threonine protein kinases comprising PDK1, PKB/Akt, SGK, PKC, PRK/PKN, MSK, RSK, S6K, PKA, PKG, DMPK, MRCK, ROCK, NDR, LATS, CRIK, MAST, GRK, Sgk494, and YANK, while two other families, Aurora and PLK, are the most closely related to the group. Eight of these families are physiologically activated downstream of growth factor signalling, while other AGC kinases are downstream effectors of a wide range of signals. The different AGC kinase families share aspects of their mechanisms of inhibition and activation. In the present review, we update the knowledge of the mechanisms of regulation of different AGC kinases. The conformation of the catalytic domain of many AGC kinases is regulated allosterically through the modulation of the conformation of a regulatory site on the small lobe of the kinase domain, the PIF-pocket. The PIF-pocket acts like an ON-OFF switch in AGC kinases with different modes of regulation, i.e. PDK1, PKB/Akt, LATS and Aurora kinases. In this review, we make emphasis on how the knowledge of the molecular mechanisms of regulation can guide the discovery and development of small allosteric modulators. Molecular probes stabilizing the PIF-pocket in the active conformation are activators, while compounds stabilizing the disrupted site are allosteric inhibitors. One challenge for the rational development of allosteric modulators is the lack of complete structural information of the inhibited forms of full-length AGC kinases. On the other hand, we suggest that the available information derived from molecular biology and biochemical studies can already guide screening strategies for the identification of innovative mode of action molecular probes and the development of selective allosteric drugs for the treatment of human diseases. Copyright © 2017 Elsevier Ltd. All rights reserved.

  13. External Knowledge Sourcing and Green Innovation Growth with Environmental and Energy Regulations: Evidence from Manufacturing in China

    Directory of Open Access Journals (Sweden)

    Jian Hou

    2017-02-01

    Full Text Available This paper adopts the slacks-based measure-directional distance function (SBM-DDF, 2009 method for deriving the “Green Innovation Growth” rates of 28 manufacturing industries in China. The results indicate that the overall level of green innovation growth in China’s manufacturing is relatively low, with a declining trend. The tradeoffs among energy, environment and economy are rather sharp, and the “Porter Effect (1995” (environmental regulation will promote green technology innovation is not currently realized quickly in manufacturing. These evaluations imply an unsustainable development model in China, with significant differences among industries. By using a dynamic panel threshold model and employing an industry-level panel dataset for 2008–2014, we show that external knowledge sourcing has a significant negative impact on green innovation growth but with different constraints on R&D levels among industries. With the strengthening of R&D levels, gradually surpassing “critical mass”, the negative role of external knowledge sourcing in driving this mechanism becomes smaller and smaller; it has a non-linear relationship with the “threshold effect”. Consequently, we provide insights into the relationship among energy consumption, environmental pollution and technology innovation, and show how the heterogeneity of the R&D threshold affects differences in external knowledge sourcing and green innovation growth. These insights lead to a better understanding of the driving force, realizing path and policy design for green innovation growth.

  14. The Issue of the Financial Regulations and the Crisis – Romanian Case

    Directory of Open Access Journals (Sweden)

    Isac BORS

    2011-11-01

    Full Text Available The harmful effects, on medium and long term, the financial crisis manifests on the economy, requires a deep analysis on the specific phenomena, aiming to the diminishing or even the eliminating of the unwanted effects. This way, an effective operation, asks for a correct diagnosis over the phenomena which implies the precise identification of the generating factors. In the end, action has to be taken on the identified factors generating financial crisis. The present work, makes an analysis of the real causes that lead to the financial crisis in Romania, considering the global context. It is this global context in which there have been identified some answers to the crisis problem.

  15. Internal Controls and Compliance With Laws and Regulations for the FY 1996 Financial Statements of the "Other Defense Organizations" Receiving Department 97 Appropriations

    National Research Council Canada - National Science Library

    1997-01-01

    The overall audit objective was to assess internal controls and compliance with laws and regulations and to review and evaluate the adjustments to the FY 1996 "Other Defense Organizations" financial statements...

  16. Regulation and adaptation of management accounting innovations : The case of economic value added in Thai state-owned enterprises

    NARCIS (Netherlands)

    Chiwamit, Pimsiri; Modell, Sven; Scapens, Robert

    2017-01-01

    Research on the diffusion of management accounting innovations (MAIs) has grown into a substantial literature which, draws attention to how diffusion processes can be fuelled by compulsory regulation. However, relatively little is known about how MAIs interact with wider regulatory processes in

  17. Paying to see a bug on my food: how regulations and information can hamper radical innovations in the European Union

    NARCIS (Netherlands)

    Magistris, de T.; Pascucci, S.; Mitsopoulos, D.

    2015-01-01

    Purpose – The purpose of this paper is to examine the role of the European Novel Food Regulation (ENFR) on consumers’ acceptance of and willingness to pay (WTP) for radical food innovations. The research question is focussed on determining whether the ENFR is hampering the market potential of

  18. Innovative farmers and regulatory gatekeepers: Genetically modified crops regulation and adoption in developing countries.

    Science.gov (United States)

    Sinebo, Woldeyesus; Maredia, Karim

    2016-01-02

    The regulation of genetically modified (GM) crops is a topical issue in agriculture and environment over the past 2 decades. The objective of this paper is to recount regulatory and adoption practices in some developing countries that have successfully adopted GM crops so that aspiring countries may draw useful lessons and best practices for their biosafatey regulatory regimes. The first 11 mega-GM crops growing countries each with an area of more than one million hectares in 2014 were examined. Only five out of the 11 countries had smooth and orderly adoption of these crops as per the regulatory requirement of each country. In the remaining 6 countries (all developing countries), GM crops were either introduced across borders without official authorization, released prior to regulatory approval or unapproved seeds were sold along with the approved ones in violation to the existing regulations. Rapid expansion of transgenic crops over the past 2 decades in the developing world was a result of an intense desire by farmers to adopt these crops irrespective of regulatory roadblocks. Lack of workable biosafety regulatory system and political will to support GM crops encouraged unauthorized access to GM crop varieties. In certain cases, unregulated access in turn appeared to result in the adoption of substandard or spurious technology which undermined performance and productivity. An optimal interaction among the national agricultural innovation systems, biosafety regulatory bodies, biotech companies and high level policy makers is vital in making a workable regulated progress in the adoption of GM crops. Factoring forgone opportunities to farmers to benefit from GM crops arising from overregulation into biosafety risk analysis and decision making is suggested. Building functional biosafety regulatory systems that balances the needs of farmers to access and utilize the GM technology with the regulatory imperatives to ensure adequate safety to the environment and human

  19. 77 FR 28520 - Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small...

    Science.gov (United States)

    2012-05-15

    ... Business Innovation Research (SBIR) Program and Small Business Technology Transfer (STTR) Program AGENCY... Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. This proposed rule would...), which established the Small Business Innovation Research (SBIR) Program. The statutory purpose of the...

  20. A Survey of State and Local PV Program Response to Financial Innovation and Disparate Federal Tax Treatment in the Residential PV Sector

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Holt, Edward [Ed Holt & Associates, Inc., Harpswell, ME (United States)

    2015-06-01

    High up-front costs and a lack of financing options have historically been the primary barriers to the adoption of photovoltaics (PV) in the residential sector. State clean energy funds, which emerged in a number of states from the restructuring of the electricity industry in the mid-to-late 1990s, have for many years attempted to overcome these barriers through PV rebate and, in some cases, loan programs. While these programs (rebate programs in particular) have been popular, the residential PV market in the United States only started to achieve significant scale in the last five years – driven in large part by an initial wave of financial innovation that led to the rise of third-party ownership.

  1. Financial Markets and Compliance

    NARCIS (Netherlands)

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

    2017-01-01

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

  2. FINANCIAL DERIVATIVES - MEANINGS BEYOND SUBPRIME CRISIS STIGMA

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2012-12-01

    Full Text Available Derivatives are designed as complex financial instruments and their main aim is to manage the risk associated with the underlying asset, in order to ensure against fluctuations in value, or to profit from periods of inactivity, instability or decline. In recent years financial derivatives have experienced a fulminant development and also they have been perceived as an effective lever of the modern economy. The subprime crisis was triggered by a quite significant financial infrastructure glitch, which coalesced around certain factors influence, such as : highly permissive regulation of financial markets, speculative bubbles, underperforming risk management, liquidity injections and structural imbalances. Despite the fact that is a innovative segment and quite difficult affordable as understanding level of the operation mechanisms, financial derivatives were only the tool triggering this global dimension crisis.

  3. IS BALANCE AMONGHUMAN, FINANCIAL ANDENVIRONMENTAL CAPITAL POSSIBLE IN INDUSTRIES?

    Directory of Open Access Journals (Sweden)

    Maria Lúcia Gili Massi

    2014-09-01

    Full Text Available The problems of the environment, their impact on health and wellness of people, the regulations and the increasingly demanding positioning of consumers led industries to adopt new attitudes in relation to environmental issues. The literature has shown that there is much to be done. The innovations practiced in environmental controls (on outputs, process and administrative management have been translated into a source of profit. It demonstrates that investing in human capital makes people more competent for strategic entrepreneurship, innovation and production, consequently, affecting the longevity of the company and the growth of its economic and financial capital. This study aims to verify if the innovation can balance human, financial and environmental capital and it is justified mainly for those industries worried with the environment. The literature review has proved that innovation is a balance marker between human, financial and environmental capital when industries become aware of their environmental responsibility.

  4. ACCOUNTING INNOVATION ANALYSIS FOR THE STOCK PRICES AND MACROECONOMIC FACTORS OF FIVE ASEAN COUNTRIES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Adwin Surja Atmadja

    2004-01-01

    Full Text Available This paper seeks to examine some of the dynamic interactions of stock prices and macroeconomic factors in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, accounting innovation analyses based on vector autoregressive (VAR analytical framework is employed to empirically examine the interaction among the variables. This research reveals that, firstly, a shock to a particular variable in the model results in various contemporaneous reactions by other variables across the countries during the sample period. Secondly, the general forecast error variance decomposition results likely reinforce the outcomes of the general impulse response analyses in most of the countries. Abstract in Bahasa Indonesia : Makalah ini ditujukan untuk mengkaji berbagai interaksi dinamik yang terjadi antara indeks harga saham dan factor-faktor ekonomi makro di kelima negara-negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapura; dan Thailand pada saat dan setelah berlangsungnya krisis keuangan Asia tahun 1997. Dengan menggunakan data time series bulanan dari negara-negara tersebut, accounting innovation analysis yang didasarkan atas kerangka analisa vector autoregressive (VAR diaplikasikan untuk menguji secara empiris interaksi dinamik antara berbagai variabel tersebut. Penelitian ini mengungkapkan bahwa, pertama, suatu goncangan terhadap suatu variabel tertentu di dalam model menghasilkan berbagai reaksi temporer oleh variabel-variabel lainnya di seluruh negara-negara tersebut selama periode penelitian. Kedua, hasil-hasil analisa general forecast error variance decomposition nampaknya cenderung memperkuat hasil-hasil dari analisa general impulse response di sebagian besar negara-negara ASEAN tersebut. Kata kunci: analisa accounting innovation, krisis keuangan Asia, pasar modal, faktor-faktor ekonomi makro

  5. Regulating capital flows in emerging markets: The IMF and the global financial crisis

    Directory of Open Access Journals (Sweden)

    Kevin P. Gallagher

    2017-12-01

    Full Text Available In the wake of the financial crisis the International Monetary Fund (IMF began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

  6. An Innovative Adaptive Control System to Regulate Microclimatic Conditions in a Greenhouse

    Directory of Open Access Journals (Sweden)

    Giuseppina Nicolosi

    2017-05-01

    Full Text Available In the recent past home automation has been expanding its objectives towards new solutions both inside the smart home and in its outdoor spaces, where several new technologies are available. This work has developed an approach to integrate intelligent microclimatic greenhouse control into integrated home automation. Microclimatic control of greenhouses is a critical issue in agricultural practices, due to often common sudden daily variation of climatic conditions, and to its potentially detrimental effect on plant growth. A greenhouse is a complex thermodynamic system where indoor temperature and relative humidity have to be closely monitored to facilitate plant growth and production. This work shows an adaptive control system tailored to regulate microclimatic conditions in a greenhouse, by using an innovative combination of soft computing applications. In particular, a neural network solution has been proposed in order to forecast the climatic behavior of greenhouse, while a parallel fuzzy scheme approach is carried out in order to adjust the air speed of fan-coil and its temperature. The proposed combined approach provides a better control of greenhouse climatic conditions due to the system’s capability to base instantaneous solutions both on real measured variables and on forecasted climatic change. Several simulation campaigns were carried out to perform accurate neural network and fuzzy schemes, aimed at obtaining respectively a minimum forecasted error value and a more appropriate fuzzification and de-fuzzification process. A Matlab/Simulink solution implemented with a combined approach and its relevant obtained performance is also shown in present study, demonstrating that through controlled parameters it will be possible to maintain a better level of indoor climatic conditions. In the present work we prove how with a forecast of outside temperature at the next time-instant and rule-based controller monitoring of cooling or heating air

  7. Financial Incentives Differentially Regulate Neural Processing of Positive and Negative Emotions during Value-Based Decision-Making

    Directory of Open Access Journals (Sweden)

    Anne M. Farrell

    2018-02-01

    Full Text Available Emotional and economic incentives often conflict in decision environments. To make economically desirable decisions then, deliberative neural processes must be engaged to regulate automatic emotional reactions. In this functional magnetic resonance imaging (fMRI study, we evaluated how fixed wage (FW incentives and performance-based (PB financial incentives, in which pay is proportional to outcome, differentially regulate positive and negative emotional reactions to hypothetical colleagues that conflicted with the economics of available alternatives. Neural activity from FW to PB incentive contexts decreased for positive emotional stimuli but increased for negative stimuli in middle temporal, insula, and medial prefrontal regions. In addition, PB incentives further induced greater responses to negative than positive emotional decisions in the frontal and anterior cingulate regions involved in emotion regulation. Greater response to positive than negative emotional features in these regions also correlated with lower frequencies of economically desirable choices. Our findings suggest that whereas positive emotion regulation involves a reduction of responses in valence representation regions, negative emotion regulation additionally engages brain regions for deliberative processing and signaling of incongruous events.

  8. CENTRAL BANKS AND FINANCIAL STABILITY - Literature review

    Directory of Open Access Journals (Sweden)

    Adina APÃTÃCHIOAE

    2013-06-01

    Full Text Available Financial stability is a feature of the financial system, reflecting its ability to determine an efficient allocation of the resources and to manage financial risk by its own self-regulating mechanisms. Since the condition of financial systems changes over time, due to various shocks that components suffers, financial stability is a dynamic feature, but the system itself is constantly attempting to recover under the action of specific auto regulatory mechanisms. It is generally accepted that central banks play an important role in ensuring financial stability, there are a number of specific features that can help them achieve financial stability. Recent phenomena such as deregulation, globalization, the intensification of innovation, and so on, have supplemented the functions of central banks and at the same time, led to an intensification of links between banking and other large sectors of the financial system: insurance and financial markets.The objective of this article is to present the different views in the literature on the role of the central bank in ensuring financial stability and the new challenges that she must confront in assuming this new mandate. The role of central banks in ensuring financial stability is in the forefront and should be expanded beyond the traditional functions of stability, which determined that monetary and stability policies to converge. Moreover, due to vulnerabilities manifested by the financial markets in recent decades and that capital flows have become more intense, these vulnerabilities may spread rapidly, increasing the fragility of all markets and, for this reason, ensuring financial stability has become a key objective of public policies. Especially, since the stability of financial systems stimulates economic development and improved living standards, the competent authorities pays a particular attention to these issues

  9. Internal Controls and Compliance with Laws and Regulations for the FY 1997 Financial Statements of Other Defense Organizations

    National Research Council Canada - National Science Library

    1998-01-01

    ... consolidated financial statements for FY 1996 and each succeeding year. The DoD Consolidated Financial Statements for FY 1997 include financial statements for a reporting entity entitled "Other Defense Organizations...

