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

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

Adoption of agricultural innovations through non-traditional financial services ... donors, banks, and financial institutions to explore new kinds of financial services to ... enterprises, and others in the production process to connect with markets.

Capital regulation: Less really can be more when incentives are socially aligned. Comments on Richard J. Herring "The Evolving Complexity of Capital Regulation". "The Interplay of Financial Regulations, Resilience, and Growth", Federal Reserve Bank of Philadelphia June 16-17, 2016

OpenAIRE

Hughes, Joseph P.

2017-01-01

Capital regulation has become increasingly complex as the largest financial institutions arbitrage differences in requirements across financial products to increase expected return for any given amount of regulatory capital, as financial regulators amend regulations to reduce arbitrage opportunities, and as financial institutions innovate to escape revised regulations - a regulatory dialectic. This increasing complexity makes monitoring bank risk-taking by markets and regulators more difficul...

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.

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

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 ...

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.

Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy

Science.gov (United States)

Chou, Yuan K.

2007-01-01

The author devises a simple way of incorporating the financial sector into a growth model that is pedagogically useful. Financial innovation raises the efficiency of financial intermediation by increasing the variety of financial products and services, resulting in improved matching of the needs of individual savers with those of firms raising…

The Prudential Regulation of Financial Institutions: Why Regulatory Responses to the Crisis Might Not Prove Sufficient

Directory of Open Access Journals (Sweden)

William R. White

2013-10-01

Full Text Available It is now six years since a devastating financial and economic crisis rocked the global economy. Supported strongly by the G20 process, international regulators led by the Financial Stability Board have been working hard ever since to develop new regulatory standards designed to prevent a recurrence of these events. These international standards are intended to provide guidance for the drawing up of national legislation and regulation, and have already had a pervasive influence around the world. This paper surveys recent international developments concerning the prudential regulation of financial institutions: banks, the shadow banking system and insurance companies. It concludes that, while substantial progress has been made, the global economy nevertheless remains vulnerable to possible future financial instability. This possibility reflects three sets of concerns. First, measures taken to manage the crisis to date have actually made the prevention of future crises more difficult. Second, the continuing active debate over virtually every aspect of the new regulatory guidelines indicates that the analytical foundations of what is being proposed remain highly contestable. Third, implementation of the new proposals could suffer from different practices across regions. Looking forward, the financial sector will undoubtedly continue to innovate in response to competitive pressures and in an attempt to circumvent whatever regulations do come into effect. If we view the financial sector as a complex adaptive system, continuous innovation would only be expected. This perspective also provides a number of insights as to how regulators should respond in turn. Not least, it suggests that attempts to reduce complexity would not be misguided and that complex behaviour need not necessarily be accompanied by still more complex regulation. Removing impediments to more effective self discipline and market discipline in the financial sector would also seem

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

The myth of financial innovation and the great moderation

NARCIS (Netherlands)

den Haan, W.; Sterk, V.

2009-01-01

Financial innovation is widely believed to be at least partly responsible for the recent financial crisis. At the same time, there are empirical and theoretical arguments that support the view that changes in financial markets played a role in the "great moderation". If both are true, then the price

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.

The regulatory practice of the French financial regulator, 2006-2011. From substantive to procedural financial regulation?

Directory of Open Access Journals (Sweden)

Thierry Kirat

2015-11-01

Full Text Available Fraud and misconduct in financial markets have recently become a key regulatory issue against the backdrop of the financial crisis. This paper investigates the sanctions policy and practices of the French financial regulator, Autorité des Marchés Financiers (AMF. It argues that, over time, the AMF has shifted from substantive to procedural regulation of finance. This shift consists in departing from sanctions based on observed outcomes in the market and, instead, assessing how the internal organizational schemes of financial firms actually perform. The AMF’s new policy and practice involves a process of legalization of organizations; it also evidences a tendency to delegate regulation to financial firms themselves

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

OpenAIRE

Sukamulja, Sukmawati; Sikora, Cornelia Olivia

2018-01-01

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, e...

The effects of IT and open innovation strategies on innovation and financial performances in the banking sector

Directory of Open Access Journals (Sweden)

Tornjanski Vesna

2016-01-01

Full Text Available This paper deals with the effects IT and open innovation strategies have on innovation and financial performances in the Serbian banking sector, using the case study method based on qualitative and quantitative data. The research results point to the need for introducing the concept of open innovation in the banking sector i.e. to adequately incorporate external knowledge in innovation processes using appropriate technologies. Employees and established partnerships with key stakeholders are the two most significant sources for the generation and commercialization of radical innovations, while customers and other sources of knowledge acquisition allow the generation of various knowledge and ideas, and the creation of incremental innovations with the primary purpose of satisfying the end users of banking services, improving existing processes and service quality. To maximize utilization of resources from the open innovation model, the concluding paragraph contains recommendations for managers in the banking sector. The study may be useful for managers in the financial services, banking, IT sector and innovation management.

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

Science.gov (United States)

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

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

The state of the art of innovation-driven business models in the financial services industry

NARCIS (Netherlands)

Lüftenegger, E.R.; Angelov, S.A.; Linden, van der E.; Grefen, P.W.P.J.

2010-01-01

Emerging innovation-driven business models are changing the financial services landscape. Most companies are using innovation to sustain their business models. However, new entrants into the financial services market innovate in a way that disrupts the industry. Typically, directions for innovation

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

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...

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

OpenAIRE

Ciptono, Wakhid Slamet

2006-01-01

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 ...

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

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.

The Relation between Sustainable Innovation Strategy and Financial Performance Mediated By Environmental Performance

Directory of Open Access Journals (Sweden)

Hariyati Hariyati

2015-06-01

Full Text Available This study aims to examine the relationship of sustainable innovation strategy and financial performance through the mediation environmental performance. The hypothesis in this study is sustainable innovation strategy affect the financial performance which is mediated by environmental performance. This study is quantitative research in the explanatory level. The population of this study is all the manufacturer companies in East Java. The data is collected through questionnaire. The unit of analysis is a business unit. The respondent of this study is the manager of a business unit manufacturing company in East Java. The results showed that the environmental performance mediates partially the relation between sustainable innovation strategy and financial performance.

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...

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.

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

Open Access to Content and Financial Innovation

Directory of Open Access Journals (Sweden)

Wesley Mendes-Da-Silva

2015-08-01

Full Text Available Over the last twenty years the world has experienced significant growth in the supply of knowledge as a result of the advent of the Internet and there has been a drastic reduction in the cost of acquiring or constructing relevant information. This has meant that various industries, like banks, commerce and even the public management sector have undergone a reconfiguration process. Similarly, universities and the publishers of scientific periodicals need to reflect on their future. After all, who is prepared to pay for content that can be freely accessed? In the wake of the change in the technological paradigm that characterizes communication, and driven by financial crises, we find the topic of Financial Innovation (Lerner, 2006. But this topic was already on the agenda even before the Internet appeared on the scene (Miller, 1986. At the beginning of May 2013, when we started putting together the Journal of Financial Innovation (JoFI an article entitled “Free-for-all”, which was published in the important British publication, The Economist, discussed the growth of open access scientific journals. At the time the British magazine stressed the practice adopted in the UK, which established open access journals as being the destination for research results. In essence, what is intended is to constitute a quality publication route without readers or authors being burdened with high costs, an area that is still responsible for large portions of the billionaire publishing market around the world. 

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

Regulating financial markets: Costs and trade-offs

NARCIS (Netherlands)

Górnicka, L.A.

2015-01-01

This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By

NEW INTERNATIONAL FINANCIAL REGULATION: NECESSITY OR REQUIRED BY CRISIS

Directory of Open Access Journals (Sweden)

Cojocari Anatol

2010-07-01

Full Text Available The global economic and financial crisis showed the limits faced by the international financial system. International financial regulations in general, and especially the banking sector regulations, should be refined and adapted to build a stronger and stable international financial system. We analyze the main trends in international regulations: the proposed amendments on capital requirements, the introduction of a global standard for liquidity and indebtedness, the winding-up directive, as well as their impact on the Romanian financial system.

Financial Institutes of Nanoindustry Development in Russia

Directory of Open Access Journals (Sweden)

Strukova Tatyana Vladimirovna

2015-05-01

Full Text Available At the present stage Russia’s nanoindustry can be formed on the basis of new and old specialized financial and non-financial institutes, which form a milti-layered structure providing targeted investments for innovative projects. The active state fiscal policy plays a decisive role in the national nanoindustry formation at different stages of its development and approval. The article substantiates the need for state regulation of the nanoindustry development funding mechanism in Russia. The author characterizes the main principles, subjects, methods, tools and sources of nanoindustrialization financial mechanism. The article presents the system of Russian financial institutes of development, allowing to identify the goals, objectives, forms and tools for implementation of the functions of each of them in the process of innovative development. The author reveals the essence, types, role and interests of development institutes in the process of public and public-private funding of national innovation system. The problems of innovative projects funding, caused by the specific features of the Russian economy are designated; a number of measures aimed at coordinating the activities of financial institutions and consolidating the public and private financial resources in priority sectors and industries of the economy is proposed. The author substantiates the necessity of building a mechanism of institutional, organizational and informational interaction of the federal target programs regulation bodies focused on the development of innovative activity system, federal executive bodies and exchange institutes, as well as the coordinating mechanism allowing to maximize the effectiveness of using methods and tools for innovation support.

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 ).

后危机时代金融创新与风险管理的协调发展%The Coordinated Development of Financial Innovation and Risk Management in the Post-Crisis Era

Institute of Scientific and Technical Information of China (English)

陈航

2011-01-01

Chinese banking will face new challenges in the post-crisis era. After analyzing the change of market environment and the driving force of demand for innovation, the paper concludes that innovation is the motive power for Chinese banking to improve its sustainable profitability. A rational financial innovation path should be insisted, and financial innovation should keep in line with economic development, financial development and the capability of financial system to prevent risks. Then the paper puts forward the following counter-measures to combine financial innovation and risk control： strengthening financial regulation, expanding regulation scope, paying attention to risk isolation and business independence in the process of innovation, optimizing incentive and restraint mechanism for financial innovation, establishing necessary financial technology support system, regulating the behavior of intermediary institutions, enhancing the international cooperation among financial industries, emphasizing risk monitoring and management on off-balance business and improving capital requirements and access restriction on derivatives.%后金融危机时代中国银行业将面临新的挑战。本文从市场环境的变化和创新需求的动力入手得出创新是中国银行业提升可持续盈利能力的动力，但应遵循理性的金融创新路径，必须与经济发展的程度、金融发展水平、金融体系防范风险的能力相匹配。基于此，本文提出了如下金融创新和风险控制相结合的对策：加强金融监管，扩大监管范围，注重金融创新中的风险隔离和业务独立，优化金融创新的激励约束机制，建立相应的金融技术支持体系，规范中介机构的行为，加强金融业的国际合作，强化对表外业务的风险监控和管理，以及提高衍生品的资本要求和准入限制等。

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

Adoption of financial innovation in the Ghanaian banking industry

African Journals Online (AJOL)

financial instruments, and the massive growth in information technology have fueled the growing ... positive effect on consumers' adoption of those innovations. Perceived ... coupled with virtually absolute control over their banking. Mobile ..... et al., 2006). Thus, these values suggest good internal consistency of the factors.

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 ...

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.

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...

49 CFR 801.58 - Records for regulation of financial institutions.

Science.gov (United States)

2010-10-01

... for regulation of financial institutions. Pursuant to 5 U.S.C. 552(b)(8), records compiled for agencies regulating or supervising financial institutions are exempt from public disclosure. ... 49 Transportation 7 2010-10-01 2010-10-01 false Records for regulation of financial institutions...

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

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

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

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.

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

A case study on business model innovations using Blockchain: focusing on financial institutions

Directory of Open Access Journals (Sweden)

JaeShup Oh

2017-12-01

Full Text Available Purpose - Blockchain is a distributed ledger, in which the blocks containing transaction details are connected chronologically to form a series of chains, thus raising the possibility of improving the process and innovating business model for the financial institutions. The purpose of this paper is to study the actual cases of Blockchain applied in Korea in 2017, so that a vision of business model innovation of financial institutions can be drawn. Design/methodology/approach - The financial institutions in Korea are in the technology verification stage to introduce Blockchain technology. Since there is an insufficient amount of actual measurement data, case study method was adopted. The authors interviewed ICT officers of major banks in Korea. The purpose of the interview was to understand the relationship between Blockchain and business models of financial institutions, and the effects and challenges that Blockchain has on the business model of financial institutions. Findings - From the perspective of financial institutions, the emergence of Blockchain does not just have technical significance – emergence of highly efficient database system – but has the possibility that if the business model of existing financial intermediaries disappears or get reduced, the financial services relying on them can disappear altogether, or some of them can be replaced, and financial transaction patterns of consumers can be changed. As a case studies researched for this paper, it was discovered that the distributed characteristic of Blockchain cannot be applied when actually developing financial services.

Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis

OpenAIRE

Enrique G. Mendoza; Emine Boz

2010-01-01

Financial innovation and overconfidence about asset values and the riskiness of new financial products were important factors behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral constraint in which agents learn \\by observation" the true riskiness of a new financial environment. Early realizations of states with high ability to leverage assets into debt turn agents overly optimis...

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.

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.

ASPECTS CONCERNING INTERIM FINANCIAL REPORTING IN ROMANIA: STANDARDS AND REGULATIONS

Directory of Open Access Journals (Sweden)

Aristita Rotila

2014-12-01

Full Text Available The mechanisms employed for the communication of accounting information that is necessary for users in their economic decision-making process consist of the financial statements of an entity. All legal entities, no matter the domain of their activity, have the obligation to draw up annual financial statements for every completed financial year. For certain categories of entities, reporting obligations are also required for periods other than the annual reporting, throughout the financial year. It is the case of interim financial reporting. At the level of the international accounting framework, the aspects related to interim financial reporting are the subject of a separate standard, namely, IAS 34 Interim Financial Reporting. In Romania, the current system of accounting regulations concerning the annual financial statements comprises accounting regulations that comply with the European directives and which apply to the various categories of entities, on the one hand and, on the other, accounting regulations in line with the IFRS, which are applicable to other classes of entities from certain activity sectors. The accounting regulations that apply to each category refer to, among other things, the contents and the format of financial statements that have to be presented. Analysing the system of norms and regulations, this article identifies the requirements concerning interim financial reporting in Romania, with reference to the different types of entities.

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

Essays on financial fragility and regulation

NARCIS (Netherlands)

Ma, K.

2013-01-01

This thesis investigates various issues in regulation, with three chapters on financial fragility and banking regulation, and one chapter on competition policy. Chapter 2 studies banks’ herding driven by their need for market liquidity, highlighting a trade-off between systemic risk and liquidity

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

Building Responsive and Responsible Financial Regulators in the Aftermath of the Global Financial Crisis

NARCIS (Netherlands)

Iglesias Rodriguez, P.

2015-01-01

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what

The Impact of Financial Support System on Technology Innovation: A Case of Technology Guarantee System in Korea

Directory of Open Access Journals (Sweden)

Woo-Seok Jang

2008-04-01

Full Text Available We analyzed the impact of financial support system on technological innovation of small and medium manufacturing firms in Korea, with a special interest in technology guarantee system. This was done using a sample of 1,014 Korean manufacturing firms of which 43% were venture companies. Our study provides two important conclusions. First, the result of empirical analysis indicates that financial support systems have a significant influence on both product innovation and process innovation of SMEs in Korea. Second, a more important conclusion of this research is that technology guarantee system impacts on product innovation; however not on process innovation. This result implies that technology guarantee system attaches more importance to technological innovations related with product development than to those related with process enhancement.