  10. Bank regulation and financial fragility in developing countries: Does bank structure matter?

    Directory of Open Access Journals (Sweden)

    Jeroen Klomp

    2015-12-01

    Full Text Available Using data for 1238 banks located in 94 developing and emerging countries, we explore whether the impact of bank regulation and supervision on banking risk (measured by the banks’ Z-scores depends on bank structure. Our findings suggest that stricter regulation and supervision increases the banks’ Z-scores. Notably capital requirements and supervisory control diminish banking risk. However, the effectiveness of other dimensions of regulation and supervision depends on the organizational structure of banks. Notably activity restrictions reduce risk of large and foreign owned banks, while liquidity restrictions have most effect on the Z-scores of unlisted and commercial banks.

  11. Department of Defense Financial Management Regulation Volume 2A - Budget Formulation and Presentation

    National Research Council Canada - National Science Library

    1998-01-01

    This volume of the DoD Regulation establishes procedures for DoD Components to use in budget presentation and formulation and applies to the Office of Secretary of Defense, the Military Departments...

  12. Innovation in energy networks. A study on the changing relation between regulation, technology and market in liberalized energy markets

    International Nuclear Information System (INIS)

    Kuenneke, R.W.; Bouwmans, I.; Kling, W.L.; Slootweg, J.G.; Stout, H.D.; De Vries, L.J.; Van Poelje, H.; Wolters, M.

    2001-10-01

    The purpose of this study is to contribute to the development a view on the future of the energy infrastructure for the next 10-15 years, including the related regulation, focusing on the strategic options for development of networks. Attention is paid to (1) planning concepts (to what extent should existing planning concepts be revised as a result of liberalization and technical innovation); and (2) positioning of networks (what are the consequences of the separation of energy markets in commercial and regulated sectors for the development of the energy sector) [nl

  13. Dynamics of biosciences regulation and opportunities for biosciences innovation in Africa: exploring regulatory policy brokering

    OpenAIRE

    Kingiri, A.; Hall, A.

    2011-01-01

    Knowledge brokering has been explored in the innovation literature to understand how different innovation tasks are organised toward technological development. This paper reflects upon the role of different organisations as knowledge brokers in regulatory policy processes towards putting biosciences research into use. It identifies a practical function-based typology that describes four categories of policy brokers who perform different tasks, with the potential to impact biosciences regulato...

  14. 75 FR 36589 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Definitions...

    Science.gov (United States)

    2010-06-28

    ..., and we anticipate future rulemakings in these areas. We will seek to phase in any additional... card, targeted at the teen/young adult market as a money management tool and a more secure way for... entrants into the stored value marketplace, seasoned banking professionals, Federal and State regulators...

  15. 45 CFR Appendix A to Part 80 - Federal Financial Assistance to Which These Regulations Apply

    Science.gov (United States)

    2010-10-01

    ... Regulations Apply A Appendix A to Part 80 Public Welfare DEPARTMENT OF HEALTH AND HUMAN SERVICES GENERAL... HUMAN SERVICES EFFECTUATION OF TITLE VI OF THE CIVIL RIGHTS ACT OF 1964 Pt. 80, App. A Appendix A to... of Talent Search, Upward Bound, and Special Services Programs (20 U.S.C. 1068). 23. Land-grant...

  16. 75 FR 19241 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations; Defining...

    Science.gov (United States)

    2010-04-14

    ... the BSA on the filing of Currency Transaction Reports (``CTRs'') and on the creation, retention, and... definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering (``AML...-money laundering programs and compliance procedures.\\1\\ Regulations implementing the BSA appear at 31...

  17. The Role of Law in Managing the Tension between Risk and Innovation : Introduction to the Special Issue on Regulating New and Emerging Technologies

    NARCIS (Netherlands)

    Weimer, M.; Marin, L.

    Technological innovations are crucial drivers of economic, social, and environmental progress. While innovations lead the evolution of our societies and permeate all domains of human life, they also pose significant risks both to humans and the environment. Law and regulation are expected to enable

  18. Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation

    OpenAIRE

    Efraim Benmelech; Mark J. Garmaise; Tobias Moskowitz

    2004-01-01

    We examine the impact of asset liquidation value on debt contracting using a unique set of commercial property non-recourse loan contracts. We employ commercial zoning regulation to capture the flexibility of a property's permitted uses as a measure of an asset's redeployability or value in its next best use. Within a census tract, more redeployable assets receive larger loans with longer maturities and durations, lower interest rates, and fewer creditors, controlling for the current value of...

  19. Changing the regulation for regulating the change: Innovation-driven regulatory developments for smart grids, smart metering and e-mobility in Italy

    International Nuclear Information System (INIS)

    Lo Schiavo, Luca; Delfanti, Maurizio; Fumagalli, Elena; Olivieri, Valeria

    2013-01-01

    For a long time considered as technologically mature, electric systems are now facing a period of rapid evolution, inspired by climate change concerns. Several studies show that current regulation of natural monopolies does not offer sufficient incentives for network operators (and network users) to participate in this process. Taking Italy as a case study, this paper analyses how energy regulation can change to support the current transformation. We describe the recent regulatory interventions in the domain of smart grids, smart metering and electromobility, with a specific emphasis on the provisions aimed at fostering innovation—an issue that until recently has received almost no attention in the literature nor in the practice of regulation. The progress we observe is considerable in all new areas of concern, and, above all, in the regulator's commitment to provide the right incentives for investments in demonstration projects: the acquisition of experience is regarded as essential to move to more sophisticated regulatory instruments. Finally, regulation is also increasingly concerned with network users, both traditional and new, with the objective to stimulate more active behaviours. - Highlights: ► Regulatory changes in Italy: smart grids, smart metering and electromobility. ► Identification of indicators for regulating innovative investments. ► Demonstration projects for smart grids and EV recharging infrastructures. ► Proposal of an output-based regulation for smart grids. ► Time of Use pricing for residential and small commercial consumers

  20. STUDY ON THE IMPACT OF TAX REGULATIONS ON A COMPANY’S FINANCIAL EXPENSES

    OpenAIRE

    Lect. Radu Catalin Criveanu Ph. D; Oana Adriana Duta, Ph. D Student

    2010-01-01

    Fiscality is a reality of nowadays’ economic life, an important factor in the management of a company’s revenues and expenses, appearing under the form of taxes, fees and contributions paid by a company to public budgets. For these reasons, all owners or managers are interested in managing their tax flows and tax accounting so that the costs required thereby are minimal and tax law is not violated. Considering the above, this paper aims at determining and showing the way how tax regulations i...

  1. Regulation and innovation dynamics for nanoresponsible development: The case of the French code de l'environnement L 523-1 to L 523-5

    Science.gov (United States)

    Auplat, C.; Ben Slimane, S.

    2015-05-01

    This paper examines one aspect of innovation dynamics for nanoresponsible development: the links between regulation and innovation dynamics. It focuses on the case of the French Code de l'environnement, Articles L. 523-1 to L. 523-3. Articles L. 523-1 to L. 523-3 of the French environment code provide for the obligation to declare the quantities and uses of substances at nanoscale produced, distributed or imported in France. This procedure is intended to improve knowledge of these substances and their uses as well as of their markets and volumes sold, to ensure traceability and to collect available information on their toxicological and ecotoxicological properties. The paper builds on recent work on the emergence of a regulatory framework for nanotechnologies to take stock of the current situation in France, in the EU and globally and to explore how this specific law package may influence innovation and the shaping of new markets for nanobased materials. The study shows that nano-regulation does have an impact on innovation. However, the impact is not the same with EU regulation and with French regulation, and while EU regulation seems to create a favourable context for innovation, French regulation seems to do the opposite. With this study we hope to bring new perspectives to the field of the strategic management of innovation, and also to shed some light on the roles and challenges of institutions to facilitate nanoresponsible development.

  2. Regulation and innovation dynamics for nanoresponsible development: The case of the French code de l'environnement L 523-1 to L 523-5

    International Nuclear Information System (INIS)

    Auplat, C; Slimane, S Ben

    2015-01-01

    This paper examines one aspect of innovation dynamics for nanoresponsible development: the links between regulation and innovation dynamics. It focuses on the case of the French Code de l'environnement, Articles L. 523-1 to L. 523-3. Articles L. 523-1 to L. 523-3 of the French environment code provide for the obligation to declare the quantities and uses of substances at nanoscale produced, distributed or imported in France. This procedure is intended to improve knowledge of these substances and their uses as well as of their markets and volumes sold, to ensure traceability and to collect available information on their toxicological and ecotoxicological properties. The paper builds on recent work on the emergence of a regulatory framework for nanotechnologies to take stock of the current situation in France, in the EU and globally and to explore how this specific law package may influence innovation and the shaping of new markets for nanobased materials. The study shows that nano-regulation does have an impact on innovation. However, the impact is not the same with EU regulation and with French regulation, and while EU regulation seems to create a favourable context for innovation, French regulation seems to do the opposite. With this study we hope to bring new perspectives to the field of the strategic management of innovation, and also to shed some light on the roles and challenges of institutions to facilitate nanoresponsible development. (paper)

  3. Passata e futura regolamentazione per prevenire una crisi finanziaria sistemica.(Past and future regulation to prevent a systemic financial crisis

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-03-01

    Full Text Available Up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital into giant banks and firms. The G20 is now turning its attention to financial regulation, with the FSB as its main operational arm. The ideas that are being proposed stress the need for disincentives toward too much risk taking (more capital, higher liquidity, limits to remunerations and bonuses, etc., particularly by big and complex financial institutions that are likely to entail systemic risks. The paper maintains that, as the disincentive approach is insufficient to deter financial managers looking for power, some kind of segmentation needs to be introduced, as suggested by Paul Volcker.  JEL: E44, G1, G18, G28

  4. The State Fiscal Policy: Determinants and Optimization of Financial Flows

    Directory of Open Access Journals (Sweden)

    Sitash Tetiana D.

    2017-03-01

    Full Text Available The article outlines the determinants of the state fiscal policy at the present stage of global transformations. Using the principles of financial science it is determined that regulation of financial flows within the fiscal sphere, namely centralization and redistribution of the GDP, which results in the regulation of the financial capacity of economic agents, is of importance. It is emphasized that the urgent measure for improving the tax model is re-considering the provision of fiscal incentives, which are used to stimulate the accumulation of capital, investment activity, innovation, increase of the competitiveness of national products, expansion of exports, increase of the level of the population employment. The necessity of applying the instruments of fiscal regulation of financial flows, which should take place on the basis of institutional economics emphasizing the analysis of institutional changes, the evolution of institutions and their impact on the behavior of participants of economic relations. At the same time it is determined that the maximum effect of fiscal regulation of financial flows is ensured when application of fiscal instruments is aimed not only at achieving the target values of parameters of financial flows but at overcoming institutional deformations as well. It is determined that the optimal movement of financial flows enables creating favorable conditions for development and maintenance of financial balance in the society and achievement of the necessary level of competitiveness of the national economy.

  5. Internal Controls and Compliance With Laws and Regulations for the Defense Business Operations Fund Consolidated Financial Statements for FY 1995

    National Research Council Canada - National Science Library

    Lane, Frederick

    1996-01-01

    ... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we determined whether controls were adequate to ensure that the consolidated financial statements were free of material error...

  6. The Financial Crisis: Lessons from History

    Directory of Open Access Journals (Sweden)

    Brian Grinder

    2016-01-01

    Full Text Available Financial crises have regularly afflicted economies throughout history and the United States has been no exception.  This paper examines the Panic of 1907, the Crash of 1929 and the Great Depression and the Great Recession of 2007-08 and discusses the responses of the government and regulators.  The short version of the story is that the while the government response has varied in terms of monetary and fiscal policy, the regulatory response has remained essentially the same.  The typical reactive regulation sounds good and gives the appearance of accomplishing something but, in fact, only serves to sow the seeds of future crises. The ineffective implementation of existing regulation has had a similar result. Indeed, several authors note that most financial innovation in recent years has its origins in circumventing new regulations. Likewise, government monetary and fiscal responses may or may not help the economy and often give the appearance of great arbitrariness.  Our conclusion is that there will be unforeseen financial crises in the future, sweeping regulation and promises of recent politicians notwithstanding.  Serious study of the unanticipated consequences of this regulation and the development of more robust risk management systems will help us mitigate the effects of future crises but will be of little assistance when it comes to avoiding them. Developing the analyses and risk management systems requires a detailed study of financial history keep both successes and failures fresh in our collective memory.

  7. The Financial Crisis: Lessons from History

    Directory of Open Access Journals (Sweden)

    Brian Grinder

    2015-02-01

    Full Text Available Financial crises have regularly afflicted economies throughout history and the United States has been no exception.  This paper examines the Panic of 1907, the Crash of 1929 and the Great Depression and the Great Recession of 2007-08 and discusses the responses of the government and regulators.  The short version of the story is that the while the government response has varied in terms of monetary and fiscal policy, the regulatory response has remained essentially the same.  The typical reactive regulation sounds good and gives the appearance of accomplishing something but, in fact, only serves to sow the seeds of future crises. The ineffective implementation of existing regulation has had a similar result. Indeed, several authors note that most financial innovation in recent years has its origins in circumventing new regulations. Likewise, government monetary and fiscal responses may or may not help the economy and often give the appearance of great arbitrariness.  Our conclusion is that there will be unforeseen financial crises in the future, sweeping regulation and promises of recent politicians notwithstanding.  Serious study of the unanticipated consequences of this regulation and the development of more robust risk management systems will help us mitigate the effects of future crises but will be of little assistance when it comes to avoiding them. Developing the analyses and risk management systems requires a detailed study of financial history keep both successes and failures fresh in our collective memory.

  8. 75 FR 8844 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Reports of...

    Science.gov (United States)

    2010-02-26

    ... purpose of evading the reporting requirement shall have a financial interest in any bank, securities, or... for any person with a foreign financial agency.'' For this purpose, foreign financial agency means ``a... required to file the FBAR from avoiding this reporting requirement. A. Sec. 103.24(a)--In General FinCEN...

  9. An empirical study on the influence of IFRS and regulations on the quality of financial reporting of isted companies in a developing country

    Directory of Open Access Journals (Sweden)

    Wadesango, N.

    2016-11-01

    Full Text Available This research sought to establish if International Accounting Standards (IAS, International Financial Reporting Standards (IFRS and regulations in Zimbabwe have been associated with increased financial reporting quality for listed companies. The study adopted mixed research approach. Questionnaires and unstructured interviews were used as research instruments to collect primary data. Content analysis was also adopted to triangulate the results. Target population was the listed companies in Zimbabwe. The study found a significant negative relationship between voluntary adoption of IFRS and earnings management of listed companies in Zimbabwe. The negative relationship may indicate that IFRS does not promote earnings management for voluntary adopters, thereby implying an increased financial reporting quality. It is recommended that top management, external auditors and regulators being the key players in standards, should work together and tighten compliance so that impact of IFRS could be felt more

  10. Financial re-regulation at a crossroads: How the European experience strengthens the case for a radical reform built on Minsky’s approach

    Directory of Open Access Journals (Sweden)

    Elisabetta Montanaro

    2012-12-01

    Full Text Available The current financial and sovereign crisis is pushing European politicians and EU bureaucrats to devise new institutional and policy solutions. However, the new EU institutional framework and stricter regulatory requirements do not introduce significant changes in the laissez-faire nature of the regulatory approach. Our opinion is that the entire re-regulation process does not go to the roots of how financial fragility endogenously accumulates, and how finally it produces a crisis each time starting from the weakest part of the financial system. Analysing the European banking sectors from this perspective, we show how domestic specificities add to the limits due to risk-based regulation and supervision. We then build on Minsky’s regulatory proposals to present the skeleton of a simple alternative to the existing regulatory approach.

  11. The Commission’s internal conditions for social re-regulation: Market efficiency and wider social goals in setting the rules for financial services in Europe

    Directory of Open Access Journals (Sweden)

    Miriam Hartlapp

    2013-06-01

    Full Text Available The European Union is often considered as a prime example of a liberal regulatory state. We argue, however, that being limited to the regulatory policy does not prevent the European Commission from pursuing political aims going beyond market efficiency. We draw up two ideal-type perspectives of market regulation – being either efficiency or equality enhancing – that differ systematically in terms of rationale, degree of intervention, patterns of stakeholder access and conflict within the regulator. We trace these aspects in three financial services initiatives on the registration and supervision of reinsurers, equal treatment in financial services and the regulation of consumer credit. Our analyses suggest that there is scope for equality-enhancing re-regulation when proactive agents proceed decidedly on the basis of social-treaty concerns and frame regulatory beneficiaries as market participants as well as when they seek the redistribution of rights instead of resources.