The New Intergovernmentalism in Financial Regulation and European Banking Union

OpenAIRE

Howarth, David; Quaglia, Lucia

2015-01-01

This contribution asks whether a new type of intergovernmentalism has emerged in financial services regulation and Banking Union. Since financial services are a key area of the single market, the chapter concludes by reflecting on whether the governance trends in the financial sector can be generalised to other areas of the single market. It is argued that the single market for financial services, which encompasses financial regulation and the plan for Banking Union, provides an interesting m...

Financial innovation, macroeconomic volatility and the great moderation

OpenAIRE

Zaghini, Andrea; Bencivelli, Lorenzo

2012-01-01

In the paper we propose an assessment of the role of financial innovation in shaping US macroeconomic dynamics. We extend an existing model by Christiano, Eichenbaum and Evans which studied the transmission of monetary policy impulses to business and corporate sector financing variables just before the Great Moderation period. By investigating the properties of the model over a longer time span we show that in the later period a change in the monetary policy transmission mechanism is likely t...

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.

Access to innovation - research, medical ethics, patient rights and financial resources

Directory of Open Access Journals (Sweden)

Maria Paula Leite Ribeiro de Faria

2016-12-01

Full Text Available This article deals with the identification of patient´s rights as regards the access to innovation in health care, and the reconciliation of these rights and the rights of other patients and the sustainability of the health system. Is it legitimate for the State to restrain the access of patients to innovative treatments representing their only chance of cure, or a substantial improvement in their health, in the name of economic criteria? These criteria and decisions can be assessed by the courts? It is legitimate to use, in the weighting of costs and benefits, criteria such as age of the patient, excluding the terminally ill patients from the benefit of certain treatments? And if we use the right to life as the decisive argument in the access to innovation, ensuring in all cases of survival, the newest and most expensive technology, there is no risk of harming those patients who still have healing perspectives? Since resources are limited, especially in times of financial crisis, the question of its distribution concerns the whole society, and requires the consideration of legal, medical, financial and political, and ethical criteria.

Reviewing the Nutrition and Health Claims Regulation (EC) No. 1924/2006: What do we know about its challenges and potential impact on innovation?

Science.gov (United States)

Bröring, Stefanie; Khedkar, Sukhada; Ciliberti, Stefano

2017-02-01

Health claims potentially represent an opportunity for firms to engage in product differentiation and thereby induce investment into R&D and innovation in the food sector. The Nutrition and Health Claims Regulation (EC) No. 1924/2006 (NHCR) aims at protecting and promoting innovation as one of its objectives. However, existing studies indicate that this regulation may create several challenges for innovation in the food sector. To this end, we review the challenges related to the NHCR (Article 13.1) and its impact on innovation. Extant literature suggests that companies face challenges related to changing list of ingredients, missing transparency, wording of claims, limited financial resources, limited R&D resources, switching product categories and abandoning the functional foods sector. Moreover, current studies imply that so far the NHCR (in specific Article 13.1) does not seem to encourage innovation in the EU food sector.

Financial Sector Regulation and Reforms in Emerging Markets: An Overview

OpenAIRE

Eswar S. Prasad

2010-01-01

This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that have impl...

Use of Information, Product Innovation and Financial Performance on Belgian Glasshouse Holdings

OpenAIRE

Taragola, Nicole; Van Huylenbroeck, Guido; Van Lierde, Dirk

2002-01-01

In order to meet the changing needs and preferences of consumers it will be important for Belgian glasshouse growers to change from a production-driven to a customer-driven strategy. More than ever, use of information and product innovation become critical factors in the changing competitive environment. The aim of the research is to analyse the relationship between business and managerial characteristics, use of information sources, product innovation and financial performance of the firm. T...

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.

A NEW APPROACH TO FINANCIAL REGULATION AT THE EUROPEAN LEVEL

Directory of Open Access Journals (Sweden)

Ioana Laura VALEANU

2015-12-01

Full Text Available With the recent financial and economic crisis onset, a fragility of the financial system became apparent, under the form of a series of vulnerabilities and failures with a strong destabilizing impact on the economy. In this context, a new approach to financial stability has outlined itself, pleading for a more extensive financial regulation and macro-prudential supervision, complementary to the micro-prudential one. The objectives of this article are to highlight the context and need for a new financial regulatory framework and underline the main problems of the banking system the new European regulations addresses.

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...

Spring 2008 Industry Study: Financial Services Industry

Science.gov (United States)

2008-01-01

04/24/can-wall-street-regulate- itself/. Mishkin , Frederic S. and Stanley G. Eakins. Financial Markets and Institutions . 4th ed. 2004, Addison...Security Strategy that designates as a priority the “pressing for open markets , financial stability, and deeper integration of the world economy.”1...were lured to new, innovative, and often very complex financial vehicles. In order to address the shortcomings of the free market , new regulatory

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

Directory of Open Access Journals (Sweden)

E. E. Frolova

2018-01-01

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

"Financial Innovation and Risk Management: The Cross-Guarantee Solution"

OpenAIRE

Bert Ely

1995-01-01

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.

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.

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

The Financial Regulations of the Agency

Energy Technology Data Exchange (ETDEWEB)

NONE

1965-04-30

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.

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.

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

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...

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? Since the modern era of environmental management began in the early 1970s, regulations have been used with ...

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.

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.

Arbitrage and Competition in Global Financial Regulation

DEFF Research Database (Denmark)

Ringe, Wolf-Georg

Regulatory arbitrage in financial markets refers to a number of strategies that market participants use to avoid the reach of regulation, in particular by virtue of shifting trading abroad or else relocating activities or operations of financial institutions to other jurisdictions. Where...... institutions’ excessive risk-taking. If such risk-taking would be judged by market discipline instead of posing a risk to global financial stability, the main downside of regulatory competition could be restrained. Within the boundaries of such a system, competition could then operate and contribute...... 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...

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.

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.

THE EFFECT OF INNOVATION ON FINANCIAL PERFORMANCE OF SOME INFORMATION AND TECHNOLOGY COMPANIES IN TURKEY

OpenAIRE

ŞİŞMANOĞLU, Elçin; YAŞAR AKÇALI, Burçay

2017-01-01

Innovation has become a prime component for gaining a competitive advantage in the market for all companies. Companies should take into consideration research and development (R&D) expenditure to be innovative. This study investigates the effect of R&D expenditure of some information and technology companies in Turkey as an indication of innovation on their financial performance. Data is collected from seven information and technology companies for 2005-2014 periods. Data is a...

Regulating Robo Advice across the Financial Services Industry

OpenAIRE

Baker, Tom; 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 financial advice for consumers. But they also pose significant new challenges for regulators who are accustomed to assessing human intermediaries. A well-designed robo advisor will be honest and comp...

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.

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

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.

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...

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.

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

The innovation inducement impact of environmental regulations on maritime transport

DEFF Research Database (Denmark)

Makkonen, Teemu; Repka, Sari

2016-01-01

, contrasting views, arguing that environmental regulations will, in fact, enhance firms’ competitiveness by inducing innovation, have also been voiced. Here this issue is examined through a literature review on the innovation inducement impact of environmental regulations (i.e. the Porter Hypothesis......), 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......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...

Industrial Innovation and Environmental Regulation: Developing ...

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

2007-03-01

Mar 1, 2007 ... Book cover Industrial Innovation and Environmental Regulation: ... in steering the behaviour of economic agents in industrial production. ... IDRC congratulates first cohort of Women in Climate Change Science Fellows.

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

Regulation of Banking and Financial Markets

NARCIS (Netherlands)

A.M. Pacces (Alessio); D. Heremans (Dirk)

2011-01-01

textabstractAbstract: This paper is one chapter of the volume “Regulation and Economics” of the second edition of the Encyclopedia of Law and Economics. The authors review the economics of banking and financial markets and the regulatory response to market failure. Market failure in finance depends

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.

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

CRYPTOCURRENCY: ERA AND FIELD OF FINANCIAL INNOVATIONS

OpenAIRE

V. Korneev; О. Cheberyako

2018-01-01

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 a...

Information technology adoption for service innovation practices and competitive advantage: the case of financial firms

OpenAIRE

J.S. Chen; H.T. Tsou

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 firm. In the context of financial firms, this study examines how information technology is adopted and managed to enhance service innovation practices ...

Environmental regulation and technological innovation

Energy Technology Data Exchange (ETDEWEB)

Farrell, A.E. [Carnegie Mellon Electricity Industry Center, Pittsburg, PA (United States)

2002-07-01

Government policies are a major factor in the determination of structural conditions of competition. The innovative activity comprises the following: invention, adoption, and diffusion. Invention involves research and development activities such as patenting, research and development budgets. The adoption phase is concerned with deployment. As for the diffusion phase, it involves commercialization, and scale-economies. The process of introducing new technologies that are adopted by small numbers of customers in a niche market was explained. Once costs are lowered through experience gained in designing, manufacturing and servicing the new technology, mew applications generally lead to larger markets. Environmental technologies have no early adopters, implying that governments have an important role to play. However, commercial processes are not normally as well known to government as it is to the private sector. The electoral cycle also interferes with long term research and development efforts for technological clusters. A look at sulphur dioxide control at United States power plants illustrated the problem. The author then explained the reasons behind low allowance prices. Low-sulphur western coal was rendered economic in large areas of the United States by rail deregulation. Electricity restructuring was also a factor. The author indicated that binding government regulation must come before adoption and diffusion of emission controls. A summary of recent research was provided, in which the author stated that no single policy instrument was likely to properly stimulate innovative activity. In those cases where both supply and demand are stimulated by government, the technological innovation is greatest. Stringent regulations induce innovation, as do greater flexibility and greater regulatory certainty. Knowledge transfer within the industry is vital. 8 refs., 3 figs.

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.

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

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

Central banking and financial innovation. A survey of the modern literature

Directory of Open Access Journals (Sweden)

Jan Marc Berk

2002-09-01

Full Text Available We 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 ofcentral bank instruments and current methods for implementing monetary policy may change, the goals that the policy makers try achieve by employing these instruments remain valid, and achievable.

Innovating for Rural Development

DEFF Research Database (Denmark)

Christensen, Dorthe

is that policies, agricultural research and extension should pay attention to these financial structural aspects, since they regulate the extent of ‘public good extension services’ like rural development services and ‘innovation intermediation’ in Danish agricultural extension agencies. The capacity differs among...... the individual agencies and among individual agents. There are agencies that financially invest in rural development service, including in innovation intermediation. On the other hand, there are agencies where the presence of rural development service is merely as a formal structure, possibly to signal...... as an analytical strategy. Paper 1 reports on, and critically examines, the entrance of consultants with rural development functions in Danish agricultural extension agencies. Paper 2 seeks to understand how multiple rural actor projects driven by Danish agricultural extension serve to generate new social...

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.

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

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....

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

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...

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...

Systemic risk in the energy sector: is there need for financial regulation?

NARCIS (Netherlands)

Kerste, M.; Gerritsen, M.; Weda, J.; Tieben, B.

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

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

CONSIDERATIONS REGARDING FINANCIAL STABILITY

Directory of Open Access Journals (Sweden)

MERCEA PATRICIA AMALIA

2018-02-01

Full Text Available International economic conditions are projected to have a favorable path in 2018. Thus, accelerating investment in infrastructure and real estate in China, as well as expectations of fiscal loosening in the United States, lead to an increased expectation for enhancement of global trade flows and to strengthen investor confidence. Instead, Britain's decision to leave the European Union, as well as political uncertainty in some euro-zone countries, may cause temporary distortions but also implications for economies in the european region. On the other hand, the divergence of the Federal Reserve and the European Central Bank's monetary policies, as the US expects further increases in interest rates, can be reflected in the activity of the government bond market as a result of the reorientation of investors to assets with higher yield, a trend amplified by the context of the economic environment with low interest rates. Recent developments in the field of financial technology innovation are an important challenge for conventional financial market (payment and settlement infrastructures, especially in the context of multiple public and private initiatives and projects developed over the last few years. The digitization of financial services is an international concern due to the complexity of this phenomenon, and the lack of harmonized regulations and / or standards in the field. On the one hand, technological innovation in the field of payment systems has the potential to create a number of social benefits by improving access to financial services (financial inclusion. On the other hand, the integration of new technologies in the financial and banking field may imply additional information security risks, especially on payment and settlement systems. Financial technology innovation projects have also been developed by central banks in Europe, but also in America and Asia (for example in the UK, the Netherlands, Sweden, Canada, China and India. They

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...

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

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...

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...

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...

Do Market Regulation and Financial Imperfections Affect Firm Size? New Empirical Evidence

OpenAIRE

Raquel Fonseca; Natalia Utrero González

2004-01-01

This paper investigates the importance that market regulation and financial imperfections have in firm size. We analyse institutions affecting labour market as Employment Protection Laws (EPL) and Product Market Regulation (PMR). Moreover, we study the effects of these institutions on firm growth. We use data from 29 industrial sectors across 15 developed countries. We find that market regulations related to financial imperfections help to explain differences in firm structure across countries.

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

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.

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.

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.

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.

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.

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...

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.

An Approach to Regulation on Financial Derivatives in the Spanish Law

Directory of Open Access Journals (Sweden)

Pablo Sanz Bayón

2013-07-01

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

Financial 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 ...

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...

Fair value accounting for financial instruments: some implications for bank regulation

OpenAIRE

Wayne Landsman

2006-01-01

I identify issues that bank regulators need to consider if fair value accounting is used for determining bank regulatory capital and when making regulatory decisions. In financial reporting, US and international accounting standard setters have issued several disclosure and measurement and recognition standards for financial instruments and all indications are that both standard setters will mandate recognition of all financial instruments at fair value. To help identify important issues for ...

农村金融服务可获得性:监管问题与制度创新%Accessibility of Financial Service: Regulatory Issues and Institutional Innovation

Institute of Scientific and Technical Information of China (English)

孟飞

2009-01-01

Agricultural development and new socialism rural construction can't go well without financial support.So access to finance plays important role in the eradication of poverty.Finandal regulatory institutional envilonments enhance accessibility to finance.Financial institutional innovation includes regulatory objecta,approach,principles,and others.As to regulatory objects,regulator must adopt access to finance to enhance accountability and regulatory qualiry.Moreover,we must use incentive - regulation principle, tiered regulation and risk - based regulation approaches to boost financial supply ability.And financial regulator adopts new strategies on market entrance and prudential regulation, with the economic policies and financial technical safeguards.%发展现代农业,建设社会主义新农村,离不开金融服务的有效支持.金融服务可获得性的实质在于保障农民的金融发展权.而金融监管制度环境在保障金融服务可获得性方面发挥着基础性的作用.我国金融监管制度在监管目标、监管原则、监管方法和监管内容方面给予变革和创新.在监管目标中,应当纳入金融服务的可获得性.为提高金融机构提高金融供给能力,我国应当实施激励监管、分类监管和风险监管的方法.金融监管还需要在市场准入、审慎监管上给予创新,同时离不开经济政策的支持和金融技术法律的保障.

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.

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...

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.

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

A Theory of Liquidity and Regulation of Financial Intermediation

OpenAIRE

Emmanuel Farhi; Mikhail Golosov; Aleh Tsyvinski

2009-01-01

This paper studies a mechanism design model of financial intermediation. There are two informational frictions: agents receive unobservable shocks and can participate in markets by engaging in trades unobservable to intermediaries. Without regulations, intermediaries provide no risk sharing because of an externality arising from arbitrage opportunities. We identify a simple regulation -- a liquidity requirement -- that corrects such an externality by affecting the interest rate on the markets...

Regulation and innovation. A connection so far left unexplored empirically, to a large extent. Regulierung und Innovation. Ein empirisch weitgehend unerforschter Zusammenhang

Energy Technology Data Exchange (ETDEWEB)

Maas, C

1986-01-01

The lack of knowledge of the connection between regulation and innovation is due to the use of an unspecified ceteris-paribus clause, and to problems of measuring the innovative efficiency. The knowledge of positive innovation-impacts of regulations in the field of environmental protection is also relatively small. There are studies which indicate that regulations in ecologically intensive production industries forced the management to use nearly fully mature end-of-the-pipe techniques. Environmentally favourable changes of production processes on the other hand, primarily served the saving of fresh water, energy and raw materials. Environmentally favourable innovations, which are also classified as being economical, are however not adopted by all potential users. (orig./HSCH).

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...... banking is treated. In so doing, these technocrats reinforced each other’s expertise and excluded some potential competitors (legal scholars), coopted others (select Fed and elite academic economists). The findings have important implications for studying the relationship between IOs technocrats...

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.

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...

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)

Oil price volatility, financial regulation and energy policy

International Nuclear Information System (INIS)

Chevalier, J.M.

2010-01-01

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)

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.

Financial risk of the biotech industry versus the pharmaceutical industry.

Science.gov (United States)

Golec, Joseph; Vernon, John A

2009-01-01

The biotech industry now accounts for a substantial and growing proportion of total R&D spending on new medicines. However, compared with the pharmaceutical industry, the biotech industry is financially fragile. This article illustrates the financial fragility of the biotech and pharmaceutical industries in the US and the implications of this fragility for the effects that government regulation could have on biotech firms. Graphical analysis and statistical tests were used to show how the biotech industry differs from the pharmaceutical industry. The two industries' characteristics were measured and compared, along with various measures of firms' financial risk and sensitivity to government regulation. Data from firms' financial statements provided accounting-based measures and firms' stock returns applied to a multifactor asset pricing model provided financial market measures. The biotech industry was by far the most research-intensive industry in the US, averaging 38% R&D intensity (ratio of R&D spending to total firm assets) over the past 25 years, compared with an average of 25% for the pharmaceutical industry and 3% for all other industries. Biotech firms exhibited lower and more volatile profits and higher market-related and size-related risk, and they suffered more negative stock returns in response to threatened government price regulation. Biotech firms' financial risks increase their costs of capital and make them more sensitive to government regulations that affect their financial prospects. As biotech products grow to represent a larger share of new medicines, general stock market conditions and government regulations could have a greater impact on the level of innovation of new medicines.

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

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)

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...

Estimating WACC for Regulated Industries on Developing Financial Markets and in Times of Market Uncertainty

Directory of Open Access Journals (Sweden)

Igor Stubelj

2014-03-01

Full Text Available The paper deals with the estimation of weighted average cost of capital (WACC for regulated industries in developing financial markets from the perspective of the current financial-economic crisis. In current financial market situation some evident changes have occurred: risk-free rates in solid and developed financial markets (e. g. USA, Germany have fallen, but due to increased market volatility, the risk premiums have increased. The latter is especially evident in transition economies where the amplitude of market volatility is extremely high. In such circumstances, there is a question of how to calculate WACC properly. WACC is an important measure in financial management decisions and in our case, business regulation. We argue in the paper that the most accurate method for calculating WACC is the estimation of the long-term WACC, which takes into consideration a long-term stable yield of capital and not the current market conditions. Following this, we propose some solutions that could be used for calculating WACC for regulated industries on the developing financial markets in times of market uncertainty. As an example, we present an estimation of the capital cost for a selected Slovenian company, which operates in the regulated industry of electric distribution.

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...

Consequences of Uncertainty for Regulation: Law and Economics of the Financial Crisis

NARCIS (Netherlands)

A.M. Pacces (Alessio)

2010-01-01

textabstractAbstract This article analyzes the last financial crisis focussing on the recurrent dynamics of externalities in banking. It shows that two major determinants of the crisis were the uncertainty of a new form of financial intermediation and the failure of regulation to cope with its

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...

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

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.

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

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

OpenAIRE

Melnyk Alexander G.

2017-01-01

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 St...

Organizing the Financial and Economic Security of Business Processes of Innovation Development of Enterprise

OpenAIRE

Otenko Iryna P.; Komarkov Dmytriy V.; Shkreben Roman P.

2017-01-01

The article is aimed at analyzing ways and means of organizing the financial and economic security of business processes of innovation development of enterprise. The business processes of enterprise, which act as objects of managerial decision-making, are considered. It has been determined that the time for decision-making by directors is ensured as result not only of reactive but also proactive management, that is, one that involves modeling the problematic situations, related to business pr...

Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh

Directory of Open Access Journals (Sweden)

Changjun Zheng

2017-04-01

Full Text Available In response to the recent global financial crisis, the regulatory authorities in many countries have imposed stringent capital requirements in the form of the BASEL III Accord to ensure financial stability. On the other hand, bankers have criticized new regulation on the ground that it would enhance the cost of funds for bank borrowers and deteriorate the bank profitability. In this study, we examine the impact of capital requirements on the cost of financial intermediation and bank profitability using a panel dataset of 32 Bangladeshi banks over the period from 2000 to 2015. By employing a dynamic panel generalized method of moments (GMM estimator, we find robust evidence that higher bank regulatory capital ratios reduce the cost of financial intermediation and increase bank profitability. The results hold when we use equity to total assets ratio as an alternative measure of bank capital. We also observe that switching from BASEL I to BASEL II has no measurable impact on the cost of financial intermediation and bank profitability in Bangladesh. In the empirical analysis, we further observe that higher bank management and cost efficiencies are associated with the lower cost of financial intermediation and higher bank profitability. These results have important implications for bank regulators, academicians, and bankers.

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... public Webinar and Roundtable Meetings regarding its proposal to amend its regulations governing size and eligibility for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR...

Past and future regulation to prevent a systemic financial crisis

Directory of Open Access Journals (Sweden)

Mario Sarcinelli

2010-01-01

Full Text Available The article is a revised and updated version of that published on the March 2010 issues of Moneta e Credito. It was there claimed that, 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.

Financial Regulations of the Agency. Corrigendum; Reglement Financier de l'Agence. Rectificatif

Energy Technology Data Exchange (ETDEWEB)

NONE

1959-10-28

The Financial Regulations of the Agency established and amended by the Board up to 24 June 1959 are reproduced in this document for the information of all Members of the Agency [French] Remplacer le texte de l'article 12.01 par le texte suivant: 'Jusqu'au 4 octobre 1960, il y aura deux verificateurs exterieurs des comptes de l'Agence, nommes par la Conference generale parmi les verificateurs generaux des comptes des Etats Membres; apres cette date, il y aura un seul verificateur exterieur, nomme dans les memes conditions.'.

Innovation and Entrepreneurship | NREL

Science.gov (United States)

Innovation and Entrepreneurship Innovation and Entrepreneurship Connect Contact us for more Innovation and Entrepreneurship Center helps connect emerging clean energy businesses with the financial , and pilot opportunities. Read more Events Innovation and entrepreneurship events like the upcoming

EFFICIENCY OF EDUCATIONAL INNOVATIVE TECHNIQUES IN TEACHING FINANCIAL AND ECONOMIC DISCIPLINES (BASED ON SOCIAL RESEARCH

Directory of Open Access Journals (Sweden)

Irina Konstantinovna Bitkina

2013-11-01

Full Text Available Importance of the presented study consists in need of the introduction innovation educational technology when teaching in high educational institutions. Objectivity specified need you-is the Russian system of the higher education called by turning on standards within the framework of Bolognaagreement. Existing in persisting time scientific studies and practical developments in incomplete measure touch in-ask, concerning using educational innovation technology in the field of teaching social-humanitarian sciences, including coursesfinancial-economic profile. Considering aforesaid, purpose persisting studies is a development of the methodical approach to estimation of efficiency of the using educational innovation and proving of the directions on improvement of their use in high school thrifty persons of the profile when learning student discipline to specialization. In the course of undertaking the study were used methods of the collection and processing statistical and sociological information, summeries and groups got data, quantitative estimation to efficiency applicable technology. The Results of the study touch the methodical questions of the estimation to efficiency educational innovation in high school financial-economic profile and practical aspects of their use when teaching of discipline to specialization beside student.Purpose: development methodical approach educational innovation estimation and proving ways of improving using educational innovation in the economical universities.Methodology: statistical summary, statistical grouping, sociological questioning, effectivity estimation, comparative analyses.Results:1 ways of effectivity estimation educational innovation using were revealed;2 the practical recommendation for improving using educational innovation  were proved.Practical implications: educational activity in the socio-economical higher institutions.DOI: http://dx.doi.org/10.12731/2218-7405-2013-8-37

Regulation for innovativeness or regulation of innovation?

NARCIS (Netherlands)

Larouche, Pierre; Butenko, Anna

2015-01-01

The legal literature concerning the interplay between innovation and law is split between two streams: law and economics (broadly defined) and law and technology. They seem to exist in parallel and largely non-intersecting inter-disciplinary silos. This paper attempts to reconcile these two streams

The Impacts of Regulations and Financial Development on the Operations of Supply Chains with Greenhouse Gas Emissions

Science.gov (United States)

Xiao, Zhuang; Tian, Yixiang; Yuan, Zheng

2018-01-01

To establish a micro foundation to understand the impacts of greenhouse gas (GHG) emission regulations and financial development levels on firms’ GHG emissions, we build a two-stage dynamic game model to incorporate GHG emission regulations (in terms of an emission tax) and financial development (represented by the corresponding financing cost) into a two-echelon supply chain. With the subgame perfect equilibrium, we identify the conditions to determine whether an emission regulatory policy and/or financial development can affect GHG emissions in the supply chain. We also reveal the impacts of the strictness of GHG emission regulation, the financial development level, and the unit GHG emission rate on the operations of the supply chain and the corresponding profitability implications. Managerial insights are also discussed. PMID:29470451

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

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.

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.

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.

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

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.

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.

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

OpenAIRE

CONSTANTIN LAURA-GABRIELA; CERNAT-GRUICI BOGDAN; IAMANDI IRINA-EUGENIA

2014-01-01

Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (re)insurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR) and Granger causality analyses. The proposed examination is further develope...

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.

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

Attitude towards Innovation and Barriers in Capital Access

Directory of Open Access Journals (Sweden)

Katarzyna Prędkiewicz

2017-06-01

Full Text Available The goal of the study is to verify whether there is a relation between a company’s declared innovation strategy and declared problems with access to capital. The research is based on a survey that covers more than 400 companies operating in Poland. Beside the self-assessment approach to evaluation of financial constraints and level of innovativeness of the company, an analysis of financial data was employed in the study. Chi-squared, Welch’s t-test, ANOVA and the ordered logit model were used to test the hypotheses. It was proved that there is relation between innovation strategy and financial constraints. The firms that are moderate innovators are financially constrained more than strong innovators, which can be linked with their better financial condition. Research confirms also that SMEs are still in a worse position compared to large enterprises in the area of access to different sources of capital. Secondly, innovative companies are exposed to additional difficulties in raising funds successfully, which confirms the validity of the used dedicated tools as a subsidy by authorities.

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.

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...

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)

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.

The future of international banking regulations in response to the financial crisis of 2007/2009: After Basel iii then what next?

Directory of Open Access Journals (Sweden)

Joseph E. Isebor

2014-06-01

Full Text Available The financial crisis 2007-2009 will not be forgotten in a hurry because of its impact on the global financial system almost replicating the Great Depression. Major and causal factors contributed to the financial crisis, and this prompted the establishment of Basel III to contain the crisis. Basel III introduced improved capital and liquidity rules, but still could not contain the crisis. This leaves regulators with questions of how to prevent another financial crisis in the future. Evidences suggest that the financial market is evolving because of its complex and changing nature, and so are the international banking regulations (Basel I, Basel II and Basel III that support the system in terms of maintaining economic and financial stability. It is clear that Basel III will not stop the next financial crisis even though the Basel accords continue to evolve in response to maintaining economic and financial stability, with the core purpose of preventing another financial crisis. Uncertainties lies ahead, and regulators cannot be sure of what will likely cause the next crisis, but indications suggest that the financial markets and international banking regulations in the form of Basel accords will continue to evolve

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 ...

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.

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.

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...

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...

CLUSTER ANALYSIS UKRAINIAN REGIONAL DISTRIBUTION BY LEVEL OF INNOVATION

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Roman Shchur

2016-07-01

Full Text Available   SWOT-analysis of the threats and benefits of innovation development strategy of Ivano-Frankivsk region in the context of financial support was сonducted. Methodical approach to determine of public-private partnerships potential that is tool of innovative economic development financing was identified. Cluster analysis of possibilities of forming public-private partnership in a particular region was carried out. Optimal set of problem areas that require urgent solutions and financial security is defined on the basis of cluster approach. It will help to form practical recommendations for the formation of an effective financial mechanism in the regions of Ukraine. Key words: the mechanism of innovation development financial provision, innovation development, public-private partnerships, cluster analysis, innovative development strategy.

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.

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

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...

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

Science.gov (United States)

Gilligan, Peter H; Miller, Melissa B

2016-02-02

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? Copyright © 2016 Gilligan and Miller.

[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.

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.

CONSIDERATIONS REGARDING REGULATIONS ON FINANCIAL MARKETS IN THE CONDITIONS OF ROMANIA AS A EU MEMBER STATE

Directory of Open Access Journals (Sweden)

ALEXANDRU CRISTIAN DOBRE

2018-02-01

Full Text Available Financial markets are increasingly becoming an area of major interest to the European Union in its efforts to achieve competitive global development levels similar to those of the United States. The Lisbon Agenda is a testimony to this, although the latest assessments are not at all optimistic about the achievement of the target as expected for 2010. To meet its objectives, the EU has generated a comprehensive package of regulatory initiatives, composed of directives and regulations that translate its policies into the field. The paper aims at a careful review of all of them. Approximation of investment and capital markets is made from the two major chapters of Community policies whose freedom of movement within the internal market is a fundamental desideratum of the European Union: the free movement of capital and freedom of movement of services. Financial markets are an integral part of European capital under current conditions, so development regulation helps European Union member states achieve their financial goals. At the same time, by imposing these regulations, we observe the European Union's intention to act as a starter of systems to bring to the development of states and not to leave behind the countries that are in difficulty, through a rigorous and transparent regulation of the financial markets.

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.

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

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

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...

L'intermediazione finanziaria internazionale. (International financial intermediation: implications for bankers and regulators

Directory of Open Access Journals (Sweden)

C. DEMATTÈ

2013-12-01

Full Text Available La crescita dell'intermediazione finanziaria internazionale attraverso l' euromercato e altri centri finanziari regionali è uno dei fenomeni più interessanti degli ultimi 15 anni . Il presente lavoro chiarisce la natura dell'attività finanziaria internazionale attraverso un modello di intermediazione finanziaria . Si va avanti per sottolineare i benefici potenziali rischi insiti nelle diverse attività , nonché il loro impatto macroeconomico sano e destabilizzante . Una più profonda comprensione del meccanismo finanziario internazionale dovrebbe favorire  le banche e le autorità di regolamentazione.The growth of international financial intermediation through the Euromarket and other regional financial centres is one of the most remarkable phenomena of the last 15 years. The present work elucidates the nature of international financial activity through a model of financial intermediation. It goes on to underline the potential benefits from risks inherent in the various activities, as well as their healthy and destabilising macroeconomic impact. A deeper understanding of the international financial mechanism should benefit both bankers and regulators. JEL: F33, G21, F34

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

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

Innovative capability and financing constraints for innovation: More money, more innovation?