  12. Changing power: innovating electricity legislation upon regulated governance experimentation for smart grids

    NARCIS (Netherlands)

    Diestelmeier, L.; Lammers, Imke

    2016-01-01

    Smart grids are a promising innovation in the energy sector, however, the current legal framework is tailored for the conventional electricity system and does not facilitate the deployment of smart grids. In order to find new governance forms which alleviate this problem, recent efforts in the

  13. The financial crisis, health and health inequities in Europe: the need for regulations, redistribution and social protection.

    Science.gov (United States)

    De Vogli, Roberto

    2014-07-25

    In 2009, Europe was hit by one of the worst debt crises in history. Although the Eurozone crisis is often depicted as an effect of government mismanagement and corruption, it was a consequence of the 2008 U.S. banking crisis which was caused by more than three decades of neoliberal policies, financial deregulation and widening economic inequities.Evidence indicates that the Eurozone crisis disproportionately affected vulnerable populations in society and caused sharp increases of suicides and deaths due to mental and behavioral disorders especially among those who lost their jobs, houses and economic activities because of the crisis. Although little research has, so far, studied the effects of the crisis on health inequities, evidence showed that the 2009 economic downturn increased the number of people living in poverty and widened income inequality especially in European countries severely hit by the debt crisis. Data, however, also suggest favorable health trends and a reduction of traffic deaths fatalities in the general population during the economic recession. Moreover, egalitarian policies protecting the most disadvantaged populations with strong social protections proved to be effective in decoupling the link between job losses and suicides.Unfortunately, policy responses after the crisis in most European countries have mainly consisted in bank bailouts and austerity programs. These reforms have not only exacerbated the debt crisis and widened inequities in wealth but also failed to address the root causes of the crisis. In order to prevent a future financial downturn and promote a more equitable and sustainable society, European governments and international institutions need to adopt new regulations of banking and finance as well as policies of economic redistribution and investment in social protection. These policy changes, however, require the abandonment of the neoliberal ideology to craft a new global political economy where markets and gross

  14. How changes in drug-safety regulations affect the way drug and biotech companies invest in innovation.

    Science.gov (United States)

    Reed, Shelby D; Califf, Robert M; Schulman, Kevin A

    2006-01-01

    Changes in the economics of product development resulting from heightened safety regulations could have a sizable negative impact on drug and biotechnology companies' decisions about investing in innovation. We developed a model to compare the potential economic effects of pre- and postmarketing strategies to identify safety problems with new drugs. Although expanding Phase III clinical testing and postmarketing safety surveillance are not perfect substitutes, our findings suggest that even a large increase in funding for the latter will have a relatively small adverse impact on investment decisions by drug companies and venture capital firms, compared with the former.

  15. Regulation and Deregulation from Legal Theory to the Practical Case of the Financial Sector Nowadays

    Directory of Open Access Journals (Sweden)

    Bogdan Olteanu

    2012-05-01

    Full Text Available The two great challenges for any authority are to what extent and how to intervene in thefunctioning of the society. These challenges originate both in the world of ideologies, defining the type ofstate or authority based on its propensity for regulation, and in the technical expertise of technocraticmanagement that can identify the “good practice” and “good governance” features. Both policy sources arenecessary and legitimate. The ideological sources help support a representative mandate obtained by anelected power, being validated by citizens’ vote, while the technical ones contribute to optimising theefficiency of the public option by managing it in an appropriate manner. To set a simple example, if theideological option is in favour of maintaining a company under state ownership, then the technical optionmay be to ensure a competency-based management controlled solely according to performance criteria. Ifthe ideological option promotes the privatisation of a state-owned company, then the technical option mayseek to ensure a privatisation procedure that should maximise the public benefit (through price, othercontractual terms, enhanced market competition, clauses or measures to protect consumers, etc.

  16. Conference Innovations in Derivatives Market : Fixed Income Modeling, Valuation Adjustments, Risk Management, and Regulation

    CERN Document Server

    Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

    2016-01-01

    This book presents 20 peer-reviewed chapters on current aspects of derivatives markets and derivative pricing. The contributions, written by leading researchers in the field as well as experienced authors from the financial industry, present the state of the art in: • Modeling counterparty credit risk: credit valuation adjustment, debit valuation adjustment, funding valuation adjustment, and wrong way risk. • Pricing and hedging in fixed-income markets and multi-curve interest-rate modeling. • Recent developments concerning contingent convertible bonds, the measuring of basis spreads, and the modeling of implied correlations. The recent financial crisis has cast tremendous doubts on the classical view on derivative pricing. Now, counterparty credit risk and liquidity issues are integral aspects of a prudent valuation procedure and the reference interest rates are represented by a multitude of curves according to their different periods and maturities. A panel discussion included in the book (featuring D...

  17. Legitimidade e governabilidade na regulação do sistema financeiro Legitimacy and governability in financial regulation

    Directory of Open Access Journals (Sweden)

    Ademir Antonio Pereira Júnior

    2008-12-01

    Full Text Available A relação entre direito e economia pode resultar numa oposição entre governabilidade e legitimidade legal-racional, uma vez que se baseiam em diferentes racionalidades. A revisão judicial da regulação do sistema financeiro evidencia esse conflito, observado neste trabalho sob a perspectiva da jurisprudência constitucional do Supremo Tribunal Federal (STF. O objetivo deste trabalho resume-se então em identificar o conflito entre governabilidade e a exigência de legitimidade legal das decisões analisadas pela corte no que concerne à regulação financeira. O estudo de casos evidencia que o STF tem rejeitado argumentos econômicos, entretanto, tem preservado a lógica da governabilidade com decisões contraditórias e incoerentes pautadas em argumentos formais. Dessa forma, possível identificar o papel institucional conferido pelo STF à Constituição Federal de 1988, considerando o contexto das crises econômicas vividas pelo Brasil a partir da metade da década de 1980 e sua nova conformação a partir da Emenda Constitucional n. 40.The relation between law and economics might result in an opposition between governability and legal-rational legitimacy, since they are based in different rationalities. Judicial review of financial regulation shows that coflict, which is here analysed from the viewpoint of the constitutional jurisprudence of the Brazilian Supreme Court (Supremo Tribunal Federal - STF. In brief, the purpose of this article is to identify the oppostion between governability and the need for legal-legitimacy in the cases analysed by the court concerning financial regulation. The case studies show that the judicial review by STF has rejected economic aspects of the case, however it has preserved governability rationality with incoherent and contradictory decisions based on formal arguments. Thereby, it is possible to identify the institutional role granted by stf to the Brazilian Constitution dated from 1988, considering

  18. Single-session emotion regulation skills training to reduce aggression in combat veterans: A clinical innovation case study.

    Science.gov (United States)

    Miles, Shannon R; Thompson, Karin E; Stanley, Melinda A; Kent, Thomas A

    2016-05-01

    Posttraumatic stress disorder (PTSD) is common among returning veterans, and aggression frequently co-occurs with PTSD. Veterans with PTSD most commonly engage in impulsive aggression, or aggression that is emotionally charged, unplanned, and uncontrolled, rather than premeditated aggression, which is planned and controlled. Previous research demonstrated a variety of emotions can result in aggression, rather than the traditional conceptualization that only anger leads to aggression. In a veteran sample, deficiencies in the ability to regulate emotions (emotion dysregulation) mediated the relationship between PTSD and impulsive aggression. These results suggest that teaching veterans with PTSD and impulsive aggression how to regulate emotions may decrease aggression. The cases presented illustrate the use of an innovative, single-session emotion regulation treatment for combat veterans with PTSD. Two cases are presented to generate hypotheses on who might benefit from this treatment in the future. The two male veterans treated with this protocol differed in how frequently they used the emotion regulation skills after the treatment and in their treatment outcomes. Teaching veterans how to regulate their emotions in a condensed time frame may be beneficial for certain veterans, and further research on this brief treatment is warranted. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  19. An innovative model for regulating supplement products: Natural health products in Canada

    International Nuclear Information System (INIS)

    Nestmann, Earle R.; Harwood, Melody; Martyres, Stephanie

    2006-01-01

    On 1 January 2004, Health Canada officially added a new term to the global list of synonyms for dietary supplements: natural health products (NHP). Developed with the intent of providing Canadian consumers with ready access to NHP that are safe, effective, and of high quality, the Natural Health Products Regulations (the NHP regulations) are applicable to the sale, manufacture, packaging, labelling, importation, distribution, and storage of NHP, and are administered by the recently formed Natural Health Products Directorate (NHPD) within Health Canada. This paper provides an overview of the process for regulating supplement products in Canada

  20. Systematizing the legal framework regulating Romanian tourism – proposal for an innovative public policy

    Directory of Open Access Journals (Sweden)

    Foriş, D.

    2012-01-01

    Full Text Available The numerous Romanian standards and legal regulations, as well as their particularities in the field of tourism lead us to formulating systematising proposals for the existing legal framework in the field of tourism. As a result of reviewing legal regulations of public administration applied to Romanian tourism activities, we observe that there are numerous legal regulations that embrace the field of tourism; moreover, according to an analysis of the nature of these regulations applied in tourism, we notice that it is particularly the state and the public authorities that have regulatory roles in tourism, more precisely the protection role against abnormalities and abuses caused in tourism and the role of developing tourism. We identify the flexibility and heterogeneity as being the important particularities of legal regulations in the field of tourism. We consider as opportune the proposal regarding the systematisation of the existing legal framework in the field of tourism, by creating and elaborating a “Code of tourism”, an instrument that shall re-unite the laws and regulations applicable to the tourist industry for an accessible and easy identification, both from the juridical and institutional points of view.

  1. Assessing the Impact of Financial Policies on Nigeria's Economic ...

    African Journals Online (AJOL)

    ... of the financial sector by the relevant authorities to avoid lopsided compliance with financial and monetary guidelines. Keywords: Financial policies, Financial Liberalization, Financial developments, Economic growth, Guided regulations. International Journal of Development and Management Review (INJODEMAR) Vol.

  2. Socio-Ecological Innovation

    DEFF Research Database (Denmark)

    Edgeman, Rick; Eskildsen, Jacob Kjær

    is part of the enterprise cultural fabric, is foundational to enterprise strategy, and contributes to the financial security of the enterprise. Innovation for Sustainability is innovation that is specifically targeted to address ecological and / or societal considerations. That is, Innovation......Socio‐Ecological Innovation or SEI is innovation resulting from strategic integration of sustainable innovation and innovation for sustainability. In particular SEI is regarded as critical to organizations intent on progressing toward Sustainable Enterprise Excellence (SEE) and, indeed, progressing...... toward the asymptotic goal of becoming a continuously relevant and responsible organization (CR2O). Sustainable Innovation is something that is attained only when innovation in an enterprise is regular, systematic, and systemic to the endeavors of the enterprise itself – that is – Sustainable Innovation...

  3. The Regulation Framework for the Banking Sector: The EMU, European Banks and Rating Agencies before and during the Recent Financial and Debt Crisis

    Directory of Open Access Journals (Sweden)

    Eleftherios Thalassinos

    2012-05-01

    Full Text Available A regulation framework for the banking sector should be characterised by transparency,responsibility and performance in several important areas. These areas are the global and Europeanframework for corporate financial reporting (CFR, risk management (RM, stockholder value creation(SVC, corporate governance (CG, corporate social responsibility (CSR and sustainable development (SD.The regulation framework for the banking sector must also consider the fiscal and monetary environment inwhich a banking institution operates. The global rating system and the rating agencies will also have animportant impact on any regulation framework for the banking sector. These two factors play a key role whena financial, credit or debt crisis occurs. In this article, a holistic regulation framework for the banking sector ispresented. The article is based on European banks that are part of the European Monetary Union (EMU.Initially, it focuses on the timelines and review the integration of the European Monetary Union, relevantlegislation and information on member countries’ banking sectors. This information creates the frameworkfor the proposed model. The article considers all of the above factors in creating a holistic regulationframework for the banking sector to present in the context of the recent financial, credit and debt crises thathave taken place in the EMU.

  4. Financial Investment Services Regulation

    Directory of Open Access Journals (Sweden)

    Gabriela Anghelache

    2006-02-01

    Afterwards, the focus is set on the transparency and integrity of the operations. Another aspect is about the free circulation of services and about the role of the clearing fund, being distinguished all the sensitive elements this fund raises.

  5. Austria; Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IOSCO Objectives and Principles of Securities Regulation

    OpenAIRE

    International Monetary Fund

    2008-01-01

    This technical note focuses on the International Organization of Securities Commissions objectives and principles of securities regulations of Austria. The 2003 assessment found that Austria had fully broadly implemented a large majority of principles. The human resources of the Securities Supervision Department of the Financial Market Authority (FMA) should be increased, especially to conduct on-site inspections, in addition to the 14 planned appointments. Administrative fines should be rais...

  6. Technology and innovation: 2010 a year in review.

    Science.gov (United States)

    Sanberg, Paul R; Vindrola-Padros, Cecilia; Eve, David J; Federoff, Howard J

    2011-01-01

    The following commentary provides a discussion of the articles published in Technology and Innovation in 2010 and where possible places them into context with those reported in Cell Transplantation. These articles can be divided into the following topics: a) models for innovation and technological commercialization, b) the ethical and legal consequences of the emergence of new technologies, c) research on novel technologies and methods, and d) the difficulties involved in peer review and scientific assessment. The articles shed light on the effects of technological innovation and commercialization on scientific ethical regulation, the establishment of legal standards for the protection of intellectual property, and the development of financial models.

  7. Internal Controls and Compliance With Laws and Regulations for the Defense Business Operations Fund Consolidated Financial Statements for FY 1995

    National Research Council Canada - National Science Library

    Lane, Frederick

    1996-01-01

    The objective of the audit was to determine whether the Consolidated Statement of Financial Position and selected accounts on the Statement of Operations of the Defense Business Operations Fund for FY...

  8. Are environmental regulations keeping up with innovation? A case study of the nanotechnology industry.

    Science.gov (United States)

    Fairbrother, Anne; Fairbrother, Jennifer R

    2009-07-01

    Manufactured nanomaterials entered the marketplace of consumer goods in the mid-1990s. With the exception of pending reporting requirements in Canada, no new regulatory requirements have been imposed on the manufacture or use of nanomaterials or their commercial products, although in the past three years governments, industry, and nongovernmental organizations have questioned the need for new regulatory approaches. The debate hinges on whether current scientific information is sufficient for making risk-based decisions, if nanomaterial effects differ from macroscale products, and how much knowledge about potential risk governments should require before products are brought to market. The debate over when and how to regulate manufactured nanomaterials opens the door for a renewed discussion on regulatory environmental policy and suggests that the public may be demanding increased precaution and assurances from government. How government, in concert with industry and the open market, responds will set the bar for future regulations of emerging technologies.

  9. Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries

    NARCIS (Netherlands)

    Polzin, Friedemann; Flotow, von Paschen; Klerkx, L.W.A.

    2016-01-01

    This research article explores the role of institutional innovation intermediaries in accelerating the commercialisation of (clean) technologies. Drawing on the finance and innovation intermediaries literatures, we show that financial barriers to eco-innovation can be partly overcome by particular

  10. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

    This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each...... of the article which is to explore further the nature of ‘irrationality’ as manifest in financial crises. When the contours of both these aspects of financial calculation have been elaborated, the article moves on to consider how they might shape regulatory responses to the seeming inevitability of financial...

  11. 31 CFR 596.304 - Financial transaction.

    Science.gov (United States)

    2010-07-01

    ... OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS General Definitions § 596.304 Financial transaction. The term financial transaction shall have the...

  12. Australia; Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, and Payment Systems

    OpenAIRE

    International Monetary Fund

    2006-01-01

    The Australian banking system, which holds approximately half of total financial systems assets, and is dominated by four major banks, is sound with high earnings, high asset growth, and low levels of problem assets. Stress tests did not reveal near-term stability concerns, suggesting the banking system is likely to be resilient to adverse shocks. Australia’s financial supervisory structure of prudential authority and market conduct authority is sound overall. The medium-term challenges facin...

  13. Financial Inclusion and Monetary Policy: A Review of Recent Studies

    African Journals Online (AJOL)

    2017-05-01

    May 1, 2017 ... between financial inclusion and monetary policy has been studied in few instances and through models that estimate a direct relationship. ... by financial innovation. Financial innovation can be defined as the act of creating and then popularising ...... endogenous growth. Journal of Financial Intermediation, ...

  14. Innovation incentives or corrupt conflicts of interest? Moving beyond Jekyll and Hyde in regulating biomedical academic-industry relationships.

    Science.gov (United States)

    Taylor, Patrick L

    2013-01-01

    The most contentious, unresolved issue in biomedicine in the last twenty-five years has been how to best address compensated partnerships between academic researchers and the pharmaceutical industry. Law and policy deliberately promote these partnerships through intellectual property law, research funding programs, and drug and device approval pathways while simultaneously condemning them through conflict-of-interest (COI) regulations. These regulations have not been subjected to the close scrutiny that is typically utilized in administrative law to evaluate and improve regulatory systems. This Article suggests that the solution to this standoff in biomedical law and policy lies in an informed, empirical approach. Such an approach must both recognize such partnerships' legal and practical variations, as well as classify them based on their benefit to innovation and their harm to research biases. Ultimately, this approach must facilitate administrative reforms that would convert what is now an inherently arbitrary, yet widespread, regulatory regime into an epistemically rich mechanism for distinguishing between harmful and beneficial partnerships.

  15. Proceedings of the 8. Brazilian congress on energy: energy policy, regulation and sustainable development. v. 3: technological innovation, renewable sources and rural energization

    International Nuclear Information System (INIS)

    1999-01-01

    These proceedings cover the papers presented in the 8. Brazilian congress on energy held at Rio de Janeiro from November, 30 to December, 02, 1999, focusing energy policy, regulation and sustainable development, specifically the contribution of energy to a satisfactory quality of life for everyone. Within such a context, the congress technical programme has been structured around six different divisions: energy, environment and development; energy sector regulation; energy policy and planning; technology innovation; energy conservation; renewable energy sources and rural areas energy supply

  16. 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...

  17. ICAF Financial Services Industry Study

    National Research Council Canada - National Science Library

    Allison, Douglas; Barry, Kevin; Beaver, Philip; Browne, Michael; Cubillos, Claudio; Hanger, Wallace; Kluchko, Luke; LaDue, Charles; McGhee, Michael; Mitsoff, Gregory

    2005-01-01

    .... The industry includes those firms that provide financial services to organizations or individuals, the government agencies that regulate the industry, and the markets that facilitate the exchange of financial assets...

  18. Intellectual Property and the Tourism Industry: From ACTA Protests towards a Restrictive Interpretation of Innovation Regulations

    Directory of Open Access Journals (Sweden)

    Speriusi-Vlad Alin

    2014-01-01

    Full Text Available In 2012 became reality James Boyle’s desire exposed in his essay from 1997 regarding a politics of intellectual property concerning the great deal of attention that must be paid to the Intellectual Property. At that time Boyle was disappointed by the lack of attention from lawyers, scholars, legal academics and the media for the Clinton administration’s proposal for copyright on the Net, a document that provided the blueprint of domestic and international regulatory efforts to expand intellectual property rights. Certainly this was not the case with ACTA where the public media forced by the private citizen’s protests tried to weight both the benefits and the costs of the new protection standards brought by the new international convention. After those moments Intellectual Property regulations are no more an esoteric and arcane field, something that is only interesting and comprehensible to the practitioners in the field, but a matter of public interests like the environment which arouse the attention of all the persons. In this way we all become aware that intellectual property radiates beyond the legal frame and interferes with several aspects of our lives, including our free time and the tourism consequently.

  19. 76 FR 37000 - Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts; Correction

    Science.gov (United States)

    2011-06-24

    ... DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506-AB08.... List of Subjects in 31 CFR Part 1010 Administrative practice and procedure, Banks, Banking, Brokers, Currency, Foreign banking, Foreign currencies, Gambling, Investigations, Penalties, Reporting and...

  20. Can the financialized atmosphere be effectively regulated? A critical analysis of the proposed Australian carbon pollution reduction scheme as a complex market solution to global warming

    Energy Technology Data Exchange (ETDEWEB)

    Windsor, C. [Bond Univ. (Australia); McNicholas, P. [Monash Univ. (Australia)

    2009-07-01

    A large body of scientific evidence indicates that global warming from human induced greenhouse gases (GHG) emissions is producing harmful climate change that will lead to global environmental and economic catastrophe within 10 years. The threat of human induced global warming has been on the international and public policy agenda for several years; for example on 11 December 1998, government representatives of 108 countries signed the United Nations Framework Convention on Climate Change (UNFCCC) an international agreement to reduce global warming or the Kyoto Protocol, with the then exception of the Australian and the United States (U.S.) governments. International action on GHG emissions reduction was thwarted by U.S. and Australian goverments. The then Australian government (1996-2007) surreptitiously funding by vested interests such as the coal industry, had no intention to act even though scientific evidence reported that Australia had begun to experience the detrimental effects of global warming. To fulfil an electoral promise, the center left Labor government signed the Kyoto Protocol on 3 December 2007. To deal with the global warming crisis, the Australian government has proposed an emissions trading scheme now officially called the 'Carbon Pollution Reduction Scheme' or CPRS. The proposed scheme is a cap and trade market mechanism that purportedly encourages businesses to operate more efficiently, thus reducing GHG emissions through price signalling in a government instigated market. Hence credible, transparent and efficient information underpins such a market in a post-Keynes deregulated world. The purpose of this paper is to critically examine the integrity of using current financial and reporting regulation that will oversee and monitor the veracity of newly commoditized carbon financial products, particularly since the global financial crisis has exposed significant financial regulatory weaknesses. Further we contend that current corporate

  1. Financial Stability and Financial Inclusion

    OpenAIRE

    Peter J. Morgan; Victor Pontines

    2014-01-01

    Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial inclusion are, broadly speaking, substitutes or complements. In other words, does the move toward greater financial inclusion tend to increase or decrease financial stability? A number of studies have sugge...

  2. Balancing innovation and medical device regulation: the case of modern metal-on-metal hip replacements

    Directory of Open Access Journals (Sweden)

    Howard JJ

    2016-08-01

    general, particularly for those who have a significant potential for harm. In this regard, a series of recommendations have been developed to contribute to the evolution of the medical device regulatory process. Keywords: medical devices, regulation, safety and effectiveness, metal-on-metal hip replacement

  3. Internal Controls and Compliance with Laws and Regulations for the FY 1996 Financial Statements of the Defense Security Assistance Agency

    National Research Council Canada - National Science Library

    Young, Shelton

    1997-01-01

    .... An additional objective was to provide positive assurance on compliance with laws and regulations for the items tested, and provide negative assurance on compliance with laws and regulations for items not tested...

  4. Decision-making in product portfolios of pharmaceutical research and development – managing streams of innovation in highly regulated markets

    Science.gov (United States)

    Jekunen, Antti

    2014-01-01

    Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success. PMID:25364229

  5. Decision-making in product portfolios of pharmaceutical research and development – managing streams of innovation in highly regulated markets

    Directory of Open Access Journals (Sweden)

    Jekunen A

    2014-10-01

    Full Text Available Antti Jekunen Vaasa Oncology Clinic, Vaasa, Finland Abstract: Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success. Keywords: decision-making, drug development, clinical oncology, product management, pipeline, portfolio, portfolio analysis, company organization

  6. Decision-making in product portfolios of pharmaceutical research and development--managing streams of innovation in highly regulated markets.

    Science.gov (United States)

    Jekunen, Antti

    2014-01-01

    Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success.

  7. Management Innovation for Environmental Sustainability in Seaports: Managerial Accounting Instruments and Training for Competitive Green Ports beyond the Regulations

    Directory of Open Access Journals (Sweden)

    Assunta Di Vaio

    2018-03-01

    Full Text Available In the last 30 years, environmental sustainability has been receiving increasing attention by scholars and operators. All the seaport stakeholders, including port authorities (PAs, policy-makers, port users, any port stakeholders, and local communities, must invest substantial resources to achieve high competitiveness with respect of the environment. Drawing from the extant regulations system and conducting a deep review of the main contributions on the phenomenon, this conceptual study suggests managerial accounting instruments and training, which are still under-researched, as effective measures for enforcing and encouraging green port development. This three-step study consists of a systematic review of the regulatory frameworks and literature on the phenomenon, and an outline of the gap of the legislative framework and research, from a management innovation perspective, where effective managerial practices for environmental sustainability are not successfully suggested and implemented within seaports. On the one hand, the Balanced Scorecard and Tableau de Bord are identified and proposed as managerial accounting instruments for assessing, monitoring, measuring, controlling, and reporting the organizational processes of port players, mainly PAs, for developing competitive green ports. On the other hand, training has been suggested to educate and guide the human resources at all organizational levels within seaports, for supporting and developing awareness and behavioral attitudes in the direction of environmental sustainability.

  8. Financial reporting and characteristics of impairment of assets in the republic of Serbia, according to IAS/IFRS and national regulation

    Directory of Open Access Journals (Sweden)

    Andrić Mirko

    2011-01-01

    Full Text Available Accounting for impairment of assets in the Republic of Serbia is set out under International Accounting Standards (IAS, International Financial Reporting Standards (IFRS, and national regulation (Book of Rules on Chart of Accounts. This paper presents research on the characteristics of impairment of assets in the Republic of Serbia in the period 2007-2009. The results of the research show an increase in the number of companies which disclosed impairment losses, as well as an increase in the value of impairment losses, in which the impairment losses of accounts receivable constitute the largest part in the structure of impaired assets.

  9. A review of the methods used by the US Environmental Protection Agency to assess the financial impacts of the repository regulations

    Energy Technology Data Exchange (ETDEWEB)

    Pflum, C.G.; Mattson, S.R.; Matthusen, A.C.

    1994-02-16

    All Federal agencies must consider the financial impacts of their regulations. When costs significantly outweigh benefits, the Office of Management and Budget can recommend that Congress not provide the funds needed to implement the regulation. Without funds, the agency is forced to either revise or retract the regulation. This has happened previously with a regulation on uranium mill tailings proposed by the US Nuclear Regulatory Commission (NRC) and it could happen again with the US Environmental Protection Agency (EPA) regulations that govern the disposal of high-level radioactive waste (HLW). The EPA (1985, 1992) claims that its regulation: ``Environmental Standards for the Management and Disposal of Spent Nuclear Fuel, High-Level and Transuranic Radioactive Waste`` (40 CFR Part 191 or standards) does not increase costs above what the US Department of Energy (DOE) would spend anyway or, at most, what the DOE would spend to comply with 10 CFR Part 60: a regulation promulgated by the NRC. This report reviews and disputes the EPA claim. In Chapter 2 a summary of the basis for the EPA claim is presented and in Chapter 3 a critique of the basis of the claim is presented. This critique finds the EPA basis unrealistic, incomplete, and misleading. According to the EPA, a repository at Yucca Mountain would easily meet 40 CFR Part 191 even without the use of special engineered barriers. Because the NRC regulation (10 CFR Part 60) requires engineered barriers, the EPA places the onus for regulatory costs on the NRC. We disagree; the EPA standards drive regulatory costs as much as NRC regulations. The EPA has the higher responsibility for setting the overall standard for safety while the NRC can only implement this standard.

  10. A review of the methods used by the US Environmental Protection Agency to assess the financial impacts of the repository regulations

    International Nuclear Information System (INIS)

    Pflum, C.G.; Mattson, S.R.; Matthusen, A.C.

    1994-01-01

    All Federal agencies must consider the financial impacts of their regulations. When costs significantly outweigh benefits, the Office of Management and Budget can recommend that Congress not provide the funds needed to implement the regulation. Without funds, the agency is forced to either revise or retract the regulation. This has happened previously with a regulation on uranium mill tailings proposed by the US Nuclear Regulatory Commission (NRC) and it could happen again with the US Environmental Protection Agency (EPA) regulations that govern the disposal of high-level radioactive waste (HLW). The EPA (1985, 1992) claims that its regulation: ''Environmental Standards for the Management and Disposal of Spent Nuclear Fuel, High-Level and Transuranic Radioactive Waste'' (40 CFR Part 191 or standards) does not increase costs above what the US Department of Energy (DOE) would spend anyway or, at most, what the DOE would spend to comply with 10 CFR Part 60: a regulation promulgated by the NRC. This report reviews and disputes the EPA claim. In Chapter 2 a summary of the basis for the EPA claim is presented and in Chapter 3 a critique of the basis of the claim is presented. This critique finds the EPA basis unrealistic, incomplete, and misleading. According to the EPA, a repository at Yucca Mountain would easily meet 40 CFR Part 191 even without the use of special engineered barriers. Because the NRC regulation (10 CFR Part 60) requires engineered barriers, the EPA places the onus for regulatory costs on the NRC. We disagree; the EPA standards drive regulatory costs as much as NRC regulations. The EPA has the higher responsibility for setting the overall standard for safety while the NRC can only implement this standard

  11. Innovation and knowledge generation in cooperation nets: challenges for regulations in the nuclear safety area in Brazil

    International Nuclear Information System (INIS)

    Staude, Fabio

    2014-01-01

    The importance of inter-organisational cooperation within the innovation process has been increasingly recognized. In fact, all organisations, at some point, need to look to external sources for inputs to the process of building up technological competence. In this sense, through a detailed case study, this thesis examine theoretical and empirically how collaborative initiatives have supported the Brazilian nuclear regulatory body in the development and implementation of innovations, in order to verify the positive relationship between the collaboration and the organisational innovation performance. Emphasizing the importance of both internal sources of knowledge and external participation, the study encompasses documentary analysis, a preliminary survey and semi-structured interviews with the regulatory body employers in charge of controlling medical and research facilities and activities involving radiation sources. The thesis demonstrates that innovations developed and implemented in the Brazilian nuclear safety and security area are associated with collaborative initiatives, in order to improve the organizational capability to fulfill safety obligations, providing some important implications for regulatory body managers concerned with the management of innovation. The findings also identified actors with a significant degree of influence in the innovation process. The result reveals that the support provided by these actors has a significant influence on the innovation performance of the Brazilian nuclear regulatory body, suggesting that Brazil should adopt more interactive models of innovation and knowledge transfer. In addition, the findings show that these key actors can play a very distinctive role in the context of sectoral systems of innovation information regime. (author)

  12. Islamic Banking and Financial Regulation in Malaysia: Between State Sharia, the Courts and the Islamic Moral Economy

    OpenAIRE

    Wilson, Emma

    2018-01-01

    This article examines Malaysia’s emergence as a global centre of Islamic finance through a pragmatic centralised regulatory framework that promotes legal certainty and consonance with the conventional financial system rather than the development of a distinctly Islamic moral economy. It also highlights the judiciary’s challenge to Central Bank regulatory dominance through civil sharia compliance cases based on Anglo-Muslim law.

  13. Financial analysis as a financial management instrument

    Directory of Open Access Journals (Sweden)

    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

  14. RTE - 2012 financial results

    International Nuclear Information System (INIS)

    Ricour, Olivia; Marguier, Marina; Lartigau, Thierry

    2013-01-01

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

  15. 78 FR 59080 - Audit and Financial Management Advisory Committee (AFMAC)

    Science.gov (United States)

    2013-09-25

    ... regulations. The purpose of the meeting is to discuss the SBA's Financial Reporting, Audit Findings... recommendation and advice regarding the Agency's financial management, including the financial reporting process... SMALL BUSINESS ADMINISTRATION Audit and Financial Management Advisory Committee (AFMAC) AGENCY: U...

  16. 78 FR 26680 - Audit and Financial Management Advisory Committee (AFMAC)

    Science.gov (United States)

    2013-05-07

    ... regulations. The purpose of the meeting is to discuss the SBA's Financial Reporting, Audit Findings... recommendation and advice regarding the Agency's financial management, including the financial reporting process... SMALL BUSINESS ADMINISTRATION Audit and Financial Management Advisory Committee (AFMAC) AGENCY: U...

  17. Sectoral Innovation Performance in the Food and Drinks Sector. Final Report. Task 1

    NARCIS (Netherlands)

    Leis, M.

    2010-01-01

    Food and drinks manufacturing is a very complex sector with a lot of possibilities for improvement and innovation, but also with a variety of challenges in regard to financial and human resources, fragmented consumer interests and concerns, regulations, costs and a balancing act between novelty and

  18. Financial reporting by a shared ledger

    NARCIS (Netherlands)

    Blums, Ivar; Weigand, Hans; Borgo, Stefano; Kutz, Oliver; Loebe, Frank; Neuhaus, Fabian

    2017-01-01

    Among models and information about economic phenomena which help to understand how enterprises produce value, Accounting and Financial Reporting still play a leading and regulative role. The regulative role is established by enforceable International Financial Reporting Standards (IFRS). Ontology

  19. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

    Tikhonov, Yuriy A.; Pudovkina, Olga E.; Permjakova, Juliana V.