OpenAIRE

Hottenrott, Hanna; Peters, Bettina

2012-01-01

This study presents a novel empirical approach to identify financing constraints for innovation based on the idea of an ideal test as suggested by Hall (2008). Firms were offered a hypothetical payment and were asked to choose between alternatives of use. If they choose additional innovation projects they must have had some unexploited investment opportunities that were not profitable using more costly external finance. That is, these firms have been financially constrained. We attribute cons...

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

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.

Supplier Innovation

DEFF Research Database (Denmark)

Søberg, Peder Veng; Notman, Dorian Mark; Wæhrens, Brian Vejrum

2017-01-01

The prevailing research in supplier innovation has been conceptual or based on small data sets. The analysis of a large data set gives a clearer perspective on the actual type and degree of involvement of suppliers in the customer’s innovation process. The supplier perspective of the research...... counterbalances the customer bias that exists in the prevailing literature in this area. Similarly, the issue of the benefit of supplier involvement in the innovation/NPD process can be better understood. Manufacturing suppliers benefit financially from their involvement in the innovation/NPD process of their key...

Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

OpenAIRE

Hoe, Siew Yee

2008-01-01

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

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...

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.

Complexity theory and financial regulation

NARCIS (Netherlands)

Battiston, Stefano; Farmer, J.D.; Flache, Andreas; Garlaschelli, Diego; Haldane, Andrew G.; Heesterbeek, Hans; Hommes, Cars; Jaeger, Carlo; May, Robert; Scheffer, Marten

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

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

The Minnesota Innovation Research Program.

Science.gov (United States)

1984-04-01

Jeanne Buckeye, Ron Dykstra, Roger Hudson, and Andrew Van de Ven 42 Financial Industry Innovation Study -- Ian Maitland , Robert Goodman, and Edward...PROJECT by Ian Maitland , Robert S. Goodman, and Ed Freeman We propose to examine the strategic innovations undertaken by a stratified sample of financial...with it. A sample of 6 innovati 1ve and 6 "noninrovative" school districts will be lonoitudinallv studied utsini interviews. direct observat ian , and

Financial Engineering With Options and Its Implementation for Issuing of New Financial Innovations

Directory of Open Access Journals (Sweden)

Martina Bobriková

2017-09-01

Full Text Available Purpose: The purpose of the paper is to focus on innovative structured products − investment certificates. The paper shows the creation techniques of a new discount basket certificate using two-asset correlation options, which play the central role in financial engineering. The possibilities of investment using given certificates are investigated for potential investors. Methodology: Methodology of the paper is based on European style two-asset correlation options in analytical expression whose payoff is based on two underlying assets with two strike prices. Due to the lack of real-traded two asset correlation option data, own calculations of option premiums are processed in statistical program R. Also, the pricing of the new discount basket certificate is examines. Approach: Theoretical value of the new discount basket certificate with different levels of its parameters on the stocks Facebook and Google is obtained and it is performed the analysis of the profitability for to the investor at the maturity date. Also, there is showed which parameters the investor should pay attention when deciding to invest into the given investment certificate. Findings: Specific characteristics of each proposed certificate are pointed out and compared to each other with conclusion that every certificate can be the most profitable in specific price development of the underlying assets, but not in every price development. Ideas on how this certificate can be part of a personal investment portfolio are also presented.

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.

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

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)

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

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

Energy Technology Data Exchange (ETDEWEB)

NONE

1960-03-24

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.

Innovation System Reform in Indonesia and Vietnam: A new Role for Universities?

Directory of Open Access Journals (Sweden)

Erik Baark

2016-07-01

Full Text Available This paper introduces the importance of the role of universities in emerging economies such as Indonesia and Vietnam, underscoring the need for universities to contribute more extensively to the dynamic development of innovation systems. The theoretical approach is a functional analysis of innovation systems, identifying essential issues that call for recognition among policymakers and in society generally. Innovation systems in Indonesia and Vietnam share some weaknesses, particularly in comparison with innovation systems in more advanced countries. There is limited ability to mobilize the resources required for innovation, as the investment in research and development as percentage of GDP is relatively low and dominated by public funding with little contribution from private sources. Financial regulation for universities seriously hampers the development of university–industry linkages. It is essential that universities gain more autonomy in order to move beyond their current role in training of skilled human resources to providers of innovation.

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...

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.

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)

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

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.

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

NARCIS (Netherlands)

V.L.E. 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

FORMATION OF FINANCIAL SECURITY OF THE ENTERPRISE BASED ON STRATEGIC PLANNING

Directory of Open Access Journals (Sweden)

Nadiya Rushchyshyn

2017-09-01

performers; necessary material, labour, and investment resources. When ensuringthe financial security of the company, a special attention should be paid to the innovative development of theenterprise. The basis for the innovative development of an enterprise is the innovation potential, its formation andutilization in innovation activity. The algorithm of the strategic tasks ensuring the innovative financial security of theenterprise is proposed. The correlation between financial security and innovative development of the enterprise isexplored, which is dual in nature, where both phenomena serve as the purpose of the enterprise and means of itsachievement. Conclusions. Strategic planning at the enterprise, which is the basis for ensuring its financial security,will facilitate the creation of all opportunities for further financial and economic activity with positive results. At thesame time, strategic planning should be based on the use of a number of measures: increase of the innovative andintellectual potential of the enterprise; use of advanced international experience in the management of material,labour, and financial resources of the enterprise; raising the skills of employees, etc. Further research should beaimed at developing and implementing an effective innovation policy that can provide long-term competitivenessof domestic enterprises and increase their financial security.

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

Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications

OpenAIRE

Coates, John

2015-01-01

Some members of Congress, the D.C. Circuit, and legal academia are promoting a particular, abstract form of cost-benefit analysis for financial regulation: judicially enforced quantification. How would CBA work in practice, if applied to specific, important, representative rules, and what is the alternative? Detailed case studies of six rules – (1) disclosure rules under Sarbanes-Oxley Section 404, (2) the SEC’s mutual fund governance reforms, (3) Basel III’s heightened capital requirements f...

Financial Inclusion and Monetary Policy: A Review of Recent Studies

African Journals Online (AJOL)

Ghana Journal of Development Studies ... in addition to cross-country and regional studies on the impact of financial inclusion on monetary policy using panel data. Keywords: Financial Inclusion, Financial Development, Financial Innovation, ...

Innovations in building regulation and control for advancing sustainability in buildings (I)

NARCIS (Netherlands)

Meacham, B.; Visscher, H.J.; Meijer, F.M.; Chan, C.; Chan, E.; Laubscher, J.; Neng Kwei Sung, J.; Dodds, B.; Serra, J.; Tenorio, J.A.; Echeverria, J.B.; Sanches-Ostiz, A.

2014-01-01

This session brings together policy-makers, government officials, researchers and others to present perspectives on how innovation in building regulation and control, such as performancebased approaches, are currently being used to advance sustainability concepts in buildings, and where and how we

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...

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…

GOVERNMENT SUPPORT FOR SMALL AND MEDIUM-SIZED BUSINESS AND INNOVATIVE ACTIVITIES

Directory of Open Access Journals (Sweden)

Pоlina Kolisnichenko

2017-09-01

Full Text Available The purpose of the paper is to reveal the conditions of the innovative development of the small and mediumsized entrepreneurship in Ukraine; the problems that suppress the innovative activity and small and medium-sized enterprises development; peculiarities of the tax incentives for the development of the entrepreneurship in the advanced countries and in Ukraine; the main kinds and characteristics of the small and medium-sized enterprises public support. Methodology. The methods of scientific research include: analysis and generalization for studying the main kinds and characteristics of the government support of the small and medium-sized enterprises; dynamic and comparative analysis for studying the problems and factors influencing the development of small and medium enterprises and innovative activity, peculiarities of tax incentives for business development; systemanalytical method for studying the conditions of the innovative development of the small and medium-sized entrepreneurship. Results. The government's financial support priorities should be: optimal application of the fiscal regulation instruments (reduction of the amount of taxes, determination of the criteria for the maximum taxation amount, tax incentives etc., maintenance of the self-investment of small and medium-sized enterprises as well as investment, financial means of the public influence over the development of the enterprises, effective combination of both direct and indirect forms of the innovative development support. Practical implications. The obtained results can be used in the process of formation and implementation of the small and medium enterprise sector development strategy and innovative activity in the long-term perspective. Value/originality. The obtained data can provide a better understanding of the direction of innovative business development in Ukraine.

The Zodiak workshop: an innovative model for teaching financial management through partnership with industry.

Science.gov (United States)

Lloyd, James W; Frawley, Suzanne L; Neer, Charles A; Merle, Christine; Goebel, Richard

2004-01-01

The National Commission on Veterinary Economic Issues (NCVEI) is working to enhance the non-technical skills, knowledge, aptitudes, and attitudes (SKAs) of veterinarians. This report describes the development of an innovative model for teaching the principles of financial management as they apply to the veterinary practice. Zodiak: The Game of Business Finance and Strategy is a "business literacy" game in which players work together in small teams (generally four people) to run a fictional multi-million-dollar company called Zodiak Industries for three "years" in order to learn principles of business finance and strategy. After finishing the 4.5-hour game, participants spend the rest of the workshop making the right "Connections"-exercises designed to connect what they have learned to business strategies, financial statements, and operational tactics drawn from veterinary practice. Issues addressed for the veterinary practice, with parallels drawn to Zodiak, included return on owner investment in a veterinary practice (vs. salary drawn by owner veterinarians); pricing (setting prices, price elasticity of demand, and relationships between volume, quality, and price); human resources and operations management as they relate to profitability and efficiency; cash flow and management of accounts receivable; and commonly used financial benchmarks. Workshop venues have included Michigan State University, The Ohio State University, the University of Illinois, and Purdue University. Financial and in-kind support were provided through partnership with Pharmacia Animal Health (now Pfizer Animal Health) and Hill's Pet Nutrition, Inc. Through course evaluations, participants generally rated the workshop high as an educational experience and indicated that the most important things learned were related to financial management (principles, terminology, and methods). The most enjoyable aspects of the workshop tended to be group discussions, teamwork, the dynamic

The Potential Role of Innovative Indian SMEs in Sustainable Growth

Directory of Open Access Journals (Sweden)

Ionica Oncioiu

2017-05-01

Full Text Available India has experienced a robust economic growth in the recent years, but with a trajectory which offers both positive and negative lessons on the business innovation faced by many countries in Asia and elsewhere in the developing world. This study sought to test the relationship between innovation, financial performance and economic growth. Data were analyzed using descriptive and inferential statistics on the factors that contribute to assuring the innovation of the processes involved in the financial performance and economic development in the rubber and plastic product sector in India. The results revealed that there is a positive relationship between innovation and economic growth, as well as between innovation and the financial performance of the company. Finally, the conclusion presents implications, limitations and directions for future research regarding the importance of innovation to the firm’s performance. A clear lesson from this study is that the future must include promoting Innovative Indian SMEs; in other words, business competitiveness depends on the creativity and innovativeness of its entrepreneurship.

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...

CONTROVERSIES IN USING DERIVATIVES IN THE CONTEXT OF THE FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

ALEXANDRU OLTEANU

2011-04-01

Full Text Available As a phenomenon, risk is specific for any human activity. Following this logic, we can say that this concept is a constituent element in the definition given to the financial sector, investments and market competition. The questions that the whole range of operators (governments, regulation bodies, financial institutions, companies and shareholders must answer are: Which type of risk should one assume within an economic entity and to what extent should that risk be taken? If risk is materialized, to what extent will the financial consequences affect the involved parties? By enforcing laws that might eliminate economic risk, regulation bodies attempt to create an ideal regime in which the concept of”bankruptcy” does not exist. Thus, financial institutions and companies which hold a key position in the different economic sectors are prevented from performing actions that might lead to their bankruptcy. The positive effects of the regulation are doubled by less appreciated effects, such as the limitation of the investment potential. Working in this environment, the financial and economic agents’ behaviour has significantly modified, i.e. it has mitigated the degree of risk aversion. The solution for this is establishing more flexible regulation lines that do not have as a main objective the elimination of failure, but rather the reduction of frequency with which such incidents occur and to manage the individual investors’/consumers’ losses. One must preserve a balance between the need for facilitating risk internalization and the efficient use of capital (a fundamental operation for maintaining competitiveness and innovation spirit, on the one hand, and maintaining a certain protection level for the investor/client, on the other hand. For regulation bodies any of the two options will be a priority, since it is obviously in the commercial interest of any company (and, certainly, of the suppliers, customers and associates to efficiently

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...

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...

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...

Modeling Financial Time Series Based on a Market Microstructure Model with Leverage Effect

OpenAIRE

Yanhui Xi; Hui Peng; Yemei Qin

2016-01-01

The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation....

Scaling Up Post-Harvest Management Innovations for Grain ...

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

Services financiers et déploiement d'innovations agricoles au Sahel. 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... Voir davantageServices financiers et déploiement ...

Environmental policy and technological change: The effects of economic incentives and direct regulation on energy-saving innovation

Science.gov (United States)

Newell, Richard G., Jr.

Over the long run, the impacts of environmental policies will be greatly affected by the influence these policies have on the rate and direction of technological change. In particular, the roles played by energy prices and product regulation in energy-saving technology innovation are exceptionally important considerations in modeling climate change and evaluating alternative policy options. We analyze the effects of energy prices and energy-efficiency regulations on the menu of air conditioner and water heater models available on the market over a period of more than three decades, measuring their innovation in terms of improvements in the products' underlying characteristics. Through estimation of a series of "characteristics transformation surfaces," we find that during less than four decades, substantial innovation in these products reduced the total capital and operating costs of air conditioning by one-half and water heating by more than one-fifth. Although the overall rate of innovation in these products appears to be independent of energy prices and regulations, the evidence suggests that the direction of innovation may be responsive to energy price changes. This would imply that energy price increases induced innovation in a direction that lowered the capital cost tradeoffs inherent in producing more energy-efficient products. The evidence supporting "regulation-induced" changes in these tradeoffs is much weaker. Our estimates indicate that about one- to two-fifths of the energy-efficiency improvements in these products from 1973 to 1993 were associated with historical changes in energy prices. We also find that this responsiveness to price changes increased substantially after product labeling requirements came into effect, and that minimum efficiency standards had a significant positive effect on average efficiency levels. Nonetheless, a sizeable portion of historical efficiency improvements in these technologies is associated with the products' overall

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.

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.

Venture capital and innovation strategies

NARCIS (Netherlands)

Da Rin, Marco; Penas, Fabiana

2017-01-01

Venture capital investors are specialized financial intermediaries that provide 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.

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

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.