    2016-01-01

    The relevance of this research is caused by the need of strengthening a role of monetary regulators to prevent financial bubbles in the financial markets. The aim of the article is the analysis of a problem of crisis phenomena in the markets of financial assets owing to an inadequate growth of their cost, owing to subjective reasons. The leading…

  20. Current trends of banking innovations

    OpenAIRE

    A.M. Karminskiy; O.R. Zhdanova

    2013-01-01

    The current stage of the global banking system development takes place in an increasingly competitive environment and unstable financial markets. One of the key factors of bank's successful development is a policy of continuous innovative behavior. Nowadays innovation is a key factor of bankingnstability, competitiveness and sustainable growth.The aim of the article. The main goal of this article is to examine key trends of banking innovations and innovative in Russia. Experience in the devel...

  1. 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...

  2. Evaluation of innovation processes

    Directory of Open Access Journals (Sweden)

    Jakub Tabas

    2012-01-01

    Full Text Available In present, innovations are spoken as an engine of the world economy because the innovations are transforming not only business entities but the whole industries. The innovations have become a necessity for business entities in order to survive on floating challenging markets. This way, innovations are driving force of companies’ performance. The problem which arises here is a question of measurement innovation’s effect on the financial performance of company or selection between two or more possible variants of innovation’s realization. Various authors which are focused on innovations processes are divided into two groups in their attitudes towards the question of influence of innovations on financial performance of companies. One group of the authors present the idea that any reliable measurement is not possible or efficient. The second group of authors present some methods theoretically applicable on this measurement but they base their approaches mostly on the methods of measurement of investments effectiveness or they suggest employment of indicators or ratios which wouldn’t be clearly connected with the outcome of innovation process. The aim of submitted article is to compare different approaches to evaluation of the innovation processes. The authors compare various approaches here and by use of analysis and synthesis, they determine their own method how to measure outcome of innovation process.

  3. INSTITUTIONS OF SUPPORT FOR INNOVATIVE PRODUCTION ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Ludmila TIMOTIN

    2016-03-01

    Full Text Available The article explores the specific forms of support for innovative entrepreneurship, including those oriented towards government cooperation,scientific research institutions and enterprises, in particular innovation vouchers, innovation incubators, clusters. The solution of the financial problems of the innovative business currently takes place through special institutions – venture capital funds, business angels.

  4. Financial Inclusion and Monetary Policy: A Review of Recent Studies

    African Journals Online (AJOL)

    Researchers have mostly modeled that, growth in financial innovation, financial development and financial inclusion on their own, do individually enhance growth in total factor productivity. These studies however do not explore the possible mediating effects of these factors on another in maximising their effects. Innovation ...

  5. Documentation of Accounting Records in Light of Legislative Innovations

    OpenAIRE

    K. V. BEZVERKHIY

    2017-01-01

    Legislative reforms in accounting aim to simplify accounting records and compilation of financial reports by business entities, thus increasing the position of Ukraine in the global ranking of Doing Business. This simplification is implied in the changes in the Regulation on Documentation of Accounting Records, entered into force to the Resolution of the Ukrainian Ministry of Finance. The objective of the study is to analyze the legislative innovations involved. The review of changes in docum...

  6. Community based saving groups: an innovative approach to overcome the financial and social barriers in health care seeking by the women in the rural remote communities of Pakistan.

    Science.gov (United States)

    Shaikh, Babar Tasneem; Noorani, Qayyum; Abbas, Shazia

    2017-01-01

    In remote rural areas of Pakistan, access to the maternal, newborn and child health (MNCH) care provided by a skilled health provider is quite difficult. There are many reasons such as women's restricted social mobility, lack of education, disenfranchised in decision making and poverty. To overcome these barriers and impediments in district Chitral, which is the largest territory in terms of geography in province Khyber Pakhtunkhwa, local women of reproductive age, were mobilized to form the Community Based Saving Groups (CBSGs) at the village level. In these CBSGs, they pool-in their money, and then provide soft loans to the expecting mothers to meet the expenses of delivery. Simultaneously, young literate women were identified from the local communities; they were trained as Community Midwives (CMWs), using national MNCH curriculum, and later deployed in their respective villages within the district. This study captured their perceptions about the formation of CBSGs to overcome the financial and social barriers, and subsequent use of CMW services. A qualitative enquiry was conducted with the delivered mothers and their husbands through gender specific separate focus group discussions, with CBSG members and with non-members in four different sites of District Chitral. CBSG member women were far more aware on health issues. Information sought from these forums brought a noticeable change in the health seeking practices. Seeking care from a trained birth attendant in the community became easier. Women associated with the CBSGs as members, expressed an increased access to money for utilizing the CMW services, better awareness on MNCH issues, and empowerment to decide for seeking care. CBSG have been an instrumental platform for social networking, helping each other in other household matters. Women have started using the services of CMW and the CBSGs have actually helped them overcome the financial barriers in health care seeking. Moreover, the CBSGs became a medium

  7. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

    Full Text Available The rules laid down by Romanian Capital Market Law and the regulations put in force for its implementation apply to issuers of financial instruments admitted to trading on the regulated market established in Romania. But the issuers remain companies incorporated under Company Law of 1990. Such dual regulations need increased attention in order to observe the legal status of the issuers/companies and financial instruments/shares. Romanian legislator has chosen to implement in Capital Market Law special rules regarding the administration of the issuers of financial instruments, not only rules regarding admitting and maintaining to a regulated market. Thus issuers are, in Romanian Law perspective, special company that should comply special rule regarding board of administration and general shareholders meeting.

  8. 10 CFR 1010.102 - Cross-references to employee ethical conduct standards, financial disclosure regulations, and...

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Cross-references to employee ethical conduct standards... ENERGY (GENERAL PROVISIONS) CONDUCT OF EMPLOYEES § 1010.102 Cross-references to employee ethical conduct... Standards of Ethical Conduct for Employees of the Executive Branch at 5 CFR part 2635, the DOE regulation at...

  9. 34 CFR 73.1 - Cross-reference to employee ethical conduct standards and financial disclosure regulations.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 1 2010-07-01 2010-07-01 false Cross-reference to employee ethical conduct standards... of Education STANDARDS OF CONDUCT § 73.1 Cross-reference to employee ethical conduct standards and... branch-wide Standards of Ethical Conduct at 5 CFR part 2635 and to the Department of Education regulation...

  10. 76 FR 72878 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Imposition of...

    Science.gov (United States)

    2011-11-28

    ...; Amendment to the Bank Secrecy Act Regulations--Imposition of Special Measure Against the Islamic Republic of... delegate, the Director of FinCEN, found that reasonable grounds exist for concluding that the Islamic... the jurisdiction; The extent to which that jurisdiction is characterized as an offshore banking or...

  11. 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.

  12. Inclusive Innovation in Biohacker Spaces: The Role of Systems and Networks

    Directory of Open Access Journals (Sweden)

    Jeremy de Beer

    2018-02-01

    Full Text Available In this article, we examine the development of biohacker spaces and their impact on innovation systems through the lens of inclusive innovation. Examining issues associated with people, activities, outcomes, and governance, we observe that biohacker spaces offer an alternative approach to biotechnological research outside the orthodox walls of academia, industry, and government. We explain that harnessing the full innovative potential of these spaces depends on flexible legal and regulatory systems, including appropriate biosafety regulations and intellectual property policies and practices, and organic, community-based social and financial networking.

  13. Financial Workbook

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

    jmcdonald

    Financial Workbook. External User Guide. Grant Administration Division .... Financial Reporting cycle. The Workbook passes back and forth between the recipient and IDRC throughout the project life cycle. Proposed Budget Preparation. Financial Reporting ... The system will automatically calculate the indirect cost per year.

  14. financial statements

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

    This Management's Discussion and Analysis (MD&A) provides a narrative discussion of the financial results and operational changes for the financial year ended on. 31 March 2015. This discussion should be read with the. Financial Statements and accompanying notes provided on pages 46-63, which were prepared in ...

  15. Supervision of financial markets

    Directory of Open Access Journals (Sweden)

    Mihai Ilie

    2016-09-01

    Full Text Available Based on the fundamental role of the market in contemporary economic development, in this study we aim to analyse how the financial markets in Romania are regulated, monitored and, especially supervised, compared to developed or developing European countries, close or far away from the national borders. The study highlights the main trends in the existing financial supervision systems abroad after the 2000s and ends with proposals based on the authors' opinion regarding the best option for the Romanian supervisory model of financial markets.

  16. Financial Literacy: Empirical Sociological Approaches

    Directory of Open Access Journals (Sweden)

    Henye Livia Kovacsne

    2015-05-01

    Full Text Available The recent financial crises that started in the USA and spread all over Europe highlighted the importance of research in the field of financial culture. A variety of research projects pointed out that the general population’s financial literacy is lacking basic knowledge. The ever changing economic climate, demographic changes, tendencies in the financial processing sector and the acceleration in product innovation put considerable pressure on the everyday decision making process of a household. The overview of the international and national research on the subject proves that the improving of the population’s, especially the young people’s financial literacy is a priority both in leading economic countries and in Hungary, too. The idea of financial culture is as complex as the variety of research into the topic proves it. This article aims to point out the complicated nature of the notion and the variety of research that has been inserted into it.

  17. Financial Institutions And Poverty Alleviation In Tanzania ...

    African Journals Online (AJOL)

    Financial institutions in Tanzania have operated under a competitive financial system between 1961 and 1967. The same institutions faced a turnaround in 1967 into financial repression. It was a highly regulated and specialized financial system with government intervention in the context of a centrally planned system.

  18. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

    For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

  19. 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

  20. Internal Controls and Compliance With Laws and Regulations for the Defense Finance and Accounting Service Working Capital Fund Financial Statements for FY 1998

    National Research Council Canada - National Science Library

    1999-01-01

    The Chief Financial Officers Act of 1990, as amended by the Government Management Reform Act of 1994, requires financial statement audits by the Inspectors General and prescribes the responsibilities...

  1. Integrated reporting – innovation in accounting paradigms

    Directory of Open Access Journals (Sweden)

    Mirosława Kwiecień

    2016-07-01

    Full Text Available The article is an introduction to the issues and results of a new trend in interdisciplinary research, which is integrated reporting. „Violated balance”, characteristic of contemporary global economy, forces us to seek solutions oriented to symbiosis between economic, social and environmental progress, which is the basis for fundamental changes in mental models that determine the way the economic organization oper-ates. On the basis of literature studies, as well as management (of innovation, knowledge, etc. science studies and research on changes in legal regulations of accounting, one can venture to say that the change in accounting paradigms is an innovation which stems from legal requirements. Legislation stimulates conceptuality, including information management, standardization of accounting, etc. Innovation theory refers to technological, organizational and market changes, so a question ariseswhether this theory can be applied to accounting practices as well? In this way an idea emerged for inves-tigating the question if the implementation of legal regulations such as International Financial Reporting Standards (IFRS or the standards of the Global Reporting Initiative (GRI is a manifestation of the inno-vation theory in the development of accounting systems, especially in reporting.

  2. Procedures and Criteria for the regulation of innovative non-medicinal technologies into the benefit catalogue of solidly financed health care insurances

    Directory of Open Access Journals (Sweden)

    Hagen, Anja

    2007-01-01

    Full Text Available Because great interest in an efficient range of effective medicinal innovations and achievements has arisen, many countries have introduced procedures to regulate the adoption of innovative non-medicinal technologies into the benefit catalogue of solidly financed health care insurances. With this as a background, this report will describe procedures for the adoption of innovative non-medicinal technologies by solidly financed health care insurances in Germany, England, Australia and Switzerland. This report was commissioned by the German Agency for Health Technology Assessment at the German Institute for Medical Documentation and Information.In order to find the relevant literature and information, systematic literature research, a hand search and a written survey were carried out. All the selected documents (chosen according to defined criteria for inclusion and exclusion were qualitatively evaluated, summarized and presented on a chart using a framework developed for this purpose. All the countries in this report require that some innovative non-medicinal technologies undergo evaluation by a central governing body. This evaluation is a prerequisite for adoption into the benefit catalogue. The process of evaluation can differ (e. g. the people and institutions concerned, the division of the synthesis of evidence and overall evaluation, processing the evidence. Similarities do exist, such as the size and composition of the governing bodies or the overreaching criteria according to which institutions must make their recommendations. This is how all the countries examined in this report determine how the benefits and effectiveness of the innovations, as well as their cost-effectiveness, can be chosen as criteria for the evaluation. Furthermore, there are many criteria which differ from country to country (social and ethical aspects, possible effects on the health system, etc. and which are also relevant to an evaluation. The preferred types of

  3. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, Marco; Penas, Maria

    2015-01-01

    Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies.

  4. Innovative learning for innovation

    NARCIS (Netherlands)

    Dr.Ir. Hay Geraedts

    2010-01-01

    Introduction Innovation is crucial for companies who have to react to constantly changing markets. Several national and European research institutes stress the importance of developing innovation for small and medium size enterprises (SMEs). This was a trigger to design a minor on strategic

  5. FINANCIAL MECHANISMS OF FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-07-01

    Full Text Available The actuality of this article is determined by the need to demonstrate that financial crisis is not just an issue of economic disaster caused by contagion effect of financial cataclysm, expressed in national currency depreciation, depletion of foreign exchange reserves, mass bankruptcy of financial institutions, non-market entities insolvency and impossibility of sovereign debt servicing, but a special investment opportunity with associated characteristics of profitability. Central aims of article is research of financial crisis essence, investment mechanisms linked to existing fundamental laws of its conduct and determination of investment opportunities manifested in various segments of financial market and related sectors. Main research methods were: systemic analysis, statistical analysis, monographic and logic synthesis, etc. Main scientific results obtained in the article, due to research are to identify, analyze and demonstrate investment opportunities of international financial crisis and financial crises in Moldova.

  6. An economic and financial exploratory

    Science.gov (United States)

    Cincotti, S.; Sornette, D.; Treleaven, P.; Battiston, S.; Caldarelli, G.; Hommes, C.; Kirman, A.

    2012-11-01

    This paper describes the vision of a European Exploratory for economics and finance using an interdisciplinary consortium of economists, natural scientists, computer scientists and engineers, who will combine their expertise to address the enormous challenges of the 21st century. This Academic Public facility is intended for economic modelling, investigating all aspects of risk and stability, improving financial technology, and evaluating proposed regulatory and taxation changes. The European Exploratory for economics and finance will be constituted as a network of infrastructure, observatories, data repositories, services and facilities and will foster the creation of a new cross-disciplinary research community of social scientists, complexity scientists and computing (ICT) scientists to collaborate in investigating major issues in economics and finance. It is also considered a cradle for training and collaboration with the private sector to spur spin-offs and job creations in Europe in the finance and economic sectors. The Exploratory will allow Social Scientists and Regulators as well as Policy Makers and the private sector to conduct realistic investigations with real economic, financial and social data. The Exploratory will (i) continuously monitor and evaluate the status of the economies of countries in their various components, (ii) use, extend and develop a large variety of methods including data mining, process mining, computational and artificial intelligence and every other computer and complex science techniques coupled with economic theory and econometric, and (iii) provide the framework and infrastructure to perform what-if analysis, scenario evaluations and computational, laboratory, field and web experiments to inform decision makers and help develop innovative policy, market and regulation designs.

  7. Editorial: AABFJ Volume 8, Issue 4 Special Issue in Financial Markets and Financial Instruments

    OpenAIRE

    Ciorstan Smark

    2014-01-01

    Financial planning in Australia is in a time of change and challenge. Educational standards and regulation are in flux. There is a strong need to move financial planning into a more esteemed professional position as financial planners are not always considered the safest source of advice for people in Asia and the pacific rim when it comes to investing their much needed retirement funds. This Special Issue on Financial Planning and Financial Instruments brings together articles from financial...

  8. Financial arbitrator

    OpenAIRE

    Jendrulková, Anna

    2014-01-01

    Financial Arbitrator The legislative introduction of the institute of Financial Arbitrator as the relevant authority for settling out-of-court disputes into Czech law is a relatively new phenomenon, and is related to the interests of consumer protection within the European Union. In particular, the interests of the European Union in this area are to reinforce consumer confidence in the financial market. Given the fact that the majority of consumer disputes are so-called petty disputes, and re...