Determination of Russian innovative activity tendencies

Directory of Open Access Journals (Sweden)

Marina A. Motova

2016-01-01

Full Text Available There is an attempt to group main types of economic activity depending on intensity and efficiency of innovative activities on the basis of the available statistical information on dynamics of innovative activities in various industries of economy and with the use of the mathematic and statistical tool, in particular, cluster analysis tool. For this purpose, on the basis of the data, contained in the statistical report, characterizing the level of innovative activity (number of the innovation-active organizations, costs for technological innovations, amount of the shipped innovative products, etc. the indicators, characterizing intensity and efficiency of innovative activities were calculated. They have acted as the initial information for implementation of the cluster analysis.Further analysis results of the data, characterizing profitability of investments in various industries of economy are presented. Obviously, the activity of implementation of financial investments in various sectors of industrial production and service sector are directly connected with the profit on financial investments. On the basis of the dynamics analysis of investments’ profitability in various industries of economy for the period of 2005-2014 leaders and outsiders in this indicator are revealed. The following conclusion is made: the need to develop the forecast estimations on the indicators, characterizing profitability of financial investments on main types of economic activity.The analysis of innovative activities in the Russian Federation (results are given in the article, is based on the official statistics data. The main source of statistical information is the report «Information about innovative activity of organization «. The data, obtained as a result of the observation, are published in the editions «Indicators of Innovative Activity» (The Ministry of Education and Science of the Russian Federation, Federal State Statistics Service (Rosstat and

Make or buy of IT-enabled innovation

DEFF Research Database (Denmark)

Mahnke, Volker; Overby, Mikkel Lucas; Özcan, Serden

2004-01-01

, an analysis of three companies in the financial sector - Charles Schwab, Fidelity Investment, and Merrill Lynch - reveals that governance choices influence a company's ap-propriable learning curve advantage to slow down or speed up adoption and imitation of IT-enabled innovation. Moreover, we discuss...... the implications of governance choices in techno-logical environments characterised by either accumulation or disruption. Keywords: IT-enabled innovation, outsourcing, technological regime, strategic posture, first-mover advantages, financial services, online brokerage...

USA IN THE EMERGING SYSTEM OF GLOBAL FINANCIAL REGULATION

Directory of Open Access Journals (Sweden)

V. K. Kulakova

2016-01-01

Full Text Available In the globalizing world of fi nancial and economic interdependence, a polycentric, multi-level, and hierarchical system of global financial regulation is emerging. The article highlights two vectors of recent development in international fi nancial regulation: the rise of cooperation through the mechanisms of the Group of Twenty (G-20 on the one hand, and the efforts to maintain the US leading role in global fi nance, on the other hand. In the circumstances of the global fi nancial crisis of 2008, the G-20 countries initiated an international reform of fi nancial regulation. According to G-20 decisions, international standardsetting organizations developed transnational regulatory regimes in the fi elds of banking, derivatives and bankruptcy resolution, and the states now implement these regimes in their jurisdictions. The so-called “soft law system”, which is not legally binding, allows the states to sustain national sovereignty in their fi nancial policy. The United States play a leading role in the international fi nancial reform, as well as in the shaping of the global fi nancial regulation system. The American regulators push for extraterritorial application of the US norms and take other unilateral actions on the international arena. The article also touches upon legitimacy problems of the emerging system of global fi nancial regulation. The most important constrains are the excessive infl uence of the fi nancial industry (“regulatory capture”, the weakness of civil society participation, and also the fact that for the rest of the world the American norms lack legitimacy, as they are adopted by regulators assigned by offi cials elected by population of a foreign territory.

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 ...

Radical Prosumer Innovations in the Electricity Sector and the Impact on Prosumer Regulation

Directory of Open Access Journals (Sweden)

Saskia Lavrijssen

2017-07-01

Full Text Available 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, enabling social innovations such peer to peer trading and the participation in local energy collectives, on the regulation of the rights and obligations of consumers and prosumers in the electricity sector. It identifies the main radical innovations in the electricity market and analyses the legal and related non-legal obstacles that may impede the empowerment of energy consumers and prosumers. Some recommendations are provided to ensure that consumers and prosumers are empowered and can benefit from these new technological and social innovations in the electricity market. The recommendations relate to an accurate definition of prosumers and active consumers, the integration of demand response, the evolving role of distribution network operators and the birth of peer-to-peer trading.

Syndicate Innovation Venturing: Translating Academic Innovations into Commercial Successes

Directory of Open Access Journals (Sweden)

Alain A. Vertès

2012-07-01

Full Text Available Innovations that initiate new technology cycles, i.e., radical innovations, bring tremendous value to Society and build for the companies that deploy them sustainable competitive advantages. However, large firms have typically been relatively inefficient at accessing from academia or technology start-ups such technological leaps. Indeed, most multiyear and multimillion dollar academia-industry partnerships have historically not resulted in any acceleration of the rate of deployment of game-changing innovations, which empirically proceeds in 25 year cycles, such as for example the expansion of the scope of the pharmaceutical industry from small molecules to biologics, or, projecting into the future, to siRNA or therapeutic stem cell technologies. Syndicated innovation venturing is a new strategic partnering concept described here that brings together actors from different economic segments in a non zero-sum game as a means to facilitate seed-funding, with the aim to de-risk technologies while reducing initial financial exposures. A case study in the pharmaceutical industry suggests that alleviating this hurdle may provide an appropriate environment to improve the dynamics of academic technology transfer to the commercial phase. By contributing to the de-risking of the creation of novel biotechnology businesses, this novel mechanism could help speed up the commercialization of emerging technologies on a large scale. At a time when knowledge-based firms such as pharmaceutical companies attempt to revisit their innovation models to advance science, in spite of an environment of increasing risk-aversion, such responses could tilt the balance in favor of disruptive products and sustained corporate financial performance by removing common barriers to radical innovation deployment.

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.

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

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

Development of Innovative entrepreneurship in Ukraine

OpenAIRE

Kulyniak, Ihor; Kopets, Galyna

2017-01-01

In this paper the organizational aspects of innovative entrepreneurship development are reviewed, along with the emerging synergy effects, social spillover effects, improvement of institutional environment, along with regulatory and financial aids, instrumental to the processes of fostering growth of innovative entrepreneurship.

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

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.

Technological Innovation, R & D Activities and Innovation System Between Organizations

Directory of Open Access Journals (Sweden)

Jonas Pedro Fabris

2015-08-01

Full Text Available This theoretical paper aimed to explicit, through the rescue of theoretical assumptions, the innovation, the innovation system, and the research and development (R & D activities. The innovation, especially technological innovation, is now seen as essential in differentiation strategies, competitiveness and growth in a greater number of businesses. Innovation is not only the result of financial investments by companies. For it to exist, it is necessary the existence of innovative capacity that should be present at all stages of the innovation process, and a favorable institutional environment and, increasingly, of specific incentive policies. That is, there are internal and external factors to companies and other institutions involved in the process. Innovation systems were discovered to resolve the variations in the degree of competitiveness of different economies and, above all, in relation to the technological performance and the ability to innovate these economies face the growing importance of international markets for high-tech products. Thus, it was found that successful innovators are not successful just because of their personal qualities and actions but as a result of their interaction with research and innovation systems that inhabit the quality of such systems.

Estudio y clasificacion de los riesgos legales de la innovacion financiera

Directory of Open Access Journals (Sweden)

Ceballos, D.

2008-01-01

Full Text Available In this paper we discuss about the legal effects that a financial innovation can produce. By its novelty, the innovation can imply a change in regulation, although the financial activity goes towards its self-regulation. Our aim is to present a taxonomy in six categories of legal risks that we find associated to a financial innovation. These categories depend on the state and evolution of regulation (a posteriori reaction and guide for self-regulation and on the types of innovation (system, process and product.

Financial Derivatives

OpenAIRE

Janečková, Alena

2011-01-01

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

78 FR 16403 - Iranian Financial Sanctions Regulations

Science.gov (United States)

2013-03-15

... designated Iranian financial institution, NIOC, or NICO in a direct customer relationship generally would be... relationship. (e) Impact. The impact of the transaction(s) or financial services on the objectives of the...

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.

31 CFR 596.303 - Financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Financial institution. 596.303 Section 596.303 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... REGULATIONS General Definitions § 596.303 Financial institution. The term financial institution shall have the...

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.

Development of methodology of financial assets accounting in IFRS context

Directory of Open Access Journals (Sweden)

V.I. Tsurkanu

2018-04-01

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

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

Financial Inclusion and Monetary Policy: A Review of Recent Studies

African Journals Online (AJOL)

2017-05-01

May 1, 2017 ... financial inclusion and its implications for monetary policy and financial stability. ... These studies have discussed the implications of financial exclusion for the parameters ... and allocating capital, monitoring firms and exerting corporate ... decisions, and technological innovations and hence economic ...

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.

Il controllo degli istituti finanziari in Gran Bretagna: problemi e proposte. (Regulation and control of the United Kingdom banking and financial structure

Directory of Open Access Journals (Sweden)

J.S.G. WILSON

2014-08-01

Full Text Available Britain has tended to avoid, except as a last resort, formal regulatory arrangements. Indeed, bank regulation so far has largely been by “suasion”, with no formal framework for bank examination and inspection. There seems now, however, to be an awakening interest in the possibility of a more comprehensive regulation of financial institutions, due in part to the splitting off a “secondary” banking system, and the emergence of a complex of parallel money markets. The present work analyses the regulation and control of the banking and financial structure in the United Kingdom. The author first briefly considers the extent of relevant legislation that is currently found on the statute books. The main objectives of any comprehensive legislation to regulate banks and similar financial institutions are then outlined. Finally, the appropriate legislation to achieve such objectives is considered.JEL: G18, G28

The Impact of Total Quality Management Practices on Non-Financial Performance Perceptions

Directory of Open Access Journals (Sweden)

Fetullah EVLİYAOĞLU

2012-09-01

Full Text Available This study examines the effect of total quality management applications on non-financial performance perceptions of employees. The research applied by surveys on employees in quality departments of five companies which have businesses in the field of tourism, transportation, construction, food and technology. “Leadership and continuous improvement”, “costumer focused” and “stakeholder participation” dimensions for total quality management and “customer perspective”, “innovation and learning perspective” and “internal processes perspective” dimensions for non-financial performance are derived from factor analysis. Customer focus, one of the total quality management, has significant relationship with customer perspective and innovation and learning perspective of non-financial performance. Customer focus dimension of total quality management has a significant negative effect on innovation and learning perspective of non-financial performance. There are no relationships between the rests of the dimensions.

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.

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

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...

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...

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...

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...

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

Science.gov (United States)

2010-01-01

... PRODUCT SAFETY COMMISSION GENERAL EMPLOYEE STANDARDS OF CONDUCT General § 1030.101 Cross-references to employee ethical conduct standards and financial disclosure regulations. Employees of the Consumer Product... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Cross-references to employee ethical conduct...

Nonlinear Effect of Financial Efficiency and Financial Competition on Heterogeneous Firm R&D: A Study on the Combined Perspective of Financial Quantity Expansion and Quality Development

Directory of Open Access Journals (Sweden)

Yang Gao

2018-05-01

Full Text Available Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show that: (1 extensive financial quantity expansion cannot support high innovation efficiency R&D (Research and Development activities in private enterprises, low- and medium-technology enterprises, and underdeveloped area enterprises, as it causes financial inefficiency problems and a shortage of R&D inputs; and (2 financial efficiency and financial competition have nonlinear effects on firm R&D. Financial inefficiency and either low or excessive financial competition result in a lack of highly efficient firm R&D. Only improvements in financial efficiency and moderate competition can significantly promote firm R&D. The results of this study reveal an important way to improve the influence of financial inefficiency on firm R&D by moving away from simply expanding financial quantity to promoting quality instead.

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

OpenAIRE

Mark Brimble; Ciorstan Smark

2013-01-01

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

Regulation and safety implementation of nanotechnology for chemical enterprises in the Central Europe Space

Science.gov (United States)

Falk, A.; Hartl, S.; Sinner, F.

2013-04-01

As result of the gradually increasing nanotechnology sector there is the necessity of a contemporary analysis of the present regulations used for nanomaterials, to outline the current situation of the nanotechnology sector, to promote international cooperation and research's coordination to overcome disciplinary boundaries, to fill the gap between more and less experienced regions and to turn investments in R&D in industrial innovations. The general objective of the Central Europe project NANOFORCE, which is developed by national and regional chemistry associations and R&D Centres of the Central Europe area, is to foster the innovative nanotechnology-sector networks across Central Europe regions by bringing together public and private organizations to carry out collaborative and interdisciplinary researches on nanomaterials (in the frame of REACH Regulation) and to turn the most promising laboratory results into innovative industrial applications. To build up a legal advisory board for chemical enterprises starting in nanotechnology, a state of the art report on existing safety procedures and nanotech related regulations was produced to give an overview on currently available regulations used by chemical industries and manufacturing companies within the European region to secure their products. The main emphasis was placed on REACH regulation to search for relevant sections concentrating on nanomaterials which are applicable for nanotechnology. In addition, all relevant directives and amendments of REACH were screened with regard to identify gaps where action is still needed and give possible recommendations for the European Commission. Beyond literature research a questionnaire for producers, users, researchers and financiers was developed with the goal to collect information about the nanotechnology sector in the CE region concerning development, financial status, and international cooperation within joint ventures, safety and nanotoxicology.

Scaling Up Financial Inclusion for Vulnerable Women and Youth ...

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

Access to formal financial services can help the world's poorest people ... to help people overcome this challenge through innovations in social policy programs. ... the private sector to develop financial products and services that respond to the ...

Scaling up agricultural innovations in Kenya | IDRC - International ...

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

Innovative farming and marketing strategies are needed to deal with the challenges of ... for linking farmers to markets and for influencing the formulation ... Expanding women's financial inclusion: A win-win for women and financial institutions.

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...

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...

7 CFR 3015.61 - Financial management standards.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial management standards. 3015.61 Section 3015.61 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Standards for Financial...

Evolution of electronic waste toxicity: Trends in innovation and regulation.

Science.gov (United States)

Chen, Mengjun; Ogunseitan, Oladele A; Wang, Jianbo; Chen, Haiyan; Wang, Bin; Chen, Shu

2016-01-01

Rapid innovation in printed circuit board, and the uncertainties surrounding quantification of the human and environmental health impacts of e-waste disposal have made it difficult to confirm the influence of evolving e-waste management strategies and regulatory policies on materials. To assess these influences, we analyzed hazardous chemicals in a market-representative set of Waste printed circuit boards (WPCBs, 1996-2010). We used standard leaching tests to characterize hazard potential and USEtox® to project impacts on human health and ecosystem. The results demonstrate that command-and-control regulations have had minimal impacts on WPCBs composition and toxicity risks; whereas technological innovation may have been influenced more by resource conservation, including a declining trend in the use of precious metals such as gold. WPCBs remain classified as hazardous under U.S. and California laws because of excessive toxic metals. Lead poses the most significant risk for cancers; zinc for non-cancer diseases; copper had the largest potential impact on ecosystem quality. Among organics, acenaphthylene, the largest risk for cancers; naphthalene for non-cancer diseases; pyrene has the highest potential for ecotoxicological impacts. These findings support the need for stronger enforcement of international policies and technology innovation to implement the strategy of design-for-the-environment and to encourage recovery, recycling, and reuse of WPCBs. Copyright © 2016 Elsevier Ltd. All rights reserved.

Convergent innovation for sustainable economic growth and affordable universal health care: innovating the way we innovate.

Science.gov (United States)

Dubé, Laurette; Jha, Srivardhini; Faber, Aida; Struben, Jeroen; London, Ted; Mohapatra, Archisman; Drager, Nick; Lannon, Chris; Joshi, P K; McDermott, John

2014-12-01

This paper introduces convergent innovation (CI) as a form of meta-innovation-an innovation in the way we innovate. CI integrates human and economic development outcomes, through behavioral and ecosystem transformation at scale, for sustainable prosperity and affordable universal health care within a whole-of-society paradigm. To this end, CI combines technological and social innovation (including organizational, social process, financial, and institutional), with a special focus on the most underserved populations. CI takes a modular approach that convenes around roadmaps for real world change-a portfolio of loosely coupled complementary partners from the business community, civil society, and the public sector. Roadmaps serve as collaborative platforms for focused, achievable, and time-bound projects to provide scalable, sustainable, and resilient solutions to complex challenges, with benefits both to participating partners and to society. In this paper, we first briefly review the literature on technological innovation that sets the foundations of CI and motivates its feasibility. We then describe CI, its building blocks, and enabling conditions for deployment and scaling up, illustrating its operational forms through examples of existing CI-sensitive innovation. © 2014 The New York Academy of Sciences.

A comparison of innovation policy in the smart grid industry across the pacific: China and the USA

International Nuclear Information System (INIS)

Lin, Chen-Chun; Yang, Chia-Han; Shyua, Joseph Z.

2013-01-01

Utilities are increasing their investment in smart grid technologies because of the rising demand for electricity, the aging transmission and distribution infrastructure in developed countries and the need for real-time visibility of energy supply and demand to optimize service reliability and cost. Government policies are contributing to this rising investment in the smart grid in many countries around the globe. Using Rothwell and Zegveld's innovation policy framework as a starting point, this paper compares innovation policy in smart grids across the Pacific; specifically, China and the USA. This research describes the policy tools used by both countries and presents results that indicate national preferences for innovation policy that differ in the ways in which they are linked with the state of the power system. China has preferred to use “supply-side policy,” which focuses on “public enterprise, scientific and technical development and legal regulation.” The USA has preferred to use “environmental-side policy,” which focuses on “scientific and technical development, financial, political and public enterprise.” This paper also describes in detail a number of innovation policies being pursued in the smart grid industry in both China and the USA. - Highlights: ► This research describes the policy tools used by China and USA and presents results that indicate national preferences for innovation policy that differ in the ways in which they are linked with the state of the power system. ► China has preferred to use “supply-side policy,” which focuses on “public enterprise, scientific and technical development and legal regulation.” ► The USA has preferred to use “environmental-side,” policy, which focuses on “scientific and technical development, financial, political and public enterprise.”

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)

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...

quarterly financial report for the period ending 30 June 2012

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

Office 2004 Test Drive User

2012-06-30

Jun 30, 2012 ... 2 IDRC QUARTERLY FINANCIAL REPORT JUNE 2012. Consolidated .... Accounting Standard 34, Interim Financial Reporting. ..... ceasing activities in the field of social innovation, the principal component of which is ending ...

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…

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...

Why Ecologists Should Care about Financial Markets.

Science.gov (United States)

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

2015-10-01

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

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...

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.

The Financial Crisis, A Problem Of Economic Ethics And Of Morality?

Directory of Open Access Journals (Sweden)

Napoleon POP

2012-09-01

Full Text Available Many experts interested in explaining and understanding the deepness of latest financial crisis, far away yet to be solved, have gone beyond the appearances capture only by the economic science. It is more than sure that bubble on US prime rate real estate market was a only the detonator of much more complex mechanism built in time behind the scene of the financial system. Two things are more perceivable, the lack of comprehensive, but not overburdened, regulations and the sophisticated financial products less understood even by the managers of the financial institutions using them. A question still remains. Who was actually in charge with the explosion and the changing nature of the derivatives products, as innovation in every field of human activity is not always to be blamed? When the crisis burst, we were talking about toxic financial products with a huge capability to contaminate the entire globe. When the things became a little calmer, we started to call them exotic financial products and now it is a vague feeling of forgetting about the bad impact they produced, focusing ourselves on the new and more needed regulation of the global financial system, leaving aside the human behavior. What we see is that financial world became huge as compared with the real economy and, as a long time and well experienced former banker said, huge money are looking for more huge yields, producing more money out of nothing. That simple thought brings us to the ethic in economics and morality in the financial system, completely reversed from the normality, if just have a look to the anti cycle movement between the bonus policy and the losses or failures of some banks in the latest years. The connection is to be found in the risky management of the risks in very exposed markets to the information asymmetry, moral hazard and herd behavior. We let you know that this article is an inspiring root for an extensive study dedicated to the global money, in search of

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...

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…

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...

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

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Cross-reference to employee financial disclosure and ethical conduct standards regulations. 400.101 Section 400.101 Banks and Banking EXPORT-IMPORT.... Employees of the Export-Import Bank of the United States (Bank) should refer to: (a) The executive branch...

Lean Six Sigma in financial services

OpenAIRE

de Koning, H.; Does, R.J.M.M.; Bisgaard, S.

2008-01-01

Lean Thinking and Six Sigma are typically considered as separate approaches to process innovation, with complementary strengths. When combined as Lean Six Sigma, this approach provides a unified framework for systematically developing innovations. Lean Six Sigma can also bring about significant results and breakthrough improvements in financial services, as demonstrated with four case studies from Dutch multinational insurance companies. These cases demonstrate the importance of incremental i...

Getting the right balance between regulation and governance in the non-bank financial sector

Directory of Open Access Journals (Sweden)

David G Mayes

2012-10-01

Full Text Available This paper uses the example of the collapse of the finance company sector in New Zealand in 2006-2010 to illustrate the problems with light touch regulation and a reliance on good governance to ensure financial stability. It shows two major governance failures, the first in the governance of the sector by the authorities and the second, serious failures in corporate governance by the firms involved. While a light touch may assist economic development it also increases fragility. New Zealand has now switched to a greater emphasis on regulation and to a better alignment of incentives to ensure good governance. While other countries might consider implementing aspects of its new bank resolution regime most are opting for considerably more regulation and compliance costs.

The Creation and Development of Innovative Infrastructure in the Danube Countries

Directory of Open Access Journals (Sweden)

Liudmila Rosca-Sadurschi

2014-08-01

Full Text Available Entrepreneurship development is supported by a developed infrastructure or innovative infrastructure. The purpose of the business infrastructure is to create favorable conditions for its development by providing support in various areas, complete and targeted to businesses. Training system infrastructure provides creation and development of innovation infrastructure objects. Thus, this article will conduct a comparative analysis of the elements of innovation infrastructure and how their development in different countries. Innovation infrastructure elements analyzed are: information infrastructure refers to access to information; Financial infrastructure refers to financial resources; infrastructure, staff training (qualified staff; material and technical infrastructure; infrastructure consulting (expert consultation; marketing infrastructure.

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

Determinati e direttrici della politica finanziaria italiana. (Determinants and trends of Italian financial policy

Directory of Open Access Journals (Sweden)

M. SARCINELLI

2013-12-01

Full Text Available La politica finanziaria italiana negli anni Ottanta è stata finalizzato principalmente al miglioramento dei segmenti rilevanti e il raggiungimento di un migliore mix di tutta la gamma di strumenti e intermediari. Altri due tendenze - privatizzazione e deregolamentazione - sono stati molto meno in primo piano rispetto al resto del mondo . L'autore fornisce un'ampia panoramica dello stato della politica finanziaria italiana , guardando le circostanze economiche e le politiche macroeconomiche , l'innovazione finanziaria , il processo di liberalizzazione e privatizzazione di regolamentazione .Italian financial policy in the eighties has been aimed mainly at improving the relevant segments and achieving a better mix of the whole range of instruments and intermediaries. Two other trends - privatisation and deregulation - have been much less to the fore than the rest of the world. The author provides a broad overview of the state of Italian financial policy, looking at economic circumstances and macro-economic policies, financial innovation, the deregulation-regulation process and privatisation.JEL: G18

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

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...

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.

Exploring the relationship between nursing home financial performance and management entrepreneurial attributes.

Science.gov (United States)

Davis, Jullet A; Marino, Louis D; Vecchiarini, Mariangela

2013-01-01

This paper explores the relationship between entrepreneurial orientation (EO) (i.e., their innovativeness, proactiveness and risk-taking) and financial performance in nursing homes. We hypothesize that nursing homes that are more proactive will report better short-term financial performance, while when firms with higher propensities for innovativeness and risk-taking will experience poorer financial performance in the short period due to the high costs associated with the initial adoption of innovation and with pursuing high-risks ventures. In 2004, a survey was developed and mailed to a population of 670 nursing homes in the state of Florida who were listed in the Florida Nursing Home Guide of the Agency for Health Care Administration. The final sample for this study included 104 respondents. The data from these surveys were merged with additional variables gathered from the 2004 Online Survey Certification and Reporting (OSCAR) system and the 2004/2005 Medicare Cost Reports (MCR). EO was operationalized using a nine-item scale adapted from Covin and Slevin (1989), and financial performance was assessed using total profit margin. The overall findings suggest partial support for the hypotheses. Support was found for the negative relationship between innovativeness and short-term financial performance, but only partial support was found for the relationship between performance and risk-taking. Our results demonstrated that the various aspects of entrepreneurial behaviors have a differential effect on firm performance. From a managerial perspective, nursing home administrators may continue to seek ways to be entrepreneurial while understanding that some activities may only lead to short-term profitability. These findings should not dissuade administrators from innovative behaviors. They do suggest, however, that innovative administrators should prepare for some initial decrease in profitability following new service implementation. Findings suggest that to varying

Regulation and safety implementation of nanotechnology for chemical enterprises in the Central Europe Space

International Nuclear Information System (INIS)

Falk, A; Hartl, S; Sinner, F

2013-01-01

As result of the gradually increasing nanotechnology sector there is the necessity of a contemporary analysis of the present regulations used for nanomaterials, to outline the current situation of the nanotechnology sector, to promote international cooperation and research's coordination to overcome disciplinary boundaries, to fill the gap between more and less experienced regions and to turn investments in R and D in industrial innovations. The general objective of the Central Europe project NANOFORCE, which is developed by national and regional chemistry associations and R and D Centres of the Central Europe area, is to foster the innovative nanotechnology-sector networks across Central Europe regions by bringing together public and private organizations to carry out collaborative and interdisciplinary researches on nanomaterials (in the frame of REACH Regulation) and to turn the most promising laboratory results into innovative industrial applications. To build up a legal advisory board for chemical enterprises starting in nanotechnology, a state of the art report on existing safety procedures and nanotech related regulations was produced to give an overview on currently available regulations used by chemical industries and manufacturing companies within the European region to secure their products. The main emphasis was placed on REACH regulation to search for relevant sections concentrating on nanomaterials which are applicable for nanotechnology. In addition, all relevant directives and amendments of REACH were screened with regard to identify gaps where action is still needed and give possible recommendations for the European Commission. Beyond literature research a questionnaire for producers, users, researchers and financiers was developed with the goal to collect information about the nanotechnology sector in the CE region concerning development, financial status, and international cooperation within joint ventures, safety and nanotoxicology.

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

Directory of Open Access Journals (Sweden)

Mark Brimble

2013-09-01

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

Knowledge Base, Exporting Activities, Innovation Openness and Innovation Performance

OpenAIRE

Spyros Arvanitis; Areti Gkypali; Kostas Tsekouras

2014-01-01

In this paper we demonstrate the complexity that regulates the innovation-exports nexus. In particular we argue that innovation and exports should be treated as latent variables in order to account for as many facets possible thus, accounting for multifaceted heterogeneity. In this context, the role of innovation openness ought to be highlighted within a unified framework, as it is considered an additional activity of firms’ knowledge creation strategy. In this line, innovation and exporting ...

Documentation of Accounting Records in Light of Legislative Innovations

Directory of Open Access Journals (Sweden)

K. V. BEZVERKHIY

2017-05-01

Full Text Available 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 documentation of accounting records is made. A comparative analysis of changes in the Regulation on Documentation of Accounting Records is made by sections: 1 General; 2 Primary documents; 3 Accounting records; 4 Correction of errors in primary documents and accounting records; 5 Organization of document circulation; 6 Storage of documents. Methods of analysis and synthesis are used for separating the differences in the editions of the Regulation on Documentation of Accounting Records. The result of the study has theoretical and practical value for the domestic business enterprise sector.

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

Science.gov (United States)

2012-05-15

... SMALL BUSINESS ADMINISTRATION 13 CFR Part 121 RIN 3245-AG46 Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small Business Technology Transfer (STTR) Program AGENCY: Small Business Administration. ACTION: Proposed rule. SUMMARY: The U.S. Small Business Administration...

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...

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.

State financial resources of social development

OpenAIRE

Grinevskaya, Svetlana

2015-01-01

Problems of financial social resources management are considered. A model of interconnections of processes of financial provision of people's life sufficient level is proposed. It is identified that state budget is one of the main instruments of state regulation of economic processes of people's living quality provision.Improving of state regulation by financial resources of social development conditions the following budgeting principals: optimization of budget with the aim of human's develo...

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...

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.

Organisational, technological and economic innovations: the nuclear industry reinvents itself to face 2030 challenges

International Nuclear Information System (INIS)

Faudon, Valerie; Jouette, Isabelle; Le Ngoc, Boris

2016-06-01

As the French nuclear industry is facing a major challenge (financial weakness, an electric power market in crisis, 15 years without building any reactor, delayed works), this report first outlines why innovation is necessary to guarantee a low carbon and competitive electricity, to comfort the leadership position of this sector in the world, and to respond to expectations of civil society. Then, it describes how the French nuclear industry is already implementing organisational, technological and social innovations, notably through the development of digital technologies. The third part identifies priorities of new public policies: to imagine a new business model for nuclear (a better visibility for investors, taking all induced costs in the power system into account in a diversified mix, reform of the carbon market, taking avoided atmospheric pollution into account), to rethink regulation in order to free innovation spirit, and to prepare the future by investing in research

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 ...

The Rise of Mobile Technology on the Financial Sector in Zimbabwe

OpenAIRE

Paul Mupfiga; Tafadzwa Padare

2017-01-01

The emergence of technology has revolted the way that the financial industry operates and the increasing use of mobile gadgets has changed the banking system from the traditional brick and mortar building to a virtual system. The sudden rise in use and innovation of smart mobile phones, mobile personal computers, tablets and various other mobile electronic gadgets has resulted in the rise of mobile financial products. Rapid quickening innovative headways are making completely new business sug...

Reputation for technological innovation: Does it actually cohere with innovative activity?

Directory of Open Access Journals (Sweden)

Patrick J. Höflinger

2018-01-01

Full Text Available Firms strategically promote, foster and pursue a reputation for technological innovation. Yet, present research did not examine whether such perception actually coheres with innovative activity itself. Previous studies in this field often relied solely on tangible products/product introductions, hence we apply multiple proxies based on a firm's intangible innovative performance to examine the influences on reputation for technological innovation. Using patent, financial and consumer data our Poisson regression analyzes 65 international firms which have been nominated by 231 consumers. We apply time-series and likewise cross-sectional data for our interdisciplinary analysis. Our findings demonstrate that innovative performance (citation intensity is linked to reputation for technological innovation. Counter-intuitively, our results provide evidence that marketing intensity negatively influences a reputation for technological innovation. From the results, we conclude that innovative performance may be associated with a reputation for technological innovation. Actual technological advancement attracts attention from consumers that cannot be purchased with greater marketing investments. This implies that consumers appreciate the costly and uncertain R&D efforts and value those firms that constantly offer innovation. As a theoretical implication, the consideration of intangible inputs for reputation research is an important contribution for a holistic understanding. The results represent essential strategic information for innovation and marketing functions, where both divisions need to align their activities and investments.

From Finance Capitalism to Financialization

DEFF Research Database (Denmark)

Hansen, Per H.

2014-01-01

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......–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...

77 FR 46069 - Request for Information on Effective Financial Education

Science.gov (United States)

2012-08-02

...' financial decision-making capabilities. DATES: Comments must be received on or before October 31, 2012... public disclosure. Sensitive personal information such as account numbers or Social Security numbers... their financial decision making capabilities. OFE is interested in promoting innovation to assist...

Patient views on financial relationships between surgeons and surgical device manufacturers.