  9. Toward Effective Policies for Innovation Financing in Asia | Page 3 ...

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

    The current financial crisis has made it difficult for firms to access financial resources during the early stages of business development, and this has aggravated economic conditions. The question of how to support innovations and innovative businesses in the midst of a global financial crisis has become an urgent and ...

  10. 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

  11. Toward Effective Policies for Innovation Financing in Asia | IDRC ...

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

    Toward Effective Policies for Innovation Financing in Asia. The current financial crisis has made it difficult for firms to access financial resources during the early stages of business development, and this has aggravated economic conditions. The question of how to support innovations and innovative businesses in the midst ...

  12. Improved financial disclosure system

    Energy Technology Data Exchange (ETDEWEB)

    Staats, E.B.

    1977-01-26

    Executive Order 11222 prescribes standards of ethical conduct for Government officials and directs the Civil Service Commission to establish guidelines for agency financial disclosure systems. The financial disclosure system of the U.S. ERDA is discussed in this report. It is felt that the system is effective for detecting and resolving questionable financial interest held by employees. In many cases, however, employees were not advised in writing of potential conflicts and necessary remedial action. Also reviewing officials did not always report to the ethics counselor the results of efforts to resolve potential conflict problems. In addition, although agency regulations require employees to disqualify themselves from working on matters in which they have financial interests, not all reviewing officials have taken action to ensure that such disqualifications occurred. In view of the agency's recent actions to strengthen the system, no official recommendations are made. (RWR)

  13. Ethical issues in surgical innovation.

    Science.gov (United States)

    Miller, Megan E; Siegler, Mark; Angelos, Peter

    2014-07-01

    Innovation is responsible for most advances in the field of surgery. Innovative approaches to solving clinical problems have significantly decreased morbidity and mortality for many surgical procedures, and have led to improved patient outcomes. While innovation is motivated by the surgeon's expectation that the new approach will be beneficial to patients, not all innovations are successful or result in improved patient care. The ethical dilemma of surgical innovation lies in the uncertainty of whether a particular innovation will prove to be a "good thing." This uncertainty creates challenges for surgeons, patients, and the healthcare system. By its very nature, innovation introduces a potential risk to patient safety, a risk that may not be fully known, and it simultaneously fosters an optimism bias. These factors increase the complexity of informed consent and shared decision making for the surgeon and the patient. Innovative procedures and their associated technology raise issues of cost and resource distribution in the contemporary, financially conscious, healthcare environment. Surgeons and institutions must identify and address conflicts of interest created by the development and application of an innovation, always preserving the best interest of the patient above the academic or financial rewards of success. Potential strategies to address the challenges inherent in surgical innovation include collecting and reporting objective outcomes data, enhancing the informed consent process, and adhering to the principles of disclosure and professionalism. As surgeons, we must encourage creativity and innovation while maintaining our ethical awareness and responsibility to patients.

  14. Mexico; Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico

    OpenAIRE

    International Monetary Fund

    2007-01-01

    The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes, competition plays a key role, keeping prices low, a good quality of service, and an efficient ...

  15. Genesis nature of financial strategy

    Directory of Open Access Journals (Sweden)

    O.V. Pashchenko

    2015-03-01

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

  16. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    –1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense......In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900...

  17. 76 FR 75825 - Streamlining Inherited Regulations

    Science.gov (United States)

    2011-12-05

    ... submitting comments. Mail: Research, Markets & Regulations Division, Bureau of Consumer Financial Protection... Lieu of Mail: Research, Markets & Regulations Division, Bureau of Consumer Financial Protection, 1700 G..., Counsel, Research, Markets & Regulations Division, Bureau of Consumer Financial Protection, (202) 453-7700...

  18. The return of financial repression.

    OpenAIRE

    Reinhart, C. M.

    2012-01-01

    Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to a tax on bond holders and, more generally, savers. In the heavily regulated financial markets of the Bretton Woods system, a variety of financial domestic and international restrictions facilitated a s...

  19. FINANCIAL STABILITY AS A FACTOR ECONOMIC SECURITY

    Directory of Open Access Journals (Sweden)

    A. V. Endovitskaya

    2015-01-01

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

  20. Financial Liberalization and Financial Development in Nepal

    OpenAIRE

    Khem Raj Bhetuwal Ph. D.

    2007-01-01

    An efficient financial system can effectively mobilize and allocate resources leading to robust economic growth. Financial liberalization improves the functioning of financial system by increasing the availability of funds and allowing risk diversification and increased investment. The indices of financial liberalization and financial development, generated by the principal component analysis, depict a gradual process of financial liberalization and a continuous financial sector development. ...

  1. 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…

  2. Latar Belakang, Potensi dan Dampak Balanced Scorecard dalam Pengukuran Financial

    OpenAIRE

    Setiawan, Amelia

    2001-01-01

    Financial accounting model that we used emphasizes on financial measure. Rapid technological innovation especially in information technology requires new capabilities for competitive success. The need to build long-range competitive capabilities and the fact about historical-cost financial accounting created a new tool for management in financial measure: the balanced scorecard. The Balanced Scorecard emphasizes that financial and nonfinancial measure must be part of information system for em...

  3. Subsidizing Media Innovation

    DEFF Research Database (Denmark)

    Kammer, Aske; Hobel, Emil

    When the Danish Parliament revised the media-subsidy framework in 2013/2014, one of the new initiatives was the introduction of a pool of funding earmarked to establishing and developing new news media – the so-called “innovation fund”. So, as the news industry struggles to keep journalism a viable...... and economically sustainable activity, the institutionalization of financial support for media innovation constitute one way for policy makers to bring (parts of) the journalistic environment up-to-date with the digital age, thereby improving the conditions for an informed citizenry in the future (Kammer...... scrutinizes the practical administration of the innovation fund in the first two years of its existence, analyzing all applications for innovation subsidies in 2014 and 2015 as well as all acceptance and rejection letters. With this empirical material and a combination of quantitative and qualitative...

  4. Towards the Innovation Function

    Directory of Open Access Journals (Sweden)

    Paulo Antônio Zawislak

    2008-12-01

    Full Text Available This paper explores the main elements that influence innovation and the relationships among them. It is pointed out that innovation results from an entrepreneurial action inside an established institutional context, sustained by resources, abilities and competences and with the support of the necessary financial capital. Therefore, it is proposed that innovation is a function (just as the microeconomic production function composed of entrepreneurship, institutions, capabilities and capital. Each one of these elements is explored individually, so that later the relationships among them can be analyzed. It is still suggested that the size of the firm is a moderator in the relationship between these elements and innovation. The study’s contribution it is the development of a conceptual model.

  5. Innovation af innovation

    DEFF Research Database (Denmark)

    Harste, Gorm

    2009-01-01

    , at innovation af innovationen forsøges gennemført på en måde, hvor tiden kræves at forholde sig til sin egen tidslighed i form af fremtid, nutid, fortid og ikke mindst i form af samtidighed. I tiden skal vi iagttage, hvordan vi iagttager tiden. Vi dobbelt-koder tiden på samme måde, som forskning forsker i...... organisationssystemerne. De to typer systemer kan noget helt bestemt med fænomenet tid. De kan synkronisere. Analyseres organisationssystemer ser vi, imidlertid at innovation kræver ro. Stærkt innovative systemer er militærsystemet og kunstsystemet, der også inddrages, og hvor vi ser paradokset mellem innovation og...... involution. Tid er med et medium og ikke et lufttomt rum. Tid er end ikke en gasart, men udgør et solidt fluidum, som samfundet bader i og flyder i, konstant i bevægelse. Reformer forudsætter former, og innovation forudsætter involution. Kun sådan muliggøres evolution....

  6. Financial Capability:New Evidence for Ireland

    OpenAIRE

    Keeney, Mary J.; O’Donnell, Nuala

    2009-01-01

    Recent increases in financial innovation, particularly in the Anglo-Saxon banking culture, have seen a considerable growth in the amount of financial products available to the general public. Simultaneously, many workers are increasingly assuming responsibility for planning for their future pensions. This allied to increased life expectancy necessitates a greater degree of financial capability amongst the general public. This study has empirically examined this issue for the first time in an ...

  7. Orchestrating innovation

    NARCIS (Netherlands)

    Berkers, F.T.H.M.; Klein Woolthuis, R.J.A.; Boer, J. de

    2015-01-01

    Orchestrating Innovation increases the probability of success, minimizing the probability of failure of technological innovations by creating sustained societal and economic value. Orchestrating innovation propagates to take into account and actively involve all relevant stakeholders of the (future)

  8. Financial architecture and industrial technology: A co-evolutionary model

    NARCIS (Netherlands)

    Negriu, A.

    2013-01-01

    Empirical evidence points to a relation between the financial architecture of an economy and industrial technology: market-based financial systems support the development of industries where innovation is typically radical whereas incremental innovation thrives in association with bank-based

  9. Clinical and Pharmaceutical Solutions through Analysis (CPSA BRASIL 2015): on the way to innovation - pharmaceutical/analytical technology, regulation and knowledge management.

    Science.gov (United States)

    Needham, Shane; Yates, Nathan; Barrientos, Rafael; Steel, Martin; Lee, Mike

    2015-12-01

    Clinical and Pharmaceutical Solutions through Analysis, São Paulo, Brazil, 3-5 August 2015 The 2nd Annual Symposium on Clinical and Pharmaceutical Solutions through Analysis was held on 3-5 August 2015 at Club Transatlântico, São Paulo, Brazil. This annual meeting began in 2014 and was the first industry-led event in Brazil to focus on the specific needs of industry researchers while bringing together technology and regulators. The goal of CPSA is to provide an in-depth review of innovative technology and industry practices through open discussion of industry-related issues and needs. Education and specialized training are the foundation of all CPSA events. As the industry has evolved so has CPSA. The CPSA annual meeting thrived with high quality scientific content, open interaction from industry opinion leaders and a collegial environment.

  10. Open Innovation

    OpenAIRE

    Gassmann, Oliver; Enkel, Ellen

    2006-01-01

    In the past 10 years, numerous interesting articles, book chapters, and books have been written on open innovation strategies in mainly large companies. While closed innovation models have resulted in important breakthrough innovations, many large companies have abandoned vertical integration strategies in recent years and have moved toward a combination of both closed and open innovation models that are used for reaching different sets of innovative goals. The definition of open innovation a...

  11. 31 CFR 103.32 - Records to be made and retained by persons having financial interests in foreign financial accounts.

    Science.gov (United States)

    2010-07-01

    ... persons having financial interests in foreign financial accounts. 103.32 Section 103.32 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND... having financial interests in foreign financial accounts. Records of accounts required by § 103.24 to be...

  12. “Internal” open innovation

    DEFF Research Database (Denmark)

    Ferraris, Alberto; Bogers, Marcel; Bresciani, Stefano

    The Open Innovation (OI) literature has focused primarily on OI strategies and external sourcing of knowledge at the organizational level, largely ignoring the role of subsidiaries in the innovation activities of Multinational corporations (MNCs). In this paper, we analyze OI at the subsidiary...... 91 MNC subsidiaries, we argue and find empirical evidence that internal embeddedness, i.e. the development of knowledge-intensive linkages between the subsidiary and internal counterparts, positively moderate two established relationships: the one between inbound OI activities and innovative...... performance, and the one between innovative performance and financial performance....

  13. Interest prohibition and financial product innovation

    NARCIS (Netherlands)

    Bergstra, J.A.; Middelburg, C.A.

    2011-01-01

    We give a rough sketch of the Judaic, Greek, Islamic and Christian positions in the matter of interest prohibition during the last few millennia and discuss the way in which interest prohibition is dealt with in Islamic finance, the problems with authority-based arguments for interest prohibition,

  14. Essays on banking and financial innovation

    NARCIS (Netherlands)

    Gong, Di

    2015-01-01

    This dissertation consists of three chapters. Chapters 2 and 3 examine the ex-ante motivation and the ex-post impact of securitization. Departing from the traditional literature of bank-specific drivers for securitization, I investigate the tax incentive for securitization in a cross country

  15. 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

  16. Mapping your innovation strategy.

    Science.gov (United States)

    Anthony, Scott D; Eyring, Matt; Gibson, Lib

    2006-05-01

    In the complex sport of American football, teams rely on playbooks as thick as the Manhattan phone directory. But when it comes to creating innovative growth businesses-which is at least as complicated as professional football--most companies have not developed detailed game plans. Indeed, many managers have concluded that a fog enshrouds the world of innovation, obscuring high-potential opportunities. The authors believe that companies can penetrate that fog by developing growth strategies based on disruptive innovations, as defined by Clayton Christensen. Such innovations conform to a pattern: They offer an entirely new solution; they perform adequately along traditional dimensions and much better along other dimensions that matter more to target customers; and they are not initially appealing to powerful incumbents. Companies can develop customized checklists, or playbooks, by combining this basic pattern with analysis of major innovations in their markets. The key early on is to focus not on detailed financial estimates--which will always guide companies toward the markets most hostile to disruptive innovations--but on how well the innovation fits the pattern of success. It's also crucial to encourage flexibility: Companies must be willing to kill projects that are going nowhere, exempt innovations from standard development processes, and avoid burdening project teams with extra financing, which can keep them heading in the wrong direction. Companies can create competitive advantage by becoming champions at defining the pattern of successful innovations and executing against it. But as that pattern becomes obvious--and others emerge-building a sustainable advantage on innovation competencies will again prove elusive.

  17. 7 CFR 3016.41 - Financial reporting.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial reporting. 3016.41 Section 3016.41 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER... Financial reporting. (a) General. (1) Except as provided in paragraphs (a) (2) and (5) of this section...

  18. 10 CFR 600.152 - Financial reporting.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Financial reporting. 600.152 Section 600.152 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS FINANCIAL ASSISTANCE RULES Uniform Administrative... Nonprofit Organizations Post-Award Requirements § 600.152 Financial reporting. (a) The following forms or...

  19. 10 CFR 600.241 - Financial reporting.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Financial reporting. 600.241 Section 600.241 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS FINANCIAL ASSISTANCE RULES Uniform Administrative....241 Financial reporting. (a) General. (1) Except as provided in paragraphs (a) (2) and (5) of this...

  20. 7 CFR 3019.52 - Financial reporting.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial reporting. 3019.52 Section 3019.52 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER... Records § 3019.52 Financial reporting. (a) The following forms or such other forms as may be approved by...

  1. 7 CFR 3052.310 - Financial statements.

    Science.gov (United States)

    2010-01-01

    ... that reflect its financial position, results of operations or changes in net assets, and, where... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial statements. 3052.310 Section 3052.310 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER...

  2. Orchestrating innovation

    OpenAIRE

    Berkers, F.T.H.M.; Klein Woolthuis, R.J.A.; Boer, J. de

    2015-01-01

    Orchestrating Innovation increases the probability of success, minimizing the probability of failure of technological innovations by creating sustained societal and economic value. Orchestrating innovation propagates to take into account and actively involve all relevant stakeholders of the (future) ecosystem in which the innovation will, can or has to be adopted.

  3. Innovative didaktik

    DEFF Research Database (Denmark)

    Lund, Birthe

    Innovative didaktik. This deals with innovative didaktik from at methodological point of view in three ways - how to define the concept, how to develop it and how analyse it. Issues analysed: How to create innovative students? How to create innovative learning envoriments? These are core questions...

  4. Mindful innovation

    DEFF Research Database (Denmark)

    Olsen, Poul Bitsch

    2008-01-01

    Mindful innovation is an approach to innovation that pays attention to people's experience in an organization rather than to formal organization or social role.......Mindful innovation is an approach to innovation that pays attention to people's experience in an organization rather than to formal organization or social role....

  5. Internal Controls and Compliance With Laws and Regulations for Expense Account Line Items on the FY 1996 Defense Business Operations Fund Consolidated Financial Statements

    National Research Council Canada - National Science Library

    1998-01-01

    .... The primary audit objective was to determine whether the expenses on the FY 1996 DBOF consolidated financial statements were presented fairly in accordance with Office of Management and Budget Bulletin...

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

    African Journals Online (AJOL)

    user

    analysis conducted using Structural Equation Modelling (SEM) and the reliability was established by using ... 1.0 Introduction. Mobile financial services in Africa have emerged as an important driver of financial inclusion and an innovative channel of financial services delivery especially to the unbanked population.