Science.gov (United States)

Camp, Mark W; Gross, Allan E; McKneally, Martin F

2015-10-01

Over the past decade, revelations of inappropriate financial relationships between surgeons and surgical device manufacturers have challenged the presumption that surgeons can collaborate with surgical device manufacturers without damaging public trust in the surgical profession. We explored postoperative Canadian patients' knowledge and opinions about financial relationships between surgeons and surgical device manufacturers. This complex issue was explored using qualitative methods. We conducted semistructured face-to-face interviews with postoperative patients in follow-up arthroplasty clinics at an academic hospital in Toronto, Canada. Interviews were audiotaped, transcribed and analyzed. Patient-derived concepts and themes were uncovered. We interviewed 33 patients. Five major themes emerged: 1) many patients are unaware of the existence of financial relationships between surgeons and surgical device manufacturers; 2) patients approve of financial relationships that support innovation and research but are opposed to relationships that involve financial incentives that benefit only the surgeon and the manufacturer; 3) patients do not support disclosure of financial relationships during the consent process as it may shift focus away from the more important risks; 4) patients support oversight at the professional level but reject the idea of government involvement in oversight; and 5) patients entrust their surgeons to make appropriate patient-centred choices. This qualitative study deepens our understanding of financial relationships between surgeons and industry. Patients support relationships with industry that provide potential benefit to current or future patients. They trust our ability to self-regulate. Disclosure combined with appropriate oversight will strengthen public trust in professional collaboration with industry.

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.

Forget the rules and innovate: contesting a myopic view on the impact of rules on innovation

OpenAIRE

olde Scholtenhuis, Léon Luc; Doree, Andries G.

2017-01-01

A persisting stance in practice is that obliteration of rules creates innovation paradise. Although it seems tempting, this view neglects that regulations may also constructively support innovation adoption processes. To stress these different roles that exist between regulation and innovation, scholars call for a careful empirical analysis of innovation contexts. Recent CM case studies, therefore, explore how standards emerge in new practices. Despite this, however, literature limitedly addr...

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.

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.

THE PROTECTION AND DEPLOYMENT OF FINANCIAL INNOVATION

OpenAIRE

PETER GIANIODIS; JILL A. BROWN

2013-01-01

Prevailing theory suggests that firms that effectively protect technological discoveries from emulation will create and capture value. Despite its importance, little research has examined the specific mechanisms of how to protect technological discoveries, and have heretofore emphasized the importance of inherent resource attributes to limit competitor emulation. Using a sample of financial patents, we test theory regarding the effects of resource attributes and deployment mechanisms on resou...

Macro-prudentiality and financial stability

Directory of Open Access Journals (Sweden)

Cristian Ionescu

2012-12-01

Full Text Available Taking into consideration the fact that financial crises, as a manifestation form of the financial instability, are becoming more and more frequent, complex and severe, it is important to discuss about the macroeconomic prudentiality, in order to protect and save the economy of a country or of a region by the inherent fragility of a very developed financial system. Therefore, the paper aims to analyze the following aspects: the macro-prudential regulation (in order to a better understanding of the financial instability process, the development of the macro-prudential vision and instruments (but emphasizing the existing limits and economic policies (in order to implement an operational macro-prudential regulation.

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

A Study of Policies for Improving the Technological Innovation Capacity of Small and Medium-Sized Enterprises

Directory of Open Access Journals (Sweden)

Chin-miel Su

2018-05-01

Full Text Available Taiwan’s “government innovation policy resources” help enterprises expand innovation capacity by providing financial rewards, tax deductions, personnel training, and polities and facilities that encourage innovation. The results of this study show that “government innovation policy resources” is significantly and positively correlated with “technological innovation capacity” and “firm operating performance,” while the latter two are also positively correlated. Among the “government innovation policy resources,” financial rewards and personnel training have the most influence on expanding innovation capacity, which in turn benefits the enterprises’ ability to develop better products and have a positive effect on its operating performance and profitability.

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.

Steering Capital: Optimizing Financial Support for Innovation in Public Education

Science.gov (United States)

Smith, Kim; Petersen, Julie

2011-01-01

This paper revisits the central question of how to improve the provision of capital for entrepreneurial change in public education, but emphasizes the innovation ecosystem that surrounds the capital markets. The authors consider capital as one of the most important levers individuals need to align in this innovation ecosystem, but as a force that…

Uncertainty and risk management after the Great Moderation: the role of risk (mis)management by financial institutions

NARCIS (Netherlands)

Blommestein, H.J.; Hoogduin, L.H.; Peeters, J.J.W.

2009-01-01

Since the early eighties volatility of GDP and inflation has been declining steadily in many countries. Financial innovation has been identified as one of the key factors driving this „Great Moderation‟. Financial innovation was considered to have improved significantly the allocation and sharing of

The Rise of Mobile Technology on the Financial Sector in Zimbabwe

Directory of Open Access Journals (Sweden)

Paul Mupfiga

2017-07-01

Full Text Available The emergence of technology has revolted the way that the financial industry operates and the increasing use of mobile gadgets has changed the banking system from the traditional brick and mortar building to a virtual system. The sudden rise in use and innovation of smart mobile phones, mobile personal computers, tablets and various other mobile electronic gadgets has resulted in the rise of mobile financial products. Rapid quickening innovative headways are making completely new business suggestions, for example, crowd financing, shared loaning, advanced monetary forms, versatile managing an account, online speculation and new instalment frameworks. Zimbabwe's mobile technology use is currently on the rise too as mobile service providers like Econet are enabling the connection between consumers and financial related products. Despite the fact that innovation without a doubt brings benefits, prominent specialized disappointments in the money related part lately are disturbing and several negative factors are to some extent affecting production. Drawbacks like cybercrime, resistance to change, and compatibility of mobile gadgets are affecting the information technology environment. This paper highlights the rise of mobile technology in the financial sector in Zimbabwe.

Open Innovation in practice: closed NPD networks leading to high innovation performance for SME's.

NARCIS (Netherlands)

Pullen, A.J.J.; de Weerd-Nederhof, Petronella C.; Groen, Arend J.; Fisscher, O.A.M.

2011-01-01

Cooperation with other organizations increases the innovation performance of organization, especially for small and medium-sized enterprises (SMEs) as they encounter liabilities of “smallness” (e.g., limited financial resources, and manpower). In the medical devices sector, collaboration with

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...

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.

THE IMPORTANCE OF REGINONAL REGULATIONS SUPERVISION IN FINANCIAL SECTOR AFTER REGIONAL DEVELOPMENT

Directory of Open Access Journals (Sweden)

Iza Rumesten RS

2015-01-01

Full Text Available Autonomous regional administration may say 80% fail, even many violations in governance can be seen from the many local regulations canceled by the government. The problem of this study is how the regulatory supervision of the financial sector among local parent with a new autonomous regions. Methods used in this research is to examine the normative Law 23 of 2014 and Act No. 17 of 2003. From the results, that local governments still have to master to supervise all local regulations and regulatory policies that made the district / city, especially in the field of finance. An obligation on the parent region to assist funding over three years for new autonomous regions interfere with the delivery system of local governance parent, therefore before diotonomkan, candidates should be prepared to be autonomous administrative regions that after diotonomkan not interfere peyelenggaraan dependent and parent local government.

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

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...

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.)

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 ...

OPEN INNOVATION – THE GOOD, THE BAD, THE UNCERTAINTIES

Directory of Open Access Journals (Sweden)

Eliza Laura CORAS

2014-06-01

Full Text Available Given the limited amount of research written about the open innovation practices of companies located in Romania, we consider of high weight the need to stress on the benefits, the barriers and the drawbacks entailed by open innovation projects.. What allures firms to embrace open innovation is their resource deficiency, insufficient abilities to explore and exploit technology, knowledge gaps and financial constraints. The extensive literature written on open innovation subjects highlights the motives, the benefits and the barriers these but the studies focusing on the risks of open partnerships are scarce. This paper draws on theoretical literature and contemporary media accounts, building the argument for a significant impact of open innovation to the current economic background. This paper both explores the motives of firms embarking in collaborative relationships, but also the diversity of risks entailed, raising awareness of this framework of uncertainties. Within the study, our work highlights that open innovation in is impeded by risks related to technology, market place, collaboration among partners, financial sources availability, clients needs, workforce, knowledge and intellectual property rights. By undertaking this study we aim to contribute to the scarce literature on open innovation risks and to shed light on the factors that a firm needs to approach in order to foster a culture for open innovation and, in the same time, to reduce the drawbacks of open innovation.

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

Micro-prudentiality and financial stability

Directory of Open Access Journals (Sweden)

Cristian Ionescu

2012-12-01

Full Text Available Given the high degree of importance of issues related to financial instability in modern economies, (financial, economic and social aspects, it is necessary the analysis of the microeconomic components that determine macroeconomic fluctuations, resulting in the visible financial instability. Thus, this paper aims to analyze the following aspects: financial fragility, as a measure of financial instability at the microeconomic level; micro-prudential regulation; microeconomic reform measures, which addresses problems related to capital, liquidity, risk management and supervision and market discipline. All these are integrated into the international Basel III framework of the Bank of International Settlements Regulations. In addition, the manner and the time of Basel III implementation of the capital and liquidity-related measures is very important. In addition, the paper aims to analyze the inter-connections and the compromises between capital and liquidity, trying to understand how the two are connected.

Public Innovation Policy in the Pharmaceutical Industry: the Cases of the EU and USA

Directory of Open Access Journals (Sweden)

Z. A. Mamedyarov

2017-01-01

Full Text Available Purpose: the main purpose of this article was to study the modern tools of the public innovation policy in the global pharmaceutical industry (US and EU cases, which is one of the most knowledge-intensive sectors of the global economy. During the study, it was necessary to achieve the following objectives: to identify main components of the innovation policy in the sector, to consider the role of intellectual property protection, measures of innovation support, regulatory control and other factors, and, also, to identify comparative characteristics of innovation processes within the US and the EU pharmaceutical sector. Methods: this article is based on a qualitative comparative study of the US and EU innovation policy in the pharmaceutical industry. Industryoriented innovation support measures (i.e. levels of private and public financing have been quantitatively analyzed, including the evaluation of the levels of R&D productivity; also, a comparative study of the pharma patent statistics in the leading countries have been performed. This article highlights the problems of intellectual property protection, which remains an important source of financial stability for major pharma companies being the basis for new innovation agenda. Low R&D productivity and high costs of new innovative drugs together emphasize the significance of the analysis of current innovation processes within the pharmaceutical industry, and could open the way for building more effective managerial and business processes. Results: the global pharmaceutical industry today is under thorough control of government regulators and civil society organizations seeking to improve mechanisms of the drugs distribution, in order to make drugs more accessible, safe and clean. This high regulation level impedes innovation within existing pharma business models, and leads to high costs of the newest drugs. The study revealed that successful pharmaceutical innovation today requires

New business models for antibiotic innovation.

Science.gov (United States)

So, Anthony D; Shah, Tejen A

2014-05-01

The increase in antibiotic resistance and the dearth of novel antibiotics have become a growing concern among policy-makers. A combination of financial, scientific, and regulatory challenges poses barriers to antibiotic innovation. However, each of these three challenges provides an opportunity to develop pathways for new business models to bring novel antibiotics to market. Pull-incentives that pay for the outputs of research and development (R&D) and push-incentives that pay for the inputs of R&D can be used to increase innovation for antibiotics. Financial incentives might be structured to promote delinkage of a company's return on investment from revenues of antibiotics. This delinkage strategy might not only increase innovation, but also reinforce rational use of antibiotics. Regulatory approval, however, should not and need not compromise safety and efficacy standards to bring antibiotics with novel mechanisms of action to market. Instead regulatory agencies could encourage development of companion diagnostics, test antibiotic combinations in parallel, and pool and make transparent clinical trial data to lower R&D costs. A tax on non-human use of antibiotics might also create a disincentive for non-therapeutic use of these drugs. Finally, the new business model for antibiotic innovation should apply the 3Rs strategy for encouraging collaborative approaches to R&D in innovating novel antibiotics: sharing resources, risks, and rewards.

Fail forward: Mitigating failure in energy research and innovation

DEFF Research Database (Denmark)

Brix, Jacob

2015-01-01

Almost three quarters of all innovation projects disappoint or fail. Instead of 'wasting' human and financial resources on energy projects that end up being terminated or ineffectual, this study offers a potential antidote coined the 'Origins of Failure in Energy Innovation' (OFEI) model. Based o...

12 CFR 225.81 - What is a financial holding company?

Science.gov (United States)

2010-01-01

... RESERVE SYSTEM BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y) Regulations Financial Holding Companies § 225.81 What is a financial holding company? (a) Definition. A financial holding... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What is a financial holding company? 225.81...

Time to Innovate: Reflections and Recommendations on Time Management for Innovation Managers

Directory of Open Access Journals (Sweden)

Robert J. Crawhall

2013-09-01

Full Text Available Effective time management is a critical success factor for most projects; however, it is particularly challenging for projects involving substantial innovation. For most projects, time (i.e., the schedule becomes a management "red flag" that signals when something goes wrong or gets out of control. The challenge for projects involving significant innovation is that one or more critical activities may be of an unknown duration or involve factors outside the normal design process and require "red flagging" from the outset. Managers of innovation projects have to distinguish between those activities or work packets that are a part of “business as usual” and those that involve innovation. They must identify and quantify the schedule risks and develop strategies to mitigate them. For example, one strategy to manage time-related risk is to decouple the innovation value as perceived by the customer (innovation output from the technology innovation that is needed to deliver the product value in a cost-effective manner (innovation input. This strategy should take into account the likely consequences of longer-than-anticipated innovation time. Two common risks associated with poor time management for innovation are running out of financial runway to reach sustainable revenue and missing a critical market window. In this article, the author reflects on almost 30 years of experience in the Canadian innovation system across several industry sectors and provides some practical recommendations on time management for innovation managers.

The economic rationale for investing decisions innovative projects rationalization of investments for innovative projects

Directory of Open Access Journals (Sweden)

L. O. Zhitinskaya

2017-01-01

Full Text Available The article provides a selection of methods for determining the feasibility of an investment-innovative project. Estimated indicators are identified analytically, on their basis a conclusion is made about the economic efficiency and feasibility of the project, which is the basis of its competitiveness. Such growth analytics is necessary, since the social and economic development of the country and the region largely depends on the investment climate, which is facilitated by the legislation of the Russian Federation (the Tax Code of the Russian Federation, the law of the Russian Federation on the regulation of investment activities, etc.. Since competitiveness is also determined by the economic feasibility and financial solvency of innovative projects, modern information and software, as well as the methodology for project appraisal and the corresponding order of their implementation, are needed. In the Russian Federation, a method is used to assess the efficiency of capital investments in capitalist countries, as well as the methodology of economic (competitive analysis of investment-innovative projects. The basis of the method is that reimbursement of investments occurs in two economic forms: net profit and depreciation (net income. Of the numerous methods for assessing the feasibility of investment, the most often used along with discount methods (taking into account the factor of money changes over time, statistical methods with determining the payback period and the average rate of return on investment. Defined indicators: the net present value (NPV and the internal rate of return (IRR. The methodology specified in the article is useful to the investor in order to rationalize investment flows, helps to achieve the maximum IRR. The implementation of the innovative project serves the competitiveness of the manufacturing enterprise by increasing the technical and technological levels of the products.

The value case methodology : A methodology aligning financial and non-financial values in large multi-stakeholder innovation projects

NARCIS (Netherlands)

Dittrich, K.

2015-01-01

Our society is increasingly confronted with the effects of the all-encompassing attention for financial results. This strong emphasis on financials makes it very difficult, if not impossible, for both enterprise and government to take other factors into account when making investment decisions. As a

A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

Directory of Open Access Journals (Sweden)

SETHI Narayan

2013-12-01

Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.