  7. An analysis of the impact of liquidity constraints on new financial product development: case of ZB bank

    Directory of Open Access Journals (Sweden)

    Newman Wadesango

    2017-07-01

    Full Text Available The study investigated the impact of liquidity constraints on development of new financial products in commercial banks. The descriptive research design was adopted and a case study of ZB Bank employed. A census sampling technique was adopted and questionnaires and interviews were self-administered by the researchers. Research outcomes proved that liquidity constraints are a major impediment to firm`s innovativeness. Financial project innovations are either not started, delayed or abandoned, but mostly the distribution and delivery of developed services for financial products are highly affected. The results of this study have contributed to existing literature in revealing that financial regulation tends to be another constraint for commercial banks discouraging product innovations. Rapid technological changes seem to fuel the need for new software and hardware for new product development thus necessitating the employment of a skilled workforce for new product development. Furthermore, customer demands are changing on a daily basis due to rapid changes in information technology thus making customer maintenance difficult for commercial banks. Based on the data gathered, the researchers concluded that there is a negative impact on new financial product development due to liquidity constraints. In such constrained times, we recommend that commercial banks should emphasize more the best technique suitable for successful new product development or invest their available funds in the development thereof.

  8. Editorial: AABFJ Volume 8, Issue 4 Special Issue in Financial Markets and Financial Instruments

    Directory of Open Access Journals (Sweden)

    Ciorstan Smark

    2014-10-01

    Full Text Available Financial planning in Australia is in a time of change and challenge. Educational standards and regulation are in flux. There is a strong need to move financial planning into a more esteemed professional position as financial planners are not always considered the safest source of advice for people in Asia and the pacific rim when it comes to investing their much needed retirement funds. This Special Issue on Financial Planning and Financial Instruments brings together articles from financial planning, banking, financial markets and retirement policy.

  9. [Review on enterprises'eco-innovation].

    Science.gov (United States)

    Liao, Zhong Ju; Huang, Chao

    2017-12-01

    Eco-innovation is an important way to realize sustainable development. It has the dual positive externality of "knowledge spillover" and "environmental spillover", which has attracted much attention from theory and practice. In order to systematically grasp the current situation of eco-innovation, this study collected the relevant foreign literatures on eco-innovation in the past ten years, and made a systematic review of the definition, characteristics and dimensions of eco-innovation. Focusing on the theory of institutional theory, stakeholder theory and resource-based view, this paper explored the antecedents of eco-innovation. Then, this paper also demonstrated the positive and negative effects of eco-innovation on corporate financial performance, and the meditating and moderating mechanisms between eco-innovation and financial performance. Finally, based on the limitations of existing research, the future research direction was put forward.

  10. Challenges of stimulating a market for social innovation - provision of a national health account.

    Science.gov (United States)

    Wass, Sofie; Vimarlund, Vivian

    2015-01-01

    Innovation in healthcare can be associated with social innovation and the mission to contribute to a shared value that benefits not only individuals or organizations but the society as a whole. In this paper, we present the prerequisites of stimulating a market for social innovations by studying the introduction of a national health account. The results show that there is a need to clarify if a national health account should be viewed as a public good or not, to clarify the financial responsibilities of different actors, to establish clear guidelines and to develop regulations concerning price, quality and certification of actors. The ambition to stimulate the market through a national health account is a promising start. However, the challenges have to be confronted in order for public and private actors to collaborate and build a market for social innovations such as a national health account.

  11. Financial statements

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

    systems not supporting strategic objectives and ...... Management maintains books of accounts, information systems, and financial and management controls that are designed to provide ..... Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the exchange rate in effect.

  12. Financial report

    Energy Technology Data Exchange (ETDEWEB)

    1978-06-01

    The Energy Research and Development Administration (ERDA) was established by the Energy Reorganization Act of 1974 to bring together into a single agency the major energy research and development programs of the Federal Government. For the fiscal year ended September 30, 1977, Congress provided ERDA with $7355 million to carry out its programs. This was comprised of $6332 million in current appropriations, $740 million in reimbursements resulting primarily from the sale of enriched uranium, and $283 million in previously provided but unused appropriations. ERDA employed approximately 9536 scientific, technical, and support personnel and also relied heavily on the private sector to staff and operate Government-owned facilities. Contractors from industry, educational, and other non-profit organizations numbered approximately 128,141. ERDA's financial management system included an integrated accounting and budgeting system involving both Government and major contractor operations. This accrual based accounting system met all the requirements of Government fund accounting and provided management with necessary data. ERDA was abolished and its assets and liabilities were transferred to the Department of Energy on October 1, 1977. This final unclassified Financial Report of the Energy Research and Development Administration contains the financial statements presenting the financial position of ERDA at September 30, 1977, and the results of operations for the period beginning October 1, 1976, and ending September 30, 1977.

  13. Solarbus Solar Array Innovative Light Weight Mechanical Architecture with Thin Lateral Panels Deployed with Shape Memory Alloy Regulator

    Science.gov (United States)

    D'Abrigeon, Laurent; Carpine, Anne; Laduree, Gregory

    2005-05-01

    The standard ALCATEL SOLAR ARRAY PLANAR CONCEPT on the TELECOM market today on flight is named SOLARBUS.This concept is:• 3 to 10 identical panels covered with Si Hi-η celltechnology.• A central mast constitute by 3 to 4 panels and 1yoke linked together by hinges and synchronizedby cables.• From 2 to 6 lateral panelsThis concept is able to fit with the customer requirements in order to have a competitive "global offer at system level" (mass to power ratio 48-50 W/Kg)But, for the near future, in line with the market trend, and based on the previous experience, an improvement of the SOLARBUS Solar Array concept in term of W/kg/€ is essential in order to maintain the competitiveness of the global ALCATEL offer at system level.In order to increase the W/Kg performance Alcatel has developed a new architecture named Lightweight Panel Structure (LPS). The objectives of this new structure are :• To decrease the kg/m2 ratio • To be compatible of all promising cells technology including Si Hi-n, GaAs, GaAs+ small reflectors. This new architecture is based on the fact that during the 3 major life phases of a Solar Array (Launch/Deployment/Deployed orbital life), the structural needs are more important for the central panels than for the lateral panels.So two different panels have been designed :• Central panels (named LPS1)• Lateral panels (named LPS2)The stowing configuration as been adapted : 2 thin lateral panels LPS2 between 2 structural central panels LPS1, and local bumpers to transfer the loads from LPS2 to LPS1.Also one of the more stringent loads applied to the panels are corresponding to deployment loads. In order to limit the mass of reinforcement of the panels, a deployment speed regulator shall be used. In the frame of the new generation of solar arrays, Alcatel has developed a new actuator based on shape memory alloy torsional rod. This light weight component is directly connected to heaters lines and is able to provide great actuation torque

  14. Collaborative innovation

    DEFF Research Database (Denmark)

    Torfing, Jacob; Sørensen, Eva; Hartley, Jean

    2013-01-01

    There are growing pressures for the public sector to be more innovative but considerable disagreement about how to achieve it. This article uses institutional and organizational analysis to compare three major public innovation strategies. The article confronts the myth that the market......-driven private sector is more innovative than the public sector by showing that both sectors have a number of drivers of as well as barriers to innovation, some of which are similar, while others are sector specific. The article then systematically analyzes three strategies for innovation: New Public Management...... for enhancing public innovation is contingent rather than absolute. Some contingencies for each strategy are outlined....

  15. Consolidated supervision of financial institutions and financial market in the Republic of Croatia

    Directory of Open Access Journals (Sweden)

    Bojana Olgić Draženović

    2005-06-01

    Full Text Available The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development.

  16. FINANCIAL LITERACY, FINANCIAL EDUCATION AND ECONOMIC OUTCOMES.

    Science.gov (United States)

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

    2013-05-01

    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 extent to which a competitive market provides incentives for firms to educate consumers or offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes, and compare the evidence to evidence on the efficacy and cost of financial education. Finally, we discuss directions for future research.

  17. 31 CFR 596.303 - Financial institution.

    Science.gov (United States)

    2010-07-01

    ... OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS General Definitions § 596.303 Financial institution. The term financial institution shall have the definition given that term in 31 U.S.C. 5312(a)(2) or the regulations promulgated thereunder, as from time to...

  18. Patient-centered innovation in health care organizations: a conceptual framework and case study application.

    Science.gov (United States)

    Hernandez, Susan E; Conrad, Douglas A; Marcus-Smith, Miriam S; Reed, Peter; Watts, Carolyn

    2013-01-01

    Patient-centered innovation is spreading at the federal and state levels. A conceptual framework can help frame real-world examples and extract systematic learning from an array of innovative applications currently underway. The statutory, economic, and political environment in Washington State offers a special contextual laboratory for observing the interplay of these factors. We propose a framework for understanding the process of initiating patient-centered innovations-particularly innovations addressing patient-centered goals of improved access, continuity, communication and coordination, cultural competency, and family- and person-focused care over time. The framework to a case study of a provider organization in Washington State actively engaged in such innovations was applied in this article. We conducted a selective review of peer-reviewed evidence and theory regarding determinants of organizational change. On the basis of the literature review and the particular examples of patient-centric innovation, we developed a conceptual framework. Semistructured key informant interviews were conducted to illustrate the framework with concrete examples of patient-centered innovation. The primary determinants of initiating patient-centered innovation are (a) effective leadership, with the necessary technical and professional expertise and creative skills; (b) strong internal and external motivation to change; (c) clear and internally consistent organizational mission; (d) aligned organizational strategy; (e) robust organizational capability; and (f) continuous feedback and organizational learning. The internal hierarchy of actors is important in shaping patient-centered innovation. External financial incentives and government regulations also significantly shape innovation. Patient-centered care innovation is a complex process. A general framework that could help managers and executives organize their thoughts around innovation within their organization is presented.

  19. Global Banking: Transformation, Innovation & Competition

    Directory of Open Access Journals (Sweden)

    Korobov Yury

    2017-01-01

    Full Text Available The article discusses the main transformation processes in banking sector: globalization, concentration of capital, formation of a new model of banking and new banking culture. It is shown that the driving forces of these processes are competition and innovation. The interpretation of the bank of the future as a sum of four concepts is offered: “Bank = technology”, “Bank = client”, “Bank = product”, “Bank = life”. It is hypothesized that a person in the digital economy can be described as Homo financial (a person with financial literacy and financial thinking.

  20. “Europa 2020”, nuovo governo economico e ri-regolamentazione finanziaria:incentivi o vincoli alla crescita?(“Europe 2010”, a new economic governance and financial re-regulation: incentives or constraints to growth?

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-12-01

    Full Text Available Despite the launch of a new strategy for growth in Europe (the Europe 2020 strategy and the ongoing efforts to design a new international financial architecture, prospects for an economic recovery of Europe remain dim. Public deficits and debts will have to be reduced at a faster pace, with contractionary effects unless a strong recovery of private expenditure will materialize. Financial re-regulation is projected to further depress the economy by imposing higher capital ratios, lower leverage, a late (though welcome discipline of liquidity. The compound effect of the two policy trends pose a serious threat on the social sustainability of the European social market economy.   JEL: H6, F3, O52

  1. Innovation in nuclear technology

    International Nuclear Information System (INIS)

    Bertel, E.

    2007-01-01

    Innovation has been a driving force for the success of nuclear energy and remains essential for its future. For the continued safe and economically effective operation and maintenance of existing nuclear systems, and to meet the goals set out by projects aiming at designing and implementing advanced systems for the future, efficient innovation systems are needed. Consequently, analysing innovation systems is essential to understand their characteristics and enhance their performance in the nuclear sector. Lessons learnt from innovation programmes that have already been completed can help enhance the effectiveness of future programmes. The analysis of past experience provides a means for identifying causes of failure as well as best practices. Although national and local conditions are important factors, the main drivers for the success of innovative endeavors are common to all countries. Cooperation and coordination among the various actors are major elements promoting success. All interested stakeholders, including research organisations, industrial actors, regulators and civil society, have a role to play in supporting the success of innovation, but governments are an essential trigger, especially for projects with long durations and very ambitious objectives. Governments have a major role to play in promoting innovation because they are responsible for the overall national energy policy which sets the stage for the eventual deployment of innovative products and processes. Moreover, only governments can create the stable legal and regulatory framework favourable to the undertaking and successful completion of innovation programmes. International organisations such as the NEA may help enhance the effectiveness of national policies and innovation programmes by providing a forum for exchanging information, facilitating multilateral collaboration and joint endeavors, and offering technical support for the management of innovative programmes

  2. Technology Innovation

    Science.gov (United States)

    EPA produces innovative technologies and facilitates their creation in line with the Agency mission to create products such as the stormwater calculator, remote sensing, innovation clusters, and low-cost air sensors.

  3. Science Innovation

    Science.gov (United States)

    EPA provides innovative research activities that help transform the protection of human health and the environment with high-risk, high-reward Pathfinder Innovation Projects, the P3 student competition, and low-cost air monitoring.

  4. Innovation hubs

    DEFF Research Database (Denmark)

    O´Hara, J.; Hansen, Poul H. Kyvsgård; Turner, N.

    2008-01-01

    hubs that attempts to discover the causes of failure of innovation hubs through the comparison of successful and failed hubs. Success factors for innovation hubs are also discussed and suggestions are made as to lessons that can be learned from the experiences of innovation hubs."......"Whilst ‘incremental innovation' is an imperative for the short-to-medium term success of a company, there is also a need for companies to engage in innovation activity that goes beyond the incremental in order to guarantee long-term success. However, such ‘radical innovation' (RI) poses new...... of separation from the culture and routines of the mainstream organisation. Unfortunately, it would appear that many attempts to set-up innovation hubs have ended in failure within a few years; not before considerable time, effort and resource has been expended. This paper reports on a study of six innovation...

  5. Responsive Innovation

    DEFF Research Database (Denmark)

    Pedersen, Carsten

    Although the importance of stakeholder networks has been recognized in recent years, a non-teleological model that incorporates their collective sensing into innovation processes has so far not been developed. Hence, this paper argues that traditional linear and sequential innovation models...... are insufficient in hypercompetitive environments. Instead, it is proposed that companies should ground their innovation processes in the collective sensing of frontline-employees and customers that operate around the organizational periphery. This frames the concept of responsive innovation, where key...

  6. Political innovations

    DEFF Research Database (Denmark)

    Sørensen, Eva

    2017-01-01

    are mainly interested in assessing and promoting innovations in public service delivery, but have paid little or no attention to the need for innovations in polity, politics and policy. This article develops a research agenda for studying innovations in political institutions, in the political process...... and in policy outputs. It proposes a number of research themes related to political innovations that call for scholarly attention, and identifies push and pull factors influencing the likelihood that these themes will be addressed in future research....

  7. Brugerdreven innovation

    DEFF Research Database (Denmark)

    Helms, Niels Henrik; Larsen, Lasse Juel

    2007-01-01

    På et generelt plan er vores afsæt et opgør med traditionelle modeller for kreativitet og innovation. Artiklen mener, at brugerdreven innovation ikke bare en god idé, men en beskrivelse af, hvordan innovation finder sted. Vores afsæt er interaktionsdesign, hvor vi bygger på den antagelse...

  8. Facilitating innovations

    NARCIS (Netherlands)

    Buurma, J.S.; Visser, A.J.; Migchels, G.

    2011-01-01

    Many innovations involve changes which transcend the individual business or are only achievable when various businesses and/or interested parties take up the challenge together. In System Innovation Programmes, the necessary innovations are facilitated by means of workshops related to specific areas

  9. Integrating Technology, Management and Marketing Innovation through Open Innovation Models

    Directory of Open Access Journals (Sweden)

    Jaider Manuel Vega Jurado

    2015-12-01

    Full Text Available This paper explores, through a company case study, the importance of innovation for the competitive development of a company and how the adoption of an open innovation strategy could be effective to face typical barriers associated with the implementation of such processes. The case analysis shows the importance of the University-Industry relationship and the relevant role that the government plays in fomenting these relationships. Likewise, we point out the value of adopting an integral vision of the innovation process that not only considers its technological dimension (new product development, but also the elements associated to marketing and organizational change practices. The case studied herein exemplifies the systemic character of innovation and the relevance it has for companies, particularly for SME’s, to open its innovation strategy and integrate themselves with other actors to leverage its cognitive and financial resources as well as to explore new routes to bring the best of its internal technological capacities.

  10. The Rise of the Financial Planning Industry

    Directory of Open Access Journals (Sweden)

    Michelle Cull

    2009-03-01

    Full Text Available The financial planning industry in Australia has experienced significant reform in the lastdecade. This reform has not only made a considerable impact on financial planners but also onother groups such as the accounting profession, regulators, the financial services industry,educators and consumers. Although consumer protection was at the heart of this reform, it hasalso prompted the industry and other groups to consider financial planning as a profession.This paper begins with a definition of financial planning, followed by a discussion of thehistorical origins of financial planning. Several examples are used to illustrate how the industryhas developed and changed over time considering the impact of social, cultural, institutional,political and economic factors. Particular attention is given to the role of the accountingprofession and government regulation in Australia. The paper concludes with a discussion of theprofessionalisation of financial planning in light of the increased pressure for changes inremuneration practice in the industry.

  11. 76 FR 78553 - Reporting of Specified Foreign Financial Assets

    Science.gov (United States)

    2011-12-19

    ... Reporting of Specified Foreign Financial Assets AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... Regulations (26 CFR part 1) for reporting specified foreign financial assets under section 6038D of the... individual must include on the statement reporting specified foreign financial assets. For a financial...

  12. 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

  13. Innovative Human Resource Management Practices and Firm ...

    African Journals Online (AJOL)

    In this study, the effect of innovative HRM practices on the financial performance of banks in Nigeria is examined. Results indicate that strategic integration and devolvement of HRM are practiced to a moderate extent in the Nigerian banking sector. Findings also show that innovative HRM practices have significant positive ...

  14. Open innovation

    DEFF Research Database (Denmark)

    Bogers, Marcel; Chesbrough, Henry; Moedas, Carlos

    2018-01-01

    Open innovation is now a widely used concept in academia, business, and policy making. This article describes the state of open innovation at the intersection of research, practice, and policy. It discusses some key trends (e.g., digital transformation), challenges (e.g., uncertainty......), and potential solutions (e.g., EU funding programs) in the context of open innovation and innovation policy. With this background, the authors introduce select papers published in this Special Section of California Management Review that were originally presented at the second annual World Open Innovation...

  15. Relationship between innovation capability, innovation type, and firm performance

    Directory of Open Access Journals (Sweden)

    R.P. Jayani Rajapathirana

    2018-01-01

    Full Text Available Insurers are well versed in the litany of challenging conditions facing the sector. These challenges are economic, political, regulatory, legal, social, and technological. As a result of those pressures, the industry is experiencing increasing competition, muted growth, and an excess of capital. The increased connectivity among household and workplace devices, the development of autonomous vehicle and the rising threat of cyber attacks are transforming the way people live and risk they need to mitigate with insurance products. Insurers need to adopt their business models address the changes which can be threatening to the growth of the industry (Deloitte, 2017. Innovation is widely regarded as pinnacle success factor in highly competitive and global economy. An innovation perspective draws a clear picture of future opportunities that lie ahead. The main purpose of this paper is to explore the relationship among innovations capability, innovation type and on the different aspect of firm performance including innovation, market and financial performance based on an empirical study covering insurance industry in Sri Lanka. The research framework developed in this study was tested 379 senior managers of insurance companies. The empirical verification of assumption of this model has given evidence to confirm the relationship between innovation capabilities; innovation efforts and firm performance are significant and strong. The results of this study could lead effective management of innovation capability which helps to deliver more effective innovations outcomes to generate better performance and it would be benefits for management of the insurance companies.

  16. FINANCIAL STABILITY - A THEORETICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Maria Vasilescu

    2012-03-01

    Full Text Available Central banks have become poles of stability and decisive factors of globalization. Financialstability represents a national issue, a public asset, that requires both an intervention of public judicious authoritiesand their cooperation with private sector. Given the integration of financial markets during the last decades in bothdeveloped and developing countries, as direct result of globalization, liberalization and deregulation processes, andthe high degree of innovation they felt over time, a shift in market participants’ perceptions on the importance ofstable financial systems in economic growth arose. The global context characterized by the interdependence ofmarkets and institutions, emergence of new techniques and instruments, increasing international capital flowsstressed the new meanings of the analysis of financial stability.

  17. Organizational Champions of IT Innovation

    NARCIS (Netherlands)

    Heng, S.H.; Trauth, E.; Fischer, S.J.

    1999-01-01

    This paper reports on an investigation of the characteristics of 10 organisational champions of information technology (IT) innovation in The Netherlands. The institutions at which they work are in the financial, transport, government and software sectors. Much of the research in this area has

  18. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the

  19. Agricultural protectionism in innovation activities

    Directory of Open Access Journals (Sweden)

    O. A. Bernadskaya

    2013-01-01

    Full Text Available In article the principles and priorities of agrarian protectionism of innovative activity are specified, approaches to target distribution of means of direct and indirect support of agriculture and branches of agrarian and industrial complex are differentiated and alternative sources of mobilization of financial resources of the budgetary protectionism, proceeding from market conditions of agrofood production are revealed.

  20. Basics of XBRL Instance for Financial Reporting

    Directory of Open Access Journals (Sweden)

    Mihaela Enachi

    2011-10-01

    Full Text Available The development of XBRL (eXtensible Business Reporting Language for financial reporting has significantly changed the way which financial statements are presented to differentusers and implicitly the quantity and quality of information provided through such a modern format. Following a standard structure, but adaptable to the regulations from different countriesor regions of the world, we can communicate and process financial accounting information more efficient and effective. This paper tries to clarify the manner of preparation and presentation ofthe financial statements if using XBRL as reporting tool.Keywords: XML, XBRL, financial reporting, specification, taxonomy, instance

  1. Secteur financier

    OpenAIRE

    2008-01-01

    Depuis l’éclatement de la bulle spéculative des valeurs technologiques, le système bancaire et financier allemand traverse une situation tendue et se restructure. Ses entreprises et institutions sont contraintes de réduire leurs coûts (suppression de quelque 50 000 emplois pour les seules grandes banques, réduction du réseau de filiales) et de rechercher de nouvelles stratégies (vente de participations industrielles, coopérations et fusions, réorganisation interne, internationalisation, etc.)...

  2. 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.

  3. 7 CFR 3015.82 - Financial status report.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial status report. 3015.82 Section 3015.82 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Financial Reporting Requirements § 3015.82...

  4. 24 CFR 200.36 - Financial reporting requirements.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Financial reporting requirements. 200.36 Section 200.36 Housing and Urban Development Regulations Relating to Housing and Urban... Regulations § 200.36 Financial reporting requirements. The mortgagor must comply with the financial reporting...

  5. When financiers are concerned with energy saving

    International Nuclear Information System (INIS)

    Chauveau, J.

    2005-01-01

    Innovative financial systems allow to finance investments for the energy efficiency improvement of public or residential buildings. Such solutions are implemented in Belgium and Germany. They are based on the association between a financial company, an energy supplier who makes an energy audit and the building owner who refunds the investments with the saving made on the space heating and power consumption of the building. Short paper. (J.S.)

  6. Terrorism and financial supervision

    Directory of Open Access Journals (Sweden)

    Anatoli van der Krans

    2005-12-01

    Full Text Available This article presents an analysis of how legislators on international, European and national level combat the financing of terrorism. The central question in this article is whether European regulations concerning the prevention of money laundering and the financing of terrorism, are effective, proportional and mutually harmonious. Now that many regulations in this field have been established by intra-national bodies, it is important to examine how these regulations are further elaborated in the respective national systems. This article gives a broad overview of legislative initiatives of the UN, USA, FATF, EU and Council of Europe. The Netherlands for numerous reasons serves as a legal example. It is concluded that measures taken or proposed to avoid or at least reduce the financing of terrorism are quite effective to prevent abuse of the financial system. On the other hand, these measures increase the risk of underground or illegal financing, which is even more difficult to control.

  7. Problems of regional innovation strategy forming

    Directory of Open Access Journals (Sweden)

    I. M. Golova

    2010-09-01

    Full Text Available The author considered problems and contradictions of modern innovation policy in Russia. It is shown, that at present time regions are removed from management of science-technical complex and spatial priorities are not produced. It is a serious factor of risk for conservation perspectives of innovation development for Russia. With taking into account of world experience main districts of rise effects regional police were formulated. It is underlined, that creation conditions for transformation of regional authorities in active subjects of innovation policy is necessary condition for building vital innovation system. It is shown, that state innovation policy must be constructed at combination of next principles: a support science-technical potential of regions — generators of innovation and creation conditions for its realization; b using of innovations for evening-out disproportions of social-economic development between regions; c widening powers and financial possibilities of regions at management of innovation climate. Methodical approaches for making effective mechanisms of management of innovation processes of territory are opened. Typology of Russian regions with high and middle degree of innovation climate is proposed, which takes level of science and innovation potential of territory and also degree of comfort of social-economic conditions for development of innovation activity are offered. Peculiarities of innovation strategy for different types of regions are defined. This typology may be used for substantiation spatial priorities of innovation strategy of Russia.

  8. Developing innovation strategies for covergence - is 'open innovation' imperative?

    NARCIS (Netherlands)

    Bröring, S.

    2010-01-01

    Industrial change leading to industry convergence can be observed in many industries. This is provoked by the application of new technologies across industry boundaries, changing customer structures and regulations. Convergence presents a particular context for innovation and technology management,

  9. Informal Innovation

    DEFF Research Database (Denmark)

    Hartmann, Mia Rosa Koss; Hartmann, Rasmus Koss

    Informal innovation, defined as the development and putting-into-use of novel solutions by non-R&D employees without prior formal approval from or subsequent revealing to superiors, has been recurrently observed in organizational research. But even as it is increasingly recognized that R......, creating a need for further informal innovation. We discuss the generalizability of these findings and implications for research and managerial practice.......&D is not the only plausible source of innovation inside organizations, informal innovation has yet to be systematically explored or theorized. We propose a theory of informal innovation based on analyses of prior literature and mixed-method, multi-site studies of innovation at the working level of two extreme...

  10. A grey DEMATEL-based approach for modeling enablers of green innovation in manufacturing organizations.

    Science.gov (United States)

    Gupta, Himanshu; Barua, Mukesh Kumar

    2018-04-01

    Incorporating green practices into the manufacturing process has gained momentum over the past few years and is a matter of great concern for both manufacturers as well as researchers. Regulatory pressures in developed countries have forced the organizations to adopt green practices; however, this issue still lacks attention in developing economies like India. There is an urgent need to identify enablers of green innovation for manufacturing organizations and also to identify prominent enablers among those. This study is an attempt to first identify enablers of green innovation and then establish a causal relationship among them to identify the enablers that can drive others. Grey DEMATEL (Decision Making Trial and Evaluation Laboratory) methodology is used for establishing the causal relationship among enablers. The novelty of this study lies in the fact that no study has been done in the past to identify the enablers of green innovation and then establishing the causal relationship among them. A total of 21 enablers of green innovation have been identified; research indicates developing green manufacturing capabilities, resources for green innovation, ease of getting loans from financial institutions, and environmental regulations as the most influential enablers of green innovation. Managerial and practical implications of the research are also presented to assist managers of the case company in adopting green innovation practices at their end.

  11. International collaboration in engineering projects on product innovation.

    NARCIS (Netherlands)

    Dr.Ir. Hay Geraedts

    2013-01-01

    Nowadays companies need higher educated engineers to develop their competences to enable them to innovate. This innovation competence is seen as a remedy for the minor profitable business they do during the financial crises. Innovation is an element to be developed on the one hand for big companies

  12. Innovation @ NASA

    Science.gov (United States)

    Roman, Juan A.

    2014-01-01

    This presentation provides an overview of the activities National Aeronautics and Space Administration (NASA) is doing to encourage innovation across the agency. All information provided is available publicly.

  13. Responsive Innovation

    DEFF Research Database (Denmark)

    Pedersen, Carsten

    Although the importance of stakeholder networks has been recognized in recent years, a non-teleological model that incorporates their collective sensing into innovation processes has so far not been developed. Hence, this paper argues that traditional linear and sequential innovation models are i...... stakeholders engaged in the organization’s ongoing business activities collectively identify issues that central managers subsequently can resolve.......Although the importance of stakeholder networks has been recognized in recent years, a non-teleological model that incorporates their collective sensing into innovation processes has so far not been developed. Hence, this paper argues that traditional linear and sequential innovation models...

  14. Stress testing in financial institutions

    Directory of Open Access Journals (Sweden)

    Mirković Vladimir

    2014-01-01

    Full Text Available In 2000 the Basle Committee on the Global Financial System defined stress testing as 'a generic term describing various techniques used by financial firms to gauge their potential vulnerability to exceptional but plausible events'. Exceptional events refer to one-off or recurring events with far-reaching consequences for the concerned financial institution and the financial sector s stability overall. Such unexpected (exceptional events include, for instance: bankruptcy in Argentina in 2001, stock markets collapse ('Black Monday' on 19 October 1987, or the fall of the energy giant Enron in 2001. The adoption of the new Basle Accord (better known as Basle II in 2001 envisaged the implementation of stress tests for the identification of events and future changes in economic circumstances that could cause some unfavorable effects on banks' credit exposure, along with the assessment of banks' ability to survive in the new circumstances. Negative experiences from the past, having undermined the stability of financial systems worldwide, made a decisive impact on regulators at all levels to additionally consider the issue of increasing the financial system's resistance to the occurrence of unexpected - exceptional events. To this end, the introduction of stress tests was the turning point in the process of increased banking systems' resistance to shocks. This paper primarily deals with stress testing methodology and bank risk measurement techniques, along with the main results of conducted tests, directly impacting the entire financial system.

  15. 31 CFR 594.314 - U.S. financial institution.

    Science.gov (United States)

    2010-07-01

    ... OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY GLOBAL TERRORISM SANCTIONS REGULATIONS General Definitions § 594.314 U.S. financial institution. The term U.S. financial institution means any U.S. person...

  16. 31 CFR 595.316 - U.S. financial institution.

    Science.gov (United States)

    2010-07-01

    ... OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM SANCTIONS REGULATIONS General Definitions § 595.316 U.S. financial institution. The term U.S. financial institution means any U.S. person...

  17. 77 FR 13046 - Customer Due Diligence Requirements for Financial Institutions

    Science.gov (United States)

    2012-03-05

    ... Customer Due Diligence Requirements for Financial Institutions AGENCY: Financial Crimes Enforcement Network... customer due diligence (CDD) regulation that would codify, clarify, consolidate, and strengthen existing... particular regarding issues related to identification and verification of customers as discussed in Section...

  18. The Nordic financial electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2010-11-15

    NordREG is a cooperation of the Nordic energy regulators. The mission is to actively promote legal and institutional framework and conditions necessary for developing the Nordic and European electricity markets. The financial market is an important market for market participants to mitigate their risks. By providing tools for risk management, the financial market contributes to the efficient functioning of both wholesale and end-user markets. NordREG decided during 2009 to undertake a study on the Nordic financial electricity market. The aim of the report is to consider whether any improvements can be made to further increase the efficiency of the Nordic financial electricity market in order to secure an optimal price setting in the wholesale and the end-user markets

  19. XBRL and Financial Reporting Transparency

    Directory of Open Access Journals (Sweden)

    Mihaela Enachi

    2013-02-01

    Full Text Available Using eXtensible Business Reporting Language (XBRL in financial reporting increases transparency by allowing viewing the details of the information provided by organizations without subdividing it and the possibility of easy access and processing information, even if it is presented in different languages or it results from the application of different regulations. Through this paper we try to emphasize the transparency ensured to financial reporting by using XBRL, which is why wetransposed in this modern format, partially, the contents of one of the components of financial reports, namely, the balance sheet. In this process we based on the requirements of the Romanian accountingregulations in compliance with European directives, XML requirements and XBRL requirements concerning schemas, linkbase files and instances, and we used three of the modules of Altova MissionKit application (XMLSpy, MapForce and StyleVision, while taking into account the best practices in the field.Keywords: financial reporting, XBRL, transparency, specification, taxonomy, instance

  20. By how much does conflict reduce financial development?

    OpenAIRE

    Addison, Tony; Chowdhury, Abdur R.; Murshed, S. Mansoob

    2002-01-01

    Financial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system, thereby undermining the sustainability of financial institutions. Conflict therefore reduces the social return to financial liberalization and other financial-sector reforms. This paper presents a theoretical model integrating the effects of conf...