48 CFR 52.247-6 - Financial Statement.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Financial Statement. 52....247-6 Financial Statement. As prescribed in 47.207-1(e), insert the following provision in... furnish financial statements: Financial Statement (APR 1984) The offeror shall, upon request, promptly...

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...

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.

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

Energy Technology Data Exchange (ETDEWEB)

Brooks, G L [Atomic Energy of Canada Ltd., Sheridan Park, ON (Canada). CANDU Operations

1993-12-23

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).

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)

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.

"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…

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...

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

The use of innovation action research approach in the preparation of a regulation on costing standard 

Directory of Open Access Journals (Sweden)

Monika Raulinajtys-Grzybek

2016-04-01

Full Text Available The article analyzes the applicability of the innovation action research method for activities related to the preparation of a concept of a costing standard for healthcare providers which is subject to legal regula- tion. This legislation regulates the way providers, reporting data for the purpose of the regulated pricing of health services, identify and calculate costs. A 39-month long research project was carried out in ac- cordance with the innovation action research approach, which resulted in the creation of a novel concept of a costing model. The generation of new knowledge occurred as a result of a collaboration between researchers and practitioners, which is a basic assumption of action research. The consecutive steps of the research have been characterized in order to present the influence of the research method on the devel- opment and modification of the initial concept.

Innovative financing for health: what is truly innovative?

Science.gov (United States)

Atun, Rifat; Knaul, Felicia Marie; Akachi, Yoko; Frenk, Julio

2012-12-08

Development assistance for health has increased every year between 2000 and 2010, particularly for HIV/AIDS, tuberculosis, and malaria, to reach US$26·66 billion in 2010. The continued global economic crisis means that increased external financing from traditional donors is unlikely in the near term. Hence, new funding has to be sought from innovative financing sources to sustain the gains made in global health, to achieve the health Millennium Development Goals, and to address the emerging burden from non-communicable diseases. We use the value chain approach to conceptualise innovative financing. With this framework, we identify three integrated innovative financing mechanisms-GAVI, Global Fund, and UNITAID-that have reached a global scale. These three financing mechanisms have innovated along each step of the innovative finance value chain-namely resource mobilisation, pooling, channelling, resource allocation, and implementation-and integrated these steps to channel large amounts of funding rapidly to low-income and middle-income countries to address HIV/AIDS, malaria, tuberculosis, and vaccine-preventable diseases. However, resources mobilised from international innovative financing sources are relatively modest compared with donor assistance from traditional sources. Instead, the real innovation has been establishment of new organisational forms as integrated financing mechanisms that link elements of the financing value chain to more effectively and efficiently mobilise, pool, allocate, and channel financial resources to low-income and middle-income countries and to create incentives to improve implementation and performance of national programmes. These mechanisms provide platforms for health funding in the future, especially as efforts to grow innovative financing have faltered. The lessons learnt from these mechanisms can be used to develop and expand innovative financing from international sources to address health needs in low-income and middle

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.

Technological Innovation Management and its Role in Performance of Organizations

Directory of Open Access Journals (Sweden)

Laura-Diana Radu

2012-10-01

Full Text Available This paper aims to identify the main benefits of technological innovation in organizations and how it should be managed to ensure economic efficiency. The current level of social and economic evolution was possible only through active involvement of individuals and organizations in the innovative process. Adoption of appropriate policies and strategies at institutional, national and international level has significant impact on both the innovation process and innovation results. At company level, involvement in an innovative process depends on the financial and human resources and on the availability and interest of management and employees. The main motivating factor in adoption of technological innovation is, most often, obtaining financial benefits. This reflects itself either as a direct increase in profits, or by obtaining competitive advantage which leads, in the long run, to profits increase and achieving a favorable position on the market. Should not be neglected other motivating factors of innovation, such as compliance with environmental standards, ensuring a secure position on the market with opportunities for further expansion, reducing the cost of raw materials and / or production process, improving company image, attitude and achievements of partners in the field (competitors, suppliers, customers etc. Managers need to carefully analyze these factors and decide the manner and degree of involvement in an innovative process.

Complex Incremental Product Innovation in Established Service Firms: A Micro Institutional Perspective

OpenAIRE

Vermeulen, Patrick; Bosch, Frans; Volberda, Henk

2007-01-01

textabstractMany product innovation studies have described key determinants that should lead to successful incremental product innovation. Despite numerous studies suggesting how incremental product innovation should be successfully undertaken, many firms still struggle with this type of innovation. In this paper, we use an institutional perspective to investigate why established firms in the financial services industry struggle with their complex incremental product innovation efforts. We ar...

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...

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

Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations

OpenAIRE

World Bank Group

2017-01-01

While only 44 percent of adults in Nigeria have an account at a formal financial institution, and only 2.5 percent have a mobile account, there are rapid innovations in both traditional and digital financial services that promote financial inclusion but also add complexity and risks for inexperienced consumers. Strengthening financial consumer protection (FCP) in Nigeria is therefore criti...

The Analysis of Prospects for Derivatives Market Development in Ukraine in View of Solving the Problems of its Normative Legal Regulation

Directory of Open Access Journals (Sweden)

Kolodizev Oleg M.

2016-02-01

Full Text Available The increased uncertainty in the country’s economy, impossibility of raising capital only by standard financial instruments substantiated the need for such financial innovations as derivatives. The relevance of the suggested topic is justified by the lack of strong legislative framework regulating the market of derivative financial instruments, as well as by significant demand for them in Ukraine. The aim of the article is to analyze the development level of the normative and legal field of trade in the derivatives market as well as the quality of the formed system of main indicators for derivatives trading in Ukraine. The paper identifies the problem, which could be neutralized through the use of derivative financial instruments. The volume and structure of the world and domestic derivatives markets have been analyzed. Based on the analysis of the legal field of regulating the market of derivative financial instruments as well as statistical analysis of its volume and structure, the reasons for the low activity in the considered market have been justified and recommendations to improve the current situation proposed.

National innovation system as a focus of state in-novation policy

Directory of Open Access Journals (Sweden)

Olexandr Fedirko

2007-02-01

Full Text Available The article offers a systematic review of tools and mechanisms utilised by developed countries (United States, Japan, EU to pursue their innovation policies, and classifies methods which support innovation and ways that help to strengthen the innovation capacity. It describes the evolution of research and development (R&D policy in other countries. The article examines arguments in support of a trend in the innovation policy which promotes the development of national innovation systems. It reviews the substance and components of the national innovation system. It also explores the trends of R&D cooperation. The article outlines the variety of domestic tools which regulate innovation in EU countries (framework programs, the European Research Area Initiative.

Exploring Managerial Mechanisms That Influence Innovative Work Behavior

DEFF Research Database (Denmark)

Bysted, Rune; Jespersen, Kristina Risom

2014-01-01

Increasing employees’ innovative work behaviour is a complex process of developing an internal climate supportive of idea generation and realization through use of financial, participative, and decentralization mechanisms. This article investigates the effectiveness of these managerial mechanisms...... as extra-role behaviour to be compensated for. Private employees recognize innovative work behaviour as necessary behaviour for career advancement....

7 CFR 1209.239 - Financial statements.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Financial statements. 1209.239 Section 1209.239..., AND CONSUMER INFORMATION ORDER Rules and Regulations General § 1209.239 Financial statements. (a) As requested by the Secretary, the Council shall prepare and submit financial statements to the Secretary on a...

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...

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.

The Marketing-Finance Interface Towards Financial Services: with Special Reference to New Services Provided by Futures Exchanges

NARCIS (Netherlands)

Pennings, J.M.E.; Wetzels, M.G.M.; Meulenberg, M.T.G.

1999-01-01

The financial services industry is one of the fastest growing service industries. The financial services industry includes financial derivatives markets such as options and futures markets. In order to ensure survival, firms providing financial services show a rapid product innovation. However, for

The impact of the financial revolution in England in 1688 on the development of financial services

Directory of Open Access Journals (Sweden)

S.Z. Moshenskyi

2016-12-01

Full Text Available The differences between the decentralized model of the British financial market from the centralized French (continental model emerged after the financial revolution of 1688 in England, which lasted until the end of the XVII century and had an impact on public and private finance. Due to the captivity of the French Huguenots shortly before the "Glorious Revolution" in England, new technologies appeared in the financial sector, and manifested in the creation of the first British banks. After the revolution, with the coming to power of the Dutch Prince, many financiers arrived at London and were spreading the technique of effective Dutch stock transactions. Increased interest of the society to innovation in the financial market and the emergence of new investment opportunities had a positive impact on the development of stock market, government bond market and derivatives market. This, in its turn, led to the appearance of new financial intermediaries such as jobbers, who took over the high risks because of investing of own funds in securities. Such significant changes in the financial system of England became the important prerequisite of the industrial revolution and allowed it to take the leading position in the economic, political and financial area in the world.

Rethinking the Dutch Innovation Agenda: Management and Organization Matter Most

NARCIS (Netherlands)

H.W. Volberda (Henk); F.A.J. van den Bosch (Frans)

2004-01-01

textabstractIn this essay, we challenge the present dominant emphasis in the Dutch Innovation Debate on the creation of technological innovations, the focus on a few core technologies, and the allocation of more financial resources. We argue that managerial capabilities and organizing principles for

Under Secretary of Defense (Comptroller) > Financial Management > Reports

Science.gov (United States)

functionalStatements OUSD(C) History FMR Budget Materials Budget Execution Financial Management Improving Financial Performance Reports Regulations banner Financial Management Reports IN THIS SECTION ... Improving Financial , accounting for, disbursing and reporting retirement payments for those chosen for early retirement under the

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

Environmental Regulation and Innovation Dynamics in the Oil Tanker Industry

DEFF Research Database (Denmark)

Perunovic, Zoran; Vidic-Perunovic, Jelena

2012-01-01

The maritime industry is widely seen as less permeable to innovation than other industries. However, the industry is now recognizing that demands for increased environment protection can only be achieved by more innovation.This study demonstrates that environmental innovation has played a signifi......The maritime industry is widely seen as less permeable to innovation than other industries. However, the industry is now recognizing that demands for increased environment protection can only be achieved by more innovation.This study demonstrates that environmental innovation has played...

48 CFR 828.7103 - Financial protection.

Science.gov (United States)

2010-10-01

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

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...

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.

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

36 CFR 811.1 - Cross-references to employees' ethical conduct standards, financial disclosure and financial...

Science.gov (United States)

2010-07-01

...' ethical conduct standards, financial disclosure and financial interests regulations and other conduct... EMPLOYEE RESPONSIBILITIES AND CONDUCT § 811.1 Cross-references to employees' ethical conduct standards... Council on Historic Preservation are subject to the executive branch-wide standards of ethical conduct...

Financial System of Malaysia: the Concept of Financial Dispute

Directory of Open Access Journals (Sweden)

Evgenia E. Frolova

2017-01-01

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

7 CFR 51.15 - Financial interest of inspector.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Financial interest of inspector. 51.15 Section 51.15 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards... STANDARDS) Regulations 1 Inspection Service § 51.15 Financial interest of inspector. No inspector shall...

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.

Financial Incentives for Steering Education and Training. Getting Skills Right

Science.gov (United States)

OECD Publishing, 2017

2017-01-01

This report examines how governments use financial incentives to promote a better alignment between labour market needs, on the one hand, and the supply of skills, on the other. In doing so, it identifies: (1) innovative models that countries may be interested in learning from; (2) best practice in the design and use of financial incentives; (3)…

THE ROLE OF FINANCIAL INSTRUMENTS ON THE GROWTH OF ITALIAN SOCIAL COOPERATIVES

OpenAIRE

Francesco Agliata; Caterina Ferrone; Danilo Tuccillo

2014-01-01

The Third Sector in Italy records a slow but constant growth due to the increase of the number of entities but not of their dimension. The difficulties in financial management, generated by a low attraction of debt and equity financial resources and a low level of managerial skills characterized the non profit organizations. Focused on the social cooperatives, the article describe the effects on the financial structure of innovative financial instruments as the participative loan. In the last...

Risk, Reward, and Regulations: Reshaping the Financial Services Industry.

Science.gov (United States)

Saul, Ralph S.

1984-01-01

Deregulation has had much to do with the competitive drive and vitality of financial services within the United States. The risks and rewards of deregulation for financial institutions are discussed, and principles which should serve as a guide in building any new regulatory structure are examined. (RM)

Is it really all about the money? Reconsidering non-financial interests in medical research.

Science.gov (United States)

Saver, Richard S

2012-01-01

Concern about financial conflicts crowds out sufficient consideration of other interests that may bias research conduct. Regulations, institutional policies, and guidance from professional bodies and medical journals all primarily focus on financial ties. But why? Economic gain is not the only powerful influence. This article argues that we under-prioritize non-financial interests in the regulation of medical research. It critiques the usual reasons given for regulating financial and non-financial interests differently - that the interests contrast in terms of tangibility, that financial interests are optional, and that financial interests can be efficiently carved out as a discrete area of focus. Moreover, disparate regulatory treatment seems inattentive to the very similar social and psychological forces that animate the bias effect of both financial and non-financial interests and fails to account for how financial and non-financial interests synergistically interact. Under-prioritization of non-financial interests threatens to erode public trust and creates negative spillover effects that weaken financial conflicts regulation. Optimal regulation requires a more integrated, balanced, and proportionate response to secondary interests in medical research. © 2012 American Society of Law, Medicine & Ethics, Inc.

Financial Sector Reforms and The Development of Financial ...

African Journals Online (AJOL)

In Africa financial systems have been shackled with extensive, imprudent regulations operated on inefficient grounds and dominated by few institutions, mainly state commercial banks. Common among most of these systems have been controls on interest rates; extensive government borrowing; directed lending and ...

Innovativeness of enterprises in Poland

Directory of Open Access Journals (Sweden)

Katarzyna Sieradzka

2013-01-01

Full Text Available At a time of huge economic challenges, innovativeness is perceived as a way of overcoming difficulties, fostering and assuring socio-economic growth of particular countries. It is necessary to improve competitive standing of enterprises both in domestic and international economies. Launching of new or improved products, application of state of the art technologies and of new organisational and management solutions are key to enhanced effectiveness and better competitiveness of enterprises. Innovation standards of Polish enterprises are considerably lower than those of businesses operating in countries of the old European Union, therefore so much attention is paid to these issues.This paper undertakes to analyse innovative activities of enterprises in the Polish economy.Based on the report ‘Innovation Union Scoreboard’, a comparative analysis of Poland’s innovation standards in relation to other member states of the European Union is conducted, levels and structure of financial spending on innovative activities incurred by Polish industrial enterprises are discussed using statistics published by the National Office for Statistics and Ministry of Economy.

The marketing-finance interface towards financial services with special reference to the new services provided by futures exchanges

NARCIS (Netherlands)

Pennings, J.M.E.; Wetzels, M.G.M.; Meulenberg, M.T.G.

1999-01-01

The financial services industry is one of the fastest growing service industries. The financial services industry includes financial derivatives markets such as options and futures markets. In order to ensure survival, firms providing financial services show a rapid product innovation. However, for

Being successful in a creative profession : The role of innovative cognitive style, self-regulation, and self-efficacy

NARCIS (Netherlands)

Beeftink, F.; van Eerde, W.; Rutte, C.G.; Bertrand, J.W.M.

2012-01-01

Purpose The purpose of this study was to test a model that proposes that innovative cognitive style and self-regulation (setting priorities, planning work activities, and monitoring time and task progress) are related to the self-reported success of architects. We investigated two aspects of the

The performance frontier: innovating for a sustainable strategy.

Science.gov (United States)

Eccles, Robert G; Serafeim, George

2013-05-01